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

6 Months Ended

Jun. 30, 2019

Accumulated Other Comprehensive Income Other Comprehensive Income [Abstract]

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

Note 14 – Accumulated Other Comprehensive Income (Loss) (“AOCI”)

The following table presents a summary of the changes in each component of AOCI for the six months ended June 30, 2019:

(in thousands)	Unrealized gains (losses) on debt securities			Foreign currency translation adjustment			Pension benefit adjustment			Accumulated other comprehensive income (loss)
Balance at December 31, 2018	$	(42,165	)	$	(65,628	)	$	(52,780	)	$	(160,573	)
Change in unrealized gains (losses) on debt securities		147,634			—			—			147,634
Change in foreign currency translation adjustment		—			10,760			—			10,760
Amortization of net actuarial loss		—			—			1,830			1,830
Amortization of prior service credit		—			—			(2,035	)		(2,035	)
Tax effect		(34,955	)		(428	)		54			(35,329	)
Balance at June 30, 2019	$	70,514		$	(55,296	)	$	(52,931	)	$	(37,713	)
Allocated to the Company	$	70,513		$	(55,296	)	$	(52,931	)	$	(37,714	)
Allocated to noncontrolling interests		1			—			—			1
Balance at June 30, 2019	$	70,514		$	(55,296	)	$	(52,931	)	$	(37,713	)

The following table presents the other comprehensive income (loss) reclassification adjustments for the three months ended June 30, 2019 and 2018:

(in thousands)	Unrealized gains (losses) on debt securities			Foreign currency translation adjustment			Pension benefit adjustment			Total other comprehensive income (loss)
Three Months Ended June 30, 2019
Pretax change before reclassifications	$	69,582		$	3,594		$	—		$	73,176
Reclassifications out of AOCI		246			—			(102	)		144
Tax effect		(16,654	)		(150	)		27			(16,777	)
Total other comprehensive income (loss), net of tax	$	53,174		$	3,444		$	(75	)	$	56,543
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	)

The following table presents the other comprehensive income (loss) reclassification adjustments for the six months ended June 30, 2019 and 2018:

(in thousands)	Unrealized gains (losses) on debt securities			Foreign currency translation adjustment			Pension benefit adjustment			Total other comprehensive income (loss)
Six Months Ended June 30, 2019
Pretax change before reclassifications	$	147,347		$	10,760		$	—		$	158,107
Reclassifications out of AOCI		287			—			(205	)		82
Tax effect		(34,955	)		(428	)		54			(35,329	)
Total other comprehensive income (loss), net of tax	$	112,679		$	10,332		$	(151	)	$	122,860
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	)

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,
(in thousands)	2019			2018			2019			2018			Affected line items
Unrealized gains (losses) on debt securities:
Net realized gains (losses) on sales of debt securities	$	(246	)	$	(2,055	)	$	(287	)	$	(2,468	)	Net realized investment gains (losses)
Pretax total	$	(246	)	$	(2,055	)	$	(287	)	$	(2,468	)
Tax effect	$	58		$	467		$	68		$	570
Pension benefit adjustment (1):
Amortization of net actuarial loss	$	(915	)	$	(1,205	)	$	(1,830	)	$	(2,410	)	Other operating expenses
Amortization of prior service credit		1,017			1,045			2,035			2,090		Other operating expenses
Pretax total	$	102		$	(160	)	$	205		$	(320	)
Tax effect	$	(27	)	$	41		$	(54	)	$	81

(1) These components of AOCI are components of net periodic cost.  See Note 11 Employee Benefit Plans for additional details.