Accumulated Other Comprehensive Income (Loss) ("AOCI")

3 Months Ended

Mar. 31, 2017

Accumulated Other Comprehensive Income Other Comprehensive Income [Abstract]

Accumulated Other Comprehensive Income (Loss) ("AOCI")

Note 12 – Accumulated Other Comprehensive Income (Loss) (“AOCI”)

The following table presents a summary of the changes in each component of AOCI for the three months ended March 31, 2017:

(in thousands)	Unrealized gains (losses) on securities			Foreign currency translation adjustment			Pension benefit adjustment			Accumulated other comprehensive income (loss)
Balance at December 31, 2016	$	(26,760	)	$	(63,576	)	$	(140,057	)	$	(230,393	)
Change in unrealized gains (losses) on securities		39,632			—			—			39,632
Change in foreign currency translation adjustment		—			3,434			—			3,434
Amortization of net actuarial loss		—			—			6,933			6,933
Amortization of prior service credit		—			—			(1,211	)		(1,211	)
Tax effect		(14,181	)		—			(2,189	)		(16,370	)
Balance at March 31, 2017	$	(1,309	)	$	(60,142	)	$	(136,524	)	$	(197,975	)
Allocated to the Company	$	(1,323	)	$	(60,142	)	$	(136,524	)	$	(197,989	)
Allocated to noncontrolling interests		14			—			—			14
Balance at March 31, 2017	$	(1,309	)	$	(60,142	)	$	(136,524	)	$	(197,975	)

The following table presents the other comprehensive income (loss) reclassification adjustments for the three months ended March 31, 2017 and 2016:

(in thousands)	Unrealized gains (losses) on securities			Foreign currency translation adjustment		Pension benefit adjustment			Total other comprehensive income (loss)
Three Months Ended March 31, 2017
Pretax change before reclassifications	$	39,624		$	3,434	$	—		$	43,058
Reclassifications out of AOCI		8			—		5,722			5,730
Tax effect		(14,181	)		—		(2,189	)		(16,370	)
Total other comprehensive income (loss), net of tax	$	25,451		$	3,434	$	3,533		$	32,418
Three Months Ended March 31, 2016
Pretax change before reclassifications	$	49,794		$	12,104	$	—		$	61,898
Reclassifications out of AOCI		2,099			—		5,826			7,925
Tax effect		(20,066	)		—		(2,230	)		(22,296	)
Total other comprehensive income (loss), net of tax	$	31,827		$	12,104	$	3,596		$	47,527

The following table presents the effect of the reclassifications out of AOCI on the respective line items in the condensed consolidated statements of income:

	Amounts reclassified from AOCI
	Three Months Ended March 31,							Affected line items in the condensed
(in thousands)	2017				2016			consolidated statements of income
Unrealized gains (losses) on securities:
Net realized gains (losses) on sales of securities	$	(8	)	$	(1,614	)		Net realized investment (losses) gains
Net other-than-temporary impairment losses		—			(485	)		Net realized investment (losses) gains
Pretax total	$	(8	)	$	(2,099	)
Tax effect	$	3		$	812
Pension benefit adjustment:
Amortization of net actuarial loss	$	(6,933	)	$	(7,037	)	(1	)
Amortization of prior service credit		1,211			1,211		(1	)
Pretax total	$	(5,722	)	$	(5,826	)
Tax effect	$	2,189		$	2,230

(1) These components of AOCI are included in the computation of net periodic cost. See Note 9 Employee Benefit Plans for additional details.