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Other Comprehensive Income (Loss)
 9 Months Ended
Sep. 30, 2019
Equity [Abstract]  
Other Comprehensive Income (Loss) Other Comprehensive Income (Loss) — The components of other comprehensive income (loss), including reclassification adjustments by income statement line item, were as follows: 
 
 
 
 
 
 
 
Components of Changes in
Accumulated Other
Comprehensive Income (after tax)
(millions)
Pretax total
accumulated
other
comprehensive
income (loss)

 
Total tax
(provision)
benefit

 
After tax total
accumulated
other
comprehensive
income (loss)

 
Total net
unrealized
gains
 (losses)
on securities

 
Net
unrealized
gains
(losses) on
forecasted
transactions

 
(Income) loss attributable to NCI

Balance at June 30, 2019
$
573.6

 
$
(120.5
)
 
$
453.1

 
$
472.9

 
$
(16.8
)
 
$
(3.0
)
Other comprehensive income (loss) before reclassifications:
 
 
 
 
 
 
 
 
 
 
 
Investment securities
134.3

 
(28.2
)
 
106.1

 
106.1

 
0

 
0

Loss attributable to noncontrolling interest (NCI)
(1.2
)
 
0.3

 
(0.9
)
 
0

 
0

 
(0.9
)
Total other comprehensive income (loss) before reclassifications
133.1

 
(27.9
)
 
105.2

 
106.1

 
0

 
(0.9
)
Less: Reclassification adjustment for amounts realized in net income by income statement line item:
 
 
 
 
 
 
 
 
 
 
 
Net realized gains (losses) on securities
60.7

 
(12.7
)
 
48.0

 
48.0

 
0

 
0

Interest expense
(0.3
)
 
0.1

 
(0.2
)
 
0

 
(0.2
)
 
0

Total reclassification adjustment for amounts realized in net income
60.4

 
(12.6
)
 
47.8

 
48.0

 
(0.2
)
 
0

Total other comprehensive income (loss)
72.7

 
(15.3
)
 
57.4

 
58.1

 
0.2

 
(0.9
)
Balance at September 30, 2019
$
646.3

 
$
(135.8
)
 
$
510.5

 
$
531.0

 
$
(16.6
)
 
$
(3.9
)
 
 
 
 
 
 
 
Components of Changes in
Accumulated Other
Comprehensive Income (after tax)
(millions)
Pretax total
accumulated
other
comprehensive
income (loss)

 
Total tax
(provision)
benefit

 
After tax total
accumulated
other
comprehensive
income (loss)

 
Total net
unrealized
gains
 (losses)
on securities

 
Net
unrealized
gains
(losses) on
forecasted
transactions

 
(Income) loss attributable to NCI

Balance at June 30, 2018
$
(280.8
)
 
$
58.9

 
$
(221.9
)
 
$
(210.9
)
 
$
(17.6
)
 
$
6.6

Reclassification of disproportionate amounts
(4.3
)
 
0.9

 
(3.4
)
 
0

 
0

 
(3.4
)
Adjusted balance at June 30, 2018
(285.1
)
 
59.8

 
(225.3
)
 
(210.9
)
 
(17.6
)
 
3.2

Other comprehensive income (loss) before reclassifications:
 
 
 
 
 
 
 
 
 
 
 
Investment securities
(58.7
)
 
12.3

 
(46.4
)
 
(46.4
)
 
0

 
0

Loss attributable to noncontrolling interest (NCI)
0.6

 
(0.2
)
 
0.4

 
0

 
0

 
0.4

Total other comprehensive income (loss) before reclassifications
(58.1
)
 
12.1

 
(46.0
)
 
(46.4
)
 
0

 
0.4

Less: Reclassification adjustment for amounts realized in net income by income statement line item:
 
 
 
 
 
 
 
 
 
 
 
Net realized gains (losses) on securities
(9.3
)
 
1.9

 
(7.4
)
 
(7.4
)
 
0

 
0

Interest expense
(0.2
)
 
0

 
(0.2
)
 
0

 
(0.2
)
 
0

Total reclassification adjustment for amounts realized in net income
(9.5
)
 
1.9

 
(7.6
)
 
(7.4
)
 
(0.2
)
 
0

Total other comprehensive income (loss)
(48.6
)
 
10.2

 
(38.4
)
 
(39.0
)
 
0.2

 
0.4

Balance at September 30, 2018
$
(333.7
)
 
$
70.0

 
$
(263.7
)
 
$
(249.9
)
 
$
(17.4
)
 
$
3.6



 
 
 
 
 
 
