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Other Comprehensive Income (Tables)
 12 Months Ended
Dec. 31, 2013
Other Comprehensive Income [Abstract]  
Other comprehensive income
Our other comprehensive income for the years ended December 31, 2013, 2012 and 2011 was as follows:
 
 
 
2013
 
 
 
  
  
Valuation
  
 
 
 
Before tax
  
Tax effect
  
allowance
  
Net of tax
 
 
 
(In thousands)
 
 
 
  
  
  
 
Other comprehensive income (loss):
 
  
  
  
 
Change in unrealized gains and losses on investments
 
$
(126,175
)
 
$
43,732
  
$
(41,148
)
 
$
(123,591
)
 
                
Benefit plans adjustments
  
68,038
   
(23,813
)
  
23,813
   
68,038
 
 
                
Unrealized foreign currency translation adjustment
  
(21,563
)
  
7,553
   
-
   
(14,010
)
 
                
Other comprehensive income (loss)
 
$
(79,700
)
 
$
27,472
  
$
(17,335
)
 
$
(69,563
)

 
 
 
2012
 
 
 
  
  
Valuation
  
 
 
 
Before tax
  
Tax effect
  
allowance
  
Net of tax
 
 
 
(In thousands)
 
 
 
  
  
  
 
Other comprehensive income (loss):
 
  
  
  
 
Change in unrealized gains and losses on investments
 
$
(78,546
)
 
$
27,510
  
$
(27,623
)
 
$
(78,659
)
 
                
Benefit plan adjustments
  
(1,221
)
  
428
   
(428
)
  
(1,221
)
 
                
Unrealized foreign currency translation adjustment
  
2,452
   
(859
)
  
-
   
1,593
 
 
                
Other comprehensive income (loss)
 
$
(77,315
)
 
$
27,079
  
$
(28,051
)
 
$
(78,287
)

 
 
 
2011
 
 
 
  
  
Valuation
  
 
 
 
Before tax
  
Tax effect
  
allowance
  
Net of tax
 
 
 
(In thousands)
 
 
 
  
  
  
 
Other comprehensive income (loss):
 
  
  
  
 
Change in unrealized gains and losses on investments
 
$
31,662
  
$
(10,605
)
 
$
-
  
$
21,057
 
 
                
Benefit plan adjustments
  
(19,789
)
  
6,927
   
-
   
(12,862
)
 
                
Unrealized foreign currency translation adjustment
  
(318
)
  
111
   
-
   
(207
)
 
                
Other comprehensive income (loss)
 
$
11,555
  
$
(3,567
)
 
$
-
  
$
7,988
 
 
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.
 
 
 
2013
 
 
 
Unrealized gains and
  
  
  
 
 
 
losses on available-
  
Defined benefit
  
Foreign currency
  
 
 
 
for-sale securities
  
plans
  
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
  
(112,667
)
  
68,039
   
(21,563
)
  
(66,191
)
Amounts reclassified from accumulated other comprehensive income (loss)
  
13,508
 (1)  
1
 (2)  
-
   
13,509
 
Net current period other comprehensive income (loss)
  
(126,175
)
  
68,038
   
(21,563
)
  
(79,700
)
 
                
Balance at December 31, 2013, before tax
  
(84,634
)
  
(3,766
)
  
11,184
   
(77,216
)
 
                
Tax effect (3)
  
(64,056
)
  
26,940
   
(3,394
)
  
(40,510
)
 
                
Balance at December 31, 2013, net of tax
 
$
(148,690
)
 
$
23,174
  
$
7,790
  
$
(117,726
)
 
 
 
 
2012
 
 
 
Unrealized gains and
  
  
  
 
 
 
losses on available-
  
Defined benefit
  
Foreign currency
  
 
 
 
for-sale securities
  
plans
  
translation
  
Total
 
 
 
(In thousands)
 
 
 
  
  
  
 
Balance at December 31, 2011, before tax
 
$
120,087
  
$
(70,582
)
 
$
30,294
  
$
79,799
 
 
                
Other comprehensive income (loss) before reclassifications
  
22,710
   
(2,296
)
  
2,453
   
22,867
 
Amounts reclassified from accumulated other comprehensive income (loss)
  
101,256
) (1)
  
(1,074
) (2)
  
-
   
100,182
 
Net current period other comprehensive income (loss)
  
(78,546
)
  
(1,222
)
  
2,453
   
(77,315
)
 
                
Balance at December 31, 2012, before tax
  
41,541
   
(71,804
)
  
32,747
   
2,484
 
 
                
Tax effect (3)
  
(66,640
)
  
26,940
   
(10,947
)
  
(50,647
)
 
                
Balance at December 31, 2012, net of tax
 
$
(25,099
)
 
$
(44,864
)
 
$
21,800
  
$
(48,163
)
 
 
 
 
2011
 
 
 
Unrealized gains and
  
  
  
 
 
 
losses on available-
  
Defined benefit
  
Foreign currency
  
 
 
 
for-sale securities
  
plans
  
translation
  
Total
 
 
 
(In thousands)
 
 
 
  
  
  
 
Balance at December 31, 2010, before tax
 
$
88,425
  
$
(50,793
)
 
$
30,612
  
$
68,244
 
 
                
Other comprehensive income (loss) before reclassifications
  
105,167
   
(18,875
)
  
(318
)
  
85,974
 
Amounts reclassified from accumulated other comprehensive income (loss)
  
73,505
 (1)  
914
 (2)   
-
   
74,419
 
Net current period other comprehensive income (loss)
  
31,662
   
(19,789
)
  
(318
)
  
11,555
 
 
                
Balance at December 31, 2011, before tax
  
120,087
   
(70,582
)
  
30,294
   
79,799
 
 
                
Tax effect (3)
  
(66,526
)
  
26,940
   
(10,089
)
  
(49,675
)
 
                
Balance at December 31, 2011, net of tax
 
$
53,561
  
$
(43,642
)
 
$
20,205
  
$
30,124
 
 
(1) During 2013, 2012 and 2011, net unrealized gains of $13.5 million, $101.3 million and $73.5 million, respectively, were reclassified to the Consolidated Statement of Operations and included in Realized investment gains.
(2) During 2013, 2012 and 2011, other comprehensive income related to benefit plans of $1 thousand, ($1.1) million and $0.9 million, respectively, was reclassified to the Consolidated Statement of Operations and included in Underwriting and other expenses, net.
(3) Tax effect does not approximate 35% due to amounts of tax benefits not provided in various periods due to our tax valuation allowance.