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Comprehensive income
 6 Months Ended
Jun. 30, 2021
Equity [Abstract]  
Comprehensive income

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, 2021

 

$

195,386

 

 

 

(650,087

)

 

 

369,558

 

 

$

(85,143

)

 

 

 

22,111

 

 

$

(63,032

)

Other comprehensive income before reclassifications:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized holding losses, net

 

 

(43,732

)

 

 

—

 

 

 

—

 

 

 

(43,732

)

 

 

 

11,596

 

 

 

(32,136

)

Foreign currency translation adjustment

 

 

—

 

 

 

—

 

 

 

881

 

 

 

881

 

 

 

 

(188

)

 

 

693

 

Unrealized losses on cash flow hedges

 

 

—

 

 

 

—

 

 

 

(5,969

)

 

 

(5,969

)

 

 

 

1,565

 

 

 

(4,404

)

Total other comprehensive income (loss) before

   reclassifications

 

 

(43,732

)

 

 

—

 

 

 

(5,088

)

 

 

(48,820

)

 

 

 

12,973

 

 

 

(35,847

)

Amounts reclassified from accumulated other

   comprehensive income that (increase) decrease net income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of unrealized holding losses on

   held-to-maturity (“HTM”) securities

 

 

2,232

 

 

 

—

 

 

 

—

 

 

 

2,232

 

(a)

 

 

(587

)

 

 

1,645

 

Gains realized in net income

 

 

(4

)

 

 

—

 

 

 

—

 

 

 

(4

)

(b)

 

 

1

 

 

 

(3

)

Accretion of net gain on terminated cash flow hedges

 

 

—

 

 

 

—

 

 

 

(60

)

 

 

(60

)

(c)

 

 

17

 

 

 

(43

)

Net yield adjustment from cash flow hedges

   currently in effect

 

 

—

 

 

 

—

 

 

 

(148,655

)

 

 

(148,655

)

(a)

 

 

38,965

 

 

 

(109,690

)

Amortization of prior service credit

 

 

—

 

 

 

(2,093

)

 

 

—

 

 

 

(2,093

)

(d)

 

 

590

 

 

 

(1,503

)

Amortization of actuarial losses

 

 

—

 

 

 

43,862

 

 

 

—

 

 

 

43,862

 

(d)

 

 

(12,363

)

 

 

31,499

 

Total other comprehensive income (loss)

 

 

(41,504

)

 

 

41,769

 

 

 

(153,803

)

 

 

(153,538

)

 

 

 

39,596

 

 

 

(113,942

)

Balance — June 30, 2021

 

$

153,882

 

 

 

(608,318

)

 

 

215,755

 

 

$

(238,681

)

 

 

 

61,707

 

 

$

(176,974

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

177,086

 

 

 

—

 

 

 

—

 

 

 

177,086

 

 

 

 

(45,856

)

 

 

131,230

 

Foreign currency translation adjustment

 

 

—

 

 

 

—

 

 

 

(3,624

)

 

 

(3,624

)

 

 

 

630

 

 

 

(2,994

)

Unrealized gains on cash flow hedges

 

 

—

 

 

 

—

 

 

 

511,195

 

 

 

511,195

 

 

 

 

(132,404

)

 

 

378,791

 

Total other comprehensive income before

   reclassifications

 

 

177,086

 

 

 

—

 

 

 

507,571

 

 

 

684,657

 

 

 

 

(177,630

)

 

 

507,027

 

Amounts reclassified from accumulated other

   comprehensive income that (increase) decrease net income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of unrealized holding losses on

   HTM securities

 

 

1,619

 

 

 

—

 

 

 

—

 

 

 

1,619

 

(a)

 

 

(450

)

 

 

1,169

 

Accretion of net gain on terminated cash flow hedges

 

 

—

 

 

 

—

 

 

 

(64

)

 

 

(64

)

(c)

 

 

18

 

 

 

(46

)

Net yield adjustment from cash flow hedges

   currently in effect

 

 

—

 

 

 

—

 

 

 

(101,194

)

 

 

(101,194

)

(a)

 

 

26,210

 

 

 

(74,984

)

Amortization of prior service credit

 

 

—

 

 

 

(2,090

)

 

 

—

 

 

 

(2,090

)

(d)

 

 

650

 

 

 

(1,440

)

Amortization of actuarial losses

 

 

—

 

 

 

28,430

 

 

 

—

 

 

 

28,430

 

(d)

 

 

(8,846

)

 

 

19,584

 

Total other comprehensive income

 

 

178,705

 

 

 

26,340

 

 

 

406,313

 

 

 

611,358

 

 

 

 

(160,048

)

 

 

451,310

 

Balance — June 30, 2020

 

$

229,406

 

 

 

(438,208

)

 

 

540,201

 

 

$

331,399

 

 

 

 

(86,769

)

 

$

244,630

 

(a)

Included in interest income.

(b)

Included in gain (loss) on bank investment securities.

(c)

Included in interest expense.

(d)

Included in other costs of operations.

 

9. Comprehensive income, continued

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

 

 

 

 

 

 

 

Defined

 

 

 

 

 

 

 

 

 

 

 

Investment

 

 

Benefit

 

 

 

 

 

 

 

 

 

 

 

Securities

 

 

Plans

 

 

Other

 

 

Total

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance — December 31, 2020

 

$

144,602

 

 

$

(481,064

)

 

$

273,430

 

 

$

(63,032

)

Net gain (loss) during period

 

 

(30,494

)

 

 

29,996

 

 

 

(113,444

)

 

 

(113,942

)

Balance — June 30, 2021

 

$

114,108

 

 

$

(451,068

)

 

$

159,986

 

 

$

(176,974

)