Other Comprehensive Income (Loss)

3 Months Ended

Mar. 31, 2021

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 December 31, 2020	$	1,187.4	$	(255.7)	$	931.7	$	947.3	$	(15.6)	$	0
Other comprehensive income (loss) before reclassifications:
Investment securities	(551.4)		115.8		(435.6)		(435.6)		0		0



Loss attributable to noncontrolling interest (NCI)	0		0		0		0		0		0
Total other comprehensive income (loss) before reclassifications	(551.4)		115.8		(435.6)		(435.6)		0		0
Less: Reclassification adjustment for amounts realized in net income by income statement line item:

Net realized gains (losses) on securities	131.7		(27.7)		104.0		104.0		0		0
Interest expense	(0.3)		0.1		(0.2)		0		(0.2)		0
Total reclassification adjustment for amounts realized in net income	131.4		(27.6)		103.8		104.0		(0.2)		0
Total other comprehensive income (loss)	(682.8)		143.4		(539.4)		(539.6)		0.2		0
Balance at March 31, 2021	$	504.6	$	(112.3)	$	392.3	$	407.7	$	(15.4)	$	0


							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, 2019	$	435.7	$	(94.0)	$	341.7	$	360.8	$	(16.4)	$	(2.7)
Other comprehensive income (loss) before reclassifications:
Investment securities	318.2		(66.8)		251.4		251.4		0		0



Loss attributable to noncontrolling interest (NCI)	(0.6)		0.1		(0.5)		0		0		(0.5)
Total other comprehensive income (loss) before reclassifications	317.6		(66.7)		250.9		251.4		0		(0.5)
Less: Reclassification adjustment for amounts realized in net income by income statement line item:

Net realized gains (losses) on securities	238.7		(50.1)		188.6		188.6		0		0
Interest expense	(0.3)		0.1		(0.2)		0		(0.2)		0
Total reclassification adjustment for amounts realized in net income	238.4		(50.0)		188.4		188.6		(0.2)		0
Total other comprehensive income (loss)	79.2		(16.7)		62.5		62.8		0.2		(0.5)
Balance at March 31, 2020	$	514.9	$	(110.7)	$	404.2	$	423.6	$	(16.2)	$	(3.2)

In an effort to manage interest rate risk, we may enter into forecasted transactions on Progressive’s debt issuances. We expect to reclassify $0.7 million (pretax) into interest expense during the next 12 months, related to net unrealized losses on forecasted transactions (see Note 4 – Debt in our 2020 Annual Report to Shareholders for further discussion).