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Accumulated Other Comprehensive Income (Loss) ("AOCI") | 9 Months Ended
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Sep. 30, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] |
Accumulated Other Comprehensive Income (Loss) ("AOCI") | Note 16 – Accumulated Other Comprehensive Income (Loss) (“AOCI”) 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 | )
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 | )
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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- Definition The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(19)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(21)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(23)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/220/tableOfContent + Details
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