Accumulated Other Comprehensive Income (Loss)

6 Months Ended

Jun. 30, 2020

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Accumulated Other Comprehensive Income (Loss)

Components of our accumulated other comprehensive income (loss), after tax, and related changes are as follows:

		Net Unrealized Gain on Securities		Net Gain on Hedges		Foreign Currency Translation Adjustment		Unrecognized Pension and Postretirement Benefit Costs		Total
		(in millions of dollars)
Balance at March 31, 2020		$	395.3	$	210.6	$	(345.2)	$	(477.8)	$	(217.1)
	Other Comprehensive Income (Loss) Before Reclassifications	563.6		(9.3)		(3.0)		0.2		551.5
	Amounts Reclassified from Accumulated Other Comprehensive Income or Loss	4.2		(15.1)		—		3.7		(7.2)
	Net Other Comprehensive Income (Loss)	567.8		(24.4)		(3.0)		3.9		544.3
Balance at June 30, 2020		$	963.1	$	186.2	$	(348.2)	$	(473.9)	$	327.2
Balance at March 31, 2019		$	(0.1)	$	230.1	$	(287.9)	$	(444.4)	$	(502.3)
	Other Comprehensive Income (Loss) Before Reclassifications	280.6		0.9		(19.7)		1.0		262.8
	Amounts Reclassified from Accumulated Other Comprehensive Income or Loss	6.4		(13.0)		—		3.6		(3.0)
	Net Other Comprehensive Income (Loss)	287.0		(12.1)		(19.7)		4.6		259.8
Balance at June 30, 2019		$	286.9	$	218.0	$	(307.6)	$	(439.8)	$	(242.5)
Balance at December 31, 2019		$	615.9	$	187.8	$	(281.6)	$	(484.8)	$	37.3
	Other Comprehensive Income (Loss) Before Reclassifications	300.4		28.4		(66.6)		3.3		265.5
	Amounts Reclassified from Accumulated Other Comprehensive Income or Loss	46.8		(30.0)		—		7.6		24.4
	Net Other Comprehensive Income (Loss)	347.2		(1.6)		(66.6)		10.9		289.9
Balance at June 30, 2020		$	963.1	$	186.2	$	(348.2)	$	(473.9)	$	327.2
Balance at December 31, 2018		$	(312.4)	$	250.6	$	(305.2)	$	(447.2)	$	(814.2)
	Other Comprehensive Income (Loss) Before Reclassifications	586.0		(3.8)		(2.4)		0.2		580.0
	Amounts Reclassified from Accumulated Other Comprehensive Income or Loss	13.3		(28.8)		—		7.2		(8.3)
	Net Other Comprehensive Income (Loss)	599.3		(32.6)		(2.4)		7.4		571.7
Balance at June 30, 2019		$	286.9	$	218.0	$	(307.6)	$	(439.8)	$	(242.5)

The net unrealized gain (loss) on securities consists of the following components:

							Change at June 30, 2020
	June 30		March 31		December 31		Three Months		Six Months
	2020		2020		2019		Ended		Ended
	(in millions of dollars)
Fixed Maturity Securities	$	7,422.8	$	4,261.2	$	6,364.4	$	3,161.6	$	1,058.4
Deferred Acquisition Costs	(69.4)		(37.4)		(62.7)		(32.0)		(6.7)
Reserves for Future Policy and Contract Benefits	(6,459.8)		(3,899.5)		(5,803.1)		(2,560.3)		(656.7)
Reinsurance Recoverable	464.5		322.7		424.7		141.8		39.8
Income Tax	(395.0)		(251.7)		(307.4)		(143.3)		(87.6)
Total	$	963.1	$	395.3	$	615.9	$	567.8	$	347.2

								Change at June 30, 2019
	June 30		March 31		December 31		Three Months			Six Months
	2019		2019		2018			Ended		Ended
	(in millions of dollars)
Fixed Maturity Securities	$	5,635.4	$	4,308.4	$	2,736.5		$	1,327.0	$	2,898.9
Deferred Acquisition Costs	(57.0)		(42.6)		(27.9)			(14.4)		(29.1)
Reserves for Future Policy and Contract Benefits	(5,455.7)		(4,451.0)		(3,220.3)			(1,004.7)		(2,235.4)
Reinsurance Recoverable	385.7		328.5		261.4			57.2		124.3
Income Tax	(221.5)		(143.4)		(62.1)			(78.1)		(159.4)
Total	$	286.9	$	(0.1)	$	(312.4)		$	287.0	$	599.3

Amounts reclassified from accumulated other comprehensive income (loss) were recognized in our consolidated statements of income as follows:

			Three Months Ended June 30				Six Months Ended June 30
			2020		2019		2020		2019
			(in millions of dollars)
Net Unrealized Gain on Securities
	Net Realized Investment Loss
		Loss on Sales of Securities	$	—	$	(8.1)	$	—	$	(16.8)
		Credit Losses on Fixed Maturity Securities	(5.4)		—		(59.3)		—
			(5.4)		(8.1)		(59.3)		(16.8)
	Income Tax Benefit		(1.2)		(1.7)		(12.5)		(3.5)
	Total		$	(4.2)	$	(6.4)	$	(46.8)	$	(13.3)
Net Gain on Hedges
	Net Investment Income
		Gain on Interest Rate Swaps and Forwards	$	18.9	$	17.6	$	37.7	$	35.0
		Gain (Loss) on Foreign Exchange Contracts	0.5		(0.1)		1.0		(0.2)
	Net Realized Investment Gain (Loss)
		Gain on Interest Rate Swaps	0.4		0.4		0.4		4.4
		Loss on Foreign Exchange Contracts	—		(1.0)		—		(1.8)
	Interest and Debt Expense
		Loss on Interest Rate Swaps	(0.5)		(0.5)		(1.1)		(1.0)
			19.3		16.4		38.0		36.4
	Income Tax Expense		4.2		3.4		8.0		7.6
	Total		$	15.1	$	13.0	$	30.0	$	28.8
Unrecognized Pension and Postretirement Benefit Costs
	Other Expenses
		Amortization of Net Actuarial Loss	$	(4.9)	$	(4.6)	$	(9.9)	$	(9.3)
		Amortization of Prior Service Credit	—		—		0.1		0.1
			(4.9)		(4.6)		(9.8)		(9.2)
	Income Tax Benefit		(1.2)		(1.0)		(2.2)		(2.0)
	Total		$	(3.7)	$	(3.6)	$	(7.6)	$	(7.2)