Securities (Tables)

12 Months Ended

Dec. 31, 2015

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

The following tables provide the amortized cost, fair values, and remaining maturities of securities available for sale.

TABLE 48: RECONCILIATION OF AMORTIZED COST TO FAIR VALUE OF SECURITIES AVAILABLE FOR SALE

	DECEMBER 31, 2015
(In Millions)	AMORTIZED COST		GROSS UNREALIZED GAINS		GROSS UNREALIZED LOSSES		FAIR VALUE
U.S. Government	$	6,180.4	$	3.4	$	5.5	$	6,178.3
Obligations of States and Political Subdivisions	36.4		0.1		0.1		36.4
Government Sponsored Agency	16,370.5		42.8		46.5		16,366.8
Non-U.S. Government	309.5		0.1		0.1		309.5
Corporate Debt	3,744.4		0.9		33.1		3,712.2
Covered Bonds	1,873.3		1.8		4.9		1,870.2
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds	860.9		0.5		2.0		859.4
Other Asset-Backed	2,504.2		0.1		4.2		2,500.1
Auction Rate	16.7		0.5		0.1		17.1
Commercial Mortgage-Backed	378.1		—		3.7		374.4
Other	93.4		0.1		—		93.5
Total	$	32,367.8	$	50.3	$	100.2	$	32,317.9

	DECEMBER 31, 2014
(In Millions)	AMORTIZED COST		GROSS UNREALIZED GAINS		GROSS UNREALIZED 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

The following tables provide the amortized cost, fair values and remaining maturities of securities held to maturity.

TABLE 50: RECONCILIATION OF AMORTIZED COST TO FAIR VALUES OF SECURITIES HELD TO MATURITY

	DECEMBER 31, 2015
(In Millions)	AMORTIZED COST		GROSS UNREALIZED GAINS		GROSS UNREALIZED LOSSES		FAIR VALUE
U.S. Government	$	26.0	$	—	$	—	$	26.0
Obligations of States and Political Subdivisions	89.2		5.2		—		94.4
Government Sponsored Agency	9.9		0.7		—		10.6
Covered Bonds	892.4		0.4		1.9		890.9
Non-U.S. Government	1,118.0		4.8		0.5		1,122.3
Certificates of Deposit	691.6		0.1		0.1		691.6
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds	2,326.2		8.3		0.9		2,333.6
Other	95.0		—		36.9		58.1
Total	$	5,248.3	$	19.5	$	40.3	$	5,227.5

	DECEMBER 31, 2014
(In Millions)	AMORTIZED COST		GROSS UNREALIZED GAINS		GROSS UNREALIZED 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 December 31, 2015 and 2014.

TABLE 52: SECURITIES WITH UNREALIZED LOSSES

AS OF DECEMBER 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
U.S. Government	$	3,888.0	$	5.5	$	—	$	—	$	3,888.0	$	5.5
Obligations of States and Political Subdivisions	15.1		0.1		—		—		15.1		0.1
Government Sponsored Agency	9,208.5		38.7		1,213.6		7.8		10,422.1		46.5
Non-U.S. Government	314.3		0.6		—		—		314.3		0.6
Corporate Debt	2,067.6		10.3		1,057.1		22.8		3,124.7		33.1
Covered Bonds	1,598.4		6.7		10.0		0.1		1,608.4		6.8
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds	1,132.9		2.3		109.3		0.6		1,242.2		2.9
Other Asset-Backed	2,122.7		4.0		170.6		0.2		2,293.3		4.2
Certificates of Deposit	180.3		0.1		—		—		180.3		0.1
Auction Rate	—		—		6.4		0.1		6.4		0.1
Commercial Mortgage-Backed	374.4		3.7		—		—		374.4		3.7
Other	28.7		13.3		50.7		23.6		79.4		36.9
Total	$	20,930.9	$	85.3	$	2,617.7	$	55.2	$	23,548.6	$	140.5

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

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 years ended December 31, 2015, 2014, and 2013.

TABLE 53: NET IMPAIRMENT LOSSES RECOGNIZED IN EARNINGS

	DECEMBER 31,
(In Millions)	2015		2014			2013
Changes in Other-Than-Temporary Impairment Losses(1)	$	—	$	(4.9	)	$	—
Noncredit-related Losses Recorded in / (Reclassified from) OCI(2)	—		0.7			—
Net Impairment Losses Recognized in Earnings	$	—	$	(4.2	)	$	—

(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.

TABLE 54: CUMULATIVE CREDIT-RELATED LOSSES ON SECURITIES HELD

	YEAR ENDED DECEMBER 31,
(In Millions)	2015		2014
Cumulative Credit-Related Losses on Securities Held – Beginning of Year	$	5.2	$	8.8
Plus: Losses on Newly Identified Impairments	—		1.8
Additional Losses on Previously Identified Impairments	—		2.4
Less: Current and Prior Period Losses on Securities Sold During the Year	—		(7.8		)
Cumulative Credit-Related Losses on Securities Held – End of Year	$	5.2	$	5.2

Securities Available for Sale

Remaining Maturity of Securities

			DECEMBER 31, 2015					DECEMBER 31, 2014
(In Millions)	AMORTIZED COST			FAIR VALUE		AMORTIZED COST			FAIR VALUE
Due in One Year or Less	$	9,335.0		$	9,332.6	$	7,467.4		$	7,487.9
Due After One Year Through Five Years	17,808.8			17,777.0		17,132.7			17,157.6
Due After Five Years Through Ten Years	4,036.5			4,023.1		3,394.2			3,418.0
Due After Ten Years	1,187.5			1,185.2		1,519.8			1,495.0
Total	$	32,367.8		$	32,317.9	$	29,514.1		$	29,558.5

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

			DECEMBER 31, 2015					DECEMBER 31, 2014
(In Millions)	AMORTIZED COST			FAIR VALUE		AMORTIZED COST			FAIR VALUE
Due in One Year or Less	$	1,908.8		$	1,913.2	$	1,503.5		$	1,504.7
Due After One Year Through Five Years	3,271.1			3,278.3		2,602.8			2,622.3
Due After Five Years Through Ten Years	14.9			11.7		23.5			21.5
Due After Ten Years	53.5			24.3		41.0			27.6
Total	$	5,248.3		$	5,227.5	$	4,170.8		$	4,176.1

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