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

6 Months Ended

Jun. 30, 2018

Accumulated Other Comprehensive Income Other Comprehensive Income [Abstract]

Components of Accumulated Other Comprehensive Income (Loss)

The following table presents a summary of the changes in each component of AOCI for the six months ended June 30, 2018:

(in thousands)	Unrealized gains (losses) on securities			Foreign currency translation adjustment			Pension benefit adjustment			Accumulated other comprehensive income (loss)
Balance at December 31, 2017	$	36,803		$	(38,832	)	$	(65,460	)	$	(67,489	)
Cumulative-effect adjustment, net of taxes (1)		(40,550	)		—			—			(40,550	)
Change in unrealized gains (losses) on debt securities		(77,058	)		—			—			(77,058	)
Change in foreign currency translation adjustment		—			(14,297	)		—			(14,297	)
Amortization of net actuarial loss		—			—			2,410			2,410
Amortization of prior service credit		—			—			(2,090	)		(2,090	)
Tax effect		17,787			—			(81	)		17,706
Balance at June 30, 2018	$	(63,018	)	$	(53,129	)	$	(65,221	)	$	(181,368	)
Allocated to the Company	$	(63,019	)	$	(53,129	)	$	(65,221	)	$	(181,369	)
Allocated to noncontrolling interests		1			—			—			1
Balance at June 30, 2018	$	(63,018	)	$	(53,129	)	$	(65,221	)	$	(181,368	)

(1) Upon adoption of new accounting guidance on January 1, 2018, the Company recognized a cumulative-effect adjustment to retained earnings for cumulative net unrealized gains related to its investments in equity securities.  See Note 1 Basis of Condensed Consolidated Financial Statements for further discussion of the new guidance.

Adjustments for Reclassification of Other Comprehensive Income (Loss)

The following table presents the other comprehensive income (loss) reclassification adjustments for the three months ended June 30, 2018 and 2017:

(in thousands)	Unrealized gains (losses) on securities			Foreign currency translation adjustment			Pension benefit adjustment			Total other comprehensive income (loss)
Three Months Ended June 30, 2018
Pretax change before reclassifications	$	(18,199	)	$	(10,545	)	$	—		$	(28,744	)
Reclassifications out of AOCI		2,055			—			160			2,215
Tax effect		3,669			—			(41	)		3,628
Total other comprehensive income (loss), net of tax	$	(12,475	)	$	(10,545	)	$	119		$	(22,901	)
Three Months Ended June 30, 2017
Pretax change before reclassifications	$	34,237		$	8,709		$	—		$	42,946
Reclassifications out of AOCI		(14,729	)		—			5,890			(8,839	)
Tax effect		(6,874	)		—			(2,253	)		(9,127	)
Total other comprehensive income (loss), net of tax	$	12,634		$	8,709		$	3,637		$	24,980

The following table presents the other comprehensive income (loss) reclassification adjustments for the six months ended June 30, 2018 and 2017:

(in thousands)	Unrealized gains (losses) on securities			Foreign currency translation adjustment			Pension benefit adjustment			Total other comprehensive income (loss)
Six Months Ended June 30, 2018
Pretax change before reclassifications	$	(79,526	)	$	(14,297	)	$	—		$	(93,823	)
Reclassifications out of AOCI		2,468			—			320			2,788
Tax effect		17,787			—			(81	)		17,706
Total other comprehensive income (loss), net of tax	$	(59,271	)	$	(14,297	)	$	239		$	(73,329	)
Six Months Ended June 30, 2017
Pretax change before reclassifications	$	72,930		$	12,143		$	—		$	85,073
Reclassifications out of AOCI		(13,790	)		—			11,611			(2,179	)
Tax effect		(21,055	)		—			(4,441	)		(25,496	)
Total other comprehensive income (loss), net of tax	$	38,085		$	12,143		$	7,170		$	57,398

Reclassifications out of Accumulated Other Comprehensive Income (Loss)

The following table presents the effects 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 June 30,						Six Months Ended June 30,						Affected line items in the condensed
(in thousands)	2018			2017			2018			2017			consolidated statements of income
Unrealized gains (losses) on securities:
Net realized gains (losses) on sales of securities (1)	$	(2,055	)	$	14,729		$	(2,468	)	$	13,790		Net realized investment gains (losses)
Pretax total	$	(2,055	)	$	14,729		$	(2,468	)	$	13,790
Tax effect	$	467		$	(5,244	)	$	570		$	(5,274	)
Pension benefit adjustment (2):
Amortization of net actuarial loss	$	(1,205	)	$	(6,902	)	$	(2,410	)	$	(13,834	)	Other operating expenses
Amortization of prior service credit		1,045			1,012			2,090			2,223		Other operating expenses
Pretax total	$	(160	)	$	(5,890	)	$	(320	)	$	(11,611	)
Tax effect	$	41		$	2,253		$	81		$	4,441

(1) For the three and six months ended June 30, 2018, net realized losses of $2.1 million and $2.5 million, respectively, related to sales of debt securities classified as available-for-sale.  For the three and six months ended June 30, 2017, net realized gains of $14.7 million and $13.8 million, respectively, related to sales of debt and equity securities classified as available-for-sale.

(2) These components of AOCI are components of net periodic cost.  See Note 10 Employee Benefit Plans for additional details.