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Employee and Agent Benefits (Tables)
6 Months Ended 12 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Defined Benefit Plans and Other Postretirement Benefit Plans    
Obligations and Funded Status (Table)  

December 31, 

 

    

2023

    

2022

 

(in millions)

 

Change in benefit obligation

Benefit obligation at beginning of year

$

(58.6)

$

(79.2)

Interest cost

(2.8)

 

(1.9)

Actuarial gain (loss)

(3.0)

 

17.0

Participant contributions

(6.1)

 

(6.4)

Benefits paid

13.6

 

11.9

Benefit obligation at end of year

$

(56.9)

$

(58.6)

Change in plan assets

Fair value of plan assets at beginning of year

$

70.4

$

89.5

Actual return on plan assets

9.6

 

(15.0)

Employer contribution

1.5

 

1.4

Participant contributions

6.1

 

6.4

Benefits paid

(13.6)

 

(11.9)

Fair value of plan assets at end of year

$

74.0

$

70.4

Amount recognized in statement of financial position

Other assets

$

17.1

$

11.8

Total

$

17.1

$

11.8

Amount recognized in accumulated other comprehensive income

Total net actuarial gain

$

(20.5)

$

(18.1)

Pre-tax accumulated other comprehensive income

$

(20.5)

$

(18.1)

Amounts Recognized in Net Periodic Benefit Cost and Accumulated Other Comprehensive (Income) Loss (Table)  

For the year ended December 31, 

    

2023

    

2022

(in millions)

Other changes recognized in accumulated other comprehensive (income) loss

Net actuarial (gain) loss

$

(3.1)

$

1.8

Amortization of net gain

0.7

 

0.8

Total recognized in pre-tax accumulated other comprehensive (income) loss

$

(2.4)

$

2.6

Total recognized in net periodic benefit cost and pre-tax accumulated other comprehensive income

$

(3.8)

$

(0.1)

Weighted-Average Assumptions Used to Determine Benefit Obligations (Table)  

December 31, 

     

2023

     

2022

Discount rate

4.80

%  

5.05

%

Rate of compensation increase

N/A

N/A

Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost (Table)  

For the year ended December 31, 

    

2023

    

2022

    

2021

Discount rate

5.05

%  

2.55

%  

2.15

%

Expected long-term return on plan assets

5.20

%  

4.25

%  

4.25

%

Rate of compensation increase

N/A

N/A

N/A

%

Assumed Health Care Cost Trend Rates (Table)  

December 31, 

 

   

2023

    

2022

Health care cost trend rate assumed for next year under age 65

7.50

%  

7.00

%

Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)

4.50

%  

4.50

%

Year that the rate reaches the ultimate trend rate (under age 65)

2032

2031

Estimated Future Benefit Payments (Table)  

Other postretirement

benefits (gross benefit

payments, including

    

prescription drug benefits)

(in millions)

Year ending December 31:

2024

$

11.2

2025

10.2

2026

9.1

2027

8.0

2028

7.2

2029-2033

29.7

Other postretirement benefits    
Defined Benefit Plans and Other Postretirement Benefit Plans    
Components of Other Postretirement Benefits Net Periodic Benefit Cost (Income) (Table)

Other postretirement benefits

For the six months ended June 30, 

    

2024

    

2023

(in millions)

Interest cost

$

1.3

$

1.4

Expected return on plan assets

(1.7)

(1.8)

Recognized net actuarial gain

(0.4)

(0.4)

Net periodic benefit income

$

(0.8)

$

(0.8)

For the year ended December 31, 

    

2023

    

2022

    

2021

(in millions)

Interest cost

$

2.8

$

1.9

$

1.8

Expected return on plan assets

(3.5)

(3.8)

(3.5)

Recognized net actuarial gain

(0.7)

(0.8)

(0.4)

Net periodic benefit income

$

(1.4)

$

(2.7)

$

(2.1)

Fair Value of Plan Assets (Table)  

December 31, 2023

Assets

Fair value hierarchy level

measured at

    

fair value

    

Level 1

    

Level 2

    

Level 3

(in millions)

Asset category

Cash and cash equivalents

$

1.1

$

1.1

$

$

Fixed income security portfolios (1)

34.9

34.9

U.S. equity portfolios (2)

 

27.6

 

27.6

 

 

International equity portfolios (3)

 

10.4

 

10.4

 

 

Total

$

74.0

$

74.0

$

$

December 31, 2022

 

Assets

Fair value hierarchy level

 

measured at

 

    

fair value

    

Level 1

    

Level 2

    

Level 3

 

(in millions)

 

Asset category

Cash and cash equivalents

$

0.5

$

0.5

$

$

Fixed income security portfolios (1)

34.7

34.7

U.S. equity portfolios (2)

25.6

25.6

International equity portfolios (3)

 

9.6

 

9.6

 

 

Total

$

70.4

$

70.4

$

$

(1)The portfolios invest in various fixed income securities, primarily of U.S. origin. These include, but are not limited to, corporate bonds, residential mortgage-backed securities, commercial mortgage-backed securities, U.S. Treasury securities, agency securities, asset-backed securities and collateralized mortgage obligations.
(2)The portfolios invest primarily in publicly traded equity securities of large U.S. companies.
(3)The portfolios invest primarily in publicly traded equity securities of non-U.S. companies.
Target Asset Allocation (Table)  

Asset category

    

Target allocation

Fixed income security portfolios

50

%

U.S. equity portfolios

35

%

International equity portfolios

15

%