Securities (Tables)

3 Months Ended

Mar. 31, 2013

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

The following tables provide the amortized cost and fair values of securities at March 31, 2013 and December 31, 2012.

Securities Available for Sale	March 31, 2013
	Amortized Cost		Gross Unrealized				Fair Value
(In Millions)			Gains		Losses
U.S. Government	$	1,748.1	$	34.3	$	—	$	1,782.4
Obligations of States and Political Subdivisions		13.9		0.8		—		14.7
Government Sponsored Agency		16,747.3		116.7		4.6		16,859.4
Corporate Debt		2,927.7		17.4		3.3		2,941.8
Covered Bonds		1,820.6		47.9		—		1,868.5
Supranational and Non-U.S. Agency Bonds		808.7		7.0		—		815.7
Residential Mortgage-Backed		78.7		0.1		7.9		70.9
Other Asset-Backed		2,436.0		3.1		0.4		2,438.7
Auction Rate		98.7		2.3		1.4		99.6
Other		279.3		0.9		—		280.2
Total	$	26,959.0	$	230.5	$	17.6	$	27,171.9

Securities Available for Sale	December 31, 2012
	Amortized Cost		Gross Unrealized				Fair Value
(In Millions)			Gains		Losses
U.S. Government	$	1,747.9	$	36.7	$	—	$	1,784.6
Obligations of States and Political Subdivisions		13.9		0.2		—		14.1
Government Sponsored Agency		18,520.6		122.2		4.0		18,638.8
Corporate Debt		2,602.4		18.1		2.1		2,618.4
Covered Bonds		1,697.1		51.0		0.1		1,748.0
Supranational Bonds		1,053.9		7.0		0.2		1,060.7
Residential Mortgage-Backed		102.4		0.4		10.8		92.0
Other Asset-Backed		2,280.0		4.3		0.4		2,283.9
Auction Rate		99.6		2.1		3.9		97.8
Other		304.4		0.8		—		305.2
Total	$	28,422.2	$	242.8	$	21.5	$	28,643.5

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

Securities Held to Maturity	March 31, 2013
	Amortized Cost		Gross Unrealized				Fair Value
(In Millions)			Gains		Losses
Obligations of States and Political Subdivisions	$	292.7	$	15.6	$	—	$	308.3
Government Sponsored Agency		80.2		2.7		—		82.9
Non-U.S. Government Debt		210.8		—		—		210.8
Certificates of Deposit		2,069.9		0.2		0.9		2,069.2
Other		278.1		1.0		7.0		272.1
Total	$	2,931.7	$	19.5	$	7.9	$	2,943.3

Securities Held to Maturity	December 31, 2012
	Amortized Cost		Gross Unrealized				Fair Value
(In Millions)			Gains		Losses
Obligations of States and Political Subdivisions	$	329.3	$	17.2	$	—	$	346.5
Government Sponsored Agency		112.9		3.8		—		116.7
Non-U.S. Government Debt		205.0		—		—		205.0
Certificates of Deposit		1,667.6		0.2		0.6		1,667.2
Other		67.2		0.3		8.1		59.4
Total	$	2,382.0	$	21.5	$	8.7	$	2,394.8

Securities Continuous Unrealized Loss Position

Securities with Unrealized Losses. The following tables provide information regarding securities that had been in a continuous unrealized loss position for less than 12 months and for 12 months or longer as of March 31, 2013 and December 31, 2012.

Securities with Unrealized Losses as of March 31, 2013	Less than 12 Months				12 Months or Longer				Total
(In Millions)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Government Sponsored Agency	$	980.1	$	2.2	$	278.2	$	2.4	$	1,258.3	$	4.6
Corporate Debt		760.2		3.2		25.0		0.1		785.2		3.3
Residential Mortgage-Backed		—		—		68.1		7.9		68.1		7.9
Other Asset-Backed		624.3		0.3		25.5		0.1		649.8		0.4
Certificates of Deposit		1,081.9		0.9		—		—		1,081.9		0.9
Auction Rate		1.0		0.1		15.5		1.3		16.5		1.4
Other		10.5		2.5		40.2		4.5		50.7		7.0
Total	$	3,458.0	$	9.2	$	452.5	$	16.3	$	3,910.5	$	25.5

