Company Quick10K Filing
Quick10K
Berkley W R
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$60.64 183 $11,100
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-07-23 Earnings, Exhibits
8-K 2019-06-06 Shareholder Vote
8-K 2019-04-23 Earnings, Exhibits
8-K 2019-02-21 Officers, Other Events, Exhibits
8-K 2019-01-29 Earnings, Exhibits
8-K 2018-10-23 Earnings, Exhibits
8-K 2018-07-24 Earnings, Exhibits
8-K 2018-05-31 Officers, Shareholder Vote
8-K 2018-04-24 Earnings, Exhibits
8-K 2018-04-03 Other Events, Exhibits
8-K 2018-03-26 Enter Agreement, Exhibits
8-K 2018-03-19 Enter Agreement, Exhibits
8-K 2018-01-30 Earnings, Exhibits
DOV Dover 13,990
RLJ RLJ Lodging Trust 3,200
WHD Cactus 2,710
ARCB Arcbest 736
CNSL Consolidated Communications Holdings 358
SEAC SeaChange 47
SGLB Sigma Labs 15
HKEB HK Ebus 0
USVR US VR Global.com 0
SPFI South Plains Financial 0
WRB 2019-06-30
Part I - Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosure About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-31.1 wrb630201910-qex311.htm
EX-31.2 wrb630201910-qex312.htm
EX-32.1 wrb630201910-qex321.htm

Berkley W R Earnings 2019-06-30

WRB 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Document
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 10-Q
(Mark one)
QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended June 30, 2019
or
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
For the Transition Period from                      to                     .
Commission File Number
1-15202

W. R. BERKLEY CORPORATION
(Exact name of registrant as specified in its charter)
Delaware
 
22-1867895
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer Identification No.)
 
 
 
475 Steamboat Road
Greenwich
Connecticut
06830
(Address of principal executive offices)
 
 
(Zip Code)
(203)
629-3000
(Registrant’s telephone number, including area code)
 
None
 
Former name, former address and former fiscal year, if changed since last report.
Securities registered pursuant to Section 12(b) of the Act:
Title
Trading Symbol
Name
 
 
 
Common Stock, par value $.20 per share
WRB
New York Stock Exchange
5.625% Subordinated Debentures due 2053
WRB B
New York Stock Exchange
5.9% Subordinated Debentures due 2056
WRB C
New York Stock Exchange
5.75% Subordinated Debentures due 2056
WRB D
New York Stock Exchange
5.70% Subordinated Debentures due 2058
WRB E
New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes      No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes      No




Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
 
 
Accelerated filer
Non-accelerated filer
 
Smaller reporting company
 
 
 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes     No
Number of shares of common stock, $.20 par value, outstanding as of July 30, 2019: 183,176,414
 




TABLE OF CONTENTS
 
 
 
 
 
 
 
 
EX-101 INSTANCE DOCUMENT
EX-101 SCHEMA DOCUMENT
EX-101 CALCULATION LINKBASE DOCUMENT
EX-101 LABELS LINKBASE DOCUMENT
EX-101 PRESENTATION LINKBASE DOCUMENT
EX-101 DEFINITION LINKBASE DOCUMENT




Part I — FINANCIAL INFORMATION
Item 1.     Financial Statements

W. R. BERKLEY CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
 
June 30,
2019
 
December 31,
2018
 
(Unaudited)
 
(Audited)
Assets
 
 
 
Investments:
 
 
 
Fixed maturity securities
$
13,732,800

 
$
13,606,812

Real estate
2,067,544

 
1,957,092

Investment funds
1,401,571

 
1,332,818

Arbitrage trading account
533,442

 
452,548

Equity securities
416,588

 
279,006

Loans receivable
94,697

 
94,813

Total investments
18,246,642

 
17,723,089

Cash and cash equivalents
1,258,174

 
817,602

Premiums and fees receivable
2,034,036

 
1,807,762

Due from reinsurers
2,040,250

 
1,932,291

Deferred policy acquisition costs
520,908

 
497,629

Prepaid reinsurance premiums
538,358

 
498,880

Trading account receivables from brokers and clearing organizations
402,361

 
347,228

Property, furniture and equipment
398,885

 
416,372

Goodwill
173,037

 
173,037

Accrued investment income
140,864

 
144,481

Federal and foreign income taxes

 
36,193

Other assets
734,388

 
501,413

Total assets
$
26,487,903

 
$
24,895,977

 
 
