| Schedule of Accumulated Other Comprehensive Income (Loss) |
The components of other comprehensive income (loss) (“OCI”), including the income tax expense or benefit allocated to each component, were as follows:
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Three months ended June 30, |
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Six months ended June 30, |
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2025 |
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2024 |
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2025 |
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2024 |
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(In thousands) |
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Foreign currency translation adjustments: |
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Change in unrealized foreign currency translation gains (losses)
before income taxes |
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$ |
21,388 |
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$ |
(3,817 |
) |
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$ |
20,964 |
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$ |
(13,272 |
) |
Income tax expense (benefit) on unrealized foreign currency
translation gains (losses) |
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- |
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- |
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- |
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- |
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Change in unrealized foreign currency translation gains
(losses), net of income taxes |
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$ |
21,388 |
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$ |
(3,817 |
) |
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$ |
20,964 |
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$ |
(13,272 |
) |
Unrealized gain (losses) on available-for-sale securities: |
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Change in unrealized holding gains (losses) arising during period
before income taxes |
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$ |
9,794 |
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$ |
(6,756 |
) |
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$ |
46,719 |
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$ |
(21,602 |
) |
Income tax expense (benefit) on unrealized holding gains
(losses) arising during period |
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1,897 |
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(1,395 |
) |
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9,806 |
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(4,716 |
) |
Change in unrealized holding gains (losses) on available-for-sale
securities arising during period, net of income taxes |
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7,897 |
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(5,361 |
) |
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36,913 |
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(16,886 |
) |
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Reclassification from accumulated OCI to net income for (gains)
losses realized on available-for-sale securities |
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1,566 |
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(565 |
) |
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1,645 |
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(572 |
) |
Income tax (expense) benefit on (gains) losses reclassified
from accumulated OCI to net income |
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329 |
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(119 |
) |
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345 |
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(120 |
) |
Reclassification from accumulated OCI to net income for (gains)
losses realized on available-for-sale securities, net of income taxes |
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1,237 |
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(446 |
) |
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1,300 |
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(452 |
) |
Change in unrealized gains (losses) on available-for-sale
securities, net of income taxes and reclassification adjustment |
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$ |
9,134 |
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$ |
(5,807 |
) |
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$ |
38,213 |
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$ |
(17,338 |
) |
Effect of change in discount rate assumptions on the LFPB: |
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Change in effect in discount rate assumptions on the LFPB before income taxes |
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$ |
4,406 |
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$ |
137,798 |
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$ |
(63,047 |
) |
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$ |
305,884 |
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Income tax expense (benefit) on the effect of change in discount rate |
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assumptions on the LFPB from accumulated OCI to net income |
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1,378 |
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29,211 |
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(12,840 |
) |
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65,357 |
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Change in effect in discount rate assumptions on the LFPB, net of income taxes |
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$ |
3,028 |
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$ |
108,587 |
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$ |
(50,207 |
) |
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$ |
240,527 |
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