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Other Comprehensive Income (Loss)
 3 Months Ended
Mar. 31, 2022
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 March 31, 2022

 

Three Months Ended March 31, 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

$

(932,309)

 

$

117,132

 

$

(815,177)

 

$

(329,166)

 

$

40,551

 

$

(288,615)

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

 

4,902

 

 

(724)

 

 

4,178

 

 

(3,542)

 

 

(124)

 

 

(3,666)

Foreign currency translation adjustments

 

(34,603)

 

 

501

 

 

(34,102)

 

 

(8,988)

 

 

(594)

 

 

(9,582)

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

 

960

 

 

(202)

 

 

758

 

 

2,586

 

 

(543)

 

 

2,043

Total other comprehensive income (loss)

$

(961,050)

 

$

116,707

 

$

(844,343)

 

$

(339,110)

 

$

39,290

 

$

(299,820)

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

 

 

Three Months Ended

 

 

 

 

March 31,

 

Affected line item within the statements of

AOCI component

 

2022

 

2021

 

operations and comprehensive income (loss)

(Dollars in thousands)

 

 

 

 

 

 

 

 

URA(D) on securities

 

$

4,902

 

$

(3,542)

 

Other net realized capital gains (losses)

 

 

 

(724)

 

 

(124)

 

Income tax expense (benefit)

 

 

$

4,178

 

$

(3,666)

 

Net income (loss)

 

 

 

 

 

 

 

 

 

Benefit plan net gain (loss)

 

$

960

 

$

2,586

 

Other underwriting expenses

 

 

 

(202)

 

 

(543)

 

Income tax expense (benefit)

 

 

$

758

 

$

2,043

 

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

 

March 31,

(Dollars in thousands)

2022

 

2021

Beginning balance of URA (D) on securities

$

239,397

 

$

724,159

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

 

(810,999)

 

 

(292,281)

Ending balance of URA (D) on securities

 

(571,602)

 

 

431,878

 

 

 

 

 

 

Beginning balance of foreign currency translation adjustments

 

(177,481)

 

 

(115,390)

Current period change in foreign currency translation adjustments

 

(34,102)

 

 

(9,582)

Ending balance of foreign currency translation adjustments

 

(211,583)

 

 

(124,972)

 

 

 

 

 

 

Beginning balance of benefit plan net gain (loss)

 

(50,392)

 

 

(73,870)

Current period change in benefit plan net gain (loss)

 

758

 

 

2,043

Ending balance of benefit plan net gain (loss)

 

(49,634)

 

 

(71,827)

 

 

 

 

 

 

Ending balance of accumulated other comprehensive income (loss)

$

(832,820)

 

$

235,079

 

 

 

 

 

 

(Some amounts may not reconcile due to rounding.)