Components of Accumulated Other Comprehensive Income

12 Months Ended

Dec. 31, 2022

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Components of Accumulated Other Comprehensive Income

Components of Accumulated Other Comprehensive Income

The following table sets forth the components of accumulated other comprehensive loss as of December 31, 2022 and 2021:

	December 31,
	2022		2021
Unrealized gain/(loss) on marketable securities available-for-sale	$	(164,206)	(12,317)
Defined benefit pension plans	(6,952)		(25,312)
Accumulated other comprehensive loss	$	(171,158)	(37,629)

The following table shows the changes in accumulated other comprehensive loss by component for the year ended December 31, 2022:                                                     

	Unrealized gains and losses on securities available-for-sale		Change in defined benefit pension plans	Total
Balance as of January 1,	$	(12,317)	(25,312)	(37,629)
Other comprehensive (loss)/income before reclassification adjustments (1) (2)	(151,888)		18,884	(133,004)
Amounts reclassified from accumulated other comprehensive income (3) (4)	(1)		(524)	(525)
Net other comprehensive income/(loss)	(151,889)		18,360	(133,529)
Balance as of December 31,	$	(164,206)	(6,952)	(171,158)

(1)Consists of unrealized holding losses, net of tax of $45,321.

(2)Consists of unrealized gains, net of tax of $(7,182).

(3)Consists of realized gains, net of tax of $0.

(4)Consists of realized gains, net of tax of $202.

The following table shows the changes in accumulated other comprehensive loss by component for the year ended December 31, 2021:                                                     

	Unrealized gains and losses on securities available-for-sale		Change in defined benefit pension plans	Total
Balance as of January 1,	$	16,843	(50,392)	(33,549)
Other comprehensive income/(loss) before reclassification adjustments (1) (2)	(28,873)		23,748	(5,125)
Amounts reclassified from accumulated other comprehensive income (3) (4)	(287)		1,332	1,045
Net other comprehensive income/(loss)	(29,160)		25,080	(4,080)
Balance as of December 31,	$	(12,317)	(25,312)	(37,629)

(1)Consists of unrealized holding losses, net of tax of $10,333.

(2)Consists of unrealized gains, net of tax of $(9,144). 

(3)Consists of realized gains, net of tax of $92.

(4)Consists of realized losses, net of tax of $(515).

The following table shows the changes in accumulated other comprehensive loss by component for the year ended December 31, 2020:                                                     

	Unrealized gains and losses on securities available-for-sale		Change in fair value of interest rate swaps	Change in defined benefit pension plans	Total
Balance as of January 1,	$	3,147	—	(40,088)	(36,941)
Other comprehensive income/(loss) before reclassification adjustments (1) (2) (3)	13,711		(946)	(11,301)	1,464
Amounts reclassified from accumulated other comprehensive income (4) (5) (6)	(15)		946	997	1,928
Net other comprehensive income/(loss)	13,696		—	(10,304)	3,392
Balance as of December 31,	$	16,843	—	(50,392)	(33,549)

(1)Consists of unrealized holding gains, net of tax of $(5,607).

(2)Consists of unrealized holding losses, net of tax of $209.

(3)Consists of unrealized losses, net of tax of $4,169.

(4)Consists of realized gains, net of tax of $6.

(5)Consists of realized losses, net of tax of $(209).

(6)Consists of realized losses, net of tax of $(395).