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OTHER COMPREHENSIVE INCOME (LOSS)
 3 Months Ended
Mar. 31, 2024
Other Comprehensive Income (Loss), Tax [Abstract]  
OTHER COMPREHENSIVE INCOME (LOSS) OTHER COMPREHENSIVE INCOME (LOSS)
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, 2024
(Dollars in millions)Before TaxTax EffectNet of Tax
URA(D) on securities - non-credit related$(192)$34 $(158)
Reclassification of net realized losses (gains) included
 in net income (loss)5 (1)5 
Foreign currency translation adjustments(43)5 (38)
Reclassification of benefit plan liability amortization included
 in net income (loss)1 — — 
Total other comprehensive income (loss)$(229)$38 $(191)
(Some amounts may not reconcile due to rounding)
Three Months Ended March 31, 2023
(Dollars in millions)Before TaxTax EffectNet of Tax
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 adjustments33 (2)31 
Reclassification of benefit plan liability amortization included
in net income (loss)— — — 
Total other comprehensive income (loss)$312 $(32)$280 
(Some amounts may not reconcile due to rounding)
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 component20242023
(Dollars in millions)
URA(D) on securities$5 $6 Other net realized capital gains (losses)
(1)(3)Income tax expense (benefit)
$5 $3 Net income (loss)
Benefit plan net gain (loss)$1 $— Other underwriting expenses
— — Income tax expense (benefit)
$— $— Net income (loss)
(Some amounts may not reconcile due to rounding)
The following table presents the components of accumulated other comprehensive income (loss), net of tax, in the consolidated balance sheets for the periods indicated:
Three Months Ended
March 31,
(Dollars in millions)20242023
Beginning balance of URA(D) on securities$(723)$(1,709)
Current period change in URA(D) of investments - non-credit related(153)249 
Ending balance of URA(D) on securities(876)(1,460)
Beginning balance of foreign currency translation adjustments(195)(254)
Current period change in foreign currency translation adjustments(38)31 
Ending balance of foreign currency translation adjustments(233)(223)
Beginning balance of benefit plan net gain (loss)(16)(33)
Current period change in benefit plan net gain (loss)— — 
Ending balance of benefit plan net gain (loss)(16)(33)
Ending balance of accumulated other comprehensive income (loss)$(1,125)$(1,716)
(Some amounts may not reconcile due to rounding.)