Other Comprehensive Income

9 Months Ended

Sep. 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 income (loss) for the three and nine months ended September 30, 2021 and 2020 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)		2021		2020		2021		2020
Net unrealized investment (losses) gains arising during the period		$	(34,937)	$	42,674	$	(97,057)	$	132,036
Total income tax benefit (expense)		7,337		(8,962)		20,382		(27,728)
Net of taxes		(27,600)		33,712		(76,675)		104,308
Net changes in benefit plan assets and obligations		7,548		(14,364)		9,492		(11,695)
Total income tax benefit (expense)		(1,585)		3,017		(1,993)		2,456
Net of taxes		5,963		(11,347)		7,499		(9,239)
Total other comprehensive income (loss)		(27,389)		28,310		(87,565)		120,341
Total income tax benefit (expense)		5,752		(5,945)		18,389		(25,272)
Total other comprehensive income (loss), net of tax		$	(21,637)	$	22,365	$	(69,176)	$	95,069

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 nine months ended September 30, 2021 and 2020 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)		2021		2020		2021		2020
Reclassification adjustment for net realized (losses) gains(1)		$	1,045	$	10,349	$	7,462	$	8,673
Income tax benefit (expense)		(219)		(2,173)		(1,566)		(1,821)
Net of taxes		826		8,176		5,896		6,852
Reclassification adjustment related to benefit plan assets and obligations (2)		(971)		(1,336)		(2,915)		(4,005)
Income tax benefit (expense)		204		280		612		841
Net of taxes		(767)		(1,056)		(2,303)		(3,164)
Total reclassifications		74		9,013		4,547		4,668
Income tax benefit (expense)		(15)		(1,893)		(954)		(980)
Total reclassifications, net of tax		$	59	$	7,120	$	3,593	$	3,688

(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 nine months ended September 30, 2021, including amounts reclassified from AOCI, are included in table 9.3 below.

Rollforward of AOCI
Table	9.3
		Nine Months Ended September 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		(70,779)		5,196		(65,583)
Less: Amounts reclassified from AOCI		5,896		(2,303)		3,593
Balance, September 30, 2021, net of tax		$	195,462	$	(47,817)	$	147,645