Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2022

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

Other Comprehensive Income (Loss)

NOTE 10 Other Comprehensive Income (Loss)

The pretax components of our other comprehensive income (loss) and related income tax benefit (expense) for the years ended December 31, 2022, 2021 and 2020 are included in table 10.1 below.

Components of other comprehensive income (loss)
Table	10.1
(In thousands)		2022		2021		2020
Net unrealized investment (losses) gains arising during the period		$	(707,005)	$	(154,555)	$	169,135
Income tax benefit (expense)		148,471		32,456		(35,519)
Net of taxes		(558,534)		(122,099)		133,616
Net changes in benefit plan assets and obligations		(54,017)		31,613		13,288
Income tax benefit (expense)		11,343		(6,638)		(2,791)
Net of taxes		(42,674)		24,975		10,497
Total other comprehensive income (loss)		(761,022)		(122,942)		182,423
Total income tax benefit (expense)		159,814		25,818		(38,310)
Total other comprehensive income (loss), net of tax		$	(601,208)	$	(97,124)	$	144,113

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 years ended December 31, 2022, 2021 and 2020 are included in table 10.2 below.

Reclassifications from Accumulated Other Comprehensive Income (Loss)
Table	10.2
(In thousands)		2022		2021		2020
Reclassification adjustment for net realized (losses) gains (1)		$	(9,860)	$	10,455	$	13,862
Income tax benefit (expense)		2,070		(2,195)		(2,912)
Net of taxes		(7,790)		8,260		10,950
Reclassification adjustment related to benefit plan assets and obligations (2)		(16,750)		(9,779)		(15,968)
Income tax benefit (expense)		3,518		2,053		3,353
Net of taxes		(13,232)		(7,726)		(12,615)
Total reclassifications		(26,610)		676		(2,106)
Income tax benefit (expense)		5,588		(142)		441
Total reclassifications, net of tax		$	(21,022)	$	534	$	(1,665)

(1)(Decreases) increases Net gains (losses) on investments and other financial instruments on the consolidated statements of operations.

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

A roll-forward of AOCI for the years ended December 31, 2022, 2021, and 2020, including amounts reclassified from AOCI, is included in table 10.3 below.

Roll-forward of Accumulated Other Comprehensive Income (Loss)
Table	10.3
(In thousands)		Net unrealized gains and losses on available-for-sale securities		Net benefit plan assets and obligations recognized in shareholders' equity		Total AOCI
Balance, December 31, 2019, net of tax		$	138,521	$	(65,813)	$	72,708
Other comprehensive income (loss) before reclassifications		144,566		(2,118)		142,448
Less: Amounts reclassified from AOCI		10,950		(12,615)		(1,665)
Balance, December 31, 2020, net of tax		272,137		(55,316)		216,821
Other comprehensive income (loss) before reclassifications		(113,839)		17,249		(96,590)
Less: Amounts reclassified from AOCI		8,260		(7,726)		534
Balance, December 31, 2021, net of tax		150,038		(30,341)		119,697
Other comprehensive income (loss) before reclassifications		(566,324)		(55,906)		(622,230)
Less: Amounts reclassified from AOCI		(7,790)		(13,232)		(21,022)
Balance, December 31, 2022, net of tax		$	(408,496)	$	(73,015)	$	(481,511)