Other Comprehensive Income (Loss)

6 Months Ended

Jun. 30, 2011

7. 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						Six Months Ended
	June 30,						June 30,
(Dollars in thousands)	2011			2010			2011			2010
Unrealized appreciation (depreciation) ("URA(D)") on
securities arising during the period
URA(D) of investments - temporary	$	53,203		$	46,846		$	37,700		$	50,512
URA(D) of investments - non-credit OTTI		(15	)		(469	)		5			2,582
Tax benefit (expense) from URA(D) arising during the period		(18,616	)		(16,232	)		(13,197	)		(18,583	)
Total URA(D) on securities arising during the period, net of tax		34,572			30,145			24,508			34,511

Foreign currency translation adjustments		(1,664	)		(8,896	)		14,236			1,830
Tax benefit (expense) from foreign currency translation		582			3,114			(4,983	)		(640	)
Net foreign currency translation adjustments		(1,082	)		(5,782	)		9,253			1,190

Pension adjustments		1,147			671			2,295			1,299
Tax benefit (expense) on pension		(401	)		(235	)		(803	)		(455	)
Net pension adjustments		746			436			1,492			844

Other comprehensive income (loss), net of tax	$	34,236		$	24,799		$	35,253		$	36,545

The following table presents the components of accumulated other comprehensive income (loss), net of tax, in the consolidated balance sheets for the periods indicated:


	At June 30,			At December 31,
(Dollars in thousands)	2011			2010
URA(D) on securities, net of deferred taxes
Temporary	$	129,980		$	105,474
Non-credit, OTTI		538			535
Total unrealized appreciation (depreciation) on investments, net of deferred taxes		130,518			106,009
Foreign currency translation adjustments, net of deferred taxes		93,292			84,040
Pension adjustments, net of deferred taxes		(24,591	)		(26,083	)
Accumulated other comprehensive income (loss)	$	199,219		$	163,966

- Definition

This label may include the following: 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income. Components of comprehensive income include: (1) foreign currency translation adjustments; (2) gains and losses on foreign currency transactions that are designated as, and are effective as, economic hedges of a net investment in a foreign entity; (3) gains and losses on intercompany foreign currency transactions that are of a long-term-investment nature, when the entities to the transaction are consolidated, combined, or accounted for by the equity method in the reporting enterprise's financial statements; (4) change in the market value of a futures contract that qualifies as a hedge of an asset reported at fair value; (5) unrealized holding gains and losses on available-for-sale securities and that resulting from transfers of debt securities from the held-to-maturity category to the available-for-sale category; (6) a net loss recognized as an additional pension liability not yet recognized as net periodic pension cost; and (7) the net gain or loss and net prior service cost or credit for pension plans and other postretirement benefit plans.

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