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Accumulated Other Comprehensive Income (Loss) ("AOCI") (Tables) | 9 Months Ended
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Sep. 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 nine months ended September 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 |  |  | 496.3 |  |  |  | — |  |  |  | — |  |  |  | 496.3 |
Change in foreign currency translation adjustment |  |  | — |  |  |  | (4.0 | ) |  |  | — |  |  |  | (4.0 | )
Amortization of net actuarial loss |  |  | — |  |  |  | — |  |  |  | 1.7 |  |  |  | 1.7 |
Tax effect |  |  | (128.5 | ) |  |  | 0.2 |  |  |  | (0.4 | ) |  |  | (128.7 | )
Balance at September 30, 2024 |  | $ | (185.8 | ) |  | $ | (68.7 | ) |  | $ | (36.0 | ) |  | $ | (290.5 | )
Adjustments for Reclassification of Other Comprehensive Income (Loss) | The following table presents the other comprehensive income (loss) reclassification adjustments for the three months ended September 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 September 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Pretax change before reclassifications |  | $ | 244.0 |  |  | $ | 14.9 |  |  | $ | — |  |  | $ | 258.9 |
Reclassifications out of AOCI |  |  | 326.6 |  |  |  | — |  |  |  | 0.6 |  |  |  | 327.2 |
Tax effect |  |  | (146.4 | ) |  |  | (0.4 | ) |  |  | (0.1 | ) |  |  | (146.9 | )
Total other comprehensive income, net of tax |  | $ | 424.2 |  |  | $ | 14.5 |  |  | $ | 0.5 |  |  | $ | 439.2 |
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 | )
The following table presents the other comprehensive income (loss) reclassification adjustments for the nine months ended September 30, 2024 and 2023:
(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, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Pretax change before reclassifications |  | $ | 165.3 |  |  | $ | (4.0 | ) |  | $ | — |  |  | $ | 161.3 |
Reclassifications out of AOCI |  |  | 331.0 |  |  |  | — |  |  |  | 1.7 |  |  |  | 332.7 |
Tax effect |  |  | (128.5 | ) |  |  | 0.2 |  |  |  | (0.4 | ) |  |  | (128.7 | )
Total other comprehensive income (loss), net of tax |  | $ | 367.8 |  |  | $ | (3.8 | ) |  | $ | 1.3 |  |  | $ | 365.3 |
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 | )
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) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |  |  | Affected line items
Unrealized gains (losses) on debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net realized losses on sales of debt securities |  | $ | (326.6 | ) |  | $ | (5.1 | ) |  | $ | (331.0 | ) |  | $ | (12.4 | ) |  | Net investment losses
Tax effect |  | $ | 84.6 |  |  | $ | 1.2 |  |  | $ | 85.7 |  |  | $ | 3.1 |  |  |
Pension benefit adjustment (1): |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of net actuarial loss |  | $ | (0.6 | ) |  | $ | (0.4 | ) |  | $ | (1.7 | ) |  | $ | (1.5 | ) |  | Other operating expenses
Tax effect |  | $ | 0.1 |  |  | $ | — |  |  | $ | 0.4 |  |  | $ | 0.4 |  |  |
(1) Amounts are components of net periodic cost. See Note 12 Employee Benefit Plans for additional details.

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