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Accumulated Other Comprehensive Income (Tables)
 6 Months Ended
Jun. 30, 2014
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]  
Components of Accumulated Other Comprehensive Income
The balance of and changes in each component of accumulated other comprehensive income (loss) (“AOCI”) for the six months ended June 30, 2014 and 2013 are as follows (dollars in thousands):
 
 
 
Accumulated Other Comprehensive Income (Loss), Net of Income Tax
 
 
Accumulated
Currency
Translation
Adjustments
 
Unrealized
Appreciation
(Depreciation)
of Investments(1)
 
Pension and
Postretirement
Benefits
 
Total
Balance, December 31, 2013
 
$
207,083

 
$
820,245

 
$
(21,721
)
 
$
1,005,607

Other comprehensive income (loss) before reclassifications
 
(40
)
 
646,777

 
(6
)
 
646,731

Amounts reclassified to (from) AOCI
 
—

 
(24,698
)
 
1,020

 
(23,678
)
Net current-period other comprehensive income (loss)
 
(40
)
 
622,079

 
1,014

 
623,053

Balance, June 30, 2014
 
$
207,043

 
$
1,442,324

 
$
(20,707
)
 
$
1,628,660

 
 
 
Accumulated Other Comprehensive Income (Loss), Net of Income Tax
 
 
Accumulated
Currency
Translation
Adjustments
 
Unrealized
Appreciation
(Depreciation)
of Investments(1)
 
Pension and
Postretirement
Benefits
 
Total
Balance, December 31, 2012
 
$
267,475

 
$
1,877,657

 
$
(36,230
)
 
$
2,108,902

Other comprehensive income (loss) before reclassifications
 
(102,937
)
 
(819,019
)
 
206

 
(921,750
)
Amounts reclassified to (from) AOCI
 
—

 
(6,512
)
 
1,494

 
(5,018
)
Net current-period other comprehensive income (loss)
 
(102,937
)
 
(825,531
)
 
1,700

 
(926,768
)
Balance, June 30, 2013
 
$
164,538

 
$
1,052,126

 
$
(34,530
)
 
$
1,182,134

 
(1)
Includes cash flow hedges. See Note 5 - “Derivative Instruments” for additional information on cash flow hedges.
Reclassification Out Of Accumulated Other Comprehensive Income
The following table presents the amounts of AOCI reclassifications for the three and six months ended June 30, 2014 and 2013 (dollars in thousands):
 
 
Amount Reclassified from AOCI
 
 
 
 
Three months ended June 30,
 
 
Six months ended June 30,
 
 
Details about AOCI Components
 
2014
 
2013
 
 
2014
 
2013
 
Affected Line Item in Statement of Income         
Unrealized gains and losses on available-for-sale securities
 
$
27,142

 
$
13,510

 
 
$
28,331

 
$
23,858

 
Investment related gains (losses), net
Gains and losses on cash flow hedge - interest rate swap
 
321

 
201

 
 
539

 
506

 
Investment income
Deferred policy acquisition costs attributed to unrealized gains and losses(1)
 
4,370

 
(13,283
)
 
 
8,791

 
(14,831
)
 
 
Total
 
31,833

 
428

 
 
37,661

 
9,533

 
 
Provision for income taxes
 
(11,059
)
 
(87
)
 
 
(12,963
)
 
(3,021
)
 
 
Net unrealized gains (losses), net of tax
 
$
20,774

 
$
341

 
 
$
24,698

 
$
6,512

 
 
Amortization of unrealized pension and postretirement benefits:
 
 
 
 
 
 
 
 
 
 
 
Prior service cost(2)
 
$
(216
)
 
$
(213
)
 
 
$
(218
)
 
$
(307
)
 
 
Actuarial gains/(losses)(2)
 
(462
)
 
(968
)
 
 
(1,352
)
 
(1,991
)
 
 
Total
 
(678
)
 
(1,181
)
 
 
(1,570
)
 
(2,298
)
 
 
Provision for income taxes
 
238

 
413

 
 
550

 
804

 
 
Amortization of unrealized pension and postretirement benefits, net of tax
 
$
(440
)
 
$
(768
)
 
 
$
(1,020
)
 
$
(1,494
)
 
 
 
 
 
 
 
 
 


 
 
 
 
Total reclassifications, net of tax
 
$
20,334

 
$
(427
)
 
 
$
23,678

 
$
5,018

 
 

(1)
This AOCI component is included in the computation of the deferred policy acquisition cost. See Note 8 – “Deferred Policy Acquisition Costs” of the 2013 Annual Report for additional details.
(2)
These AOCI components are included in the computation of the net periodic pension cost. See Note 9 – “Employee Benefit Plans” for additional details.