Note 12 – Accumulated Other Comprehensive Income (Loss) (“AOCI”)

The following table presents a summary of the changes in each component of AOCI for the nine months ended September 30, 2017:

(in thousands)	Unrealized gains (losses) on securities			Foreign currency translation adjustment			Pension benefit adjustment			Accumulated other comprehensive income (loss)
Balance at December 31, 2016	$	(26,760	)	$	(63,576	)	$	(140,057	)	$	(230,393	)
Change in unrealized gains (losses) on securities		81,044			—			—			81,044
Change in foreign currency translation adjustment		—			23,558			—			23,558
Net actuarial loss		—			—			(8,646	)		(8,646	)
Amortization of net actuarial loss		—			—			15,792			15,792
Amortization of prior service credit		—			—			(3,268	)		(3,268	)
Settlement costs		—			—			152,388			152,388
Tax effect		(29,030	)		—			(63,205	)		(92,235	)
Balance at September 30, 2017	$	25,254		$	(40,018	)	$	(46,996	)	$	(61,760	)
Allocated to the Company	$	25,235		$	(40,018	)	$	(46,996	)	$	(61,779	)
Allocated to noncontrolling interests		19			—			—			19
Balance at September 30, 2017	$	25,254		$	(40,018	)	$	(46,996	)	$	(61,760	)

The following table presents the other comprehensive income (loss) reclassification adjustments for the three months ended September 30, 2017 and 2016:

(in thousands)	Unrealized gains (losses) on securities			Foreign currency translation adjustment			Pension benefit adjustment			Total other comprehensive income (loss)
Three Months Ended September 30, 2017
Pretax change before reclassifications	$	22,833		$	11,415		$	(8,646	)	$	25,602
Reclassifications out of AOCI		(928	)		—			153,301			152,373
Tax effect		(7,976	)		—			(58,764	)		(66,740	)
Total other comprehensive income (loss), net of tax	$	13,929		$	11,415		$	85,891		$	111,235
Three Months Ended September 30, 2016
Pretax change before reclassifications	$	12,435		$	(3,459	)	$	—		$	8,976
Reclassifications out of AOCI		(8,687	)		—			5,832			(2,855	)
Tax effect		(1,169	)		—			(2,230	)		(3,399	)
Total other comprehensive income (loss), net of tax	$	2,579		$	(3,459	)	$	3,602		$	2,722

The following table presents the other comprehensive income (loss) reclassification adjustments for the nine months ended September 30, 2017 and 2016:

(in thousands)	Unrealized gains (losses) on securities			Foreign currency translation adjustment		Pension benefit adjustment			Total other comprehensive income (loss)
Nine Months Ended September 30, 2017
Pretax change before reclassifications	$	95,329		$	23,558	$	(8,646	)	$	110,241
Reclassifications out of AOCI		(14,285	)		—		164,912			150,627
Tax effect		(29,030	)		—		(63,205	)		(92,235	)
Total other comprehensive income (loss), net of tax	$	52,014		$	23,558	$	93,061		$	168,633
Nine Months Ended September 30, 2016
Pretax change before reclassifications	$	96,612		$	3,066	$	—		$	99,678
Reclassifications out of AOCI		(13,222	)		—		17,520			4,298
Tax effect		(31,303	)		—		(6,701	)		(38,004	)
Total other comprehensive income (loss), net of tax	$	52,087		$	3,066	$	10,819		$	65,972

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

		Amounts reclassified from AOCI
(in thousands)		Three Months Ended September 30,						Nine Months Ended September 30,						Affected line items in the condensed
(in thousands)		2017			2016			2017			2016			consolidated statements of income
Unrealized gains (losses) on securities:
Net realized gains on sales of securities	$	928		$	8,687		$	14,285		$	13,707			Net realized investment (losses) gains
Net other-than-temporary impairment losses		—			—			—			(485	)		Net realized investment (losses) gains
Pretax total	$	928		$	8,687		$	14,285		$	13,222
Tax effect	$	(332	)	$	(3,261	)	$	(5,778	)	$	(5,057	)
Pension benefit adjustment:
Amortization of net actuarial loss	$	(1,958	)	$	(7,043	)	$	(15,792	)	$	(21,153	)	(1	)
Amortization of prior service credit		1,045			1,211			3,268			3,633		(1	)
Settlement costs		(152,388	)		—			(152,388	)		—		(1	)
Pretax total	$	(153,301	)	$	(5,832	)	$	(164,912	)	$	(17,520	)
Tax effect	$	62,276		$	2,229		$	66,702		$	6,701

(1)	These components of AOCI are included in the computation of net periodic cost. See Note 9 Employee Benefit Plans for additional details.