Other Comprehensive Income (Loss) |
10. OTHER COMPREHENSIVE INCOME (LOSS) The following table presents the components of comprehensive income (loss) in the consolidated statements of operations for the periods indicated: | Three Months Ended March 31, 2020 | | Three Months Ended March 31, 2019 | (Dollars in thousands) | Before Tax | | Tax Effect | | Net of Tax | | Before Tax | | Tax Effect | | Net of Tax | Unrealized appreciation (depreciation) ("URA(D)") on securities - temporary | $ | (315,200) | | $ | 35,802 | | $ | (279,398) | | $ | 256,630 | | $ | (23,391) | | $ | 233,239 | URA(D) on securities - OTTI | | - | | | - | | | - | | | (244) | | | 70 | | | (174) | Reclassification of net realized losses (gains) included in net income (loss) | | 38,177 | | | (6,778) | | | 31,399 | | | (2,736) | | | 914 | | | (1,822) | Foreign currency translation adjustments | | (58,723) | | | 7,899 | | | (50,824) | | | 16,598 | | | (2,546) | | | 14,052 | Benefit plan actuarial net gain (loss) | | - | | | - | | | - | | | - | | | - | | | - | Reclassification of benefit plan liability amortization included in net income (loss) | | 1,165 | | | (245) | | | 920 | | | 1,457 | | | (306) | | | 1,151 | Total other comprehensive income (loss) | $ | (334,581) | | $ | 36,678 | | $ | (297,903) | | $ | 271,705 | | $ | (25,259) | | $ | 246,446 | The following table presents details of the amounts reclassified from AOCI for the periods indicated: | | Three Months Ended | | | | | March 31, | | Affected line item within the statements of | AOCI component | | 2020 | | 2019 | | operations and comprehensive income (loss) | (Dollars in thousands) | | | | | | | | | URA(D) on securities | | $ | 38,177 | | $ | (2,736) | | Other net realized capital gains (losses) | | | | (6,778) | | | 914 | | Income tax expense (benefit) | | | $ | 31,399 | | $ | (1,822) | | Net income (loss) | | | | | | | | | | Benefit plan net gain (loss) | | $ | 1,165 | | $ | 1,457 | | Other underwriting expenses | | | | (245) | | | (306) | | Income tax expense (benefit) | | | $ | 920 | | $ | 1,151 | | Net income (loss) | 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 | | March 31, | (Dollars in thousands) | 2020 | | 2019 | Beginning balance of URA (D) on securities | $ | 304,425 | | $ | (179,392) | Current period change in URA (D) of investments - temporary | | (247,999) | | | 231,417 | Current period change in URA (D) of investments - non-credit OTTI | | - | | | (174) | Ending balance of URA (D) on securities | | 56,426 | | | 51,851 | | | | | | | Beginning balance of foreign currency translation adjustments | | (201,717) | | | (215,747) | Current period change in foreign currency translation adjustments | | (50,824) | | | 14,052 | Ending balance of foreign currency translation adjustments | | (252,541) | | | (201,695) | | | | | | | Beginning balance of benefit plan net gain (loss) | | (74,556) | | | (67,418) | Current period change in benefit plan net gain (loss) | | 920 | | | 1,151 | Ending balance of benefit plan net gain (loss) | | (73,636) | | | (66,267) | | | | | | | Ending balance of accumulated other comprehensive income (loss) | $ | (269,751) | | $ | (216,111) | | | | | | | (Some amounts may not reconcile due to rounding.) |
|