Securities (Tables)

9 Months Ended

Sep. 30, 2019

Debt and Equity Securities, FV-NI [Line Items]

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

The following tables provide the amortized cost and fair values of debt securities at September 30, 2019 and December 31, 2018.

Table 37: Reconciliation of Amortized Cost to Fair Value of Debt Securities Available for Sale

Debt Securities Available for Sale	September 30, 2019
	Amortized Cost		Gross Unrealized				Fair Value
(In Millions)			Gains		Losses
U.S. Government	$	5,631.9	$	27.5	$	6.4	$	5,653.0
Obligations of States and Political Subdivisions	1,117.1		32.5		2.0		1,147.6
Government Sponsored Agency	22,536.2		139.7		55.8		22,620.1
Non-U.S. Government	3.3		—		—		3.3
Corporate Debt	2,560.3		29.6		4.4		2,585.5
Covered Bonds	759.4		5.0		0.2		764.2
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds	2,062.2		43.5		0.9		2,104.8
Other Asset-Backed	3,199.7		13.9		4.5		3,209.1
Commercial Mortgage-Backed	784.7		38.0		0.3		822.4
Other	10.2		—		—		10.2
Total	$	38,665.0	$	329.7	$	74.5	$	38,920.2

Debt Securities Available for Sale	December 31, 2018
	Amortized Cost		Gross Unrealized				Fair Value
(In Millions)			Gains		Losses
U.S. Government	$	5,203.1	$	21.8	$	39.6	$	5,185.3
Obligations of States and Political Subdivisions	657.6		2.0		3.7		655.9
Government Sponsored Agency	22,522.7		52.4		150.5		22,424.6
Non-U.S. Government	143.3		—		1.1		142.2
Corporate Debt	2,312.6		3.2		21.1		2,294.7
Covered Bonds	832.7		1.4		4.8		829.3
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds	2,087.8		11.9		3.5		2,096.2
Other Asset-Backed	2,678.9		1.7		22.9		2,657.7
Commercial Mortgage-Backed	587.4		4.0		4.2		587.2
Other	15.7		—		—		15.7
Total	$	37,041.8	$	98.4	$	251.4	$	36,888.8

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

Table 38: Reconciliation of Amortized Cost to Fair Value of Debt Securities Held to Maturity

Debt Securities Held to Maturity	September 30, 2019
	Amortized Cost		Gross Unrealized				Fair Value
(In Millions)			Gains		Losses
U.S Government	$	113.8	$	—	$	—	$	113.8
Obligations of States and Political Subdivisions	16.4		0.3		—		16.7
Government Sponsored Agency	4.1		0.3		—		4.4
Non-U.S. Government	3,859.3		7.4		1.1		3,865.6
Corporate Debt	401.8		1.9		0.2		403.5
Covered Bonds	2,701.8		23.2		1.1		2,723.9
Certificates of Deposit	131.8		—		—		131.8
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds	3,309.2		30.1		0.9		3,338.4
Other Asset-Backed	669.8		0.8		1.1		669.5
Other	279.8		—		76.0		203.8
Total	$	11,487.8	$	64.0	$	80.4	$	11,471.4

Debt Securities Held to Maturity	December 31, 2018
	Amortized Cost		Gross Unrealized				Fair Value
(In Millions)			Gains		Losses
U.S Government	$	101.6	$	—	$	—	$	101.6
Obligations of States and Political Subdivisions	18.9		0.6		—		19.5
Government Sponsored Agency	4.5		0.2		—		4.7
Non-U.S. Government	6,488.2		2.1		8.7		6,481.6
Corporate Debt	472.9		0.4		1.8		471.5
Covered Bonds	2,877.6		9.6		9.3		2,877.9
Certificates of Deposit	45.1		—		—		45.1
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds	2,966.8		5.8		12.3		2,960.3
Other Asset-Backed	1,146.4		—		4.0		1,142.4
Other	232.0		—		69.6		162.4
Total	$	14,354.0	$	18.7	$	105.7	$	14,267.0

Debt Securities with Unrealized Losses

The following table provides information regarding debt securities that had been in a continuous unrealized loss position for less than twelve months and for twelve months or longer as of September 30, 2019 and December 31, 2018.

