Accumulated Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Dec. 31, 2022

Components of Accumulated Other Comprehensive Income (Loss)

The following tables summarize the components of Accumulated Other Comprehensive Income (Loss) (AOCI) at December 31, 2022, 2021, and 2020, and changes during the years then ended.

TABLE 92: SUMMARY OF CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)


(In Millions)	NET UNREALIZED GAINS (LOSSES) ON AVAILABLE FOR SALE DEBT SECURITIES(1)		NET UNREALIZED (LOSSES) GAINS ON CASH FLOW HEDGES		NET FOREIGN CURRENCY ADJUSTMENT		NET PENSION AND OTHER POSTRETIREMENT BENEFIT ADJUSTMENTS		TOTAL
Balance at December 31, 2019	$	114.0	$	(3.7)	$	117.8	$	(422.8)	$	(194.7)
Net Change	527.8		0.5		26.9		67.5		622.7
Balance at December 31, 2020	$	641.8	$	(3.2)	$	144.7	$	(355.3)	$	428.0
Net Change	(534.7)		0.8		10.5		59.8		(463.6)
Balance at December 31, 2021	$	107.1	$	(2.4)	$	155.2	$	(295.5)	$	(35.6)
Net Change	(1,474.7)		3.6		9.4		(71.9)		(1,533.6)
Balance at December 31, 2022	$	(1,367.6)	$	1.2	$	164.6	$	(367.4)	$	(1,569.2)

(1) Includes net unrealized gains (losses) on debt securities transferred from AFS to HTM. Refer to Note 4, “Securities” for further information.

Components of Changes in Accumulated Other Comprehensive Income (Loss)


FOR THE YEAR ENDED DECEMBER 31,	2022						2021						2020
(In Millions)	PRE-TAX		TAX		AFTER TAX		PRE-TAX		TAX		AFTER TAX		PRE-TAX		TAX		AFTER TAX
Unrealized Gains (Losses) on Available for Sale Debt Securities
Unrealized Gains (Losses) on Available for Sale Debt Securities	$	(2,263.8)	$	580.2	$	(1,683.6)	$	(685.0)	$	177.5	$	(507.5)	$	706.8	$	(179.3)	$	527.5
Reclassification Adjustments for Losses (Gains) Included in Net Income:
Interest Income on Debt Securities(1)	65.1		(16.4)		48.7		(36.6)		9.2		(27.4)		—		—		—
Net Losses on Debt Securities(2)	214.0		(53.8)		160.2		0.3		(0.1)		0.2		0.4		(0.1)		0.3
Net Change	$	(1,984.7)	$	510.0	$	(1,474.7)	$	(721.3)	$	186.6	$	(534.7)	$	707.2	$	(179.4)	$	527.8
Unrealized (Losses) Gains on Cash Flow Hedges
Foreign Exchange Contracts	$	1.0	$	(0.3)	$	0.7	$	5.6	$	(1.4)	$	4.2	$	28.9	$	(7.3)	$	21.6

Reclassification Adjustment for (Gains) Losses Included in Net Income(3)	3.7		(0.8)		2.9		(4.5)		1.1		(3.4)		(28.1)		7.0		(21.1)
Net Change	$	4.7	$	(1.1)	$	3.6	$	1.1	$	(0.3)	$	0.8	$	0.8	$	(0.3)	$	0.5
Foreign Currency Adjustments
Foreign Currency Translation Adjustments	$	(200.1)	$	3.0	$	(197.1)	$	(133.8)	$	4.1	$	(129.7)	$	169.1	$	(8.3)	$	160.8
Long-Term Intra-Entity Foreign Currency Transaction (Losses) Gains	(2.6)		0.7		(1.9)		0.6		(0.1)		0.5		2.1		(0.5)		1.6
Net Investment Hedge Gains (Losses)	278.7		(70.3)		208.4		186.6		(46.9)		139.7		(178.7)		43.2		(135.5)
Net Change	$	76.0	$	(66.6)	$	9.4	$	53.4	$	(42.9)	$	10.5	$	(7.5)	$	34.4	$	26.9
Pension and Other Postretirement Benefit Adjustments
Net Actuarial (Losses) Gains	$	(163.9)	$	44.7	$	(119.2)	$	7.9	$	0.2	$	8.1	$	47.4	$	(12.3)	$	35.1
Reclassification Adjustment for Losses (Gains) Included in Net Income(4)
Amortization of Net Actuarial Loss	19.1		(4.7)		14.4		41.4		(10.3)		31.1		42.2		(10.4)		31.8
Amortization of Prior Service Cost (Credit)	(1.0)		0.3		(0.7)		(1.0)		0.3		(0.7)		(0.1)		—		(0.1)
Settlement Loss	44.9		(11.3)		33.6		28.3		(7.0)		21.3		0.8		(0.1)		0.7
Net Change	$	(100.9)	$	29.0	$	(71.9)	$	76.6	$	(16.8)	$	59.8	$	90.3	$	(22.8)	$	67.5
Total Net Change	$	(2,004.9)	$	471.3	$	(1,533.6)	$	(590.2)	$	126.6	$	(463.6)	$	790.8	$	(168.1)	$	622.7

(1) The before-tax reclassification adjustment is related to the unrealized gains (losses) amortization on AFS debt securities that were transferred to HTM debt securities during the second quarter of 2021 and third quarter of 2022. Refer to Note 4, “Securities” for further information.

(2) The net losses on AFS debt securities before-tax reclassification adjustment is recorded in Investment Security Gains (Losses), net on the consolidated statements of income. Refer to Note 4, “Securities” for further information.

(3) See Note 26, "Derivative Financial Instruments" for the location of the reclassification adjustment related to cash flow hedges.

(4) The pension and other postretirement benefit before-tax reclassification adjustment is recorded in Employee Benefits expense on the consolidated statements of income.