Other comprehensive income (loss) (Tables)

12 Months Ended

Dec. 31, 2024

Accumulated Other Comprehensive Income (Loss)

Schedule of accumulated other comprehensive (loss) income

The following table presents changes in accumulated other comprehensive income (loss) by component for the quarters ended

December 31, 2024 and, 2023.

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

Years ended December 31,

(In thousands)

2024

2023

2022

Foreign currency translation

Beginning Balance

$

(64,528)

$

(56,735)

$

(67,307)

Other comprehensive (loss) income

(6,837)

(7,793)

10,572

Net change

(6,837)

(7,793)

10,572

Ending balance

$

(71,365)

$

(64,528)

$

(56,735)

Adjustment of pension and

postretirement benefit plans

Beginning Balance

$

(117,893)

$

(144,335)

$

(158,994)

Other comprehensive income before reclassifications

14,157

14,408

4,882

Amounts reclassified from accumulated other comprehensive loss for

amortization of net losses

9,044

12,034

9,777

Net change

23,201

26,442

14,659

Ending balance

$

(94,692)

$

(117,893)

$

(144,335)

Unrealized net holding

(losses) gains on debt

securities

Beginning Balance

$

(1,713,110)

$

(2,323,903)

$

(96,120)

Other comprehensive income (loss) before reclassifications

74,277

472,487

(2,261,097)

Amounts reclassified from accumulated other comprehensive (loss)

income for gains on securities

-

-

-

Amounts reclassified from accumulated other comprehensive (loss)

income for amortization of net unrealized losses of debt securities

transferred from available-for-sale to held-to-maturity

143,650

138,306

33,314

Net change

217,927

610,793

(2,227,783)

Ending balance

$

(1,495,183)

$

(1,713,110)

$

(2,323,903)

Unrealized net gains (losses)

on cash flow hedges

Beginning Balance

$

-

$

45

$

(2,648)

Other comprehensive (loss) income before reclassifications

-

(19)

3,107

Amounts reclassified from accumulated other comprehensive (loss)

income for gains on securities

-

(26)

(414)

Net change

-

(45)

2,693

Ending balance

$

-

$

-

$

45

Total 

$

(1,661,240)

$

(1,895,531)

$

(2,524,928)

[1] All amounts presented are net of tax.

Reclassification out of accumulated other comprehensive (loss) income

The following table presents the amounts reclassified out of each component of accumulated other comprehensive (loss) income for

the years ended December 31, 2024, 2023, and 2022.

Reclassifications Out of Accumulated Other Comprehensive (Loss) Income

Affected Line Item in the 

Years ended December 31,

(In thousands)

Consolidated Statements of Operations

2024

2023

2022

Adjustment of pension and postretirement benefit plans

Amortization of net losses

Other operating expenses

$

(14,471)

$

(19,253)

$

(15,644)

Total before tax

(14,471)

(19,253)

(15,644)

Income tax benefit

5,427

7,219

5,867

Total net of tax

$

(9,044)

$

(12,034)

$

(9,777)

Unrealized net holding (losses) gains on debt securities

Amortization of unrealized net losses of debt

securities transferred to held-to-maturity

Investment securities 

(179,563)

(172,883)

(41,642)

Total before tax

(179,563)

(172,883)

(41,642)

Income tax benefit 

35,913

34,577

8,328

Total net of tax

$

(143,650)

$

(138,306)

$

(33,314)

Unrealized net gains (losses) losses on cash flow

hedges

Forward contracts

Mortgage banking activities

$

-

$

41

$

1,458

Interest rate swaps

Other operating income

-

-

(498)

Total before tax

-

41

960

Income tax expense

-

(15)

(546)

Total net of tax

$

-

$

26

$

414

Total reclassification adjustments, net of tax

$

(152,694)

$

(150,314)

$

(42,677)