Other comprehensive (loss) income (Tables)

12 Months Ended

Dec. 31, 2022

Accumulated Other Comprehensive Income (Loss)

Schedule of accumulated other comprehensive income

Changes in Accumulated Other Comprehensive (Loss) Income by Component [1]

Years ended December 31,

(In thousands)

2022

2021

2020

Foreign currency translation

Beginning Balance

$

(67,307)

$

(71,254)

$

(56,783)

Other comprehensive income (loss) 

10,572

3,947

(14,471)

Net change

10,572

3,947

(14,471)

Ending balance

$

(56,735)

$

(67,307)

$

(71,254)

Adjustment of pension and

postretirement benefit plans

Beginning Balance

$

(158,994)

$

(195,056)

$

(202,816)

Other comprehensive income (loss) before reclassifications

4,882

23,094

(5,645)

Amounts reclassified from accumulated other comprehensive loss for

amortization of net losses

9,777

12,968

13,405

Net change

14,659

36,062

7,760

Ending balance

$

(144,335)

$

(158,994)

$

(195,056)

Unrealized net holding

(losses) gains on debt

securities

Beginning Balance

$

(96,120)

$

460,900

$

92,155

Other comprehensive (loss) income before reclassifications

(2,261,097)

(557,002)

368,780

Amounts reclassified from accumulated other comprehensive (loss)

income for gains on securities

-

(18)

(35)

Amounts reclassified from accumulated other comprehensive (loss)

income for amortization of net unrealized losses of debt securities

transferred from available-for-sale to held-to-maturity

33,314

-

-

Net change

(2,227,783)

(557,020)

368,745

Ending balance

$

(2,323,903)

$

(96,120)

$

460,900

Unrealized net gains (losses)

on cash flow hedges

Beginning Balance

$

(2,648)

$

(4,599)

$

(2,494)

Other comprehensive income (loss) before reclassifications

3,107

367

(6,400)

Amounts reclassified from accumulated other comprehensive income

(loss)

(414)

1,584

4,295

Net change

2,693

1,951

(2,105)

Ending balance

$

45

$

(2,648)

$

(4,599)

Total 

$

(2,524,928)

$

(325,069)

$

189,991

[1] All amounts presented are net of tax.

Reclassification out of accumulated other comprehensive income

Reclassifications Out of Accumulated Other Comprehensive (Loss) Income

Affected Line Item in the 

Years ended December 31,

(In thousands)

Consolidated Statements of Operations

2022

2021

2020

Adjustment of pension and postretirement benefit plans

Amortization of net losses

Other operating expenses

$

(15,644)

$

(20,749)

$

(21,447)

Total before tax

(15,644)

(20,749)

(21,447)

Income tax benefit

5,867

7,781

8,042

Total net of tax

$

(9,777)

$

(12,968)

$

(13,405)

Unrealized net holding (losses) gains on debt securities

Realized gain on sale of debt securities

Net gain (loss) on sale of debt securities

$

-

$

23

$

41

Amortization of unrealized net losses of debt

securities transferred to held-to-maturity

Investment securities [1]

(41,642)

-

-

Total before tax

(41,642)

23

41

Income tax benefit (expense)

8,328

(5)

(6)

Total net of tax

$

(33,314)

$

18

$

35

Unrealized net gains (losses) losses on cash flow

hedges

Forward contracts

Mortgage banking activities

$

1,458

$

(704)

$

(5,559)

Interest rate swaps

Other operating income

(498)

(1,143)

(820)

Total before tax

960

(1,847)

(6,379)

Income tax (expense) benefit

(546)

263

2,084

Total net of tax

$

414

$

(1,584)

$

(4,295)

Total reclassification adjustments, net of tax

$

(42,677)

$

(14,534)

$

(17,665)

[1] 

In October 2022, the Corporation transferred U.S. Treasury securities with a fair value of $

6.5

 billion (par value of $

7.4

 billion) from its available-for-

sale portfolio to its held-to-maturity portfolio. Refer to Note 7 to the Consolidated Financial Statements for additional information.