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Other comprehensive (loss) income
12 Months Ended
Dec. 31, 2023
Disclosure Of Change In Accumulated Other Comprehensive Income Loss [Abstract]  
Other Comprehensive Income (Loss)
Note 22 – Other comprehensive income (loss)
 
The
 
following
 
table
 
presents
 
changes
 
in
 
accumulated
 
other
 
comprehensive
 
income
 
(loss)
 
by
 
component
 
for
 
the
 
years
 
ended
December 31, 2023 , 2022 and 2021.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Changes in Accumulated Other Comprehensive (Loss) Income
 
by Component [1]
Years ended December
 
31,
(In thousands)
2023
2022
2021
Foreign currency translation
Beginning Balance
$
(56,735)
$
(67,307)
$
(71,254)
Other comprehensive (loss) income
(7,793)
10,572
3,947
Net change
(7,793)
10,572
3,947
Ending balance
$
(64,528)
$
(56,735)
$
(67,307)
Adjustment of pension and
postretirement benefit plans
Beginning Balance
$
(144,335)
$
(158,994)
$
(195,056)
Other comprehensive income (loss) before reclassifications
14,408
4,882
23,094
Amounts reclassified from accumulated other comprehensive loss
 
for
amortization of net losses
12,034
9,777
12,968
Net change
26,442
14,659
36,062
Ending balance
$
(117,893)
$
(144,335)
$
(158,994)
Unrealized net holding
(losses) gains on debt
securities
Beginning Balance
$
(2,323,903)
$
(96,120)
$
460,900
Other comprehensive income (loss) before reclassifications
472,487
(2,261,097)
(557,002)
Amounts reclassified from accumulated other comprehensive
 
(loss)
income for gains on securities
-
-
(18)
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
138,306
33,314
-
Net change
610,793
(2,227,783)
(557,020)
Ending balance
$
(1,713,110)
$
(2,323,903)
$
(96,120)
Unrealized net gains (losses)
on cash flow hedges
Beginning Balance
$
45
$
(2,648)
$
(4,599)
Other comprehensive (loss) income before reclassifications
(19)
3,107
367
Amounts reclassified from accumulated other comprehensive income
(loss)
(26)
(414)
1,584
Net change
(45)
2,693
1,951
Ending balance
$
-
$
45
$
(2,648)
Total
 
$
(1,895,531)
$
(2,524,928)
$
(325,069)
[1] All amounts presented are net of tax.
The following table presents the amounts reclassified out of each component of accumulated other comprehensive (loss) income for
the years ended December 31, 2023, 2022, and
 
2021.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reclassifications Out of Accumulated Other Comprehensive
 
(Loss) Income
Affected Line Item in the
 
Years ended December
 
31,
(In thousands)
Consolidated Statements of Operations
2023
2022
2021
Adjustment of pension and postretirement benefit plans
Amortization of net losses
Other operating expenses
$
(19,253)
$
(15,644)
$
(20,749)
Total before tax
(19,253)
(15,644)
(20,749)
Income tax benefit
7,219
5,867
7,781
Total net of tax
$
(12,034)
$
(9,777)
$
(12,968)
Unrealized net holding (losses) gains on debt securities
Realized gain on sale of debt securities
Net gain (loss) on sale of debt securities
$
-
$
-
$
23
Amortization of unrealized net losses of debt
securities transferred to held-to-maturity
Investment securities [1]
(172,883)
(41,642)
-
Total before tax
(172,883)
(41,642)
23
Income tax benefit (expense)
34,577
8,328
(5)
Total net of tax
$
(138,306)
$
(33,314)
$
18
Unrealized net gains (losses) losses on cash flow
hedges
Forward contracts
Mortgage banking activities
$
41
$
1,458
$
(704)
Interest rate swaps
Other operating income
-
(498)
(1,143)
Total before tax
41
960
(1,847)
Income tax (expense) benefit
(15)
(546)
263
Total net of tax
$
26
$
414
$
(1,584)
Total reclassification
 
adjustments, net of tax
$
(150,314)
$
(42,677)
$
(14,534)
[1]
 
In October 2022, the Corporation transferred U.S. Treasury
 
securities with a fair value of $
6.5
 
billion (par value of $
7.4
 
billion) from its available-for-
sale portfolio to its held-to-maturity portfolio. Refer to Note 6 to
 
the Consolidated Financial Statements for additional
 
information.