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Accumulated Other Comprehensive Income (Loss) ("AOCI") (Tables) | 3 Months Ended
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Mar. 31, 2024
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 three months ended March 31, 2024:
(in millions) |  | Unrealized gains (losses) on debt securities |  |  | Foreign currency translation adjustment |  |  | Pension benefit adjustment |  |  | Accumulated other comprehensive income (loss) |
Balance at December 31, 2023 |  | $ | (553.6 | ) |  | $ | (64.9 | ) |  | $ | (37.3 | ) |  | $ | (655.8 | )
Change in unrealized losses on debt securities |  |  | (66.9 | ) |  |  | — |  |  |  | — |  |  |  | (66.9 | )
Change in foreign currency translation adjustment |  |  | — |  |  |  | (14.9 | ) |  |  | — |  |  |  | (14.9 | )
Amortization of net actuarial loss |  |  | — |  |  |  | — |  |  |  | 0.6 |  |  |  | 0.6 |
Tax effect |  |  | 16.3 |  |  |  | 0.4 |  |  |  | (0.2 | ) |  |  | 16.5 |
Balance at March 31, 2024 |  | $ | (604.2 | ) |  | $ | (79.4 | ) |  | $ | (36.9 | ) |  | $ | (720.5 | )
Adjustments for Reclassification of Other Comprehensive Income (Loss) | The following table presents the other comprehensive income (loss) reclassification adjustments for the three months ended March 31, 2024 and 2023:
(in millions) |  | Unrealized gains (losses) on debt securities |  |  | Foreign currency translation adjustment |  |  | Pension benefit adjustment |  |  | Total other comprehensive income (loss) |
Three Months Ended March 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Pretax change before reclassifications |  | $ | (70.3 | ) |  | $ | (14.9 | ) |  | $ | — |  |  | $ | (85.2 | )
Reclassifications out of AOCI |  |  | 3.4 |  |  |  | — |  |  |  | 0.6 |  |  |  | 4.0 |
Tax effect |  |  | 16.3 |  |  |  | 0.4 |  |  |  | (0.2 | ) |  |  | 16.5 |
Total other comprehensive (loss) income, net of tax |  | $ | (50.6 | ) |  | $ | (14.5 | ) |  | $ | 0.4 |  |  | $ | (64.7 | )
Three Months Ended March 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Pretax change before reclassifications |  | $ | 142.0 |  |  | $ | 2.6 |  |  | $ | — |  |  | $ | 144.6 |
Reclassifications out of AOCI |  |  | 4.5 |  |  |  | — |  |  |  | 0.5 |  |  |  | 5.0 |
Tax effect |  |  | (36.4 | ) |  |  | — |  |  |  | (0.2 | ) |  |  | (36.6 | )
Total other comprehensive income, net of tax |  | $ | 110.1 |  |  | $ | 2.6 |  |  | $ | 0.3 |  |  | $ | 113.0 |
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 March 31, |  |  |
(in millions) |  | 2024 |  |  | 2023 |  |  | Affected line items
Unrealized gains (losses) on debt securities: |  |  |  |  |  |  |  |
Net realized losses on sales of debt securities |  | $ | (3.4 | ) |  | $ | (4.5 | ) |  | Net investment gains (losses)
Tax effect |  | $ | 0.8 |  |  | $ | 1.1 |  |  |
Pension benefit adjustment (1): |  |  |  |  |  |  |  |
Amortization of net actuarial loss |  | $ | (0.6 | ) |  | $ | (0.5 | ) |  | Other operating expenses
Tax effect |  | $ | 0.2 |  |  | $ | 0.2 |  |  |
(1) Amounts are components of net periodic cost. See Note 11 Employee Benefit Plans for additional details.

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