Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2022

Accumulated Other Comprehensive Income (Loss)

A summary of changes in accumulated other comprehensive income (loss), net of taxes (where applicable) by component for the year ended December 31, 2022 and 2021 is presented below:


(in millions)	Foreign Currency Translation Adjustments		Unrealized Holding Gains (Losses) on Securities		Defined Benefit Pension Plans		Total
Balance, December 31, 2020	$	(37.9)	$	105.1	$	(8.6)	$	58.6
Other comprehensive income (loss) before reclassifications	2.6		(77.4)		1.5		(73.3)
Amounts reclassified from accumulated other comprehensive loss	—		(8.0)		—		(8.0)
Net current-period other comprehensive income (loss)	2.6		(85.4)		1.5		(81.3)

Balance, December 31, 2021	(35.3)		19.7		(7.1)		(22.7)
Other comprehensive (loss) income before reclassifications	(0.7)		(347.2)		(0.7)		(348.6)
Amounts reclassified from accumulated other comprehensive income	31.8		34.4		—		66.2
Net current-period other comprehensive income (loss)	31.1		(312.8)		(0.7)		(282.4)
Balance, December 31, 2022	$	(4.2)	$	(293.1)	$	(7.8)	$	(305.1)

The amounts reclassified from accumulated other comprehensive (loss) income shown in the above table have been included in the following captions in our Consolidated Statements of Income (Loss):


	For the Years Ended December 31,
(in millions)	2022		2021		2020
Unrealized gains and losses on securities:
Net realized investment losses (gains) (1)	$	43.6	$	(12.2)	$	(12.8)
(Benefit) provision for income taxes	(9.2)		4.2		—
Foreign currency translation adjustments:
Net realized foreign currency translation losses (2)	31.8		—		—
Total, net of taxes	$	66.2	$	(8.0)	$	(12.8)

(1) Net realized investment (gains) losses includes losses realized as a result of the Loss Portfolio Transfer - U.S. Refer to the sale of Argo Underwriting Agency Limited in Note 2, “Recent Acquisitions, Disposals & Other Transactions” for additional information.

(2) Foreign currency translation losses were realized as a result of the sale of Argo Seguros and AGSE. Refer to the sale of Argo Seguros and AGSE in Note 2, “Recent Acquisitions, Disposals & Other Transactions” for additional information.

Income tax effects are released from accumulated other comprehensive income (loss) for unrealized gains or losses when the gains or losses are realized, and are taxed at the statutory rate based on jurisdiction of the underlying transaction.