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Other comprehensive income (loss)
 6 Months Ended
Jun. 30, 2024
Disclosure Of Change In Accumulated Other Comprehensive Income Loss [Abstract]  
Other Comprehensive Income (Loss)
Note 18 – Other comprehensive income (loss)
 
The following table presents changes in accumulated other
 
comprehensive income (loss) by component for the quarters
 
ended June
30, 2024 and, 2023.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Changes in Accumulated Other Comprehensive Loss
 
by Component [1]
Quarters ended
Six
 
months ended
June 30,
June 30,
(In thousands)
2024
2023
2024
2023
Foreign currency translation
Beginning Balance
$
(68,548)
$
(61,980)
$
(64,528)
$
(56,735)
Other comprehensive income (loss)
165
6,001
(3,855)
756
Net change
165
6,001
(3,855)
756
Ending balance
$
(68,383)
$
(55,979)
$
(68,383)
$
(55,979)
Adjustment of pension and
postretirement benefit plans
Beginning Balance
$
(115,632)
$
(141,327)
$
(117,894)
$
(144,335)
Amounts reclassified from accumulated other
comprehensive loss for amortization of net losses
2,261
3,008
4,522
6,016
Net change
2,261
3,008
4,522
6,016
Ending balance
$
(113,371)
$
(138,319)
$
(113,372)
$
(138,319)
Unrealized net holding losses
on debt securities
Beginning Balance
$
(1,749,006)
$
(2,098,518)
$
(1,713,109)
$
(2,323,903)
Other comprehensive income (loss)
16,941
(69,941)
(54,163)
121,811
Amounts reclassified from accumulated other
comprehensive loss for amortization of net unrealized
losses of debt securities transferred from available-for-
sale to held-to-maturity
35,537
34,322
70,745
67,955
Net change
52,478
(35,619)
16,582
189,766
Ending balance
$
(1,696,528)
$
(2,134,137)
$
(1,696,527)
$
(2,134,137)
Unrealized net (losses) gains
on cash flow hedges
Beginning Balance
$
-
$
-
$
-
$
45
Other comprehensive (loss) income before
reclassifications
-
-
-
(19)
Amounts reclassified from accumulated other
comprehensive income (loss)
-
-
-
(26)
Net change
-
-
-
(45)
Total
 
$
(1,878,282)
$
(2,328,435)
$
(1,878,282)
$
(2,328,435)
[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, 2024 and
 
2023.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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
2024
2023
2024
2023
Adjustment of pension and postretirement benefit plans
Amortization of net losses
Other operating expenses
$
(3,618)
$
(4,813)
$
(7,236)
$
(9,626)
Total before tax
(3,618)
(4,813)
(7,236)
(9,626)
Income tax benefit
1,357
1,805
2,714
3,610
Total net of tax
$
(2,261)
$
(3,008)
$
(4,522)
$
(6,016)
Unrealized net holding losses on debt securities
Amortization of unrealized net losses of debt
securities transferred to held-to-maturity
Interest income from investment securities
$
(44,421)
$
(42,903)
$
(88,430)
$
(84,943)
Total before tax
(44,421)
(42,903)
(88,430)
(84,943)
Income tax expense
8,884
8,581
17,685
16,988
Total net of tax
$
(35,537)
$
(34,322)
$
(70,745)
$
(67,955)
Unrealized net (losses) gains on cash flow hedges
Forward contracts
Mortgage banking activities
$
-
$
-
$
-
$
41
Total before tax
-
-
-
41
Income tax benefit
-
-
-
(15)
Total net of tax
$
-
$
-
$
-
$
26
Total reclassification
 
adjustments, net of tax
$
(37,798)
$
(37,330)
$
(75,267)
$
(73,945)