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OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 6 Months Ended
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Jun. 30, 2024
Other Comprehensive Income (Loss), Tax [Abstract] |
Schedule of Components of 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)
Schedule of Amount Reclassified 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 |  | 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)
Schedule of Components of Accumulated Other Comprehensive Income (Loss), Net of Tax | 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 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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