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Securities (Tables)
 12 Months Ended
Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
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 AFS debt securities.
TABLE 57: RECONCILIATION OF AMORTIZED COST TO FAIR VALUE OF AVAILABLE FOR SALE DEBT SECURITIES
DECEMBER 31, 2022
(In Millions)AMORTIZED
COST		GROSS
UNREALIZED
GAINS		GROSS
UNREALIZED
LOSSES		FAIR
VALUE
U.S. Government$2,837.7 $2.5 $92.8 $2,747.4 
Obligations of States and Political Subdivisions817.8 — 30.2 787.6 
Government Sponsored Agency11,892.5 4.3 351.6 11,545.2 
Non-U.S. Government387.6 — 27.6 360.0 
Corporate Debt1,774.3 0.2 26.9 1,747.6 
Covered Bonds403.1 0.3 14.7 388.7 
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds2,645.8 0.3 166.7 2,479.4 
Other Asset-Backed5,544.3 — 288.1 5,256.2 
Commercial Mortgage-Backed1,456.9 0.1 69.2 1,387.8 
Total$27,760.0 $7.7 $1,067.8 $26,699.9 
DECEMBER 31, 2021
(In Millions)AMORTIZED
COST		GROSS
UNREALIZED
GAINS		GROSS
UNREALIZED
LOSSES		FAIR
VALUE
U.S. Government$2,406.2 $29.3 $9.4 $2,426.1 
Obligations of States and Political Subdivisions3,841.0 73.7 38.6 3,876.1 
Government Sponsored Agency18,092.1 93.7 110.2 18,075.6 
Non-U.S. Government383.4 0.1 9.5 374.0 
Corporate Debt2,319.8 31.6 9.7 2,341.7 
Covered Bonds502.6 3.9 0.9 505.6 
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds3,052.4 28.1 35.4 3,045.1 
Other Asset-Backed5,962.0 11.3 31.7 5,941.6 
Commercial Mortgage-Backed1,389.0 38.9 3.2 1,424.7 
Total$37,948.5 $310.6 $248.6 $38,010.5 
Remaining Maturity of Securities
DECEMBER 31, 2022ONE YEAR OR LESSONE TO FIVE YEARSFIVE TO TEN YEARSOVER TEN YEARSTOTAL
(In Millions)Amortized CostFair ValueAmortized CostFair ValueAmortized CostFair ValueAmortized CostFair ValueAmortized CostFair Value
U.S. Government$1,576.6 $1,574.5 $1,261.1 $1,172.9 $— $— $— $— $2,837.7 $2,747.4 
Obligations of States and Political Subdivisions— — 105.5 105.5 675.4 646.5 36.9 35.6 817.8 787.6 
Government Sponsored Agency2,452.0 2,404.0 5,602.6 5,441.7 3,060.2 2,962.5 777.7 737.0 11,892.5 11,545.2 
Non-U.S. Government101.3 101.1 286.3 258.9 — — — — 387.6 360.0 
Corporate Debt555.8 551.8 1,199.3 1,180.3 18.3 14.8 0.9 0.7 1,774.3 1,747.6 
Covered Bonds159.5 159.2 243.6 229.5 — — — — 403.1 388.7 
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds498.9 494.3 1,923.7 1,802.7 223.2 182.4 — — 2,645.8 2,479.4 
Other Asset-Backed893.7 848.6 3,244.1 3,035.5 1,250.2 1,219.7 156.3 152.4 5,544.3 5,256.2 
Commercial Mortgage-Backed17.3 17.5 1,188.1 1,145.3 251.5 225.0 — — 1,456.9 1,387.8 
Total$6,255.1 $6,151.0 $15,054.3 $14,372.3 $5,478.8 $5,250.9 $971.8 $925.7 $27,760.0 $26,699.9 
Note: Mortgage-backed and asset-backed securities are included in the above table taking into account anticipated future prepayments.
DECEMBER 31, 2022ONE YEAR OR LESSONE TO FIVE YEARSFIVE TO TEN YEARSOVER TEN YEARSTOTAL
(In Millions)Amortized CostFair ValueAmortized CostFair ValueAmortized CostFair ValueAmortized CostFair ValueAmortized CostFair Value
U.S. Government$50.0 $50.0 $— $— $— $— $— $— $50.0 $50.0 
Obligations of States and Political Subdivisions36.4 36.0 753.0 725.8 1,325.5 1,242.3 450.4 411.4 2,565.3 2,415.5 
Government Sponsored Agency879.8 775.0 2,957.6 2,624.9 3,629.7 3,232.7 1,940.6 1,699.1 9,407.7 8,331.7 
Non-U.S. Government1,742.3 1,741.8 1,344.7 1,233.0 147.0 125.5 — — 3,234.0 3,100.3 
Corporate Debt91.8 90.9 606.4 565.0 15.1 12.0 — — 713.3 667.9 
Covered Bonds410.5 408.6 1,699.8 1,607.6 420.0 355.7 — — 2,530.3 2,371.9 
Certificates of Deposit35.9 35.9 — — — — — — 35.9 35.9 
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds1,019.0 1,006.8 4,554.6 4,154.1 129.7 107.3 — — 5,703.3 5,268.2 
Other Asset-Backed88.6 88.4 102.9 102.4 72.2 71.9 — — 263.7 262.7 
Other46.5 44.6 301.2 261.7 34.5 24.8 150.4 44.1 532.6 375.2 
Total$4,400.8 $4,278.0 $12,320.2 $11,274.5 $5,773.7 $5,172.2 $2,541.4 $2,154.6 $25,036.1 $22,879.3 
Note: Mortgage-backed and asset-backed securities are included in the above table taking into account anticipated future prepayments.
