(U.S. dollars in thousands) | Unrealized Gains (Losses) on Investments (1) | OTTI Losses Recognized in AOCI | Foreign Currency Translation Adjustments | Underfunded Pension Liability | Cash Flow Hedge | Total | |||||||||||||||||
Balance, net of tax, December 31, 2010 | $ | 238,751 | $ | (228,107 | ) | $ | 104,254 | $ | (14,899 | ) | $ | 796 | $ | 100,795 | |||||||||
OCI before reclassifications | 384,495 | — | (49,067 | ) | (2,995 | ) | — | 332,433 | |||||||||||||||
Amounts reclassified from AOCI | 146,188 | 42,171 | 23,469 | 373 | 440 | 212,641 | |||||||||||||||||
Tax (benefit) expense | (58,987 | ) | (2,715 | ) | (1,102 | ) | — | — | (62,804 | ) | |||||||||||||
Net current period OCI - net of tax | $ | 471,696 | $ | 39,456 | $ | (26,700 | ) | $ | (2,622 | ) | $ | 440 | $ | 482,270 | |||||||||
Balance, net of tax, December 31, 2011 | $ | 710,447 | $ | (188,651 | ) | $ | 77,554 | $ | (17,521 | ) | $ | 1,236 | $ | 583,065 | |||||||||
OCI before reclassifications | 985,553 | — | (6,798 | ) | (14,258 | ) | — | 964,497 | |||||||||||||||
Amounts reclassified from AOCI | (81,679 | ) | 67,580 | 350 | 4,273 | 438 | (9,038 | ) | |||||||||||||||
Tax (benefit) expense | (16,489 | ) | (300 | ) | (1,715 | ) | — | — | (18,504 | ) | |||||||||||||
Net current period OCI - net of tax | $ | 887,385 | $ | 67,280 | $ | (8,163 | ) | $ | (9,985 | ) | $ | 438 | $ | 936,955 | |||||||||
Balance, net of tax, December 31, 2012 | $ | 1,597,832 | $ | (121,371 | ) | $ | 69,391 | $ | (27,506 | ) | $ | 1,674 | $ | 1,520,020 | |||||||||
OCI before reclassifications (1) | (742,767 | ) | — | (62,932 | ) | 9,722 | — | (795,977 | ) | ||||||||||||||
Amounts reclassified from AOCI | (119,970 | ) | 32,193 | 206 | 1,440 | 439 | (85,692 | ) | |||||||||||||||
Tax (benefit) expense | 90,450 | (12 | ) | 7,868 | — | — | 98,306 | ||||||||||||||||
Net current period OCI - net of tax | $ | (772,287 | ) | $ | 32,181 | $ | (54,858 | ) | $ | 11,162 | $ | 439 | $ | (783,363 | ) | ||||||||
Balance, net of tax, December 31, 2013 | $ | 825,545 | $ | (89,190 | ) | $ | 14,533 | $ | (16,344 | ) | $ | 2,113 | $ | 736,657 | |||||||||
(1) | Amounts are net of cumulative adjustments recorded to the value of future policy benefit reserves of $44.7 million. These amounts were recorded during the year ended December 31, 2013. |
Gross Amount Reclassified From AOCI | |||||
Details About AOCI Components (U.S. dollars in thousands) | 2013 | Affected Line Item in the Statement of Income | |||
Unrealized gains and losses on investments: | |||||
$ | (130,236 | ) | Net realized gains (losses) on investments sold | ||
10,266 | OTTI on investments | ||||
$ | (119,970 | ) | Total before tax | ||
5,183 | Provision (benefit) for income tax | ||||
$ | (114,787 | ) | Net of tax | ||
OTTI losses recognized in OCI: | |||||
$ | 26,160 | Net realized gains (losses) on investments sold | |||
6,033 | OTTI on investments transferred to (from) OCI | ||||
$ | 32,193 | Total before tax | |||
(12 | ) | Provision (benefit) for income tax | |||
$ | 32,181 | Net of tax | |||
Foreign Currency Translation: | |||||
Sale of foreign investment fund affiliate | $ | 206 | Exchange gains (losses) - before tax | ||
— | Provision (benefit) for income tax | ||||
$ | 206 | Net of tax | |||
Underfunded Pension Liability: | |||||
Pension expense | $ | 1,440 | Operating Expenses | ||
— | Provision (benefit) for income tax | ||||
$ | 1,440 | Net of tax | |||
Gains and losses on cash flow hedges: | |||||
Interest rate contracts | $ | 439 | Interest Expense | ||
— | Provision (benefit) for income tax | ||||
$ | 439 | Net of tax | |||
Total reclassifications for the period, gross of tax | $ | (85,692 | ) | ||
Tax (benefit) expense | 5,171 | ||||
Total reclassifications for the period, net of tax | $ | (80,521 | ) | ||