Comprehensive Income (Loss)

6 Months Ended

Jun. 30, 2021

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, 2021						Six Months Ended June 30, 2021
(Dollars in thousands)	Before Tax		Tax Effect		Net of Tax		Before Tax		Tax Effect		Net of Tax
Unrealized appreciation (depreciation) ("URA(D)") on securities - non-credit related temporary	$	54,925		(11,515)	$	43,410	$	(84,094)		17,646	$	(66,448)
Reclassification of net realized losses (gains) included in net income (loss)		8,198		(1,757)		6,442		10,068		(2,136)		7,932
Foreign currency translation adjustments		17,712		(3,727)		13,985		20,568		(4,321)		16,247
Reclassification of amortization of net gain (loss) included in net income (loss)		2,586		(543)		2,043		5,172		(1,086)		4,086
Total other comprehensive income (loss)	$	83,421	$	(17,542)	$	65,880	$	(48,286)	$	10,103	$	(38,183)
(Some amounts may not reconcile due to rounding)

	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
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)

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	2021		2020		2021		2020		comprehensive income (loss)
(Dollars in thousands)
URA(D) on securities	$	8,198	$	4,570	$	10,068	$	39,934	Other net realized capital gains (losses)
		(1,757)		(1,027)		(2,136)		(8,505)	Income tax expense (benefit)
	$	6,442	$	3,543	$	7,932	$	31,429	Net income (loss)
Benefit plan net gain (loss)	$	2,586	$	2,286	$	5,172	$	3,451	Other underwriting expenses
		(543)		(480)		(1,086)		(725)	Income tax expense (benefit)
	$	2,043	$	1,806	$	4,086	$	2,726	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)	2021		2020		2021		2020
Beginning balance of URA (D) on securities	$	204,793	$	(25,025)	$	313,161	$	124,612
Current period change in URA (D) of investments - non-credit related		49,852		247,093		(58,516)		97,455
Ending balance of URA (D) on securities		254,645		222,068		254,645		222,068
Beginning balance of foreign currency translation adjustments		30,989		(15,367)		28,727		14,267
Current period change in foreign currency translation adjustments		13,985		8,436		16,247		(21,197)
Ending balance of foreign currency translation adjustments		44,974		(6,931)		44,974		(6,931)
Beginning balance of benefit plan net gain (loss)		(71,827)		(73,635)		(73,870)		(74,556)
Current period change in benefit plan net gain (loss)		2,043		1,806		4,086		2,726
Ending balance of benefit plan net gain (loss)		(69,784)		(71,829)		(69,784)		(71,829)
Ending balance of accumulated other comprehensive income (loss)	$	229,835	$	143,308	$	229,835	$	143,308