15. Comprehensive income

In February 2018, the Financial Accounting Standards Board issued accounting guidance related to reclassification of certain tax effects from AOCI so that following enactment of the Tax Act the tax effects of items within AOCI reflect the appropriate tax. The guidance provided for a reclassification from AOCI to retained earnings for the effect of remeasuring deferred tax assets and liabilities related to items within AOCI at the 21 percent corporate tax rate established by the Tax Act. The impact of that reclassification was an increase in retained earnings as of December 31, 2017 resulting from items remaining in AOCI as of that date as follows:

	(In thousands)

Net unrealized losses on investment securities	$	8,065
Defined benefit plans liability adjustments		53,960
Cash flow hedges and other		2,004
Increase to retained earnings	$	64,029

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

													Total
							Defined						Amount
	Investment Securities						Benefit						Before				Income
	With OTTI (a)			All Other			Plans			Other			Tax				Tax			Net
	(In thousands)

Balance — January 1, 2017	$	46,725			(73,785	)		(449,917	)		(8,268	)	$	(485,245	)			190,609		$	(294,636	)
Other comprehensive income before reclassifications:
Unrealized holding gains (losses), net		(8,746	)		(6,259	)		—			—			(15,005	)			7,269			(7,736	)
Foreign currency translation adjustment		—			—			—			4,447			4,447				(2,206	)		2,241
Unrealized losses on cash flow hedges		—			—			—			(12,291	)		(12,291	)			4,837			(7,454	)
Current year benefit plans gains		—			—			9,276			—			9,276				(3,650	)		5,626
Total other comprehensive income (loss) before reclassifications		(8,746	)		(6,259	)		9,276			(7,844	)		(13,573	)			6,250			(7,323	)
Amounts reclassified from accumulated other comprehensive income that (increase) decrease net income:
Amortization of unrealized holding losses on held-to-maturity (“HTM”) securities		—			3,387			—			—			3,387		(b)		(1,333	)		2,054
Gains realized in net income		(18,351	)		(2,928	)		—			—			(21,279	)	(c)		7,195			(14,084	)
Accretion of net gain on terminated cash flow hedges		—			—			—			(137	)		(137	)	(d)		54			(83	)
Net yield adjustment from cash flow hedges currently in effect		—			—			—			(3,916	)		(3,916	)	(b)		1,541			(2,375	)
Amortization of prior service credit		—			—			(802	)		—			(802	)	(e)		315			(487	)
Amortization of actuarial losses		—			—			28,275			—			28,275		(e)		(11,126	)		17,149
Total		(27,097	)		(5,800	)		36,749			(11,897	)		(8,045	)			2,896			(5,149	)
Reclassification of income tax effects to retained earnings		—			—			—			—			—				(64,029	)		(64,029	)
Balance — December 31, 2017	$	19,628			(79,585	)		(413,168	)		(20,165	)	$	(493,290	)			129,476		$	(363,814	)

													Total
							Defined						Amount
	Investment Securities						Benefit						Before				Income
	With OTTI (a)			All Other			Plans			Other			Tax				Tax			Net
	(In thousands)

