Other comprehensive income (loss)

9 Months Ended

Sep. 30, 2020

Disclosure Text Block

Other Comprehensive Income (Loss)

Note 19 – Other comprehensive income (loss)

The following table presents changes in accumulated other comprehensive income (loss) by component for the quarters and nine months ended September 30, 2020 and 2019.

		Changes in Accumulated Other Comprehensive Income (Loss) by Component [1]
			Quarters ended				Nine months ended
			September 30,				September 30,
(In thousands)				2020		2019		2020		2019
Foreign currency translation		Beginning Balance	$	(69,458)	$	(52,378)	$	(56,783)	$	(49,936)
		Other comprehensive (loss) income		(2,035)		155		(14,710)		(2,287)
		Net change		(2,035)		155		(14,710)		(2,287)
		Ending balance	$	(71,493)	$	(52,223)	$	(71,493)	$	(52,223)
Adjustment of pension and postretirement benefit plans		Beginning Balance	$	(196,114)	$	(196,491)	$	(202,816)	$	(203,836)
		Amounts reclassified from accumulated other comprehensive loss for amortization of net losses		3,351		3,673		10,053		11,018
		Net change		3,351		3,673		10,053		11,018
		Ending balance	$	(192,763)	$	(192,818)	$	(192,763)	$	(192,818)
Unrealized net holding gains on debt securities		Beginning Balance	$	489,105	$	58,044	$	92,155	$	(173,811)
		Other comprehensive (loss) income		(5,243)		50,970		391,707		282,825
		Amounts reclassified from accumulated other comprehensive income (loss) for (gains) loss on securities		(35)		16		(35)		16
		Net change		(5,278)		50,986		391,672		282,841
		Ending balance	$	483,827	$	109,030	$	483,827	$	109,030
Unrealized net losses on cash flow hedges		Beginning Balance	$	(4,184)	$	(388)	$	(2,494)	$	(391)
		Reclassification to retained earnings due to cumulative effect adjustment of accounting change		-		-		-		(50)
		Other comprehensive loss before reclassifications		(1,085)		(3,201)		(5,067)		(4,349)
		Amounts reclassified from accumulated other comprehensive loss		1,114		720		3,406		1,921
		Net change		29		(2,481)		(1,661)		(2,478)
		Ending balance	$	(4,155)	$	(2,869)	$	(4,155)	$	(2,869)
		Total	$	215,416	$	(138,880)	$	215,416	$	(138,880)
[1]	All amounts presented are net of tax.

The following table presents the amounts reclassified out of each component of accumulated other comprehensive income (loss) during the quarters and nine months ended September 30, 2020 and 2019.

		Reclassifications Out of Accumulated Other Comprehensive Income (Loss)
			Quarters ended				Nine months ended
		Affected Line Item in the	September 30,				September 30,
(In thousands)		Consolidated Statements of Operations		2020		2019		2020		2019
Adjustment of pension and postretirement benefit plans
	Amortization of net losses	Personnel costs	$	(5,362)	$	(5,877)	$	(16,086)	$	(17,629)
		Total before tax		(5,362)		(5,877)		(16,086)		(17,629)
		Income tax benefit		2,011		2,204		6,033		6,611
		Total net of tax	$	(3,351)	$	(3,673)	$	(10,053)	$	(11,018)
	Realized gain (loss) on sale of debt securities	Net gain (loss) on sale of debt securities		41		(20)		41		(20)
		Total before tax		41		(20)		41		(20)
		Income tax benefit		(6)		4		(6)		4
		Total net of tax	$	35	$	(16)	$	35	$	(16)
Unrealized net losses on cash flow hedges
	Forward contracts	Mortgage banking activities	$	(1,331)	$	(1,337)	$	(4,590)	$	(3,258)
	Interest rate swaps	Other operating income		(282)		116		(537)		116
		Total before tax		(1,613)		(1,221)		(5,127)		(3,142)
		Income tax benefit		499		501		1,721		1,221
		Total net of tax	$	(1,114)	$	(720)	$	(3,406)	$	(1,921)
		Total reclassification adjustments, net of tax	$	(4,430)	$	(4,409)	$	(13,424)	$	(12,955)