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Other Comprehensive Income
 3 Months Ended
Mar. 31, 2015
Other Comprehensive Income [Abstract]  
Other Comprehensive Income
Note 9 – Other Comprehensive Income

Our other comprehensive income for the three months ended March 31, 2015 and 2014 was as follows:

  
Three Months Ended March 31, 2015
 
  
Before tax
  
Tax effect
  
Valuation allowance
  
Net of tax
 
  
(In thousands)
 
Other comprehensive income (loss):
        
Change in unrealized gains and losses on investments
 
$
19,721
  
$
(6,876
)
 
$
6,718
  
$
19,563
 
Benefit plan adjustments
  
(700
)
  
245
   
(245
)
  
(700
)
Unrealized foreign currency translation adjustment
  
(3,102
)
  
1,088
   
-
   
(2,014
)
                 
Other comprehensive income (loss)
 
$
15,919
  
$
(5,543
)
 
$
6,473
  
$
16,849
 
 
  
Three Months Ended March 31, 2014
 
  
Before tax
  
Tax effect
  
Valuation 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
 

See Note 11 – “Income Taxes” for a discussion of the valuation allowance.

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, 2015
 
  
Unrealized gains and losses on available-for-sale securities
  
Defined benefit plans
  
Foreign currency translation
  
Total
 
  
(In thousands)
 
         
Balance at December 31, 2014, before tax
 
$
7,148
  
$
(55,878
)
 
$
7,117
  
$
(41,613
)
                 
Other comprehensive income (loss) before reclassifications
  
30,955
   
-
   
(3,102
)
 
$
27,853
 
                 
Amounts reclassified from accumulated other comprehensive income (loss)
  
11,234
(1)
  
700
(2)
  
-
  
$
11,934
 
                 
Net current period other comprehensive income (loss)
  
19,721
   
(700
)
  
(3,102
)
  
15,919
 
                 
Balance at March 31, 2015, before tax
 
$
26,869
  
$
(56,578
)
 
$
4,015
  
$
(25,694
)
                 
Tax effect (3)
  
(64,857
)
  
26,940
   
(881
)
  
(38,798
)
                 
Balance at March 31, 2015, net of tax
 
$
(37,988
)
 
$
(29,638
)
 
$
3,134
  
$
(64,492
)

  
Three Months Ended March 31, 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
  
36,672
   
-
   
1,931
   
38,603
 
                 
Less: 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, 2015, 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
)
 
(1)During the three months ended March 31, 2015 and 2014, we realized net investment gains (losses) that at the end of the prior quarter had been classified in net unrealized gains (losses) of $11.2 million and ($3.0) million, respectively. As a result, these amounts were reclassified to the Consolidated Statement of Operations and included in Realized investment gains (losses).
(2)During the three months ended March 31, 2015 and 2014, other comprehensive income related to benefit plans of $0.7 million and $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, 2014 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, 2014, before tax
 
$
7,148
  
$
(55,878
)
 
$
7,117
  
$
(41,613
)
                 
Tax effect (1)
  
(64,699
)
  
26,940
   
(1,969
)
  
(39,728
)
                 
Balance at December 31, 2014, net of tax
 
$
(57,551
)
 
$
(28,938
)
 
$
5,148
  
$
(81,341
)

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