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Note 21 - Accumulated Other Comprehensive Loss
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Comprehensive Income (Loss) Note [Text Block]

NOTE 21 ACCUMULATED OTHER COMPREHENSIVE LOSS

 

The table below details the change in the balance of each component of accumulated other comprehensive loss, net of tax, for the years ended December 31, 2024 and December 31, 2023, as it relates to shareholders' equity attributable to common shareholders on the consolidated balance sheets.

 

(in thousands)

                
          

Change in

     
          

Fair Value of

     
  

Unrealized

      

Debt

     
  

(Losses)

      

Attributable

  

Total

 
  

Gains on

  

Foreign

  to  

Accumulated

 
  

Available-

  

Currency

  

Instrument-

  

Other

 
  

for-Sale

  

Translation

  

Specific

  

Comprehensive

 
  

Investments

  

Adjustments

  

Credit Risk

  

Income (Loss)

 

Balance, December 31, 2022

 $(2,464) $(3,286) $32,355  $26,605 
                 

Other comprehensive income (loss) arising during the period

  1,065   —   (1,836)  (771)

Amounts reclassified from accumulated other comprehensive income

  (197)  —   (27,177)  (27,374)

Net current-period other comprehensive income (loss)

  868   —   (29,013)  (28,145)

Balance, December 31, 2023

 $(1,596) $(3,286) $3,342  $(1,540)
                 

Other comprehensive income arising during the period

  632   —   383   1,015 

Amounts reclassified from accumulated other comprehensive loss

  (164)  —   —   (164)

Amounts reclassified from noncontrolling interest

  (29)  —   —   (29)

Net current-period other comprehensive income

  439   —   383   822 

Balance, December 31, 2024

 $(1,157) $(3,286) $3,725  $(718)

 

It should be noted that the consolidated statements of comprehensive loss present the components of other comprehensive income (loss), net of tax, only for the years ended December 31, 2024 and December 31, 2023 and inclusive of the components attributable to noncontrolling interests in consolidated subsidiaries.

 

Components of accumulated other comprehensive loss were reclassified to the following lines of the consolidated statements of operations for the years ended December 31, 2024 and December 31, 2023:

 

(in thousands)

 

Years ended December 31,

 
  

2024

  

2023

 

Reclassification of accumulated other comprehensive loss from unrealized gains (losses) on available-for-sale investments to:

        

Net realized gains

 $164  $197 

Reclassification of accumulated other comprehensive income from change in fair value of debt attributable to instrument-specific credit risk to:

        

Gain on extinguishment of debt

  —   27,177 

(Loss) income from continuing operations before income tax benefit

  164   27,374 

Income tax benefit

  —   — 

(Loss) income from continuing operations, net of taxes

  164   27,374 

Income from discontinued operations, net of taxes

  —   — 

Net (loss) income

 $164  $27,374 

 

As further discussed in Note 12, "Debt," during the first quarter of 2023, the Company completed the repurchases of five TruPs. The consolidated statements of comprehensive loss for the year ended December 31, 2023 includes a reclassification adjustment of $27.2 million from accumulated other comprehensive income to gain on extinguishment of debt related to the instrument-specific credit risk portion of the repurchased TruPs.