Changes in Accumulated Other Comprehensive Income, Net of Tax, by Component |
The following tables present the changes in accumulated other comprehensive income, net of tax, by component:
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|
|
|
|
|
|
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|
|
|
|
|
|
|
Three Months Ended September 30, 2024 |
|
(In thousands) |
|
Unrealized (Losses) Gains on Available- for-Sale Securities |
|
|
Defined Benefit Plan Adjustments |
|
|
Foreign Currency Adjustments |
|
|
ASU 2018-02 Adoption |
|
|
Total |
|
Balance as of June 30, 2024 |
|
$ |
(382 |
) |
|
$ |
(2,573 |
) |
|
$ |
30,850 |
|
|
$ |
385 |
|
|
$ |
28,280 |
|
Other comprehensive (loss) income before reclassifications |
|
|
(10 |
) |
|
|
— |
|
|
|
18,988 |
|
|
|
— |
|
|
|
18,978 |
|
Amounts reclassified from accumulated other comprehensive income |
|
|
10 |
|
|
|
109 |
|
|
|
— |
|
|
|
— |
|
|
|
119 |
|
Net current period other comprehensive gain |
|
|
— |
|
|
|
109 |
|
|
|
18,988 |
|
|
|
— |
|
|
|
19,097 |
|
Balance as of September 30, 2024 |
|
$ |
(382 |
) |
|
$ |
(2,464 |
) |
|
$ |
49,838 |
|
|
$ |
385 |
|
|
$ |
47,377 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2023 |
|
(In thousands) |
|
Unrealized (Losses) Gains on Available- for-Sale Securities |
|
|
Defined Benefit Plan Adjustments |
|
|
Foreign Currency Adjustments |
|
|
ASU 2018-02 Adoption |
|
|
Total |
|
Balance as of June 30, 2023 |
|
$ |
(773 |
) |
|
$ |
(958 |
) |
|
$ |
42,831 |
|
|
$ |
385 |
|
|
$ |
41,485 |
|
Other comprehensive income (loss) before reclassifications |
|
|
635 |
|
|
|
— |
|
|
|
(29,715 |
) |
|
|
— |
|
|
|
(29,080 |
) |
Amounts reclassified from accumulated other comprehensive income |
|
|
(244 |
) |
|
|
(83 |
) |
|
|
— |
|
|
|
— |
|
|
|
(327 |
) |
Net current period other comprehensive income (loss) |
|
|
391 |
|
|
|
(83 |
) |
|
|
(29,715 |
) |
|
|
— |
|
|
|
(29,407 |
) |
Less: Comprehensive income attributable to non-controlling interest, net of tax |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Balance as of September 30, 2023 |
|
$ |
(382 |
) |
|
$ |
(1,041 |
) |
|
$ |
13,116 |
|
|
$ |
385 |
|
|
$ |
12,078 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2024 |
|
(In thousands) |
|
Unrealized Gains (Losses) on Available- for-Sale Securities |
|
|
Defined Benefit Plan Adjustments |
|
|
Foreign Currency Adjustments |
|
|
ASU 2018-02 Adoption |
|
|
Total |
|
Balance as of December 31, 2023 |
|
$ |
(382 |
) |
|
$ |
(2,506 |
) |
|
$ |
49,968 |
|
|
$ |
385 |
|
|
$ |
47,465 |
|
Other comprehensive loss before reclassifications |
|
|
(134 |
) |
|
|
— |
|
|
|
(130 |
) |
|
|
— |
|
|
|
(264 |
) |
Amounts reclassified from accumulated other comprehensive income |
|
|
134 |
|
|
|
42 |
|
|
|
— |
|
|
|
— |
|
|
|
176 |
|
Net current period other comprehensive income (loss) |
|
|
— |
|
|
|
42 |
|
|
|
(130 |
) |
|
|
— |
|
|
|
(88 |
) |
Balance as of September 30, 2024 |
|
$ |
(382 |
) |
|
$ |
(2,464 |
) |
|
$ |
49,838 |
|
|
$ |
385 |
|
|
$ |
47,377 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2023 |
|
(In thousands) |
|
Unrealized Gains (Losses) on Available- for-Sale Securities |
|
|
Defined Benefit Plan Adjustments |
|
|
Foreign Currency Adjustments |
|
|
ASU 2018-02 Adoption |
|
|
Total |
|
Balance as of December 31, 2022 |
|
$ |
(836 |
) |
|
$ |
(1,016 |
) |
|
$ |
27,593 |
