Comprehensive Income (Loss)

6 Months Ended

Jun. 30, 2020

Comprehensive Income (Loss) [Abstract]

Comprehensive Income (Loss)

7. COMPREHENSIVE INCOME (LOSS)

The following tables present the components of comprehensive income (loss) in the consolidated statements of operations and comprehensive income (loss) for the periods indicated:

	Three Months Ended June 30, 2020						Six Months Ended June 30, 2020
(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	$	307,356		(63,806)	$	243,550	$	83,586		(17,560)	$	66,026
URA(D) on securities - OTTI		-		-		-		-		-		-
Reclassification of net realized losses (gains) included in net income (loss)		4,570		(1,027)		3,543		39,934		(8,505)		31,429
Foreign currency translation adjustments		10,675		(2,239)		8,436		(26,857)		5,660		(21,197)
Reclassification of amortization of net gain (loss) included in net income (loss)		2,286		(480)		1,806		3,451		(725)		2,726
Total other comprehensive income (loss)	$	324,887	$	(67,552)	$	257,335	$	100,114	$	(21,130)	$	78,984
(Some amounts may not reconcile due to rounding)

	Three Months Ended June 30, 2019						Six Months Ended June 30, 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	$	86,524	$	(18,138)	$	68,386	$	198,965	$	(41,868)	$	157,097
URA(D) on securities - OTTI		(368)		77		(291)		(700)		147		(553)
Reclassification of net realized losses (gains) included in net income (loss)		7,394		(1,536)		5,858		5,862		(1,020)		4,842
Foreign currency translation adjustments		(9,465)		1,990		(7,475)		2,645		(556)		2,089
Reclassification of amortization of net gain (loss) included in net income (loss)		1,457		(306)		1,151		2,914		(612)		2,302
Total other comprehensive income (loss)	$	85,542	$	(17,913)	$	67,629	$	209,686	$	(43,909)	$	165,777
(Some amounts may not reconcile due to rounding)

The following table presents details of the amounts reclassified from AOCI for the periods indicated:

	Three Months Ended				Six Months Ended				Affected line item within the
	June 30,				June 30,				statements of operations and
AOCI component	2020		2019		2020		2019		comprehensive income (loss)
(Dollars in thousands)
URA(D) on securities	$	4,570	$	7,394	$	39,934	$	5,862	Other net realized capital gains (losses)
		(1,027)		(1,536)		(8,505)		(1,020)	Income tax expense (benefit)
	$	3,543	$	5,858	$	31,429	$	4,842	Net income (loss)
Benefit plan net gain (loss)	$	2,286	$	1,457	$	3,451	$	2,914	Other underwriting expenses
		(480)		(306)		(725)		(612)	Income tax expense (benefit)
	$	1,806	$	1,151	$	2,726	$	2,302	Net income (loss)
(Some amounts may not reconcile due to rounding)

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				Six Months Ended
	June 30,				June 30,
(Dollars in thousands)	2020		2019		2020		2019
Beginning balance of URA (D) on securities	$	(25,025)	$	31,483	$	124,612	$	(55,950)
Current period change in URA (D) of investments - temporary		247,093		74,244		97,455		161,939
Current period change in URA (D) of investments - non-credit OTTI		-		(291)		-		(553)
Ending balance of URA (D) on securities		222,068		105,436		222,068		105,436
Beginning balance of foreign currency translation adjustments		(15,367)		6,678		14,267		(2,886)
Current period change in foreign currency translation adjustments		8,436		(7,475)		(21,197)		2,089
Ending balance of foreign currency translation adjustments		(6,931)		(797)		(6,931)		(797)
Beginning balance of benefit plan net gain (loss)		(73,635)		(66,267)		(74,556)		(67,418)
Current period change in benefit plan net gain (loss)		1,806		1,151		2,726		2,302
Ending balance of benefit plan net gain (loss)		(71,829)		(65,116)		(71,829)		(65,116)
Ending balance of accumulated other comprehensive income (loss)	$	143,308	$	39,523	$	143,308	$	39,523