XML 153 R26.htm IDEA: XBRL DOCUMENT
v2.4.0.8

Comprehensive Income | 12 Months Ended
--- | ---
Dec. 31, 2013
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] |
Comprehensive Income | COMPREHENSIVE INCOME The following table presents the components of the Company’s other comprehensive income (loss) for the years ended December 31, 2013, 2012 and 2011 (dollars in thousands): For the year ended December 31, 2013:
|  | Before-Tax Amount |  | Tax (Expense) Benefit |  | After-Tax Amount
Foreign currency translation adjustments: |  |  |  |  |  |
Change arising during year |  | $ | (88,409 | ) |  | $ | 1,791 |  |  | $ | (86,618 | )
Foreign currency swap |  | 40,347 |  |  | (14,121 | ) |  | 26,226 |
Net foreign currency translation adjustments |  | (48,062 | ) |  | (12,330 | ) |  | (60,392 | )
Unrealized gains on investments:(1) |  |  |  |  |  |
Unrealized net holding gains arising during the year |  | (1,519,967 | ) |  | 465,740 |  |  | (1,054,227 | )
Less: Reclassification adjustment for net gains realized in net income |  | 9,355 |  |  | (3,274 | ) |  | 6,081 |
Net unrealized gains |  | (1,529,322 | ) |  | 469,014 |  |  | (1,060,308 | )
Change in unrealized other-than-temporary impairments on fixed maturity securities |  | 4,456 |  |  | (1,560 | ) |  | 2,896 |
Unrealized pension and postretirement benefits: |  |  |  |  |  |
Net prior service cost arising during the year |  | 525 |  |  | (171 | ) |  | 354 |
Net loss arising during the period |  | 21,624 |  |  | (7,469 | ) |  | 14,155 |
Unrealized pension and postretirement benefits, net |  | 22,149 |  |  | (7,640 | ) |  | 14,509 |
Other comprehensive income (loss) |  | $ | (1,550,779 | ) |  | $ | 447,484 |  |  | $ | (1,103,295 | )
For the year ended December 31, 2012:
|  | Before-Tax Amount |  | Tax (Expense) Benefit |  | After-Tax Amount
Foreign currency translation adjustments: |  |  |  |  |  |
Change arising during year |  | $ | 57,229 |  |  | $ | (6,244 | ) |  | $ | 50,985 |
Foreign currency swap |  | (20,470 | ) |  | 7,165 |  |  | (13,305 | )
Net foreign currency translation adjustments |  | 36,759 |  |  | 921 |  |  | 37,680 |
Unrealized gains on investments:(1) |  |  |  |  |  |
Unrealized net holding gains arising during the year |  | 786,449 |  |  | (275,181 | ) |  | 511,268 |
Less: Reclassification adjustment for net gains realized in net income |  | 91,327 |  |  | (31,964 | ) |  | 59,363 |
Net unrealized gains |  | 695,122 |  |  | (243,217 | ) |  | 451,905 |
Change in unrealized other-than-temporary impairments on fixed maturity securities |  | 9,899 |  |  | (3,465 | ) |  | 6,434 |
Unrealized pension and postretirement benefits: |  |  |  |  |  |
Net prior service cost arising during the year |  | 298 |  |  | (95 | ) |  | 203 |
Net loss arising during the period |  | (8,347 | ) |  | 2,874 |  |  | (5,473 | )
Unrealized pension and postretirement benefits, net |  | (8,049 | ) |  | 2,779 |  |  | (5,270 | )
Other comprehensive income |  | $ | 733,731 |  |  | $ | (242,982 | ) |  | $ | 490,749 |
For the year ended December 31, 2011: |  |  |  |  |  |
|  | Before-Tax Amount |  | Tax (Expense) Benefit |  | After-Tax Amount
Foreign currency translation adjustments: |  |  |  |  |  |
Change arising during year |  | $ | (28,779 | ) |  | $ | 121 |  |  | $ | (28,658 | )
Foreign currency swap |  | 4,858 |  |  | (1,700 | ) |  | 3,158 |
