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

6 Months Ended

Jun. 30, 2023

Accumulated Other Comprehensive Income Other Comprehensive Income [Abstract]

Components of Accumulated Other Comprehensive Income (Loss)

The following table presents a summary of the changes in each component of AOCI for the six months ended June 30, 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		41.0			—			—			41.0
Change in foreign currency translation adjustment		—			14.1			—			14.1
Amortization of net actuarial loss		—			—			1.1			1.1
Tax effect		(10.6	)		(0.3	)		(0.4	)		(11.3	)
Balance at June 30, 2023	$	(721.2	)	$	(68.3	)	$	(34.5	)	$	(824.0	)

Adjustments for Reclassification of Other Comprehensive Income (Loss)

The following table presents the other comprehensive income (loss) reclassification adjustments for the three months ended June 30, 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 June 30, 2023
Pretax change before reclassifications	$	(108.3	)	$	11.5		$	—		$	(96.8	)
Reclassifications out of AOCI		2.8			—			0.6			3.4
Tax effect		25.8			(0.3	)		(0.2	)		25.3
Total other comprehensive income (loss), net of tax	$	(79.7	)	$	11.2		$	0.4		$	(68.1	)
Three Months Ended June 30, 2022
Pretax change before reclassifications	$	(362.3	)	$	(25.1	)	$	—		$	(387.4	)
Reclassifications out of AOCI		6.9			—			1.5			8.4
Tax effect		88.6			0.6			(0.4	)		88.8
Total other comprehensive income (loss), net of tax	$	(266.8	)	$	(24.5	)	$	1.1		$	(290.2	)

The following table presents the other comprehensive income (loss) reclassification adjustments for the six months ended June 30, 2023 and 2022:

(in millions)	Unrealized gains (losses) on debt  securities			Foreign currency translation adjustment			Pension benefit adjustment			Total other comprehensive income (loss)
Six Months Ended June 30, 2023
Pretax change before reclassifications	$	33.7		$	14.1		$	—		$	47.8
Reclassifications out of AOCI		7.3			—			1.1			8.4
Tax effect		(10.6	)		(0.3	)		(0.4	)		(11.3	)
Total other comprehensive income (loss), net of tax	$	30.4		$	13.8		$	0.7		$	44.9
Six Months Ended June 30, 2022
Pretax change before reclassifications	$	(859.4	)	$	(22.8	)	$	—		$	(882.2	)
Reclassifications out of AOCI		7.6			—			3.1			10.7
Tax effect		213.4			0.6			(0.9	)		213.1
Total other comprehensive income (loss), net of tax	$	(638.4	)	$	(22.2	)	$	2.2		$	(658.4	)

Reclassifications out of Accumulated Other Comprehensive Income (Loss)

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 June 30,						Six Months Ended June 30,
(in millions)	2023			2022			2023			2022			Affected line items
Unrealized gains (losses) on debt securities:
Net realized losses on sales      of debt securities	$	(2.8	)	$	(6.9	)	$	(7.3	)	$	(7.6	)	Net investment gains    (losses)
Tax effect	$	0.8		$	1.7		$	1.9		$	1.9
Pension benefit adjustment (1):
Amortization of net actuarial loss	$	(0.6	)	$	(1.4	)	$	(1.1	)	$	(2.9	)	Other operating expenses
Amortization of prior service cost		—			(0.1	)		—			(0.2	)	Other operating expenses
Pretax total	$	(0.6	)	$	(1.5	)	$	(1.1	)	$	(3.1	)
Tax effect	$	0.2		$	0.4		$	0.4		$	0.9

(1)Amounts are components of net periodic cost. See Note 12 Employee Benefit Plans for additional details.