Accumulated Other Comprehensive Income (Loss) ("AOCI")

6 Months Ended

Jun. 30, 2023

Accumulated Other Comprehensive Income Other Comprehensive Income [Abstract]

Accumulated Other Comprehensive Income (Loss) ("AOCI")

Note 16 – Accumulated Other Comprehensive Income (Loss) (“AOCI”)

The following table presents a summary of the changes in each component of AOCI for the six months ended June 30, 2023:


(in millions)	Unrealized gains (losses) on debt securities			Foreign currency translation adjustment			Pension benefit adjustment			Accumulated other comprehensive income (loss)
Balance at December 31, 2022	$	(751.6	)	$	(82.1	)	$	(35.2	)	$	(868.9	)
Change in unrealized gains (losses) on debt securities		41.0			—			—			41.0
Change in foreign currency translation adjustment		—			14.1			—			14.1
Amortization of net actuarial loss		—			—			1.1			1.1
Tax effect		(10.6	)		(0.3	)		(0.4	)		(11.3	)
Balance at June 30, 2023	$	(721.2	)	$	(68.3	)	$	(34.5	)	$	(824.0	)

The following table presents the other comprehensive income (loss) reclassification adjustments for the three months ended June 30, 2023 and 2022:


(in millions)	Unrealized gains (losses) on debt securities			Foreign currency translation adjustment			Pension benefit adjustment			Total other comprehensive income (loss)
Three Months Ended June 30, 2023
Pretax change before reclassifications	$	(108.3	)	$	11.5		$	—		$	(96.8	)
Reclassifications out of AOCI		2.8			—			0.6			3.4
Tax effect		25.8			(0.3	)		(0.2	)		25.3
Total other comprehensive income (loss), net of tax	$	(79.7	)	$	11.2		$	0.4		$	(68.1	)
Three Months Ended June 30, 2022
Pretax change before reclassifications	$	(362.3	)	$	(25.1	)	$	—		$	(387.4	)
Reclassifications out of AOCI		6.9			—			1.5			8.4
Tax effect		88.6			0.6			(0.4	)		88.8
Total other comprehensive income (loss), net of tax	$	(266.8	)	$	(24.5	)	$	1.1		$	(290.2	)

The following table presents the other comprehensive income (loss) reclassification adjustments for the six months ended June 30, 2023 and 2022:


(in millions)	Unrealized gains (losses) on debt securities			Foreign currency translation adjustment			Pension benefit adjustment			Total other comprehensive income (loss)
Six Months Ended June 30, 2023
Pretax change before reclassifications	$	33.7		$	14.1		$	—		$	47.8
Reclassifications out of AOCI		7.3			—			1.1			8.4
Tax effect		(10.6	)		(0.3	)		(0.4	)		(11.3	)
Total other comprehensive income (loss), net of tax	$	30.4		$	13.8		$	0.7		$	44.9
Six Months Ended June 30, 2022
Pretax change before reclassifications	$	(859.4	)	$	(22.8	)	$	—		$	(882.2	)
Reclassifications out of AOCI		7.6			—			3.1			10.7
Tax effect		213.4			0.6			(0.9	)		213.1
Total other comprehensive income (loss), net of tax	$	(638.4	)	$	(22.2	)	$	2.2		$	(658.4	)

The following table presents the effects of the reclassifications out of AOCI on the respective line items in the condensed consolidated statements of income:


	Three Months Ended June 30,						Six Months Ended June 30,
(in millions)	2023			2022			2023			2022			Affected line items
Unrealized gains (losses) on debt securities:
Net realized losses on sales of debt securities	$	(2.8	)	$	(6.9	)	$	(7.3	)	$	(7.6	)	Net investment gains (losses)
Tax effect	$	0.8		$	1.7		$	1.9		$	1.9
Pension benefit adjustment (1):
Amortization of net actuarial loss	$	(0.6	)	$	(1.4	)	$	(1.1	)	$	(2.9	)	Other operating expenses
Amortization of prior service cost		—			(0.1	)		—			(0.2	)	Other operating expenses
Pretax total	$	(0.6	)	$	(1.5	)	$	(1.1	)	$	(3.1	)
Tax effect	$	0.2		$	0.4		$	0.4		$	0.9

(1)

Amounts are components of net periodic cost. See Note 12 Employee Benefit Plans for additional details.