OTHER COMPREHENSIVE INCOME (LOSS)

9 Months Ended

Sep. 30, 2023

Other Comprehensive Income (Loss), Tax [Abstract]

The following tables present the components of comprehensive income (loss) in the consolidated statements of operations for the periods indicated:


	Three Months Ended September 30, 2023						Nine Months Ended September 30, 2023
(Dollars in millions)	Before Tax		Tax Effect		Net of Tax		Before Tax		Tax Effect		Net of Tax
URA(D) on securities - non-credit related	$	(157)	$	33	$	(124)	$	(72)	$	15	$	(56)
Reclassification of net realized losses (gains) included in net income (loss)	14		(3)		11		33		(7)		26
Foreign currency translation adjustments	(14)		3		(11)		(11)		2		(9)
Reclassification of amortization of net gain (loss) included in net income (loss)	1		—		—		2		—		1
Total other comprehensive income (loss)	$	(157)	$	33	$	(124)	$	(48)	$	10	$	(38)

(Some amounts may not reconcile due to rounding)


	Three Months Ended September 30, 2022						Nine Months Ended September 30, 2022
(Dollars in millions)	Before Tax		Tax Effect		Net of Tax		Before Tax		Tax Effect		Net of Tax
URA(D) on securities - non-credit related	$	(357)	$	75	$	(282)	$	(1,376)	$	288	$	(1,087)
Reclassification of net realized losses (gains) included in net income (loss)	50		(11)		40		61		(13)		48
Foreign currency translation adjustments	(37)		8		(29)		(52)		11		(41)
Reclassification of amortization of net gain (loss) included in net income (loss)	—		—		—		3		(1)		2
Total other comprehensive income (loss)	$	(343)	$	72	$	(271)	$	(1,364)	$	285	$	(1,078)

(Some amounts may not reconcile due to rounding)

The following table presents details of the amounts reclassified from AOCI for the periods indicated:


	Three Months Ended September 30,				Nine Months Ended September 30,				Affected line item within the statements of operations and comprehensive income (loss)
AOCI component	2023		2022		2023		2022
(Dollars in millions)
URA(D) on securities	$	14	$	50	$	33	$	61	Other net gains (losses) on investments
	(3)		(11)		(7)		(13)		Income tax expense (benefit)
	$	11	$	40	$	26	$	48	Net income (loss)

Benefit plan net gain (loss)	$	1	$	—	$	2	$	3	Other underwriting expenses
	—		—		—		(1)		Income tax expense (benefit)
	$	—	$	—	$	1	$	2	Net income (loss)

(Some amounts may not reconcile due to rounding)

The following table presents the components of accumulated other comprehensive income (loss), net of tax, in the consolidated balance sheets for the periods indicated:


	Three Months Ended September 30,				Nine Months Ended September 30,
(Dollars in millions)	2023		2022		2023		2022
Beginning balance of URA(D) on securities	$	(734)	$	(675)	$	(816)	$	122
Current period change in URA(D) of investments - non-credit related	(113)		(242)		(31)		(1,039)
Ending balance of URA(D) on securities	(847)		(917)		(847)		(917)

Beginning balance of foreign currency translation adjustments	4		8		2		20
Current period change in foreign currency translation adjustments	(11)		(29)		(9)		(41)
Ending balance of foreign currency translation adjustments	(7)		(21)		(7)		(21)

Beginning balance of benefit plan net gain (loss)	(32)		(49)		(33)		(51)
Current period change in benefit plan net gain (loss)	—		—		1		2
Ending balance of benefit plan net gain (loss)	(32)		(49)		(32)		(49)

Ending balance of accumulated other comprehensive income (loss)	$	(886)	$	(987)	$	(886)	$	(987)

(Some amounts may not reconcile due to rounding.)

EVEREST REINSURANCE HOLDINGS INC 10-Q