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ACCUMULATED OTHER COMPREHENSIVE INCOME
 3 Months Ended
Mar. 31, 2016
Equity [Abstract]  
ACCUMULATED OTHER COMPREHENSIVE INCOME
NOTE 13 — ACCUMULATED OTHER COMPREHENSIVE INCOME

The following table presents the changes in the components of AOCI balances for the three months ended March 31, 2016 and 2015:
 
 
 
 
 
 
 
 
 
 
 
($ in thousands)
 
Three Months Ended March 31,
 
2016
 
2015
 
Available-
for-Sale Investment
Securities
 
Foreign Currency Translation Adjustments (1)
 
Total
 
Available-
for-Sale Investment
Securities
 
Total
Beginning balance
 
$
(6,144
)
 
$
(8,797
)
 
$
(14,941
)
 
$
4,237

 
$
4,237

Net unrealized gains (losses) arising during the period
 
15,142

 
(33
)
 
15,109

 
11,872

 
11,872

Amounts reclassified from AOCI
 
(2,226
)
 
—

 
(2,226
)
 
(2,554
)
 
(2,554
)
Changes, net of taxes
 
12,916

 
(33
)
 
12,883

 
9,318

 
9,318

Ending balance
 
$
6,772

 
$
(8,830
)
 
$
(2,058
)
 
$
13,555

 
$
13,555

 
 
 
 
 
 
 
 
 
 
 
(1)
Represents foreign currency translation adjustments related to the Company’s net investment in non-U.S. operations, including related hedges. In the third quarter of 2015, there was a change in functional currency from USD to the local currency of the Company’s foreign subsidiary.

The following table presents the components of other comprehensive income, reclassifications to net income and the related tax effects for the three months ended March 31, 2016 and 2015:
 
 
 
 
 
 
 
 
 
 
 
 
 
($ in thousands)
 
Three Months Ended March 31,
 
2016
 
2015
 
Before-Tax
 
Tax
Effect
 
Net-of-Tax
 
Before-Tax
 
Tax
Effect
 
Net-of-Tax
Available-for-sale investment securities:
 
 

 
 

 
 

 
 

 
 

 
 

Net unrealized gains arising during the period
 
$
26,130

 
$
(10,988
)
 
$
15,142

 
$
20,470

 
$
(8,598
)
 
$
11,872

Net realized gains reclassified into net income (1)
 
(3,842
)
 
1,616

 
(2,226
)
 
(4,404
)
 
1,850

 
(2,554
)
Net change
 
22,288

 
(9,372
)
 
12,916

 
16,066

 
(6,748
)
 
9,318

 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustments:
 
 
 
 
 
 
 
 
 
 
 
 
Net unrealized losses arising during period
 
(33
)
 
—

 
(33
)
 
—

 
—

 
—

Net change
 
(33
)
 
—

 
(33
)
 
—

 
—

 
—

Other comprehensive income
 
$
22,255

 
$
(9,372
)
 
$
12,883

 
$
16,066

 
$
(6,748
)
 
$
9,318

 
 
 
 
 
 
 
 
 
 
 
 
 
(1)
For the three months ended March 31, 2016, and 2015, the pretax amount was reported in Net gains on sales of available-for-sale investment securities in the Consolidated Statements of Income.