Net foreign currency translation adjustments |  | (23,921 | ) |  | (1,579 | ) |  | (25,500 | )
Unrealized gains on investments:(1) |  |  |  |  |  |
Unrealized net holding gains arising during the year |  | 1,118,586 |  |  | (302,134 | ) |  | 816,452 |
Less: Reclassification adjustment for net gains realized in net income |  | 72,841 |  |  | (25,494 | ) |  | 47,347 |
Net unrealized gains |  | 1,045,745 |  |  | (276,640 | ) |  | 769,105 |
Change in unrealized other-than-temporary impairments on fixed maturity securities |  | (1,901 | ) |  | 665 |  |  | (1,236 | )
Unrealized pension and postretirement benefits: |  |  |  |  |  |
Net prior service cost arising during the year |  | 460 |  |  | (185 | ) |  | 275 |
Net gain arising during the period |  | (25,441 | ) |  | 8,766 |  |  | (16,675 | )
Unrealized pension and postretirement benefits, net |  | (24,981 | ) |  | 8,581 |  |  | (16,400 | )
Other comprehensive income |  | $ | 994,942 |  |  | $ | (268,973 | ) |  | $ | 725,969 |
(1) | Includes cash flow hedges. See Note 5 - “Derivative Instruments” for additional information on cash flow hedges.
A summary of the components of net unrealized appreciation (depreciation) of balances carried at fair value is as follows (dollars in thousands):
For the years ended December 31, |  | 2013 |  | 2012 |  | 2011
Change in net unrealized appreciation (depreciation) on: |  |  |  |  |  |
Fixed maturity securities available-for-sale |  | $ | (1,528,773 | ) |  | $ | 713,778 |  |  | $ | 1,058,505 |
Other investments(1) |  | (12,274 | ) |  | 6,181 |  |  | (7,213 | )
Effect on unrealized appreciation on: |  |  |  |  |  |
Deferred policy acquisition costs |  | 16,181 |  |  | (14,938 | ) |  | (7,448 | )
Net unrealized appreciation (depreciation) |  | $ | (1,524,866 | ) |  | $ | 705,021 |  |  | $ | 1,043,844 |
(1) | Includes cash flow hedges. See Note 5 - “Derivative Instruments” for additional information on cash flow hedges.
The balance of and changes in each component of AOCI were as follows (dollars in thousands):
|  | Accumulated Currency Translation Adjustments |  | Unrealized Appreciation (Depreciation) of Investments |  | Pension and Postretirement Benefits |  | Accumulated Other Comprehensive Income (Loss)
For the year ended December 31, 2013 |  |  |  |  |  |
Balance, beginning of year |  | $ | 267,475 |  |  | $ | 1,877,657 |  |  | $ | (36,230 | ) |  | $ | 2,108,902 |
Change in foreign currency translation adjustments |  | (60,392 | ) |  | — |  |  | — |  |  | (60,392 | )
Unrealized gain (loss) on investments(1) |  | — |  |  | (1,063,377 | ) |  | — |  |  | (1,063,377 | )
Change in other-than-temporary impairment losses on fixed maturity securities |  | — |  |  | 2,896 |  |  | — |  |  | 2,896 |
Changes in pension and other postretirement plan adjustments |  | — |  |  | — |  |  | 11,577 |  |  | 11,577 |
Amounts reclassified from AOCI |  | — |  |  | 3,069 |  |  | 2,932 |  |  | 6,001 |
Balance, end of year |  | $ | 207,083 |  |  | $ | 820,245 |  |  | $ | (21,721 | ) |  | $ | 1,005,607 |
For the year ended December 31, 2012 |  |  |  |  |  |
Balance, beginning of year |  | $ | 229,795 |  |  | $ | 1,419,318 |  |  | $ | (30,960 | ) |  | $ | 1,618,153 |
Change in foreign currency translation adjustments |  | 37,680 |  |  | — |  |  | — |  |  | 37,680 |
Unrealized gain on investments(1) |  | — |  |  | 451,905 |  |  | — |  |  | 451,905 |
Change in other-than-temporary impairment losses on fixed maturity securities |  | — |  |  | 6,434 |  |  | — |  |  | 6,434 |
