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Investments | 6 Months Ended
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Jun. 30, 2018
Investments Debt And Equity Securities [Abstract] |
Investments | (3) Investments Available-for-sale Securities. The period-end amortized cost, gross unrealized gains and losses, and fair value of available-for-sale securities were as follows:
|  | June 30, 2018 |
|  | Amortized cost |  |  | Gross unrealized gains |  |  | Gross unrealized losses |  |  | Fair value |
|  | (In thousands) |
Securities available-for-sale, carried at fair value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed-maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and agencies |  | $ | 11,636 |  |  | $ | 165 |  |  | $ | (87 | ) |  | $ | 11,714 |
Foreign government |  |  | 148,158 |  |  |  | 4,033 |  |  |  | (1,144 | ) |  |  | 151,047 |
States and political subdivisions |  |  | 54,943 |  |  |  | 1,076 |  |  |  | (388 | ) |  |  | 55,631 |
Corporates |  |  | 1,391,181 |  |  |  | 17,607 |  |  |  | (18,262 | ) |  |  | 1,390,526 |
Residential mortgage-backed securities |  |  | 161,338 |  |  |  | 2,388 |  |  |  | (2,344 | ) |  |  | 161,382 |
Commercial mortgage-backed securities |  |  | 136,639 |  |  |  | 1,973 |  |  |  | (2,469 | ) |  |  | 136,143 |
Other asset-backed securities |  |  | 80,061 |  |  |  | 210 |  |  |  | (824 | ) |  |  | 79,447 |
Total available-for-sale securities(1) |  | $ | 1,983,956 |  |  | $ | 27,452 |  |  | $ | (25,518 | ) |  | $ | 1,985,890 |
(1) | Includes $0.2 million of other-than-temporary impairment ("OTTI") losses related to corporates and mortgage- and asset-backed securities recognized in accumulated other comprehensive income (loss).
|  | December 31, 2017 |
|  | Amortized cost |  |  | Gross unrealized gains |  |  | Gross unrealized losses |  |  | Fair value |
|  | (In thousands) |
Securities available-for-sale, carried at fair value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed-maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and agencies |  | $ | 11,577 |  |  | $ | 283 |  |  | $ | (47 | ) |  | $ | 11,813 |
Foreign government |  |  | 139,486 |  |  |  | 5,651 |  |  |  | (648 | ) |  |  | 144,489 |
States and political subdivisions |  |  | 54,714 |  |  |  | 1,554 |  |  |  | (141 | ) |  |  | 56,127 |
Corporates |  |  | 1,337,321 |  |  |  | 42,616 |  |  |  | (3,655 | ) |  |  | 1,376,282 |
Residential mortgage-backed securities |  |  | 119,672 |  |  |  | 3,583 |  |  |  | (297 | ) |  |  | 122,958 |
Commercial mortgage-backed securities |  |  | 134,003 |  |  |  | 2,299 |  |  |  | (910 | ) |  |  | 135,392 |
Other asset-backed securities |  |  | 80,553 |  |  |  | 452 |  |  |  | (224 | ) |  |  | 80,781 |
Total fixed-maturity securities(1) |  |  | 1,877,326 |  |  |  | 56,438 |  |  |  | (5,922 | ) |  |  | 1,927,842 |
Equity securities |  |  | 31,331 |  |  |  | 9,796 |  |  |  | (20 | ) |  |  | 41,107 |
Total fixed-maturity and equity securities |  | $ | 1,908,657 |  |  | $ | 66,234 |  |  | $ | (5,942 | ) |  | $ | 1,968,949 |
(1) | Includes $0.2 million of OTTI losses related to corporates and mortgage- and asset-backed securities recognized in accumulated other comprehensive income (loss).
