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

9 Months Ended

Sep. 30, 2023

Accumulated Other Comprehensive Income Other Comprehensive Income [Abstract]

Components of Accumulated Other Comprehensive Income (Loss)

The following table presents a summary of the changes in each component of AOCI for the nine months ended September 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 losses on debt securities			(187.5	)			—				—				(187.5	)
Change in foreign currency translation adjustment			—				(0.6	)			—				(0.6	)
Amortization of net actuarial loss			—				—				1.5				1.5
Tax effect			46.3				—				(0.4	)			45.9
Balance at September 30, 2023		$	(892.8	)		$	(82.7	)		$	(34.1	)		$	(1,009.6	)

Adjustments for Reclassification of Other Comprehensive Income (Loss)

The following table presents the other comprehensive income (loss) reclassification adjustments for the three months ended September 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 September 30, 2023
Pretax change before reclassifications		$	(233.6	)		$	(14.7	)		$	—			$	(248.3	)
Reclassifications out of AOCI			5.1				—				0.4				5.5
Tax effect			56.9				0.3				—				57.2
Total other comprehensive (loss) income, net of tax		$	(171.6	)		$	(14.4	)		$	0.4			$	(185.6	)
Three Months Ended September 30, 2022
Pretax change before reclassifications		$	(403.6	)		$	(36.6	)		$	—			$	(440.2	)
Reclassifications out of AOCI			50.1				—				1.4				51.5
Tax effect			90.8				0.8				(0.3	)			91.3
Total other comprehensive (loss) income, net of tax		$	(262.7	)		$	(35.8	)		$	1.1			$	(297.4	)

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


(in millions)		Unrealized gains (losses) on debt securities				Foreign currency translation adjustment				Pension benefit adjustment				Total other comprehensive income (loss)
Nine Months Ended September 30, 2023
Pretax change before reclassifications		$	(199.9	)		$	(0.6	)		$	—			$	(200.5	)
Reclassifications out of AOCI			12.4				—				1.5				13.9
Tax effect			46.3				—				(0.4	)			45.9
Total other comprehensive (loss) income, net of tax		$	(141.2	)		$	(0.6	)		$	1.1			$	(140.7	)
Nine Months Ended September 30, 2022
Pretax change before reclassifications		$	(1,263.0	)		$	(59.4	)		$	—			$	(1,322.4	)
Reclassifications out of AOCI			57.7				—				4.5				62.2
Tax effect			304.2				1.4				(1.2	)			304.4
Total other comprehensive (loss) income, net of tax		$	(901.1	)		$	(58.0	)		$	3.3			$	(955.8	)

Reclassifications out of Accumulated Other Comprehensive Income (Loss)

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 September 30,								Nine Months Ended September 30,
(in millions)		2023				2022				2023				2022				Affected line items
Unrealized gains (losses) on debt securities:
Net realized losses on sales of debt securities		$	(5.1	)		$	(50.1	)		$	(12.4	)		$	(57.7	)		Net investment losses
Tax effect		$	1.2			$	12.9			$	3.1			$	14.6
Pension benefit adjustment (1):
Amortization of net actuarial loss		$	(0.4	)		$	(1.4	)		$	(1.5	)		$	(4.3	)		Other operating expenses
Amortization of prior service cost			—				—				—				(0.2	)		Other operating expenses
Pretax total		$	(0.4	)		$	(1.4	)		$	(1.5	)		$	(4.5	)
Tax effect		$	—			$	0.4			$	0.4			$	1.2

(1)

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