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Accumulated Other Comprehensive Income (Loss) | 6 Months Ended
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Jun. 30, 2022
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] |
Accumulated Other Comprehensive Income (Loss) | Components of our accumulated other comprehensive income (loss), after tax, and related changes are as follows:
|  | Net Unrealized Gain (Loss) on Securities |  | Net Gain on Hedges |  | Foreign Currency Translation Adjustment |  | Unrecognized Pension and Postretirement Benefit Costs |  | Total
|  | (in millions of dollars)
Balance at March 31, 2022 |  | $ | 66.1 |  |  | $ | 51.4 |  |  | $ | (305.8) |  |  | $ | (391.8) |  |  | $ | (580.1) |
Other Comprehensive Income (Loss) Before Reclassifications |  | (1,133.8) |  |  | 5.5 |  |  | (61.1) |  |  | 2.0 |  |  | (1,187.4) |
Amounts Reclassified from Accumulated Other Comprehensive Income or Loss |  | 2.8 |  |  | (10.5) |  |  | — |  |  | 3.0 |  |  | (4.7) |
Net Other Comprehensive Income (Loss) |  | (1,131.0) |  |  | (5.0) |  |  | (61.1) |  |  | 5.0 |  |  | (1,192.1) |
Balance at June 30, 2022 |  | $ | (1,064.9) |  |  | $ | 46.4 |  |  | $ | (366.9) |  |  | $ | (386.8) |  |  | $ | (1,772.2) |
Balance at March 31, 2021 |  | $ | 678.2 |  |  | $ | 77.1 |  |  | $ | (254.0) |  |  | $ | (526.2) |  |  | $ | (24.9) |
Other Comprehensive Income (Loss) Before Reclassifications |  | 231.4 |  |  | 13.7 |  |  | 9.3 |  |  | (0.5) |  |  | 253.9 |
Amounts Reclassified from Accumulated Other Comprehensive Income or Loss |  | 1.8 |  |  | (13.3) |  |  | — |  |  | 4.6 |  |  | (6.9) |
Net Other Comprehensive Income |  | 233.2 |  |  | 0.4 |  |  | 9.3 |  |  | 4.1 |  |  | 247.0 |
Balance at June 30, 2021 |  | $ | 911.4 |  |  | $ | 77.5 |  |  | $ | (244.7) |  |  | $ | (522.1) |  |  | $ | 222.1 |
Balance at December 31, 2021 |  | $ | 962.2 |  |  | $ | 61.8 |  |  | $ | (273.9) |  |  | $ | (396.0) |  |  | $ | 354.1 |
Other Comprehensive Income (Loss) Before Reclassifications |  | (2,039.9) |  |  | 5.9 |  |  | (93.0) |  |  | 3.1 |  |  | (2,123.9) |
Amounts Reclassified from Accumulated Other Comprehensive Income or Loss |  | 12.8 |  |  | (21.3) |  |  | — |  |  | 6.1 |  |  | (2.4) |
Net Other Comprehensive Income (Loss) |  | (2,027.1) |  |  | (15.4) |  |  | (93.0) |  |  | 9.2 |  |  | (2,126.3) |
Balance at June 30, 2022 |  | $ | (1,064.9) |  |  | $ | 46.4 |  |  | $ | (366.9) |  |  | $ | (386.8) |  |  | $ | (1,772.2) |
Balance at December 31, 2020 |  | $ | 1,067.7 |  |  | $ | 97.8 |  |  | $ | (261.3) |  |  | $ | (530.0) |  |  | $ | 374.2 |
Other Comprehensive Income (Loss) Before Reclassifications |  | (215.8) |  |  | 6.9 |  |  | 16.6 |  |  | (1.0) |  |  | (193.3) |
Amounts Reclassified from Accumulated Other Comprehensive Income or Loss |  | 59.5 |  |  | (27.2) |  |  | — |  |  | 8.9 |  |  | 41.2 |
Net Other Comprehensive Income (Loss) |  | (156.3) |  |  | (20.3) |  |  | 16.6 |  |  | 7.9 |  |  | (152.1) |
Balance at June 30, 2021 |  | $ | 911.4 |  |  | $ | 77.5 |  |  | $ | (244.7) |  |  | $ | (522.1) |  |  | $ | 222.1 |
The net unrealized gain (loss) on securities consists of the following components:
|  |  |  |  |  |  |  | Change at June 30, 2022
|  | June 30 |  | March 31 |  | December 31 |  | Three Months |  | Six Months
|  | 2022 |  | 2022 |  | 2021 |  | Ended |  | Ended
|  | (in millions of dollars)
Fixed Maturity Securities |  | $ | (1,122.0) |  |  | $ | 2,280.4 |  |  | $ | 5,949.3 |  |  | $ | (3,402.4) |  |  | $ | (7,071.3) |
Deferred Acquisition Costs |  | (8.1) |  |  | (33.6) |  |  | (70.4) |  |  | 25.5 |  |  | 62.3 |
Reserves for Future Policy and Contract Benefits |  | (104.2) |  |  | (2,104.4) |  |  | (4,659.5) |  |  | 2,000.2 |  |  | 4,555.3 |