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value The following table provides information regarding AFS debt securities with no credit losses reported that had been in a continuous unrealized loss position for less than twelve months and for twelve months or longer as of December 31, 2022 and 2021.
TABLE 59: AVAILABLE FOR SALE DEBT SECURITIES IN UNREALIZED LOSS POSITION WITH NO CREDIT LOSSES REPORTED
AS OF DECEMBER 31, 2022LESS THAN 12 MONTHS12 MONTHS OR LONGERTOTAL
(In Millions)FAIR
VALUE		UNREALIZED
LOSSES		FAIR
VALUE		UNREALIZED
LOSSES		FAIR
VALUE		UNREALIZED
LOSSES
U.S. Government$1,123.6 $64.1 $343.1 $28.7 $1,466.7 $92.8 
Obligations of States and Political Subdivisions160.0 16.8 120.6 13.4 280.6 30.2 
Government Sponsored Agency7,631.4 262.1 2,737.7 89.5 10,369.1 351.6 
Non-U.S. Government 235.4 17.3 124.6 10.3 360.0 27.6 
Corporate Debt427.3 14.6 130.3 2.8 557.6 17.4 
Covered Bonds238.0 13.5 42.8 1.2 280.8 14.7 
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds1,305.4 74.4 807.1 83.2 2,112.5 157.6 
Other Asset-Backed3,873.4 217.5 1,247.6 70.6 5,121.0 288.1 
Commercial Mortgage-Backed670.9 47.4 215.6 21.8 886.5 69.2 
Total$15,665.4 $727.7 $5,769.4 $321.5 $21,434.8 $1,049.2 
Note: Three corporate debt AFS securities with a fair value of $93.8 million and unrealized losses of $9.5 million and one sub-sovereign, supranational and non-U.S. agency bonds AFS security with a fair value of $68.3 million and unrealized loss of $9.1 million have been excluded from the table above as these AFS securities have a $1.3 million allowance for credit losses reported as of December 31, 2022. Refer to the discussion further below and Note 7, “Allowance for Credit Losses” for further information.
AS OF DECEMBER 31, 2021LESS THAN 12 MONTHS12 MONTHS OR LONGERTOTAL
(In Millions)FAIR
VALUE		UNREALIZED
LOSSES		FAIR
VALUE		UNREALIZED
LOSSES		FAIR
VALUE		UNREALIZED
LOSSES
U.S. Government$239.0 $9.4 $— $— $239.0 $9.4 
Obligations of States and Political Subdivisions1,699.5 37.4 31.6 1.2 1,731.1 38.6 
Government Sponsored Agency8,207.3 90.2 1,821.4 20.0 10,028.7 110.2 
Non-U.S. Government230.0 9.5 — — 230.0 9.5 
Corporate Debt693.7 9.7 — — 693.7 9.7 
Covered Bonds92.1 0.9 — — 92.1 0.9 
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds1,116.8 31.9 172.3 3.5 1,289.1 35.4 
Other Asset-Backed3,815.5 31.4 11.7 0.3 3,827.2 31.7 
Commercial Mortgage-Backed566.8 3.2 — — 566.8 3.2 
Total$16,660.7 $223.6 $2,037.0 $25.0 $18,697.7 $248.6 
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 held to maturity (HTM) debt securities.
