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Accumulated Other Comprehensive Income (Loss) ("AOCI") (Tables) | 6 Months Ended
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Jun. 30, 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 six months ended June 30, 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 |  |  | (74.3 | ) |  |  | — |  |  |  | — |  |  |  | (74.3 | )
Change in foreign currency translation adjustment |  |  | — |  |  |  | (18.9 | ) |  |  | — |  |  |  | (18.9 | )
Amortization of net actuarial loss |  |  | — |  |  |  | — |  |  |  | 1.1 |  |  |  | 1.1 |
Tax effect |  |  | 17.9 |  |  |  | 0.6 |  |  |  | (0.3 | ) |  |  | 18.2 |
Balance at June 30, 2024 |  | $ | (610.0 | ) |  | $ | (83.2 | ) |  | $ | (36.5 | ) |  | $ | (729.7 | )
Adjustments for Reclassification of Other Comprehensive Income (Loss) | The following table presents the other comprehensive income (loss) reclassification adjustments for the three months ended June 30, 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 June 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Pretax change before reclassifications |  | $ | (8.4 | ) |  | $ | (4.0 | ) |  | $ | — |  |  | $ | (12.4 | )
Reclassifications out of AOCI |  |  | 1.0 |  |  |  | — |  |  |  | 0.5 |  |  |  | 1.5 |
Tax effect |  |  | 1.6 |  |  |  | 0.2 |  |  |  | (0.1 | ) |  |  | 1.7 |
Total other comprehensive (loss) income, net of tax |  | $ | (5.8 | ) |  | $ | (3.8 | ) |  | $ | 0.4 |  |  | $ | (9.2 | )
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 (loss) income, net of tax |  | $ | (79.7 | ) |  | $ | 11.2 |  |  | $ | 0.4 |  |  | $ | (68.1 | )
The following table presents the other comprehensive income (loss) reclassification adjustments for the six months ended June 30, 2024 and 2023:
(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, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Pretax change before reclassifications |  | $ | (78.7 | ) |  | $ | (18.9 | ) |  | $ | — |  |  | $ | (97.6 | )
Reclassifications out of AOCI |  |  | 4.4 |  |  |  | — |  |  |  | 1.1 |  |  |  | 5.5 |
Tax effect |  |  | 17.9 |  |  |  | 0.6 |  |  |  | (0.3 | ) |  |  | 18.2 |
Total other comprehensive (loss) income, net of tax |  | $ | (56.4 | ) |  | $ | (18.3 | ) |  | $ | 0.8 |  |  | $ | (73.9 | )
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, net of tax |  | $ | 30.4 |  |  | $ | 13.8 |  |  | $ | 0.7 |  |  | $ | 44.9 |
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 June 30, |  |  | Six Months Ended June 30, |  |  |
(in millions) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |  |  | Affected line items
Unrealized gains (losses) on debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net realized losses on sales of debt securities |  | $ | (1.0 | ) |  | $ | (2.8 | ) |  | $ | (4.4 | ) |  | $ | (7.3 | ) |  | Net investment (losses) gains
Tax effect |  | $ | 0.3 |  |  | $ | 0.8 |  |  | $ | 1.1 |  |  | $ | 1.9 |  |  |
Pension benefit adjustment (1): |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of net actuarial loss |  | $ | (0.5 | ) |  | $ | (0.6 | ) |  | $ | (1.1 | ) |  | $ | (1.1 | ) |  | Other operating expenses
Tax effect |  | $ | 0.1 |  |  | $ | 0.2 |  |  | $ | 0.3 |  |  | $ | 0.4 |  |  |
(1) Amounts are components of net periodic cost. See Note 11 Employee Benefit Plans for additional details.

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