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OTHER COMPREHENSIVE INCOME (LOSS) | 6 Months Ended
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Jun. 30, 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 June 30, 2024 |  | Six Months Ended June 30, 2024
(Dollars in millions) | Before Tax |  | Tax Effect |  | Net of Tax |  | Before Tax |  | Tax Effect |  | Net of Tax
URA(D) on securities - non-credit related | $ | (101) |  |  | $ | 32 |  |  | $ | (70) |  |  | $ | (293) |  |  | $ | 66 |  |  | $ | (227) |
Reclassification of net realized losses (gains) included |  |  |  |  |  |  |  |  |  |  |
in net income (loss) | 11 |  |  | (2) |  |  | 9 |  |  | 17 |  |  | (3) |  |  | 14 |
Foreign currency translation adjustments | (2) |  |  | 2 |  |  | — |  |  | (45) |  |  | 7 |  |  | (38) |
Reclassification of benefit plan liability amortization included |  |  |  |  |  |  |  |  |  |  |
in net income (loss) | 31 |  |  | (6) |  |  | 24 |  |  | 31 |  |  | (7) |  |  | 25 |
Total other comprehensive income (loss) | $ | (61) |  |  | $ | 25 |  |  | $ | (36) |  |  | $ | (290) |  |  | $ | 63 |  |  | $ | (227) |
(Some amounts may not reconcile due to rounding)
| 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
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) 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 |  | 2024 |  | 2023 |  | 2024 |  | 2023 |
(Dollars in millions) |  |  |  |  |  |  |  |  |  |
URA(D) on securities |  | $ | 11 |  |  | $ | 4 |  |  | $ | 17 |  |  | $ | 10 |  |  | Other net realized capital gains (losses)
|  | (2) |  |  | (2) |  |  | (3) |  |  | (4) |  |  | Income tax expense (benefit)
|  | $ | 9 |  |  | $ | 2 |  |  | $ | 14 |  |  | $ | 5 |  |  | Net income (loss)
Benefit plan net gain (loss) |  | $ | 31 |  |  | $ | 1 |  |  | $ | 31 |  |  | $ | 1 |  |  | Other underwriting expenses
|  | (6) |  |  | — |  |  | (7) |  |  | — |  |  | Income tax expense (benefit)
|  | $ | 24 |  |  | $ | 1 |  |  | $ | 25 |  |  | $ | 1 |  |  | 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 June 30, |  | Six Months Ended June 30,
(Dollars in millions) | 2024 |  | 2023 |  | 2024 |  | 2023
Beginning balance of URA(D) on securities | $ | (876) |  |  | $ | (1,460) |  |  | $ | (723) |  |  | $ | (1,709) |
Current period change in URA(D) of investments - non-credit related | (60) |  |  | (167) |  |  | (213) |  |  | 82 |
Ending balance of URA(D) on securities | (936) |  |  | (1,627) |  |  | (936) |  |  | (1,627) |
Beginning balance of foreign currency translation adjustments | (233) |  |  | (223) |  |  | (195) |  |  | (254) |
Current period change in foreign currency translation adjustments | — |  |  | (1) |  |  | (38) |  |  | 30 |
Ending balance of foreign currency translation adjustments | (233) |  |  | (224) |  |  | (233) |  |  | (224) |
Beginning balance of benefit plan net gain (loss) | (16) |  |  | (33) |  |  | (16) |  |  | (33) |
Current period change in benefit plan net gain (loss) | 24 |  |  | — |  |  | 25 |  |  | 1 |
Ending balance of benefit plan net gain (loss) | 8 |  |  | (32) |  |  | 8 |  |  | (32) |
Ending balance of accumulated other comprehensive income (loss) | $ | (1,160) |  |  | $ | (1,883) |  |  | $ | (1,160) |  |  | $ | (1,883) |
(Some amounts may not reconcile due to rounding.)

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- Definition The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(19)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(21)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(23)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/220/tableOfContent + Details
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