Accumulated Other Comprehensive Income (Loss) (Tables)

3 Months Ended

Mar. 31, 2021

Schedule of the changes in components of accumulated other comprehensive income (loss) balances

The following table presents the changes in the components of AOCI balances for the three months ended March 31, 2021 and 2020:



($ in thousands)	AFS Debt Securities		Cash Flow Hedges		Foreign Currency Translation Adjustments (1)		Total
Balance, January 1, 2020	$	(2,419)	$	—	$	(15,989)	$	(18,408)
Net unrealized gains (losses) arising during the period	28,530		—		(2,164)		26,366
Amounts reclassified from AOCI	(1,077)		—		—		(1,077)
Changes, net of tax	27,453		—		(2,164)		25,289
Balance, March 31, 2020	$	25,034	$	—	$	(18,153)	$	6,881

Balance, January 1, 2021	$	52,247	$	(1,230)	$	(6,692)	$	44,325
Net unrealized (losses) gains arising during the period	(133,313)		305		(1,349)		(134,357)
Amounts reclassified from AOCI	(135)		127		—		(8)
Changes, net of tax	(133,448)		432		(1,349)		(134,365)
Balance, March 31, 2021	$	(81,201)	$	(798)	$	(8,041)	$	(90,040)

(1)Represents foreign currency translation adjustments related to the Company’s net investment in non-U.S. operations, including related hedges. The functional currency and reporting currency of the Company’s foreign subsidiary was RMB and USD, respectively.

Schedule of components of other comprehensive income (loss), reclassifications to net income and the related tax effects

The following table presents the components of other comprehensive income (loss), reclassifications to net income and the related tax effects for the three months ended March 31, 2021 and 2020:



($ in thousands)	Three Months Ended March 31,
	2021						2020
	Before-Tax		Tax Effect		Net-of-Tax		Before-Tax		Tax Effect		Net-of-Tax
AFS debt securities:
Net unrealized (losses) gains arising during the period	$	(189,276)	$	55,963	$	(133,313)	$	40,493	$	(11,963)	$	28,530
Net realized (gains) reclassified into net income (1)	(192)		57		(135)		(1,529)		452		(1,077)
Net change	(189,468)		56,020		(133,448)		38,964		(11,511)		27,453
Cash flow hedges:
Net unrealized gains arising during the period	426		(121)		305		—		—		—
Net realized losses reclassified into net income (2)	177		(50)		127		—		—		—
Net change	603		(171)		432		—		—		—
Foreign currency translation adjustments, net of hedges:
Net unrealized losses arising during the period	(1,309)		(40)		(1,349)		(1,766)		(398)		(2,164)
Net change	(1,309)		(40)		(1,349)		(1,766)		(398)		(2,164)
Other comprehensive (loss) income	$	(190,174)	$	55,809	$	(134,365)	$	37,198	$	(11,909)	$	25,289

(1)For the three months ended March 31, 2021 and 2020, pre-tax amounts were reported in Gains on sales of AFS debt securities on the Consolidated Statement of Income.

(2)For the three months ended March 31, 2021 and 2020, pre-tax amounts were reported in Interest expense on the Consolidated Statement of Income.