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Other Comprehensive Income (Loss)
 12 Months Ended
Dec. 31, 2020
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, 2020

 

2020

 

2019

 

2018

(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 - non-credit related

$

462,939

 

$

(39,729)

 

$

423,210

 

$

547,539

 

$

(49,665)

 

$

497,874

 

$

(275,511)

 

$

21,061

 

$

(254,450)

URA(D) on securities - OTTI

 

-

 

 

-

 

 

-

 

 

(1,559)

 

 

115

 

 

(1,444)

 

 

(1,071)

 

 

(135)

 

 

(1,206)

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

 

2,253

 

 

(5,729)

 

 

(3,476)

 

 

(13,129)

 

 

516

 

 

(12,613)

 

 

28,014

 

 

(518)

 

 

27,496

Foreign currency translation adjustments

 

90,142

 

 

(3,815)

 

 

86,327

 

 

18,585

 

 

(4,555)

 

 

14,030

 

 

(86,520)

 

 

9,704

 

 

(76,816)

Benefit plan actuarial net gain (loss)

 

(7,107)

 

 

1,492

 

 

(5,615)

 

 

(15,938)

 

 

3,347

 

 

(12,591)

 

 

(646)

 

 

136

 

 

(510)

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

 

7,974

 

 

(1,674)

 

 

6,300

 

 

6,902

 

 

(1,449)

 

 

5,453

 

 

6,356

 

 

(1,335)

 

 

5,021

Total other comprehensive income (loss)

$

556,201

 

$

(49,455)

 

$

506,746

 

$

542,400

 

$

(51,691)

 

$

490,709

 

$

(329,378)

 

$

28,913

 

$

(300,465)

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

 

2020

 

2019

 

operations and comprehensive income (loss)

(Dollars in thousands)

 

 

 

 

 

 

 

 

URA(D) on securities

 

$

2,253

 

$

(13,129)

 

Other net realized capital gains (losses)

 

 

 

(5,729)

 

 

516

 

Income tax expense (benefit)

 

 

$

(3,476)

 

$

(12,613)

 

Net income (loss)

 

 

 

 

 

 

 

 

 

Benefit plan net gain (loss)

 

$

7,974

 

$

6,902

 

Other underwriting expenses

 

 

 

(1,674)

 

 

(1,449)

 

Income tax expense (benefit)

 

 

$

6,300

 

$

5,453

 

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)

2020

 

2019

Beginning balance of URA (D) on securities

$

304,425

 

$

(179,392)

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

 

419,734

 

 

485,261

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

 

-

 

 

(1,444)

Ending balance of URA (D) on securities

 

724,159

 

 

304,425

 

 

 

 

 

 

Beginning balance of foreign currency translation adjustments

 

(201,717)

 

 

(215,747)

Current period change in foreign currency translation adjustments

 

86,327

 

 

14,030

Ending balance of foreign currency translation adjustments

 

(115,390)

 

 

(201,717)

 

 

 

 

 

 

Beginning balance of benefit plan net gain (loss)

 

(74,556)

 

 

(67,418)

Current period change in benefit plan net gain (loss)

 

685

 

 

(7,138)

Ending balance of benefit plan net gain (loss)

 

(73,870)

 

 

(74,556)

 

 

 

 

 

 

Ending balance of accumulated other comprehensive income (loss)

$

534,899

 

$

28,152

 

 

 

 

 

 

(Some amounts may not reconcile due to rounding.)