Securities (Tables)

12 Months Ended

Dec. 31, 2018

Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]

Reconciliation of Amortized Cost to Fair Value of Securities Available for Sale

The following tables provide the amortized cost, fair values, and remaining maturities of debt securities available for sale.

TABLE 51: RECONCILIATION OF AMORTIZED COST TO FAIR VALUE OF DEBT SECURITIES AVAILABLE FOR SALE



	DECEMBER 31, 2018
(In Millions)	AMORTIZED COST		GROSS UNREALIZED GAINS		GROSS UNREALIZED LOSSES		FAIR VALUE
U.S. Government	$	5,203.1	$	21.8	$	39.6	$	5,185.3
Obligations of States and Political Subdivisions	657.6		2.0		3.7		655.9
Government Sponsored Agency	22,522.7		52.4		150.5		22,424.6
Non-U.S. Government	143.3		—		1.1		142.2
Corporate Debt	2,312.6		3.2		21.1		2,294.7
Covered Bonds	832.7		1.4		4.8		829.3
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds	2,087.8		11.9		3.5		2,096.2
Other Asset-Backed	2,678.9		1.7		22.9		2,657.7
Commercial Mortgage-Backed	587.4		4.0		4.2		587.2
Other	15.7		—		—		15.7

Total	$	37,041.8	$	98.4	$	251.4	$	36,888.8



	DECEMBER 31, 2017
(In Millions)	AMORTIZED COST		GROSS UNREALIZED GAINS		GROSS UNREALIZED LOSSES		FAIR VALUE
U.S. Government	$	5,714.4	$	18.0	$	32.1	$	5,700.3
Obligations of States and Political Subdivisions	749.9		—		3.5		746.4
Government Sponsored Agency	18,745.3		39.9		108.6		18,676.6
Non-U.S. Government	179.1		—		1.9		177.2
Corporate Debt	3,013.7		2.2		22.9		2,993.0
Covered Bonds	879.0		1.0		4.4		875.6
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds	1,819.8		4.0		3.8		1,820.0
Other Asset-Backed	2,297.7		1.5		7.9		2,291.3
Auction Rate	4.4		—		0.1		4.3
Commercial Mortgage-Backed	439.2		—		4.1		435.1
Other	22.3		—		—		22.3

Total	$	33,864.8	$	66.6	$	189.3	$	33,742.1

Securities Continuous Unrealized Loss Position

The following tables provide information regarding debt securities that had been in a continuous unrealized loss position for less than 12 months and for 12 months or longer as of December 31, 2018 and 2017.

TABLE 55: DEBT SECURITIES WITH UNREALIZED LOSSES



AS OF DECEMBER 31, 2018	LESS THAN 12 MONTHS				12 MONTHS OR LONGER				TOTAL
(In Millions)	FAIR VALUE		UNREALIZED LOSSES		FAIR VALUE		UNREALIZED LOSSES		FAIR VALUE		UNREALIZED LOSSES
U.S. Government	$	—	$	—	$	2,862.0	$	39.6	$	2,862.0	$	39.6
Obligations of States and Political Subdivisions	169.6		2.4		279.6		1.3		449.2		3.7
Government Sponsored Agency	8,368.8		33.5		6,822.4		117.0		15,191.2		150.5
Non-U.S. Government	5,065.2		0.8		1,274.0		9.0		6,339.2		9.8
Corporate Debt	712.7		4.1		1,097.4		18.8		1,810.1		22.9
Covered Bonds	646.4		3.7		696.9		10.4		1,343.3		14.1
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds	1,105.0		4.6		1,189.2		11.2		2,294.2		15.8
Other Asset-Backed	2,507.8		15.9		954.9		11.0		3,462.7		26.9
Commercial Mortgage-Backed	22.8		0.1		274.4		4.1		297.2		4.2
Other	50.5		18.8		112.6		50.8		163.1		69.6

Total	$	18,648.8	$	83.9	$	15,563.4	$	273.2	$	34,212.2	$	357.1



AS OF DECEMBER 31, 2017	LESS THAN 12 MONTHS				12 MONTHS OR LONGER				TOTAL
(In Millions)	FAIR VALUE		UNREALIZED LOSSES		FAIR VALUE		UNREALIZED LOSSES		FAIR VALUE		UNREALIZED LOSSES
U.S. Government	$	3,595.0	$	32.1	$	—	$	—	$	3,595.0	$	32.1
Obligations of States and Political Subdivisions	687.8		3.3		52.0		0.3		739.8		3.6
Government Sponsored Agency	6,495.6		81.3		2,998.9		27.3		9,494.5		108.6
Non-U.S. Government	5,181.8		7.9		—		—		5,181.8		7.9
Corporate Debt	1,547.3		9.3		922.3		14.0		2,469.6		23.3
Covered Bonds	967.5		7.2		89.1		0.9		1,056.6		8.1
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds	1,692.4		7.5		235.8		0.4		1,928.2		7.9
Other Asset-Backed	2,453.7		8.3		29.9		0.1		2,483.6		8.4
Certificates of Deposit	43.7		0.1		—		—		43.7		0.1
Auction Rate	—		—		3.1		0.1		3.1		0.1
Commercial Mortgage-Backed	233.5		2.6		201.6		1.5		435.1		4.1
Other	82.9		27.3		48.1		17.9		131.0		45.2

Total	$	22,981.2	$	186.9	$	4,580.8	$	62.5	$	27,562.0	$	249.4

Reconciliation of Amortized Cost to Fair Values of Securities Held to Maturity

The following tables provide the amortized cost, fair values and remaining maturities of debt securities held to maturity.

