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OTHER COMPREHENSIVE INCOME
 9 Months Ended
Sep. 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 September 30,
 
 
 
 
 
 
 
 
 
 
 
 
 
Available for sale investments:
 
 
 
 
 
 
 
 
 
 
 
 
 
Unrealized investment gains arising during the period
$
64,431

 
$
(1,926
)
 
$
62,505

 
$
40,125

 
$
(3,789
)
 
$
36,336

 
 
Adjustment for reclassification of net realized investment gains and OTTI losses recognized in net income
(15,925
)
 
2,639

 
(13,286
)
 
(5,050
)
 
2,408

 
(2,642
)
 
 
Unrealized investment gains arising during the period, net of reclassification adjustment
48,506

 
713

 
49,219

 
35,075

 
(1,381
)
 
33,694

 
 
Non-credit portion of OTTI losses
—

 
—

 
—

 
—

 
—

 
—

 
 
Foreign currency translation adjustment
8,088

 
—

 
8,088

 
1,722

 
—

 
1,722

 
 
Total other comprehensive income, net of tax
$
56,594

 
$
713

 
$
57,307

 
$
36,797

 
$
(1,381
)
 
$
35,416

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Nine months ended September 30,
 
 
 
 
 
 
 
 
 
 
 
 
 
Available for sale investments:
 
 
 
 
 
 
 
 
 
 
 
 
 
Unrealized investment gains arising during the period
$
215,360

 
$
(8,899
)
 
$
206,461

 
$
263,235

 
$
(24,579
)
 
$
238,656

 
 
Adjustment for reclassification of net realized investment losses and OTTI losses recognized in net income
8,269

 
1,900

 
10,169

 
40,338

 
2,282

 
42,620

 
 
Unrealized investment gains arising during the period, net of reclassification adjustment
223,629

 
(6,999
)
 
216,630

 
303,573

 
(22,297
)
 
281,276

 
 
Non-credit portion of OTTI losses
—

 
—

 
—

 
—

 
—

 
—

 
 
Foreign currency translation adjustment
46,824

 
—

 
46,824

 
5,694

 
—

 
5,694

 
 
Total other comprehensive income, net of tax
$
270,453

 
$
(6,999
)
 
$
263,454

 
$
309,267

 
$
(22,297
)
 
$
286,970

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Reclassifications out of AOCI into net income (loss) 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 September 30,
 
Nine months ended September 30,
 
 
2017
 
2016
 
2017
 
2016
 
 
 
 
 
 
 
 
 
 
 
 
 
Unrealized investment gains (losses) on available for sale investments
 
 
 
 
 
 
 
 
 
 
 
Other realized investment gains(losses)
$
21,337

 
$
9,297

 
$
5,224

 
$
(19,992
)
 
 
 
OTTI losses
(5,412
)
 
(4,247
)
 
(13,493
)
 
(20,346
)
 
 
 
Total before tax
15,925

 
5,050

 
(8,269
)
 
(40,338
)
 
 
 
Income tax expense
(2,639
)
 
(2,408
)
 
(1,900
)
 
(2,282
)
 
 
 
Net of tax
$
13,286

 
$
2,642

 
$
(10,169
)
 
$
(42,620
)
 
 
 
 
 
 
 
 
 
 
 
 
 
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 (loss) 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.