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Accumulated Other Comprehensive Income (Loss) ("AOCI") (Tables) | 9 Months Ended
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Sep. 30, 2021
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 nine months ended September 30, 2021:
| First American Financial Corporation |  |  | NCI |  |  |  |  |
(in thousands) | Unrealized gains (losses) on debt securities |  |  | Foreign currency translation adjustment |  |  | Pension benefit adjustment |  |  | Accumulated other comprehensive income (loss) |  |  | Accumulated other comprehensive income (loss) |  |  | Balance |  |
Balance at December 31, 2020 | $ | 171,752 |  |  | $ | (37,990 | ) |  | $ | (94,221 | ) |  | $ | 39,541 |  |  | $ | 1 |  |  | $ | 39,542 |  |
Change in unrealized gains (losses) on debt securities |  | (138,430 | ) |  |  | — |  |  |  | — |  |  |  | (138,430 | ) |  |  | (1 | ) |  |  | (138,431 | ) |
Change in unrealized gains (losses) on debt securities for which credit-related portion was recognized in earnings |  | (365 | ) |  |  | — |  |  |  | — |  |  |  | (365 | ) |  |  | — |  |  |  | (365 | ) |
Change in foreign currency translation adjustment |  | — |  |  |  | (3,844 | ) |  |  | — |  |  |  | (3,844 | ) |  |  | — |  |  |  | (3,844 | ) |
Amortization of net actuarial loss |  | — |  |  |  | — |  |  |  | 5,070 |  |  |  | 5,070 |  |  |  | — |  |  |  | 5,070 |  |
Amortization of prior service credit |  | — |  |  |  | — |  |  |  | (978 | ) |  |  | (978 | ) |  |  | — |  |  |  | (978 | ) |
Tax effect |  | 33,942 |  |  |  | 9 |  |  |  | (1,086 | ) |  |  | 32,865 |  |  |  | — |  |  |  | 32,865 |  |
Balance at September 30, 2021 | $ | 66,899 |  |  | $ | (41,825 | ) |  | $ | (91,215 | ) |  | $ | (66,141 | ) |  | $ | — |  |  | $ | (66,141 | ) |
Adjustments for Reclassification of Other Comprehensive Income (Loss) | The following table presents the other comprehensive income (loss) reclassification adjustments for the three months ended September 30, 2021 and 2020:
(in thousands) |  | Unrealized gains (losses) on debt securities |  |  | Foreign currency translation adjustment |  |  | Pension benefit adjustment |  |  | Total other comprehensive income (loss) |
Three Months Ended September 30, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pretax change before reclassifications |  | $ | (49,970 | ) |  | $ | (12,948 | ) |  | $ | — |  |  | $ | (62,918 | )
Reclassifications out of AOCI |  |  | (6,925 | ) |  |  | — |  |  |  | 1,364 |  |  |  | (5,561 | )
Tax effect |  |  | 14,181 |  |  |  | 329 |  |  |  | (362 | ) |  |  | 14,148 |
Total other comprehensive income (loss), net of tax |  | $ | (42,714 | ) |  | $ | (12,619 | ) |  | $ | 1,002 |  |  | $ | (54,331 | )
Three Months Ended September 30, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pretax change before reclassifications |  | $ | 9,110 |  |  | $ | 10,817 |  |  | $ | — |  |  | $ | 19,927 |
Reclassifications out of AOCI |  |  | (6,627 | ) |  |  | — |  |  |  | 544 |  |  |  | (6,083 | )
Tax effect |  |  | (499 | ) |  |  | (743 | ) |  |  | (145 | ) |  |  | (1,387 | )
Total other comprehensive income (loss), net of tax |  | $ | 1,984 |  |  | $ | 10,074 |  |  | $ | 399 |  |  | $ | 12,457 |
The following table presents the other comprehensive income (loss) reclassification adjustments for the nine months ended September 30, 2021 and 2020:
(in thousands) |  | Unrealized gains (losses) on debt securities |  |  | Foreign currency translation adjustment |  |  | Pension benefit adjustment |  |  | Total other comprehensive income (loss) |
Nine Months Ended September 30, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pretax change before reclassifications |  | $ | (120,979 | ) |  | $ | (3,844 | ) |  | $ | — |  |  | $ | (124,823 | )
Reclassifications out of AOCI |  |  | (17,817 | ) |  |  | — |  |  |  | 4,092 |  |  |  | (13,725 | )
Tax effect |  |  | 33,942 |  |  |  | 9 |  |  |  | (1,086 | ) |  |  | 32,865 |
Total other comprehensive income (loss), net of tax |  | $ | (104,854 | ) |  | $ | (3,835 | ) |  | $ | 3,006 |  |  | $ | (105,683 | )
Nine Months Ended September 30, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pretax change before reclassifications |  | $ | 102,392 |  |  | $ | (9,498 | ) |  | $ | — |  |  | $ | 92,894 |
Reclassifications out of AOCI |  |  | (5,175 | ) |  |  | — |  |  |  | 1,630 |  |  |  | (3,545 | )
Tax effect |  |  | (24,000 | ) |  |  | 389 |  |  |  | (433 | ) |  |  | (24,044 | )
Total other comprehensive income (loss), net of tax |  | $ | 73,217 |  |  | $ | (9,109 | ) |  | $ | 1,197 |  |  | $ | 65,305 |
Reclassifications out of Accumulated Other Comprehensive Income (Loss) | The following table presents the effects of the reclassifications out of AOCI on the respective line items in the condensed consolidated statements of income:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |  |  | Affected line items
(in thousands) |  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |  |
Unrealized gains (losses) on debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net realized gains on sales of debt securities |  | $ | 6,937 |  |  | $ | 6,694 |  |  | $ | 17,888 |  |  | $ | 12,749 |  |  | Net realized investment gains
Credit losses recognized on debt securities |  |  | (12 | ) |  |  | (67 | ) |  |  | (71 | ) |  |  | (7,574 | ) |  | Net realized investment gains
Pretax total |  | $ | 6,925 |  |  | $ | 6,627 |  |  | $ | 17,817 |  |  | $ | 5,175 |  |  |
Tax effect |  | $ | (1,726 | ) |  | $ | (1,322 | ) |  | $ | (4,357 | ) |  | $ | (1,278 | ) |  |
Pension benefit adjustment (1): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of net actuarial loss |  | $ | (1,690 | ) |  | $ | (1,321 | ) |  | $ | (5,070 | ) |  | $ | (3,961 | ) |  | Other operating expenses
Amortization of prior service credit |  |  | 326 |  |  |  | 777 |  |  |  | 978 |  |  |  | 2,331 |  |  | Other operating expenses
Pretax total |  | $ | (1,364 | ) |  | $ | (544 | ) |  | $ | (4,092 | ) |  | $ | (1,630 | ) |  |
Tax effect |  | $ | 363 |  |  | $ | 145 |  |  | $ | 1,086 |  |  | $ | 433 |  |  |
(1) | Amounts are components of net periodic cost. See Note 13 Employee Benefit Plans for additional details.

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