Reinsurance Recoverable |  | 19.7 |  |  | 74.8 |  |  | 132.1 |  |  | (55.1) |  |  | (112.4) |
Income Tax |  | 149.7 |  |  | (151.1) |  |  | (389.3) |  |  | 300.8 |  |  | 539.0 |
Total |  | $ | (1,064.9) |  |  | $ | 66.1 |  |  | $ | 962.2 |  |  | $ | (1,131.0) |  |  | $ | (2,027.1) |
|  |  |  |  |  |  |  | Change at June 30, 2021
|  | June 30 |  | March 31 |  | December 31 | Three Months |  | Six Months
|  | 2021 |  | 2021 |  | 2020 |  | Ended |  | Ended
|  | (in millions of dollars)
Fixed Maturity Securities |  | $ | 6,603.1 |  |  | $ | 5,517.4 |  |  | $ | 7,597.6 |  |  | $ | 1,085.7 |  |  | $ | (994.5) |
Deferred Acquisition Costs |  | (79.8) |  |  | (66.6) |  |  | (85.1) |  |  | (13.2) |  |  | 5.3 |
Reserves for Future Policy and Contract Benefits |  | (5,386.6) |  |  | (4,588.9) |  |  | (6,225.6) |  |  | (797.7) |  |  | 839.0 |
Reinsurance Recoverable |  | 152.8 |  |  | 133.3 |  |  | 200.2 |  |  | 19.5 |  |  | (47.4) |
Income Tax |  | (378.1) |  |  | (317.0) |  |  | (419.4) |  |  | (61.1) |  |  | 41.3 |
Total |  | $ | 911.4 |  |  | $ | 678.2 |  |  | $ | 1,067.7 |  |  | $ | 233.2 |  |  | $ | (156.3) |
Amounts reclassified from accumulated other comprehensive income (loss) were recognized in our consolidated statements of income as follows:
|  | Three Months Ended June 30 |  | Six Months Ended June 30
|  | 2022 |  | 2021 |  | 2022 |  | 2021
|  | (in millions of dollars)
Net Unrealized Loss on Securities |  |  |  |  |  |  |  |
Net Investment Gain (Loss) |  |  |  |  |  |  |  |
Gain (Loss) on Sales of Securities |  | $ | (3.7) |  |  | $ | (0.6) |  |  | $ | (12.2) |  |  | $ | 67.7 |
Credit Losses on Fixed Maturity Securities |  | — |  |  | (1.0) |  |  | (4.1) |  |  | (9.3) |
Loss on Benefits and Change in Reserves for Future Benefits |  | — |  |  | — |  |  | — |  |  | (133.1) |
|  | (3.7) |  |  | (1.6) |  |  | (16.3) |  |  | (74.7) |
Income Tax Expense (Benefit) |  | (0.9) |  |  | 0.2 |  |  | (3.5) |  |  | (15.2) |
Total |  | $ | (2.8) |  |  | $ | (1.8) |  |  | $ | (12.8) |  |  | $ | (59.5) |
Net Gain on Hedges |  |  |  |  |  |  |  |
Net Investment Income |  |  |  |  |  |  |  |
Gain on Interest Rate Swaps and Forwards |  | $ | 13.0 |  |  | $ | 16.4 |  |  | $ | 26.4 |  |  | $ | 31.7 |
Gain on Foreign Exchange Contracts |  | 0.2 |  |  | 0.4 |  |  | 0.5 |  |  | 0.9 |
Net Investment Gain |  |  |  |  |  |  |  |
Gain on Interest Rate Swaps |  | — |  |  | — |  |  | — |  |  | 1.8 |
|  | 13.2 |  |  | 16.8 |  |  | 26.9 |  |  | 34.4 |
Income Tax Expense |  | 2.7 |  |  | 3.5 |  |  | 5.6 |  |  | 7.2 |
Total |  | $ | 10.5 |  |  | $ | 13.3 |  |  | $ | 21.3 |  |  | $ | 27.2 |
Unrecognized Pension and Postretirement Benefit Costs |  |  |  |  |  |  |  |
Other Expenses |  |  |  |  |  |  |  |
Amortization of Net Actuarial Loss |  | $ | (3.8) |  |  | $ | (5.8) |  |  | $ | (7.8) |  |  | $ | (11.4) |
Amortization of Prior Service Credit |  | — |  |  | — |  |  | 0.1 |  |  | 0.1 |
|  | (3.8) |  |  | (5.8) |  |  | (7.7) |  |  | (11.3) |
Income Tax Benefit |  | (0.8) |  |  | (1.2) |  |  | (1.6) |  |  | (2.4) |
Total |  | $ | (3.0) |  |  | $ | (4.6) |  |  | $ | (6.1) |  |  | $ | (8.9) |

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -URI https://asc.fasb.org/topic&trid=2134417 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(21)) -URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 220 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(23)) -URI https://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 220 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(19)) -URI https://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263 + Details
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