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Other Comprehensive Income (Tables)
 6 Months Ended
Jun. 30, 2014
Other Comprehensive Income [Abstract]  
Other comprehensive income
Our other comprehensive income for the three and six months ended June 30, 2014 and 2013 was as follows:

 
 
Three Months Ended
June 30, 2014
 
 
 
Before tax
  
Tax effect
  
Valuation
allowance
  
Net of tax
 
 
 
(In thousands)
 
Other comprehensive income (loss):
 
  
  
  
 
Change in unrealized gains and losses on investments
 
$
44,818
  
$
(15,634
)
 
$
15,317
  
$
44,501
 
Benefit plan adjustments
  
(1,980
)
  
693
   
(693
)
  
(1,980
)
Unrealized foreign currency translation adjustment
  
904
   
(317
)
  
-
   
587
 
 
                
Other comprehensive income (loss)
 
$
43,742
  
$
(15,258
)
 
$
14,624
  
$
43,108
 
            
 
 
 
Six Months Ended
June 30, 2014
 
 
 
Before tax
  
Tax effect
  
Valuation
allowance
  
Net of tax
 
 
 
(In thousands)
 
 
 
  
  
  
 
Other comprehensive income (loss):
 
  
  
  
 
Change in unrealized gains and losses on investments
 
$
84,479
  
$
(29,505
)
 
$
29,125
  
$
84,099
 
Benefit plan adjustments
  
(3,466
)
  
1,213
   
(1,213
)
  
(3,466
)
Unrealized foreign currency translation adjustment
  
2,835
   
(995
)
  
-
   
1,840
 
 
                
Other comprehensive income (loss)
 
$
83,848
  
$
(29,287
)
 
$
27,912
  
$
82,473
 

 
Three Months Ended
June 30, 2013
 
 
 
Before tax
  
Tax effect
  
Valuation
allowance
  
Net of tax
 
 
(In thousands)
 
 
 
  
 
  
  
 
Other comprehensive income (loss):
 
  
  
  
 
Change in unrealized gains and losses on investments
 
$
(99,092
)
 
$
34,520
  
$
(33,547
)
 
$
(98,119
)
Unrealized foreign currency translation adjustment
  
(19,255
)
  
6,743
   
-
   
(12,512
)
 
                
Other comprehensive income (loss)
 
$
(118,347
)
 
$
41,263
  
$
(33,547
)
 
$
(110,631
)
 
 
 
Six Months Ended
June 30, 2013
 
 
 
Before tax
  
Tax effect
  
Valuation
allowance
  
Net of tax
 
 
 
(In thousands)
 
 
 
  
  
  
 
Other comprehensive income (loss):
 
  
  
  
 
Change in unrealized gains and losses on investments
 
$
(109,631
)
 
$
38,112
  
$
(36,554
)
 
$
(108,073
)
Unrealized foreign currency translation adjustment
  
(18,769
)
  
6,573
   
-
   
(12,196
)
 
                
Other comprehensive income (loss)
 
$
(128,400
)
 
$
44,685
  
$
(36,554
)
 
$
(120,269
)
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
June 30, 2014
 
 
 
Unrealized gains and
losses on available-
for-sale securities
 
 
Defined benefit
plans
  
Foreign currency
translation
  
Total
 
 
 
(In thousands)
 
 
 
 
 
  
  
 
Balance at March 31, 2014, before tax
 
$
(44,973
)
 
$
(5,252
)
 
$
13,115
  
$
(37,110
)
 
    
            
Other comprehensive income (loss) before reclassifications
  
42,922
 
  
-
   
904
   
43,826
 
Amounts reclassified from accumulated other comprehensive income (loss)
  
(1,896
)
(1
)
 
1,980
 (2
)
 
-
 
  
84
 
 
                 
Net current period other comprehensive income (loss)
  
44,818
    
(1,980
)
  
904
   
43,742
 
 
Balance at June 30, 2014, before tax
 
$
(155
)  
$
(7,232
) 
$
14,019
  
$
6,632
 
 
 
 
Six Months Ended
June 30, 2014
 
 
 
Unrealized gains and
losses on available-
for-sale securities
   
Defined benefit
plans
 
 
Foreign currency
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
  
78,548
 
  
-
 
  
2,835
   
81,383
 
Amounts reclassified from accumulated other comprehensive income (loss)
  
(5,931
)
(1
)
 
3,466
 
(2
)
 
-
   
(2,465
)
 
                  
Net current period other comprehensive income (loss)
  
84,479
    
(3,466
)
   
2,835
   
83,848
 
 
                  
Balance at June 30, 2014, before tax
  
(155
)
   
(7,232
)
   
14,019
   
6,632
 
 
                  
Tax effect (3)
  
(64,436
)
   
26,940
    
(4,389
)
  
(41,885
)
 
Balance at June 30, 2014, net of tax
 
$
(64,591
)  
$
19,708
   
$
9,630
  
$
(35,253
)
 
 
 
Three Months Ended June 30, 2013
 
 
 
Unrealized gains and
losses on available-
for-sale securities
 
Defined benefit
plans
  
Foreign currency
translation
  
Total
 
 
 
(In thousands)
 
 
 
 
 
  
  
 
Balance at March 31, 2013, before tax
 
$
31,002
 
 
$
(71,804
)
 
$
33,233
  
$
(7,569
)
 
Other comprehensive income (loss) before reclassifications
  
(96,938
)
  
-
   
(19,255
)
  
(116,193
)
Amounts reclassified from accumulated other comprehensive income (loss)
  
2,154
 
(1
)
 
-
   
-
   
2,154
 
 
           
 
     
Net current period other comprehensive income (loss)
  
(99,092
)
   
-
   
(19,255
)
  
(118,347
)
 
                 
Balance at June 30, 2013, before tax
$
(68,090
)
$
(71,804
)
$
13,978
$
(125,916
)

 
 
Six Months Ended
June 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
  
(104,099
)
  
-
   
(18,769
)
  
(122,868
)
Amounts reclassified from accumulated other comprehensive income (loss)
  
5,532
 
(1
)
 
-
   
-
   
5,532
 
 
           
 
     
Net current period other comprehensive income (loss)
  
(109,631
)
   
-
   
(18,769
)
  
(128,400
)
 
                 
Balance at June 30, 2013, before tax
  
(68,090
)
   
(71,804
)
  
13,978
   
(125,916
)
 
                 
Tax effect (3)
  
(65,082
)
   
26,940
   
(4,374
)
  
(42,516
)
 
                 
Balance at June 30, 2013, net of tax
 
$
(133,172
)
  
$
(44,864
)
 
$
9,604
  
$
(168,432
)

(1)During the three and six months ended June 30, 2014, net unrealized losses of ($1.9) million and ($5.9) million, respectively, were reclassified to the Consolidated Statement of Operations and included in Realized investment gains, net. During the three and six months ended June 30, 2013, net unrealized gains of $2.2 million and $5.5 million, respectively were reclassified to the Consolidated Statement of Operations and included in Realized investment gains, net.
(2)During the three and six months ended June 30, 2014, other comprehensive income related to benefit plans of $2.0 million and $3.5 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.
 
Total accumulated other comprehensive income at December 31, 2013 is included in the table below.

 
 
Unrealized gains and
losses on available-
for-sale securities
  
Defined benefit
plans
  
Foreign currency
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.