All of our available-for-sale mortgage- and asset-backed securities represent variable interests in variable interest entities ("VIEs"). We are not the primary beneficiary of these VIEs because we do not have the power to direct the activities that most significantly impact the entities’ economic performance. The maximum exposure to loss as a result of our involvement in these VIEs equals the carrying value of the securities. The scheduled maturity distribution of the available-for-sale fixed-maturity portfolio as of June 30, 2018 was as follows:
|  | Amortized cost |  |  | Fair value |
|  | (In thousands) |
Due in one year or less |  | $ | 167,037 |  |  | $ | 168,983 |
Due after one year through five years |  |  | 861,401 |  |  |  | 864,997 |
Due after five years through 10 years |  |  | 526,109 |  |  |  | 520,398 |
Due after 10 years |  |  | 51,371 |  |  |  | 54,540 |
|  |  | 1,605,918 |  |  |  | 1,608,918 |
Mortgage- and asset-backed securities |  |  | 378,038 |  |  |  | 376,972 |
Total fixed-maturity securities |  | $ | 1,983,956 |  |  | $ | 1,985,890 |
Expected maturities may differ from scheduled contractual maturities because issuers of securities may have the right to call or prepay obligations with or without call or prepayment penalties. Unrealized Gains and Losses on Investments. The net effect on stockholders’ equity of unrealized gains and losses on available-for-sale investments was as follows:
|  | June 30, 2018 |  |  | December 31, 2017 |  |
|  | (In thousands) |  |
Net unrealized investment gains on available-for-sale securities including OTTI: |  |  |  |  |  |  |  |  |
Available-for-sale securities |  | $ | 1,934 |  |  | $ | 60,292 |  | (1)
OTTI |  |  | 172 |  |  |  | 174 |  |
Net unrealized investment gains on available-for-sale securities excluding OTTI |  |  | 2,106 |  |  |  | 60,466 |  |
Deferred income taxes |  |  | (613 | ) |  |  | (20,780 | ) |
Net unrealized investment gains on available-for-sale securities excluding OTTI, net of tax |  | $ | 1,493 |  |  | $ | 39,686 |  |
(1) | Includes $9.8 million of net unrealized gains for equity securities recognized in accumulated other comprehensive income (loss) prior to the adoption of ASU 2016-01.
Trading Securities. The amortized cost and fair value of the securities classified as trading securities were as follows:
|  | June 30, 2018 |  |  | December 31, 2017 |
|  | Amortized cost |  |  | Fair value |  |  | Amortized cost |  |  | Fair value |
|  | (In thousands) |
Fixed-maturity securities |  | $ | 23,090 |  |  | $ | 23,079 |  |  | $ | 4,801 |  |  | $ | 4,800 |
Equity securities(1) |  |  | - |  |  |  | - |  |  |  | 1,371 |  |  |  | 1,428 |
Total trading securities |  | $ | 23,090 |  |  | $ | 23,079 |  |  | $ | 6,172 |  |  | $ | 6,228 |
(1) | Equity securities, previously classified as trading securities, are no longer classified as trading securities due to the adoption of ASU 2016-01. As of June 30, 2018, all equity security investments held by the Company are presented in the balance sheet as equity securities.
Held-to-maturity Security. Concurrent with the execution of the Vidalia Re Coinsurance Agreement, Vidalia Re entered into a Surplus Note Purchase Agreement (the "Surplus Note Purchase Agreement") with Hannover Life Reassurance Company of America and certain of its affiliates (collectively, "Hannover Re") and a newly formed limited liability company (the "LLC") owned by a third- party service provider. Under the Surplus Note Purchase Agreement, Vidalia Re issued a surplus note (the "Surplus Note") to the LLC in exchange for a credit enhanced note from the LLC with an equal principal amount (the "LLC Note"). The principal amount of both the LLC Note and the Surplus Note will fluctuate over time to coincide with the amount of reserves contractually supported under the Vidalia Re Coinsurance Agreement. Both the LLC Note and the Surplus Note mature on December 31, 2030 and bear interest at an annual interest rate of 4.50%. The LLC Note is guaranteed by Hannover Re through a credit enhancement feature in exchange for a fee, which is reflected in interest expense on our unaudited condensed consolidated statements of income. The LLC is a VIE as its owner does not have an equity investment at risk that is sufficient to permit the LLC to finance its activities without Vidalia Re or Hannover Re. The Parent Company, Primerica