Comprehensive Income (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of Accumulated Other Comprehensive Loss

The following is a summary of the changes in the components of AOCL, which are included in People’s United’s stockholders’ equity on an after-tax basis:


(in millions)	Pension and Other Postretirement Plans		Net Unrealized Gains (Losses) on Debt Securities Available-for-Sale		Net Unrealized Gains (Losses) on Debt Securities Transferred to Held-to-Maturity		Net Unrealized Gains (Losses) on Derivatives Accounted for as Cash Flow Hedges		Total AOCL
Balance at December 31, 2016	$	(145.6)	$	(32.3)	$	(17.4)	$	0.3	$	(195.0)
Other comprehensive income (loss) before reclassifications	(2.8)		(5.3)		—		(0.6)		(8.7)
Amounts reclassified from AOCL (1)	4.3		16.0		2.3		(0.6)		22.0
Current period other comprehensive income (loss)	1.5		10.7		2.3		(1.2)		13.3
Balance at December 31, 2017	(144.1)		(21.6)		(15.1)		(0.9)		(181.7)
Other comprehensive income (loss) before reclassifications	(24.7)		(29.0)		—		(1.3)		(55.0)
Amounts reclassified from AOCL (1)	6.3		7.5		3.0		0.4		17.2
Current period other comprehensive income (loss)	(18.4)		(21.5)		3.0		(0.9)		(37.8)
Transition adjustments related to adoption of new accounting standards (2)	(30.0)		(3.9)		(3.2)		(0.2)		(37.3)
Balance at December 31, 2018	(192.5)		(47.0)		(15.3)		(2.0)		(256.8)
Other comprehensive income (loss) before reclassifications	9.7		67.9		—		1.5		79.1
Amounts reclassified from AOCL (1)	6.6		(0.1)		3.5		0.8		10.8
Current period other comprehensive income (loss)	16.3		67.8		3.5		2.3		89.9
Balance at December 31, 2019	$	(176.2)	$	20.8	$	(11.8)	$	0.3	$	(166.9)

(1)See the following table for details about these reclassifications.

(2)See Notes 1 and 4.

Summary of Amounts Reclassified from AOCL

The following is a summary of the amounts reclassified from AOCL:


Years ended December 31 (in millions)	Amounts Reclassified from AOCL							Affected Line Item in the Statement Where Net Income is Presented
			2019		2018		2017
Details about components of AOCL:
Amortization of pension and other postretirement plans items:
Net actuarial loss	$	(8.3)	$	(8.6)	$	(9.3)	(1)
Prior service credit	—		0.3		0.8		(1)
	(8.3)		(8.3)		(8.5)		Income before income tax expense
	1.7		2.0		4.2		Income tax expense
	(6.6)		(6.3)		(4.3)		Net income
Reclassification adjustment for net realized losses on debt securities available-for-sale	0.1		(9.9)		(25.4)		Income before income tax expense (2)
	—		2.4		9.4		Income tax expense
	0.1		(7.5)		(16.0)		Net income
Amortization of unrealized losses on debt securities transferred to held-to-maturity	(4.6)		(3.9)		(3.7)		Income before income tax expense (3)
	1.1		0.9		1.4		Income tax expense
	(3.5)		(3.0)		(2.3)		Net income
Amortization of unrealized gains and losses on cash flow hedges:
Interest rate swaps	(1.2)		(0.6)		0.8		(4)
Interest rate locks	0.1		0.1		0.1		(4)
	(1.1)		(0.5)		0.9		Income before income tax expense
	0.3		0.1		(0.3)		Income tax expense
	(0.8)		(0.4)		0.6		Net income
Total reclassifications for the period	$	(10.8)	$	(17.2)	$	(22.0)

(1)Included in the computation of net periodic benefit income (expense) reflected in other non-interest expense (see Note 17 for additional details).

(2)Included in non-interest income.

(3)Included in interest and dividend income — securities.

(4)Included in interest expense — notes and debentures.

