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

9 Months Ended

Sep. 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 nine months ended September 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		(96,416	)		—			—			(96,416	)
Change in foreign currency translation adjustment		—			(11,856	)		—			(11,856	)
Amortization of net actuarial loss		—			—			3,615			3,615
Amortization of prior service credit		—			—			(3,135	)		(3,135	)
Tax effect		22,483			560			(123	)		22,920
Balance at September 30, 2018	$	(77,680	)	$	(50,128	)	$	(65,103	)	$	(192,911	)
Allocated to the Company	$	(77,681	)	$	(50,128	)	$	(65,103	)	$	(192,912	)
Allocated to noncontrolling interests		1			—			—			1
Balance at September 30, 2018	$	(77,680	)	$	(50,128	)	$	(65,103	)	$	(192,911	)

(1) The Company recognized a cumulative-effect adjustment to retained earnings for cumulative net unrealized gains related to its investments in equity securities upon adoption of new accounting guidance on January 1, 2018.  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 September 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 September 30, 2018
Pretax change before reclassifications	$	(21,879	)	$	2,441	$	—		$	(19,438	)
Reclassifications out of AOCI		2,522			—		160			2,682
Tax effect		4,695			560		(42	)		5,213
Total other comprehensive income (loss), net of tax	$	(14,662	)	$	3,001	$	118		$	(11,543	)
Three Months Ended September 30, 2017
Pretax change before reclassifications	$	22,833		$	11,415	$	(8,646	)	$	25,602
Reclassifications out of AOCI		(928	)		—		153,301			152,373
Tax effect		(7,976	)		—		(58,764	)		(66,740	)
Total other comprehensive income (loss), net of tax	$	13,929		$	11,415	$	85,891		$	111,235

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

(in thousands)	Unrealized gains (losses) on securities			Foreign currency translation adjustment			Pension benefit adjustment			Total other comprehensive income (loss)
Nine Months Ended September 30, 2018
Pretax change before reclassifications	$	(101,173	)	$	(11,856	)	$	—		$	(113,029	)
Reclassifications out of AOCI		4,757			—			480			5,237
Tax effect		22,483			560			(123	)		22,920
Total other comprehensive income (loss), net of tax	$	(73,933	)	$	(11,296	)	$	357		$	(84,872	)
Nine Months Ended September 30, 2017
Pretax change before reclassifications	$	95,329		$	23,558		$	(8,646	)	$	110,241
Reclassifications out of AOCI		(14,285	)		—			164,912			150,627
Tax effect		(29,030	)		—			(63,205	)		(92,235	)
Total other comprehensive income (loss), net of tax	$	52,014		$	23,558		$	93,061		$	168,633

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 September 30,						Nine Months Ended September 30,
(in thousands)	2018			2017			2018			2017			Affected line items
Unrealized gains (losses) on securities:
Net realized gains (losses) on sales of securities (1)	$	(2,522	)	$	928		$	(4,757	)	$	14,285		Net realized investment gains (losses)
Pretax total	$	(2,522	)	$	928		$	(4,757	)	$	14,285
Tax effect	$	612		$	(332	)	$	1,109		$	(5,778	)
Pension benefit adjustment (2):
Amortization of net actuarial loss	$	(1,205	)	$	(1,958	)	$	(3,615	)	$	(15,792	)	Other operating expenses
Amortization of prior service credit		1,045			1,045			3,135			3,268		Other operating expenses
Settlement costs		—			(152,388	)		—			(152,388	)	Other operating expenses
Pretax total	$	(160	)	$	(153,301	)	$	(480	)	$	(164,912	)
Tax effect	$	42		$	62,276		$	123		$	66,702

(1) The current year net realized losses related to sales of debt securities and the prior year net realized gains related to sales of debt and equity securities.

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