 
Components of Changes in
Accumulated Other
Comprehensive Income (after tax)
(millions)
Pretax total
accumulated
other
comprehensive
income (loss)

 
Total tax
(provision)
benefit

 
After tax total
accumulated
other
comprehensive
income (loss)

 
Total net
unrealized
gains
 (losses)
on securities

 
Net
unrealized
gains
(losses) on
forecasted
transactions

 
(Income) loss attributable to NCI

Balance at December 31, 2018
$
(153.0
)
 
$
32.1

 
$
(120.9
)
 
$
(105.6
)
 
$
(17.2
)
 
$
1.9

Other comprehensive income (loss) before reclassifications:
 
 
 
 
 
 
 
 
 
 
 
Investment securities
953.5

 
(200.2
)
 
753.3

 
753.3

 
0

 
0

Loss attributable to noncontrolling interest (NCI)
(7.4
)
 
1.6

 
(5.8
)
 
0

 
0

 
(5.8
)
Total other comprehensive income (loss) before reclassifications
946.1

 
(198.6
)
 
747.5

 
753.3

 
0

 
(5.8
)
Less: Reclassification adjustment for amounts realized in net income by income statement line item:
 
 
 
 
 
 
 
 
 
 
 
Net realized gains (losses) on securities
147.6

 
(30.9
)
 
116.7

 
116.7

 
0

 
0

Interest expense
(0.8
)
 
0.2

 
(0.6
)
 
0

 
(0.6
)
 
0

Total reclassification adjustment for amounts realized in net income
146.8

 
(30.7
)
 
116.1

 
116.7

 
(0.6
)
 
0

Total other comprehensive income (loss)
799.3

 
(167.9
)
 
631.4

 
636.6

 
0.6

 
(5.8
)
Balance at September 30, 2019
$
646.3

 
$
(135.8
)
 
$
510.5

 
$
531.0

 
$
(16.6
)
 
$
(3.9
)





 
 
 
 
 
 
 
Components of Changes in
Accumulated Other
Comprehensive Income (after tax)
(millions)
Pretax total
accumulated
other
comprehensive
income (loss)

 
Total tax
(provision)
benefit

 
After tax total
accumulated
other
comprehensive
income (loss)

 
Total net
unrealized
gains
 (losses)
on securities

 
Net
unrealized
gains
(losses) on
forecasted
transactions

 
(Income) loss attributable to NCI

Balance at December 31, 2017
$
1,977.8

 
$
(695.6
)
 
$
1,282.2

 
$
1,295.0

 
$
(14.8
)
 
$
2.0

Cumulative effect adjustment
(2,006.0
)
 
705.8

 
(1,300.2
)
 
(1,300.2
)
 
0

 
0

Reclassification of disproportionate amounts
(4.3
)
 
(3.4
)
 
(7.7
)
 
(1.1
)
 
(3.2
)
 
(3.4
)
Adjusted balance at December 31, 2017
(32.5
)
 
6.8

 
(25.7
)
 
(6.3
)
 
(18.0
)
 
(1.4
)
Other comprehensive income (loss) before reclassifications:
 
 
 
 
 
 
 
 
 
 
 
Investment securities
(352.5
)
 
73.9

 
(278.6
)
 
(278.6
)
 
0

 
0

Loss attributable to noncontrolling interest (NCI)
6.4

 
(1.4
)
 
5.0

 
0

 
0

 
5.0

Total other comprehensive income (loss) before reclassifications
(346.1
)
 
72.5

 
(273.6
)
 
(278.6
)
 
0

 
5.0

Less: Reclassification adjustment for amounts realized in net income by income statement line item:
 
 
 
 
 
 
 
 
 
 
 
Net realized gains (losses) on securities
(44.2
)
 
9.2

 
(35.0
)
 
(35.0
)
 
0

 
0

Interest expense
(0.7
)
 
0.1

 
(0.6
)
 
0

 
(0.6
)
 
0

Total reclassification adjustment for amounts realized in net income
(44.9
)
 
9.3

 
(35.6
)
 
(35.0
)
 
(0.6
)
 
0

Total other comprehensive income (loss)
(301.2
)
 
63.2

 
(238.0
)
 
(243.6
)
 
0.6

 
5.0

Balance at September 30, 2018
$
(333.7
)
 
$
70.0

 
$
(263.7
)
 
$
(249.9
)
 
$
(17.4
)
 
$
3.6


In an effort to manage interest rate risk, we often enter into forecasted transactions on Progressive’s debt issuances. We expect to reclassify $1.1 million (pretax) into interest expense during the next 12 months, related to net unrealized losses on forecasted transactions (see Note 4 – Debt in our 2018 Annual Report to Shareholders for further discussion).