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Accumulated Other Comprehensive Income (Loss) ("AOCI") | 9 Months Ended
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Sep. 30, 2021
Accumulated Other Comprehensive Income Other Comprehensive Income [Abstract] |
Accumulated Other Comprehensive Income (Loss) ("AOCI") | Note 17 – Accumulated Other Comprehensive Income (Loss) (“AOCI”) 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 | ) |
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 |
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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- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -URI http://asc.fasb.org/topic&trid=2134417 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(21)) -URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 220 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(23)) -URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 220 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(19)) -URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263 + Details
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