OTHER COMPREHENSIVE INCOME (LOSS) (Tables)

3 Months Ended

Mar. 31, 2024

Other Comprehensive Income (Loss), Tax [Abstract]

Schedule of Components of Comprehensive Income (Loss) in the Consolidated Statements of Operations

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

	Three Months Ended March 31, 2024
(Dollars in millions)	Before Tax		Tax Effect		Net of Tax
URA(D) on securities - non-credit related	$	(78)	$	16	$	(62)
Reclassification of net realized losses (gains) included in net income (loss)	4		(1)		3
Foreign currency translation adjustments	(24)		5		(19)
Reclassification of amortization of net gain (loss) included in net income (loss)	1		—		—
Total other comprehensive income (loss)	$	(98)	$	20	$	(77)

(Some amounts may not reconcile due to rounding)

	Three Months Ended March 31, 2023
(Dollars in millions)	Before Tax		Tax Effect		Net of Tax
URA(D) on securities - non-credit related	$	142	$	(30)	$	112
Reclassification of net realized losses (gains) included in net income (loss)	11		(2)		9
Foreign currency translation adjustments	8		(1)		7
Reclassification of amortization of net gain (loss) included in net income (loss)	—		—		—
Total other comprehensive income (loss)	$	161	$	(33)	$	128

(Some amounts may not reconcile due to rounding)

Schedule of Reclassification from Accumulated Other Comprehensive Income

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 operations and comprehensive income (loss)
AOCI component	2024		2023
(Dollars in millions)
URA(D) on securities	$	4	$	11	Other net gains (losses) on investments
	(1)		(2)		Income tax expense (benefit)
	$	3	$	9	Net income (loss)
Benefit plan net gain (loss)	$	1	$	—	Other underwriting expenses
	—		—		Income tax expense (benefit)
	$	—	$	—	Net income (loss)

(Some amounts may not reconcile due to rounding)

Schedule of Components of Accumulated Other Comprehensive Income (Loss), Net of Tax, in the Consolidated Balance Sheets

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 millions)	2024		2023
Beginning balance of URA(D) on securities	$	(289)	$	(816)
Current period change in URA(D) of investments - non-credit related	(59)		121
Ending balance of URA(D) on securities	(348)		(695)
Beginning balance of foreign currency translation adjustments	19		1
Current period change in foreign currency translation adjustments	(19)		7
Ending balance of foreign currency translation adjustments	—		8
Beginning balance of benefit plan net gain (loss)	(16)		(33)
Current period change in benefit plan net gain (loss)	—		—
Ending balance of benefit plan net gain (loss)	(16)		(33)
Ending balance of accumulated other comprehensive income (loss)	$	(364)	$	(720)

(Some amounts may not reconcile due to rounding.)