Securities with Unrealized Losses as of December 31, 2012	Less than 12 Months				12 Months or Longer				Total
(In Millions)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Government Sponsored Agency	$	482.2	$	1.0	$	1,171.8	$	3.0	$	1,654.0	$	4.0
Corporate Debt		441.5		2.0		50.0		0.1		491.5		2.1
Covered Bonds		20.1		0.1		—		—		20.1		0.1
Supranational Bonds		113.8		0.2		—		—		113.8		0.2
Residential Mortgage-Backed		—		—		84.7		10.8		84.7		10.8
Other Asset-Backed		146.1		0.1		40.0		0.3		186.1		0.4
Certificates of Deposit		1,178.8		0.6		—		—		1,178.8		0.6
Auction Rate		2.7		0.3		41.0		3.6		43.7		3.9
Other		9.3		1.9		43.8		6.2		53.1		8.1
Total	$	2,394.5	$	6.2	$	1,431.3	$	24.0	$	3,825.8	$	30.2

Book Values, Ultimate Default Rates, and Loss Severity Rates for Non-Agency Residential Mortgage-Backed Securities Portfolio, by Security Type

March 31, 2013 amortized cost, weighted average ultimate default rates, and impairment severity rates for the non-agency residential mortgage-backed securities portfolio, by security type, are provided in the following table.

						Loss Severity Rates
Security Type	Amortized Cost		Weighted Average Ultimate Default Rates			Low			High			Weighted Average
Prime	$	8.2		18.2	%		34.4	%		45.0	%		41.5	%
Alt-A		12.7		41.3			67.7			67.7			67.7
Subprime		41.7		48.7			57.0			85.6			79.7
2nd Lien		16.1		33.3			98.9			99.0			99.0
Total Non-Agency Residential Mortgage-Backed Securities	$	78.7		40.8	%		34.4	%		99.0	%		77.7	%

Credit Related Impairment Losses Recognized in Earnings on Other Than Temporarily Impaired Securities

The table below provides information regarding total other-than-temporarily impaired securities, including noncredit-related amounts recognized in other comprehensive income and net impairment losses recognized in earnings, for the three months ended March 31, 2013 and 2012.

	Three Months Ended March 31,
(In Millions)	2013		2012
Changes in OTTI Losses (1)	$	—	$	(3.1	)
Noncredit-related Losses Recorded in / (Reclassified from) OCI (2)		—		—
Net Impairment Losses Recognized in Earnings	$	—	$	(3.1	)

(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.

	Three Months Ended March 31,
(In Millions)	2013			2012
Cumulative Credit-Related Losses on Securities Held – Beginning of Period	$	42.3		$	68.2
Plus: Losses on Newly Identified Impairments		—			1.6
Additional Losses on Previously Identified Impairments		—			1.5
Less: Current and Prior Period Losses on Securities Sold During the Period		(33.5	)		(26.5	)
Cumulative Credit-Related Losses on Securities Held – End of Period	$	8.8		$	44.8

Debt Securities Held for which Other-Than-Temporary Impairment Loss has been Recognized in Current Period or Previously

The table below provides information regarding debt securities held as of March 31, 2013 and December 31, 2012, for which an OTTI loss has been recognized in the current period or previously.

(In Millions)	March 31, 2013			December 31, 2012
Fair Value	$	42.2		$	51.5
Amortized Cost Basis		47.6			59.0
Noncredit-related Losses Recognized in OCI		(5.4	)		(7.5	)
Tax Effect		2.0			2.8
Amount Recorded in OCI	$	(3.4	)	$	(4.7	)

Available for Sale Investment Securities

Remaining Maturity of Securities

The following table provides the remaining maturity of securities as of March 31, 2013.

(In Millions)	Amortized Cost		Fair Value
Available for Sale
Due in One Year or Less	$	6,818.3	$	6,839.7
Due After One Year Through Five Years		17,678.8		17,850.1
Due After Five Years Through Ten Years		1,748.5		1,762.7
Due After Ten Years		713.4		719.4
Total		26,959.0		27,171.9

Held-to-maturity Securities

Remaining Maturity of Securities

Held to Maturity
Due in One Year or Less		2,430.0		2,431.9
Due After One Year Through Five Years		429.3		440.4
Due After Five Years Through Ten Years		37.9		41.9
Due After Ten Years		34.5		29.1
Total	$	2,931.7	$	2,943.3

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