Accumulated Other Comprehensive Income (Loss) ("AOCI") (Tables)
|
6 Months Ended |
Jun. 30, 2016 |
|---|
| Accumulated Other Comprehensive Income Other Comprehensive Income [Abstract] |
|
| Components of Accumulated Other Comprehensive Income (Loss) |
The following table presents a summary of the changes in each component of AOCI for the six months ended June 30, 2016:
|
(in thousands) |
Unrealized
gains (losses)
on securities |
|
|
Foreign
currency
translation
adjustment |
|
|
Pension
benefit
adjustment |
|
|
Accumulated
other
comprehensive
income (loss) |
|
|
Balance at December 31, 2015 |
$ |
(16,401 |
) |
|
$ |
(57,242 |
) |
|
$ |
(165,357 |
) |
|
$ |
(239,000 |
) |
|
Change in unrealized gains (losses) on securities |
|
79,638 |
|
|
|
— |
|
|
|
— |
|
|
|
79,638 |
|
|
Change in foreign currency translation adjustment |
|
— |
|
|
|
6,525 |
|
|
|
— |
|
|
|
6,525 |
|
|
Amortization of net actuarial loss |
|
— |
|
|
|
— |
|
|
|
14,110 |
|
|
|
14,110 |
|
|
Amortization of prior service cost |
|
— |
|
|
|
— |
|
|
|
(2,422 |
) |
|
|
(2,422 |
) |
|
Tax effect |
|
(30,130 |
) |
|
|
— |
|
|
|
(4,471 |
) |
|
|
(34,601 |
) |
|
Balance at June 30, 2016 |
$ |
33,107 |
|
|
$ |
(50,717 |
) |
|
$ |
(158,140 |
) |
|
$ |
(175,750 |
) |
|
Allocated to the Company |
$ |
33,088 |
|
|
$ |
(50,717 |
) |
|
$ |
(158,140 |
) |
|
$ |
(175,769 |
) |
|
Allocated to noncontrolling interests |
|
19 |
|
|
|
— |
|
|
|
— |
|
|
|
19 |
|
|
Balance at June 30, 2016 |
$ |
33,107 |
|
|
$ |
(50,717 |
) |
|
$ |
(158,140 |
) |
|
$ |
(175,750 |
) |
|
| Adjustments for Reclassification of Other Comprehensive Income (Loss) |
The following table presents the other comprehensive income (loss) reclassification adjustments for the three months ended June 30, 2016 and 2015:
|
(in thousands) |
Unrealized
gains (losses)
on securities |
|
|
Foreign
currency
translation
adjustment |
|
|
Pension
benefit
adjustment |
|
|
Total
other
comprehensive
income (loss) |
|
|
Three Months Ended June 30, 2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pretax change before reclassifications |
$ |
34,987 |
|
|
$ |
(5,579 |
) |
|
$ |
— |
|
|
$ |
29,408 |
|
|
Reclassifications out of AOCI |
|
(7,242 |
) |
|
|
— |
|
|
|
5,862 |
|
|
|
(1,380 |
) |
|
Tax effect |
|
(10,064 |
) |
|
|
— |
|
|
|
(2,241 |
) |
|
|
(12,305 |
) |
|
Total other comprehensive income (loss), net of tax |
$ |
17,681 |
|
|
$ |
(5,579 |
) |
|
$ |
3,621 |
|
|
$ |
15,723 |
|
|
Three Months Ended June 30, 2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pretax change before reclassifications |
$ |
(42,784 |
) |
|
$ |
4,866 |
|
|
$ |
— |
|
|
$ |
(37,918 |
) |
|
Reclassifications out of AOCI |
|
(1,039 |
) |
|
|
— |
|
|
|
7,451 |
|
|
|
6,412 |
|
|
Tax effect |
|
15,317 |
|
|
|
— |
|
|
|
(2,850 |
) |
|
|
12,467 |
|
|
Total other comprehensive income (loss), net of tax |
$ |
(28,506 |
) |
|
$ |
4,866 |
|
|
$ |
4,601 |
|
|
$ |
(19,039 |
) |