TABLE 60: RECONCILIATION OF AMORTIZED COST TO FAIR VALUES OF HELD TO MATURITY DEBT SECURITIES
DECEMBER 31, 2022
(In Millions)AMORTIZED
COST		GROSS
UNREALIZED
GAINS		GROSS
UNREALIZED
LOSSES		FAIR
VALUE
U.S. Government$50.0 $— $— $50.0 
Obligations of States and Political Subdivisions2,565.3 — 149.8 2,415.5 
Government Sponsored Agency9,407.7 — 1,076.0 8,331.7 
Non-U.S. Government3,234.0 0.1 133.8 3,100.3 
Corporate Debt713.3 — 45.4 667.9 
Covered Bonds2,530.3 0.3 158.7 2,371.9 
Certificates of Deposit35.9 — — 35.9 
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds5,703.3 1.0 436.1 5,268.2 
Other Asset-Backed263.7 — 1.0 262.7 
Other532.6 — 157.4 375.2 
Total$25,036.1 $1.4 $2,158.2 $22,879.3 
DECEMBER 31, 2021
(In Millions)AMORTIZED
COST		GROSS
UNREALIZED
GAINS		GROSS
UNREALIZED
LOSSES		FAIR
VALUE
U.S. Government$47.0 $— $— $47.0 
Obligations of States and Political Subdivisions0.8 — — 0.8 
Government Sponsored Agency5,927.6 1.1 106.1 5,822.6 
Non-U.S. Government5,773.3 3.9 9.8 5,767.4 
Corporate Debt901.8 2.5 6.5 897.8 
Covered Bonds2,942.4 8.3 9.6 2,941.1 
Certificates of Deposit674.7 — — 674.7 
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds6,098.0 14.3 80.0 6,032.3 
Other Asset-Backed682.6 1.0 — 683.6 
Other516.3 3.4 71.6 448.1 
Total$23,564.5 $34.5 $283.6 $23,315.4 
Debt Securities, Held-to-maturity, Credit Quality Indicator The following table provides the amortized cost of HTM debt securities by credit rating.
TABLE 62: AMORTIZED COST OF HELD TO MATURITY DEBT SECURITIES BY CREDIT RATING
AS OF DECEMBER 31, 2022
(In Millions)AAAAAABBBNOT RATEDTOTAL
U.S. Government$50.0 $— $— $— $— $50.0 
Obligations of States and Political Subdivisions926.8 1,638.5 — — — 2,565.3 
Government Sponsored Agency9,407.7 — — — — 9,407.7 
Non-U.S. Government762.2 926.5 1,223.0 322.3 — 3,234.0 
Corporate Debt2.1 305.7 405.5 — — 713.3 
Covered Bonds2,530.3 — — — — 2,530.3 
Certificates of Deposit— — — — 35.9 35.9 
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds4,171.3 1,502.0 28.9 1.1 — 5,703.3 
Other Asset-Backed263.7 — — — — 263.7 
Other65.8 — — — 466.8 532.6 
Total$18,179.9 $4,372.7 $1,657.4 $323.4 $502.7 $25,036.1 
Percent of Total73 %17 %7 %1 %2 %100 %
AS OF DECEMBER 31, 2021
(In Millions)AAAAAABBBNOT RATEDTOTAL
U.S. Government$47.0 $— $— $— $— $47.0 
Obligations of States and Political Subdivisions— 0.8 — — — 0.8 
Government Sponsored Agency5,927.6 — — — — 5,927.6 
Non-U.S. Government398.0 942.6 4,088.8 343.9 — 5,773.3 
Corporate Debt2.3 386.7 512.8 — — 901.8 
Covered Bonds2,942.4 — — — — 2,942.4 
Certificates of Deposit— — — — 674.7 674.7 
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds4,207.6 1,858.0 31.3 1.1 — 6,098.0 
Other Asset-Backed682.6 — — — — 682.6 
Other— — — — 516.3 516.3 
Total$14,207.5 $3,188.1 $4,632.9 $345.0 $1,191.0 $23,564.5 
Percent of Total60 %14 %20 %1 %5 %100 %
Schedule of Realized Gain (Loss) Proceeds of $138.7 million, $116.7 million and $879.9 million in 2022, 2021 and 2020, respectively, from the sale of debt securities resulted in the following pre-tax Investment Security Gains (Losses), net shown in the following tables.
TABLE 63: INVESTMENT SECURITY GAINS AND LOSSES
DECEMBER 31,
(In Millions)202220212020
Gross Realized Debt Securities Gains$— $1.4 $3.4 
Gross Realized Debt Securities Losses(214.0)(1.7)(3.8)
Investment Security Gains (Losses), net(1)
$(214.0)$(0.3)$(0.4)
(1) $214.0 million of Investment Security Gains (Losses), net includes a $213.0 million loss recognized in 2022 in conjunction with the intent to sell certain AFS debt securities.
TABLE 64: INVESTMENT SECURITY GAINS AND LOSSES BY SECURITY TYPE
DECEMBER 31,
(In Millions)202220212020
Obligations of States and Political Subdivisions$(95.8)$— $— 
Government Sponsored Agency— — (1.8)
Corporate Debt(1)
(67.3)(0.3)(0.4)
Other Asset-Backed(17.1)— (0.7)
Commercial Mortgage-Backed(33.8)— 2.5 
Investment Security Gains (Losses), net(2)
$(214.0)$(0.3)$(0.4)
(1) Proceeds of $138.7 million from the sale of corporate debt securities in 2022 resulted in a $1.0 million loss in pre-tax Investment Security Gains (Losses), net.
(2) $214.0 million of Investment Security Gains (Losses), net includes a $213.0 million loss recognized in 2022 in conjunction with the intent to sell certain AFS debt securities.