Other Comprehensive Income (Tables)

3 Months Ended

Mar. 31, 2016

Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]

The pretax components of our other comprehensive income (loss) and the related income tax (expense) benefit for the three months ended March 31, 2016 and 2015 are included in the following table.



	Three Months Ended March 31,
(In thousands)	2016			2015
Net unrealized holding gains arising during the period	$	78,383		$	19,721
Income tax expense	(27,556		)	(6,876		)
Valuation allowance ⁽¹⁾	—			6,718
Net of taxes	50,827			19,563

Net changes in benefit plan assets and obligations	(474		)	(700		)
Income tax benefit	166			245
Valuation allowance ⁽¹⁾	—			(245		)
Net of taxes	(308		)	(700		)

Net changes in unrealized foreign currency translation adjustment	(1,496		)	(3,102		)
Income tax benefit	521			1,088
Net of taxes	(975		)	(2,014		)

Total other comprehensive income	76,413			15,919
Total income tax (expense) benefit, net of valuation allowance	(26,869		)	930
Total other comprehensive income, net of tax	$	49,544		$	16,849


⁽¹⁾	See Note 11 – “Income Taxes” for a discussion of the valuation allowance recorded against deferred tax assets.

Reclassification out of accumulated other comprehensive income

The pretax and related income tax (expense) benefit components of the amounts reclassified from our accumulated other comprehensive loss to our consolidated statements of operations for the three months ended March 31, 2016 and 2015 are included in the following table.



	Three Months Ended March 31,
(In thousands)	2016			2015
Reclassification adjustment for net realized gains (losses) included in net income ⁽¹⁾	$	612		$	11,234
Income tax expense	(92		)	(3,931		)
Valuation allowance ⁽²⁾	—			3,926
Net of taxes	520			11,229

Reclassification adjustment related to benefit plan assets and obligations ⁽³⁾	474			700
Income tax expense	(166		)	(245		)
Valuation allowance ⁽²⁾	—			245
Net of taxes	308			700

Total reclassifications	1,086			11,934
Total income tax expense, net of valuation allowance	(258		)	(5		)
Total reclassifications, net of tax	$	828		$	11,929


⁽¹⁾	Increases (decreases) Net realized investment gains on the consolidated statements of operations.


⁽²⁾	See Note 11 – “Income Taxes” for a discussion of the valuation allowance recorded against deferred tax assets.


⁽³⁾	Decreases (increases) Other underwriting and operating expenses, net on the consolidated statements of operations.

Accumulated other comprehensive income (loss)

Changes in our accumulated other comprehensive loss, including amounts reclassified from other comprehensive income (loss), for the three months ended March 31, 2016 are included in the table below.



	Three Months Ended March 31, 2016
(In thousands)	Net unrealized gains and losses on available-for-sale securities			Net benefit plan assets and obligations recognized in shareholders' equity			Net unrealized foreign currency translation			Total accumulated other comprehensive loss
Balance at December 31, 2015, net of tax	$	(17,148	)	$	(44,652	)	$	920		$	(60,880	)
Other comprehensive income (loss) before reclassifications	51,347			—			(975		)	50,372
Less: Amounts reclassified from accumulated other comprehensive income (loss)	520			308			—			828
Balance at March 31, 2016, net of tax	$	33,679		$	(44,960	)	$	(55	)	$	(11,336	)