Securities (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2015, and December 31, 2014.

Table 34: Reconciliation of Amortized Cost to Fair Value of Securities Available for Sale



Securities Available for Sale	September 30, 2015
	Amortized Cost		Gross Unrealized				Fair Value
(In Millions)	Amortized Cost		Gains		Losses		Fair Value
U.S. Government	$	5,094.0	$	31.1	$	—	$	5,125.1
Obligations of States and Political Subdivisions	4.5		—		—		4.5
Government Sponsored Agency	15,637.4		81.2		12.7		15,705.9
Non-U.S. Government	310.8		0.2		—		311.0
Corporate Debt	3,810.7		4.0		20.1		3,794.6
Covered Bonds	2,073.2		3.3		3.0		2,073.5
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds	834.8		1.5		0.2		836.1
Other Asset-Backed	2,817.2		0.6		2.1		2,815.7
Auction Rate	16.7		0.5		1.0		16.2
Commercial Mortgage-Backed	298.8		0.7		0.1		299.4
Other	109.5		0.2		—		109.7
Total	$	31,007.6	$	123.3	$	39.2	$	31,091.7



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 35: Reconciliation of Amortized Cost to Fair Value of Securities Held to Maturity



Securities Held to Maturity	September 30, 2015
	Amortized Cost		Gross Unrealized				Fair Value
(In Millions)	Amortized Cost		Gains		Losses		Fair Value
Obligations of States and Political Subdivisions	$	97.2	$	5.8	$	—	$	103.0
Government Sponsored Agency	10.6		0.7		—		11.3
Covered Bonds	408.9		0.3		0.6		408.6
Non-U.S. Government	1,187.1		6.6		0.4		1,193.3
Certificates of Deposit	1,732.5		0.2		0.2		1,732.5
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds	2,314.6		8.1		0.3		2,322.4
Other	95.6		—		34.1		61.5
Total	$	5,846.5	$	21.7	$	35.6	$	5,832.6



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 September 30, 2015, and December 31, 2014.

Table 37: Securities with Unrealized Losses



Securities with Unrealized Losses as of September 30, 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	4,502.5		7.8		701.0		4.9		5,203.5		12.7
Non-U.S. Government	132.3		0.4		—		—		132.3		0.4
Corporate Debt	1,244.0		6.0		1,022.0		14.1		2,266.0		20.1
Covered Bonds	842.0		3.6		—		—		842.0		3.6
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds	494.3		0.4		223.3		0.1		717.6		0.5
Other Asset-Backed	1,657.6		2.0		179.5		0.1		1,837.1		2.1
Certificates of Deposit	555.1		0.2		—		—		555.1		0.2
Auction Rate	1.4		0.2		4.3		0.8		5.7		1.0
Commercial Mortgage-Backed	57.7		0.1		—		—		57.7		0.1
Other	37.3		16.7		46.9		17.4		84.2		34.1
Total	$	9,524.2	$	37.4	$	2,177.0	$	37.4	$	11,701.2	$	74.8



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

Table 38: Net Impairment Losses Recognized in Earnings



	Three Months Ended September 30,				Nine Months Ended September 30,
(In Millions)	2015		2014		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 39: Cumulative Credit-Related Losses on Securities



	Three Months Ended September 30,					Nine Months Ended September 30,
(In Millions)	2015		2014			2015		2014
Cumulative Credit-Related Losses on Securities Held — Beginning of Period	$	5.2	$	12.7		$	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	—		(1.8		)	—		(1.8		)
Cumulative Credit-Related Losses on Securities Held — End of Period	$	5.2	$	10.9		$	5.2	$	10.9

Securities Available for Sale

Remaining Maturity of Securities

The following table provides the remaining maturity of securities as of September 30, 2015.

Table 36: Remaining Maturity of Securities Available for Sale and Held to Maturity



	September 30, 2015
(In Millions)	Amortized Cost		Fair Value
Available for Sale
Due in One Year or Less	$	8,454.1	$	8,478.9
Due After One Year Through Five Years	17,915.3		17,971.4
Due After Five Years Through Ten Years	3,677.6		3,678.8
Due After Ten Years	960.6		962.6
Total	31,007.6		31,091.7
Held to Maturity
Due in One Year or Less	2,499.8		2,501.3
Due After One Year Through Five Years	3,278.4		3,292.3
Due After Five Years Through Ten Years	15.5		12.2
Due After Ten Years	52.8		26.8
Total	$	5,846.5	$	5,832.6

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

Table 36: Remaining Maturity of Securities Available for Sale and Held to Maturity



	September 30, 2015
(In Millions)	Amortized Cost		Fair Value
Available for Sale
Due in One Year or Less	$	8,454.1	$	8,478.9
Due After One Year Through Five Years	17,915.3		17,971.4
Due After Five Years Through Ten Years	3,677.6		3,678.8
Due After Ten Years	960.6		962.6
Total	31,007.6		31,091.7
Held to Maturity
Due in One Year or Less	2,499.8		2,501.3
Due After One Year Through Five Years	3,278.4		3,292.3
Due After Five Years Through Ten Years	15.5		12.2
Due After Ten Years	52.8		26.8
Total	$	5,846.5	$	5,832.6

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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