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OTHER COMPREHENSIVE INCOME (LOSS)
 3 Months Ended
Mar. 31, 2018
Equity [Abstract]  
OTHER COMPREHENSIVE INCOME (LOSS)
The tax effects allocated to each component of other comprehensive income (loss) are shown in the following table:
 
 
2018
 
2017
 
 
 
Before Tax Amount
 
Tax (Expense) Benefit
 
Net of Tax Amount
 
Before Tax Amount
 
Tax (Expense) Benefit
 
Net of Tax Amount
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three months ended March 31,
 
 
 
 
 
 
 
 
 
 
 
 
 
Available for sale investments:
 
 
 
 
 
 
 
 
 
 
 
 
 
Unrealized investment gains (losses) arising during the period
$
(105,675
)
 
$
(6,516
)
 
$
(112,191
)
 
$
70,372

 
$
(2,669
)
 
$
67,703

 
 
Adjustment for reclassification of net realized investment losses and OTTI losses recognized in net income
(4,112
)
 
4,897

 
785

 
25,759

 
(791
)
 
24,968

 
 
Unrealized investment gains (losses) arising during the period, net of reclassification adjustment(1)
(109,787
)
 
(1,619
)
 
(111,406
)
 
96,131

 
(3,460
)
 
92,671

 
 
Foreign currency translation adjustment
1,270

 
—

 
1,270

 
29,869

 
—

 
29,869

 
 
Total other comprehensive income (loss), net of tax
$
(108,517
)
 
$
(1,619
)
 
$
(110,136
)
 
$
126,000

 
$
(3,460
)
 
$
122,540

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

(1)
Effective January 1, 2018, the Company adopted ASU No. 2016-01. The adoption of this guidance resulted in a cumulative adjustment to reclassify unrealized investment gains on equity securities from accumulated other comprehensive income to retained earnings. As prescribed, the prior period has not been restated to conform to the current presentation. Refer to Item 1, Note 1 'Basis of Presentation and Significant Accounting Policies' to the Consolidated Financial Statements for additional information.

Reclassifications from AOCI to net income available to common shareholders are shown in the following table:
 
 
 
Amount Reclassified from AOCI(1)
 
 
Details About AOCI Components
Consolidated Statement of Operations Line Item That Includes Reclassification
Three months ended March 31,
 
 
2018
 
2017
 
 
 
 
 
 
 
 
 
Unrealized investment gains (losses) on available for sale investments
 
 
 
 
 
 
 
Other investment gains (losses)
$
4,526

 
$
(19,206
)
 
 
 
OTTI losses
(414
)
 
(6,553
)
 
 
 
Total before tax
4,112

 
(25,759
)
 
 
 
Income tax (expense) benefit
(4,897
)
 
791

 
 
 
Net of tax
$
(785
)
 
$
(24,968
)
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustment
 
 
 
 
 
 
 
Foreign exchange loss
$
—

 
$
(24,149
)
 
 
 
Income tax (expense) benefit
—

 
—

 
 
 
Net of tax
$
—

 
$
(24,149
)
 
 
 
 
 
 
 
 
(1)
Amounts in parentheses are debits to net income (loss) available to common shareholders.

On March 27, 2017, as part of the wind down of our Australia operation, the Australia Prudential Regulation Authority revoked the authorization of AXIS Specialty Australia to carry on insurance business in Australia. As this resulted in the substantial liquidation of AXIS Specialty Australia, we have released the cumulative translation adjustment related to AXIS Specialty Australia of $24 million from accumulated other comprehensive income in the Consolidated Balance Sheet to foreign exchange losses in the Consolidated Statement of Operations.