ASSURANT INC
For the period ended Dec 31, 2023. Filed Feb 15, 2024.
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FY2023 · Filed Feb 15, 2024
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Accumulated Other Comprehensive Income
- Accumulated Other Comprehensive Income
Certain amounts included in the consolidated statements of comprehensive income are net of reclassification adjustments. The following tables summarize those reclassification adjustments (net of taxes) for the periods indicated:
| Year Ended December 31, 2023 | |||||
|---|---|---|---|---|---|
| Foreigncurrencytranslationadjustment | Net unrealizedgains (losses) onsecurities | Net unrealized gains on derivative transactions | Unamortized net (losses) on Pension Plans | Accumulatedothercomprehensive(loss) income | |
| Balance at December 31, 2022 | $(394.0) | $(513.2) | $9.8 | $(88.8) | $(986.2) |
| Change in accumulated other comprehensive income (loss) before reclassifications | 42.1 | 171.9 | (0.6) | (17.6) | 195.8 |
| Amounts reclassified from accumulated other comprehensive income (loss) | — | 35.8 | (0.7) | (9.7) | 25.4 |
| Net current-period other comprehensive income (loss) | 42.1 | 207.7 | (1.3) | (27.3) | 221.2 |
| Balance at December 31, 2023 | $(351.9) | $(305.5) | $8.5 | $(116.1) | $(765.0) |
| Year Ended December 31, 2022 | |||||
|---|---|---|---|---|---|
| Foreigncurrencytranslationadjustment | Net unrealizedgains (losses) onsecurities | Net unrealized gains on derivative transactions | Unamortized net (losses) on Pension Plans | Accumulatedothercomprehensive(loss) income | |
| Balance at December 31, 2021 | $(326.9) | $256.6 | $12.4 | $(92.1) | $(150.0) |
| Change in accumulated other comprehensive income (loss) before reclassifications | (67.1) | (808.7) | — | 9.0 | (866.8) |
| Amounts reclassified from accumulated other comprehensive income (loss) | — | 38.9 | (2.6) | (5.7) | 30.6 |
| Net current-period other comprehensive income (loss) | (67.1) | (769.8) | (2.6) | 3.3 | (836.2) |
| Balance at December 31, 2022 | $(394.0) | $(513.2) | $9.8 | $(88.8) | $(986.2) |
| Year Ended December 31, 2021 | |||||
|---|---|---|---|---|---|
| Foreigncurrencytranslationadjustment | Net unrealizedgains onsecurities | Net unrealized gains on derivative transactions | Unamortized net (losses) on Pension Plans | Accumulatedothercomprehensiveincome (loss) | |
| Balance at December 31, 2020 | $(295.6) | $1,097.6 | $14.7 | $(106.9) | $709.8 |
| Change in accumulated other comprehensive income (loss) before reclassifications | (31.0) | (215.9) | — | 17.3 | (229.6) |
| Amounts reclassified from accumulated other comprehensive income (loss) | (0.3) | (625.1) | (2.3) | (2.5) | (630.2) |
| Net current-period other comprehensive income (loss) | (31.3) | (841.0) | (2.3) | 14.8 | (859.8) |
| Balance at December 31, 2021 | $(326.9) | $256.6 | $12.4 | $(92.1) | $(150.0) |
The following tables summarize the reclassifications out of AOCI for the periods indicated.
| Details about AOCI components · Amount reclassified from AOCI · Affected line item in the statement wherenet income is presented | ||||
|---|---|---|---|---|
| Years Ended December 31, | ||||
| 2023 · 2022 · 2021 | ||||
| Foreign currency translation adjustment | $— | $— | $(0.8) | Underwriting, selling, general and administrative expenses (see Note 4) |
| — | — | 0.5 | Provision for income taxes | |
| $— | $— | $(0.3) | Net of tax | |
| Net unrealized gains (losses) on securities | $45.3 | $49.2 | $(797.8) | Net realized losses on investments and fair value changes to equity securities |
| (9.5) | (10.3) | 172.7 | Provision for income taxes | |
| $35.8 | $38.9 | $(625.1) | Net of tax | |
| Net unrealized gains on derivative transactions: | ||||
| Amortization of deferred gain related to interest rate derivatives | $(3.4) | $(3.2) | $(2.8) | Interest expense |
| Amortization of deferred gain related to foreign exchange derivative | 2.5 | — | — | Underwriting, selling, general and administrative expenses |
| (0.9) | (3.2) | (2.8) | ||
| 0.2 | 0.6 | 0.5 | Provision for income taxes | |
| $(0.7) | $(2.6) | $(2.3) | Net of tax | |
| Amortization of pension and postretirement unrecognized net periodic benefit cost: | ||||
| Amortization of net loss | $1.0 | $4.4 | $7.2 | (1) |
| Amortization of prior service credit | (13.5) | (13.5) | (13.5) | (1) |
| Settlement loss | 0.2 | 1.9 | 3.1 | (1) |
| (12.3) | (7.2) | (3.2) | Total before tax | |
| 2.6 | 1.5 | 0.7 | Provision for income taxes | |
| $(9.7) | $(5.7) | $(2.5) | Net of tax | |
| Total reclassifications for the period | $25.4 | $30.6 | $(630.2) | Net of tax |
(1)These AOCI components are included in the computation of net periodic pension cost. See Note 24 for additional information.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.