Other comprehensive income (loss)

3 Months Ended

Mar. 31, 2020

Disclosure Text Block

Other Comprehensive Income (Loss)

Note 19 – Other comprehensive income (loss)

The following table presents changes in accumulated other comprehensive income (loss) by component for the quarters ended March 31, 2020 and 2019.

	Changes in Accumulated Other Comprehensive Income (Loss) by Component [1]
		Quarters ended March 31,
(In thousands)		2020		2019
Foreign currency translation	Beginning Balance	$	(56,783)	$	(49,936)
	Other comprehensive loss		(1,818)		(1,238)
	Net change		(1,818)		(1,238)
	Ending balance	$	(58,601)	$	(51,174)
Adjustment of pension and postretirement benefit plans	Beginning Balance	$	(202,816)	$	(203,836)
	Amounts reclassified from accumulated other comprehensive loss for amortization of net losses		3,351		3,673
	Net change		3,351		3,673
	Ending balance	$	(199,465)	$	(200,163)
Unrealized net holding gains (losses) on debt securities	Beginning Balance	$	92,155	$	(173,811)
	Other comprehensive income		381,776		101,403
	Net change		381,776		101,403
	Ending balance	$	473,931	$	(72,408)
Unrealized net losses on cash flow hedges	Beginning Balance	$	(2,494)	$	(391)
	Reclassification to retained earnings due to cumulative effect adjustment of accounting change		-		(50)
	Other comprehensive loss before reclassifications		(3,589)		(437)
	Amounts reclassified from accumulated other comprehensive loss		841		644
	Net change		(2,748)		157
	Ending balance	$	(5,242)	$	(234)
	Total	$	210,623	$	(323,979)
[1] All amounts presented are net of tax.

The following table presents the amounts reclassified out of each component of accumulated other comprehensive income (loss) during the quarters ended March 31, 2020 and 2019.

		Reclassifications Out of Accumulated Other Comprehensive Income (Loss)
		Affected Line Item in the	Quarters ended March 31,
(In thousands)		Consolidated Statements of Operations	2020		2019
Adjustment of pension and postretirement benefit plans
	Amortization of net losses	Personnel costs	$	(5,362)	$	(5,876)
		Total before tax		(5,362)		(5,876)
		Income tax benefit		2,011		2,203
		Total net of tax	$	(3,351)	$	(3,673)
Unrealized net losses on cash flow hedges
	Forward contracts	Mortgage banking activities	$	(1,296)	$	(1,030)
	Interest rate swaps	Other operating income	$	(31)	$	-
		Total before tax		(1,327)		(1,030)
		Income tax benefit (expense)		486		386
		Total net of tax	$	(841)	$	(644)
		Total reclassification adjustments, net of tax	$	(4,192)	$	(4,317)