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Other Comprehensive Income (Tables)
 9 Months Ended
Sep. 30, 2013
Other Comprehensive Income [Abstract]  
Other comprehensive income
Our other comprehensive income for the three and nine months ended September 30, 2013 and 2012 was as follows:

 
Three Months Ended
 
 
September 30, 2013
 
 
 
 
Valuation
 
 
 
Before tax
 
Tax effect
 
allowance
 
Net of tax
 
 
(In thousands)
 
 
 
 
 
 
Other comprehensive income (loss):
 
 
 
 
Change in unrealized gains and losses on investments
$
7,163
  
$
(2,526
)
 
$
2,640
  
$
7,277
 
Unrealized foreign currency translation adjustment
 
2,901
   
(1,016
)
  
-
   
1,885
 
 
               
Other comprehensive income (loss)
$
10,064
  
$
(3,542
)
 
$
2,640
  
$
9,162
 
 
 
 
Nine Months Ended
 
 
 
September 30, 2013
 
 
 
  
  
Valuation
  
 
 
 
Before tax
  
Tax effect
  
allowance
  
Net of tax
 
 
 
(In thousands)
 
 
 
  
  
  
 
Other comprehensive income (loss):
 
  
  
  
 
Change in unrealized gains and losses on investments
 
$
(102,468
)
 
$
35,586
  
$
(33,914
)
 
$
(100,796
)
Unrealized foreign currency translation adjustment
  
(15,868
)
  
5,557
   
-
   
(10,311
)
 
                
Other comprehensive income (loss)
 
$
(118,336
)
 
$
41,143
  
$
(33,914
)
 
$
(111,107
)
 
 
Three Months Ended
 
 
September 30, 2012
 
 
  
  
Valuation
  
 
 
Before tax
  
Tax effect
  
allowance
  
Net of tax
 
 
(In thousands)
 
 
  
  
  
 
Other comprehensive income (loss):
  
  
  
 
Change in unrealized gains and losses on investments
$
47,368
  
$
(16,552
)
 
$
13,671
  
$
44,487
 
Unrealized foreign currency translation adjustment
 
1,709
   
(600
)
  
-
   
1,109
 
 
               
Other comprehensive income (loss)
$
49,077
  
$
(17,152
)
 
$
13,671
  
$
45,596
 

 
Nine Months Ended
 
 
September 30, 2012
 
 
  
  
Valuation
  
 
 
Before tax
  
Tax effect
  
allowance
  
Net of tax
 
 
(In thousands)
 
 
  
  
  
 
Other comprehensive income (loss):
  
  
  
 
Change in unrealized gains and losses on investments
$
10,243
  
$
(3,462
)
 
$
-
  
$
6,781
 
Unrealized foreign currency translation adjustment
 
2,260
   
(792
)
  
-
   
1,468
 
 
               
Other comprehensive income (loss)
$
12,503
  
$
(4,254
)
 
$
-
  
$
8,249
 
 
Accumulated other comprehensive income (loss)
Total accumulated other comprehensive income and changes in accumulated other comprehensive income, including amounts reclassified from other comprehensive income, are included in the table below.
 
 
 
Three Months Ended
 
 
 
September 30, 2013
 
 
 
Unrealized gains and
  
  
  
 
 
 
losses on available-
  
Defined benefit
  
Foreign currency
  
 
 
 
for-sale securities
  
plans
  
translation
  
Total
 
 
 
(In thousands)
 
 
 
  
  
  
 
Balance at June 30, 2013, before tax
 
$
(68,090
)
 
$
(71,804
)
 
$
13,978
  
$
(125,916
)
 
                
Other comprehensive income (loss) before reclassifications
  
4,396
   
-
   
2,901
   
7,297
 
Amounts reclassified from accumulated other comprehensive income (loss)
  
(2,767
)
(1)
 
-
   -   
(2,767
)
Net current period other comprehensive income (loss)
  
7,163
   
-
   
2,901
   
10,064
 
 
                
Balance at September 30, 2013, before tax
 
$
(60,927
)
 
$
(71,804
)
 
$
16,879
  
$
(115,852
)
 
 
Nine Months Ended
September 30, 2013
 
Unrealized gains and
losses on available-
for-sale securities
Defined benefit
plans
Foreign currency
translation
Total
 
(In thousands)
 
Balance at December 31, 2012, before tax
 
$
41,541
  
$
(71,804
)
 
$
32,747
  
$
2,484
 
 
                
Other comprehensive income (loss) before reclassifications
  
(95,588
)
  
-
   
(15,868
)
  
(111,456
)
Amounts reclassified from accumulated other comprehensive income (loss)
  
6,880
(1)
 
-
   -   
6,880
 
Net current period other comprehensive income (loss)
  
(102,468
)
  
-
   
(15,868
)
  
(118,336
)
 
                
Balance at September 30, 2013, before tax
  
(60,927
)
  
(71,804
)
  
16,879
   
(115,852
)
 
                
Tax effect (2)
  
(64,968
)
  
26,940
   
(5,390
)
  
(43,418
)
 
                
Balance at September 30, 2013, net of tax
 
$
(125,895
)
 
$
(44,864
)
 
$
11,489
  
$
(159,270
)

(1) During the three and nine months ended September 30, 2013, net unrealized (losses) gains of ($2.8) million and $6.9 million, respectively, were reclassified to the Consolidated Statement of Operations and included in Realized investment gains.
(2) Tax effect does not approximate 35% due to amounts of tax benefits not provided in various periods due to our tax valuation allowance.