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OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 3 Months Ended
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Mar. 31, 2023
Other Comprehensive Income (Loss), Tax [Abstract] |
Components of Comprehensive Income (Loss) in the Consolidated Statements of Operations | The following tables present the components of comprehensive income (loss) in the consolidated statements of operations for the periods indicated:
| Three Months Ended March 31, 2023 |  |
(Dollars in millions) | Before Tax |  | Tax Effect |  | Net of Tax |  |  |  |  |  |
Unrealized appreciation (depreciation) ("URA(D)") on securities - non-credit related | $ | 273 |  |  | $ | (27) |  |  | $ | 246 |  |  |  |  |  |  |
Reclassification of net realized losses (gains) included in net income (loss) | 6 |  |  | (3) |  |  | 3 |  |  |  |  |  |  |
Foreign currency translation adjustments | 33 |  |  | (2) |  |  | 31 |  |  |  |  |  |  |
Reclassification of benefit plan liability amortization included in net income (loss) | — |  |  | — |  |  | — |  |  |  |  |  |  |
Total other comprehensive income (loss) | $ | 312 |  |  | $ | (32) |  |  | $ | 280 |  |  |  |  |  |  |
| Three Months Ended March 31, 2022 |  |
(Dollars in millions) | Before Tax |  | Tax Effect |  | Net of Tax |  |  |  |  |  |
Unrealized appreciation (depreciation) ("URA(D)") on securities - non-credit related | $ | (932) |  |  | $ | 117 |  |  | $ | (815) |  |  |  |  |  |  |
Reclassification of net realized losses (gains) included in net income (loss) | 5 |  |  | (1) |  |  | 4 |  |  |  |  |  |  |
Foreign currency translation adjustments | (35) |  |  | 1 |  |  | (34) |  |  |  |  |  |  |
Reclassification of benefit plan liability amortization included in net income (loss) | 1 |  |  | — |  |  | 1 |  |  |  |  |  |  |
Total other comprehensive income (loss) | $ | (961) |  |  | $ | 117 |  |  | $ | (844) |  |  |  |  |  |  |
Reclassification from Accumulated Other Comprehensive Income | 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 operations and comprehensive income (loss)
AOCI component |  | 2023 |  | 2022 |  |  |  |  |
(Dollars in millions) |  |  |  |  |  |  |  |  |  |
URA(D) on securities |  | $ | 6 |  |  | $ | 5 |  |  |  |  |  |  | Other net realized capital gains (losses)
|  | (3) |  |  | (1) |  |  |  |  |  |  | Income tax expense (benefit)
|  | $ | 3 |  |  | $ | 4 |  |  |  |  |  |  | Net income (loss)
Benefit plan net gain (loss) |  | $ | — |  |  | $ | 1 |  |  |  |  |  |  | Other underwriting expenses
|  | — |  |  | — |  |  |  |  |  |  | Income tax expense (benefit)
|  | $ | — |  |  | $ | 1 |  |  |  |  |  |  | Net income (loss)
Components of Accumulated Other Comprehensive Income (Loss), Net of Tax, in the Consolidated Balance Sheets | 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 millions) | 2023 |  | 2022 |  |  |  |
Beginning balance of URA(D) on securities | $ | (1,709) |  |  | $ | 239 |  |  |  |  |
Current period change in URA(D) of investments - non-credit related | 249 |  |  | (811) |  |  |  |  |
Ending balance of URA(D) on securities | (1,460) |  |  | (572) |  |  |  |  |
Beginning balance of foreign currency translation adjustments | (254) |  |  | (177) |  |  |  |  |
Current period change in foreign currency translation adjustments | 31 |  |  | (34) |  |  |  |  |
Ending balance of foreign currency translation adjustments | (223) |  |  | (212) |  |  |  |  |
Beginning balance of benefit plan net gain (loss) | (33) |  |  | (50) |  |  |  |  |
Current period change in benefit plan net gain (loss) | — |  |  | 1 |  |  |  |  |
Ending balance of benefit plan net gain (loss) | (33) |  |  | (49) |  |  |  |  |
Ending balance of accumulated other comprehensive income (loss) | $ | (1,716) |  |  | $ | (833) |  |  |  |  |
(Some amounts may not reconcile due to rounding.)

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- Definition Tabular disclosure of components of comprehensive income (loss). Includes, but is not limited to, foreign currency translation adjustments, foreign currency transactions designated as economic hedges of a net investment in foreign entity, gain (loss) and prior service cost (credit) for pension plans and other postretirement benefit plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=126968391&loc=d3e526-108580 + Details
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