Accumulated Other Comprehensive Income (Loss)

6 Months Ended

Jun. 30, 2021

Accumulated Other Comprehensive Income (Loss)

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The following table shows the changes in the components of our accumulated other comprehensive income (loss), net of tax, for the three-month period ended June 30, 2021:


			Liability for
	Net unrealized		underfunded
	appreciation		employee
	on investments		benefit costs(1)		Total
Balance as of March 31, 2021	59,614		(9,703)		$	49,911
Change in accumulated other comprehensive income before reclassifications	7,503		(2,974)		4,529
Reclassification adjustments from accumulated other comprehensive income (loss)	(112)		1,300		1,188
Balance as of June 30, 2021	$	67,005	$	(11,377)	$	55,628

(1) The preparation of financial statements in conformity with GAAP requires us to make various estimates and assumptions that affect the reporting of net periodic benefit cost, plan assets and plan obligations for each plan at the date of the financial statements. Actual results could differ from these estimates. One significant estimate relates to the calculation of the benefit obligation for each plan. We annually establish the discount rate, which is an estimate of the interest rate at which these benefits could be effectively settled, that is used to determine the present value of the respective plan's benefit obligations as of December 31.

The following table shows the changes in the components of our accumulated other comprehensive income (loss), net of tax, for the six-month period ended June 30, 2021:


			Liability for
	Net unrealized		underfunded
	appreciation		employee
	on investments		benefit costs(1)		Total
Balance as of January 1, 2021	83,070		(16,159)		$	66,911
Change in accumulated other comprehensive income before reclassifications	(16,591)		2,165		(14,426)
Reclassification adjustments from accumulated other comprehensive income (loss)	526		2,617		3,143
Balance as of June 30, 2021	$	67,005	$	(11,377)	$	55,628