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OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 6 Months Ended
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Jun. 30, 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 June 30, 2023 |  | Six Months Ended June 30, 2023
(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 | $ | (199) |  |  | $ | 30 |  |  | $ | (169) |  |  | $ | 75 |  |  | $ | 2 |  |  | $ | 77 |
Reclassification of net realized losses (gains) included in net income (loss) | 4 |  |  | (2) |  |  | 2 |  |  | 10 |  |  | (4) |  |  | 5 |
Foreign currency translation adjustments | (2) |  |  | 1 |  |  | (1) |  |  | 31 |  |  | (1) |  |  | 30 |
Reclassification of benefit plan liability amortization included in net income (loss) | 1 |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | 1 |
Total other comprehensive income (loss) | $ | (196) |  |  | $ | 29 |  |  | $ | (168) |  |  | $ | 116 |  |  | $ | (3) |  |  | $ | 113 |
(Some amounts may not reconcile due to rounding)
| Three Months Ended June 30, 2022 |  | Six Months Ended June 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 | $ | (849) |  |  | $ | 116 |  |  | $ | (732) |  |  | $ | (1,781) |  |  | $ | 233 |  |  | $ | (1,548) |
Reclassification of net realized losses (gains) included in net income (loss) | 16 |  |  | (1) |  |  | 16 |  |  | 21 |  |  | (1) |  |  | 20 |
Foreign currency translation adjustments | (31) |  |  | 3 |  |  | (28) |  |  | (65) |  |  | 3 |  |  | (62) |
Reclassification of benefit plan liability amortization included in net income (loss) | 1 |  |  | — |  |  | 1 |  |  | 2 |  |  | — |  |  | 2 |
Total other comprehensive income (loss) | $ | (862) |  |  | $ | 118 |  |  | $ | (744) |  |  | $ | (1,823) |  |  | $ | 235 |  |  | $ | (1,588) |
(Some amounts may not reconcile due to rounding)
Reclassification from Accumulated Other Comprehensive Income | The following table presents details of the amounts reclassified from AOCI for the periods indicated:
|  | Three Months Ended June 30, |  | Six Months Ended June 30, |  | Affected line item within the statements of operations and comprehensive income (loss)
AOCI component |  | 2023 |  | 2022 |  | 2023 |  | 2022 |
(Dollars in millions) |  |  |  |  |  |  |  |  |  |
URA(D) on securities |  | $ | 4 |  |  | $ | 16 |  |  | $ | 10 |  |  | $ | 21 |  |  | Other net realized capital gains (losses)
|  | (2) |  |  | (1) |  |  | (4) |  |  | (1) |  |  | Income tax expense (benefit)
|  | $ | 2 |  |  | $ | 16 |  |  | $ | 5 |  |  | $ | 20 |  |  | Net income (loss)
Benefit plan net gain (loss) |  | $ | 1 |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | 2 |  |  | Other underwriting expenses
|  | — |  |  | — |  |  | — |  |  | — |  |  | Income tax expense (benefit)
|  | $ | — |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | 2 |  |  | Net income (loss)
(Some amounts may not reconcile due to rounding)
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 June 30, |  | Six Months Ended June 30,
(Dollars in millions) | 2023 |  | 2022 |  | 2023 |  | 2022
Beginning balance of URA(D) on securities | $ | (1,460) |  |  | $ | (572) |  |  | $ | (1,709) |  |  | $ | 239 |
Current period change in URA(D) of investments - non-credit related | (167) |  |  | (717) |  |  | 82 |  |  | (1,528) |
Ending balance of URA(D) on securities | (1,627) |  |  | (1,288) |  |  | (1,627) |  |  | (1,288) |
Beginning balance of foreign currency translation adjustments | (223) |  |  | (212) |  |  | (254) |  |  | (177) |
Current period change in foreign currency translation adjustments | (1) |  |  | (28) |  |  | 30 |  |  | (62) |
Ending balance of foreign currency translation adjustments | (224) |  |  | (240) |  |  | (224) |  |  | (240) |
Beginning balance of benefit plan net gain (loss) | (33) |  |  | (50) |  |  | (33) |  |  | (50) |
Current period change in benefit plan net gain (loss) | — |  |  | 1 |  |  | 1 |  |  | 2 |
Ending balance of benefit plan net gain (loss) | (32) |  |  | (49) |  |  | (32) |  |  | (49) |
Ending balance of accumulated other comprehensive income (loss) | $ | (1,883) |  |  | $ | (1,577) |  |  | $ | (1,883) |  |  | $ | (1,577) |
(Some amounts may not reconcile due to rounding.)

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- Definition Tabular disclosure of the components of accumulated other comprehensive income (loss). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 14A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-14A Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 830 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481674/830-30-50-1 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 830 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 20 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481694/830-30-45-20 + Details
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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 -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 1 -Section 45 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-1 + Details
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