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OTHER COMPREHENSIVE INCOME
 6 Months Ended
Jun. 30, 2017
Equity [Abstract]  
OTHER COMPREHENSIVE INCOME
The tax effects allocated to each component of other comprehensive income were as follows:
 
 
2017
 
2016
 
 
 
Before Tax Amount
 
Tax (Expense) Benefit
 
Net of Tax Amount
 
Before Tax Amount
 
Tax (Expense) Benefit
 
Net of Tax Amount
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three months ended June 30,
 
 
 
 
 
 
 
 
 
 
 
 
 
Available for sale investments:
 
 
 
 
 
 
 
 
 
 
 
 
 
Unrealized investment gains arising during the period
$
80,557

 
$
(4,314
)
 
$
76,243

 
$
74,278

 
$
(10,593
)
 
$
63,685

 
 
Adjustment for reclassification of net realized investment gains and OTTI losses recognized in net income
(1,564
)
 
61

 
(1,503
)
 
(18,604
)
 
4,585

 
(14,019
)
 
 
Unrealized investment gains arising during the period, net of reclassification adjustment
78,993

 
(4,253
)
 
74,740

 
55,674

 
(6,008
)
 
49,666

 
 
Non-credit portion of OTTI losses
—

 
—

 
—

 
—

 
—

 
—

 
 
Foreign currency translation adjustment
8,867

 
—

 
8,867

 
(4,224
)
 
—

 
(4,224
)
 
 
Total other comprehensive income, net of tax
$
87,860

 
$
(4,253
)
 
$
83,607

 
$
51,450

 
$
(6,008
)
 
$
45,442

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Six months ended June 30,
 
 
 
 
 
 
 
 
 
 
 
 
 
Available for sale investments:
 
 
 
 
 
 
 
 
 
 
 
 
 
Unrealized investment gains arising during the period
$
150,929

 
$
(6,976
)
 
$
143,953

 
$
223,109

 
$
(20,790
)
 
$
202,319

 
 
Adjustment for reclassification of net realized investment losses and OTTI losses recognized in net income
24,194

 
(736
)
 
23,458

 
45,388

 
(125
)
 
45,263

 
 
Unrealized investment gains arising during the period, net of reclassification adjustment
175,123

 
(7,712
)
 
167,411

 
268,497

 
(20,915
)
 
247,582

 
 
Non-credit portion of OTTI losses
—

 
—

 
—

 
—

 
—

 
—

 
 
Foreign currency translation adjustment
38,736

 
—

 
38,736

 
3,972

 
—

 
3,972

 
 
Total other comprehensive income, net of tax
$
213,859

 
$
(7,712
)
 
$
206,147

 
$
272,469

 
$
(20,915
)
 
$
251,554

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Reclassifications out of AOCI into net income available to common shareholders were as follows:
 
 
 
Amount Reclassified from AOCI(1)
 
 
Details About AOCI Components
Consolidated Statement of Operations Line Item That Includes Reclassification
Three months ended June 30,
 
Six months ended June 30,
 
 
2017
 
2016
 
2017
 
2016
 
 
 
 
 
 
 
 
 
 
 
 
 
Unrealized investment gains (losses) on available for sale investments
 
 
 
 
 
 
 
 
 
 
 
Other realized investment gains(losses)
$
3,092

 
$
24,973

 
$
(16,112
)
 
$
(29,289
)
 
 
 
OTTI losses
(1,528
)
 
(6,369
)
 
(8,082
)
 
(16,099
)
 
 
 
Total before tax
1,564

 
18,604

 
(24,194
)
 
(45,388
)
 
 
 
Income tax (expense) benefit
(61
)
 
(4,585
)
 
736

 
125

 
 
 
Net of tax
$
1,503

 
$
14,019

 
$
(23,458
)
 
$
(45,263
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustment
 
 
 
 
 
 
 
 
 
 
 
Foreign exchange loss
$
—

 
$
—

 
$
(24,149
)
 
$
—

 
 
 
Income tax expense
—

 
—

 
—

 
—

 
 
 
Net of tax
$
—

 
$
—

 
$
(24,149
)
 
$
—

 
 
 
 
 
 
 
 
 
 
 
 
(1)
Amounts in parentheses are debits to net income available to common shareholders.

On March 27, 2017, as part of the wind down of our Australia operation, the Australia Prudential Regulation Authority revoked the authorization of AXIS Specialty Australia to carry on insurance business in Australia. As this resulted in the substantial liquidation of AXIS Specialty Australia, we have released the cumulative translation adjustment related to AXIS Specialty Australia of $24 million from accumulated other comprehensive income in the Consolidated Balance Sheet to foreign exchange losses in the Consolidated Statement of Operations.