The following table presents the other comprehensive income (loss) reclassification adjustments for the six months ended June 30, 2016 and 2015:
|
(in thousands) |
Unrealized
gains (losses)
on securities |
|
|
Foreign
currency
translation
adjustment |
|
|
Pension
benefit
adjustment |
|
|
Total
other
comprehensive
income (loss) |
|
|
Six Months Ended June 30, 2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pretax change before reclassifications |
$ |
84,781 |
|
|
$ |
6,525 |
|
|
$ |
— |
|
|
$ |
91,306 |
|
|
Reclassifications out of AOCI |
|
(5,143 |
) |
|
|
— |
|
|
|
11,688 |
|
|
|
6,545 |
|
|
Tax effect |
|
(30,130 |
) |
|
|
— |
|
|
|
(4,471 |
) |
|
|
(34,601 |
) |
|
Total other comprehensive income (loss), net of tax |
$ |
49,508 |
|
|
$ |
6,525 |
|
|
$ |
7,217 |
|
|
$ |
63,250 |
|
|
Six Months Ended June 30, 2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pretax change before reclassifications |
$ |
(14,351 |
) |
|
$ |
(13,794 |
) |
|
$ |
— |
|
|
$ |
(28,145 |
) |
|
Reclassifications out of AOCI |
|
1,652 |
|
|
|
— |
|
|
|
14,902 |
|
|
|
16,554 |
|
|
Tax effect |
|
4,267 |
|
|
|
— |
|
|
|
(5,700 |
) |
|
|
(1,433 |
) |
|
Total other comprehensive income (loss), net of tax |
$ |
(8,432 |
) |
|
$ |
(13,794 |
) |
|
$ |
9,202 |
|
|
$ |
(13,024 |
) |
|
| Reclassifications out of Accumulated Other Comprehensive Income (Loss) |
The following table presents the effect of the reclassifications out of AOCI on the respective line items in the condensed consolidated statements of income:
|
|
|
Amounts reclassified from accumulated other comprehensive income (loss) |
|
|
|
(in thousands) |
|
|
Three Months Ended
June 30, |
|
|
|
Six Months Ended
June 30, |
|
Affected line items in the condensed |
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
consolidated statements of income |
|
Unrealized gains (losses) on securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gains (losses) on sales of securities |
$ |
7,242 |
|
|
$ |
1,039 |
|
|
$ |
5,628 |
|
|
$ |
(1,652 |
) |
Net realized investment gains |
|
Net other-than-temporary impairment losses |
|
— |
|
|
|
— |
|
|
|
(485 |
) |
|
|
— |
|
Net realized investment gains |
|
Pretax total |
$ |
7,242 |
|
|
$ |
1,039 |
|
|
$ |
5,143 |
|
|
$ |
(1,652 |
) |
|
|
Tax effect |
$ |
(2,740 |
) |
|
$ |
(363 |
) |
|
$ |
(1,967 |
) |
|
$ |
555 |
|
|
|
Pension benefit adjustment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of employee benefit plan items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net actuarial loss |
$ |
(7,073 |
) |
|
$ |
(8,492 |
) |
|
$ |
(14,110 |
) |
|
$ |
(16,984 |
) |
(1) |
|
Prior service credit |
|
1,211 |
|
|
|
1,041 |
|
|
|
2,422 |
|
|
|
2,082 |
|
(1) |
|
Pretax total |
$ |
(5,862 |
) |
|
$ |
(7,451 |
) |
|
$ |
(11,688 |
) |
|
$ |
(14,902 |
) |
|
|
Tax effect |
$ |
2,241 |
|
|
$ |
2,850 |
|
|
$ |
4,471 |
|
|
$ |
5,700 |
|
|
|
|
|
(1) |
These components of AOCI are included in the computation of net periodic cost. See Note 9 Employee Benefit Plans for additional details. |
|