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Accumulated Other Comprehensive Income
 6 Months Ended
Jun. 30, 2018
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income
The table below shows the activity and accumulated balances for components of other comprehensive income. The largest component is the unrealized holding gains and losses on available for sale debt securities. Unrealized gains and losses on debt securities for which an other-than-temporary impairment (OTTI) has been recorded in current earnings are shown separately below. The other component is the amortization from other comprehensive income of losses associated with pension benefits, which occurs as the losses are included in current net periodic pension cost.
 
Unrealized Gains (Losses) on Securities (1)
Pension Loss
Total Accumulated Other Comprehensive Income (Loss)
(In thousands)
OTTI
Other
Balance January 1, 2018
$
3,411

$
30,326

$
(19,629
)
$
14,108

ASU 2018-02 Reclassification of tax rate change
715

6,359

(4,142
)
2,932

ASU 2016-01 Reclassification of unrealized gain on equity securities
—

(33,320
)
—

(33,320
)
Other comprehensive loss before reclassifications to current earnings
(173
)
(123,854
)
—

(124,027
)
Amounts reclassified to current earnings from accumulated other comprehensive income
68

(424
)
1,049

693

Current period other comprehensive income (loss), before tax
(105
)
(124,278
)
1,049

(123,334
)
Income tax (expense) benefit
27

31,068

(262
)
30,833

Current period other comprehensive income (loss), net of tax
(78
)
(93,210
)
787

(92,501
)
Transfer of unrealized gain on securities for which impairment was not previously recognized
12

(12
)
—

—

Balance June 30, 2018
$
4,060

$
(89,857
)
$
(22,984
)
$
(108,781
)
Balance January 1, 2017
$
2,975

$
27,328

$
(19,328
)
$
10,975

Other comprehensive income (loss) before reclassifications to current earnings
(44
)
53,072

—

53,028

Amounts reclassified to current earnings from accumulated other comprehensive income
320

(4,293
)
1,098

(2,875
)
Current period other comprehensive income, before tax
276

48,779

1,098

50,153

Income tax expense
(105
)
(18,536
)
(417
)
(19,058
)
Current period other comprehensive income, net of tax
171

30,243

681

31,095

Transfer of unrealized gain on securities for which impairment was not previously recognized
24

(24
)
—

—

Balance June 30, 2017
$
3,170

$
57,547

$
(18,647
)
$
42,070


(1) The pre-tax amounts reclassified from accumulated other comprehensive income to current earnings are included in "investment securities gains (losses), net" in the consolidated statements of income.

The requirement to revalue deferred tax assets and liabilities in the period of enactment stranded the effects of the tax rate change, mandated by the Tax Cuts and Jobs Act, in accumulated other comprehensive income. In response, the FASB issued ASU 2018-02, “Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income”, which the Company adopted on January 1, 2018. This ASU allowed the reclassification of the stranded tax effects from accumulated other comprehensive income (as shown in the table above) to retained earnings.
As mentioned in Note 3, additional new accounting guidance, which was effective January 1, 2018, required the reclassification of unrealized gains on equity securities from accumulated other comprehensive income to retained earnings (also shown above).