15. Comprehensive income
The following tables display the components of other comprehensive income (loss) and amounts reclassified from accumulated other comprehensive income (loss) to net income.
| Investment Securities | Defined Benefit Plans |
Other | Total Amount Before Tax |
Income Tax |
Net | |||||||||||||||||||||||
| With OTTI |
All Other |
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| (in thousands) | ||||||||||||||||||||||||||||
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Balance — January 1, 2013 |
$ | (91,835 | ) | 152,199 | (455,590 | ) | (431 | ) | $ | (395,657 | ) | 155,393 | $ | (240,264 | ) | |||||||||||||
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Other comprehensive income before reclassifications: |
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Unrealized holding gains (losses), net |
77,794 | (129,628 | ) | — | — | (51,834 | ) | 20,311 | (31,523 | ) | ||||||||||||||||||
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Foreign currency translation adjustment |
— | — | — | 546 | 546 | (165 | ) | 381 | ||||||||||||||||||||
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Current year pension gains (losses) |
— | — | 260,452 | — | 260,452 | (102,227 | ) | 158,225 | ||||||||||||||||||||
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Total other comprehensive income before reclassifications |
77,794 | (129,628 | ) | 260,452 | 546 | 209,164 | (82,081 | ) | 127,083 | |||||||||||||||||||
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Amounts reclassified from
accumulated other |
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Accretion of unrealized holding losses on held-to-maturity (“HTM”) securities |
279 | 4,008 | — | — | 4,287 | (a) | (1,683 | ) | 2,604 | |||||||||||||||||||
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OTTI charges recognized in net income |
9,800 | — | — | — | 9,800 | (b) | (3,847 | ) | 5,953 | |||||||||||||||||||
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Losses (gains) realized in net income |
41,217 | (8,129 | ) | — | — | 33,088 | (c) | (12,987 | ) | 20,101 | ||||||||||||||||||
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Amortization of prior service credit |
— | — | (7,915 | ) | — | (7,915 | )(e) | 3,107 | (4,808 | ) | ||||||||||||||||||
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Amortization of actuarial losses |
— | — | 41,436 | — | 41,436 | (e) | (16,264 | ) | 25,172 | |||||||||||||||||||
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Total reclassifications |
51,296 | (4,121 | ) | 33,521 | — | 80,696 | (31,674 | ) | 49,022 | |||||||||||||||||||
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Total gain (loss) during
the |
129,090 | (133,749 | ) | 293,973 | 546 | 289,860 | (113,755 | ) | 176,105 | |||||||||||||||||||
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Balance — December 31, 2013 |
$ | 37,255 | 18,450 | (161,617 | ) | 115 | $ | (105,797 | ) | 41,638 | $ | (64,159 | ) | |||||||||||||||
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| Investment Securities | Defined Benefit Plans |
Other | Total Amount Before Tax |
Income Tax |
Net | |||||||||||||||||||||||
| With OTTI |
All Other |
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| (in thousands) | ||||||||||||||||||||||||||||
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Balance — January 1, 2012 |
$ | (138,319 | ) | 9,757 | (457,145 | ) | (1,062 | ) | $ | (586,769 | ) | 230,328 | $ | (356,441 | ) | |||||||||||||
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Other comprehensive income before reclassifications: |
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Unrealized holding gains (losses), net |
(2,998 | ) | 137,921 | — | — | 134,923 | (52,905 | ) | 82,018 | |||||||||||||||||||
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Foreign currency translation adjustment |
— | — | — | 809 | 809 | (290 | ) | 519 | ||||||||||||||||||||
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Current year
pension |
— | — | (29,823 | ) | — | (29,823 | ) | 11,705 | (18,118 | ) | ||||||||||||||||||
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Total other comprehensive income before reclassifications |
(2,998 | ) | 137,921 | (29,823 | ) | 809 | 105,909 | (41,490 | ) | 64,419 | ||||||||||||||||||
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Amounts reclassified from accumulated other comprehensive income that (increase) decrease net income: |
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Accretion of unrealized holding losses on HTM securities |
1,660 | 4,530 | — | — | 6,190 | (a) | (2,430 | ) | 3,760 | |||||||||||||||||||
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OTTI charges recognized in net income |
47,822 | — | — | — | 47,822 | (b) | (18,770 | ) | 29,052 | |||||||||||||||||||
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Losses (gains) realized in net income |
— | (9 | ) | — | — | (9 | )(c) | 4 | (5 | ) | ||||||||||||||||||
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Amortization of gains on terminated cash flow hedges |
— | — | — | (178 | ) | (178 | ) | 66 | (112 | ) | ||||||||||||||||||
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Amortization of prior service credit |
— | — | (6,538 | ) | — | (6,538 | )(e) | 2,566 | (3,972 | ) | ||||||||||||||||||
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Amortization of actuarial losses |
— | — | 37,916 | — | 37,916 | (e) | (14,881 | ) | 23,035 | |||||||||||||||||||
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Total reclassifications |
