Comprehensive income (Tables)

12 Months Ended

Dec. 31, 2019

Equity [Abstract]

Impact of Reclassification from AOCI to Retained Earnings

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

Components of Other Comprehensive Income (Loss) and Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Net 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 (a)			Plans			Other			Before Tax				Tax			Net
	(In thousands)
Balance — January 1, 2019	$	(200,107	)		(354,502	)		(14,719	)	$	(569,328	)			149,247		$	(420,081	)
Other comprehensive income before reclassifications:
Unrealized holding gains, net		247,411			—			—			247,411				(65,009	)		182,402
Foreign currency translation adjustment		—			—			1,381			1,381				(290	)		1,091
Unrealized gains on cash flow hedges		—			—			160,373			160,373				(42,163	)		118,210
Current year benefit plans losses		—			(126,618	)		—			(126,618	)			33,287			(93,331	)
Total other comprehensive income (loss) before    reclassifications		247,411			(126,618	)		161,754			282,547				(74,175	)		208,372
Amounts reclassified from accumulated other    comprehensive income that (increase) decrease net    income:
Amortization of unrealized holding losses on            held-to-maturity (“HTM”) securities		3,394			—			—			3,394		(c)		(892	)		2,502
Losses realized in net income		3			—			—			3		(d)		(1	)		2
Accretion of net gain on terminated cash flow            hedges		—			—			(136	)		(136	)	(e)		36			(100	)
Net yield adjustment from cash flow hedges            currently in effect		—			—			(13,011	)		(13,011	)	(c)		3,421			(9,590	)
Amortization of prior service credit		—			(4,173	)		—			(4,173	)	(f)		1,097			(3,076	)
Amortization of actuarial losses		—			20,745			—			20,745		(f)		(5,454	)		15,291
Total other comprehensive income (loss)		250,808			(110,046	)		148,607			289,369				(75,968	)		213,401
Balance — December 31, 2019	$	50,701			(464,548	)		133,888		$	(279,959	)			73,279		$	(206,680	)
Balance — January 1, 2018	$	(59,957	)		(413,168	)		(20,165	)	$	(493,290	)			129,476		$	(363,814	)
Cumulative effect of change in accounting principle —    equity securities (a)		(22,795	)		—			—			(22,795	)			5,942			(16,853	)
Other comprehensive income before reclassifications:
Unrealized holding losses, net		(121,589	)		—			—			(121,589	)			31,946			(89,643	)
Foreign currency translation adjustment		—			—			(2,817	)		(2,817	)			592			(2,225	)
Unrealized losses on cash flow hedges		—			—			(4,965	)		(4,965	)			1,306			(3,659	)
Current year benefit plans gains		—			19,871			—			19,871				(5,224	)		14,647
Total other comprehensive income (loss) before    reclassifications		(121,589	)		19,871			(7,782	)		(109,500	)			28,620			(80,880	)
Amounts reclassified from accumulated other    comprehensive income that (increase) decrease net    income:
Amortization of unrealized holding losses on            HTM securities		4,252			—			—			4,252		(c)		(1,118	)		3,134
Gains realized in net income		(18	)		—			—			(18	)	(d)		4			(14	)
Accretion of net gain on terminated cash flow            hedges		—			—			(111	)		(111	)	(e)		29			(82	)
Net yield adjustment from cash flow hedges            currently in effect		—			—			13,339			13,339		(c)		(3,507	)		9,832
Amortization of prior service credit		—			(4,172	)		—			(4,172	)	(f)		1,097			(3,075	)
Amortization of actuarial losses		—			42,967			—			42,967		(f)		(11,296	)		31,671
Total other comprehensive income (loss)		(117,355	)		58,666			5,446			(53,243	)			13,829			(39,414	)
Balance — December 31, 2018	$	(200,107	)		(354,502	)		(14,719	)	$	(569,328	)			149,247		$	(420,081	)

							Defined						Total
	Investment Securities						Benefit						Amount				Income
	With OTTI (b)			All Other			Plans			Other			Before 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 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 HTM securities		—			3,387			—			—			3,387		(c)		(1,333	)		2,054
Gains realized in net income		(18,351	)		(2,928	)		—			—			(21,279	)	(d)		7,195			(14,084	)
Accretion of net gain on terminated cash   flow hedges		—			—			—			(137	)		(137	)	(e)		54			(83	)
Net yield adjustment from cash flow    hedges currently in effect		—			—			—			(3,916	)		(3,916	)	(c)		1,541			(2,375	)
Amortization of prior service credit		—			—			(802	)		—			(802	)	(f)		315			(487	)
Amortization of actuarial losses		—			—			28,275			—			28,275		(f)		(11,126	)		17,149
Total other comprehensive income (loss)		(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	)

(a) Beginning January 1, 2018, equity securities with readily determinable market values are required to be measured at fair value with changes in fair value recognized in the income statement. Prior to that date, such changes in fair value were reflected in other comprehensive income. Separate presentation of investment securities with an other-than-temporary impairment change is no longer required.  

(b) Other-than-temporary impairment.

(c) Included in interest income.

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

(e) Included in interest expense.

(f) Included in other costs of operations.

Accumulated Other Comprehensive Income (Loss), Net

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

				Defined
	Investment Securities			Benefit Plans			Other			Total
	(In thousands)
Balance at January 1, 2017	$	(16,319	)	$	(272,874	)	$	(5,443	)	$	(294,636	)
Net gain (loss) during 2017		(19,766	)		22,288			(7,671	)		(5,149	)
Reclassification of income tax effects    to retained earnings		(8,065	)		(53,960	)		(2,004	)		(64,029	)
Balance at December 31, 2017		(44,150	)		(304,546	)		(15,118	)		(363,814	)
Cumulative effect of change in accounting    principle — equity securities		(16,853	)		—			—			(16,853	)
Net gain (loss) during 2018		(86,523	)		43,243			3,866			(39,414	)
Balance at December 31, 2018		(147,526	)		(261,303	)		(11,252	)		(420,081	)
Net gain (loss) during 2019		184,906			(81,116	)		109,611			213,401
Balance at December 31, 2019	$	37,380		$	(342,419	)	$	98,359		$	(206,680	)