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Accumulated Other Comprehensive Income (Loss)
 12 Months Ended
Dec. 31, 2018
Accumulated Other Comprehensive Income (Loss)  
Accumulated Other Comprehensive Loss

12. Accumulated Other Comprehensive Income (Loss)

 

Accumulated other comprehensive income (loss) is defined as the revenues, expenses, gains and losses that are included in comprehensive income, but excluded from net income. The Company’s significant items of accumulated other comprehensive income (loss) are pension and other benefits, investment securities and cash flow derivative hedges. Changes in accumulated other comprehensive income (loss) for the years ended December 31, 2018 and 2017 and 2016 are presented below:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income

 

 

 

 

 

 

 

 

 Tax

 

 

 

 

 

Pre-tax

 

Benefit

 

Net of

(dollars in thousands)

  

Amount

  

(Expense)

  

Tax

Accumulated other comprehensive loss at December 31, 2017

 

$

(159,423)

 

$

63,040

 

$

(96,383)

Year ended December 31, 2018

 

 

 

 

 

 

 

 

 

Early adoption of ASU No. 2018-02

 

 

 —

 

 

(20,068)

 

 

(20,068)

Pension and other benefits:

 

 

 

 

 

 

 

 

 

Net actuarial losses arising during the year

 

 

(2,835)

 

 

763

 

 

(2,072)

Prior service credit

 

 

(429)

 

 

116

 

 

(313)

Amortization of net loss included in net income

 

 

7,315

 

 

(1,970)

 

 

5,345

Net change in pension and other benefits

 

 

4,051

 

 

(1,091)

 

 

2,960

Investment securities:

 

 

 

 

 

 

 

 

 

Unrealized net losses arising during the year

 

 

(43,545)

 

 

11,686

 

 

(31,859)

Reclassification of net losses to net income:

 

 

 

 

 

 

 

 

 

  OTTI losses on available-for-sale debt securities, net

 

 

24,085

 

 

(6,485)

 

 

17,600

Net change in investment securities

 

 

(19,460)

 

 

5,201

 

 

(14,259)

Cash flow derivative hedges:

 

 

 

 

 

 

 

 

 

Unrealized net gains on cash flow derivative hedges arising during the year

 

 

1,475

 

 

(397)

 

 

1,078

Reclassification of net realized gains included in net income

 

 

(7,558)

 

 

2,035

 

 

(5,523)

Net change in cash flow derivative hedges

 

 

(6,083)

 

 

1,638

 

 

(4,445)

Other comprehensive loss

 

 

(21,492)

 

 

5,748

 

 

(15,744)

Accumulated other comprehensive loss at December 31, 2018

 

$

(180,915)

 

$

48,720

 

$

(132,195)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income

 

 

 

 

 

 

 

 

 Tax

 

 

 

 

 

Pre-tax

 

Benefit

 

Net of

(dollars in thousands)

  

Amount

  

(Expense)

  

Tax

Accumulated other comprehensive loss at December 31, 2016

 

$

(145,472)

 

$

57,461

 

$

(88,011)

Year ended December 31, 2017

 

 

 

 

 

 

 

 

 

Pension and other benefits:

 

 

 

 

 

 

 

 

 

Net actuarial losses arising during the year

 

 

(1,104)

 

 

436

 

 

(668)

Prior service credit

 

 

(429)

 

 

170

 

 

(259)

Amortization of net loss included in net income

 

 

8,625

 

 

(3,407)

 

 

5,218

Net change in pension and other benefits

 

 

7,092

 

 

(2,801)

 

 

4,291

Investment securities:

 

 

 

 

 

 

 

 

 

Unrealized net losses arising during the year

 

 

(23,516)

 

 

9,357

 

 

(14,159)

Net change in investment securities

 

 

(23,516)

 

 

9,357

 

 

(14,159)

Cash flow derivative hedges:

 

 

 

 

 

 

 

 

 

Unrealized net gains on cash flow derivative hedges arising during the year

 

 

2,473

 

 

(977)

 

 

1,496

Net change in cash flow derivative hedges

 

