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Derivative Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Fair And Notional Values Of Derivative Financial Instruments
The following table presents fair values and notional values of derivative financial instruments:

Fair and Notional Values of Derivative Financial Instruments(1) (dollars in millions)
 
December 31, 2017
 
December 31, 2016
 
Notional
Amount
 
Asset
Fair Value
 
Liability
Fair Value
 
Notional
Amount
 
Asset
Fair Value
 
Liability
Fair Value
Qualifying Hedges
 

 
 

 
 

 
 

 
 

 
 

Foreign currency forward contracts — net investment hedges
$
977.3

 
$
0.2

 
$
(18.7
)
 
$
817.9

 
$
16.9

 
$
—

Total Qualifying Hedges
977.3

 
0.2

 
(18.7
)
 
817.9

 
16.9

 
—

Non-Qualifying Hedges
 

 
   
 
   
 
   
 
   
 
   
Interest rate swaps(2)
7,112.0

 
60.8

 
(38.6
)
 
5,309.2

 
63.0

 
(50.1
)
Written options
2,744.3

 
—

 
(0.7
)
 
2,626.5

 
0.1

 
(1.0
)
Purchased options
2,571.5

 
0.7

 
—

 
2,129.6

 
1.0

 
(0.1
)
Foreign currency forward contracts
1,375.5

 
6.9

 
(14.9
)
 
1,329.8

 
30.2

 
(6.0
)
Total Return Swap (TRS)
182.4

 
—

 
(14.1
)
 
587.5

 
—

 
(11.3
)
Equity Warrants
0.8

 
—

 
—

 
1.0

 
0.2

 
—

Interest Rate Lock Commitments
7.7

 
0.1

 
—

 
20.7

 
0.1

 
(0.1
)
Forward sale commitments on agency MBS
8.0

 
—

 
—

 
39.0

 
0.1

 
—

Credit derivatives
285.1

 
—

 
—

 
267.6

 
—

 
(0.2
)
Total Non-qualifying Hedges
14,287.3

 
68.5

 
(68.3
)
 
12,310.9

 
94.7

 
(68.8
)
Total Hedges
$
15,264.6

 
$
68.7

 
$
(87.0
)
 
$
13,128.8

 
$
111.6

 
$
(68.8
)

(1) 
Presented on a gross basis.
(2) 
Fair value balances include accrued interest.
Offsetting of Derivative Assets
Offsetting of Derivative Assets and Liabilities (dollars in millions)(1) 

 
 
 
Gross Amounts not
offset in the
Consolidated Balance Sheet
 
Gross Amount
of Recognized
Assets (Liabilities)
 
Gross Amount
Offset in the
Consolidated
Balance Sheet
 
Net Amount
Presented in the
Consolidated
Balance Sheet
 
Derivative
Financial
Instruments(2)
 
Cash
Collateral
Pledged /
(Received)(2)(3)
 
Net
Amount
December 31, 2017
 

 
 

 
 

 
 

 
 

 
 

Derivative assets
$
68.7

 
$
—

 
$
68.7

 
$
(18.7
)
 
$
(8.4
)
 
$
41.6

Derivative liabilities
(87.0
)
 
—

 
(87.0
)
 
18.7

 
23.0

 
(45.3
)
December 31, 2016
 

 
   
 
   
 
   
 
   
 
   
Derivative assets
$
111.6

 
$
—

 
$
111.6

 
$
(30.9
)
 
$
(48.7
)
 
$
32.0

Derivative liabilities
(68.8
)
 
—

 
(68.8
)
 
30.9

 
5.0

 
(32.9
)

(1) 
Due to a change in clearinghouse rules, the Company accounts for swap contracts cleared by the Chicago Mercantile Exchange (“CME”) as “settled-to-market” effective January 2017. As a result, variation margin payments are characterized as settlement of the derivative exposure and variation margin balances are netted against the corresponding derivative mark-to-market balances. The Company’s swap contracts cleared by LCH Clearnet (“LCH”) continue to be accounted for as “collateralized-to-market” and variation margin balances are characterized as collateral against derivative exposures. At December 31, 2017, gross amount of recognized assets and liabilities were lower by $5.4 million and 10.4 million, respectively.

(2) 
The Company's derivative transactions are governed by ISDA agreements that allow for net settlements of certain payments as well as offsetting of all contracts ("Derivative Financial Instruments") with a given counterparty in the event of bankruptcy or default of one of the two parties to the transaction. We believe our ISDA agreements meet the definition of a master netting arrangement or similar agreement for purposes of the above disclosure. In conjunction with the ISDA agreements, the Company has entered into collateral arrangements with its counterparties which provide for the exchange of cash depending on change in the market valuation of the derivative contracts outstanding. Such collateral is available to be applied in settlement of the net balances upon an event of default of one of the counterparties.

