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Other Comprehensive Income (Loss)

6 Months Ended

Jun. 30, 2021

Other Comprehensive Income (Loss) [Abstract]

Other Comprehensive Income (Loss)

8. 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 June 30, 2021									Six Months Ended June 30, 2021
(Dollars in thousands)	Before Tax			Tax Effect			Net of Tax			Before Tax			Tax Effect			Net of Tax
Unrealized appreciation (depreciation) ("URA(D)") on securities - non-credit related	$	94,009		$	(9,838)		$	84,171		$	(235,157)		$	30,713		$	(204,444)
Reclassification of net realized losses (gains) included in net income (loss)		3,118			(1,528)			1,590			(424)			(1,652)			(2,076)
Foreign currency translation adjustments		38,022			(3,727)			34,295			29,034			(4,321)			24,713
Reclassification of benefit plan liability amortization included in net income (loss)		2,586			(543)			2,043			5,172			(1,086)			4,086
Total other comprehensive income (loss)	$	137,735		$	(15,636)		$	122,099		$	(201,375)		$	23,654		$	(177,721)

	Three Months Ended June 30, 2020									Six Months Ended June 30, 2020
(Dollars in thousands)	Before Tax			Tax Effect			Net of Tax			Before Tax			Tax Effect			Net of Tax
Unrealized appreciation (depreciation) ("URA(D)") on securities - non-credit related	$	620,926		$	(69,173)		$	551,753		$	305,725		$	(33,371)		$	272,354
Reclassification of net realized losses (gains) included in net income (loss)		(6,849)			(408)			(7,257)			31,328			(7,186)			24,142
Foreign currency translation adjustments		22,825			(2,239)			20,586			(35,898)			5,660			(30,238)
Reclassification of benefit plan liability amortization included in net income (loss)		2,286			(480)			1,806			3,451			(725)			2,726
Total other comprehensive income (loss)	$	639,188		$	(72,300)		$	566,888		$	304,606		$	(35,622)		$	268,984

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

		Three Months Ended						Six Months Ended
		June 30,						June 30,						Affected line item within the statements of
AOCI component		2021			2020			2021			2020			operations and comprehensive income (loss)
(Dollars in thousands)
URA(D) on securities		$	3,118		$	(6,849)		$	(424)		$	31,328		Other net realized capital gains (losses)
			(1,528)			(408)			(1,652)			(7,186)		Income tax expense (benefit)
		$	1,590		$	(7,257)		$	(2,076)		$	24,142		Net income (loss)
Benefit plan net gain (loss)		$	2,586		$	2,286		$	5,172		$	3,451		Other underwriting expenses
			(543)			(480)			(1,086)			(725)		Income tax expense (benefit)
		$	2,043		$	1,806		$	4,086		$	2,726		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						Six Months Ended
	June 30,						June 30,
(Dollars in thousands)	2021			2020			2021			2020
Beginning balance of URA (D) on securities	$	431,878		$	56,426		$	724,159		$	304,425
Current period change in URA (D) of investments - non-credit related		85,761			544,496			(206,520)			296,496
Ending balance of URA (D) on securities		517,639			600,922			517,639			600,922
Beginning balance of foreign currency translation adjustments		(124,972)			(252,541)			(115,390)			(201,717)
Current period change in foreign currency translation adjustments		34,295			20,586			24,713			(30,238)
Ending balance of foreign currency translation adjustments		(90,677)			(231,955)			(90,677)			(231,955)
Beginning balance of benefit plan net gain (loss)		(71,827)			(73,636)			(73,870)			(74,556)
Current period change in benefit plan net gain (loss)		2,043			1,806			4,086			2,726
Ending balance of benefit plan net gain (loss)		(69,784)			(71,830)			(69,784)			(71,830)
Ending balance of accumulated other comprehensive income (loss)	$	357,178		$	297,137		$	357,178		$	297,137
(Some amounts may not reconcile due to rounding.)

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- Definition

The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-URI http://asc.fasb.org/topic&trid=2134417

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

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- References

No definition available.

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