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Other comprehensive income (loss)
 6 Months Ended
Jun. 30, 2019
Disclosure Text Block  
Other Comprehensive Income (Loss)

Note 19 – Other comprehensive loss

The following table presents changes in accumulated other comprehensive loss by component for the quarters and six months ended June 30, 2019 and 2018.

 

 

Changes in Accumulated Other Comprehensive Loss by Component [1]

 

 

 

 

Quarters ended

Six months ended

 

 

 

June 30,

June 30,

(In thousands)

 

 

2019

 

2018

 

2019

 

2018

Foreign currency translation

Beginning Balance

$

(51,174)

$

(42,941)

$

(49,936)

$

(43,034)

 

 

Other comprehensive loss

 

(1,204)

 

(3,456)

 

(2,442)

 

(3,363)

 

 

Net change

 

(1,204)

 

(3,456)

 

(2,442)

 

(3,363)

 

 

Ending balance

$

(52,378)

$

(46,397)

$

(52,378)

$

(46,397)

Adjustment of pension and postretirement benefit plans

Beginning Balance

$

(200,163)

$

(202,652)

$

(203,836)

$

(205,408)

 

 

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

 

3,672

 

3,286

 

7,345

 

6,571

 

 

Amounts reclassified from accumulated other comprehensive loss for amortization of prior service credit

 

-

 

(529)

 

-

 

(1,058)

 

 

Net change

 

3,672

 

2,757

 

7,345

 

5,513

 

 

Ending balance

$

(196,491)

$

(199,895)

$

(196,491)

$

(199,895)

Unrealized net holding gains (losses) on debt securities

Beginning Balance

$

(72,408)

$

(217,179)

$

(173,811)

$

(102,775)

 

 

Other comprehensive income (loss)

 

130,452

 

(33,243)

 

231,855

 

(147,647)

 

 

Net change

 

130,452

 

(33,243)

 

231,855

 

(147,647)

 

 

Ending balance

$

58,044

$

(250,422)

$

58,044

$

(250,422)

Unrealized holding gains on equity securities

Beginning Balance

$

-

$

-

$

-

$

605

 

 

Reclassification to retained earnings due to cumulative effect adjustment of accounting change

 

-

 

-

 

-

 

(605)

 

 

Net change

 

-

 

-

 

-

 

(605)

 

 

Ending balance

$

-

$

-

$

-

$

-

Unrealized net losses on cash flow hedges

Beginning Balance

$

(234)

$

(66)

$

(391)

$

(40)

 

 

Reclassification to retained earnings due to cumulative effect adjustment of accounting change

 

-

 

-

 

(50)

 

-

 

 

Other comprehensive (loss) income before reclassifications

 

(711)

 

(165)

 

(1,148)

 

582

 

 

Amounts reclassified from accumulated other comprehensive loss

 

557

 

153

 

1,201

 

(620)

 

 

Net change

 

(154)

 

(12)

 

3

 

(38)

 

 

Ending balance

$

(388)

$

(78)

$

(388)

$

(78)

 

 

Total

$

(191,213)

$

(496,792)

$

(191,213)

$

(496,792)

[1]

All amounts presented are net of tax.

 

 

 

 

 

 

 

 

The following table presents the amounts reclassified out of each component of accumulated other comprehensive loss during the quarters and six months ended June 30, 2019 and 2018.

 

 

Reclassifications Out of Accumulated Other Comprehensive Loss

 

 

 

 

Quarters ended

Six months ended

 

 

Affected Line Item in the

June 30,

June 30,

(In thousands)

Consolidated Statements of Operations

 

2019

 

2018

 

2019

 

2018

Adjustment of pension and postretirement benefit plans

 

 

 

 

 

 

 

 

 

 

Amortization of net losses

Personnel costs

$

(5,876)

$

(5,385)

$

(11,752)

$

(10,771)

 

Amortization of prior service credit

Personnel costs

 

-

 

868

 

-

 

1,735

 

 

Total before tax

 

(5,876)

 

(4,517)

 

(11,752)

 

(9,036)

 

 

Income tax benefit

 

2,204

 

1,760

 

4,407

 

3,523

 

 

Total net of tax

$

(3,672)

$

(2,757)

$

(7,345)

$

(5,513)

Unrealized net losses on cash flow hedges

 

 

 

 

 

 

 

 

 

 

Forward contracts

Mortgage banking activities

$

(891)

$

(250)

$

(1,921)

$

1,017

 

 

Total before tax

 

(891)

 

(250)

 

(1,921)

 

1,017

 

 

Income tax benefit (expense)

 

334

 

97

 

720

 

(397)

 

 

Total net of tax

$

(557)

$

(153)

$

(1,201)

$

620

 

 

Total reclassification adjustments, net of tax

$

(4,229)

$

(2,910)

$

(8,546)

$

(4,893)