Note 15 – Accumulated Other Comprehensive Income (Loss) (“AOCI”) The following table presents a summary of the changes in each component of AOCI for the six months ended June 30, 2026:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions) |
|
Unrealized
gains (losses)
on debt
securities |
|
|
Foreign
currency
translation
adjustment |
|
|
Pension
benefit
adjustment |
|
|
Accumulated
other
comprehensive
income (loss) |
|
Balance at December 31, 2025 |
|
$ |
(147.6 |
) |
|
$ |
(76.3 |
) |
|
$ |
(32.8 |
) |
|
$ |
(256.7 |
) |
Change in unrealized losses on debt securities |
|
|
(97.3 |
) |
|
|
— |
|
|
|
— |
|
|
|
(97.3 |
) |
Change in foreign currency translation adjustment |
|
|
— |
|
|
|
(19.7 |
) |
|
|
— |
|
|
|
(19.7 |
) |
Amortization of net actuarial loss |
|
|
— |
|
|
|
— |
|
|
|
1.0 |
|
|
|
1.0 |
|
Tax effect |
|
|
24.7 |
|
|
|
0.3 |
|
|
|
(0.3 |
) |
|
|
24.7 |
|
Balance at June 30, 2026 |
|
$ |
(220.2 |
) |
|
$ |
(95.7 |
) |
|
$ |
(32.1 |
) |
|
$ |
(348.0 |
) |
The following table presents the other comprehensive income (loss) reclassification adjustments for the three months ended June 30, 2026 and 2025:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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, 2026 |
|
|
|
|
|
|
|
|
|
|
|
|
Pretax change before reclassifications |
|
$ |
(27.7 |
) |
|
$ |
(7.3 |
) |
|
$ |
— |
|
|
$ |
(35.0 |
) |
Reclassifications out of AOCI |
|
|
1.5 |
|
|
|
— |
|
|
|
0.5 |
|
|
|
2.0 |
|
Tax effect |
|
|
7.6 |
|
|
|
0.1 |
|
|
|
(0.2 |
) |
|
|
7.5 |
|
Total other comprehensive (loss) income, net of tax |
|
$ |
(18.6 |
) |
|
$ |
(7.2 |
) |
|
$ |
0.3 |
|
|
$ |
(25.5 |
) |
Three Months Ended June 30, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
Pretax change before reclassifications |
|
$ |
19.9 |
|
|
$ |
35.7 |
|
|
$ |
— |
|
|
$ |
55.6 |
|
Reclassifications out of AOCI |
|
|
5.4 |
|
|
|
— |
|
|
|
0.4 |
|
|
|
5.8 |
|
Tax effect |
|
|
(6.3 |
) |
|
|
(0.8 |
) |
|
|
(0.1 |
) |
|
|
(7.2 |
) |
Total other comprehensive income, net of tax |
|
$ |
19.0 |
|
|
$ |
34.9 |
|
|
$ |
0.3 |
|
|
$ |
54.2 |
|
The following table presents the other comprehensive income (loss) reclassification adjustments for the six months ended June 30, 2026 and 2025:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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, 2026 |
|
|
|
|
|
|
|
|
|
|
|
|
Pretax change before reclassifications |
|
$ |
(100.1 |
) |
|
$ |
(19.7 |
) |
|
$ |
— |
|
|
$ |
(119.8 |
) |
Reclassifications out of AOCI |
|
|
2.8 |
|
|
|
— |
|
|
|
1.0 |
|
|
|
3.8 |
|
Tax effect |
|
|
24.7 |
|
|
|
0.3 |
|
|
|
(0.3 |
) |
|
|
24.7 |
|
Total other comprehensive (loss) income, net of tax |
|
$ |
(72.6 |
) |
|
$ |
(19.4 |
) |
|
$ |
0.7 |
|
|
$ |
(91.3 |
) |
Six Months Ended June 30, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
Pretax change before reclassifications |
|
$ |
142.8 |
|
|
$ |
39.6 |
|
|
$ |
— |
|
|
$ |
182.4 |
|
Reclassifications out of AOCI |
|
|
6.9 |
|
|
|
— |
|
|
|
0.9 |
|
|
|
7.8 |
|
Tax effect |
|
|
(38.4 |
) |
|
|
(0.8 |
) |
|
|
(0.2 |
) |
|
|
(39.4 |
) |
Total other comprehensive income, net of tax |
|
$ |
111.3 |
|
|
$ |
38.8 |
|
|
$ |
0.7 |
|
|
$ |
150.8 |
|
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
June 30, |
|
|
Six Months Ended
June 30, |
|
|
|
(in millions) |
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
|
Affected line items |
Unrealized gains (losses) on debt securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized losses on sales of debt securities |
|
$ |
(1.5 |
) |
|
$ |
(5.4 |
) |
|
$ |
(2.8 |
) |
|
$ |
(6.9 |
) |
|
Net investment gains
(losses) |
Tax effect |
|
$ |
0.4 |
|
|
$ |
1.4 |
|
|
$ |
0.7 |
|
|
$ |
1.8 |
|
|
|
Pension benefit adjustment (1): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of net actuarial loss |
|
$ |
(0.5 |
) |
|
$ |
(0.4 |
) |
|
$ |
(1.0 |
) |
|
$ |
(0.9 |
) |
|
Other operating expenses |
Tax effect |
|
$ |
0.2 |
|
|
$ |
0.1 |
|
|
$ |
0.3 |
|
|
$ |
0.2 |
|
|
|
(1)Amounts are components of net periodic cost. See Note 11 Employee Benefit Plans for additional details. |