49,482 | 4,521 | 31,378 | (178 | ) | 85,203 | (33,445 | ) | 51,758 | |||||||||||||||||||
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Total gain (loss) during the period |
46,484 | 142,442 | 1,555 | 631 | 191,112 | (74,935 | ) | 116,177 | ||||||||||||||||||||
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Balance — December 31, 2012 |
$ | (91,835 | ) | 152,199 | (455,590 | ) | (431 | ) | $ | (395,657 | ) | 155,393 | $ | (240,264 | ) | |||||||||||||
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| Investment Securities | Defined Benefit Plans |
Other | Total Amount Before Tax |
Income Tax |
Net | |||||||||||||||||||||||
| With OTTI |
All Other |
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| (in thousands) | ||||||||||||||||||||||||||||
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Balance — January 1, 2011 |
$ | (143,139 | ) | 3,860 | (198,999 | ) | 626 | $ | (337,652 | ) | 132,432 | $ | (205,220 | ) | ||||||||||||||
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Other comprehensive income before reclassifications: |
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Unrealized holding gains (losses), net |
(68,946 | ) | 145,522 | — | — | 76,576 | (29,786 | ) | 46,790 | |||||||||||||||||||
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Foreign currency translation adjustment |
— | — | — | (1,240 | ) | (1,240 | ) | 437 | (803 | ) | ||||||||||||||||||
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Current year
pension |
— | — | (272,260 | ) | — | (272,260 | ) | 106,862 | (165,398 | ) | ||||||||||||||||||
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Total other comprehensive income before reclassifications |
(68,946 | ) | 145,522 | (272,260 | ) | (1,240 | ) | (196,924 | ) | 77,513 | (119,411 | ) | ||||||||||||||||
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Amounts reclassified from accumulated other comprehensive income that (increase) decrease net income: |
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Accretion of unrealized holding losses on HTM securities |
545 | 6,490 | — | — | 7,035 | (a) | (2,762 | ) | 4,273 | |||||||||||||||||||
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OTTI charges recognized in net income |
77,035 | — | — | — | 77,035 | (b) | (30,235 | ) | 46,800 | |||||||||||||||||||
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Losses (gains) realized in net income |
(3,814 | ) | (146,115 | ) | — | — | (149,929 | )(c) | 58,753 | (91,176 | ) | |||||||||||||||||
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Amortization of gains on terminated cash flow hedges |
— | — | — | (448 | ) | (448 | )(d) | 167 | (281 | ) | ||||||||||||||||||
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Amortization of prior service credit |
— | — | (6,452 | ) | — | (6,452 | )(e) | 2,532 | (3,920 | ) | ||||||||||||||||||
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Amortization of actuarial losses |
— | — | 20,566 | — | 20,566 | (e) | (8,072 | ) | 12,494 | |||||||||||||||||||
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Total reclassifications |
73,766 | (139,625 | ) | 14,114 | (448 | ) | (52,193 | ) | 20,383 | (31,810 | ) | |||||||||||||||||
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Total gain (loss) during the period |
4,820 | 5,897 | (258,146 | ) | (1,688 | ) | (249,117 | ) | 97,896 | (151,221 | ) | |||||||||||||||||
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Balance — December 31, 2011 |
$ | (138,319 | ) | 9,757 | (457,145 | ) | (1,062 | ) | $ | (586,769 | ) | 230,328 | $ | (356,441 | ) | |||||||||||||
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| (a) | Included in interest income. |
| (b) | Included in OTTI losses recognized in earnings. |
| (c) | Included in gain (loss) on bank investment securities. |
| (d) | Included in interest expense. |
| (e) | Included in salaries and employee benefits expense. |
Accumulated other comprehensive income (loss), net consisted of unrealized gains (losses) as follows:
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Investment Securities |
Cash Flow Hedges |
Foreign Currency Translation Adjustment |
Defined Benefit Plans |
Total | ||||||||||||||||||||
| With OTTI | All Other | |||||||||||||||||||||||
| (In thousands) | ||||||||||||||||||||||||
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Balance at January 1, 2011 |
$ | (87,053 | ) | $ | 2,332 | $ | 393 | $ | — | $ | (120,892 | ) | $ | (205,220 | ) | |||||||||
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Net gain (loss) during 2011 |
3,024 | 3,663 | (281 | ) | (803 | ) | (156,824 | ) | (151,221 | ) | ||||||||||||||
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Balance at December 31, 2011 |
(84,029 | ) | 5,995 | 112 | (803 | ) | (277,716 | ) | (356,441 | ) | ||||||||||||||
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Net gain (loss) during 2012 |
28,239 | 86,586 | (112 | ) | 519 | 945 | 116,177 | |||||||||||||||||
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Balance at December 31, 2012 |
(55,790 | ) | 92,581 | — | (284 | ) | (276,771 | ) | (240,264 | ) | ||||||||||||||
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Net gain (loss) during 2013 |
78,422 | (81,287 | ) | — | 381 | 178,589 | 176,105 | |||||||||||||||||
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Balance at December 31, 2013 |
$ | 22,632 | $ | 11,294 | $ | — | $ | 97 | $ | (98,182 | ) | $ | (64,159 | ) | ||||||||||
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