|
|
$ |
385 |
|
|
$ |
26,126 |
|
Other comprehensive income (loss) before reclassifications |
|
|
733 |
|
|
|
— |
|
|
|
(14,095 |
) |
|
|
— |
|
|
|
(13,362 |
) |
Amounts reclassified from accumulated other comprehensive income |
|
|
(279 |
) |
|
|
(25 |
) |
|
|
— |
|
|
|
— |
|
|
|
(304 |
) |
Net current period other comprehensive income (loss) |
|
|
454 |
|
|
|
(25 |
) |
|
|
(14,095 |
) |
|
|
— |
|
|
|
(13,666 |
) |
Less: Comprehensive income attributable to non-controlling interest, net of tax |
|
|
— |
|
|
|
— |
|
|
|
382 |
|
|
|
— |
|
|
|
382 |
|
Balance as of September 30, 2023 |
|
$ |
(382 |
) |
|
$ |
(1,041 |
) |
|
$ |
13,116 |
|
|
$ |
385 |
|
|
$ |
12,078 |
|
|
Reclassifications Out of Accumulated Other Comprehensive Income |
The following tables present the details of reclassifications out of accumulated other comprehensive income:
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|
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|
|
|
|
Three Months Ended September 30, 2024 |
(In thousands) |
|
Amount Reclassified from Accumulated Other Comprehensive Income |
|
|
Affected Line Item in the Statement Where Net Loss Is Presented |
Unrealized gain (loss) on available-for-sale securities: |
|
|
|
|
|
Net realized loss on sales of securities |
|
$ |
(13 |
) |
|
Net investment gain (loss) |
Defined benefit plan adjustments – actuarial loss |
|
|
(158 |
) |
|
(1) |
Total reclassifications for the period, before tax |
|
|
(171 |
) |
|
|
Tax expense |
|
|
52 |
|
|
|
Total reclassifications for the period, net of tax |
|
$ |
(119 |
) |
|
|
(1)A part of the computation of net periodic pension cost, which is included in other (expense) income, net in the Condensed Consolidated Statements of Loss.
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|
|
|
|
|
|
|
|
Three Months Ended September 30, 2023 |
(In thousands) |
|
Amount Reclassified from Accumulated Other Comprehensive Income |
|
|
Affected Line Item in the Statement Where Net Loss Is Presented |
Unrealized gain (loss) on available-for-sale securities: |
|
|
|
|
|
Net realized gain on sales of securities |
|
$ |
321 |
|
|
Net investment gain (loss) |
Defined benefit plan adjustments – actuarial gain |
|
|
120 |
|
|
(1) |
Total reclassifications for the period, before tax |
|
|
441 |
|
|
|
Tax benefit |
|
|
(114 |
) |
|
|
Total reclassifications for the period, net of tax |
|
$ |
327 |
|
|
|
(1)A part of the computation of net periodic pension cost, which is included in other (expense) income, net in the Condensed Consolidated Statements of Loss.
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2024 |
(In thousands) |
|
Amount Reclassified from Accumulated Other Comprehensive Loss |
|
|
Affected Line Item in the Statement Where Net Loss Is Presented |
Unrealized gain (loss) on available-for-sale securities: |
|
|
|
|
|
Net realized loss on sales of securities |
|
$ |
(181 |
) |
|
Net investment gain (loss) |
Defined benefit plan adjustments – actuarial loss |
|
|
(61 |
) |
|
(1) |
Total reclassifications for the period, before tax |
|
|
(242 |
) |
|
|
Tax expense |
|
|
66 |
|
|
|
Total reclassifications for the period, net of tax |
|
$ |
(176 |
) |
|
|
(1)A part of the computation of net periodic pension cost, which is included in other (expense) income, net in the Condensed Consolidated Statements of Loss.
