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STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($)
$ in Thousands
Total
Cumulative Effect, Period of Adoption, Adjustment
[1]
Class A common stock
Class B common stock
Common stock
Class A common stock
Common stock
Class B common stock
Additional paid-in-capital
Accumulated other comprehensive (loss) income
Retained earnings
Retained earnings
Cumulative Effect, Period of Adoption, Adjustment
[1]
Retained earnings
Class A common stock
Retained earnings
Class B common stock
Treasury stock
Deferred compensation
Balance, beginning of year at Dec. 31, 2019 $ 1,133,253 $ (1,075)     $ 1,992 $ 178 $ 16,483 $ (116,868) $ 2,377,558 $ (1,075)     $ (1,158,910) $ 12,820
Increase (Decrease) in Shareholders' Equity                            
Net income 293,304               293,304          
Other comprehensive income 38,725             38,725            
Dividends declared     $ (273,902) $ (2,261)             $ (273,902) $ (2,261)    
Net purchase of treasury stock [2] 4           4           0  
Deferred compensation 0                       (5,465) 5,465
Rabbi trust distribution [3] 0                       705 (705)
Balance, end of year at Dec. 31, 2020 1,188,048       1,992 178 16,487 (78,143) 2,393,624       (1,163,670) 17,580
Increase (Decrease) in Shareholders' Equity                            
Net income 297,860               297,860          
Other comprehensive income 52,855             52,855            
Dividends declared     (194,687) (1,607)             (194,687) (1,607)    
Net purchase of treasury stock [2] 9           9           0  
Deferred compensation 0                       (5,131) 5,131
Rabbi trust distribution [3] 0                       973 (973)
Balance, end of year at Dec. 31, 2021 1,342,478       1,992 178 16,496 (25,288) 2,495,190       (1,167,828) 21,738
Increase (Decrease) in Shareholders' Equity                            
Net income 298,569               298,569          
Other comprehensive income 17,874             17,874            
Dividends declared     $ (208,775) $ (1,723)             $ (208,775) $ (1,723)    
Net purchase of treasury stock [2] (15)           (15)           0  
Deferred compensation 0                       (2,975) 2,975
Rabbi trust distribution [3] 0                       1,854 (1,854)
Balance, end of year at Dec. 31, 2022 $ 1,448,408       $ 1,992 $ 178 $ 16,481 $ (7,414) $ 2,583,261       $ (1,168,949) $ 22,859
[1] The cumulative effect adjustment in 2020 is related to the implementation of credit loss allowance accounting guidance effective January 1, 2020. See Note 2, "Significant Accounting Policies."
[2] Net purchases of treasury stock in 2020, 2021 and 2022 include the repurchase of our Class A common stock in the open market that were subsequently distributed to satisfy stock-based compensation awards. See Note 10, "Incentive and Deferred Compensation Plans".
[3] Distributions of our Class A shares were made from the rabbi trust to a retired director and an incentive compensation deferral plan participant in both 2020 and 2021, and to four incentive compensation deferral plan participants in 2022. See Note 10, "Incentive and Deferred Compensation Plans".