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

3 Months Ended

Mar. 31, 2023

Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract]

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

Note 15 – Accumulated Other Comprehensive Income (Loss) (“AOCI”)

The following table presents a summary of the changes in each component of AOCI for the three months ended March 31, 2023:

(in millions)	Unrealized gains (losses) on debt  securities			Foreign currency translation adjustment			Pension benefit adjustment			Accumulated other comprehensive income (loss)
Balance at December 31, 2022	$	(751.6	)	$	(82.1	)	$	(35.2	)	$	(868.9	)
Change in unrealized gains (losses)    on debt securities		146.5			—			—			146.5
Change in foreign currency translation adjustment		—			2.6			—			2.6
Amortization of net actuarial loss		—			—			0.5			0.5
Tax effect		(36.4	)		—			(0.2	)		(36.6	)
Balance at March 31, 2023	$	(641.5	)	$	(79.5	)	$	(34.9	)	$	(755.9	)

The following table presents the other comprehensive income (loss) reclassification adjustments for the three months ended March 31, 2023 and 2022:

(in millions)	Unrealized gains (losses) on debt  securities			Foreign currency translation adjustment		Pension benefit adjustment			Total other comprehensive income (loss)
Three Months Ended March 31, 2023
Pretax change before reclassifications	$	142.0		$	2.6	$	—		$	144.6
Reclassifications out of AOCI		4.5			—		0.5			5.0
Tax effect		(36.4	)		—		(0.2	)		(36.6	)
Total other comprehensive income (loss), net of tax	$	110.1		$	2.6	$	0.3		$	113.0
Three Months Ended March 31, 2022
Pretax change before reclassifications	$	(497.1	)	$	2.3	$	—		$	(494.8	)
Reclassifications out of AOCI		0.7			—		1.6			2.3
Tax effect		124.8			—		(0.5	)		124.3
Total other comprehensive income (loss), net of tax	$	(371.6	)	$	2.3	$	1.1		$	(368.2	)

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

	Three Months Ended March 31,
(in millions)	2023			2022			Affected line items
Unrealized gains (losses) on debt securities:
Net realized (losses) gains on sales      of debt securities	$	(4.5	)	$	(0.7	)	Net investment losses
Tax effect	$	1.1		$	0.2
Pension benefit adjustment (1):
Amortization of net actuarial loss	$	(0.5	)	$	(1.5	)	Other operating expenses
Amortization of prior service cost		—			(0.1	)	Other operating expenses
Pretax total	$	(0.5	)	$	(1.6	)
Tax effect	$	0.2		$	0.5

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(1)Amounts are components of net periodic cost. See Note 11 Employee Benefit Plans for additional details.