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Accumulated Other Comprehensive Income ("AOCI")
 6 Months Ended
Jun. 30, 2015
Accumulated Other Comprehensive Income ("AOCI") [Abstract]  
Accumulated Other Comprehensive Income (''AOCI'')

15. Accumulated Other Comprehensive Income (“AOCI”)

 

The following tables display the change in the components of accumulated other comprehensive income for the six months ended June 30, 2015 and 2014: 

  

Foreign

Currency

Translation Adjustments

  

 

Unrealized

Gains on

Available-for-

Sale

Investments

  

Unrealized

Gain/(Loss)

on Interest

Rate Swaps

  Total 
Balance as of January 1, 2015 $329  $46,197  $(1,404) $45,122 
Other comprehensive income before reclassifications  (8,536)  (6,112)  55   (14,593)
Amounts reclassified from AOCI (1)  -   (32,435)  -   (32,435)
Net current-period other comprehensive income  (8,536)  (38,547)  55   (47,028)
Balance as of  June 30, 2015 $(8,207) $7,650  $(1,349) $(1,906)

 

  Foreign Currency Translation Adjustments   Unrealized Gains on Available-for-Sale Investments       Total 
Balance as of January 1, 2014 $(90,977) $25,995  $(64,982)
Other comprehensive income before reclassifications  (2,721)  8,111   5,390 
Amounts reclassified from AOCI  -   -   - 
Net current-period other comprehensive income  (2,721)  8,111   5,390 
Balance as of  June 30, 2014 $(93,698) $34,106  $(59,592)

 

 (1)Amounts reclassified to Interest, dividends and other investment income on the Company’s Condensed Consolidated Statements of Income.

 

At June 30, 2015, the Company had a net $8.2 million, of unrealized cumulative foreign currency translation adjustment (“CTA”) losses relating to its foreign entity investments in Canada and Chile. The CTA is comprised of $7.9 million of unrealized gains relating to its Canadian investments and $16.1 million of unrealized loss relating to its Chilean investment. CTA results from currency fluctuations between local currency and the U.S. dollar during the period in which the Company held its investment. CTA amounts are subject to future changes resulting from ongoing fluctuations in the respective foreign currency exchange rates. Under generally accepted accounting principles in the United States (“GAAP”), the Company is required to release CTA balances into earnings when the Company has substantially liquidated its investment in a foreign entity. The Company may, in the near term, liquidate its investment in Chile, which will require the then unrealized loss on foreign currency translation to be recognized as a charge against earnings.