 
 
Liabilities and Equity
 
 
 
Liabilities:
 
 
 
Reserves for losses and loss expenses
$
12,320,278

 
$
11,966,448

Unearned premiums
3,614,152

 
3,359,991

Due to reinsurers
294,949

 
256,917

Trading account securities sold but not yet purchased
159,349

 
38,120

Federal and foreign income taxes
38,437

 

Other liabilities
1,258,995

 
1,005,184

Senior notes and other debt
1,873,799

 
1,882,028

Subordinated debentures
907,866

 
907,491

Total liabilities
20,467,825

 
19,416,179

Equity:
 
 
 
Preferred stock, par value $.10 per share:
 
 
 
Authorized 5,000,000 shares; issued and outstanding - none

 

Common stock, par value $.20 per share:
 
 
 
Authorized 500,000,000 shares, issued and outstanding, net of treasury shares, 183,168,398 and 182,993,640 shares, respectively
70,535

 
70,535

Additional paid-in capital
1,058,416

 
1,039,633

Retained earnings
7,826,015

 
7,558,619

Accumulated other comprehensive loss
(260,796
)
 
(510,470
)
Treasury stock, at cost, 169,508,366 and 169,683,237 shares, respectively
(2,717,410
)
 
(2,720,466
)
Total stockholders’ equity
5,976,760

 
5,437,851

Noncontrolling interests
43,318

 
41,947

Total equity
6,020,078

 
5,479,798

Total liabilities and equity
$
26,487,903

 
$
24,895,977

See accompanying notes to interim consolidated financial statements.

1




W. R. BERKLEY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(In thousands, except per share data)
 
For the Three Months
Ended June 30,
 
For the Six Months
Ended June 30,
 
 
 
2019
 
2018
 
2019
 
2018
REVENUES:
 
 
 
 
 
 
 
Net premiums written
$
1,743,464

 
$
1,624,104

 
$
3,453,065

 
$
3,289,442

Change in net unearned premiums
(96,623
)
 
(43,051
)
 
(213,368
)
 
(140,981
)
Net premiums earned
1,646,841

 
1,581,053

 
3,239,697

 
3,148,461

Net investment income
188,333

 
153,777

 
346,587

 
328,295

Net realized and unrealized gains on investments
73,574

 
69,631

 
142,226

 
118,095

Revenues from non-insurance businesses
89,297

 
76,698

 
181,124

 
146,869

Insurance service fees
22,446

 
29,719

 
47,759

 
60,393

Other income
2,893

 
38

 
3,013

 
50

Total revenues
2,023,384

 
1,910,916

 
3,960,406

 
3,802,163

OPERATING COSTS AND EXPENSES:
 
 
 
 
 
 
 
Losses and loss expenses
1,028,830

 
973,636

 
2,017,479

 
1,936,856

Other operating costs and expenses
591,828

 
593,142

 
1,179,916

 
1,203,581

Expenses from non-insurance businesses
88,272

 
75,191

 
178,397

 
144,734

Interest expense
40,718

 
39,705

 
81,439

 
76,760

Total operating costs and expenses
1,749,648

 
1,681,674

 
3,457,231

 
3,361,931

Income before income taxes
273,736

 
229,242

 
503,175

 
440,232

Income tax expense
(56,309
)
 
(48,464
)
 
(104,134
)
 
(91,881
)
Net income before noncontrolling interests
217,427

 
180,778

 
399,041

 
348,351

Noncontrolling interests
(718
)
 
(703
)
 
(1,610
)
 
(1,879
)
Net income to common stockholders
$
216,709

 
$
180,075

 
$
397,431

 
$
346,472

 
 
 
 
 
 
 
 
NET INCOME PER SHARE:
 
 
 
 
 
 
 
Basic
$
1.14

 
$
0.95

 
$
2.09

 
$
1.83

Diluted
$
1.12

 
$
0.93

 
$
2.06

 
$
1.80


See accompanying notes to interim consolidated financial statements.






