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Accumulated Other Comprehensive Income (Loss) ("AOCI")
 6 Months Ended
Jun. 30, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Accumulated Other Comprehensive Income (Loss) ("AOCI")

Note 15 – 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, 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

)

 

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

 

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.