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

12 Months Ended

Dec. 31, 2024

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

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

NOTE 20. Accumulated Other Comprehensive Income (Loss) (“AOCI”):

The following table presents a summary of the changes in each component of AOCI for the years ended December 31, 2024, 2023 and 2022:

(in millions)	Unrealized gains (losses) on debt securities			Foreign currency translation adjustment			Pension benefit adjustment			Accumulated other comprehensive income (loss)
Balance at December 31, 2021	$	29.3		$	(39.9	)	$	(81.8	)	$	(92.4	)
Change in unrealized gains (losses) on debt securities		(1,044.9	)		—			—			(1,044.9	)
Change in foreign currency translation adjustment		—			(43.3	)		—			(43.3	)
Net actuarial gain		—			—			57.4			57.4
Amortization of net actuarial loss		—			—			5.8			5.8
Amortization of prior service cost		—			—			0.2			0.2
Tax effect		264.0			1.1			(16.8	)		248.3
Balance at December 31, 2022		(751.6	)		(82.1	)		(35.2	)		(868.9	)
Change in unrealized gains (losses) on debt securities		262.3			—			—			262.3
Change in foreign currency translation adjustment		—			17.7			—			17.7
Net actuarial loss		—			—			(4.8	)		(4.8	)
Amortization of net actuarial loss		—			—			2.0			2.0
Tax effect		(64.3	)		(0.5	)		0.7			(64.1	)
Balance at December 31, 2023		(553.6	)		(64.9	)		(37.3	)		(655.8	)
Change in unrealized gains (losses) on debt securities		272.7			—			—			272.7
Change in foreign currency translation adjustment		—			(47.1	)		—			(47.1	)
Net actuarial gain		—			—			5.3			5.3
Amortization of net actuarial loss		—			—			2.3			2.3
Tax effect		(72.8	)		1.0			(2.0	)		(73.8	)
Balance at December 31, 2024	$	(353.7	)	$	(111.0	)	$	(31.7	)	$	(496.4	)

The following table presents the other comprehensive income (loss) reclassification adjustments for the years ended December 31, 2024, 2023 and 2022:

	Unrealized gains (losses) on debt securities			Foreign currency translation adjustment			Pension benefit adjustment			Total other comprehensive income (loss)
	(in millions)
Year ended December 31, 2024
Pretax change before reclassifications	$	(62.4	)	$	(47.1	)	$	5.3		$	(104.2	)
Reclassifications out of AOCI		335.1			—			2.3			337.4
Tax effect		(72.8	)		1.0			(2.0	)		(73.8	)
Total other comprehensive income (loss), net of tax	$	199.9		$	(46.1	)	$	5.6		$	159.4
Year ended December 31, 2023
Pretax change before reclassifications	$	181.4		$	17.7		$	(4.8	)	$	194.3
Reclassifications out of AOCI		80.9			—			2.0			82.9
Tax effect		(64.3	)		(0.5	)		0.7			(64.1	)
Total other comprehensive income (loss), net of tax	$	198.0		$	17.2		$	(2.1	)	$	213.1
Year ended December 31, 2022
Pretax change before reclassifications	$	(1,181.4	)	$	(43.3	)	$	57.4		$	(1,167.3	)
Reclassifications out of AOCI		136.5			—			6.0			142.5
Tax effect		264.0			1.1			(16.8	)		248.3
Total other comprehensive income (loss), net of tax	$	(780.9	)	$	(42.2	)	$	46.6		$	(776.5	)

The following table presents the effects of the reclassifications out of AOCI on the respective line items in the consolidated statements of income:

	Year ended December 31,
(in millions)	2024			2023			2022			Affected line items
Unrealized gains (losses) on debt      securities:
Net realized losses on sales of debt      securities	$	(335.1	)	$	(80.9	)	$	(136.5	)	Net investment losses
Tax effect	$	89.5		$	19.8		$	36.2
Pension benefit adjustment (1):
Amortization of net actuarial loss	$	(2.3	)	$	(2.0	)	$	(5.8	)	Other operating expenses
Amortization of prior service cost		—			—			(0.2	)	Other operating expenses
Pretax total	$	(2.3	)	$	(2.0	)	$	(6.0	)
Tax effect	$	0.6		$	0.5		$	1.6

(1)Amounts are components of net periodic cost. See Note 16 Employee Benefit Plans for additional details.