OTHER COMPREHENSIVE INCOME (LOSS) The components of other comprehensive income (loss), including reclassification adjustments by income statement line item, for the years ended December 31, were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Components of Changes in Accumulated Other Comprehensive Income (after tax) | (millions) | Pretax total accumulated other comprehensive income (loss) | | Total tax (provision) benefit | | After tax total accumulated other comprehensive income (loss) | | Total net unrealized gains (losses) on securities | | Net unrealized gains (losses) on forecasted transactions | | Foreign currency translation adjustment | | | Balance at December 31, 2020 | $ | 1,187.4 | | | $ | (255.7) | | | $ | 931.7 | | | $ | 947.3 | | | $ | (15.6) | | | $ | 0 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Other comprehensive income (loss) before reclassifications: | | | | | | | | | | | | | | Investment securities | (892.4) | | | 193.0 | | | (699.4) | | | (699.4) | | | 0 | | | 0 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Foreign currency translation adjustment | (0.8) | | | 0.2 | | | (0.6) | | | 0 | | | 0 | | | (0.6) | | | | | | | | | | | | | | | | | | Total other comprehensive income (loss) before reclassifications | (893.2) | | | 193.2 | | | (700.0) | | | (699.4) | | | 0 | | | (0.6) | | | | Less: Reclassification adjustment for amounts realized in net income by income statement line item: | | | | | | | | | | | | | | | | | | | | | | | | | | | | Net realized gains (losses) on securities | 242.8 | | | (51.1) | | | 191.7 | | | 191.7 | | | 0 | | | 0 | | | | | | | | | | | | | | | | | | Interest expense | (0.9) | | | 0.2 | | | (0.7) | | | 0 | | | (0.7) | | | 0 | | | | Total reclassification adjustment for amounts realized in net income | 241.9 | | | (50.9) | | | 191.0 | | | 191.7 | | | (0.7) | | | 0 | | | | Total other comprehensive income (loss) | (1,135.1) | | | 244.1 | | | (891.0) | | | (891.1) | | | 0.7 | | | (0.6) | | | | Balance at December 31, 2021 | $ | 52.3 | | | $ | (11.6) | | | $ | 40.7 | | | $ | 56.2 | | | $ | (14.9) | | | $ | (0.6) | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Components of Changes in Accumulated Other Comprehensive Income (after tax) | (millions) | Pretax total accumulated other comprehensive income (loss) | | Total tax (provision) benefit | | After tax total accumulated other comprehensive income (loss) | | Total net unrealized gains (losses) on securities | | Net unrealized gains (losses) on forecasted transactions | | | | (Income) loss attributable to NCI | Balance at December 31, 2019 | $ | 435.7 | | | $ | (94.0) | | | $ | 341.7 | | | $ | 360.8 | | | $ | (16.4) | | | | | $ | (2.7) | | | | | | | | | | | | | | | | Reclassification of disproportionate amounts1 | 3.4 | | | (0.7) | | | 2.7 | | | 0 | | | 0 | | | | | 2.7 | | Adjusted balance at December 31, 2019 | 439.1 | | | (94.7) | | | 344.4 | | | 360.8 | | | (16.4) | | | | | 0 | | Other comprehensive income (loss) before reclassifications: | | | | | | | | | | | | | | Investment securities | 1,557.2 | | | (306.1) | | | 1,251.1 | | | 1,251.1 | | | 0 | | | | | 0 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total other comprehensive income (loss) before reclassifications | 1,557.2 | | | (306.1) | | | 1,251.1 | | | 1,251.1 | | | 0 | | | | | 0 | | Less: Reclassification adjustment for amounts realized in net income by income statement line item: | | | | | | | | | | | | | | | | | | | | | | | | | | | | Net realized gains (losses) on securities | 810.0 | | | (145.4) | | | 664.6 | | | 664.6 | | | 0 | | | | | 0 | | | | | | | | | | | | | | | | Interest expense | (1.1) | | | 0.3 | | | (0.8) | | | 0 | | | (0.8) | | | | | 0 | | Total reclassification adjustment for amounts realized in net income | 808.9 | | | (145.1) | | | 663.8 | | | 664.6 | | | (0.8) | | | | | 0 | | Total other comprehensive income (loss) | 748.3 | | | (161.0) | | | 587.3 | | | 586.5 | | | 0.8 | | | | | 0 | | Balance at December 31, 2020 | $ | 1,187.4 | | | $ | (255.7) | | | $ | 931.7 | | | $ | 947.3 | | | $ | (15.6) | | | | | $ | 0 | |
1Adjustment to reflect the change in value on (income) loss attributable to noncontrolling interest in conjunction with the purchase transaction (See Note 15 - Redeemable Noncontrolling Interest for additional information). | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Components of Changes in Accumulated Other Comprehensive Income (after tax) | (millions) | Pretax total accumulated other comprehensive income (loss) | | Total tax (provision) benefit | | After tax total accumulated other comprehensive income (loss) | | Total net unrealized gains (losses) on securities | | Net unrealized gains (losses) on forecasted transactions | | | | (Income) loss attributable to NCI | Balance at December 31, 2018 | $ | (153.0) | | | $ | 32.1 | | | $ | (120.9) | | | $ | (105.6) | | | $ | (17.2) | | | | | $ | 1.9 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Other comprehensive income (loss) before reclassifications: | | | | | | | | | | | | | | Investment securities | 825.8 | | | (174.9) | | | 650.9 | | | 650.9 | | | 0 | | | | | 0 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Loss attributable to noncontrolling interest | (5.9) | | | 1.3 | | | (4.6) | | | 0 | | | 0 | | | | | (4.6) | | Total other comprehensive income (loss) before reclassifications | 819.9 | | | (173.6) | | | 646.3 | | | 650.9 | | | 0 | | | | | (4.6) | | Less: Reclassification adjustment for amounts realized in net income by income statement line item: | | | | | | | | | | | | | | | | | | | | | | | | | | | | Net realized gains (losses) on securities | 232.2 | | | (47.7) | | | 184.5 | | | 184.5 | | | 0 | | | | | 0 | | | | | | | | | | | | | | | | Interest expense | (1.0) | | | 0.2 | | | (0.8) | | | 0 | | | (0.8) | | | | | 0 | | Total reclassification adjustment for amounts realized in net income | 231.2 | | | (47.5) | | | 183.7 | | | 184.5 | | | (0.8) | | | | | 0 | | Total other comprehensive income (loss) | 588.7 | | | (126.1) | | | 462.6 | | | 466.4 | | | 0.8 | | | | | (4.6) | | Total at December 31, 2019 | $ | 435.7 | | | $ | (94.0) | | | $ | 341.7 | | | $ | 360.8 | | | $ | (16.4) | | | | | $ | (2.7) | | In an effort to manage interest rate risk, we may enter into forecasted transactions on Progressive’s debt issuances. We expect to reclassify $0.5 million (pretax) into interest expense during the next 12 months, related to net unrealized losses on forecasted transactions (see Note 4 – Debt for further discussion).
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