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Other comprehensive (loss) income
3 Months Ended
Mar. 31, 2024
Disclosure Of Change In Accumulated Other Comprehensive Income Loss [Abstract]  
Other Comprehensive Income (Loss)
Note 18 – Other comprehensive income (loss)
 
The
 
following
 
table
 
presents
 
changes
 
in
 
accumulated
 
other
 
comprehensive
 
income
 
(loss)
 
by
 
component
 
for
 
the
 
quarters
 
ended
March 31, 2024 and, 2023.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Changes in Accumulated Other Comprehensive Income
 
(Loss) by Component [1]
Quarters ended March 31,
(In thousands)
2024
2023
Foreign currency translation
Beginning Balance
$
(64,528)
$
(56,735)
Other comprehensive loss
(4,020)
(5,245)
Net change
(4,020)
(5,245)
Ending balance
$
(68,548)
$
(61,980)
Adjustment of pension and
postretirement benefit plans
Beginning Balance
$
(117,894)
$
(144,335)
Other comprehensive loss before reclassifications
-
-
Amounts reclassified from accumulated other comprehensive loss
 
for
amortization of net losses
2,262
3,008
Net change
2,262
3,008
Ending balance
$
(115,632)
$
(141,327)
Unrealized net holding losses on
debt securities
Beginning Balance
$
(1,713,109)
$
(2,323,903)
Other comprehensive income (loss) before reclassifications
(71,104)
191,752
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
35,207
33,633
Net change
(35,897)
225,385
Ending balance
$
(1,749,006)
$
(2,098,518)
Unrealized net gains on cash
flow hedges
Beginning Balance
$
-
$
45
Other comprehensive (loss) income before reclassifications
-
(19)
Amounts reclassified from accumulated other comprehensive
 
gains
-
(26)
Net change
-
(45)
Ending balance
$
-
$
-
Total
 
$
(1,933,186)
$
(2,301,825)
[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 ended March 31, 2024 and 2023.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reclassifications Out of Accumulated Other Comprehensive
 
Loss
Affected Line Item in the
 
Quarters ended March 31,
(In thousands)
Consolidated Statements of Operations
2024
2023
Adjustment of pension and postretirement benefit plans
Amortization of net losses
Other operating expenses
$
(3,618)
$
(4,813)
Total before tax
(3,618)
(4,813)
Income tax benefit
1,356
1,805
Total net of tax
$
(2,262)
$
(3,008)
Unrealized holding losses on debts securities
Amortization of unrealized net losses of debt
securities transferred to held-to-maturity
Investment securities
$
(44,009)
$
(42,040)
Total before tax
(44,009)
(42,040)
Income tax benefit
8,802
8,407
Total net of tax
$
(35,207)
$
(33,633)
Unrealized net gains on cash flow hedges
Forward contracts
Mortgage banking activities
$
-
$
41
Total before tax
-
41
Income tax expense
-
(15)
Total net of tax
$
-
$
26
Total reclassification
 
adjustments, net of tax
$
(37,469)
$
(36,615)