2



W. R. BERKLEY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
(In thousands)
 
For the Three Months
Ended June 30,
 
For the Six Months
Ended June 30,
 
 
 
2019
 
2018
 
2019
 
2018
Net income before noncontrolling interests
$
217,427

 
$
180,778

 
$
399,041

 
$
348,351

Other comprehensive income (loss):
 
 
 
 
 
 
 
Change in unrealized currency translation adjustments
(14,492
)
 
(104,455
)
 
5,268

 
(91,656
)
Change in unrealized investment gains (losses), net of taxes
118,649

 
(32,442
)
 
244,424

 
(158,214
)
Other comprehensive income (loss)
104,157

 
(136,897
)
 
249,692

 
(249,870
)
Comprehensive income
321,584

 
43,881

 
648,733

 
98,481

Noncontrolling interests
(748
)
 
(666
)
 
(1,592
)
 
(1,853
)
Comprehensive income to common stockholders
$
320,836

 
$
43,215

 
$
647,141

 
$
96,628


See accompanying notes to interim consolidated financial statements.

3


W. R. BERKLEY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (UNAUDITED)
(In thousands)
 
For the Three Months
Ended June 30,
 
For the Six Months
Ended June 30,
 
 
 
2019
 
2018
 
2019

2018
COMMON STOCK:
 
 
 
 
 
 
 
Beginning and end of period
$
70,535

 
$
70,535

 
$
70,535

 
$
70,535

ADDITIONAL PAID-IN CAPITAL:
 
 
 
 
 
 
 
Beginning of period
$
1,053,372

 
$
1,033,718

 
$
1,039,633

 
$
1,024,771

Restricted stock units issued
(2,049
)
 
(5,155
)
 
(2,504
)
 
(5,642
)
Restricted stock units expensed
7,093

 
8,233

 
21,287

 
17,667

End of period
$
1,058,416

 
$
1,036,796

 
$
1,058,416

 
$
1,036,796

RETAINED EARNINGS:
 
 
 
 
 
 
 
Beginning of period
$
7,721,039

 
$
7,322,201

 
$
7,558,619

 
$
6,956,882

Cumulative effect adjustment resulting from changes in accounting principles

 

 

 
215,939

Net income to common stockholders
216,709

 
180,075

 
397,431

 
346,472

Dividends ($0.61, $0.43, $0.71 and $0.53 per share, respectively)
(111,733
)
 
(79,114
)
 
(130,035
)
 
(96,131
)
End of period
$
7,826,015

 
$
7,423,162

 
$
7,826,015

 
$
7,423,162

ACCUMULATED OTHER COMPREHENSIVE LOSS:
 
 
 
 
 
 
 
Unrealized investment gains:
 
 
 
 
 
 
 
Beginning of period
$
34,236

 
$
35,099

 
$
(91,491
)
 
$
375,421

Cumulative effect adjustment resulting from changes in accounting principles

 

 

 
(214,539
)
Change in unrealized gains (losses) on securities not other-than-temporarily impaired
118,597

 
(32,403
)
 
244,393

 
(158,199
)
Change in unrealized gains (losses) on other-than-temporarily impaired securities
82

 
(2
)
 
13

 
11

End of period
152,915

 
2,694

 
152,915

 
2,694

Currency translation adjustments:
 
 
 
 
 
 
 
Beginning of period
(399,219
)
 
(294,081
)
 
(418,979
)
 
(306,880
)
Net change in period
(14,492
)
 
(104,455
)
 
5,268

 
(91,656
)
End of period
(413,711
)
 
(398,536
)
 
(413,711
)
 
(398,536
)
Total accumulated other comprehensive loss
$
(260,796
)
 
$
(395,842
)
 
$
(260,796
)
 
$
(395,842
)
TREASURY STOCK:
 
 
 
 
 
 
 
Beginning of period
$
(2,720,011
)
 
$
(2,715,697
)
 
$
(2,720,466
)
 
$
(2,709,386
)
Stock exercised/vested
2,049

 
6,475

 
2,504

 
6,963

Stock repurchased

 

 

 
(6,799
)
Stock issued
552

 
688

 
552

 
688

End of period
$
(2,717,410
)
 
$
(2,708,534
)
 
$
(2,717,410
)
 
$
(2,708,534
)
NONCONTROLLING INTERESTS:
 
 
 
 
 
 
 
Beginning of period
$
42,844

 
$
40,404

 
$
41,947

 
$
39,819

Distributions
(274
)
 
(1,560
)
 
(221
)
 
(2,162
)
Net income
718

 
703

 
1,610

 
1,879

Other comprehensive income (loss), net of tax
30

 
(37
)
 
(18
)
 
(26
)
End of period
$
43,318

 
$
39,510

 
$
43,318

 
$
39,510

See accompanying notes to interim consolidated financial statements.

