Accumulated Other Comprehensive Income (Loss) ("AOCI")

9 Months Ended

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.