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Other Comprehensive Income (Tables)
 6 Months Ended
Jun. 30, 2016
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]  
Other comprehensive income
The pretax components of our other comprehensive income (loss) and the related income tax (expense) benefit for the three and six months ended June 30, 2016 and 2015 are included in the following table.
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
(In thousands)
 
2016
 
2015
 
2016
 
2015
Net unrealized holding gains (losses) arising during the period
 
$
86,674

 
$
(64,118
)
 
$
165,058

 
$
(44,397
)
Income tax (expense) benefit
 
(30,336
)
 
22,362

 
(57,893
)
 
15,486

Valuation allowance (1)
 
—

 
(21,890
)
 
—

 
(15,172
)
Net of taxes
 
56,338

 
(63,646
)
 
107,165

 
(44,083
)
 
 
 
 
 
 
 
 
 
Net changes in benefit plan assets and obligations
 
(266
)
 
(392
)
 
(740
)
 
(1,092
)
Income tax benefit
 
93

 
137

 
259

 
382

Valuation allowance (1)
 
—

 
(137
)
 
—

 
(382
)
Net of taxes
 
(173
)
 
(392
)
 
(481
)
 
(1,092
)
 
 
 
 
 
 
 
 
 
Net changes in unrealized foreign currency translation adjustment
 
16

 
598

 
(1,480
)
 
(2,504
)
Income tax (expense) benefit
 
(5
)
 
(208
)
 
516

 
880

Net of taxes
 
11

 
390

 
(964
)
 
(1,624
)
 
 
 
 
 
 
 
 
 
Total other comprehensive income (loss)
 
86,424

 
(63,912
)
 
162,838

 
(47,993
)
Total income tax (expense) benefit, net of valuation allowance
 
(30,248
)
 
264

 
(57,118
)
 
1,194

Total other comprehensive income (loss), net of tax
 
$
56,176

 
$
(63,648
)
 
$
105,720

 
$
(46,799
)
(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 and six months ended June 30, 2016 and 2015 are included in the following table.
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
(In thousands)
 
2016
 
2015
 
2016
 
2015
Reclassification adjustment for net realized gains (losses) (1)
 
$
98

 
$
477

 
$
710

 
$
11,711

Income tax expense
 
(34
)
 
(161
)
 
(126
)
 
(4,092
)
Valuation allowance (2)
 
—

 
122

 
—

 
4,048

Net of taxes
 
64

 
438

 
584

 
11,667

 
 
 
 
 
 
 
 
 
Reclassification adjustment related to benefit plan assets and obligations (3)
 
266

 
392

 
740

 
1,092

Income tax expense
 
(93
)
 
(137
)
 
(259
)
 
(382
)
Valuation allowance (2)
 
—

 
137

 
—

 
382

Net of taxes
 
173

 
392

 
481

 
1,092

 
 
 
 
 
 
 
 
 
Reclassification adjustment related to foreign currency (4)
 
—

 
—

 
1,467

 
—

Income tax expense
 
—

 
—

 
(513
)
 
—

Net of taxes
 
—

 
—

 
954

 
—

 
 
 
 
 
 
 
 
 
Total reclassifications
 
364

 
869

 
2,917

 
12,803

Total income tax expense, net of valuation allowance
 
(127
)
 
(39
)
 
(898
)
 
(44
)
Total reclassifications, net of tax
 
$
237

 
$
830

 
$
2,019

 
$
12,759


(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.
(4) 
Increases (decreases) Other revenue on the consolidated statements of operations.
Accumulated other comprehensive income (loss)
Changes in our accumulated other comprehensive income (loss), including amounts reclassified from other comprehensive income (loss), for the six months ended June 30, 2016 are included in the table below.
 
 
Six Months Ended June 30, 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 income (loss)
Balance at December 31, 2015, net of tax
 
$
(17,148
)
 
$
(44,652
)
 
$
920

 
$
(60,880
)
Other comprehensive income (loss) before reclassifications
 
107,749

 
—

 
(10
)
 
107,739

Less: Amounts reclassified from accumulated other comprehensive income (loss)
 
584

 
481

 
954

 
2,019

Balance at June 30, 2016, net of tax
 
$
90,017

 
$
(45,133
)
 
$
(44
)
 
$
44,840