4



W. R. BERKLEY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(In thousands)
 
For the Six Months
Ended June 30,
 
 
2019
 
2018
CASH FROM OPERATING ACTIVITIES:
 
 
 
Net income to common stockholders
$
397,431

 
$
346,472

Adjustments to reconcile net income to net cash from (used in) operating activities:
 
 
 
Net realized and unrealized gains on investments
(142,226
)
 
(118,095
)
Depreciation and amortization
51,289

 
56,372

Noncontrolling interests
1,610

 
1,879

Investment funds
(58,251
)
 
(53,070
)
Stock incentive plans
27,340

 
19,722

Change in:
 
 
 
Arbitrage trading account
(14,797
)
 
(7,871
)
Premiums and fees receivable
(223,771
)
 
(152,832
)
Reinsurance accounts
(112,681
)
 
(77,140
)
Deferred policy acquisition costs
(23,632
)
 
(11,152
)
Income taxes
2,759

 
(39,069
)
Reserves for losses and loss expenses
350,981

 
123,582

Unearned premiums
254,010

 
171,468

Other
(107,416
)
 
(140,904
)
Net cash from operating activities
402,646

 
119,362

CASH FROM (USED IN) INVESTING ACTIVITIES:
 
 
 
Proceeds from sale of fixed maturity securities
1,320,079

 
2,773,554

Proceeds from sale of equity securities
39,103

 
284,204

Contributions to investment funds
(2,896
)
 
(4,996
)
Proceeds from maturities and prepayments of fixed maturity securities
1,490,772

 
1,305,805

Purchase of fixed maturity securities
(2,633,251
)
 
(4,062,901
)
Purchase of equity securities
(41,849
)
 
(87,059
)
Real estate purchased
(117,773
)
 
(419,021
)
Change in loans receivable
140

 
(16,310
)
Net additions to property, furniture and equipment
(10,804
)
 
(29,704
)
Change in balances due to security brokers
19,096

 
46,641

Payment for business purchased net of cash acquired

 
(6,637
)
Net cash from (used in) investing activities
62,617

 
(216,424
)
CASH (USED IN) FROM FINANCING ACTIVITIES:
 
 
 
Repayment of senior notes and other debt

 
(23
)
Net proceeds from issuance of debt

 
200,838

Cash dividends to common stockholders
(18,302
)
 
(77,873
)
Purchase of common treasury shares

 
(6,799
)
Other, net
(5,548
)
 
(1,763
)
Net cash (used in) from financing activities
(23,850
)
 
114,380

Net impact on cash due to change in foreign exchange rates
(841
)
 
(56,587
)
Net change in cash and cash equivalents
440,572

 
(39,269
)
Cash and cash equivalents at beginning of year
817,602

 
950,471

Cash and cash equivalents at end of period
$
1,258,174

 
$
911,202

See accompanying notes to interim consolidated financial statements.

5




W. R. Berkley Corporation and Subsidiaries
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(1) General
The unaudited consolidated financial statements, which include the accounts of W. R. Berkley Corporation and its subsidiaries (the “Company”) have been prepared on the basis of U.S. generally accepted accounting principles (“GAAP”) for interim financial information. Accordingly, they do not include all the information and notes required by GAAP for annual financial statements. The unaudited consolidated financial statements reflect all adjustments, consisting only of normal recurring items, which are necessary to present fairly the Company’s financial position and results of operations on a basis consistent with the prior audited consolidated financial statements. Operating results for interim periods are not necessarily indicative of the results that may be expected for the year. All significant intercompany accounts and transactions have been eliminated. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the revenues and expenses reflected during the reporting period. For further information related to areas of judgment and estimates and other information necessary to understand the Company’s financial position and results of operations, refer to the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018.
Reclassifications have been made in the 2018 financial statements as originally reported to conform to the presentation of the 2019 financial statements. Shares outstanding and per share amounts have been adjusted to reflect the 3-for-2 common stock split effected on April 2, 2019. Additionally, commencing with the first quarter of 2019, the Company renamed the Reinsurance segment to Reinsurance & Monoline Excess, and reclassified the monoline excess business from the Insurance segment. The reclassified business includes operations that solely retain risk on an excess basis.
The income tax provision has been computed based on the Company’s estimated annual effective tax rate. The effective tax rate for the quarter differs from the federal income tax rate of 21% principally because of tax-exempt investment income, as well as tax on income from foreign jurisdictions with different tax rates.

