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Other Comprehensive Income (Loss)
 6 Months Ended
Jun. 30, 2017
Equity [Abstract]  
Other Comprehensive Income (Loss)
Note 7 - Other Comprehensive Income (Loss)
The following tables illustrate activity within the balances in accumulated other comprehensive income (loss) by component for the six and three months ended June 30, 2017 and 2016.
Changes in Accumulated Other Comprehensive Income (Loss) by Component (Net of Income Taxes)
(in thousands)
Net unrealized gains (losses) on cash flow hedges
 
Net unrealized gains (losses) on investment securities available for sale
 
Post-retirement unfunded health benefit
 
Total
Balance at December 31, 2016
$
(12,217
)
 
(44,324
)
 
882

 
(55,659
)
Other comprehensive income before reclassifications
—

 
12,453

 
—

 
12,453

Amounts reclassified from accumulated other comprehensive income (loss)
80

 
(4,715
)
 
(24
)
 
(4,659
)
Net current period other comprehensive income
80

 
7,738

 
(24
)
 
7,794

Balance as of June 30, 2017
$
(12,137
)
 
(36,586
)
 
858

 
(47,865
)
 
 
 
 
 
 
 
 
Balance as of April 1, 2017
$
(12,177
)
 
(43,444
)
 
870

 
(54,751
)
Other comprehensive income before reclassifications
—

 
6,857

 
—

 
6,857

Amounts reclassified from accumulated other comprehensive income (loss)
40

 
1

 
(12
)
 
29

Net current period other comprehensive income
40

 
6,858

 
(12
)
 
6,886

Balance as of June 30, 2017
$
(12,137
)
 
(36,586
)
 
858

 
(47,865
)
 
 
 
 
 
 
 
 

Changes in Accumulated Other Comprehensive Income (Loss) by Component (Net of Income Taxes)
(in thousands)
Net unrealized gains (losses) on cash flow hedges
 
Net unrealized gains (losses) on investment securities available for sale
 
Post-retirement unfunded health benefit
 
Total
Balance at December 31, 2015
$
(12,504
)
 
(18,222
)
 
907

 
(29,819
)
Other comprehensive income before reclassifications
—

 
40,722

 
—

 
40,722

Amounts reclassified from accumulated other comprehensive income (loss)
207

 
(41
)
 
(64
)
 
102

Net current period other comprehensive income
207

 
40,681

 
(64
)
 
40,824

Balance as of June 30, 2016
$
(12,297
)
 
22,459

 
843

 
11,005

 
 
 
 
 
 
 
 
Balance as of April 1, 2016
$
(12,336
)
 
10,747

 
849

 
(740
)
Other comprehensive income (loss) before reclassifications
—

 
11,712

 
—

 
11,712

Amounts reclassified from accumulated other comprehensive income (loss)
39

 
—

 
(6
)
 
33

Net current period other comprehensive income (loss)
39

 
11,712

 
(6
)
 
11,745

Balance as of June 30, 2016
$
(12,297
)
 
22,459

 
843

 
11,005

 
 
 
 
 
 
 
 

In accordance with ASC 740-20-45-11(b), a deferred tax asset valuation allowance associated with unrealized gains and losses not recognized in income is charged directly to other comprehensive income (loss). During the years 2010 and 2011, Synovus recorded a deferred tax asset valuation allowance associated with unrealized gains and losses not recognized in income directly to other comprehensive income (loss) by applying the portfolio approach for allocation of the valuation allowance. Synovus has consistently applied the portfolio approach which treats derivative financial instruments, equity securities, and debt securities as a single portfolio. As of June 30, 2017, the balance in net unrealized gains (losses) on cash flow hedges and net unrealized gains (losses) on investment securities available for sale includes unrealized losses of $12.1 million and $13.3 million, respectively, related to the residual tax effects remaining in OCI due to a previously established deferred tax asset valuation allowance. Under the portfolio approach, these unrealized losses are realized at the time the entire portfolio is sold or disposed.
Reclassifications out of Accumulated Other Comprehensive Income (Loss)
Details About
Accumulated Other Comprehensive Income (Loss) Components
 
Amount Reclassified from
Accumulated Other
Comprehensive Income (Loss)
 
Affected Line Item
in the Statement Where
Net Income is Presented
 
 
For the Six Months Ended June 30,
 
 
 
 
2017
 
2016
 
 
Net unrealized gains (losses) on cash flow hedges:
 
 
 
 
 
 
  Amortization of deferred losses
 
$
(130
)
 
(140
)
 
Interest expense
  Amortization of deferred losses
 
—

 
(197
)
 
Loss on early extinguishment of debt, net
 
 
50

 
130

 
Income tax (expense) benefit
 
 
$
(80
)
 
(207
)
 
Reclassifications, net of income taxes
 
 
 
 
 
 
 
Net unrealized gains on investment securities available for sale:
 
 
 
 
 
 
  Realized gain on sale of securities
 
$
7,667

 
67

 
Investment securities gains, net
 
 
(2,952
)
 
(26
)
 
Income tax (expense) benefit
 
 
$
4,715

 
41

 
Reclassifications, net of income taxes
Post-retirement unfunded health benefit:
 
 
 
 
 
 
  Amortization of actuarial gains
 
$
40

 
104

 
Salaries and other personnel expense
 
 
(16
)
 
(40
)
 
Income tax (expense) benefit
 
 
$
24

 
64

 
Reclassifications, net of income taxes
 
 
 
 
 
 
 
Reclassifications out of Accumulated Other Comprehensive Income (Loss)
Details About
Accumulated Other Comprehensive Income (Loss) Components
 
Amount Reclassified from
Accumulated Other
Comprehensive Income (Loss)
Affected Line Item
in the Statement Where
Net Income is Presented
 
 
For the Three Months Ended June 30,
 
 
 
2017
 
2016
 
Net unrealized gains (losses) on cash flow hedges:
 
 
 
 
 
  Amortization of deferred losses
 
$
(65
)
 
(64
)
Interest expense
 
 
25

 
25

Income tax (expense) benefit
 
 
$
(40
)
 
(39
)
Reclassifications, net of income taxes
 
 
 
 
 
 
Net unrealized gains on investment securities available for sale:
 
 
 
 
 
  Realized net (loss)gain on sale of securities
 
$
(1
)
 
—

Investment securities gains, net
 
 
—

 
—

Income tax (expense) benefit
 
 
$
(1
)
 
—

Reclassifications, net of income taxes
Post-retirement unfunded health benefit:
 
 
 
 
 
  Amortization of actuarial gains
 
$
20

 
10

Salaries and other personnel expense
 
 
(8
)
 
(4
)
Income tax (expense) benefit
 
 
$
12

 
6

Reclassifications, net of income taxes