Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2019

Stockholders Equity Note [Abstract]

Schedule of Common Stock Repurchases

The following table presents the shares of Common Stock that Alleghany repurchased in the three and nine months ended September 30, 2019 and 2018:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Shares repurchased		25,398		76,299		174,211		479,922
Cost of shares repurchased (in millions)	$	19.3	$	46.0	$	112.4	$	282.1
Average price per share repurchased	$	759.70	$	602.24	$	645.46	$	587.70

Reconciliation of Accumulated Other Comprehensive Income

The following tables present a reconciliation of the changes during the nine months ended September 30, 2019 and 2018 in accumulated other comprehensive income (loss) attributable to Alleghany stockholders:

	Unrealized Appreciation of Investments			Unrealized Currency Translation Adjustment			Retirement Plans			Total
	($ in millions)
Balance as of January 1, 2019	$	(61.6	)	$	(124.7	)	$	(15.7	)	$	(202.0	)
Other comprehensive income (loss), net of tax:
Other comprehensive income (loss) before reclassifications		442.2			(8.1	)		1.4			435.5
Reclassifications from accumulated other comprehensive income		(10.2	)		-			-			(10.2	)
Total		432.0			(8.1	)		1.4			425.3
Balance as of September 30, 2019	$	370.4		$	(132.8	)	$	(14.3	)	$	223.3

	Unrealized Appreciation of Investments			Unrealized Currency Translation Adjustment			Retirement Plans			Total
	($ in millions)
Balance as of January 1, 2018	$	718.2		$	(84.6	)	$	(15.5	)	$	618.1
Cumulative effect of adoption of new accounting pronouncements(1):
Reclassification of net unrealized gains on equity securities, net of tax		(735.6	)		-			-			(735.6	)
Reclassification of stranded taxes		156.6			(18.2	)		(3.3	)		135.1
Total		(579.0	)		(18.2	)		(3.3	)		(600.5	)
Other comprehensive income (loss), net of tax:
Other comprehensive income (loss) before reclassifications		(213.3	)		(6.9	)		(1.7	)		(221.9	)
Reclassifications from accumulated other comprehensive income		(16.5	)		-			-			(16.5	)
Total		(229.8	)		(6.9	)		(1.7	)		(238.4	)
Balance as of September 30, 2018	$	(90.6	)	$	(109.7	)	$	(20.5	)	$	(220.8	)

(1) See Note 1(c) of this Form 10-Q for additional information on Alleghany’s adoption of new investment accounting guidance and new guidance on certain tax effects caused by the Tax Act.

Reclassifications of Accumulated Other Comprehensive Income

The following table presents reclassifications out of accumulated other comprehensive income attributable to Alleghany stockholders during the three and nine months ended September 30, 2019 and 2018:

Accumulated Other		Three Months Ended September 30,						Nine Months Ended September 30,
Comprehensive Income Component	Line in Consolidated Statement of Earnings	2019			2018			2019			2018
		($ in millions)
Unrealized appreciation of investments:	Net realized capital gains(1)	$	(9.8	)	$	(16.2	)	$	(26.6	)	$	(21.5	)
	Other than temporary impairment losses		3.6			-			13.6			0.5
	Income taxes		1.3			3.4			2.8			4.5
Total reclassifications:	Net earnings	$	(4.9	)	$	(12.8	)	$	(10.2	)	$	(16.5	)

(1) For the three and nine months ended September 30, 2019, excludes a $5.8 million pre-tax loss related to the decrease in the fair value of the Put Option. See Note 3(d) for additional information. For the nine months ended September 30, 2018, excludes a $45.7 million pre-tax gain from AIHL’s conversion of its limited partnership interests in certain subsidiaries of Ares into Ares common units. See Note 3(h) of this Form 10-Q for additional information.