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Accumulated Other Comprehensive Income (Loss) (Tables)
12 Months Ended
Dec. 31, 2014
Accumulated Other Comprehensive Income Other Comprehensive Income [Abstract]  
Components of Accumulated Other Comprehensive Income (Loss)

Changes in the balances of each component of accumulated other comprehensive income (loss) for the years ended December 31, 2014, 2013 and 2012 are as follows:

 

 

Unrealized
gains (losses)
on securities

 

 

Foreign
currency
translation
adjustment

 

 

Pension
benefit
adjustment

 

 

Accumulated
other
comprehensive
income (loss)

 

 

(in thousands)

 

Balance at December 31, 2011

$

(13,409

)

 

$

4,793

 

 

$

(168,837

)

 

$

(177,453

)

Change in unrealized gains (losses) on securities

 

52,409

 

 

 

 

 

 

 

 

 

52,409

 

Change in unrealized gains (losses) on securities for which credit losses have been recognized in earnings

 

6,502

 

 

 

 

 

 

 

 

 

6,502

 

Change in foreign currency translation adjustments

 

 

 

 

5,131

 

 

 

 

 

 

5,131

 

Net actuarial loss

 

 

 

 

 

 

 

(46,602

)

 

 

(46,602

)

Amortization of net actuarial loss

 

 

 

 

 

 

 

28,368

 

 

 

28,368

 

Amortization of prior service cost

 

 

 

 

 

 

 

(4,385

)

 

 

(4,385

)

Tax effect

 

(23,564

)

 

 

 

 

 

9,048

 

 

 

(14,516

)

Balance at December 31, 2012

 

21,938

 

 

 

9,924

 

 

 

(182,408

)

 

 

(150,546

)

Change in unrealized gains (losses) on securities

 

(54,000

)

 

 

 

 

 

 

 

 

(54,000

)

Change in unrealized gains (losses) on securities for which credit losses have been recognized in earnings

 

3,809

 

 

 

 

 

 

 

 

 

3,809

 

Change in foreign currency translation adjustments

 

 

 

 

(13,650

)

 

 

 

 

 

(13,650

)

Net actuarial gain

 

 

 

 

 

 

 

53,080

 

 

 

53,080

 

Amortization of net actuarial loss

 

 

 

 

 

 

 

32,033

 

 

 

32,033

 

Amortization of prior service cost

 

 

 

 

 

 

 

(4,385

)

 

 

(4,385

)

Tax effect

 

19,526

 

 

 

 

 

 

(31,404

)

 

 

(11,878

)

Balance at December 31, 2013

 

(8,727

)

 

 

(3,726

)

 

 

(133,084

)

 

 

(145,537

)

Change in unrealized gains (losses) on securities

 

29,889

 

 

 

 

 

 

 

 

 

29,889

 

Change in unrealized gains (losses) on securities for which credit losses have been recognized in earnings

 

1,229

 

 

 

 

 

 

 

 

 

1,229

 

Change in foreign currency translation adjustments

 

 

 

 

(16,694

)

 

 

 

 

 

(16,694

)

Net actuarial loss

 

 

 

 

 

 

 

(109,924

)

 

 

(109,924

)

Amortization of net actuarial loss

 

 

 

 

 

 

 

22,587

 

 

 

22,587

 

Amortization of prior service cost

 

 

 

 

 

 

 

(4,153

)

 

 

(4,153

)

Tax effect

 

(11,480

)

 

 

 

 

 

34,994

 

 

 

23,514

 

Balance at December 31, 2014

$

10,911

 

 

$

(20,420

)

 

$

(189,580

)

 

$

(199,089

)

 

Accumulated Other Comprehensive Income (Loss) Allocated to Company and Noncontrolling Interests

Components of accumulated other comprehensive income (loss) allocated to the Company and noncontrolling interests are as follows:

 

 

Unrealized
gains (losses)
on securities

 

 

Foreign
currency
translation
adjustment

 

 

Pension
benefit
adjustment

 

 

Accumulated
other
comprehensive
income (loss)

 

 

(in thousands)

 

2014

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allocated to the Company

$

10,894

 

 

$

(20,420

)

 

$

(189,580

)

 

$

(199,106

)

Allocated to noncontrolling interests

 

17

 

 

 

 

 

 

 

 

 

17

 

Balance at December 31, 2014

$

10,911

 

 

$

(20,420

)

 

$

(189,580

)

 

$

(199,089

)

