Securities (Tables)

3 Months Ended

Mar. 31, 2015

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

The following tables provide the amortized cost and fair values of securities at March 31, 2015, and December 31, 2014.

Table 27: Reconciliation of Amortized Cost to Fair Value of Securities Available for Sale

Securities Available for Sale

March 31, 2015

Amortized
Cost

Gross Unrealized

Fair
Value

(In Millions)

Gains

Losses

U.S. Government

4,593.9

33.5

—

4,627.4

Obligations of States and Political Subdivisions

4.5

—

4.5

Government Sponsored Agency

16,536.9

107.6

10.3

16,634.2

Non-U.S. Government

310.5

0.9

—

311.4

Corporate Debt

3,661.5

6.7

16.9

3,651.3

Covered Bonds

2,040.5

8.8

—

2,049.3

Sub-Sovereign, Supranational and Non-U.S. Agency Bonds

560.0

1.4

0.4

561.0

Residential Mortgage-Backed

4.9

—

0.5

4.4

Other Asset-Backed

2,948.7

1.1

0.5

2,949.3

Auction Rate

18.1

0.5

1.1

17.5

Other

135.1

0.3

—

135.4

Total

30,814.6

160.8

29.7

30,945.7


Securities Available for Sale	December 31, 2014
	Amortized Cost		Gross Unrealized				Fair Value
(In Millions)	Amortized Cost		Gains		Losses		Fair Value
U.S. Government	$	4,493.5	$	15.1	$	1.7	$	4,506.9
Obligations of States and Political Subdivisions		4.5		0.1		—		4.6
Government Sponsored Agency		16,326.4		82.3		19.5		16,389.2
Non-U.S. Government		309.5		0.9		—		310.4
Corporate Debt		3,617.5		1.8		41.6		3,577.7
Covered Bonds		1,899.9		7.9		0.3		1,907.5
Supranational and Non-U.S. Agency Bonds		360.0		1.5		0.9		360.6
Residential Mortgage-Backed		6.9		—		0.5		6.4
Other Asset-Backed		2,321.8		0.5		1.0		2,321.3
Auction Rate		18.4		0.5		0.8		18.1
Other		155.7		0.3		0.2		155.8

Total	$	29,514.1	$	110.9	$	66.5	$	29,558.5

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

Table 28: Reconciliation of Amortized Cost to Fair Value of Securities Held to Maturity

Securities Held to Maturity

March 31, 2015

Amortized
Cost

Gross Unrealized

Fair
Value

(In Millions)

Gains

Losses

Obligations of States and Political Subdivisions

112.6

7.0

—

119.6

Government Sponsored Agency

15.5

1.0

—

16.5

Non-U.S. Government

1,104.3

8.0

—

1,112.3

Certificates of Deposit

2,575.7

0.2

0.3

2,575.6

Sub-Sovereign, Supranational and Non-U.S. Agency Bonds

1,769.7

12.5

0.2

1,782.0

Other

78.0

—

19.0

59.0

Total

5,655.8

28.7

19.5

5,665.0


Securities Held to Maturity	December 31, 2014
	Amortized Cost		Gross Unrealized				Fair Value
(In Millions)	Amortized Cost		Gains		Losses		Fair Value
Obligations of States and Political Subdivisions	$	121.9	$	7.4	$	—	$	129.3
Government Sponsored Agency		18.4		1.1		—		19.5
Non-U.S. Government		1,281.6		6.6		0.4		1,287.8
Certificates of Deposit		924.3		0.1		0.1		924.3
Supranational and Non-U.S. Agency Bonds		1,745.8		10.9		0.5		1,756.2
Other		78.8		0.3		20.1		59.0

Total	$	4,170.8	$	26.4	$	21.1	$	4,176.1

Securities Continuous Unrealized Loss Position

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, 2015, and December 31, 2014.

