Schedule of changes in accumulated other comprehensive income (loss) by component, including amounts reclassified to other comprehensive income (loss) and the related line item in the Statements of Operations where net income is presented |
Changes in accumulated other comprehensive income ("AOCI") (loss) by component, including amounts reclassified to other comprehensive income ("OCI") (loss) and the related line item in the Statements of Operations where net income is presented, are as follows for the year ended December 31: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (in thousands) | | 2017 | | 2016 | | 2015 | | | Before Tax | Income Tax | Net | | Before Tax | Income Tax | Net | | Before Tax | Income Tax | Net | Investment securities: | | | | | | | | | | | | | AOCI, beginning of year | | $ | 3,954 |
| $ | 1,384 |
| $ | 2,570 |
| | $ | 3,888 |
| $ | 1,361 |
| $ | 2,527 |
| | $ | 10,473 |
| $ | 3,666 |
| $ | 6,807 |
| OCI (loss) before reclassifications - pre TCJA (1) | | (648 | ) | (227 | ) | (421 | ) | | (385 | ) | (135 | ) | (250 | ) | | (7,651 | ) | (2,678 | ) | (4,973 | ) | OCI before reclassifications - post TCJA (1) | | 1,162 |
| 243 |
| 919 |
| | — |
| — |
| — |
| | — |
| — |
| — |
| Realized investment (gains) losses | | (1,240 | ) | (434 | ) | (806 | ) | | 35 |
| 12 |
| 23 |
| | (492 | ) | (172 | ) | (320 | ) | Impairment losses | | 182 |
| 64 |
| 118 |
| | 416 |
| 146 |
| 270 |
| | 1,558 |
| 545 |
| 1,013 |
| OCI (loss) | | (544 | ) | (354 | ) | (190 | ) | | 66 |
| 23 |
| 43 |
| | (6,585 | ) | (2,305 | ) | (4,280 | ) | Reclassification adjustment (2) | | — |
| (314 | ) | 314 |
| | — |
| — |
| — |
| | — |
| — |
| — |
| AOCI, end of year | | $ | 3,410 |
| $ | 716 |
| $ | 2,694 |
| | $ | 3,954 |
| $ | 1,384 |
| $ | 2,570 |
| | $ | 3,888 |
| $ | 1,361 |
| $ | 2,527 |
| | | | | | | | | | | | | | Pension and other postretirement plans: | | | | | | | | | | | | | AOCI (loss), beginning of year | | $ | (190,695 | ) | $ | (66,744 | ) | $ | (123,951 | ) | | $ | (152,910 | ) | $ | (53,519 | ) | $ | (99,391 | ) | | $ | (191,552 | ) | $ | (67,044 | ) | $ | (124,508 | ) | OCI (loss) before reclassifications | | (20,314 | ) | (7,111 | ) | (13,203 | ) | | (46,244 | ) | $ | (16,185 | ) | (30,059 | ) | | 24,094 |
| 8,433 |
| 15,661 |
| Amortization of prior service costs (3) | | 871 |
| 306 |
| 565 |
| | 695 |
| 243 |
| 452 |
| | 668 |
| 234 |
| 434 |
| Amortization of net actuarial loss (3) | | 8,882 |
| 3,109 |
| 5,773 |
| | 7,764 |
| 2,717 |
| 5,047 |
| | 13,880 |
| 4,858 |
| 9,022 |
| Settlement loss (3) | | 302 |
| 106 |
| 196 |
| | — |
| — |
| — |
| | — |
| — |
| — |
| Impact of change in tax rate (4) | | — |
| 1,436 |
| (1,436 | ) | | — |
| — |
| — |
| | — |
| — |
| — |
| OCI (loss) | | (10,259 | ) | (2,154 | ) | (8,105 | ) | | (37,785 | ) | (13,225 | ) | (24,560 | ) | | 38,642 |
| 13,525 |
| 25,117 |
| Reclassification adjustment (2) | | — |
| 26,697 |
| (26,697 | ) | | — |
| — |
| — |
| | — |
| — |
| — |
| AOCI (loss), end of year | | $ | (200,954 | ) | $ | (42,201 | ) | $ | (158,753 | ) | | $ | (190,695 | ) | $ | (66,744 | ) | $ | (123,951 | ) | | $ | (152,910 | ) | $ | (53,519 | ) | $ | (99,391 | ) | | | | | | | | | | | | | | Total | | | | | | | | | | | | | AOCI (loss), beginning of year | | $ | (186,741 | ) | $ | (65,360 | ) | $ | (121,381 | ) | | $ | (149,022 | ) | $ | (52,158 | ) | $ | (96,864 | ) | | $ | (181,079 | ) | $ | (63,378 | ) | $ | (117,701 | ) | Investment securities | | (544 | ) | (354 | ) | (190 | ) | | 66 |
| 23 |
| 43 |
| | (6,585 | ) | (2,305 | ) | (4,280 | ) | Pension and other postretirement plans | | (10,259 | ) | (2,154 | ) | (8,105 | ) | | (37,785 | ) | (13,225 | ) | (24,560 | ) | | 38,642 |
| 13,525 |
| 25,117 |
| OCI (loss) | | (10,803 | ) | (2,508 | ) | (8,295 | ) | | (37,719 | ) | (13,202 | ) | (24,517 | ) | | 32,057 |
| 11,220 |
| 20,837 |
| Reclassification adjustment (2) | | — |
| 26,383 |
| (26,383 | ) | | — |
| — |
| — |
| | — |
| — |
| — |
| AOCI (loss), end of year | | $ | (197,544 | ) | $ | (41,485 | ) | $ | (156,059 | ) | | $ | (186,741 | ) | $ | (65,360 | ) | $ | (121,381 | ) | | $ | (149,022 | ) | $ | (52,158 | ) | $ | (96,864 | ) |
| | (1) | Deferred taxes related to unrealized gains and losses for the period from December 23, 2017 through December 31, 2017 were recognized at the 21% corporate rate following enactment of the TCJA. Prior to enactment, they were recognized at the 35% corporate rate. |
| | (2) | A one-time adjustment was made in the fourth quarter of 2017 to reclassify stranded tax effects of the components of AOCI resulting from enactment of TCJA from AOCI to retained earnings. As a result, the ending AOCI balances now reflect the new 21% corporate rate, which represents the rate in which the amounts are expected to be settled. See Note 2, "Significant Accounting Policies". |
| | (3) | These components of accumulated other comprehensive income (loss) are included in the computation of net periodic pension cost. See Note 8, "Postretirement Benefits", for additional information. |
| | (4) | Deferred taxes related to the December 31, 2017 portion of the pension and other postretirement component recognized in AOCI of $10.3 million were recognized at the 21% corporate rate following the enactment of the TCJA. |
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