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Other Comprehensive Income (Loss) | 9 Months Ended
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Sep. 30, 2023
Equity [Abstract] |
Other Comprehensive Income (Loss) | OTHER COMPREHENSIVE INCOME (LOSS) The components of other comprehensive income (loss), including reclassification adjustments by income statement line item, were as follows:
|  |  |  |  |  |  | Components of Changes in Accumulated Other Comprehensive Income (after tax) |  |  |  |  |  |  |  |  |  |  |  |  |
(millions) | Pretax total accumulated other comprehensive income (loss) |  | Total tax (provision) benefit |  | After tax total accumulated other comprehensive income (loss) |  | Total net unrealized gains (losses) on securities |  | Net unrealized losses on forecasted transactions |  | Foreign currency translation adjustment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at June 30, 2023 | $ | (3,369.6) |  |  | $ | 715.6 |  |  | $ | (2,654.0) |  |  | $ | (2,638.7) |  |  | $ | (14.3) |  |  | $ | (1.0) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other comprehensive income (loss) before reclassifications: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment securities | (547.4) |  |  | 114.9 |  |  | (432.5) |  |  | (432.5) |  |  | 0 |  |  | 0 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency translation adjustment | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total other comprehensive income (loss) before reclassifications | (547.4) |  |  | 114.9 |  |  | (432.5) |  |  | (432.5) |  |  | 0 |  |  | 0 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Less: Reclassification adjustment for amounts realized in net income by income statement line item: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net realized gains (losses) on securities | (55.6) |  |  | 11.7 |  |  | (43.9) |  |  | (43.9) |  |  | 0 |  |  | 0 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense | (0.2) |  |  | 0 |  |  | (0.2) |  |  | 0 |  |  | (0.2) |  |  | 0 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total reclassification adjustment for amounts realized in net income | (55.8) |  |  | 11.7 |  |  | (44.1) |  |  | (43.9) |  |  | (0.2) |  |  | 0 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total other comprehensive income (loss) | (491.6) |  |  | 103.2 |  |  | (388.4) |  |  | (388.6) |  |  | 0.2 |  |  | 0 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at September 30, 2023 | $ | (3,861.2) |  |  | $ | 818.8 |  |  | $ | (3,042.4) |  |  | $ | (3,027.3) |  |  | $ | (14.1) |  |  | $ | (1.0) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  | Components of Changes in Accumulated Other Comprehensive Income (after tax) |  |  |  |  |  |  |  |  |  |  |  |  |
(millions) | Pretax total accumulated other comprehensive income (loss) |  | Total tax (provision) benefit |  | After tax total accumulated other comprehensive income (loss) |  | Total net unrealized gains (losses) on securities |  | Net unrealized losses on forecasted transactions |  | Foreign currency translation adjustment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at June 30, 2022 | $ | (2,795.5) |  |  | $ | 586.5 |  |  | $ | (2,209.0) |  |  | $ | (2,193.5) |  |  | $ | (14.7) |  |  | $ | (0.8) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other comprehensive income (loss) before reclassifications: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment securities | (1,223.3) |  |  | 256.9 |  |  | (966.4) |  |  | (966.4) |  |  | 0 |  |  | 0 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency translation adjustment | (0.9) |  |  | 0.2 |  |  | (0.7) |  |  | 0 |  |  | 0 |  |  | (0.7) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total other comprehensive income (loss) before reclassifications | (1,224.2) |  |  | 257.1 |  |  | (967.1) |  |  | (966.4) |  |  | 0 |  |  | (0.7) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Less: Reclassification adjustment for amounts realized in net income by income statement line item: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net realized gains (losses) on securities | (58.4) |  |  | 12.3 |  |  | (46.1) |  |  | (46.1) |  |  | 0 |  |  | 0 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense | (0.2) |  |  | 0.1 |  |  | (0.1) |  |  | 0 |  |  | (0.1) |  |  | 0 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total reclassification adjustment for amounts realized in net income | (58.6) |  |  | 12.4 |  |  | (46.2) |  |  | (46.1) |  |  | (0.1) |  |  | 0 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total other comprehensive income (loss) | (1,165.6) |  |  | 244.7 |  |  | (920.9) |  |  | (920.3) |  |  | 0.1 |  |  | (0.7) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at September 30, 2022 | $ | (3,961.1) |  |  | $ | 831.2 |  |  | $ | (3,129.9) |  |  | $ | (3,113.8) |  |  | $ | (14.6) |  |  | $ | (1.5) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  | Components of Changes in Accumulated Other Comprehensive Income (after tax) |  |  |  |  |  |  |  |  |  |  |  |  |