(2) Per Share Data
The Company presents both basic and diluted net income per share (“EPS”) amounts. Basic EPS is calculated by dividing net income by the weighted average number of common shares outstanding during the period (including 7,389,781 and 7,270,954 common shares held in a grantor trust as of June 30, 2019 and 2018, respectively). The common shares held in the grantor trust are for delivery upon settlement of vested but mandatorily deferred restricted stock units ("RSUs"). Shares held by the grantor trust do not affect diluted shares outstanding since the shares deliverable under vested RSUs were already included in diluted shares outstanding. Diluted EPS is based upon the weighted average number of basic and common equivalent shares outstanding during the period and is calculated using the treasury stock method for stock incentive plans. Common equivalent shares are excluded from the computation in periods in which they have an anti-dilutive effect.
The weighted average number of common shares used in the computation of basic and diluted earnings per share was as follows:
 
For the Three Months
Ended June 30,
 
For the Six Months
Ended June 30,
 
 
(In thousands)
2019
 
2018
 
2019
 
2018
Basic
190,512

 
189,776

 
190,456

 
189,669

Diluted
193,059

 
192,509

 
192,804

 
192,284



(3) Recent Accounting Pronouncements
Recently adopted accounting pronouncements:
In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-02, Leases, which amends the accounting and disclosure guidance for leases. This guidance retains the two classifications of a lease, as either an operating or finance lease, both of which require lessees to recognize a right-of-use asset and a lease liability for leases with terms of more than 12 months. The right-of-use asset and the lease liability are determined based upon the present value of cash flows. Finance leases reflect the financial arrangement by recognizing interest expense on the lease liability separately from the amortization expense of the right-of-use asset. Operating leases recognize lease expense (with no separate recognition of interest expense) on a straight-line basis over the term of the lease. The accounting

6



by lessors is not significantly changed by the updated guidance. The updated guidance was effective for reporting periods beginning after December 15, 2018. As permitted by the rules, the Company adopted the new guidance prospectively for the quarter ended March 31, 2019. The Company elected to use the practical expedient permitted by the transition guidance which allowed companies to not reassess existing lease classifications for already effective leases. The adoption of this guidance resulted in the recognition of a right-of-use asset of $185 million and a lease liability of $215 million (prior to adoption the Company had a $30 million deferred rent liability recognized) reported within other assets and other liabilities, respectively, in the consolidated balance sheet. The adoption of this guidance did not have an impact on the Company's results of operations or liquidity.

All other accounting and reporting standards that have become effective in 2019 were either not applicable to the Company or their adoption did not have a material impact on the Company. 
Accounting and reporting standards that are not yet effective:
In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses, which amends the accounting guidance for credit losses on financial instruments. The updated guidance amends the current other-than-temporary impairment model for available-for-sale debt securities by requiring the recognition of impairments relating to credit losses through an allowance account and limits the amount of credit loss to the difference between a security’s amortized cost basis and its fair value. This guidance also applies a new current expected credit loss model for determining credit-related impairments for financial instruments measured at amortized cost, such as reinsurance recoverables. The updated guidance is effective for reporting periods beginning after December 15, 2019. The Company will not be able to determine the impact the adoption of this guidance will have on its results of operations, financial position or liquidity until the year the guidance becomes effective.

All other recently issued but not yet effective accounting and reporting standards are either not applicable to the Company or are not expected to have a material impact on the Company.



7



(4) Consolidated Statement of Comprehensive Income

The following table presents the components of the changes in accumulated other comprehensive (loss) income ("AOCI"):
(In thousands)
Unrealized Investment
Gains (Losses)
 
Currency Translation Adjustments
 
Accumulated Other Comprehensive
(Loss) Income
As of and for the six months ended June 30, 2019
 
 
 
 
Changes in AOCI
 
 
 
 
Beginning of period
$
(91,491
)
 
$
(418,979
)
 
$
(510,470
)
Other comprehensive income before reclassifications
245,615

 
5,268

 
250,883

Amounts reclassified from AOCI
(1,191
)
 

 
(1,191
)
Other comprehensive income
244,424

 
5,268

 
249,692

Unrealized investment loss related to noncontrolling interest
(18
)
 

 
(18
)
End of period
$
152,915

 
$
(413,711
)
 
$
(260,796
)
Amounts reclassified from AOCI
 
 
 
 
 
Pre-tax
$
(1,508
)
(1)
$

 
$
(1,508
)
Tax effect
317

(2)