Life, and Vidalia Re share the power to direct the activities of the LLC with Hannover Re, but do not have the obligation to absorb losses or the right to receive any residual returns related to the LLC’s primary risks or sources of variability. Through the credit enhancement feature, Hannover Re is the ultimate risk taker in this transaction and bears the obligation to absorb the LLC’s losses in the event of a Surplus Note default in exchange for the fee. Accordingly, the Company is not the primary beneficiary of the LLC and does not consolidate the LLC within its consolidated financial statements. The LLC Note is classified as a held-to-maturity debt security in the Company’s invested asset portfolio as we have the positive intent and ability to hold the security until maturity. As of June 30, 2018, the LLC Note, which was rated A+ by Fitch Ratings, had an estimated unrealized holding loss of $5.2 million based on its amortized cost and estimated fair value, which is derived using the valuation techniques described in Note 4 (Fair Value of Financial Instruments). See Note 12 (Debt) for more information on the Surplus Note. Investments on Deposit with Governmental Authorities. As required by law, we have investments on deposit with governmental authorities and banks for the protection of policyholders. The fair values of investments on deposit were $10.1 million and $11.1 million as of June 30, 2018 and December 31, 2017, respectively. Securities Lending Transactions. We participate in securities lending transactions with broker-dealers and other financial institutions to increase investment income with minimal risk. We require minimum collateral on securities loaned equal to 102% of the fair value of the loaned securities. We accept collateral in the form of securities, which we are not able to sell or encumber, and to the extent the collateral declines in value below 100%, we require additional collateral from the borrower. Any securities collateral received is not reflected on our unaudited condensed consolidated balance sheets. We also accept collateral in the form of cash, all of which we reinvest. For loans involving unrestricted cash collateral, the collateral is reported as an asset with a corresponding liability representing our obligation to return the collateral. We continue to carry the loaned securities as invested assets on our unaudited condensed consolidated balance sheets during the terms of the loans, and we do not report them as sales. Cash collateral received and reinvested was $82.1 million and $89.8 million as of June 30, 2018 and December 31, 2017, respectively. Investment Income. The components of net investment income were as follows:
|  | Three months ended June 30, |  |  | Six months ended June 30, |
|  | 2018 |  |  | 2017 |  |  | 2018 |  |  | 2017 |
|  | (In thousands) |
Fixed-maturity securities (available-for-sale) |  | $ | 19,743 |  |  | $ | 19,200 |  |  | $ | 39,031 |  |  | $ | 38,269 |
Fixed-maturity security (held-to-maturity) |  |  | 9,052 |  |  |  | 6,087 |  |  |  | 17,425 |  |  |  | 11,806 |
Equity securities |  |  | 466 |  |  |  | 515 |  |  |  | 979 |  |  |  | 1,051 |
Policy loans and other invested assets |  |  | 390 |  |  |  | 316 |  |  |  | 801 |  |  |  | 622 |
Cash and cash equivalents |  |  | 641 |  |  |  | 246 |  |  |  | 1,227 |  |  |  | 439 |
Total return on deposit asset underlying 10% coinsurance agreement(1) |  |  | 895 |  |  |  | 770 |  |  |  | 788 |  |  |  | 1,801 |
Gross investment income |  |  | 31,187 |  |  |  | 27,134 |  |  |  | 60,251 |  |  |  | 53,988 |
Investment expenses |  |  | (2,105 | ) |  |  | (1,305 | ) |  |  | (3,779 | ) |  |  | (2,546 | )
Investment income net of investment expenses |  |  | 29,082 |  |  |  | 25,829 |  |  |  | 56,472 |  |  |  | 51,442 |
Interest expense on surplus note |  |  | (9,052 | ) |  |  | (6,087 | ) |  |  | (17,425 | ) |  |  | (11,806 | )
Net investment income |  | $ | 20,030 |  |  | $ | 19,742 |  |  | $ | 39,047 |  |  | $ | 39,636 |
(1) | Includes $0.4 million and $1.7 million of losses recognized for the change in fair value of the deposit asset underlying the 10% coinsurance agreement for the three and six months ended June 30, 2018, respectively. The change in fair value of the deposit asset underlying the 10% coinsurance agreement for the three and six months ended June 30, 2017 was not material.
