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ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
 6 Months Ended
Jun. 30, 2019
Equity [Abstract]  
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The following tables summarize the changes in the accumulated balances for each component of accumulated other comprehensive income (loss) (“AOCI”) as of June 30, 2019 and December 31, 2018.
Changes in Accumulated Other Comprehensive Income (Loss) by Component 
 
 
Unrealized
Gains and Losses
on Investments(2)
 
Accumulated
Gain and Loss
Derivatives
 
Total
Accumulated
Other
Comprehensive
Income (Loss)
 
 
(Dollars In Thousands, Net of Tax)
Balance, December 31, 2017
 
$
23,069

 
$
747

 
$
23,816

Other comprehensive income (loss) before reclassifications
 
(1,411,674
)
 
(1,884
)
 
(1,413,558
)
Other comprehensive income (loss) relating to other-than-temporary impaired investments for which a portion has been recognized in earnings
 
(20,751
)
 
—

 
(20,751
)
Amounts reclassified from accumulated other comprehensive income (loss)(1)
 
15,699

 
1,130

 
16,829

Cumulative effect adjustments
 
(10,552
)
 
—

 
(10,552
)
Balance, December 31, 2018
 
$
(1,404,209
)
 
$
(7
)
 
$
(1,404,216
)
Other comprehensive income (loss) before reclassifications
 
2,120,367

 
(4,754
)
 
2,115,613

Other comprehensive income (loss) relating to other-than-temporary impaired investments for which a portion has been recognized in earnings
 
24,316

 
—

 
24,316

Amounts reclassified from accumulated other comprehensive income (loss)(1)
 
(1,864
)
 
486

 
(1,378
)
Cumulative effect adjustments
 
—

 
—

 
—

Balance, June 30, 2019
 
$
738,610

 
$
(4,275
)
 
$
734,335

 
 
 
 
 
 
 
(1)  See Reclassifications Out of Accumulated Other Comprehensive Income (Loss) table below for details.
(2)  As of December 31, 2018 and June 30, 2019, net unrealized losses reported in AOCI were offset by $613.4 million and $(343.1) million, respectively, due to the impact those net unrealized losses would have had on certain of the Company’s insurance assets and liabilities if the net unrealized losses had been recognized in net income.
The following tables summarize the reclassifications amounts out of AOCI for the three and six months ended June 30, 2019 and 2018.
Reclassifications Out of Accumulated Other Comprehensive Income (Loss)
 
 
 
 
For The
Three Months Ended
June 30,
 
For The
Six Months Ended
June 30,
Gains (losses) in net income:
 
Affected Line Item in the
Consolidated Condensed Statements of Income
 
2019

2018
 
2019
 
2018
 
 
 
 
(Dollars In Thousands)
 
 
 
 
 
 
 
 
 
 
 
Derivative instruments
 
Benefits and settlement expenses, net of reinsurance ceded(1)
 
$
(336
)
 
$
(205
)
 
$
(614
)
 
$
(318
)
 
 
Tax (expense) benefit
 
70

 
43

 
128

 
67

 
 
 
 
$
(266
)
 
$
(162
)
 
$
(486
)
 
$
(251
)
 
 
 
 
 

 
 

 
 

 
 
Unrealized gains and losses on available-for-sale securities
 
Realized investment gains (losses): All other investments
 
$
1,062

 
$
5,483

 
$
6,199

 
$
8,266

 
 
Net impairment losses recognized in earnings
 
(698
)
 
(5
)
 
(3,840
)
 
(3,650
)
 
 
Tax (expense) benefit
 
(76
)
 
(1,150
)
 
(495
)
 
(969
)
 
 
 
 
$
288

 
$
4,328

 
$
1,864

 
$
3,647

 
 
 
 
 
 
 
 
 
 
 
(1) See Note 7, Derivative Financial Instruments for additional information