 
317

After-tax amounts reclassified
$
(1,191
)
 
$

 
$
(1,191
)
Other comprehensive income
 
 
 
 
 
Pre-tax
$
316,331

 
$
5,268

 
$
321,599

Tax effect
(71,907
)
 

 
(71,907
)
Other comprehensive income
$
244,424

 
$
5,268

 
$
249,692

As of and for the three months ended June 30, 2019
 
 
 
 
Changes in AOCI
 
 
 
 
Beginning of period
$
34,236

 
$
(399,219
)
 
$
(364,983
)
Other comprehensive income (loss) before reclassifications
118,475

 
(14,492
)
 
103,983

Amounts reclassified from AOCI
174

 

 
174

Other comprehensive income (loss)
118,649

 
(14,492
)
 
104,157

Unrealized investment losses related to noncontrolling interest
30

 

 
30

Ending balance
$
152,915

 
$
(413,711
)
 
$
(260,796
)
Amounts reclassified from AOCI
 
 
 
 
 
Pre-tax
$
220

(1)
$

 
$
220

Tax effect
(46
)
(2)

 
(46
)
After-tax amounts reclassified
$
174

 
$

 
$
174

Other comprehensive income (loss)
 
 
 
 
 
Pre-tax
$
147,072

 
$
(14,492
)
 
$
132,580

Tax effect
(28,423
)
 

 
(28,423
)
Other comprehensive income (loss)
$
118,649

 
$
(14,492
)
 
$
104,157

_________________________
(1) Net realized and unrealized gains on investments in the consolidated statements of income.
(2) Income tax expense in the consolidated statements of income.

8



(In thousands)
Unrealized Investment Gains (Losses)
 
           Currency Translation Adjustments
 
Accumulated Other Comprehensive (Loss) Income
As of and for the six months ended June 30, 2018
 
 
 
 
Changes in AOCI
 
 
 
 
Beginning of period
$
375,421

 
$
(306,880
)
 
$
68,541

Cumulative effect adjustment resulting from changes in accounting principles
(214,539
)
 

 
(214,539
)
Restated beginning of period
160,882

 
(306,880
)
 
(145,998
)
Other comprehensive loss before reclassifications
(147,632
)
 
(91,656
)
 
(239,288
)
Amounts reclassified from AOCI
(10,582
)
 

 
(10,582
)
Other comprehensive loss
(158,214
)
 
(91,656
)
 
(249,870
)
Unrealized investment loss related to noncontrolling interest
26

 

 
26

End of period
$
2,694

 
$
(398,536
)
 
$
(395,842
)
Amounts reclassified from AOCI
 
 
 
 

Pre-tax
$
(13,395
)
(1)
$

 
$
(13,395
)
Tax effect
2,813

(2)

 
2,813

After-tax amounts reclassified
$
(10,582
)
 
$

 
$
(10,582
)
Other comprehensive loss
 
 
 
 

Pre-tax
$
(201,336
)
 
$
(91,656
)
 
$
(292,992
)
Tax effect
43,122

 

 
43,122

Other comprehensive loss
$
(158,214
)
 
$
(91,656
)
 
$
(249,870
)
As of and for the three months ended June 30, 2018
 
 
 
 
 
Changes in AOCI
 
 
 


Beginning of period
$
35,099

 
$
(294,081
)
 
$
(258,982
)
Other comprehensive loss before reclassifications
(29,443
)
 
(104,455
)
 
(133,898
)
Amounts reclassified from AOCI
(2,999
)
 

 
(2,999
)
Other comprehensive loss
(32,442
)
 
(104,455
)
 
(136,897
)
Unrealized investment loss related to noncontrolling interest
37

 

 
37

Ending balance
$
2,694

 
$
(398,536
)
 
$
(395,842
)
Amounts reclassified from AOCI
 
 
 
 

Pre-tax
$
(3,796
)
(1)
$

 
$
(3,796
)
Tax effect
797

(2)

 
797

After-tax amounts reclassified
$
(2,999
)
 
$

 
$
(2,999
)
Other comprehensive loss
 
 
 
 

Pre-tax
$
(40,488
)
 
$
(104,455
)
 
$
(144,943
)
Tax effect
8,046

 

 
8,046

Other comprehensive loss
$
(32,442
)
 
$
(104,455
)
 
$
(136,897
)
_________________________
(1) Net realized and unrealized gains on investments in the consolidated statements of income.
(2) Income tax expense in the consolidated statements of income.