(3) 
Collateral pledged or received is included in Other assets or Other liabilities, respectively.
Offsetting Of Derivative Liabilities
Offsetting of Derivative Assets and Liabilities (dollars in millions)(1) 

 
 
 
Gross Amounts not
offset in the
Consolidated Balance Sheet
 
Gross Amount
of Recognized
Assets (Liabilities)
 
Gross Amount
Offset in the
Consolidated
Balance Sheet
 
Net Amount
Presented in the
Consolidated
Balance Sheet
 
Derivative
Financial
Instruments(2)
 
Cash
Collateral
Pledged /
(Received)(2)(3)
 
Net
Amount
December 31, 2017
 

 
 

 
 

 
 

 
 

 
 

Derivative assets
$
68.7

 
$
—

 
$
68.7

 
$
(18.7
)
 
$
(8.4
)
 
$
41.6

Derivative liabilities
(87.0
)
 
—

 
(87.0
)
 
18.7

 
23.0

 
(45.3
)
December 31, 2016
 

 
   
 
   
 
   
 
   
 
   
Derivative assets
$
111.6

 
$
—

 
$
111.6

 
$
(30.9
)
 
$
(48.7
)
 
$
32.0

Derivative liabilities
(68.8
)
 
—

 
(68.8
)
 
30.9

 
5.0

 
(32.9
)

(1) 
Due to a change in clearinghouse rules, the Company accounts for swap contracts cleared by the Chicago Mercantile Exchange (“CME”) as “settled-to-market” effective January 2017. As a result, variation margin payments are characterized as settlement of the derivative exposure and variation margin balances are netted against the corresponding derivative mark-to-market balances. The Company’s swap contracts cleared by LCH Clearnet (“LCH”) continue to be accounted for as “collateralized-to-market” and variation margin balances are characterized as collateral against derivative exposures. At December 31, 2017, gross amount of recognized assets and liabilities were lower by $5.4 million and 10.4 million, respectively.

(2) 
The Company's derivative transactions are governed by ISDA agreements that allow for net settlements of certain payments as well as offsetting of all contracts ("Derivative Financial Instruments") with a given counterparty in the event of bankruptcy or default of one of the two parties to the transaction. We believe our ISDA agreements meet the definition of a master netting arrangement or similar agreement for purposes of the above disclosure. In conjunction with the ISDA agreements, the Company has entered into collateral arrangements with its counterparties which provide for the exchange of cash depending on change in the market valuation of the derivative contracts outstanding. Such collateral is available to be applied in settlement of the net balances upon an event of default of one of the counterparties.

(3) 
Collateral pledged or received is included in Other assets or Other liabilities, respectively.
Derivative Instrument Gains And Losses
The following table presents the impact of derivatives on the statements of income.

Derivative Instrument Gains and Losses (dollars in millions)
 
 
 
 
Years Ended December 31,
Derivative Instruments
 
Gain / (Loss)
Recognized
 
2017
 
2016
 
2015
Non Qualifying Hedges
 
 
 
   
 
   
 
   
Interest rate swaps
 
Other non-interest income
 
$
8.5

 
$
7.9

 
$
4.6

Interest rate options
 
Other non-interest income
 
0.4

 
0.6

 
1.6

Foreign currency forward contracts
 
Other non-interest income
 
(34.2
)
 
26.2

 
116.5

Equity warrants
 
Other non-interest income
 
(0.2
)
 
(0.2
)
 
0.2

Total Return Swaps (TRS)
 
Other non-interest income
 
(2.8
)
 
43.6

 
(30.4
)
Interest Rate Lock Commitments
 
Other non-interest income
 
0.1

 
(0.2
)
 
—

Forward sale commitments on agency MBS
 
Other non-interest income
 
(0.4
)
 
1.1

 
—

Risk Participation Agreements
 
Other non-interest income
 
(0.1
)
 
1.8

 
—

Total Non-qualifying Hedges
 
 
 
(28.7
)
 
80.8

 
92.5

Total derivatives-income statement impact
 
 
 
$
(28.7
)
 
$
80.8

 
$
92.5
Changes In AOCI Relating To Derivatives
The following table presents the changes in AOCI relating to derivatives:

Changes in AOCI Relating to Derivatives (dollars in millions)
Contract Type
Derivatives —
effective portion
reclassified
from AOCI
to income
 
Total
income
statement
impact
 
Derivatives —
effective
portion
recorded
in OCI
 
Total change in
OCI for period
Year Ended December 31, 2017
 
 
 
 
 
 
 
Foreign currency forward contracts — net investment hedges
$
13.4

 
$
13.4

 
$
(74.7
)
 
$
(88.1
)
Total
$
13.4

 
$
13.4

 
$
(74.7
)
 
$
(88.1
)
Year Ended December 31, 2016
 

 
 

 
 

 
 

Foreign currency forward contracts — net investment hedges
$
1.8

 
$
1.8

 
$
2.7

 
$
0.9

Total
$
1.8

 
$
1.8

 
$
2.7

 
$
0.9

Year Ended December 31, 2015
 

 
 

 
 

 
 

Foreign currency forward contracts — net investment hedges
$
33.8

 
$
33.8

 
$
128.4

 
$
94.6

Total
$
33.8

 
$
33.8

 
$
128.4

 
$
94.6