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Other Comprehensive Income (Loss)
 9 Months Ended
Sep. 30, 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 September 30, 2022
Nine Months Ended September 30, 2022
(Dollars in millions)
Before Tax
Tax Effect
Net of Tax
Before Tax
Tax Effect
Net of Tax
Unrealized appreciation (depreciation)
 
("URA(D)") on securities - non-
credit related
$
(776)
$
64
$
(712)
$
(2,557)
$
297
$
(2,260)
Reclassification of net realized
 
losses (gains) included in net income
(loss)
51
(10)
41
73
(12)
61
Foreign currency translation adjustments
(109)
8
(101)
(174)
11
(163)
Reclassification of benefit plan liability amortization
 
included in net
income (loss)
2
(1)
1
3
(1)
2
Total other comprehensive
 
income (loss)
$
(832)
$
61
$
(771)
$
(2,655)
$
295
$
(2,360)
Three Months Ended September 30, 2021
Nine Months Ended September 30, 2021
(Dollars in millions)
Before Tax
Tax Effect
Net of Tax
Before Tax
Tax Effect
Net of Tax
Unrealized appreciation (depreciation)
 
("URA(D)") on securities - non-
credit related
$
(108)
$
8
$
(100)
$
(343)
$
39
$
(304)
Reclassification of net realized
 
losses (gains) included in net income
(loss)
(1)
(1)
(1)
(1)
(2)
(3)
Foreign currency translation adjustments
(59)
5
(54)
(30)
1
(29)
Reclassification of benefit plan liability amortization
 
included in net
income (loss)
2
-
2
7
(2)
6
Total other comprehensive
 
income (loss)
$
(166)
$
12
$
(153)
$
(367)
$
36
$
(331)
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
2022
2021
2022
2021
operations and comprehensive income (loss)
(Dollars in millions)
URA(D) on securities
$
51
$
(1)
$
73
$
(1)
Other net realized capital gains (losses)
(10)
(1)
(12)
(2)
Income tax expense (benefit)
$
41
$
(1)
$
61
$
(3)
Net income (loss)
Benefit plan net gain (loss)
$
2
$
2
$
3
$
7
Other underwriting expenses
(1)
-
(1)
(2)
Income tax expense (benefit)
$
1
$
2
$
2
$
6
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 millions)
2022
2021
2022
2021
Beginning balance of URA (D) on securities
$
(1,288)
$
518
$
239
$
724
Current period change in URA (D) of investments - non-credit related
(671)
(101)
(2,199)
(308)
Ending balance of URA (D) on securities
(1,959)
416
(1,959)
416
Beginning balance of foreign currency translation adjustments
(240)
(91)
(177)
(115)
Current period change in foreign currency translation adjustments
(101)
(54)
(163)
(29)
Ending balance of foreign currency translation adjustments
 
(341)
(144)
(341)
(144)
Beginning balance of benefit plan net gain (loss)
(49)
(70)
(50)
(74)
Current period change in benefit plan net gain (loss)
1
2
2
6
Ending balance of benefit plan net gain (loss)
(48)
(68)
(48)
(68)
Ending balance of accumulated other comprehensive income (loss)
$
(2,348)
$
204
$
(2,348)
$
204
(Some amounts may not reconcile due to rounding.)