Deferred Income Taxes Applicable to Components of Accumulated Other Comprehensive Loss

Deferred income taxes applicable to the components of AOCL are as follows:


As of December 31 (in millions)	2019		2018		2017
Net actuarial loss and other amounts related to pension and other postretirement plans	$	55.3	$	59.4	$	83.5
Net unrealized (gain) loss on debt securities available-for-sale	(6.6)		14.7		12.7
Net unrealized loss on debt securities transferred to held-to-maturity	3.6		4.7		8.8
Net unrealized (gain) loss on derivatives accounted for as cash flow hedges	(0.1)		0.6		0.5
Total deferred income taxes	$	52.2	$	79.4	$	105.5

Other Comprehensive Income (Loss)

The following is a summary of the components of People’s United’s total other comprehensive income (loss):


Year ended December 31, 2019 (in millions)	Pre-Tax Amount		Tax Effect		After-Tax Amount

Net actuarial gains and losses on pension and other postretirement plans:
Net actuarial gain arising during the year	$	12.1	$	(2.4)	$	9.7
Reclassification adjustment for net actuarial loss included in net income	8.3		(1.7)		6.6
Net actuarial gain	20.4		(4.1)		16.3
Net unrealized gains and losses on debt securities available-for-sale:
Net unrealized holding gains arising during the year	89.2		(21.3)		67.9
Reclassification adjustment for net realized losses included in net income	(0.1)		—		(0.1)
Net unrealized gains	89.1		(21.3)		67.8
Net unrealized gains and losses on debt securities transferred to held-to-maturity:
Reclassification adjustment for amortization of unrealized losses on debt securities transferred to held-to-maturity included in net income	4.6		(1.1)		3.5
Net unrealized gains	4.6		(1.1)		3.5
Net unrealized gains and losses on derivatives accounted for as cash flow hedges:
Net unrealized gains arising during the year	1.9		(0.4)		1.5
Reclassification adjustment for net realized losses included in net income	1.1		(0.3)		0.8
Net unrealized gains	3.0		(0.7)		2.3
Total other comprehensive income	$	117.1	$	(27.2)	$	89.9


Year ended December 31, 2018 (in millions)	Pre-Tax Amount		Tax Effect		After-Tax Amount
Net actuarial gains and losses on pension and other postretirement plans:
Net actuarial loss arising during the year	$	(32.6)	$	7.9	$	(24.7)
Reclassification adjustment for net actuarial loss included in net income	8.6		(2.1)		6.5
Net actuarial loss	(24.0)		5.8		(18.2)
Prior service credit on pension and other postretirement plans:
Reclassification adjustment for prior service credit included in net income	(0.3)		0.1		(0.2)
Net actuarial loss and prior service credit	(24.3)		5.9		(18.4)
Net unrealized gains and losses on debt securities available-for-sale:
Net unrealized holding losses arising during the year	(38.3)		9.3		(29.0)
Reclassification adjustment for net realized losses included in net income	9.9		(2.4)		7.5
Net unrealized losses	(28.4)		6.9		(21.5)
Net unrealized gains and losses on debt securities transferred to held-to-maturity:
Reclassification adjustment for amortization of unrealized losses on debt securities transferred to held-to-maturity included in net income	3.9		(0.9)		3.0
Net unrealized gains	3.9		(0.9)		3.0
Net unrealized gains and losses on derivatives accounted for as cash flow hedges:
Net unrealized losses arising during the year	(1.7)		0.4		(1.3)
Reclassification adjustment for net realized losses included in net income	0.5		(0.1)		0.4
Net unrealized losses	(1.2)		0.3		(0.9)
Total other comprehensive loss	$	(50.0)	$	12.2	$	(37.8)


Year ended December 31, 2017 (in millions)	Pre-Tax Amount		Tax Effect		After-Tax Amount
Net actuarial gains and losses on pension and other postretirement plans:
Net actuarial loss arising during the year	$	(5.5)	$	2.7	$	(2.8)
Reclassification adjustment for net actuarial loss included in net income	9.3		(4.6)		4.7
Net actuarial gain	3.8		(1.9)		1.9
Prior service credit on pension and other postretirement plans:
Reclassification adjustment for prior service credit included in net income	(0.8)		0.4		(0.4)
Net actuarial gain and prior service credit	3.0		(1.5)		1.5
Net unrealized gains and losses on debt securities available-for-sale:
Net unrealized holding losses arising during the year	(8.6)		3.3		(5.3)
Reclassification adjustment for net realized losses included in net income	25.4		(9.4)		16.0
Net unrealized gains	16.8		(6.1)		10.7
Net unrealized gains and losses on debt securities transferred to held-to-maturity:
Reclassification adjustment for amortization of unrealized losses on debt securities transferred to held-to-maturity included in net income	3.7		(1.4)		2.3
Net unrealized gains	3.7		(1.4)		2.3
Net unrealized gains and losses on derivatives accounted for as cash flow hedges:
Net unrealized losses arising during the year	(1.0)		0.4		(0.6)
Reclassification adjustment for net realized gains included in net income	(0.9)		0.3		(0.6)
Net unrealized losses	(1.9)		0.7		(1.2)
Total other comprehensive income	$	21.6	$	(8.3)	$	13.3