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Other Comprehensive Income (Loss)
 9 Months Ended
Sep. 30, 2019
Other Comprehensive Income (Loss) [Abstract]  
Other Comprehensive Income (Loss)

10. OTHER COMPREHENSIVE INCOME (LOSS)

 

The following table presents the components of comprehensive income (loss) in the consolidated statements of operations for the periods indicated:

 

Three Months Ended September 30, 2019

 

Nine Months Ended September 30, 2019

(Dollars in thousands)

Before Tax

 

Tax Effect

 

Net of Tax

 

Before Tax

 

Tax Effect

 

Net of Tax

Unrealized appreciation (depreciation) ("URA(D)") on securities - temporary

$

103,247

 

$

(9,529)

 

$

93,718

 

$

587,930

 

$

(61,792)

 

$

526,138

URA(D) on securities - OTTI

 

72

 

 

(25)

 

 

47

 

 

(1,671)

 

 

122

 

 

(1,549)

Reclassification of net realized losses (gains) included in net income (loss)

 

(74)

 

 

(455)

 

 

(529)

 

 

(3,597)

 

 

(623)

 

 

(4,220)

Foreign currency translation adjustments

 

(2,665)

 

 

(761)

 

 

(3,426)

 

 

(13,890)

 

 

(1,316)

 

 

(15,206)

Benefit plan actuarial net gain (loss)

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

Reclassification of benefit plan liability amortization included in net income (loss)

 

1,726

 

 

(363)

 

 

1,363

 

 

4,640

 

 

(975)

 

 

3,665

Total other comprehensive income (loss)

$

102,306

 

$

(11,133)

 

$

91,173

 

$

573,412

 

$

(64,584)

 

$

508,828

 

Three Months Ended September 30, 2018

 

Nine Months Ended September 30, 2018

(Dollars in thousands)

Before Tax

 

Tax Effect

 

Net of Tax

 

Before Tax

 

Tax Effect

 

Net of Tax

Unrealized appreciation (depreciation) ("URA(D)") on securities - temporary

$

(24,248)

 

$

1,963

 

$

(22,285)

 

$

(274,679)

 

$

19,803

 

$

(254,876)

URA(D) on securities - OTTI

 

72

 

 

(69)

 

 

3

 

 

339

 

 

(145)

 

 

194

Reclassification of net realized losses (gains) included in net income (loss)

 

2,175

 

 

(758)

 

 

1,417

 

 

(7,800)

 

 

694

 

 

(7,106)

Foreign currency translation adjustments

 

(6,723)

 

 

793

 

 

(5,930)

 

 

(58,580)

 

 

6,697

 

 

(51,883)

Reclassification of benefit plan liability amortization included in net income (loss)

 

2,298

 

 

(482)

 

 

1,816

 

 

6,893

 

 

(1,447)

 

 

5,446

Total other comprehensive income (loss)

$

(26,426)

 

$

1,447

 

$

(24,979)

 

$

(333,827)

 

$

25,602

 

$

(308,225)

The following table presents details of the amounts reclassified from AOCI for the periods indicated:

 

Three Months Ended

 

Nine Months Ended

 

 

 

September 30,

 

September 30,

 

Affected line item within the statements of

AOCI component

2019

 

2018

 

2019

 

2018

 

operations and comprehensive income (loss)

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

URA(D) on securities

$

(74)

 

$

2,175

 

$

(3,597)

 

$

(7,800)

 

Other net realized capital gains (losses)

 

 

(455)

 

 

(758)

 

 

(623)

 

 

694

 

Income tax expense (benefit)

 

$

(529)

 

$

1,417

 

$

(4,220)

 

$

(7,106)

 

Net income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Benefit plan net gain (loss)

$

1,726

 

$

2,298

 

$

4,640

 

$

6,893

 

Other underwriting expenses

 

 

(363)

 

 

(482)

 

 

(975)

 

 

(1,447)

 

Income tax expense (benefit)

 

$

1,363

 

$

1,816

 

$

3,665

 

$

5,446

 

Net income (loss)

The following table presents the components of accumulated other comprehensive income (loss), net of tax, in the consolidated balance sheets for the periods indicated:

 

Three Months Ended

 

Nine Months Ended

 

September 30,

 

September 30,

(Dollars in thousands)

2019

 

2018

 

2019

 

2018

Beginning balance of URA (D) on securities

$

247,741

 

$

(192,155)

 

$

(179,392)

 

$

49,969

Change to beginning balance due to adoption of ASU 2016-01

 

-

 

 

-

 

 

-

 

 

(1,201)

Current period change in URA (D) of investments - temporary

 

93,190

 

 

(20,868)

 

 

521,919

 

 

(261,982)

Current period change in URA (D) of investments - non-credit OTTI

 

47

 

 

3

 

 

(1,549)

 

 

194

Ending balance of URA (D) on securities

 

340,978

 

 

(213,020)

 

 

340,978

 

 

(213,020)

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance of foreign currency translation adjustments

 

(227,527)

 

 

(184,884)

 

 

(215,747)

 

 

(138,931)

Current period change in foreign currency translation adjustments

 

(3,426)

 

 

(5,930)

 

 

(15,206)

 

 

(51,883)

Ending balance of foreign currency translation adjustments

 

(230,953)

 

 

(190,814)

 

 

(230,953)

 

 

(190,814)

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance of benefit plan net gain (loss)

 

(65,116)

 

 

(68,299)

 

 

(67,418)

 

 

(71,929)

Current period change in benefit plan net gain (loss)

 

1,363

 

 

1,816

 

 

3,665

 

 

5,446

Ending balance of benefit plan net gain (loss)

 

(63,753)

 

 

(66,483)

 

 

(63,753)

 

 

(66,483)

 

 

 

 

 

 

 

 

 

 

 

 

Ending balance of accumulated other comprehensive income (loss)

$

46,272

 

$

(470,317)

 

$

46,272

 

$

(470,317)

 

 

 

 

 

 

 

 

 

 

 

 

(Some amounts may not reconcile due to rounding.)