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Comprehensive income
9 Months Ended
Sep. 30, 2012
Comprehensive income

9. Comprehensive income

The following table displays the components of other comprehensive income (loss):

 

     Before-tax
amount
    Income
taxes
    Net  
     (in thousands)  

For the nine months ended September 30, 2012

      

Unrealized gains (losses) on investment securities:

      

Available-for-sale (“AFS”) investment securities with other-than-temporary impairment (“OTTI”):

      

Unrealized holding losses, net

   $ (5,251   $ 2,061      $ (3,190

Less: OTTI charges recognized in net income

     (27,976     10,980        (16,996
  

 

 

   

 

 

   

 

 

 

Net change for AFS investment securities with OTTI

     22,725        (8,919     13,806   

AFS investment securities – all other:

      

Unrealized holding gains, net

     153,908        (60,362     93,546   

Less: reclassification adjustment for gains realized in net income

     9        (4     5   
  

 

 

   

 

 

   

 

 

 

Net change for AFS investment securities – all other

     153,899        (60,358     93,541   

Held-to-maturity (“HTM”) investment securities with OTTI:

      

Unrealized holding losses, net

     (2,848     1,118        (1,730

Less: reclassification to income of unrealized holding losses

     (1,544     606        (938

Less: OTTI charges recognized in net income

     (5,355     2,102        (3,253
  

 

 

   

 

 

   

 

 

 

Net change for HTM investment securities with OTTI

     4,051        (1,590     2,461   
  

 

 

   

 

 

   

 

 

 

Reclassification to income of unrealized holding losses on investment securities previously transferred from AFS to HTM

     3,495        (1,372     2,123   
  

 

 

   

 

 

   

 

 

 

Net unrealized gains on investment securities

     184,170        (72,239     111,931   

Reclassification to income for amortization of gains on terminated cash flow hedges

     (178     66        (112

Foreign currency translation adjustment

     552        (201     351   

Defined benefit plans liability adjustment

     23,368        (9,172     14,196   
  

 

 

   

 

 

   

 

 

 
   $ 207,912      $ (81,546   $ 126,366   
  

 

 

   

 

 

   

 

 

 

For the nine months ended September 30, 2011

      

Unrealized gains (losses) on investment securities:

      

AFS investment securities with OTTI:

      

Unrealized holding losses, net

   $ (35,305   $ 13,952      $ (21,353

Less: reclassification adjustment for gains realized in net income

     3,814        (1,497     2,317   

Less: OTTI charges recognized in net income

     (41,713     16,372        (25,341
  

 

 

   

 

 

   

 

 

 

Net change for AFS investment securities with OTTI

     2,594        (923     1,671   

AFS investment securities — all other:

      

Unrealized holding gains, net

     147,338        (57,629     89,709   

Less: reclassification adjustment for gains realized in net income

     146,115        (57,257     88,858   
  

 

 

   

 

 

   

 

 

 

Net change for AFS investment securities – all other

     1,223        (372     851   

HTM investment securities with OTTI:

      

Unrealized holding losses, net

     (8,500     3,336        (5,164

Less: reclassification to income of unrealized holding losses

     (213     83        (130

Less: OTTI charges recognized in net income

     (10,500     4,121        (6,379
  

 

 

   

 

 

   

 

 

 

Net change for HTM investment securities with OTTI

     2,213        (868     1,345   
  

 

 

   

 

 

   

 

 

 

Reclassification to income of unrealized holding losses on investment securities previously transferred from AFS to HTM

     5,108        (2,005     3,103   
  

 

 

   

 

 

   

 

 

 

Net unrealized gains on investment securities

     11,138        (4,168     6,970   

Reclassification to income for amortization of gains on terminated cash flow hedges

     (336     125        (211

Foreign currency translation adjustment

     (779     276        (503

Defined benefit plans liability adjustment

     10,586        (4,155     6,431   
  

 

 

   

 

 

   

 

 

 
   $ 20,609      $ (7,922   $ 12,687   
  

 

 

   

 

 

   

 

 

 

 

Accumulated other comprehensive income (loss), net consisted of unrealized gains (losses) as follows:

 

                        Foreign              
                  Cash     currency     Defined        
     Investment securities      flow     translation     benefit        
     With OTTI     All other      hedges     adjustment     plans     Total  
     (in thousands)  

Balance – January 1, 2012

   $ (84,029     5,995         112        (803     (277,716     (356,441

Net gain (loss) during period

     16,267        95,664         (112     351        14,196        126,366   
  

 

 

   

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Balance – September 30, 2012

   $ (67,762     101,659         —          (452     (263,520     (230,075
  

 

 

   

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Balance – January 1, 2011

   $ (87,053     2,332         393        —          (120,892     (205,220

Net gain (loss) during period

     3,016        3,954         (211     (503     6,431        12,687   
  

 

 

   

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Balance – September 30, 2011

   $ (84,037     6,286         182        (503     (114,461     (192,533