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Other Comprehensive Income (Loss) (Tables) | 12 Months Ended
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Dec. 31, 2023
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] |
Other comprehensive income | The pretax components of our other comprehensive income (loss) and related income tax benefit (expense) for the years ended December 31, 2023, 2022 and 2021 are included in table 10.1 below.
Components of other comprehensive income (loss)
Table | 10.1 |  |  |  |  |  |
(In thousands) |  | 2023 |  | 2022 |  | 2021
Net unrealized investment (losses) gains arising during the period |  | $ | 179,174 |  |  | $ | (707,005) |  |  | $ | (154,555) |
Income tax (expense) benefit |  | (37,626) |  |  | 148,471 |  |  | 32,456 |
Net of taxes |  | 141,548 |  |  | (558,534) |  |  | (122,099) |
Net changes in benefit plan assets and obligations |  | 29,978 |  |  | (54,017) |  |  | 31,613 |
Income tax benefit (expense) |  | (6,296) |  |  | 11,343 |  |  | (6,638) |
Net of taxes |  | 23,682 |  |  | (42,674) |  |  | 24,975 |
Total other comprehensive income (loss) |  | 209,152 |  |  | (761,022) |  |  | (122,942) |
Total income tax benefit (expense) |  | (43,922) |  |  | 159,814 |  |  | 25,818 |
Total other comprehensive income (loss), net of tax |  | $ | 165,230 |  |  | $ | (601,208) |  |  | $ | (97,124) |
Reclassification out of accumulated other comprehensive income | The pretax and related income tax benefit (expense) components of the amounts reclassified from our accumulated other comprehensive income (loss) ( "AOCI") to our consolidated statements of operations for the years ended December 31, 2023, 2022 and 2021 are included in table 10.2 below.
Reclassifications from Accumulated Other Comprehensive Income (Loss)
Table | 10.2 |  |  |  |  |  |
(In thousands) |  | 2023 |  | 2022 |  | 2021
Reclassification adjustment for net realized (losses) gains (1) |  | $ | (27,100) |  |  | $ | (9,860) |  |  | $ | 10,455 |
Income tax benefit (expense) |  | 5,691 |  |  | 2,070 |  |  | (2,195) |
Net of taxes |  | (21,409) |  |  | (7,790) |  |  | 8,260 |
Reclassification adjustment related to benefit plan assets and obligations (2) | (13,990) |  |  | (16,750) |  |  | (9,779) |
Income tax benefit (expense) |  | 2,938 |  |  | 3,518 |  |  | 2,053 |
Net of taxes |  | (11,052) |  |  | (13,232) |  |  | (7,726) |
Total reclassifications |  | (41,090) |  |  | (26,610) |  |  | 676 |
Income tax benefit (expense) |  | 8,629 |  |  | 5,588 |  |  | (142) |
Total reclassifications, net of tax |  | $ | (32,461) |  |  | $ | (21,022) |  |  | $ | 534 |
(1)(Decreases) increases Net gains (losses) on investments and other financial instruments on the consolidated statements of operations. (2)Decreases (increases) Other underwriting and operating expenses, net on the consolidated statements of operations.
Accumulated other comprehensive income (loss) | A roll-forward of AOCI for the years ended December 31, 2023, 2022, and 2021, including amounts reclassified from AOCI, is included in table 10.3 below.
Roll-forward of Accumulated Other Comprehensive Income (Loss)
Table | 10.3 |  |  |  |  |  |  |  |
(In thousands) |  | Net unrealized gains and losses on available-for-sale securities |  | Net benefit plan assets and obligations recognized in shareholders' equity |  |  |  | Total AOCI
Balance, December 31, 2020, net of tax |  | $ | 272,137 |  |  | $ | (55,316) |  |  |  |  | $ | 216,821 |
Other comprehensive income (loss) before reclassifications |  | (113,839) |  |  | 17,249 |  |  |  |  | (96,590) |
Less: Amounts reclassified from AOCI |  | 8,260 |  |  | (7,726) |  |  |  |  | 534 |
Balance, December 31, 2021, net of tax |  | 150,038 |  |  | (30,341) |  |  |  |  | 119,697 |
Other comprehensive income (loss) before reclassifications |  | (566,324) |  |  | (55,906) |  |  |  |  | (622,230) |
Less: Amounts reclassified from AOCI |  | (7,790) |  |  | (13,232) |  |  |  |  | (21,022) |
Balance, December 31, 2022, net of tax |  | (408,496) |  |  | (73,015) |  |  |  |  | (481,511) |
Other comprehensive income (loss) before reclassifications |  | 120,139 |  |  | 12,630 |  |  |  |  | 132,769 |
Less: Amounts reclassified from AOCI |  | (21,409) |  |  | (11,052) |  |  |  |  | (32,461) |
Balance, December 31, 2023, net of tax |  | $ | (266,948) |  |  | $ | (49,333) |  |  |  |  | $ | (316,281) |

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