Comprehensive income

9 Months Ended

Sep. 30, 2023

9. Comprehensive income

The following tables display the components of other comprehensive income (loss) and amounts reclassified from accumulated other comprehensive income (loss) to net income:


	Investment			Defined Benefit						Total Amount				Income
	Securities			Plans			Other			Before Tax				Tax			Net
	(In thousands)
Balance — January 1, 2023	$	(444,192	)		(272,856	)		(349,129	)	$	(1,066,177	)			276,147		$	(790,030	)
Other comprehensive income (loss) before reclassifications:
Unrealized holding losses, net		(2,366	)		—			—			(2,366	)			588			(1,778	)
Foreign currency translation adjustment		—			—			71			71				(18	)		53
Unrealized losses on cash flow hedges		—			—			(365,739	)		(365,739	)			90,679			(275,060	)
Total other comprehensive income (loss) before reclassifications		(2,366	)		—			(365,668	)		(368,034	)			91,249			(276,785	)
Amounts reclassified from accumulated other comprehensive income (loss) that (increase) decrease net income:
Accretion of net gain on terminated cash flow hedges		—			—			(91	)		(91	)	(b)		23			(68	)
Net yield adjustment from cash flow hedges currently in effect		—			—			173,051			173,051		(a)		(43,535	)		129,516
Amortization of prior service credit		—			(1,390	)		—			(1,390	)	(c)		155			(1,235	)
Amortization of actuarial gains		—			(3,686	)		—			(3,686	)	(c)		410			(3,276	)
Total other comprehensive income (loss)		(2,366	)		(5,076	)		(192,708	)		(200,150	)			48,302			(151,848	)
Balance — September 30, 2023	$	(446,558	)		(277,932	)		(541,837	)	$	(1,266,327	)			324,449		$	(941,878	)


Balance — January 1, 2022	$	104,691			(360,276	)		83,531		$	(172,054	)			44,476		$	(127,578	)
Other comprehensive income (loss) before reclassifications:
Unrealized holding losses, net		(576,266	)		—			—			(576,266	)			149,186			(427,080	)
Foreign currency translation adjustment		—			—			(14,564	)		(14,564	)			3,293			(11,271	)
Unrealized losses on cash flow hedges		—			—			(429,310	)		(429,310	)			111,150			(318,160	)
Total other comprehensive income (loss) before reclassifications		(576,266	)		—			(443,874	)		(1,020,140	)			263,629			(756,511	)
Amounts reclassified from accumulated other comprehensive income (loss) that (increase) decrease net income:
Amortization of unrealized holding losses on held-to-maturity securities		1,766			—			—			1,766		(a)		(456	)		1,310
Accretion of net gain on terminated cash flow hedges		—			—			(90	)		(90	)	(b)		24			(66	)
Net yield adjustment from cash flow hedges currently in effect		—			—			(35,500	)		(35,500	)	(a)		9,192			(26,308	)
Amortization of prior service credit		—			(1,692	)		—			(1,692	)	(c)		413			(1,279	)
Amortization of actuarial losses		—			13,810			—			13,810		(c)		(3,371	)		10,439
Total other comprehensive income (loss)		(574,500	)		12,118			(479,464	)		(1,041,846	)			269,431			(772,415	)
Balance — September 30, 2022	$	(469,809	)		(348,158	)		(395,933	)	$	(1,213,900	)			313,907		$	(899,993	)

(a)

Included in interest income.

(b)

Included in interest expense.

(c)

Included in other costs of operations.

Accumulated other comprehensive income (loss), net consisted of the following:


				Defined
	Investment			Benefit
	Securities			Plans			Other			Total
	(In thousands)
Balance — December 31, 2022	$	(329,168	)	$	(202,186	)	$	(258,676	)	$	(790,030	)
Net loss during period		(1,778	)		(4,511	)		(145,559	)		(151,848	)
Balance — September 30, 2023	$	(330,946	)	$	(206,697	)	$	(404,235	)	$	(941,878	)