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Accumulated Other Comprehensive Income (Loss) ("AOCI")
 9 Months Ended
Sep. 30, 2023
Accumulated Other Comprehensive Income Other Comprehensive Income [Abstract]  
Accumulated Other Comprehensive Income (Loss) ("AOCI")

Note 16 – Accumulated Other Comprehensive Income (Loss) (“AOCI”)

The following table presents a summary of the changes in each component of AOCI for the nine months ended September 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 losses on debt securities

 

 

(187.5

)

 

 

—

 

 

 

—

 

 

 

(187.5

)

Change in foreign currency translation adjustment

 

 

—

 

 

 

(0.6

)

 

 

—

 

 

 

(0.6

)

Amortization of net actuarial loss

 

 

—

 

 

 

—

 

 

 

1.5

 

 

 

1.5

 

Tax effect

 

 

46.3

 

 

 

—

 

 

 

(0.4

)

 

 

45.9

 

Balance at September 30, 2023

 

$

(892.8

)

 

$

(82.7

)

 

$

(34.1

)

 

$

(1,009.6

)

 

The following table presents the other comprehensive income (loss) reclassification adjustments for the three months ended September 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 September 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

Pretax change before reclassifications

 

$

(233.6

)

 

$

(14.7

)

 

$

—

 

 

$

(248.3

)

Reclassifications out of AOCI

 

 

5.1

 

 

 

—

 

 

 

0.4

 

 

 

5.5

 

Tax effect

 

 

56.9

 

 

 

0.3

 

 

 

—

 

 

 

57.2

 

Total other comprehensive (loss) income, net of tax

 

$

(171.6

)

 

$

(14.4

)

 

$

0.4

 

 

$

(185.6

)

Three Months Ended September 30, 2022

 

 

 

 

 

 

 

 

 

 

 

 

Pretax change before reclassifications

 

$

(403.6

)

 

$

(36.6

)

 

$

—

 

 

$

(440.2

)

Reclassifications out of AOCI

 

 

50.1

 

 

 

—

 

 

 

1.4

 

 

 

51.5

 

Tax effect

 

 

90.8

 

 

 

0.8

 

 

 

(0.3

)

 

 

91.3

 

Total other comprehensive (loss) income, net of tax

 

$

(262.7

)

 

$

(35.8

)

 

$

1.1

 

 

$

(297.4

)

 

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

 

(in millions)

 

Unrealized
gains (losses)
on debt
 securities

 

 

Foreign
currency
translation
adjustment

 

 

Pension
benefit
adjustment

 

 

Total
other
comprehensive
income (loss)

 

Nine Months Ended September 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

Pretax change before reclassifications

 

$

(199.9

)

 

$

(0.6

)

 

$

—

 

 

$

(200.5

)

Reclassifications out of AOCI

 

 

12.4

 

 

 

—

 

 

 

1.5

 

 

 

13.9

 

Tax effect

 

 

46.3

 

 

 

—

 

 

 

(0.4

)

 

 

45.9

 

Total other comprehensive (loss) income, net of tax

 

$

(141.2

)

 

$

(0.6

)

 

$

1.1

 

 

$

(140.7

)

Nine Months Ended September 30, 2022

 

 

 

 

 

 

 

 

 

 

 

 

Pretax change before reclassifications

 

$

(1,263.0

)

 

$

(59.4

)

 

$

—

 

 

$

(1,322.4

)

Reclassifications out of AOCI

 

 

57.7

 

 

 

—

 

 

 

4.5

 

 

 

62.2

 

Tax effect

 

 

304.2

 

 

 

1.4

 

 

 

(1.2

)

 

 

304.4

 

Total other comprehensive (loss) income, net of tax

 

$

(901.1

)

 

$

(58.0

)

 

$

3.3

 

 

$

(955.8

)

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
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

(in millions)

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

Affected line items

Unrealized gains (losses) on debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized losses on sales
     of debt securities

 

$

(5.1

)

 

$

(50.1

)

 

$

(12.4

)

 

$

(57.7

)

 

Net investment losses

Tax effect

 

$

1.2

 

 

$

12.9

 

 

$

3.1

 

 

$

14.6

 

 

 

Pension benefit adjustment (1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of net actuarial loss

 

$

(0.4

)

 

$

(1.4

)

 

$

(1.5

)

 

$

(4.3

)

 

Other operating expenses

Amortization of prior service cost

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(0.2

)

 

Other operating expenses

Pretax total

 

$

(0.4

)

 

$

(1.4

)

 

$

(1.5

)

 

$

(4.5

)

 

 

Tax effect

 

$

—

 

 

$

0.4

 

 

$

0.4

 

 

$

1.2

 

 

 

 

 

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