Comprehensive income

12 Months Ended

Dec. 31, 2020

15. 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, 2020	$	50,701		$	(464,548	)	$	133,888		$	(279,959	)		$	73,279		$	(206,680	)
Other comprehensive income before reclassifications:
Unrealized holding gains, net		141,081			—			—			141,081				(36,498	)		104,583
Foreign currency translation adjustment		—			—			2,724			2,724				(440	)		2,284
Unrealized gains on cash flow hedges		—			—			505,042			505,042				(130,432	)		374,610
Current year benefit plans losses		—			(238,218	)		—			(238,218	)			60,208			(178,010	)
Total other comprehensive income (loss) before reclassifications		141,081			(238,218	)		507,766			410,629				(107,162	)		303,467
Amounts reclassified from accumulated other comprehensive income that (increase) decrease net income:
Amortization of unrealized holding losses on held-to-maturity (“HTM”) securities		3,606			—			—			3,606		(a)		(966	)		2,640
Gains realized in net income		(2	)		—			—			(2	)	(b)		1			(1	)
Accretion of net gain on terminated cash flow hedges		—			—			(125	)		(125	)	(c)		34			(91	)
Net yield adjustment from cash flow hedges currently in effect		—			—			(271,971	)		(271,971	)	(a)		70,239			(201,732	)
Amortization of prior service credit		—			(4,181	)		—			(4,181	)	(d)		1,057			(3,124	)
Amortization of actuarial losses		—			56,860			—			56,860		(d)		(14,371	)		42,489
Total other comprehensive income (loss)		144,685			(185,539	)		235,670			194,816				(51,168	)		143,648
Balance — December 31, 2020	$	195,386		$	(650,087	)	$	369,558		$	(85,143	)		$	22,111		$	(63,032	)

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 HTM securities		3,394			—			—			3,394		(a)		(892	)		2,502
Losses realized in net income		3			—			—			3		(b)		(1	)		2
Accretion of net gain on terminated cash flow hedges		—			—			(136	)		(136	)	(c)		36			(100	)
Net yield adjustment from cash flow hedges currently in effect		—			—			(13,011	)		(13,011	)	(a)		3,421			(9,590	)
Amortization of prior service credit		—			(4,173	)		—			(4,173	)	(d)		1,097			(3,076	)
Amortization of actuarial losses		—			20,745			—			20,745		(d)		(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	)

	Investment			Defined Benefit						Total Amount				Income
	Securities			Plans			Other			Before Tax				Tax			Net
	(In thousands)
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 (e)		(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		(a)		(1,118	)		3,134
Gains realized in net income		(18	)		—			—			(18	)	(b)		4			(14	)
Accretion of net gain on terminated cash flow hedges		—			—			(111	)		(111	)	(c)		29			(82	)
Net yield adjustment from cash flow hedges currently in effect		—			—			13,339			13,339		(a)		(3,507	)		9,832
Amortization of prior service credit		—			(4,172	)		—			(4,172	)	(d)		1,097			(3,075	)
Amortization of actuarial losses		—			42,967			—			42,967		(d)		(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	)

(a) Included in interest income.

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

(d) Included in other costs of operations.

(e) 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.

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


	Investment Securities			Defined Benefit Plans			Other			Total
	(In thousands)

Balance at January 1, 2018	$	(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	)
Net gain (loss) during 2020		107,222			(138,645	)		175,071			143,648
Balance at December 31, 2020	$	144,602		$	(481,064	)	$	273,430		$	(63,032	)