 

2,473

 

 

(977)

 

 

1,496

Other comprehensive loss

 

 

(13,951)

 

 

5,579

 

 

(8,372)

Accumulated other comprehensive loss at December 31, 2017

 

$

(159,423)

 

$

63,040

 

$

(96,383)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income

 

 

 

 

 

 

 

 

 Tax

 

 

 

 

 

Pre-tax

 

Benefit

 

Net of

(dollars in thousands)

  

Amount

  

(Expense)

  

Tax

Accumulated other comprehensive loss at December 31, 2015

 

$

(84,722)

 

$

33,463

 

$

(51,259)

Year ended December 31, 2016

 

 

 

 

 

 

 

 

 

Pension and other benefits:

 

 

 

 

 

 

 

 

 

Net actuarial losses arising during the year

 

 

(12,666)

 

 

5,004

 

 

(7,662)

Prior service credit

 

 

(429)

 

 

169

 

 

(260)

Amortization of net loss included in net income

 

 

7,629

 

 

(3,012)

 

 

4,617

Change due to Reorganization Transactions

 

 

(81)

 

 

32

 

 

(49)

Net change in pension and other benefits

 

 

(5,547)

 

 

2,193

 

 

(3,354)

Investment securities:

 

 

 

 

 

 

 

 

 

Unrealized net losses arising during the year

 

 

(30,323)

 

 

11,974

 

 

(18,349)

Reclassification of net gains to net income:

 

 

 

 

 

 

 

 

 

Investment securities gains, net

 

 

(27,277)

 

 

10,774

 

 

(16,503)

Net change in investment securities

 

 

(57,600)

 

 

22,748

 

 

(34,852)

Cash flow derivative hedges:

 

 

 

 

 

 

 

 

 

Unrealized net gains on cash flow derivative hedges arising during the year

 

 

2,397

 

 

(943)

 

 

1,454

Net change in cash flow derivative hedges

 

 

2,397

 

 

(943)

 

 

1,454

Other comprehensive loss

 

 

(60,750)

 

 

23,998

 

 

(36,752)

Accumulated other comprehensive loss at December 31, 2016

 

$

(145,472)

 

$

57,461

 

$

(88,011)

 

The following table summarizes changes in accumulated other comprehensive loss, net of tax, for the years indicated:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

  

Total

 

 

Pensions

 

 

 

 

 

Accumulated

 

 

and

 

 

 

 

 

Other

 

 

Other

 

Investment

 

Cash Flow

 

Comprehensive

(dollars in thousands)

  

Benefits

  

Securities

  

Derivative Hedges

  

Loss

Year Ended December 31, 2018

 

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of year

 

$

(25,946)

 

$

(74,117)

 

$

3,680

 

$

(96,383)

Early adoption of ASU No. 2018-02

 

 

(5,393)

 

 

(15,440)

 

 

765

 

 

(20,068)

Other comprehensive income (loss)

 

 

2,960

 

 

(14,259)

 

 

(4,445)

 

 

(15,744)

Balance at end of year

 

$

(28,379)

 

$

(103,816)

 

$

 —

 

$

(132,195)

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2017

 

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of year

 

$

(30,237)

 

$

(59,958)

 

$

2,184

 

$

(88,011)

Other comprehensive income (loss)

 

 

4,291

 

 

(14,159)

 

 

1,496

 

 

(8,372)

Balance at end of year

 

$

(25,946)

 

$

(74,117)

 

$

3,680

 

$

(96,383)

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2016

 

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of year

 

$

(26,883)

 

$

(25,106)

 

$

730

 

$

(51,259)

Other comprehensive (loss) income

 

 

(3,354)

 

 

(34,852)

 

 

1,454

 

 

(36,752)

Balance at end of year

 

$

(30,237)

 

$

(59,958)

 

$

2,184

 

$

(88,011)

 

An OTTI loss on available-for-sale debt securities of $24.1 million was recorded due to the Company’s intent to sell as of December 31, 2018. As of December 31, 2017, there was no non-credit OTTI loss on securities available for sale.