2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allocated to the Company

$

(8,734

)

 

$

(3,726

)

 

$

(133,084

)

 

$

(145,544

)

Allocated to noncontrolling interests

 

7

 

 

 

 

 

 

 

 

 

7

 

Balance at December 31, 2013

$

(8,727

)

 

$

(3,726

)

 

$

(133,084

)

 

$

(145,537

)

2012

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allocated to the Company

$

21,928

 

 

$

9,924

 

 

$

(182,408

)

 

$

(150,556

)

Allocated to noncontrolling interests

 

10

 

 

 

 

 

 

 

 

 

10

 

Balance at December 31, 2012

$

21,938

 

 

$

9,924

 

 

$

(182,408

)

 

$

(150,546

)

 

Adjustments for Reclassification of Accumulated Other Comprehensive Income (Loss)

The following table presents the other comprehensive income (loss) reclassification adjustments for the years ended December 31, 2014, 2013 and 2012:

 

 

Unrealized
gains (losses)
on securities

 

 

Foreign
currency
translation
adjustment

 

 

Pension
benefit
adjustment

 

 

Total
other
comprehensive
income (loss)

 

 

(in thousands)

 

Year ended December 31, 2014

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pretax change before reclassifications

$

52,693

 

 

$

(16,694

)

 

$

(109,924

)

 

$

(73,925

)

Reclassifications out of AOCI

 

(21,575

)

 

 

 

 

 

18,434

 

 

 

(3,141

)

Tax effect

 

(11,480

)

 

 

 

 

 

34,994

 

 

 

23,514

 

Total other comprehensive income (loss), net of tax

$

19,638

 

 

 

(16,694

)

 

$

(56,496

)

 

$

(53,552

)

Year ended December 31, 2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pretax change before reclassifications

$

(40,396

)

 

$

(13,650

)

 

$

53,080

 

 

$

(966

)

Reclassifications out of AOCI

 

(9,795

)

 

 

 

 

 

27,648

 

 

 

17,853

 

Tax effect

 

19,526

 

 

 

 

 

 

(31,404

)

 

 

(11,878

)

Total other comprehensive income (loss), net of tax

$

(30,665

)

 

$

(13,650

)

 

$

49,324

 

 

$

5,009

 

Year ended December 31, 2012

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pretax change before reclassifications

$

128,745

 

 

$

5,131

 

 

$

(46,602

)

 

$

87,274

 

Reclassifications out of AOCI

 

(69,834

)

 

 

 

 

 

23,983

 

 

 

(45,851

)

Tax effect

 

(23,564

)

 

 

 

 

 

9,048

 

 

 

(14,516

)

Total other comprehensive income (loss), net of tax

$

35,347

 

 

$

5,131

 

 

$

(13,571

)

 

$

26,907

 

 

Reclassifications out of Accumulated Other Comprehensive Income (Loss)

 


The following table presents the effect of the reclassifications out of accumulated other comprehensive income (loss) on the respective line items in the consolidated statements of income:

 

 

 

Amounts reclassified from accumulated other comprehensive income (loss)

 

 

 

 

 

 

 

 

Year ended December 31,

 

 

 

 

Affected line items in the 

 

(in thousands)

 

2014

 

 

2013

 

 

 

 

consolidated statements of income

 

Unrealized gains (losses) on securities:

 

 

 

 

 

 

 

 

 

 

 

Net realized gains (losses) on sales of securities

$

23,276

 

$

9,795

 

 

 

 

Net realized investment gains

 

Net other-than-temporary impairment losses

 

(1,701

)

 

 

 

 

 

Net other-than-temporary impairment losses

 

Pretax total

$

21,575

 

$

9,795

 

 

 

 

 

 

Tax effect

$

(7,959

)

$

(3,811

)

 

 

 

 

 

Pension benefit adjustment:

 

 

 

 

 

 

 

 

 

 

 

Amortization of defined benefit pension and supplemental benefit plan items:

 

 

 

 

 

 

 

 

 

 

 

Net actuarial loss

$

(22,587

)

$

(32,033

)

(1)

 

 

 

 

Prior service credit

 

4,153

 

 

4,385

 

(1)

 

 

 

 

Pretax total

$

(18,434

)

$

(27,648

)

 

 

 

 

 

Tax effect

$

7,051

 

$

10,757

 

 

 

 

 

 

 

(1)

These accumulated other comprehensive income components are included in the computation of net periodic cost. See Note 14 Employee Benefit Plans for additional details.