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OTHER COMPREHENSIVE INCOME (LOSS)
 12 Months Ended
Dec. 31, 2018
Equity [Abstract]  
OTHER COMPREHENSIVE INCOME (LOSS)
The following table presents the tax effects allocated to each component of other comprehensive income (loss):
 
 
Before tax amount
 
Tax (expense) benefit
 
Net of tax amount
 
 
 
 
 
 
 
 
 
 
Year ended December 31, 2018
 
 
 
 
 
 
 
Available for sale investments:
 
 
 
 
 
 
 
Unrealized investment gains (losses) arising during the year
$
(297,259
)
 
$
5,528

 
$
(291,731
)
 
 
Adjustment for reclassification of net realized investment (gains) losses and OTTI losses recognized in net income
105,730

 
(4,828
)
 
100,902

 
 
Unrealized investment gains (losses) arising during the year, net of reclassification adjustment (1)
(191,529
)
 
700

 
(190,829
)
 
 
Non-credit portion of OTTI losses
—

 
—

 
—

 
 
Foreign currency translation adjustment
(11,165
)
 
—

 
(11,165
)
 
 
Total other comprehensive income (loss), net of tax
$
(202,694
)
 
$
700

 
$
(201,994
)
 
 
 
 
 
 
 
 
 
 
Year ended December 31, 2017
 
 
 
 
 
 
 
Available for sale investments:
 
 
 
 
 
 
 
Unrealized investment gains (losses) arising during the year
$
211,151

 
$
(5,732
)
 
$
205,419

 
 
Adjustment for reclassification of net realized investment (gains) losses and OTTI losses recognized in net income
(33,892
)
 
758

 
(33,134
)
 
 
Unrealized investment gains (losses) arising during the year, net of reclassification adjustment
177,259

 
(4,974
)
 
172,285

 
 
Non-credit portion of OTTI losses
—

 
—

 
—

 
 
Foreign currency translation adjustment
41,938

 
—

 
41,938

 
 
Total other comprehensive income (loss), net of tax
$
219,197

 
$
(4,974
)
 
$
214,223

 
 
 
 
 
 
 
 
 
 
Year ended December 31, 2016
 
 
 
 
 
 
 
Available for sale investments:
 
 
 
 
 
 
 
Unrealized investment gains (losses) arising during the year
$
10,165

 
$
(5,093
)
 
$
5,072

 
 
Adjustment for reclassification of net realized investment (gains) losses and OTTI losses recognized in net income
60,423

 
1,767

 
62,190

 
 
Unrealized investment gains (losses) arising during the year, net of reclassification adjustment
70,588

 
(3,326
)
 
67,262

 
 
Non-credit portion of OTTI losses
—

 
—

 
—

 
 
Foreign currency translation adjustment
(638
)
 
—

 
(638
)
 
 
Total other comprehensive income (loss), net of tax
$
69,950

 
$
(3,326
)
 
$
66,624

 
 
 
 
 
 
 
 
 

(1)
Effective January 1, 2018, the Company adopted ASU No. 2016-01. The adoption of this guidance resulted in a cumulative adjustment to reclassify unrealized investment gains on equity securities from accumulated other comprehensive income to retained earnings. Refer to Item 8, Note 2 'Basis of Presentation and Significant Accounting Policies' to the consolidated financial statements for additional information.

The following table presents reclassification amounts from accumulated other comprehensive income ("AOCI") to net income (loss) available (attributable) to common shareholders:
 
 
 
Amount reclassified from AOCI(1)
 
 
Details about AOCI components
Consolidated statement of operations line item that includes reclassification
Year ended December 31,
 
 
2018
 
2017
 
2016
 
 
 
 
 
 
 
 
 
 
 
 
 
Unrealized investment gains (losses) on available for sale investments
 
 
 
 
 
 
 
 
 
 
Other realized investment gains (losses)
$
(95,997
)
 
$
48,385

 
$
(34,213
)
 
 
 
 
OTTI losses
(9,733
)
 
(14,493
)
 
(26,210
)
 
 
 
 
Total before tax
(105,730
)
 
33,892

 
(60,423
)
 
 
 
 
Income tax (expense) benefit
4,828

 
(758
)
 
(1,767
)
 
 
 
 
Net of tax
$
(100,902
)
 
$
33,134

 
$
(62,190
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustments
 
 
 
 
 
 
 
 
 
 
Foreign exchange loss
$
—

 
$
(24,149
)
 
$
—

 
 
 
 
Income tax (expense) benefit
—

 
—

 
—

 
 
 
 
   Net of tax
$
—

 
$
(24,149
)
 
$
—

 
 
 
 
 
 
 
 
 
 
 
 
(1)
Amounts in parentheses are charges to net income (loss) available (attributable) to common shareholders

On March 27, 2017, as part of the wind down of the Company's 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, the Company released the cumulative translation adjustment related to AXIS Specialty Australia of $24 million from AOCI in the consolidation balance sheet to foreign exchange losses (gains) in the consolidated statement of operations.