(millions) | Pretax total accumulated other comprehensive income (loss) |  | Total tax (provision) benefit |  | After tax total accumulated other comprehensive income (loss) |  | Total net unrealized gains (losses) on securities |  | Net unrealized losses on forecasted transactions |  | Foreign currency translation adjustment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at December 31, 2022 | $ | (3,556.9) |  |  | $ | 754.9 |  |  | $ | (2,802.0) |  |  | $ | (2,786.3) |  |  | $ | (14.5) |  |  | $ | (1.2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other comprehensive income (loss) before reclassifications: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment securities | (493.3) |  |  | 103.5 |  |  | (389.8) |  |  | (389.8) |  |  | 0 |  |  | 0 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency translation adjustment | 0.3 |  |  | (0.1) |  |  | 0.2 |  |  | 0 |  |  | 0 |  |  | 0.2 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total other comprehensive income (loss) before reclassifications | (493.0) |  |  | 103.4 |  |  | (389.6) |  |  | (389.8) |  |  | 0 |  |  | 0.2 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Less: Reclassification adjustment for amounts realized in net income by income statement line item: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net realized gains (losses) on securities | (188.3) |  |  | 39.5 |  |  | (148.8) |  |  | (148.8) |  |  | 0 |  |  | 0 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense | (0.4) |  |  | 0 |  |  | (0.4) |  |  | 0 |  |  | (0.4) |  |  | 0 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total reclassification adjustment for amounts realized in net income | (188.7) |  |  | 39.5 |  |  | (149.2) |  |  | (148.8) |  |  | (0.4) |  |  | 0 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total other comprehensive income (loss) | (304.3) |  |  | 63.9 |  |  | (240.4) |  |  | (241.0) |  |  | 0.4 |  |  | 0.2 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at September 30, 2023 | $ | (3,861.2) |  |  | $ | 818.8 |  |  | $ | (3,042.4) |  |  | $ | (3,027.3) |  |  | $ | (14.1) |  |  | $ | (1.0) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  | Components of Changes in Accumulated Other Comprehensive Income (after tax) |  |  |  |  |  |  |  |  |  |  |  |  |
(millions) | Pretax total accumulated other comprehensive income (loss) |  | Total tax (provision) benefit |  | After tax total accumulated other comprehensive income (loss) |  | Total net unrealized gains (losses) on securities |  | Net unrealized losses on forecasted transactions |  | Foreign currency translation adjustment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at December 31, 2021 | $ | 52.3 |  |  | $ | (11.6) |  |  | $ | 40.7 |  |  | $ | 56.2 |  |  | $ | (14.9) |  |  | $ | (0.6) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other comprehensive income (loss) before reclassifications: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment securities | (4,321.7) |  |  | 907.6 |  |  | (3,414.1) |  |  | (3,414.1) |  |  | 0 |  |  | 0 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency translation adjustment | (1.1) |  |  | 0.2 |  |  | (0.9) |  |  | 0 |  |  | 0 |  |  | (0.9) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total other comprehensive income (loss) before reclassifications | (4,322.8) |  |  | 907.8 |  |  | (3,415.0) |  |  | (3,414.1) |  |  | 0 |  |  | (0.9) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Less: Reclassification adjustment for amounts realized in net income by income statement line item: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net realized gains (losses) on securities | (309.0) |  |  | 64.9 |  |  | (244.1) |  |  | (244.1) |  |  | 0 |  |  | 0 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense | (0.4) |  |  | 0.1 |  |  | (0.3) |  |  | 0 |  |  | (0.3) |  |  | 0 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total reclassification adjustment for amounts realized in net income | (309.4) |  |  | 65.0 |  |  | (244.4) |  |  | (244.1) |  |  | (0.3) |  |  | 0 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total other comprehensive income (loss) | (4,013.4) |  |  | 842.8 |  |  | (3,170.6) |  |  | (3,170.0) |  |  | 0.3 |  |  | (0.9) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at September 30, 2022 | $ | (3,961.1) |  |  | $ | 831.2 |  |  | $ | (3,129.9) |  |  | $ | (3,113.8) |  |  | $ | (14.6) |  |  | $ | (1.5) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
In an effort to manage interest rate risk, we entered into forecasted transactions on certain of Progressive’s debt issuances. We expect to reclassify $0.6 million (pretax) into interest expense during the next 12 months, related to net unrealized losses on these forecasted transactions (see Note 4 – Debt in our 2022 Annual Report to Shareholders for further discussion).

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- Definition The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(19)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(21)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(23)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//220/tableOfContent + Details
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