Accumulated Other Comprehensive Loss

3 Months Ended

Mar. 31, 2022

Accumulated Other Comprehensive Loss

Accumulated Other Comprehensive Loss

8. Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss is defined as the revenues, expenses, gains and losses that are included in comprehensive loss but excluded from net income. The Company’s significant items of accumulated other comprehensive loss are pension and other benefits, net unrealized gains or losses on investment securities and net unrealized gains or losses on cash flow derivative hedges.

Changes in accumulated other comprehensive loss for the three months ended March 31, 2022 and 2021 are presented below:

			Income
			Tax
	Pre-tax		Benefit		Net of
(dollars in thousands)	Amount		(Expense)		Tax
Accumulated other comprehensive loss at December 31, 2021	$	(165,967)	$	44,274	$	(121,693)
Three months ended March 31, 2022
Investment securities:
Unrealized net losses arising during the period		(538,085)		143,534		(394,551)
Net change in investment securities		(538,085)		143,534		(394,551)
Cash flow derivative hedges:
Unrealized net losses on cash flow derivative hedges arising during the period		(1,716)		458		(1,258)
Net change in cash flow derivative hedges		(1,716)		458		(1,258)
Other comprehensive loss		(539,801)		143,992		(395,809)
Accumulated other comprehensive loss at March 31, 2022	$	(705,768)	$	188,266	$	(517,502)

			Income
			Tax
	Pre-tax		Benefit		Net of
(dollars in thousands)	Amount		(Expense)		Tax
Accumulated other comprehensive income at December 31, 2020	$	43,098	$	(11,494)	$	31,604
Three months ended March 31, 2021
Investment securities:
Unrealized net losses arising during the period		(102,336)		27,297		(75,039)
Net change in investment securities		(102,336)		27,297		(75,039)
Other comprehensive loss		(102,336)		27,297		(75,039)
Accumulated other comprehensive loss at March 31, 2021	$	(59,238)	$	15,803	$	(43,435)

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

	Pensions						Accumulated
	and				Cash Flow		Other
	Other		Investment		Derivative		Comprehensive
(dollars in thousands)	Benefits		Securities		Hedges		Loss
Three Months Ended March 31, 2022
Balance at beginning of year	$	(24,390)	$	(97,303)	$	—	$	(121,693)
Other comprehensive loss		—		(394,551)		(1,258)		(395,809)
Balance at end of period	$	(24,390)	$	(491,854)	$	(1,258)	$	(517,502)
Three Months Ended March 31, 2021
Balance at beginning of year	$	(31,737)	$	63,341	$	—	$	31,604
Other comprehensive loss		—		(75,039)		—		(75,039)
Balance at end of period	$	(31,737)	$	(11,698)	$	—	$	(43,435)