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2023 |
(In thousands) |
|
Amount Reclassified from Accumulated Other Comprehensive Income |
|
|
Affected Line Item in the Statement Where Net Loss Is Presented |
Unrealized gain (loss) on available-for-sale securities: |
|
|
|
|
|
Net realized gain on sales of securities |
|
$ |
367 |
|
|
Net investment gain (loss) |
Defined benefit plan adjustments – actuarial gain |
|
|
36 |
|
|
(1) |
Total reclassifications for the period, before tax |
|
|
403 |
|
|
|
Tax benefit |
|
|
(99 |
) |
|
|
Total reclassifications for the period, net of tax |
|
$ |
304 |
|
|
|
(1)A part of the computation of net periodic pension cost, which is included in other (expense) income, net in the Condensed Consolidated Statements of Loss.
|
Tax Effects Related to the Change in Each Component of Other Comprehensive Income (Loss) |
The following table presents the tax effects related to the change in each component of other comprehensive (loss) income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Three Months Ended |
|
|
|
September 30, 2024 |
|
|
September 30, 2023 |
|
(In thousands) |
|
Before-Tax Amount |
|
|
Tax (Expense) Benefit |
|
|
Net-of-Tax Amount |
|
|
Before-Tax Amount |
|
|
Tax (Expense) Benefit |
|
|
Net-of-Tax Amount |
|
Unrealized (loss) gain on available-for-sale securities |
|
$ |
(13 |
) |
|
$ |
3 |
|
|
$ |
(10 |
) |
|
$ |
836 |
|
|
$ |
(201 |
) |
|
$ |
635 |
|
Reclassification adjustment for amounts related to available-for-sale investments included in net gain (loss) |
|
|
13 |
|
|
|
(3 |
) |
|
|
10 |
|
|
|
(321 |
) |
|
|
77 |
|
|
|
(244 |
) |
Reclassification adjustment for amounts related to defined benefit plan adjustments included in net gain (loss) |
|
|
158 |
|
|
|
(49 |
) |
|
|
109 |
|
|
|
(120 |
) |
|
|
37 |
|
|
|
(83 |
) |
Foreign currency translation adjustments |
|
|
18,988 |
|
|
|
— |
|
|
|
18,988 |
|
|
|
(29,715 |
) |
|
|
— |
|
|
|
(29,715 |
) |
Total Other Comprehensive Income (Loss) |
|
$ |
19,146 |
|
|
$ |
(49 |
) |
|
$ |
19,097 |
|
|
$ |
(29,320 |
) |
|
$ |
(87 |
) |
|
$ |
(29,407 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended |
|
|
Nine Months Ended |
|
|
|
September 30, 2024 |
|
|
September 30, 2023 |
|
(In thousands) |
|
Before-Tax Amount |
|
|
Tax (Expense) Benefit |
|
|
Net-of-Tax Amount |
|
|
Before-Tax Amount |
|
|
Tax (Expense) Benefit |
|
|
Net-of-Tax Amount |
|
Unrealized (loss) gain on available-for-sale securities |
|
$ |
(181 |
) |
|
$ |
47 |
|
|
$ |
(134 |
) |
|
$ |
964 |
|
|
$ |
(231 |
) |
|
$ |
733 |
|
Reclassification adjustment for amounts related to available-for-sale investments included in net gain (loss) |
|
|
181 |
|
|
|
(47 |
) |
|
|
134 |
|
|
|
(367 |
) |
|
|
88 |
|
|
|
(279 |
) |
Reclassification adjustment for amounts related to defined benefit plan adjustments included in net gain (loss) |
|
|
61 |
|
|
|
(19 |
) |
|
|
42 |
|
|
|
(36 |
) |
|
|
11 |
|
|
|
(25 |
) |
Foreign currency translation adjustments |
|
|
(130 |
) |
|
|
— |
|
|
|
(130 |
) |
|
|
(14,095 |
) |
|
|
— |
|
|
|
(14,095 |
) |
Total Other Comprehensive Loss |
|
$ |
(69 |
) |
|
$ |
(19 |
) |
|
$ |
(88 |
) |
|
$ |
(13,534 |
) |
|
$ |
(132 |
) |
|
$ |
(13,666 |
) |
|