Changes in pension and other postretirement plan adjustments |  | — |  |  | — |  |  | (5,270 | ) |  | (5,270 | )
Balance, end of year |  | $ | 267,475 |  |  | $ | 1,877,657 |  |  | $ | (36,230 | ) |  | $ | 2,108,902 |
For the year ended December 31, 2011 |  |  |  |  |  |
Balance, beginning of year |  | $ | 255,295 |  |  | $ | 651,449 |  |  | $ | (14,560 | ) |  | $ | 892,184 |
Change in foreign currency translation adjustments |  | (25,500 | ) |  | — |  |  | — |  |  | (25,500 | )
Unrealized gain on investments(1) |  | — |  |  | 769,105 |  |  | — |  |  | 769,105 |
Change in other-than-temporary impairment losses on fixed maturity securities |  | — |  |  | (1,236 | ) |  | — |  |  | (1,236 | )
Changes in pension and other postretirement plan adjustments |  | — |  |  | — |  |  | (16,400 | ) |  | (16,400 | )
Balance, end of year |  | $ | 229,795 |  |  | $ | 1,419,318 |  |  | $ | (30,960 | ) |  | $ | 1,618,153 |
(1) | Includes cash flow hedges. See Note 5 - “Derivative Instruments” for additional information on cash flow hedges.
The following table presents the amounts of AOCI reclassifications for the year ended December 31, 2013 (dollars in thousands):
Details about AOCI Components |  | Amount Reclassified from AOCI |  | Affected Line Item in Statement of Income
Unrealized gains and losses on available-for-sale securities |  | $ | 9,355 |  |  | Investment related gains (losses), net
Gains and losses on cash flow hedge - interest rate swap |  | 1,012 |  |  | Investment income
Deferred policy acquisition costs attributed to unrealized gains and losses(1) |  | (16,181 | ) |  |
|  | (5,814 | ) |  | Total before tax
|  | 2,745 |  |  | Tax expense
|  | $ | (3,069 | ) |  | Net of tax
Amortization of unrealized pension and postretirement benefits: |  |  |  |
Prior service cost(2) |  | $ | (373 | ) |  |
Actuarial gains/(losses)(2) |  | (4,138 | ) |  |
|  | (4,511 | ) |  | Total before tax
|  | 1,579 |  |  | Tax benefit
|  | $ | (2,932 | ) |  | Net of tax
Total reclassifications for the period |  | $ | (6,001 | ) |  | Net of tax
(1) | This AOCI component is included in the computation of the deferred policy acquisition cost. See Note 8 – “Deferred Policy Acquisition Costs” for additional details.
(2) | These AOCI components are included in the computation of the net periodic pension cost. See Note 10 – “Employee Benefit Plans” for additional details.

X
- Details
Name: | us-gaap_ComprehensiveIncomeNetOfTaxAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=28358780&loc=d3e637-108580 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=28358780&loc=d3e681-108580 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=28358780&loc=d3e689-108580 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=28358780&loc=SL7669619-108580 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=28358780&loc=d3e640-108580 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 17 -URI http://asc.fasb.org/extlink&oid=28358780&loc=d3e716-108580 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 16 -URI http://asc.fasb.org/extlink&oid=28358780&loc=d3e709-108580 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Reclassification Adjustments -URI http://asc.fasb.org/extlink&oid=6522872 + Details
Name: | us-gaap_ComprehensiveIncomeNoteTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration