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Other comprehensive (loss) income
 6 Months Ended
Jun. 30, 2021
Disclosure Of Change In Accumulated Other Comprehensive Income Loss [Abstract]  
Other Comprehensive Income (Loss)

Note 18 – Other comprehensive (loss) income

The following table presents changes in accumulated other comprehensive (loss) income by component for the quarters and six months ended June 30, 2021 and 2020.

 

 

Changes in Accumulated Other Comprehensive (Loss) Income by Component [1]

 

 

 

 

Quarters ended

Six months ended

 

 

 

June 30,

June 30,

(In thousands)

 

 

2021

 

2020

 

2021

 

2020

Foreign currency translation

Beginning Balance

$

(70,685)

$

(58,601)

$

(71,254)

$

(56,783)

 

 

Other comprehensive income (loss)

 

2,726

 

(10,857)

 

3,295

 

(12,675)

 

 

Net change

 

2,726

 

(10,857)

 

3,295

 

(12,675)

 

 

Ending balance

$

(67,959)

$

(69,458)

$

(67,959)

$

(69,458)

Adjustment of pension and postretirement benefit plans

Beginning Balance

$

(191,814)

$

(199,465)

$

(195,056)

$

(202,816)

 

 

Amounts reclassified from accumulated other comprehensive loss for amortization of net losses

 

3,242

 

3,351

 

6,484

 

6,702

 

 

Net change

 

3,242

 

3,351

 

6,484

 

6,702

 

 

Ending balance

$

(188,572)

$

(196,114)

$

(188,572)

$

(196,114)

Unrealized net holding gains on debt securities

Beginning Balance

$

90,955

$

473,931

$

460,900

$

92,155

 

 

Other comprehensive income (loss)

 

73,027

 

15,174

 

(296,918)

 

396,950

 

 

Net change

 

73,027

 

15,174

 

(296,918)

 

396,950

 

 

Ending balance

$

163,982

$

489,105

$

163,982

$

489,105

Unrealized net losses on cash flow hedges

Beginning Balance

$

(3,194)

$

(5,242)

$

(4,599)

$

(2,494)

 

 

Other comprehensive (loss) income before reclassifications

 

(230)

 

(393)

 

1,127

 

(3,982)

 

 

Amounts reclassified from accumulated other comprehensive loss

 

282

 

1,451

 

330

 

2,292

 

 

Net change

 

52

 

1,058

 

1,457

 

(1,690)

 

 

Ending balance

$

(3,142)

$

(4,184)

$

(3,142)

$

(4,184)

 

 

Total

$

(95,691)

$

219,349

$

(95,691)

$

219,349

[1]

All amounts presented are net of tax.

 

 

 

 

 

 

 

 

The following table presents the amounts reclassified out of each component of accumulated other comprehensive (loss) income during the quarters and six months ended June 30, 2021 and 2020.

 

 

Reclassifications Out of Accumulated Other Comprehensive (Loss) Income

 

 

 

 

Quarters ended

Six months ended

 

 

Affected Line Item in the

June 30,

June 30,

(In thousands)

Consolidated Statements of Operations

 

2021

 

2020

 

2021

 

2020

Adjustment of pension and postretirement benefit plans

 

 

 

 

 

 

 

 

 

 

Amortization of net losses

Personnel costs

$

(5,189)

$

(5,362)

$

(10,379)

$

(10,724)

 

 

Total before tax

 

(5,189)

 

(5,362)

 

(10,379)

 

(10,724)

 

 

Income tax benefit

 

1,947

 

2,011

 

3,895

 

4,022

 

 

Total net of tax

$

(3,242)

$

(3,351)

$

(6,484)

$

(6,702)

 

 

 

 

 

 

 

 

 

 

 

Unrealized net losses on cash flow hedges

 

 

 

 

 

 

 

 

 

 

Forward contracts

Mortgage banking activities

$

5

$

(1,963)

$

375

$

(3,259)

 

Interest rate swaps

Other operating income

 

(285)

 

(224)

 

(564)

 

(255)

 

 

Total before tax

 

(280)

 

(2,187)

 

(189)

 

(3,514)

 

 

Income tax (expense) benefit

 

(2)

 

736

 

(141)

 

1,222

 

 

Total net of tax

$

(282)

$

(1,451)

$

(330)

$

(2,292)

 

 

Total reclassification adjustments, net of tax

$

(3,524)

$

(4,802)

$

(6,814)

$

(8,994)