The components of net realized investment gains (losses) recognized in net income as well as details on gross realized investment gains and losses were as follows:
|  | Three months ended June 30, |  |  | Six months ended June 30, |
|  | 2018 |  |  | 2017 |  |  | 2018 |  |  | 2017 |
|  | (In thousands) |
Net realized investment gains (losses): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross gains from sales of available-for-sale securities |  | $ | 404 |  |  | $ | 770 |  |  | $ | 786 |  |  | $ | 1,064 |
Gross losses from sales of available-for-sale securities |  |  | (3 | ) |  |  | (13 | ) |  |  | (21 | ) |  |  | (28 | )
OTTI losses of available-for-sale securities |  |  | (54 | ) |  |  | (484 | ) |  |  | (103 | ) |  |  | (695 | )
Net gains (losses) recognized in net income during the period on equity securities |  |  | 539 |  |  |  | - |  |  |  | (1,406 | ) |  |  | - |
Gains (losses) from bifurcated options |  |  | 427 |  |  |  | (169 | ) |  |  | 400 |  |  |  | (103 | )
Net realized investment gains (losses) |  | $ | 1,313 |  |  | $ | 104 |  |  | $ | (344 | ) |  | $ | 238 |
The proceeds from sales or other redemptions of available-for-sale securities were as follows:
|  | Three months ended June 30, |  |  | Six months ended June 30, |
|  | 2018 |  |  | 2017 |  |  | 2018 |  |  | 2017 |
|  | (In thousands) |
Proceeds from sales or other redemptions |  | $ | 118,557 |  |  | $ | 67,721 |  |  | $ | 240,263 |  |  | $ | 142,698 |
The components of net gains (losses) recognized in net income during the three and six months ended June 30, 2018 on equity securities still held as of period-end were as follows:
|  | Three months ended June 30, |  |  | Six months ended June 30, |
|  | 2018 |  |  | 2017 |  |  | 2018 |  |  | 2017 |
|  | (In thousands) |
Net gains (losses) recognized on equity securities |  | $ | 539 |  |  | $ | - |  |  | $ | (1,406 | ) |  | $ | - |
Less: Net gains (losses) recognized on equity securities sold |  |  | (49 | ) |  |  | - |  |  |  | (49 | ) |  |  | - |
Net gains (losses) recognized in net income on equity securities still held as of period-end |  | $ | 588 |  |  | $ | - |  |  | $ | (1,357 | ) |  | $ | - |
Other-Than-Temporary Impairment. We conduct a review each quarter to identify and evaluate impaired investments that have indications of possible OTTI. An investment in a debt security is impaired if its fair value falls below its cost. Factors considered in determining whether an impairment is temporary include the length of time and extent to which fair value has been below cost, the financial condition and near-term prospects for the issue, and our ability and intent to hold the investment for a period of time sufficient to allow for any anticipated recovery, which may be maturity for fixed-maturity securities. Available-for-sale fixed-maturity securities with a cost basis in excess of their fair values were $1,193.2 million and $529.2 million as of June 30, 2018 and December 31, 2017, respectively. The following tables summarize, for all available-for-sale securities in an unrealized loss position, the aggregate fair value and the gross unrealized loss by length of time such securities have continuously been in an unrealized loss position:
|  | June 30, 2018 |
|  | Less than 12 months |  |  | 12 months or longer |
|  | Fair value |  |  | Unrealized losses |  |  | Number of securities |  |  | Fair value |  |  | Unrealized losses |  |  | Number of securities |
|  | (Dollars in thousands) |
Fixed-maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and agencies |  | $ | 6,044 |  |  | $ | (80 | ) |  |  | 5 |  |  | $ | 1,729 |  |  | $ | (7 | ) |  |  | 3 |
