Page 36 - 2019 Annual Report

NOTES TO FINANCIAL STATEMENTS (continued)

Accumulated other comprehensive loss includes the following amounts that have not yet been recognized in net periodic
benefit cost:

December 31 2019 2018
(in millions) Gross Net of tax Gross Net of tax
Prior service cost $ 6.4 $ 4.0 $ — $ —
Actuarial loss 229.4 144.5 233.7 146.6
Total $ 235.8 $ 148.5 $ 233.7 $ 146.6

The prior service cost and actuarial loss expected to be recognized in net periodic benefit cost during 2020 are $0.7 million (net
of deferred taxes of $0.2 million) and $13.5 million (net of deferred taxes of $3.3 million), respectively. These amounts are
included in accumulated other comprehensive loss at December 31, 2019.
The defined benefit plans’ change in projected benefit obligation is as follows:

years ended December 31
(in millions) 2019 2018
Net projected benefit obligation at beginning of year $ 847.9 $ 879.3
Service cost 30.8 31.7
Interest cost 37.6 33.2
Actuarial loss (gain) 95.2 (54.6 )
Plan amendments 6.4 —
Gross benefits paid (40.1 ) (41.7 )
Net projected benefit obligation at end of year $ 977.8 $ 847.9

The Company’s change in plan assets, funded status and amounts recognized on the Company’s consolidated balance sheets
are as follows:

years ended December 31
(in millions) 2019 2018
Fair value of plan assets at beginning of year $ 717.9 $ 638.1
Actual return on plan assets, net 131.3 (40.8 )
Employer contributions 58.9 162.3
Gross benefits paid (40.1 ) (41.7 )
Fair value of plan assets at end of year $ 868.0 $ 717.9

December 31
(in millions) 2019 2018
Funded status of the plan at end of year $ (109.8 ) $ (130.0 )
Accrued benefit cost $ (109.8 ) $ (130.0 )

December 31
(in millions) 2019 2018
Amounts recognized on consolidated balance sheets consist of:
Current liability $ (6.4 ) $ (9.0 )
Noncurrent liability (103.4 ) (121.0 )
Net amount recognized at end of year $ (109.8 ) $ (130.0 )

The accumulated benefit obligation for all defined benefit pension plans was $878.7 million and $771.9 million at December 31,
2019 and 2018, respectively.

Page 34 ♦ Annual Report Celebrating 25 Years as a Public Company