XML 39 R28.htm IDEA: XBRL DOCUMENT v3.19.2
Equity (Tables)
 6 Months Ended
Jun. 30, 2019
Stockholders' Equity Note [Abstract]  
Schedule of Stock by Class [Table Text Block]
The changes in the number of common stock issued, held in treasury and outstanding are as follows for the periods indicated:
 
 
Issued
 
Held In Treasury
 
Outstanding
Balance, December 31, 2018
 
79,137,758

 
16,323,390

 
62,814,368

Common stock acquired
 
—

 
344,237

 
(344,237
)
Stock-based compensation (1)
 
—

 
(288,360
)
 
288,360

Balance, June 30, 2019
 
79,137,758

 
16,379,267

 
62,758,491

 
 
Issued
 
Held In Treasury
 
Outstanding
Balance, December 31, 2017
 
79,137,758

 
14,685,663

 
64,452,095

Common stock acquired
 
—

 
991,477

 
(991,477
)
Stock-based compensation (1)
 
—

 
(211,868
)
 
211,868

Balance, June 30, 2018
 
79,137,758

 
15,465,272

 
63,672,486

(1)
Represents net shares issued from treasury pursuant to the Company’s equity-based compensation programs.
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, 2019 and 2018 are as follows (dollars in thousands):
 
 
Accumulated
Currency
Translation
Adjustments
 
Unrealized
Appreciation
(Depreciation)
of Investments(1)
 
Pension and
Postretirement
Benefits
 
Total
Balance, December 31, 2018
 
$
(168,698
)
 
$
856,159

 
$
(50,698
)
 
$
636,763

Other comprehensive income (loss) before reclassifications
 
43,534

 
2,617,211

 
(3,369
)
 
2,657,376

Amounts reclassified to (from) AOCI
 
—

 
(98,502
)
 
2,893

 
(95,609
)
Deferred income tax benefit (expense)
 
2,455

 
(558,975
)
 
103

 
(556,417
)
Balance, June 30, 2019
 
$
(122,709
)
 
$
2,815,893

 
$
(51,071
)
 
$
2,642,113

 
 
Accumulated
Currency
Translation
Adjustments
 
Unrealized
Appreciation
(Depreciation)
of Investments(1)
 
Pension and
Postretirement
Benefits
 
Total
Balance, December 31, 2017
 
$
(86,350
)
 
$
2,200,661

 
$
(50,680
)
 
$
2,063,631

Other comprehensive income (loss) before reclassifications
 
(44,227
)
 
(1,327,195
)
 
(2,986
)
 
(1,374,408
)
Amounts reclassified to (from) AOCI
 
—

 
53,646

 
2,366

 
56,012

Deferred income tax benefit (expense)
 
(11,610
)
 
271,226

 
120

 
259,736

Balance, June 30, 2018
 
$
(142,187
)
 
$
1,198,338

 
$
(51,180
)
 
$
1,004,971

(1)
Includes cash flow hedges of $(14,862) and $8,788 as of June 30, 2019 and December 31, 2018, respectively, and $22,656 and $2,619 as of June 30, 2018 and December 31, 2017, respectively. 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, 2019 and 2018 (dollars in thousands):
 
 
Amount Reclassified from AOCI
 
 
 
 
Three months ended June 30,
 
Six months ended June 30,
 
 
Details about AOCI Components
 
2019
 
2018
 
2019
 
2018
 
Affected Line Item in 
Statements of Income
Net unrealized investment gains (losses):
 
 
 
 
 
 
 
 
 
 
Net unrealized gains (losses) on available-for-sale securities
 
$
20,249

 
$
(24,642
)
 
$
19,976

 
$
(39,098
)
 
Investment related gains (losses), net
Cash flow hedges - Interest rate
 
383

 
29

 
852

 
(342
)
 
(1)
Cash flow hedges - Currency/Interest rate
 
(6
)
 
76

 
19

 
221

 
(1)
Deferred policy acquisition costs attributed to unrealized gains and losses
 
63,182

 
(7,835
)
 
77,655

 
(14,427
)
 
(2)
Total
 
83,808

 
(32,372
)
 
98,502

 
(53,646
)
 
 
Provision for income taxes
 
(17,273
)
 
6,945

 
(20,279
)
 
11,623

 
 
Net unrealized gains (losses), net of tax
 
$
66,535

 
$
(25,427
)
 
$
78,223

 
$
(42,023
)
 
 
Amortization of defined benefit plan items:
 
 
 
 
 
 
 
 
 
 
Prior service cost (credit)
 
$
268

 
$
247

 
$
537

 
$
493

 
(3)
Actuarial gains/(losses)
 
(1,875
)
 
(1,267
)
 
(3,430
)
 
(2,859
)
 
(3)
Total
 
(1,607
)
 
(1,020
)
 
(2,893
)
 
(2,366
)
 
 
Provision for income taxes
 
338

 
214

 
608

 
497

 
 
Amortization of defined benefit plans, net of tax
 
$
(1,269
)
 
$
(806
)
 
$
(2,285
)
 
$
(1,869
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Total reclassifications for the period
 
$
65,266

 
$
(26,233
)
 
$
75,938

 
$
(43,892
)
 
 
(1)
See Note 5 - “Derivative Instruments” for additional information on cash flow hedges.
(2)
This AOCI component is included in the computation of the deferred policy acquisition cost. See Note 8 – “Deferred Policy Acquisition Costs” of the 2018 Annual Report for additional details.
(3)
This AOCI component is included in the computation of the net periodic pension cost. See Note 10 – “Employee Benefit Plans” for additional details.