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Other Comprehensive Income (Loss)
 12 Months Ended
Dec. 31, 2019
Other Comprehensive Income (Loss), Tax [Abstract]  
Other Comprehensive Income (Loss) Other Comprehensive Income

Other comprehensive income includes net holding gains on available-for-sale investments arising during the period, changes in unrealized other-than-temporary impairment losses on fixed maturities arising during the period and reclassification adjustments for net gains included in net income. Other comprehensive income also includes changes in foreign currency translation adjustments and changes in net actuarial pension loss.

The following table presents the change in accumulated other comprehensive income (loss) by component, net of taxes and noncontrolling interests.

(dollars in thousands)
Unrealized
Holding Gains
on Available-for-
Sale Securities
 
Foreign
Currency
 
Net Actuarial
Pension Loss
 
Total
December 31, 2016
$
1,714,930

 
$
(84,406
)
 
$
(64,658
)
 
$
1,565,866

Other comprehensive income before reclassifications
787,339

 
10,403

 
3,092

 
800,834

Amounts reclassified from accumulated other comprehensive income
(24,296
)
 
—

 
3,167

 
(21,129
)
Total other comprehensive income
763,043

 
10,403

 
6,259

 
779,705

December 31, 2017
$
2,477,973

 
$
(74,003
)
 
$
(58,399
)
 
$
2,345,571

Cumulative effect of adoption of ASU No. 2016-01
(2,597,976
)
 
2,492

 
—

 
(2,595,484
)
Cumulative effect of adoption of ASU No. 2018-02
401,539

 
1,314

 
—

 
402,853

January 1, 2018
281,536

 
(70,197
)
 
(58,399
)
 
152,940

Other comprehensive loss before reclassifications
(241,325
)
 
(16,455
)
 
—

 
(257,780
)
Amounts reclassified from accumulated other comprehensive income
7,849

 
—

 
2,341

 
10,190

Total other comprehensive income (loss)
(233,476
)
 
(16,455
)
 
2,341

 
(247,590
)
December 31, 2018
$
48,060

 
$
(86,652
)
 
$
(56,058
)
 
$
(94,650
)
Other comprehensive income before reclassifications
299,125

 
403

 
2,908

 
302,436

Amounts reclassified from accumulated other comprehensive loss
(1,148
)
 
—

 
2,134

 
986

Total other comprehensive income
297,977

 
403

 
5,042

 
303,422

December 31, 2019
$
346,037

 
$
(86,249
)
 
$
(51,016
)
 
$
208,772



Effective January 1, 2018, the Company adopted ASU No. 2016-01 and as a result, equity securities are no longer classified as available-for-sale with unrealized gains and losses recognized in other comprehensive income. Rather, changes in the fair value of equity securities are now recognized in net income. Upon adoption of this ASU, cumulative net unrealized gains on equity securities of $2.6 billion, net of deferred income taxes, were reclassified from accumulated other comprehensive income into retained earnings.

Effective January 1, 2018, the Company adopted ASU No. 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, which provided an option to reclassify tax effects remaining in accumulated other comprehensive income as a result of the TCJA to retained earnings. As a result of adopting the ASU, the Company reclassified $402.9 million of previously recognized deferred taxes from accumulated other comprehensive income into retained earnings as of January 1, 2018.

The following table summarizes the tax expense (benefit) associated with each component of other comprehensive income.

 
Years Ended December 31,
(dollars in thousands)
2019
 
2018
 
2017
Change in net unrealized gains on available-for-sale investments:
 
 
 
 
 
Net holding gains (losses) arising during the period
$
84,219

 
$
(68,056
)
 
$
372,469

Reclassification adjustments for net gains (losses) included in net income (loss)
(305
)
 
2,086

 
(10,072
)
Change in net unrealized gains on available-for-sale investments
83,914

 
(65,970
)
 
362,397

Change in foreign currency translation adjustments
—

 
1,523

 
28

Change in net actuarial pension loss
1,348

 
622

 
1,284

Total
$
85,262

 
$
(63,825
)
 
$
363,709



The following table presents the details of amounts reclassified from accumulated other comprehensive income (loss) into income (loss), by component.

 
Years Ended December 31,
(dollars in thousands)
2019
 
2018
 
2017
Unrealized holding gains on available-for-sale securities:
 
 
 
 
 
Other-than-temporary impairment losses
$
—

 
$
—

 
$
(7,589
)
Net realized investment gains (losses), excluding other-than-temporary impairment losses
1,453

 
(9,935
)
 
41,957

Total before income taxes
1,453

 
(9,935
)
 
34,368

Income taxes
(305
)
 
2,086

 
(10,072
)
Reclassification of unrealized holding gains (losses), net of taxes
$
1,148

 
$
(7,849
)
 
$
24,296

 
 
 
 
 
 
Net actuarial pension loss:
 
 
 
 
 
Underwriting, acquisition and insurance expenses
$
(6,390
)
 
$
(2,963
)
 
$
(3,815
)
Income taxes
1,348

 
622

 
648

Reclassification of net actuarial pension loss, net of taxes
$
(5,042
)
 
$
(2,341
)
 
$
(3,167
)