Foreign government |  |  | 43,032 |  |  |  | (578 | ) |  |  | 40 |  |  |  | 25,350 |  |  |  | (566 | ) |  |  | 31 |
States and political subdivisions |  |  | 21,410 |  |  |  | (252 | ) |  |  | 19 |  |  |  | 6,229 |  |  |  | (136 | ) |  |  | 7 |
Corporates |  |  | 730,969 |  |  |  | (15,574 | ) |  |  | 588 |  |  |  | 51,454 |  |  |  | (2,688 | ) |  |  | 60 |
Residential mortgage-backed securities |  |  | 97,132 |  |  |  | (2,271 | ) |  |  | 49 |  |  |  | 2,332 |  |  |  | (73 | ) |  |  | 6 |
Commercial mortgage-backed securities |  |  | 100,307 |  |  |  | (1,902 | ) |  |  | 82 |  |  |  | 19,084 |  |  |  | (567 | ) |  |  | 24 |
Other asset-backed securities |  |  | 52,116 |  |  |  | (698 | ) |  |  | 53 |  |  |  | 10,541 |  |  |  | (126 | ) |  |  | 13 |
Total fixed-maturity securities |  | $ | 1,051,010 |  |  | $ | (21,355 | ) |  |  |  |  |  | $ | 116,719 |  |  | $ | (4,163 | ) |  |  |  |
|  | December 31, 2017 |
|  | Less than 12 months |  |  | 12 months or longer |
|  | Fair value |  |  | Unrealized losses |  |  | Number of securities |  |  | Fair value |  |  | Unrealized losses |  |  | Number of securities |
|  | (Dollars in thousands) |
Fixed-maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and agencies |  | $ | 4,754 |  |  | $ | (34 | ) |  |  | 5 |  |  | $ | 2,975 |  |  | $ | (13 | ) |  |  | 3 |
Foreign government |  |  | 40,287 |  |  |  | (465 | ) |  |  | 45 |  |  |  | 7,102 |  |  |  | (183 | ) |  |  | 7 |
States and political subdivisions |  |  | 7,369 |  |  |  | (43 | ) |  |  | 7 |  |  |  | 6,267 |  |  |  | (98 | ) |  |  | 7 |
Corporates |  |  | 247,613 |  |  |  | (2,323 | ) |  |  | 216 |  |  |  | 39,767 |  |  |  | (1,332 | ) |  |  | 43 |
Residential mortgage-backed securities |  |  | 33,610 |  |  |  | (263 | ) |  |  | 16 |  |  |  | 2,592 |  |  |  | (34 | ) |  |  | 8 |
Commercial mortgage-backed securities |  |  | 60,116 |  |  |  | (394 | ) |  |  | 52 |  |  |  | 22,149 |  |  |  | (516 | ) |  |  | 25 |
Other asset-backed securities |  |  | 32,605 |  |  |  | (121 | ) |  |  | 33 |  |  |  | 14,819 |  |  |  | (103 | ) |  |  | 19 |
Total fixed-maturity securities |  |  | 426,354 |  |  |  | (3,643 | ) |  |  |  |  |  |  | 95,671 |  |  |  | (2,279 | ) |  |  |  |
Equity securities |  |  | 1,076 |  |  |  | (16 | ) |  |  | 4 |  |  |  | 170 |  |  |  | (4 | ) |  |  | 2 |
Total fixed-maturity and equity securities |  | $ | 427,430 |  |  | $ | (3,659 | ) |  |  |  |  |  | $ | 95,841 |  |  | $ | (2,283 | ) |  |  |  |
The amortized cost and fair value of available-for-sale fixed-maturity securities in default were as follows:
|  | June 30, 2018 |  |  | December 31, 2017 |
|  | Amortized cost |  |  | Fair value |  |  | Amortized cost |  |  | Fair value |
|  | (In thousands) |
Fixed-maturity securities in default |  | $ | 10 |  |  | $ | 201 |  |  | $ | 503 |  |  | $ | 654 |
OTTI recognized in earnings on available-for-sale securities were as follows:
|  | Three months ended June 30, |  |  | Six months ended June 30, |
|  | 2018 |  |  | 2017 |  |  | 2018 |  |  | 2017 |
|  | (In thousands) |
OTTI on fixed-maturity securities not in default |  | $ | 54 |  |  | $ | 459 |  |  | $ | 103 |  |  | $ | 535 |
OTTI on fixed-maturity securities in default |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
OTTI on equity securities(1) |  |  | - |  |  |  | 25 |  |  |  | - |  |  |  | 160 |
Total OTTI recognized in earnings |  | $ | 54 |  |  | $ | 484 |  |  | $ | 103 |  |  | $ | 695 |
(1) | Subsequent to the adoption of ASU 2016-01 all changes in the fair value of equity securities are recognized in net income and thus OTTI no longer applies to equity securities.