TABLE 53: RECONCILIATION OF AMORTIZED COST TO FAIR VALUES OF DEBT SECURITIES HELD TO MATURITY



	DECEMBER 31, 2018
(In Millions)	AMORTIZED COST		GROSS UNREALIZED GAINS		GROSS UNREALIZED LOSSES		FAIR VALUE
U.S. Government	$	101.6	$	—	$	—	$	101.6
Obligations of States and Political Subdivisions	18.9		0.6		—		19.5
Government Sponsored Agency	4.5		0.2		—		4.7
Corporate Debt	472.9		0.4		1.8		471.5
Covered Bonds	2,877.6		9.6		9.3		2,877.9
Non-U.S. Government	6,488.2		2.1		8.7		6,481.6
Certificates of Deposit	45.1		—		—		45.1
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds	2,966.8		5.8		12.3		2,960.3
Other Asset-Backed	1,146.4		—		4.0		1,142.4
Other	232.0		—		69.6		162.4

Total	$	14,354.0	$	18.7	$	105.7	$	14,267.0



	DECEMBER 31, 2017
(In Millions)	AMORTIZED COST		GROSS UNREALIZED GAINS		GROSS UNREALIZED LOSSES		FAIR VALUE
U.S. Government	$	35.0	$	—	$	—	$	35.0
Obligations of States and Political Subdivisions	34.6		1.4		0.1		35.9
Government Sponsored Agency	5.8		0.4		—		6.2
Corporate Debt	431.5		1.0		0.4		432.1
Covered Bonds	2,821.5		11.9		3.7		2,829.7
Non-U.S. Government	5,536.2		1.3		6.0		5,531.5
Certificates of Deposit	43.8		—		0.1		43.7
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds	2,788.9		5.4		4.1		2,790.2
Other Asset-Backed	1,175.8		0.6		0.5		1,175.9
Other	175.9		—		45.2		130.7

Total	$	13,049.0	$	22.0	$	60.1	$	13,010.9

The table below provides information regarding total other-than-temporarily impaired debt securities, including noncredit-related amounts recognized in other comprehensive income and net impairment losses recognized in earnings, for the years ended December 31, 2018, 2017, and 2016.

TABLE 56: NET IMPAIRMENT LOSSES RECOGNIZED IN EARNINGS



	DECEMBER 31,
(In Millions)	2018			2017			2016
Changes in Other-Than-Temporary Impairment Losses⁽¹⁾	$	(0.5	)	$	(0.2	)	$	(3.7	)
Noncredit-related Losses Recorded in / (Reclassified from) OCI⁽²⁾	—			—			—

Net Impairment Losses Recognized in Earnings	$	(0.5	)	$	(0.2	)	$	(3.7	)

(1) For initial other-than-temporary impairments in the respective period, the balance includes the excess of the amortized cost over the fair value of the impaired securities. For subsequent impairments of the same security, the balance includes any additional changes in fair value of the security subsequent to its most recently recorded OTTI.

(2) For initial other-than-temporary impairments in the respective period, the balance includes the portion of the excess of amortized cost over the fair value of the impaired securities that was recorded in OCI. For subsequent impairments of the same security, the balance includes additional changes in OCI for that security subsequent to its most recently recorded OTTI.

Cumulative Credit-Related Losses Recognized in Earnings on Debt Securities Other-Than-Temporarily Impaired

Provided in the table below are the cumulative credit-related losses recognized in earnings on debt securities other-than-temporarily impaired.

TABLE 57: CUMULATIVE CREDIT-RELATED LOSSES ON DEBT SECURITIES HELD



	YEAR ENDED DECEMBER 31,
(In Millions)	2018		2017
Cumulative Credit-Related Losses on Debt Securities Held – Beginning of Year	$	3.6	$	3.4
Plus: Losses on Newly Identified Impairments	0.4		0.1
Additional Losses on Previously Identified Impairments	0.1		0.1
Less: Current and Prior Period Losses on Debt Securities Sold or Matured During the Year	—		—

Cumulative Credit-Related Losses on Debt Securities Held – End of Year	$	4.1	$	3.6

Securities Available for Sale

Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]

Remaining Maturity of Securities



	DECEMBER 31, 2018				DECEMBER 31, 2017
(In Millions)	AMORTIZED COST		FAIR VALUE		AMORTIZED COST		FAIR VALUE
Due in One Year or Less	$	9,206.2	$	9,162.8	$	6,249.5	$	6,227.0
Due After One Year Through Five Years	21,012.7		20,943.9		20,017.2		19,937.8
Due After Five Years Through Ten Years	5,774.1		5,740.8		6,545.3		6,535.1
Due After Ten Years	1,048.8		1,041.3		1,052.8		1,042.2

Total	$	37,041.8	$	36,888.8	$	33,864.8	$	33,742.1

Note: Mortgage-backed and asset-backed securities are included in the above table taking into account anticipated future prepayments.

Held-to-maturity Securities

Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]

Remaining Maturity of Securities



	DECEMBER 31, 2018				DECEMBER 31, 2017
(In Millions)	AMORTIZED COST		FAIR VALUE		AMORTIZED COST		FAIR VALUE
Due in One Year or Less	$	6,638.2	$	6,635.5	$	5,691.9	$	5,695.8
Due After One Year Through Five Years	7,066.0		7,040.0		6,667.8		6,663.9
Due After Five Years Through Ten Years	567.9		553.0		612.2		606.3
Due After Ten Years	81.9		38.5		77.1		44.9

Total	$	14,354.0	$	14,267.0	$	13,049.0	$	13,010.9

Note: Mortgage-backed and asset-backed securities are included in the above table taking into account anticipated future prepayments.