Table 40: Debt Securities with Unrealized Losses

Debt Securities with Unrealized Losses as of September 30, 2019	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	$	98.4	$	0.7	$	2,595.9	$	5.7	$	2,694.3	$	6.4
Obligations of States and Political Subdivisions	217.2		1.9		45.5		0.1		262.7		2.0
Government Sponsored Agency	3,914.2		14.0		7,957.2		41.8		11,871.4		55.8
Non-U.S. Government	287.3		0.1		901.6		1.0		1,188.9		1.1
Corporate Debt	397.0		0.9		663.0		3.7		1,060.0		4.6
Covered Bonds	206.4		0.1		308.0		1.2		514.4		1.3
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds	338.5		0.9		840.5		0.9		1,179.0		1.8
Other Asset-Backed	815.1		2.8		1,299.2		2.8		2,114.3		5.6
Commercial Mortgage-Backed	36.6		0.1		81.8		0.2		118.4		0.3
Other	60.5		29.7		145.9		46.3		206.4		76.0
Total	$	6,371.2	$	51.2	$	14,838.6	$	103.7	$	21,209.8	$	154.9

Debt Securities with Unrealized Losses as of December 31, 2018	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	$	—	$	—	$	2,862.0	$	39.6	$	2,862.0	$	39.6
Obligations of States and Political Subdivisions	169.6		2.4		279.6		1.3		449.2		3.7
Government Sponsored Agency	8,368.8		33.5		6,822.4		117.0		15,191.2		150.5
Non-U.S. Government	5,065.2		0.8		1,274.0		9.0		6,339.2		9.8
Corporate Debt	712.7		4.1		1,097.4		18.8		1,810.1		22.9
Covered Bonds	646.4		3.7		696.9		10.4		1,343.3		14.1
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds	1,105.0		4.6		1,189.2		11.2		2,294.2		15.8
Other Asset-Backed	2,507.8		15.9		954.9		11.0		3,462.7		26.9
Commercial Mortgage-Backed	22.8		0.1		274.4		4.1		297.2		4.2
Other	50.5		18.8		112.6		50.8		163.1		69.6
Total	$	18,648.8	$	83.9	$	15,563.4	$	273.2	$	34,212.2	$	357.1

Cumulative Credit-Related Losses on Debt Securities

The table below provides the cumulative credit-related losses recognized in earnings on debt securities other-than-temporarily impaired.

Table 41: Cumulative Credit-Related Losses on Debt Securities

	Three Months Ended September 30,				Nine Months Ended September 30,
(In Millions)	2019		2018		2019		2018
Cumulative Credit-Related Losses on Debt Securities Held — Beginning of Period	$	4.3	$	3.8	$	4.1	$	3.6
Plus: Losses on Newly Identified Impairments	0.1		—		0.2		0.2
Additional Losses on Previously Identified Impairments	—		0.1		0.1		0.1
Cumulative Credit-Related Losses on Debt Securities Held — End of Period	$	4.4	$	3.9	$	4.4	$	3.9

Available for Sale Debt Securities

Debt and Equity Securities, FV-NI [Line Items]

Remaining Maturity of Securities Available for Sale and Held to Maturity

The following table provides the remaining maturity of debt securities as of September 30, 2019 and December 31, 2018.

Table 39: Remaining Maturity of Debt Securities Available for Sale and Held to Maturity

	September 30, 2019				December 31, 2018
(In Millions)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Available for Sale
Due in One Year or Less	$	9,144.1	$	9,161.7	$	9,206.2	$	9,162.8
Due After One Year Through Five Years	19,139.3		19,284.6		21,012.7		20,943.9
Due After Five Years Through Ten Years	8,399.8		8,480.7		5,774.1		5,740.8
Due After Ten Years	1,981.8		1,993.2		1,048.8		1,041.3
Total	38,665.0		38,920.2		37,041.8		36,888.8
Held to Maturity
Due in One Year or Less	4,325.8		4,326.9		6,638.2		6,635.5
Due After One Year Through Five Years	6,859.0		6,905.7		7,066.0		7,040.0
Due After Five Years Through Ten Years	199.7		190.9		567.9		553.0
Due After Ten Years	103.3		47.9		81.9		38.5
Total	$	11,487.8	$	11,471.4	$	14,354.0	$	14,267.0

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