Employee Benefit Plans

9 Months Ended

Oct. 31, 2019

EMPLOYEE BENEFIT PLANS

The Company maintains several pension and retirement plans and provides certain health-care and life insurance benefits.

Net periodic pension and other postretirement benefit expense included the following components:


	Three Months Ended October 31,
	Pension Benefits						Other Postretirement Benefits
(in millions)	2019		2018		2019		2018
Net Periodic Benefit Cost:
Service cost	$	4.3	$	4.5	$	0.6	$	0.7
Interest cost	8.1		7.7		0.8		0.8
Expected return on plan assets	(9.2)		(8.4)		—		—
Amortization of prior service credit	—		—		(0.1)		(0.2)
Amortization of net loss	2.8		3.7		—		—
Net expense	$	6.0	$	7.5	$	1.3	$	1.3


	Nine Months Ended October 31,
	Pension Benefits						Other Postretirement Benefits
(in millions)	2019		2018		2019		2018
Net Periodic Benefit Cost:
Service cost	$	12.8	$	13.4	$	1.9	$	2.2
Interest cost	24.4		23.1		2.5		2.3
Expected return on plan assets	(27.6)		(25.1)		—		—
Amortization of prior service credit	—		—		(0.4)		(0.5)
Amortization of net loss	8.4		11.2		—		—
Net expense	$	18.0	$	22.6	$	4.0	$	4.0

The components of net periodic benefit cost other than the service cost component are included in Other expense, net on the Condensed Consolidated Statements of Earnings.

The Company maintains a noncontributory defined benefit pension plan qualified in accordance with the Internal Revenue Service Code ("Qualified Plan") covering substantially all U.S. employees hired before January 1, 2006. The Company funds the Qualified Plan's trust in accordance with regulatory limits to provide for current service and for the unfunded benefit obligation over a reasonable period and for current service benefit accruals. To the extent that these requirements are fully covered by assets in the Qualified Plan, the Company may elect not to make any contribution in a particular year. No cash contribution was required in the fiscal year ending January 31, 2019 and none is required in the fiscal year ending January 31, 2020 ("fiscal 2019") to meet the minimum funding requirements of the Employee Retirement Income Security Act. However, the Company periodically evaluates whether to make discretionary cash contributions to the Qualified Plan and made a voluntary cash contribution of $30.0 million in the nine months ended October 31, 2019. The Company does not currently expect to make any additional discretionary contributions in fiscal 2019. This expectation is subject to change based on management's assessment of a variety of factors, including, but not limited to, asset performance, interest rates and changes in actuarial assumptions.