Balance — January 1, 2016	$	16,359			62,849			(489,660	)		(4,093	)	$	(414,545	)			162,918		$	(251,627	)
Other comprehensive income before reclassifications:
Unrealized holding gains (losses), net		30,366			(110,316	)		—			—			(79,950	)			31,509			(48,441	)
Foreign currency translation adjustment		—			—			—			(4,020	)		(4,020	)			1,406			(2,614	)
Current year benefit plans gains		—			—			14,125			—			14,125				(5,557	)		8,568
Total other comprehensive income (loss) before reclassifications		30,366			(110,316	)		14,125			(4,020	)		(69,845	)			27,358			(42,487	)
Amounts reclassified from accumulated other comprehensive income that (increase) decrease net income:
Amortization of unrealized holding losses on HTM securities		—			3,996			—			—			3,996		(b)		(1,572	)		2,424
Gains realized in net income		—			(30,314	)		—			—			(30,314	)	(c)		11,925			(18,389	)
Accretion of net gain on terminated cash flow hedges		—			—			—			(155	)		(155	)	(d)		61			(94	)
Amortization of prior service credit		—			—			(4,587	)		—			(4,587	)	(e)		1,805			(2,782	)
Amortization of actuarial losses		—			—			30,205			—			30,205		(e)		(11,886	)		18,319
Total reclassifications		—			(26,318	)		25,618			(155	)		(855	)			333			(522	)
Total gain (loss) during the period		30,366			(136,634	)		39,743			(4,175	)		(70,700	)			27,691			(43,009	)
Balance — December 31, 2016	$	46,725			(73,785	)		(449,917	)		(8,268	)	$	(485,245	)			190,609		$	(294,636	)

Balance — January 1, 2015	$	7,438			201,828			(503,027	)		(4,082	)	$	(297,843	)			116,849		$	(180,994	)
Other comprehensive income before reclassifications:
Unrealized holding gains (losses), net		8,921			(142,623	)		—			—			(133,702	)			52,376			(81,326	)
Foreign currency translation adjustment		—			—			—			(1,323	)		(1,323	)			398			(925	)
Gains on cash flow hedges		—			—			—			1,453			1,453				(572	)		881
Current year benefit plans losses		—			—			(24,200	)		—			(24,200	)			8,612			(15,588	)
Total other comprehensive income (loss) before reclassifications		8,921			(142,623	)		(24,200	)		130			(157,772	)			60,814			(96,958	)
Amounts reclassified from accumulated other comprehensive income that (increase) decrease net income:
Amortization of unrealized holding losses on HTM securities		—			3,514			—			—			3,514		(b)		(1,383	)		2,131
Losses realized in net income		—			130			—			—			130		(c)		(49	)		81
Accretion of net gain on terminated cash flow hedges		—			—			—			(141	)		(141	)	(d)		56			(85	)
Amortization of prior service credit		—			—			(7,364	)		—			(7,364	)	(e)		2,620			(4,744	)
Amortization of actuarial losses		—			—			44,931			—			44,931		(e)		(15,989	)		28,942
Total reclassifications		—			3,644			37,567			(141	)		41,070				(14,745	)		26,325
Total gain (loss) during the period		8,921			(138,979	)		13,367			(11	)		(116,702	)			46,069			(70,633	)
Balance — December 31, 2015	$	16,359			62,849			(489,660	)		(4,093	)	$	(414,545	)			162,918		$	(251,627	)

(a)	Other-than-temporary impairment.

(b)	Included in interest income.

(c)	Included in gain (loss) on bank investment securities.

(d)	Included in interest expense.

(e)	Included in salaries and employee benefits expense.

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

	Investment Securities						Defined
	With OTTI			All Other			Benefit Plans			Other			Total
	(In thousands)

Balance at January 1, 2015	$	4,518		$	122,683		$	(305,589	)	$	(2,606	)	$	(180,994	)
Net gain (loss) during 2015		5,403			(84,517	)		8,610			(129	)		(70,633	)
Balance at December 31, 2015		9,921			38,166			(296,979	)		(2,735	)		(251,627	)
Net gain (loss) during 2016		18,417			(82,823	)		24,105			(2,708	)		(43,009	)
Balance at December 31, 2016		28,338			(44,657	)		(272,874	)		(5,443	)		(294,636	)
Net gain (loss) during 2017		(10,755	)		(9,011	)		22,288			(7,671	)		(5,149	)
Reclassification of income tax effects to retained earnings		(3,115	)		(4,950	)		(53,960	)		(2,004	)		(64,029	)
Balance at December 31, 2017	$	14,468		$	(58,618	)	$	(304,546	)	$	(15,118	)	$	(363,814	)