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Stockholders' Equity (Tables)
 6 Months Ended
Jun. 30, 2021
Stockholders Equity Note [Abstract]  
Schedule of Common Stock Repurchases

The following table presents the shares of Common Stock that Alleghany repurchased in the three and six months ended June 30, 2021 and 2020:

 

 

 

Three Months Ended

June 30,

 

 

Six Months Ended

June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Shares repurchased

 

 

52,716

 

 

 

—

 

 

 

155,741

 

 

 

62,540

 

Cost of shares repurchased (in millions)

 

$

35.9

 

 

$

—

 

 

$

99.1

 

 

$

44.3

 

Average price per share repurchased

 

$

681.49

 

 

$

—

 

 

$

636.42

 

 

$

707.84

 

 
Reconciliation of Accumulated Other Comprehensive Income (Loss)

The following tables present a reconciliation of the changes during the six months ended June 30, 2021 and 2020 in accumulated other comprehensive income (loss) attributable to Alleghany stockholders:

 

 

 

Unrealized

Appreciation of

Investments

 

 

Unrealized

Currency

Translation

Adjustment

 

 

Retirement

Plans

 

 

Total

 

 

 

($ in millions)

 

Balance as of January 1, 2021

 

$

564.9

 

 

$

(99.4

)

 

$

(13.1

)

 

$

452.4

 

Other comprehensive income (loss), net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive (loss) income before reclassifications

 

 

(126.4

)

 

 

0.2

 

 

 

(0.8

)

 

 

(127.0

)

Reclassifications from accumulated other comprehensive income

 

 

(22.2

)

 

 

—

 

 

 

—

 

 

 

(22.2

)

Total

 

 

(148.6

)

 

 

0.2

 

 

 

(0.8

)

 

 

(149.2

)

Balance as of June 30, 2021

 

$

416.3

 

 

$

(99.2

)

 

$

(13.9

)

 

$

303.2

 

 

 

 

 

Unrealized

Appreciation of

Investments

 

 

Unrealized

Currency

Translation

Adjustment

 

 

Retirement

Plans

 

 

Total

 

 

 

($ in millions)

 

Balance as of January 1, 2020

 

$

321.0

 

 

$

(121.8

)

 

$

(27.9

)

 

$

171.3

 

Other comprehensive income (loss), net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive (loss) income before reclassifications

 

 

135.1

 

 

 

1.1

 

 

 

0.9

 

 

 

137.1

 

Reclassifications from accumulated other comprehensive income

 

 

(16.4

)

 

 

—

 

 

 

—

 

 

 

(16.4

)

Total

 

 

118.7

 

 

 

1.1

 

 

 

0.9

 

 

 

120.7

 

Balance as of June 30, 2020

 

$

439.7

 

 

$

(120.7

)

 

$

(27.0

)

 

$

292.0

 

 
Reclassifications of Accumulated Other Comprehensive Income (Loss)

The following table presents unrealized appreciation of investment reclassifications out of accumulated other comprehensive income (loss) attributable to Alleghany stockholders during the three and six months ended June 30, 2021 and 2020:

 

Accumulated Other

 

 

 

Three Months Ended

June 30,

 

 

Six Months Ended

June 30,

 

Comprehensive Income Component

 

Line in Consolidated Statement of Earnings

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

 

 

 

($ in millions)

 

Unrealized appreciation of investments:

 

Net realized capital gains(1)

 

$

(12.9

)

 

$

9.9

 

 

$

(25.9

)

 

$

(35.2

)

 

 

Change in allowance for credit losses on available for sale securities

 

 

(0.2

)

 

 

(17.0

)

 

 

(2.2

)

 

 

14.4

 

 

 

Income taxes

 

 

2.7

 

 

 

1.5

 

 

 

5.9

 

 

 

4.4

 

Total reclassifications:

 

Net (earnings) losses

 

$

(10.4

)

 

$

(5.6

)

 

$

(22.2

)

 

$

(16.4

)

 

(1)

For the three months ended June 30, 2020, excludes: (i) the $16.3 million Wilbert Remeasurement Gain; and (ii) $44.5 million of impairment charges from a write-down of SORC oil field assets. For the six months ended June 30, 2020, excludes: (i) the $16.3 million Wilbert Remeasurement Gain; (ii) a $7.1 million realized loss as a result of an early redemption of debt (Note 8 to Notes to Consolidated Financial Statements set forth in Part II, Item 8, “Financial Statements and Supplementary Data” of the 2020 Form 10-K for further information); (iii) $74.4 million of impairment charges from a write-down of SORC oil field assets; and (iv) a $5.0 million realized gain resulting from a reduction of certain PCT contingent consideration liabilities (see Note 3(e) of this Form 10-Q for additional information).