TORCHMARK CORP | 2013 | FY | 3


Note 3—Supplemental Information About Changes to Accumulated Other Comprehensive Income

 

Effective during 2013, Torchmark adopted prospectively Accounting Standards Update No. 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. This statement requires an analysis of the changes in the components of accumulated other comprehensive income as well as supplemental information about the amounts reclassified out of other comprehensive income.

 

An analysis in the change in balance by component of Accumulated Other Comprehensive Income is as follows for the twelve months ended December 31, 2013.

 

Components of Accumulated Other Comprehensive Income

 

     For the twelve months ended December 31, 2013  
     Available
for Sale
Assets
    Deferred
Acquisition
Costs
    Foreign
Exchange
    Pension
Adjustments
    Total  

Balance at January 1, 2013

   $ 1,024,367      $ (16,417   $ 26,608      $ (109,283   $ 925,275   

Other comprehensive income (loss) before reclassifications, net of tax

     (758,857     9,689        (1,742     33,992        (716,918

Reclassifications, net of tax

     (9,314     0        0        11,938        2,624   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Other comprehensive income (loss)

     (768,171     9,689        (1,742     45,930        (714,294
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance at December 31, 2013

   $ 256,196      $ (6,728   $ 24,866      $ (63,353   $ 210,981   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

Reclassifications out of Accumulated Other Comprehensive Income are presented below for the twelve months ended December 31, 2013.

 

Reclassification Adjustments

 

Component Line Item

   Twelve months
ended
December  31,

2013
   

Affected line items in the

Statement of Operations

Unrealized gains (losses) on available for sale assets:

    

Realized (gains) losses

   $ (9,606   Realized investment gains (losses)

Amortization of (discount) premium

     (6,569   Net investment income
  

 

 

   

Total before tax

     (16,175  

Tax

     6,861      Income Taxes
  

 

 

   

Total after tax

     (9,314  

Pension adjustments:

    

Amortization of prior service cost

     2,276      Other operating expenses

Amortization of actuarial (gain) loss

     16,090      Other operating expenses
  

 

 

   

Total before tax

     18,366     

Tax

     (6,428   Income Taxes
  

 

 

   

Total after tax

     11,938     
  

 

 

   

Total reclassifications (after tax)

   $ 2,624     
  

 

 

   

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