ACCUMULATED OTHER COMPREHENSIVE INCOME / (LOSS) (Tables)

6 Months Ended

Jun. 30, 2020

Schedule of Accumulated Other Comprehensive Income / (Loss)

The following table presents the components of accumulated other comprehensive income/(loss), net of related tax, for the three-month and six-month periods ended June 30, 2020, and 2019, respectively.


	Total Other Comprehensive Income/(Loss)										Total Accumulated Other Comprehensive (Loss)/Income
	Three-Month Period Ended June 30, 2020										March 31, 2020		June 30, 2020
(in thousands)	Pretax Activity		Tax Effect		Net Activity		Beginning Balance		Net Activity		Ending Balance
Change in accumulated OCI on cash flow hedge derivative financial instruments	$	4,230	$	3,014	$	7,244
Reclassification adjustment for net losses on cash flow hedge derivative financial instruments⁽¹⁾	137		(33)		104
Net unrealized gains on cash flow hedge derivative financial instruments	4,367		2,981		7,348		$	128,191	$	7,348	$	135,539

Change in unrealized gains on investments in debt securities AFS	4,716		(688)		4,028
Reclassification adjustment for (gains) included in net income/(expense) on debt securities AFS⁽²⁾	(22,516)		3,285		(19,231)


Net unrealized gains on investments in debt securities AFS	(17,800)		2,597		(15,203)		183,443		(15,203)		168,240


Pension and post-retirement actuarial gain⁽³⁾	753		(193)		560		(44,653)		560		(44,093)

As of June 30, 2020	$	(12,680)	$	5,385	$	(7,295)	$	266,981	$	(7,295)	$	259,686


	Total OCI/(Loss)										Total Accumulated Other Comprehensive (Loss)/Income
	Six-Month Period Ended June 30, 2020										December 31, 2019		June 30, 2020
(in thousands)	Pretax Activity		Tax Effect		Net Activity		Beginning Balance		Net Activity		Ending Balance
Change in accumulated OCI on cash flow hedge derivative financial instruments	$	214,924	$	(59,482)	$	155,442
Reclassification adjustment for net losses on cash flow hedge derivative financial instruments⁽¹⁾	273		(62)		211
Net unrealized gains on cash flow hedge derivative financial instruments	215,197		(59,544)		155,653		$	(20,114)	$	155,653	$	135,539



Change in unrealized gains on investments in debt securities	282,702		(67,363)		215,339
Reclassification adjustment for net (gains) included in net income/(expense) on debt securities AFS ⁽²⁾	(31,795)		7,576		(24,219)


Net unrealized gains on investments in debt securities	250,907		(59,787)		191,120		(22,880)		191,120		168,240


Pension and post-retirement actuarial gain⁽³⁾	1,506		(386)		1,120		(45,213)		1,120		(44,093)


As of June 30, 2020	$	467,610	$	(119,717)	$	347,893	$	(88,207)	$	347,893	$	259,686

(1) Net gains/(losses) reclassified into Interest on borrowings and other debt obligations in the Condensed Consolidated Statements of Operations for settlements of interest rate swap contracts designated as cash flow hedges.

(2) Net (gains)/losses reclassified into Net gain on sale of investment securities sales in the Condensed Consolidated Statements of Operations for the sale of debt securities AFS.

(3) Included in the computation of net periodic pension costs.

NOTE 10. ACCUMULATED OTHER COMPREHENSIVE INCOME / (LOSS) (continued)


	Total Other Comprehensive (Loss)/Income										Total Accumulated Other Comprehensive Loss
	Three-Month Period Ended June 30, 2019										March 31, 2019		June 30, 2019
(in thousands)	Pretax Activity		Tax Effect		Net Activity		Beginning Balance		Net Activity		Ending Balance
Change in accumulated other comprehensive income on cash flow hedge derivative financial instruments	$	15,761	$	(10,969)	$	4,792
Reclassification adjustment for net (gains) on cash flow hedge derivative financial instruments⁽¹⁾	(5,058)		1,399		(3,659)
Net unrealized gains on cash flow hedge derivative financial instruments	10,703		(9,570)		1,133		$	(12,809)	$	1,133	$	(11,676)

Change in unrealized gains on investment securities AFS	152,353		(37,266)		115,087
Reclassification adjustment for net (gains) included in net income/(expense) on non-OTTI securities⁽²⁾	(2,379)		582		(1,797)


Net unrealized (losses) on investment securities AFS	149,974		(36,684)		113,290		(154,263)		113,290		(40,973)

Pension and post-retirement actuarial gain⁽⁴⁾	6,274		(183)		6,091		(49,961)		6,091		(43,870)

As of June 30, 2019	$	166,951	$	(46,437)	$	120,514	$	(217,033)	$	120,514	$	(96,519)


	Total OCI/(Loss)										Total Accumulated Other Comprehensive (Loss)/Income
	Six-Month Period Ended June 30, 2019										December 31, 2018		June 30, 2019
(in thousands)	Pretax Activity		Tax Effect		Net Activity		Beginning Balance		Net Activity		Ending Balance
Change in accumulated OCI on cash flow hedge derivative financial instruments	$	26,163	$	(12,971)	$	13,192
Reclassification adjustment for net (gains) on cash flow hedge derivative financial instruments⁽¹⁾	(7,181)		2,126		(5,055)
Net unrealized gains on cash flow hedge derivative financial instruments	18,982		(10,845)		8,137		$	(19,813)	$	8,137	$	(11,676)



Change in unrealized gains on investment securities	273,730		(68,652)		205,078
Reclassification adjustment for net losses included in net income/(expense) on debt securities AFS ⁽²⁾	(379)		95		(284)


Net unrealized gains on investment securities	273,351		(68,557)		204,794		(245,767)		204,794		(40,973)


Pension and post-retirement actuarial gain⁽³⁾	12,575		(373)		12,202		(56,072)		12,202		(43,870)



As of June 30, 2019	$	304,908	$	(79,775)	$	225,133	$	(321,652)	$	225,133	$	(96,519)

(1) - (3) Refer to the corresponding explanations in the table above.