ACCUMULATED OTHER COMPREHENSIVE INCOME / (LOSS) (Tables)

9 Months Ended

Sep. 30, 2020

Schedule of Accumulated Other Comprehensive Income / (Loss)

The following table presents the components of AOCI, net of related tax, for the three-month and nine-month periods ended September 30, 2020, and 2019, respectively.


		Total Other Comprehensive Income/(Loss)									Total Accumulated Other Comprehensive (Loss)/Income
		Three-Month Period Ended September 30, 2020									June 30, 2020						September 30, 2020
(in thousands)	Pretax Activity			Tax Effect			Net Activity			Beginning Balance			Net Activity			Ending Balance
Change in AOCI on cash flow hedge derivative financial instruments		$	(34,921)		$	(4,073)		$	(38,994)
Reclassification adjustment for net losses on cash flow hedge derivative financial instruments(1)		274			18			292
Net unrealized (losses) on cash flow hedge derivative financial instruments		(34,647)			(4,055)			(38,702)			$	135,539		$	(38,702)		$	96,837

Change in unrealized (losses) on investments in debt securities AFS		(15,446)			2,124			(13,322)
Reclassification adjustment for (gains) included in net income/(expense) on debt securities AFS (2)(4)		(32,731)			4,502			(28,229)


Net unrealized gains on investments in debt securities AFS		(48,177)			6,626			(41,551)			168,240			(41,551)			126,689


Pension and post-retirement actuarial gain(3)		18,368			(128)			18,240			(44,093)			18,240			(25,853)

As of September 30, 2020		$	(64,456)		$	2,443		$	(62,013)		$	259,686		$	(62,013)		$	197,673


	Total Other Comprehensive (Loss)/Income						Total Accumulated Other Comprehensive Loss
	Three-Month Period Ended September 30, 2019						March 31, 2019				September 30, 2019
(in thousands)	Pretax Activity		Tax Effect		Net Activity		Beginning Balance		Net Activity		Ending Balance
Change in AOCI on cash flow hedge derivative financial instruments	$	2,509	$	1,974	$	4,483
Reclassification adjustment for net losses on cash flow hedge derivative financial instruments(1)	5,293		(1,559)		3,734
Net unrealized gains on cash flow hedge derivative financial instruments	7,802		415		8,217		$	(11,676)	$	8,217	$	(3,459)

Change in unrealized gains on investment securities	47,439		(12,642)		34,797
Reclassification adjustment for net (gains) included in net income/(expense) on non-OTTI securities (2)(4)	(267)		71		(196)


Net unrealized (losses) on investment securities AFS	47,172		(12,571)		34,601		(40,973)		34,601		(6,372)

Pension and post-retirement actuarial gain(3	728		(186)		542		(43,870)		542		(43,328)

As of September 30, 2019	$	55,702	$	(12,342)	$	43,360	$	(96,519)	$	43,360	$	(53,159)

(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.

(4) As discussed in Note 1, includes unrealized gains / losses reclassified in connection with the sale of SBC.

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


		Total OCI/(Loss)									Total Accumulated Other Comprehensive (Loss)/Income
		Nine-Month Period Ended September 30, 2020									December 31, 2019						September 30, 2020
(in thousands)	Pretax Activity			Tax Effect			Net Activity			Beginning Balance			Net Activity			Ending Balance
Change in AOCI on cash flow hedge derivative financial instruments		$	180,139		$	(63,520)		$	116,619
Reclassification adjustment for net losses on cash flow hedge derivative financial instruments(1)		411			(79)			332
Net unrealized gains on cash flow hedge derivative financial instruments		180,550			(63,599)			116,951			$	(20,114)		$	116,951		$	96,837



Change in unrealized gains on investments in debt securities		257,976			(70,309)			187,667
Reclassification adjustment for net (gains) included in net income/(expense) on debt securities AFS (2)		(55,246)			17,148			(38,098)


Net unrealized gains on investments in debt securities		202,730			(53,161)			149,569			(22,880)			149,569			126,689


Pension and post-retirement actuarial gain(3)		19,874			(514)			19,360			(45,213)			19,360			(25,853)


As of September 30, 2020		$	403,154		$	(117,274)		$	285,880		$	(88,207)		$	285,880		$	197,673


	Total OCI/(Loss)						Total Accumulated Other Comprehensive (Loss)/Income
	Nine-Month Period Ended September 30, 2019						December 31, 2018				September 30, 2019
(in thousands)	Pretax Activity		Tax Effect		Net Activity		Beginning Balance		Net Activity		Ending Balance
Change in AOCI on cash flow hedge derivative financial instruments	$	26,549	$	(10,361)	$	16,188
Reclassification adjustment for net losses on cash flow hedge derivative financial instruments(1)	235		(69)		166
Net unrealized gains on cash flow hedge derivative financial instruments	26,784		(10,430)		16,354		$	(19,813)	$	16,354	$	(3,459)



Change in unrealized gains on investment securities	323,169		(81,798)		241,371
Reclassification adjustment for net (gains) included in net income/(expense) on debt securities AFS (2)	(2,646)		670		(1,976)


Net unrealized gains on investment securities	320,523		(81,128)		239,395		(245,767)		239,395		(6,372)


Pension and post-retirement actuarial gain(3)	13,303		(559)		12,744		(56,072)		12,744		(43,328)



As of September 30, 2019	$	360,610	$	(92,117)	$	268,493	$	(321,652)	$	268,493	$	(53,159)

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