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Accumulated Other Comprehensive Income (Loss) ("AOCI")
 3 Months Ended
Mar. 31, 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 three months ended March 31, 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

 

 

(66.9

)

 

 

—

 

 

 

—

 

 

 

(66.9

)

Change in foreign currency translation adjustment

 

 

—

 

 

 

(14.9

)

 

 

—

 

 

 

(14.9

)

Amortization of net actuarial loss

 

 

—

 

 

 

—

 

 

 

0.6

 

 

 

0.6

 

Tax effect

 

 

16.3

 

 

 

0.4

 

 

 

(0.2

)

 

 

16.5

 

Balance at March 31, 2024

 

$

(604.2

)

 

$

(79.4

)

 

$

(36.9

)

 

$

(720.5

)

 

The following table presents the other comprehensive income (loss) reclassification adjustments for the three months ended March 31, 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 March 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

Pretax change before reclassifications

 

$

(70.3

)

 

$

(14.9

)

 

$

—

 

 

$

(85.2

)

Reclassifications out of AOCI

 

 

3.4

 

 

 

—

 

 

 

0.6

 

 

 

4.0

 

Tax effect

 

 

16.3

 

 

 

0.4

 

 

 

(0.2

)

 

 

16.5

 

Total other comprehensive (loss) income, net of tax

 

$

(50.6

)

 

$

(14.5

)

 

$

0.4

 

 

$

(64.7

)

Three Months Ended March 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

Pretax change before reclassifications

 

$

142.0

 

 

$

2.6

 

 

$

—

 

 

$

144.6

 

Reclassifications out of AOCI

 

 

4.5

 

 

 

—

 

 

 

0.5

 

 

 

5.0

 

Tax effect

 

 

(36.4

)

 

 

—

 

 

 

(0.2

)

 

 

(36.6

)

Total other comprehensive income, net of tax

 

$

110.1

 

 

$

2.6

 

 

$

0.3

 

 

$

113.0

 

 

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
March 31,

 

 

 

(in millions)

 

2024

 

 

2023

 

 

Affected line items

Unrealized gains (losses) on debt securities:

 

 

 

 

 

 

 

 

Net realized losses on sales of debt securities

 

$

(3.4

)

 

$

(4.5

)

 

Net investment gains (losses)

Tax effect

 

$

0.8

 

 

$

1.1

 

 

 

Pension benefit adjustment (1):

 

 

 

 

 

 

 

 

Amortization of net actuarial loss

 

$

(0.6

)

 

$

(0.5

)

 

Other operating expenses

Tax effect

 

$

0.2

 

 

$

0.2

 

 

 

 

 

 
(1)
Amounts are components of net periodic cost. See Note 11 Employee Benefit Plans for additional details.