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Other Comprehensive Income (Tables)
 3 Months Ended
Mar. 31, 2014
Other Comprehensive Income [Abstract]  
Other comprehensive income
Our other comprehensive income for the three months ended March 31, 2014 and 2013 was as follows:

 
Three Months Ended
 
 
March 31, 2014
 
 
 
  
  
Valuation
  
 
 
 
Before tax
  
Tax effect
  
allowance
  
Net of tax
 
 
(In thousands)
 
 
 
  
  
  
 
Other comprehensive income (loss):
 
  
  
  
 
Change in unrealized gains and losses on investments
 
$
39,661
  
$
(13,871
)
 
$
13,808
  
$
39,598
 
Benefit plan adjustments
  
(1,486
)
  
520
   
(520
)
  
(1,486
)
Unrealized foreign currency translation adjustment
  
1,931
   
(678
)
  
-
   
1,253
 
 
                
Other comprehensive income (loss)
 
$
40,106
  
$
(14,029
)
 
$
13,288
  
$
39,365
 
                          
 
Three Months Ended
 
 
March 31, 2013
 
 
 
  
  
Valuation
  
 
 
 
Before tax
  
Tax effect
  
allowance
  
Net of tax
 
 
(In thousands)
 
 
 
  
  
  
 
Other comprehensive income (loss):
 
  
  
  
 
Change in unrealized gains and losses on investments
 
$
(10,539
)
 
$
3,592
  
$
(3,007
)
 
$
(9,954
)
Unrealized foreign currency translation adjustment
  
486
   
(170
)
  
-
   
316
 
 
                
Other comprehensive income (loss)
 
$
(10,053
)
 
$
3,422
  
$
(3,007
)
 
$
(9,638
)
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
 
 
 
March 31, 2014
 
 
 
Unrealized gains and
  
  
  
 
 
 
losses on available-
  
Defined benefit
  
Foreign currency
  
 
 
 
for-sale securities
  
plans
  
translation
  
Total
 
 
 
(In thousands)
 
 
 
  
  
  
 
Balance at December 31, 2013, before tax
 
$
(84,634
)
 
$
(3,766
)
 
$
11,184
  
$
(77,216
)
 
                
Other comprehensive income (loss) before reclassifications
  
36,672
   
-
   
1,931
   
38,603
 
Amounts reclassified from accumulated other comprehensive income (loss)
  
(2,989
)(1)
  
1,486
(2)  -   
(1,503
)
Net current period other comprehensive income (loss)
  
39,661
   
(1,486
)
  
1,931
   
40,106
 
 
                
Balance at March 31, 2014, before tax
 
$
(44,973
)
 
$
(5,252
)
 
$
13,115
  
$
(37,110
)
 
                
Tax effect (3)
  
(64,119
)
  
26,940
   
(4,072
)
  
(41,251
)
 
                
Balance at March 31, 2014, net of tax
 
$
(109,092
)
 
$
21,688
  
$
9,043
  
$
(78,361
)

 
 
Three Months Ended
 
 
 
March 31, 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
  
(8,467
)
  
-
   
486
   
(7,981
)
Amounts reclassified from accumulated other comprehensive income (loss)
  
2,072
(1) 
  
-
   -   
2,072
 
Net current period other comprehensive income (loss)
  
(10,539
)
  
-
   
486
   
(10,053
)
 
                
Balance at March 31, 2013, before tax
  
31,002
   
(71,804
)
  
33,233
   
(7,569
)
 
                
Tax effect (3)
  
(66,054
)
  
26,940
   
(11,118
)
  
(50,232
)
 
                
Balance at March 31, 2013, net of tax
 
$
(35,052
)
 
$
(44,864
)
 
$
22,115
  
$
(57,801
)

(1)During the three months ended March 31, 2014 and 2013, net unrealized (losses) gains of ($3.0) million and $2.1 million, respectively, were reclassified to the Consolidated Statement of Operations and included in Realized investment gains (losses)
(2)During the three months ended March 31, 2014, other comprehensive income related to benefit plans of $1.5 million 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.
 
Total accumulated other comprehensive income at December 31, 2013 is included in the table below.

 
 
Unrealized gains and
  
  
  
 
 
 
losses on available-
  
Defined benefit
  
Foreign currency
  
 
 
 
for-sale securities
  
plans
  
translation
  
Total
 
 
(In thousands)
 
 
 
  
  
  
 
 
 
  
  
  
 
Balance at December 31, 2013, before tax
  
(84,634
)
  
(3,766
)
  
11,184
   
(77,216
)
 
                
Tax effect (1)
  
(64,056
)
  
26,940
   
(3,394
)
  
(40,510
)
 
                
Balance at December 31, 2013, net of tax
 
$
(148,690
)
 
$
23,174
  
$
7,790
  
$
(117,726
)

(1) Tax effect does not approximate 35% due to amounts of tax benefits not provided in various periods due to our tax valuation allowance.