Other Comprehensive Income

9 Months Ended

Sep. 30, 2020

Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]

Other Comprehensive Income

Other Comprehensive Income

The pretax and related income tax benefit (expense) components of our other comprehensive (loss) income for the three and nine months ended September 30, 2020 and 2019 are included in table 9.1 below.

Components of other comprehensive income (loss)
Table	9.1
		Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands)		2020		2019		2020		2019
Net unrealized investment gains arising during the period		$	42,674	$	39,712	$	132,036	$	231,895
Total income tax benefit (expense)		(8,962)		(8,340)		(27,728)		(48,698)
Net of taxes		33,712		31,372		104,308		183,197
Net changes in benefit plan assets and obligations		(14,364)		2,024		(11,695)		6,074
Total income tax benefit (expense)		3,017		(424)		2,456		(1,275)
Net of taxes		(11,347)		1,600		(9,239)		4,799
Total other comprehensive income		28,310		41,736		120,341		237,969
Total income tax benefit (expense)		(5,945)		(8,764)		(25,272)		(49,973)
Total other comprehensive income, net of tax		$	22,365	$	32,972	$	95,069	$	187,996

The pretax and related income tax (expense) benefit components of the amounts reclassified from our accumulated other comprehensive income (loss) (“AOCI”) to our consolidated statements of operations for the three and nine months ended September 30, 2020 and 2019 are included in table 9.2 below.

Reclassifications from AOCI
Table	9.2
		Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands)		2020		2019		2020		2019
Reclassification adjustment for net realized (losses) gains(1)		$	10,349	$	2,772	$	8,673	$	1,794
Income tax (expense) benefit		(2,173)		(582)		(1,821)		(376)
Net of taxes		8,176		2,190		6,852		1,418
Reclassification adjustment related to benefit plan assets and obligations (2)		(1,336)		(2,024)		(4,005)		(6,074)
Income tax (expense) benefit		280		424		841		1,275
Net of taxes		(1,056)		(1,600)		(3,164)		(4,799)
Total reclassifications		9,013		748		4,668		(4,280)
Income tax (expense) benefit		(1,893)		(158)		(980)		899
Total reclassifications, net of tax		$	7,120	$	590	$	3,688	$	(3,381)

(1)(Decreases) Increases Net realized investment gains (losses) on the consolidated statements of operations.

(2)Decreases (Increases) Other underwriting and operating expenses, net on the consolidated statements of operations.

A rollforward of AOCI for the nine months ended September 30, 2020, including amounts reclassified from AOCI, are included in table 9.3 below.

Rollforward of AOCI
Table	9.3
		Nine Months Ended September 30, 2020
(In thousands)		Net unrealized gains and (losses) on available-for-sale securities		Net benefit plan assets and (obligations) recognized in shareholders' equity		Total accumulated other comprehensive income (loss)
Balance at December 31, 2019, net of tax		138,521		(65,813)		72,708
Other comprehensive income before reclassifications		111,160		(12,403)		98,757
Less: Amounts reclassified from AOCI		6,852		(3,164)		3,688
Balance, September 30, 2020, net of tax		$	242,829	$	(75,052)	$	167,777