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Basis of Presentation (Policies)
 6 Months Ended
Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Future Policy Benefits, Interest-sensitive Life Contract Liabilities and Annuity Contract Liabilities
Investment Contract and Life Policy Reserves
 
This table summarizes the Company’s investment contract and life policy reserves.
 
 
 
June 30,
 
 
 
December 31,
 
 
 
2016
 
 
 
2015
 
 
 
 
 
 
 
 
 
Investment contract reserves
 
$
4,204,207
 
 
 
$
4,072,102
 
Life policy reserves
 
 
1,069,960
 
 
 
 
1,054,740
 
Total
 
$
5,274,167
 
 
 
$
5,126,842
 
Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss)
 
Accumulated other comprehensive income (loss) represents the accumulated change in shareholders’ equity from transactions and other events and circumstances from non-shareholder sources. For the Company, accumulated other comprehensive income (loss) includes the after tax change in net unrealized gains and losses on fixed maturities and equity securities and the after tax change in net funded status of pension obligations for the period as shown in the Consolidated Statement of Changes in Shareholders’ Equity. The following tables reconcile these components.
 
 
Unrealized Gains
 
 
 
 
 
 
 
 
 
and Losses on
 
 
 
 
 
 
 
 
 
Fixed Maturities
 
 
 
 
 
 
 
 
 
and Equity
 
Defined
 
 
 
 
 
Securities (1)(2)
 
Benefit Plans (1)
 
Total (1)
 
 
 
 
 
 
 
 
 
 
 
 
Beginning balance, April 1, 2016
 
$
244,657
 
 
 
$
(11,794
)
 
 
$
232,863
 
Other comprehensive income (loss) before reclassifications
 
 
87,809
 
 
 
 
-
 
 
 
 
87,809
 
Amounts reclassified from accumulated other comprehensive income (loss)
 
 
(2,813
)
 
 
 
-
 
 
 
 
(2,813
)
Net current period other comprehensive income (loss)
 
 
84,996
 
 
 
 
-
 
 
 
 
84,996
 
Ending balance, June 30, 2016
 
$
329,653
 
 
 
$
(11,794
)
 
 
$
317,859
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Beginning balance, January 1, 2016
 
$
175,167
 
 
 
$
(11,794
)
 
 
$
163,373
 
Other comprehensive income (loss) before reclassifications
 
 
157,780
 
 
 
 
-
 
 
 
 
157,780
 
Amounts reclassified from accumulated other comprehensive income (loss)
 
 
(3,294
)
 
 
 
-
 
 
 
 
(3,294
)
Net current period other comprehensive income (loss)
 
 
154,486
 
 
 
 
-
 
 
 
 
154,486
 
Ending balance, June 30, 2016
 
$
329,653
 
 
 
$
(11,794
)
 
 
$
317,859
 
 
   
(1)
All amounts are net of tax.
(2)
The pretax amounts reclassified from accumulated other comprehensive income (loss), $4,327 and $5,067, are included in net realized investment gains and losses and the related tax expenses, $1,514 and $1,773, are included in income tax expense in the Consolidated Statements of Operations for the three and six months ended June 30, 2016, respectively.
 
 
Unrealized Gains
 
 
 
 
 
 
 
 
 
and Losses on
 
 
 
 
 
 
 
 
 
Fixed Maturities
 
 
 
 
 
 
 
 
 
and Equity
 
Defined
 
 
 
 
 
Securities (1)(2)
 
Benefit Plans (1)
 
Total (1)
 
 
 
 
 
 
 
 
 
 
 
 
Beginning balance, April 1, 2015
 
$
335,132
 
 
 
$
(12,953
)
 
 
$
322,179
 
Other comprehensive income (loss) before reclassifications
 
 
(110,185
)
 
 
 
-
 
 
 
 
(110,185
)
Amounts reclassified from accumulated other comprehensive income (loss)
 
 
(1,161
)
 
 
 
-
 
 
 
 
(1,161
)
Net current period other comprehensive income (loss)
 
 
(111,346
)
 
 
 
-
 
 
 
 
(111,346
)
Ending balance, June 30, 2015
 
$
223,786
 
 
 
$
(12,953
)
 
 
$
210,833
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Beginning balance, January 1, 2015
 
$
297,554
 
 
 
$
(12,953
)
 
 
$
284,601
 
Other comprehensive income (loss) before reclassifications
 
 
(68,815
)
 
 
 
-
 
 
 
 
(68,815
)
Amounts reclassified from accumulated other comprehensive income (loss)
 
 
(4,953
)
 
 
 
-
 
 
 
 
(4,953
)
Net current period other comprehensive income (loss)
 
 
(73,768
)
 
 
 
-
 
 
 
 
(73,768
)
Ending balance, June 30, 2015
 
$
223,786
 
 
 
$
(12,953
)
 
 
$
210,833
 
 
 
(1)
All amounts are net of tax.
(2)
The pretax amounts reclassified from accumulated other comprehensive income (loss), $1,786 and $7,620, are included in net realized investment gains and losses and the related tax expenses, $625 and $2,667, are included in income tax expense in the Consolidated Statements of Operations for the three and six months ended June 30, 2015, respectively.
 
Comparative information for elements that are not required to be reclassified in their entirety to net income in the same reporting period is located in “Note 2 — Investments — Unrealized Gains and Losses on Fixed Maturities and Equity Securities”.
Adopted Accounting Standards
Adopted Accounting Standards
 
Presentation of Debt Issuance Costs
 
Effective January 1, 2016, the Company adopted accounting guidance which was issued to simplify the presentation of costs incurred to issue debt securities. The guidance requires debt issuance costs associated with specific debt securities to be presented in the balance sheet as a direct deduction from the carrying value of the associated debt liability, consistent with the presentation of a debt discount. Costs incurred related to line of credit arrangements continue to be presented as an asset in the consolidated balance sheet. Also, the guidance does not affect the recognition and measurement of debt issuance costs. The guidance required retrospective application. As a result of this adoption, the following items in the Company’s December 31, 2015 Consolidated Balance Sheet were each reduced by $2,371: Other Assets, Total Assets, Long-term Debt, Total Liabilities and Total Liabilities and Shareholders’ Equity. Net income per share (basic and diluted) did not change as a result of the adopted accounting change.