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Other Comprehensive Income (Loss)
 12 Months Ended
Dec. 31, 2017
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]  
Other Comprehensive Income (Loss)
Other Comprehensive Income (Loss)
The pretax components of our other comprehensive income (loss) and related income tax (expense) benefit for the years ended December 31, 2017, 2016 and 2015 are included in table 10.1 below:
 
Table
10.1
 
 
 
 
 
 
Components of other comprehensive income (loss)
(In thousands)
 
2017
 
2016
 
2015
Net unrealized investment gains (losses) arising during the year
 
$
69,052

 
$
(5,425
)
 
$
(33,718
)
Income tax (expense) benefit
 
(21,505
)
 
1,776

 
11,738

 
Valuation allowance (1)
 
—

 
—

 
62,383

 
Net of taxes
 
47,547

 
(3,649
)
 
40,403

 
 
 
 
 
 
 
 
 
Net changes in benefit plan assets and obligations
 
(8,983
)
 
(14,799
)
 
(12,818
)
 
Income tax benefit
 
3,144

 
5,179

 
4,487

 
Valuation allowance (1)
 
—

 
—

 
(7,383
)
 
Net of taxes
 
(5,839
)
 
(9,620
)
 
(15,714
)
 
 
 
 
 
 
 
 
 
Net changes in unrealized foreign currency translation adjustment
 
45

 
(1,463
)
 
(5,699
)
 
Income tax (expense) benefit
 
(14
)
 
512

 
2,000

 
Valuation allowance (1)
 
—

 
—

 
(529
)
 
Net of taxes
 
31

 
(951
)
 
(4,228
)
 
 
 
 
 
 
 
 
 
Total other comprehensive income (loss)
 
60,114

 
(21,687
)
 
(52,235
)
 
Total income tax (expense) benefit, net of valuation allowance
 
(18,375
)
 
7,467

 
72,696

 
Total other comprehensive income (loss), net of tax
 
$
41,739

 
$
(14,220
)
 
$
20,461


(1) 
See Note 12 – “Income Taxes” for a discussion of the valuation allowance recorded against deferred tax assets in 2015.

The pretax and related income tax benefit (expense) components of the amounts reclassified from our accumulated other comprehensive loss ("AOCL") to our consolidated statements of operations for the years ended December 31, 2017, 2016 and 2015 are included in table 10.2 below:
 
Table
10.2
 
 
 
 
 
 
Reclassifications from AOCL
(In thousands)
 
2017
 
2016
 
2015
Reclassification adjustment for net realized (losses) gains included in net income (1)
 
$
(2,580
)
 
$
6,207

 
$
11,693

 
Income tax benefit (expense)
 
903

 
(2,050
)
 
(4,076
)
 
Valuation allowance (2)
 
—

 
—

 
3,635

 
Net of taxes
 
(1,677
)
 
4,157

 
11,252

 
 
 
 
 
 
 
 
 
Reclassification adjustment related to benefit plan assets and obligations (3)
906

 
1,480

 
2,184

 
Income tax (expense)
 
(317
)
 
(518
)
 
(764
)
 
Valuation allowance (2)
 
—

 
—

 
574

 
Net of taxes
 
589

 
962

 
1,994

 
 
 
 
 
 
 
 
 
Reclassification adjustment related to foreign currency (4)
 
—

 
1,467

 
—

 
Income tax (expense)
 
—

 
(513
)
 
—

 
Net of taxes
 
—

 
954

 
—

 
 
 
 
 
 
 
 
 
Total reclassifications
 
(1,674
)
 
9,154

 
13,877

 
Total income tax benefit (expense), net of valuation allowance
 
586

 
(3,081
)
 
(631
)
 
Total reclassifications, net of tax
 
$
(1,088
)
 
$
6,073

 
$
13,246

(1) 
(Decreases) increases Net realized investment gains on the consolidated statements of operations.
(2) 
See Note 12 – “Income Taxes” for a discussion of the valuation allowance recorded against deferred tax assets in 2015.
(3) 
Decreases (increases) Other underwriting and operating expenses, net on the consolidated statements of operations.
(4) 
Increases (decreases) Other revenue on the consolidated statements of operations.

A rollforward of AOCL for the years ended December 31, 2017, 2016, and 2015, including amounts reclassified from AOCL, is included in table 10.3 below.
 
Table
10.3
 
 
 
 
 
 
 
 
Rollforward of AOCL
(In thousands)
 
Net unrealized gains and losses on available-for-sale securities
 
Net benefit plan assets and obligations recognized in shareholders' equity
 
Net unrealized foreign currency translation
 
Total AOCL
 
Balance, December 31, 2014, net of tax
 
$
(57,551
)
 
$
(28,938
)
 
$
5,148

 
$
(81,341
)
 
Other comprehensive income (loss) before reclassifications
 
51,655

 
(13,720
)
 
(4,228
)
 
33,707

 
Less: Amounts reclassified from AOCL
 
11,252

 
1,994

 
—

 
13,246

 
Balance, December 31, 2015, net of tax
 
(17,148
)
 
(44,652
)
 
920

 
(60,880
)
 
Other comprehensive income (loss) before reclassifications
 
508

 
(8,658
)
 
3

 
(8,147
)
 
Less: Amounts reclassified from AOCL
 
4,157

 
962

 
954

 
6,073

 
Balance, December 31, 2016, net of tax
 
(20,797
)
 
(54,272
)
 
(31
)
 
(75,100
)
 
Other comprehensive income (loss) before reclassifications
 
45,870

 
(5,250
)
 
31

 
40,651

 
Less: Amounts reclassified from AOCL
 
(1,677
)
 
589

 
—

 
(1,088
)
 
Less: Amounts reclassified for lower enacted corporate tax rate
 
(2,525
)
 
12,947

 
—

 
10,422

 
Balance, December 31, 2017, net of tax
 
$
29,275

 
$
(73,058
)
 
$
—

 
(43,783
)