Accumulated Other Comprehensive Income (Loss) ("AOCI")

12 Months Ended

Dec. 31, 2016

Accumulated Other Comprehensive Income Other Comprehensive Income [Abstract]

Accumulated Other Comprehensive Income (Loss) ("AOCI")

NOTE 17.    Accumulated Other Comprehensive Income (Loss) (“AOCI”):

The following table presents a summary of the changes in each component of AOCI for the years ended December 31, 2016, 2015 and 2014:

	Unrealized gains (losses) on securities			Foreign currency translation adjustment			Pension benefit adjustment			Accumulated other comprehensive income (loss)
	(in thousands)
Balance at December 31, 2013	$	(8,727	)	$	(3,726	)	$	(133,084	)	$	(145,537	)
Change in unrealized gains (losses) on securities		31,118			—			—			31,118
Change in foreign currency translation adjustment		—			(16,694	)		—			(16,694	)
Net actuarial loss		—			—			(109,924	)		(109,924	)
Amortization of net actuarial loss		—			—			22,587			22,587
Amortization of prior service credit		—			—			(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	)
Change in unrealized gains (losses) on securities		(42,205	)		—			—			(42,205	)
Change in foreign currency translation adjustment		—			(36,822	)		—			(36,822	)
Net actuarial gain		—			—			10,743			10,743
Amortization of net actuarial loss		—			—			32,645			32,645
Amortization of prior service credit		—			—			(4,163	)		(4,163	)
Tax effect		14,893			—			(15,002	)		(109	)
Balance at December 31, 2015		(16,401	)		(57,242	)		(165,357	)		(239,000	)
Change in unrealized gains (losses) on securities		(15,702	)		—			—			(15,702	)
Change in foreign currency translation adjustment		—			(6,334	)		—			(6,334	)
Net actuarial loss		—			—			(48,803	)		(48,803	)
Amortization of net actuarial loss		—			—			28,282			28,282
Amortization of prior service credit		—			—			(4,844	)		(4,844	)
Settlement costs		—			—			66,337			66,337
Tax effect		5,343			—			(15,672	)		(10,329	)
Balance at December 31, 2016	$	(26,760	)	$	(63,576	)	$	(140,057	)	$	(230,393	)

Components of AOCI allocated to the Company and noncontrolling interests at December 31, 2016, 2015 and 2014, are as follows:

	Unrealized gains (losses) on securities			Foreign currency translation adjustment			Pension benefit adjustment			Accumulated other comprehensive income (loss)
	(in thousands)
2016
Allocated to the Company	$	(26,767	)	$	(63,576	)	$	(140,057	)	$	(230,400	)
Allocated to noncontrolling interests		7			—			—			7
Balance at December 31, 2016	$	(26,760	)	$	(63,576	)	$	(140,057	)	$	(230,393	)
2015
Allocated to the Company	$	(16,404	)	$	(57,242	)	$	(165,357	)	$	(239,003	)
Allocated to noncontrolling interests		3			—			—			3
Balance at December 31, 2015	$	(16,401	)	$	(57,242	)	$	(165,357	)	$	(239,000	)
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	)

The following table presents the other comprehensive income (loss) reclassification adjustments for the years ended December 31, 2016, 2015 and 2014:

	Unrealized gains (losses) on securities			Foreign currency translation adjustment			Pension benefit adjustment			Total other comprehensive income (loss)
	(in thousands)
Year ended December 31, 2016
Pretax change before reclassifications	$	2,617		$	(6,334	)	$	(48,803	)	$	(52,520	)
Reclassifications out of AOCI		(18,319	)		—			89,775			71,456
Tax effect		5,343			—			(15,672	)		(10,329	)
Total other comprehensive income (loss), net of tax	$	(10,359	)	$	(6,334	)	$	25,300		$	8,607
Year ended December 31, 2015
Pretax change before reclassifications	$	(46,601	)	$	(36,822	)	$	10,743		$	(72,680	)
Reclassifications out of AOCI		4,396			—			28,482			32,878
Tax effect		14,893			—			(15,002	)		(109	)
Total other comprehensive income (loss), net of tax	$	(27,312	)	$	(36,822	)	$	24,223		$	(39,911	)
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	)

The following table presents the effect of the reclassifications out of AOCI on the respective line items in the consolidated statements of income:

	Amounts reclassified from AOCI
	Year ended December 31,										Affected line items in the
(in thousands)	2016			2015				2014			consolidated statements of income
Unrealized gains (losses) on securities:
Net realized gains (losses) on sales of securities	$	18,804		$	(2,147	)	$	23,276			Net realized investment gains (losses)
Net other-than-temporary impairment losses		(485	)		(2,249	)		(1,701	)		Net realized investment gains (losses)
Pretax total	$	18,319		$	(4,396	)	$	21,575
Tax effect	$	(7,007	)	$	1,551		$	(7,959	)
Pension benefit adjustment:
Amortization of net actuarial loss	$	(28,282	)	$	(32,645	)	$	(22,587	)	(1)
Amortization of prior service credit		4,844			4,163			4,153		(1)
Settlement costs		(66,337	)		—			—		(1)
Pretax total	$	(89,775	)	$	(28,482	)	$	(18,434	)
Tax effect	$	34,339		$	10,893		$	7,051

(1) These components of AOCI are included in the computation of net periodic cost. See Note 13 Employee Benefit Plans for additional details.