Other comprehensive (loss) income

6 Months Ended

Jun. 30, 2023

Disclosure Of Change In Accumulated Other Comprehensive Income Loss [Abstract]

Other Comprehensive Income (Loss)

Note 19 – Other comprehensive loss

The following table presents changes in accumulated other comprehensive loss by component for the quarters and six months

ended June 30, 2023 and 2022.

Changes in Accumulated Other Comprehensive Loss by Component [1]

Quarters ended

Six months ended

June 30,

June 30,

(In thousands)

2023

2022

2023

2022

Foreign currency translation

Beginning Balance

$

(61,980)

$

(70,165)

$

(56,735)

$

(67,307)

Other comprehensive income

6,001

5,998

756

3,140

Net change

6,001

5,998

756

3,140

Ending balance

$

(55,979)

$

(64,167)

$

(55,979)

$

(64,167)

Adjustment of pension and

postretirement benefit plans

Beginning Balance

$

(141,327)

$

(155,281)

$

(144,335)

$

(158,994)

Other comprehensive income before reclassifications

-

-

-

1,269

Amounts reclassified from accumulated other

comprehensive loss for amortization of net losses

3,008

2,444

6,016

4,888

Net change

3,008

2,444

6,016

6,157

Ending balance

$

(138,319)

$

(152,837)

$

(138,319)

$

(152,837)

Unrealized net holding (losses)

gains on debt securities

Beginning Balance

$

(2,098,518)

$

(1,171,950)

$

(2,323,903)

$

(96,120)

Other comprehensive (loss) income

(69,941)

(563,420)

121,811

(1,639,250)

Amounts reclassified from accumulated other

comprehensive loss for amortization of net unrealized

losses of debt securities transferred from available-for-

sale to held-to-maturity

34,322

-

67,955

-

Net change

(35,619)

(563,420)

189,766

(1,639,250)

Ending balance

$

(2,134,137)

$

(1,735,370)

$

(2,134,137)

$

(1,735,370)

Unrealized net losses on cash

flow hedges

Beginning Balance

$

-

$

158

$

45

$

(2,648)

Other comprehensive (loss) income before

reclassifications

-

(332)

(19)

2,807

Amounts reclassified from accumulated other

comprehensive income (loss)

-

(468)

(26)

(801)

Net change

-

(800)

(45)

2,006

Ending balance

$

-

$

(642)

$

-

$

(642)

Total 

$

(2,328,435)

$

(1,953,016)

$

(2,328,435)

$

(1,953,016)

[1] 

All amounts presented are net of tax.

The following table presents the amounts reclassified out of each component of accumulated other comprehensive loss during the

quarters and six months ended June 30, 2023 and 2022.

Reclassifications Out of Accumulated Other Comprehensive Loss

Quarters ended 

Six months ended

Affected Line Item in the 

June 30,

June 30,

(In thousands)

Consolidated Statements of Operations

2023

2022

2023

2022

Adjustment of pension and postretirement benefit plans

Amortization of net losses

Other operating expenses

$

(4,813)

$

(3,911)

$

(9,626)

$

(7,822)

Total before tax

(4,813)

(3,911)

(9,626)

(7,822)

Income tax benefit

1,805

1,467

3,610

2,934

Total net of tax

$

(3,008)

$

(2,444)

$

(6,016)

$

(4,888)

Unrealized net holding losses on debt securities

Amortization of unrealized net losses of debt

securities transferred to held-to-maturity

Interest income from investment securities

$

(42,903)

$

-

$

(84,943)

$

-

Total before tax

(42,903)

-

(84,943)

-

Income tax expense

8,581

-

16,988

-

Total net of tax

$

(34,322)

$

-

$

(67,955)

$

-

Unrealized net gains (losses) on cash flow hedges

Forward contracts

Mortgage banking activities

$

-

$

1,099

$

41

$

2,077

Interest rate swaps

Other operating income

-

(219)

-

(498)

Total before tax

-

880

41

1,579

Income tax benefit

-

(412)

(15)

(778)

Total net of tax

$

-

$

468

$

26

$

801

Total reclassification adjustments, net of tax

$

(37,330)

$

(1,976)

$

(73,945)

$

(4,087)