Other Comprehensive Income

6 Months Ended

Jun. 30, 2021

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 six months ended June 30, 2021 and 2020 are included in table 9.1 below.

Components of other comprehensive income (loss)
Table	9.1
		Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)		2021		2020		2021		2020
Net unrealized investment gains arising during the period		$	57,030	$	181,242	$	(62,120)	$	89,362
Total income tax benefit (expense)		(11,976)		(38,061)		13,045		(18,766)
Net of taxes		45,054		143,181		(49,075)		70,596
Net changes in benefit plan assets and obligations		839		1,275		1,944		2,669
Total income tax benefit (expense)		(176)		(268)		(408)		(561)
Net of taxes		663		1,007		1,536		2,108
Total other comprehensive income (loss)		57,869		182,517		(60,176)		92,031
Total income tax benefit (expense)		(12,152)		(38,329)		12,637		(19,327)
Total other comprehensive income, net of tax		$	45,717	$	144,188	$	(47,539)	$	72,704

The pretax and related income tax benefit (expense) components of the amounts reclassified from our accumulated other comprehensive income (loss) (“AOCI”) to our consolidated statements of operations for the three and six months ended June 30, 2021 and 2020 are included in table 9.2 below.

Reclassifications from AOCI
Table	9.2
		Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)		2021		2020		2021		2020
Reclassification adjustment for net realized (losses) gains(1)		$	2,477	$	(6,390)	$	6,417	$	(1,676)
Income tax benefit (expense)		(520)		1,342		(1,347)		352
Net of taxes		1,957		(5,048)		5,070		(1,324)
Reclassification adjustment related to benefit plan assets and obligations (2)		(839)		(1,275)		(1,944)		(2,669)
Income tax benefit (expense)		176		268		408		561
Net of taxes		(663)		(1,007)		(1,536)		(2,108)
Total reclassifications		1,638		(7,665)		4,473		(4,345)
Income tax benefit (expense)		(344)		1,610		(939)		913
Total reclassifications, net of tax		$	1,294	$	(6,055)	$	3,534	$	(3,432)

(1)Increases (decreases) 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 six months ended June 30, 2021, including amounts reclassified from AOCI, are included in table 9.3 below.

Rollforward of AOCI
Table	9.3
		Six Months Ended June 30, 2021
(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, 2020, net of tax		$	272,137	$	(55,316)	$	216,821
Other comprehensive income before reclassifications		(44,005)		—		(44,005)
Less: Amounts reclassified from AOCI		5,070		(1,536)		3,534
Balance, June 30, 2021, net of tax		$	223,062	$	(53,780)	$	169,282