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Other Comprehensive Income (Loss)
 12 Months Ended
Dec. 31, 2019
Other Comprehensive Income (Loss) [Abstract]  
Other Comprehensive Income (Loss)

12. OTHER COMPREHENSIVE INCOME (LOSS)

 

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

 

Years Ended December 31, 2019

 

2019

 

2018

 

2017

(Dollars in thousands)

Before Tax

 

Tax Effect

 

Net of Tax

 

Before Tax

 

Tax Effect

 

Net of Tax

 

Before Tax

 

Tax Effect

 

Net of Tax

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

$

547,539

 

$

(49,665)

 

$

497,874

 

$

(275,511)

 

$

21,061

 

$

(254,450)

 

$

(81,915)

 

$

21,597

 

$

(60,318)

URA(D) on securities - OTTI

 

(1,559)

 

 

115

 

 

(1,444)

 

 

(1,071)

 

 

(135)

 

 

(1,206)

 

 

(5,618)

 

 

1,588

 

 

(4,030)

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

 

(13,129)

 

 

516

 

 

(12,613)

 

 

28,014

 

 

(518)

 

 

27,496

 

 

(7,258)

 

 

308

 

 

(6,950)

Foreign currency translation adjustments

 

18,585

 

 

(4,555)

 

 

14,030

 

 

(86,520)

 

 

9,704

 

 

(76,816)

 

 

142,054

 

 

(20,137)

 

 

121,917

Benefit plan actuarial net gain (loss)

 

(15,938)

 

 

3,347

 

 

(12,591)

 

 

(646)

 

 

136

 

 

(510)

 

 

1,300

 

 

(273)

 

 

1,027

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

 

6,902

 

 

(1,449)

 

 

5,453

 

 

6,356

 

 

(1,335)

 

 

5,021

 

 

8,426

 

 

(2,949)

 

 

5,477

Total other comprehensive income (loss)

$

542,400

 

$

(51,691)

 

$

490,709

 

$

(329,378)

 

$

28,913

 

$

(300,465)

 

$

56,989

 

$

134

 

$

57,123

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

 

Years Ended

 

 

 

December 31,

 

Affected line item within the statements of

AOCI component

2019

 

2018

 

operations and comprehensive income (loss)

(Dollars in thousands)

 

 

 

 

 

 

 

URA(D) on securities

$

(13,129)

 

$

28,014

 

Other net realized capital gains (losses)

 

 

516

 

 

(518)

 

Income tax expense (benefit)

 

$

(12,613)

 

$

27,496

 

Net income (loss)

 

 

 

 

 

 

 

 

Benefit plan net gain (loss)

$

6,902

 

$

6,356

 

Other underwriting expenses

 

 

(1,449)

 

 

(1,335)

 

Income tax expense (benefit)

 

$

5,453

 

$

5,021

 

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:

 

Years Ended

 

December 31,

(Dollars in thousands)

2019

 

2018

Beginning balance of URA (D) on securities

$

(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

 

485,261

 

 

(226,954)

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

 

(1,444)

 

 

(1,206)

Ending balance of URA (D) on securities

 

304,425

 

 

(179,392)

 

 

 

 

 

 

Beginning balance of foreign currency translation adjustments

 

(215,747)

 

 

(138,931)

Current period change in foreign currency translation adjustments

 

14,030

 

 

(76,816)

Ending balance of foreign currency translation adjustments

 

(201,717)

 

 

(215,747)

 

 

 

 

 

 

Beginning balance of benefit plan net gain (loss)

 

(67,418)

 

 

(71,929)

Current period change in benefit plan net gain (loss)

 

(7,138)

 

 

4,511

Ending balance of benefit plan net gain (loss)

 

(74,556)

 

 

(67,418)

 

 

 

 

 

 

Ending balance of accumulated other comprehensive income (loss)

$

28,152

 

$

(462,557)

 

 

 

 

 

 

(Some amounts may not reconcile due to rounding.)