Other Comprehensive Income (Loss)

6 Months Ended

Jun. 30, 2020

Other Comprehensive Income (Loss) [Abstract]

Other Comprehensive Income (Loss)

10. 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 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	$	620,926	$	(69,173)	$	551,753	$	305,725	$	(33,371)	$	272,354
Reclassification of net realized losses (gains) included in net income (loss)		(6,849)		(408)		(7,257)		31,328		(7,186)		24,142
Foreign currency translation adjustments		22,825		(2,239)		20,586		(35,898)		5,660		(30,238)
Reclassification of benefit plan liability amortization included in net income (loss)		2,286		(480)		1,806		3,451		(725)		2,726
Total other comprehensive income (loss)	$	639,188	$	(72,300)	$	566,888	$	304,606	$	(35,622)	$	268,984

	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	$	228,053	$	(28,872)	$	199,181	$	484,683	$	(52,263)	$	432,420
URA(D) on securities - OTTI		(1,499)		77		(1,422)		(1,743)		147		(1,596)
Reclassification of net realized losses (gains) included in net income (loss)		(787)		(1,082)		(1,869)		(3,523)		(168)		(3,691)
Foreign currency translation adjustments		(27,823)		1,991		(25,832)		(11,225)		(555)		(11,780)
Reclassification of benefit plan liability amortization included in net income (loss)		1,457		(306)		1,151		2,914		(612)		2,302
Total other comprehensive income (loss)	$	199,401	$	(28,192)	$	171,209	$	471,106	$	(53,451)	$	417,655

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

	Three Months Ended				Six Months Ended
	June 30,				June 30,				Affected line item within the statements of
AOCI component	2020		2019		2020		2019		operations and comprehensive income (loss)
(Dollars in thousands)
URA(D) on securities	$	(6,849)	$	(787)	$	31,328	$	(3,523)	Other net realized capital gains (losses)
		(408)		(1,082)		(7,186)		(168)	Income tax expense (benefit)
	$	(7,257)	$	(1,869)	$	24,142	$	(3,691)	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)

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	$	56,426	$	51,851	$	304,425	$	(179,392)
Current period change in URA (D) of investments - temporary		544,496		197,312		296,496		428,729
Current period change in URA (D) of investments - non-credit OTTI		-		(1,422)		-		(1,596)
Ending balance of URA (D) on securities		600,922		247,741		600,922		247,741
Beginning balance of foreign currency translation adjustments		(252,541)		(201,695)		(201,717)		(215,747)
Current period change in foreign currency translation adjustments		20,586		(25,832)		(30,238)		(11,780)
Ending balance of foreign currency translation adjustments		(231,955)		(227,527)		(231,955)		(227,527)
Beginning balance of benefit plan net gain (loss)		(73,636)		(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)		(71,830)		(65,116)		(71,830)		(65,116)
Ending balance of accumulated other comprehensive income (loss)	$	297,137	$	(44,902)	$	297,137	$	(44,902)
(Some amounts may not reconcile due to rounding.)