Note 15 – 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, 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 |
|
|
(582.6 |
) |
|
|
— |
|
|
|
— |
|
|
|
(582.6 |
) |
Change in foreign currency translation adjustment |
|
|
— |
|
|
|
(17.3 |
) |
|
|
— |
|
|
|
(17.3 |
) |
Amortization of net actuarial loss |
|
|
— |
|
|
|
— |
|
|
|
1.5 |
|
|
|
1.5 |
|
Tax effect |
|
|
146.0 |
|
|
|
0.3 |
|
|
|
(0.4 |
) |
|
|
145.9 |
|
Balance at September 30, 2026 |
|
$ |
(584.2 |
) |
|
$ |
(93.3 |
) |
|
$ |
(31.7 |
) |
|
$ |
(709.2 |
) |
The following table presents the other comprehensive income (loss) reclassification adjustments for the three months ended September 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 September 30, 2026 |
|
|
|
|
|
|
|
|
|
|
|
|
Pretax change before reclassifications |
|
$ |
(486.7 |
) |
|
$ |
2.4 |
|
|
$ |
— |
|
|
$ |
(484.3 |
) |
Reclassifications out of AOCI |
|
|
1.4 |
|
|
|
— |
|
|
|
0.5 |
|
|
|
1.9 |
|
Tax effect |
|
|
121.3 |
|
|
|
— |
|
|
|
(0.1 |
) |
|
|
121.2 |
|
Total other comprehensive income (loss), net of tax |
|
$ |
(364.0 |
) |
|
$ |
2.4 |
|
|
$ |
0.4 |
|
|
$ |
(361.2 |
) |
Three Months Ended September 30, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
Pretax change before reclassifications |
|
$ |
91.7 |
|
|
$ |
(11.9 |
) |
|
$ |
— |
|
|
$ |
79.8 |
|
Reclassifications out of AOCI |
|
|
2.0 |
|
|
|
— |
|
|
|
0.5 |
|
|
|
2.5 |
|
Tax effect |
|
|
(22.9 |
) |
|
|
0.2 |
|
|
|
(0.2 |
) |
|
|
(22.9 |
) |
Total other comprehensive income (loss), net of tax |
|
$ |
70.8 |
|
|
$ |
(11.7 |
) |
|
$ |
0.3 |
|
|
$ |
59.4 |
|
The following table presents the other comprehensive income (loss) reclassification adjustments for the nine months ended September 30, 2026 and 2025:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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, 2026 |
|
|
|
|
|
|
|
|
|
|
|
|
Pretax change before reclassifications |
|
$ |
(586.8 |
) |
|
$ |
(17.3 |
) |
|
$ |
— |
|
|
$ |
(604.1 |
) |
Reclassifications out of AOCI |
|
|
4.2 |
|
|
|
— |
|
|
|
1.5 |
|
|
|
5.7 |
|
Tax effect |
|
|
146.0 |
|
|
|
0.3 |
|
|
|
(0.4 |
) |
|
|
145.9 |
|
Total other comprehensive income (loss), net of tax |
|
$ |
(436.6 |
) |
|
$ |
(17.0 |
) |
|
$ |
1.1 |
|
|
$ |
(452.5 |
) |
Nine Months Ended September 30, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
Pretax change before reclassifications |
|
$ |
234.5 |
|
|
$ |
27.7 |
|
|
$ |
— |
|
|
$ |
262.2 |
|
Reclassifications out of AOCI |
|
|
8.9 |
|
|
|
— |
|
|
|
1.4 |
|
|
|
10.3 |
|
Tax effect |
|
|
(61.3 |
) |
|
|
(0.6 |
) |
|
|
(0.4 |
) |
|
|
(62.3 |
) |
Total other comprehensive income (loss), net of tax |
|
$ |
182.1 |
|
|
$ |
27.1 |
|
|
$ |
1.0 |
|
|
$ |
210.2 |
|
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) |
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
|
Affected line items |
Unrealized gains (losses) on debt securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized losses on sales of debt securities |
|
$ |
(1.4 |
) |
|
$ |
(2.0 |
) |
|
$ |
(4.2 |
) |
|
$ |
(8.9 |
) |
|
Net investment gains
(losses) |
Tax effect |
|
$ |
0.4 |
|
|
$ |
0.4 |
|
|
$ |
1.1 |
|
|
$ |
2.2 |
|
|
|
Pension benefit adjustment (1): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of net actuarial loss |
|
$ |
(0.5 |
) |
|
$ |
(0.5 |
) |
|
$ |
(1.5 |
) |
|
$ |
(1.4 |
) |
|
Other operating expenses |
Tax effect |
|
$ |
0.1 |
|
|
$ |
0.2 |
|
|
$ |
0.4 |
|
|
$ |
0.4 |
|
|
|
(1)Amounts are components of net periodic cost. See Note 11 Employee Benefit Plans for additional details. |