Table 30: Securities with Unrealized Losses

Securities with Unrealized Losses as of

March 31, 2015

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

1,946.0

3.9

1,091.7

6.4

3,037.7

10.3

Corporate Debt

391.4

0.6

1,217.8

16.3

1,609.2

16.9

Sub-Sovereign, Supranational and Non-U.S. Agency Bonds

149.8

0.2

170.7

0.4

320.5

0.6

Residential Mortgage-Backed

—

4.4

0.5

4.4

0.5

Other Asset-Backed

1,071.1

0.5

—

1,071.1

0.5

Certificates of Deposit

1,395.3

0.3

—

1,395.3

0.3

Auction Rate

1.4

0.2

5.5

0.9

6.9

1.1

Other

17.7

10.8

48.3

8.2

66.0

19.0

Total

4,972.7

16.5

2,538.4

32.7

7,511.1

49.2


Securities with Unrealized Losses as of December 31, 2014	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	$	998.2	$	1.7	$	—	$	—	$	998.2	$	1.7
Government Sponsored Agency		2,344.9		6.6		1,730.0		12.9		4,074.9		19.5
Non-U.S. Government		292.9		0.4		—		—		292.9		0.4
Corporate Debt		1,244.5		3.9		1,338.8		37.7		2,583.3		41.6
Covered Bonds		142.3		0.2		10.0		0.1		152.3		0.3
Supranational and Non-U.S. Agency Bonds		313.2		0.3		175.5		1.1		488.7		1.4
Residential Mortgage-Backed		—		—		4.5		0.5		4.5		0.5
Other Asset-Backed		1,297.6		1.0		—		—		1,297.6		1.0
Certificates of Deposit		438.6		0.1		—		—		438.6		0.1
Auction Rate		2.4		0.2		4.7		0.6		7.1		0.8
Other		27.1		12.1		45.6		8.2		72.7		20.3

Total	$	7,101.7	$	26.5	$	3,309.1	$	61.1	$	10,410.8	$	87.6

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, 2015, and 2014.

Table 31: Net Impairment Losses Recognized in Earnings


	Three Months Ended March 31,
(In Millions)	2015		2014
Changes in OTTI Losses*	$	—	$	(4.6	)
Noncredit-related Losses Recorded in / (Reclassified from) OCI**		—		0.7

Net Impairment Losses Recognized in Earnings	$	—	$	(3.9	)

For initial OTTI in the applicable 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.

For initial OTTI in the applicable period, the balance includes the portion of the excess of amortized cost over the fair value of the impaired securities that was recorded in other comprehensive income (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 32: Cumulative Credit-Related Losses on Securities


	Three Months Ended March 31,
(In Millions)	2015		2014
Cumulative Credit-Related Losses on Securities Held — Beginning of Period	$	5.2	$	8.8
Plus: Losses on Newly Identified Impairments		—		1.8
Additional Losses on Previously Identified Impairments		—		2.1
Less: Current and Prior Period Losses on Securities Sold During the Period		—		—

Cumulative Credit-Related Losses on Securities Held — End of Period	$	5.2	$	12.7

Available for Sale Investment Securities

Remaining Maturity of Securities

Remaining Maturity of Securities Available for Sale

March 31, 2015
(In Millions)	Amortized Cost		Fair Value
Available for Sale
Due in One Year or Less	$	7,702.6	$	7,731.3
Due After One Year Through Five Years		18,210.8		18,295.1
Due After Five Years Through Ten Years		3,650.7		3,659.6
Due After Ten Years		1,250.5		1,259.7

Total		30,814.6		30,945.7

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

Held-to-maturity Securities

Remaining Maturity of Securities

Remaining Maturity of Securities Held to Maturity

Held to Maturity
Due in One Year or Less		3,219.3		3,220.7
Due After One Year Through Five Years		2,374.5		2,397.5
Due After Five Years Through Ten Years		21.4		19.4
Due After Ten Years		40.6		27.4

Total	$	5,655.8	$	5,665.0

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

- Definition

Tabular disclosure of all investments in certain debt and equity securities for which the entity has the positive intent and ability to hold until maturity.

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- Definition

Tabular disclosure of the amount of other than temporary impairment (OTTI) related to credit losses recognized in earnings including: (a) the beginning balance of the amount related to credit losses on debt securities held by the investor at the beginning of the period for which a portion of an OTTI was recognized in other comprehensive income; (b) additions for the amount related to the credit loss for which an OTTI was not previously recognized; (c) reductions for securities sold during the period (realized); (d) reductions for securities for which the amount previously recognized in other comprehensive income was recognized in earnings because the investor intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis; (e) additional increases to the amount related to the credit loss for which an OTTI was previously recognized when the investor does not intend to sell the security and it is not more likely than not that the investor will be required to sell the security before recovery of its amortized cost basis; (f) reductions for increases in cash flows expected to be collected that are recognized over the remaining life of the security; and (g) the ending balance of the amount related to credit losses on debt securities held by the entity at the end of the period for which a portion of an OTTI was recognized in other comprehensive income.

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