The securities noted above were considered to be other-than-temporarily impaired due to: our intent to sell them; adverse credit events, such as news of an impending filing for bankruptcy; analyses of the issuer’s most recent financial statements or other information in which liquidity deficiencies, significant losses and large declines in capitalization were evident; or analyses of rating agency information for issuances with severe ratings downgrades that indicated a significant increase in the possibility of default. We also recognized OTTI related to invested assets held at the Parent Company that we intended to sell to fund share repurchases. As of June 30, 2018, the unrealized losses on our available-for-sale fixed-maturity security portfolio were largely caused by interest rate sensitivity and changes in credit spreads. We believe that fluctuations caused by movement in interest rates and credit spreads have little bearing on the recoverability of our investments. We do not consider these investments to be other-than-temporarily impaired because we have the ability to hold these investments until maturity or a market price recovery, and we have no present intention to dispose of them. OTTI recognized in earnings for available-for-sale securities were as follows:
|  | Three months ended June 30, |  |  | Six months ended June 30, |
|  | 2018 |  |  | 2017 |  |  | 2018 |  |  | 2017 |
|  | (In thousands) |
Total OTTI related to securities which the Company does not intend to sell or more-likely-than-not will not be required to sell: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total OTTI losses recognized |  | $ | 54 |  |  | $ | 459 |  |  | $ | 103 |  |  | $ | 535 |
Less portion of OTTI recognized in accumulated other comprehensive income (loss) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
OTTI recognized in earnings for securities which the Company does not intend to sell or more-likely than-not will not be required to sell |  |  | 54 |  |  |  | 459 |  |  |  | 103 |  |  |  | 535 |
OTTI recognized in earnings for securities which the Company intends to sell or more-likely-than-not will be required to sell before recovery |  |  | - |  |  |  | 25 |  |  |  | - |  |  |  | 160 |
OTTI recognized in earnings |  | $ | 54 |  |  | $ | 484 |  |  | $ | 103 |  |  | $ | 695 |
The rollforward of the OTTI recognized in net income for all fixed-maturity securities still held was as follows:
|  | Three months ended June 30, |  |  | Six months ended June 30, |  |
|  | 2018 |  |  | 2017 |  |  | 2018 |  |  | 2017 |  |
|  | (In thousands) |  |
Cumulative OTTI recognized in net income for securities still held, beginning of period |  | $ | 4,298 |  |  | $ | 5,759 |  |  | $ | 4,346 |  |  | $ | 5,774 |  |
Additions for securities where no OTTI were recognized prior to the beginning of the period |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |
Additions for securities where OTTI have been recognized prior to the beginning of the period |  |  | 54 |  |  |  | 459 |  |  |  | 103 |  |  |  | 535 |  |
Reductions due to sales, maturities, calls, amortization or increases in cash flows expected to be collected over the remaining life of credit impaired securities |  |  | (1,058 | ) |  |  | (643 | ) |  |  | (1,155 | ) |  |  | (597 | ) |
Reductions for exchanges of securities previously impaired |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (137 | ) |
Cumulative OTTI recognized in net income for securities still held, end of period |  | $ | 3,294 |  |  | $ | 5,575 |  |  | $ | 3,294 |  |  | $ | 5,575 |  |
As of June 30, 2018, no cumulative impairment losses have been recognized on the LLC Note held-to-maturity security. Derivatives. Embedded conversion options associated with fixed-maturity securities are bifurcated from the fixed-maturity security host contracts and separately recognized as equity securities. The change in fair value of these bifurcated conversion options is reflected in realized investment gains (losses), including OTTI losses. The fair value of these bifurcated options was $1.3 million and $0.9 million as of June 30, 2018 and December 31, 2017, respectively. We have a deferred loss related to closed forward contracts, which were settled several years ago, that were used to mitigate our exposure to foreign currency exchange rates that resulted from the net investment in our Canadian operations. The amount of deferred loss included in accumulated other comprehensive income (loss) was $26.4 million as of June 30, 2018 and December 31, 2017. These deferred losses will not be recognized until such time as we sell or substantially liquidate our Canadian operations; although we have no such intention.

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