| Components of other comprehensive income |
| |
|
2011 |
| |
|
|
Tax (expense) |
|
| (dollar amounts in thousands) |
|
Pretax |
|
|
Benefit |
|
|
After-tax |
| |
|
|
|
|
|
|
|
|
| Noncredit-related impairment recoveries (losses) on debt securities not expected to be sold |
$ |
11,537 |
|
$ |
(4,038) |
|
$ |
7,499 |
| Unrealized holding gains (losses) on available-for-sale debt securities arising during the period |
|
95,586 |
|
|
(33,455) |
|
|
62,131 |
| Less: Reclassification adjustment for net losses (gains) included in net income |
|
3,681 |
|
|
(1,288) |
|
|
2,393 |
| Net change in unrealized holding gains (losses) on available-for-sale debt securities |
|
110,804 |
|
|
(38,781) |
|
|
72,023 |
| |
|
|
|
|
|
|
|
|
| Net change in unrealized holding gains (losses) on available-for-sale equity securities |
|
612 |
|
|
(215) |
|
|
397 |
| |
|
|
|
|
|
|
|
|
| Net unrealized gains and losses on derivatives used in cash flow hedging relationships arising during the period |
|
7,982 |
|
|
(2,794) |
|
|
5,188 |
| |
|
|
|
|
|
|
|
|
| Change in pension and post-retirement benefit plan assets and liabilities |
|
(82,885) |
|
|
29,010 |
|
|
(53,875) |
| |
|
|
|
|
|
|
|
|
| Total other comprehensive (loss) income |
$ |
36,513 |
|
$ |
(12,780) |
|
$ |
23,733 |
| |
|
|
|
|
|
|
|
|
| |
|
2010 |
| |
|
|
Tax (expense) |
|
| (dollar amounts in thousands) |
|
Pretax |
|
|
Benefit |
|
|
After-tax |
| Cumulative effect of change in accounting principle for consolidation of variable interest entities |
$ |
(6,365) |
|
$ |
2,116 |
|
$ |
(4,249) |
| |
|
|
|
|
|
|
|
|
| Noncredit-related impairment (losses) recoveries on debt securities not expected to be sold |
|
23,569 |
|
|
(8,249) |
|
|
15,320 |
| Unrealized holding gains (losses) on available-for-sale debt securities arising during the period |
|
(14,498) |
|
|
5,019 |
|
|
(9,479) |
| Less: Reclassification adjustment for net losses (gains) included in net income |
|
274 |
|
|
(96) |
|
|
178 |
| Net change in unrealized holding gains (losses) on available-for-sale debt securities |
|
9,345 |
|
|
(3,326) |
|
|
6,019 |
| |
|
|
|
|
|
|
|
|
| Net change in unrealized holding gains (losses) on available-for-sale equity securities |
|
(162) |
|
|
57 |
|
|
(105) |
| |
|
|
|
|
|
|
|
|
| Net unrealized gains and losses on derivatives used in cash flow hedging relationships arising during the period |
|
(35,623) |
|
|
12,468 |
|
|
(23,155) |
| |
|
|
|
|
|
|
|
|
| Change in pension and post-retirement benefit plan assets and liabilities |
|
(29,263) |
|
|
10,242 |
|
|
(19,021) |
| |
|
|
|
|
|
|
|
|
| Total other comprehensive income (loss) |
$ |
(62,068) |
|
$ |
21,557 |
|
$ |
(40,511) |
| |
|
|
|
|
|
|
|
|
| |
|
2009 |
| |
|
|
Tax (expense) |
|
| (dollar amounts in thousands) |
|
Pretax |
|
|
Benefit |
|
|
After-tax |
| Cumulative effect of change in accounting principle for OTTI debt securities |
$ |
(5,448) |
|
$ |
1,907 |
|
$ |
(3,541) |
| |
|
|
|
|
|
|
|
|
| Noncredit-related impairment losses on debt securities not expected to be sold |
|
(124,408) |
|
|
43,543 |
|
|
(80,865) |
| Unrealized holding (losses) gains on available-for-sale debt securities arising during the period |
|
280,789 |
|
|
(98,678) |
|
|
182,111 |
| Less: Reclassification adjustment for net losses (gains) included in net income |
|
10,249 |
|
|
(3,587) |
|
|
6,662 |
| Net change in unrealized holding (losses) gains on available-for-sale debt securities |
|
166,630 |
|
|
(58,722) |
|
|
107,908 |
| |
|
|
|
|
|
|
|
|
| Net change in unrealized holding (losses) gains on available-for-sale equity securities |
|
10 |
|
|
(3) |
|
|
7 |
| |
|
|
|
|
|
|
|
|
| Net unrealized gains and losses on derivatives used in cash flow hedging relationships arising during the period |
|
21,888 |
|
|
(7,661) |
|
|
14,227 |
| |
|
|
|
|
|
|
|
|
| Change in pension and post-retirement benefit plan assets and liabilities |
|
78,626 |
|
|
(27,519) |
|
|
51,107 |
| |
|
|
|
|
|
|
|
|
| Total other comprehensive (loss) income |
$ |
261,706 |
|
$ |
(91,998) |
|
$ |
169,708 |
|
| Activity in accumulated other comprehensive income, net of tax |
Activity in OCI for the three years ended December 31, were as follows:
| (dollar amounts in thousands) |
|
Unrealized gains and (losses) on debt securities (1) |
|
|
Unrealized gains and (losses) on equity securities |
|
|
Unrealized gains and (losses) on cash flow hedging derivatives |
|
|
Unrealized gains (losses) for pension and other post-retirement obligations |
|
|
Total |
| Balance, January 1, 2009 |
$ |
(207,427) |
|
$ |
(329) |
|
$ |
44,638 |
|
$ |
(163,575) |
|
$ |
(326,693) |
| Cumulative effect of change in accounting principle for OTTI debt securities, net of tax |
|
(3,541) |
|
|
--- |
|
|
--- |
|
|
--- |
|
|
(3,541) |
| Period change |
|
107,908 |
|
|
7 |
|
|
14,227 |
|
|
51,107 |
|
|
173,249 |
| Balance, December 31, 2009 |
|
(103,060) |
|
|
(322) |
|
|
58,865 |
|
|
(112,468) |
|
|
(156,985) |
| Cumulative effect of change in accounting principle for consolidation of variable interest entities, net of tax |
|
(4,249) |
|
|
--- |
|
|
--- |
|
|
--- |
|
|
(4,249) |
| Period change |
|
6,019 |
|
|
(105) |
|
|
(23,155) |
|
|
(19,021) |
|
|
(36,262) |
| Balance, December 31, 2010 |
|
(101,290) |
|
|
(427) |
|
|
35,710 |
|
|
(131,489) |
|
|
(197,496) |
| Period change |
|
72,023 |
|
|
397 |
|
|
5,188 |
|
|
(53,875) |
|
|
23,733 |
| Balance, December 31, 2011 |
$ |
(29,267) |
|
$ |
(30) |
|
$ |
40,898 |
|
$ |
(185,364) |
|
$ |
(173,763) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) Amount at December 31, 2011 includes $0.4 million of net unrealized gains on securities transferred from the available-for-sale securities portfolio to the held-to-maturity securities portfolio. The net unrealized gains will be recognized in earnings over the remaining life of the security using the effective interest method. |
|