XML 70 R46.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Securities (Tables)
 12 Months Ended
Dec. 31, 2019
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]  
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 debt securities available for sale.

TABLE 65: RECONCILIATION OF AMORTIZED COST TO FAIR VALUE OF DEBT SECURITIES AVAILABLE FOR SALE
 
DECEMBER 31, 2019
(In Millions)
AMORTIZED
COST

GROSS
UNREALIZED
GAINS

GROSS
UNREALIZED
LOSSES

FAIR
VALUE

U.S. Government
$
4,527.5

$
26.7

$
5.1

$
4,549.1

Obligations of States and Political Subdivisions
1,604.0

24.6

13.3

1,615.3

Government Sponsored Agency
23,247.5

101.8

78.1

23,271.2

Non-U.S. Government
3.3

—

—

3.3

Corporate Debt
2,378.9

27.8

4.0

2,402.7

Covered Bonds
766.3

4.4

0.8

769.9

Sub-Sovereign, Supranational and Non-U.S. Agency Bonds
2,091.3

37.4

1.1

2,127.6

Other Asset-Backed
3,324.5

11.3

5.3

3,330.5

Commercial Mortgage-Backed
769.9

28.7

0.9

797.7

Other
9.0

—

—

9.0

 
 
 
 
 
Total
$
38,722.2

$
262.7

$
108.6

$
38,876.3

 
DECEMBER 31, 2018
(In Millions)
AMORTIZED
COST

GROSS
UNREALIZED
GAINS

GROSS
UNREALIZED
LOSSES

FAIR
VALUE

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

TABLE 67: RECONCILIATION OF AMORTIZED COST TO FAIR VALUES OF DEBT SECURITIES HELD TO MATURITY
 
DECEMBER 31, 2019
(In Millions)
AMORTIZED
COST

GROSS
UNREALIZED
GAINS

GROSS
UNREALIZED
LOSSES

FAIR
VALUE

U.S. Government
$
138.8

$
—

$
—

$
138.8

Obligations of States and Political Subdivisions
10.1

0.2

—

10.3

Government Sponsored Agency
4.1

0.2

—

4.3

Non-U.S. Government
4,076.0

5.3

2.5

4,078.8

Corporate Debt
405.1

1.4

0.3

406.2

Covered Bonds
3,006.7

16.1

2.4

3,020.4

Certificates of Deposit
262.9

—

—

262.9

Sub-Sovereign, Supranational and Non-U.S. Agency Bonds
3,285.4

21.7

2.1

3,305.0

Other Asset-Backed
804.3

0.7

0.3

804.7

Other
291.1

0.1

73.3

217.9

 
 
 
 
 
Total
$
12,284.5

$
45.7

$
80.9

$
12,249.3

 
DECEMBER 31, 2018
(In Millions)
AMORTIZED
COST

GROSS
UNREALIZED
GAINS

GROSS
UNREALIZED
LOSSES

FAIR
VALUE

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
Gain (Loss) on Securities [Table Text Block]
 
DECEMBER 31,
(In Millions)
2019

2018

2017

Gross Realized Debt Securities Gains
$
2.4

$
1.5

$
0.2

Gross Realized Debt Securities Losses
(3.5
)
(2.0
)
(1.6
)
Changes in Other-Than-Temporary Impairment Losses(1)
(0.3
)
(0.5
)
(0.2
)
 
 
 
 
Net Investment Security (Losses)/Gains
$
(1.4
)
$
(1.0
)
$
(1.6
)
(1) Other-than-temporary Impairment Losses relate to certain Community Reinvestment Act (CRA) eligible held to maturity debt securities
Securities Continuous Unrealized Loss Position The following table provides information regarding debt 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, 2019 and 2018.

TABLE 70: DEBT SECURITIES WITH UNREALIZED LOSSES
AS OF DECEMBER 31, 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
$
252.2

$
2.7

$
899.8

$
2.4

$
1,152.0

$
5.1

Obligations of States and Political Subdivisions
902.5

13.3

—

—

902.5

13.3

Government Sponsored Agency
5,405.0

35.6

7,818.4

42.5

13,223.4

78.1

Non-U.S. Government
3,620.2

2.5

—

—

3,620.2

2.5

Corporate Debt
410.4

1.3

492.8

3.0

903.2

4.3

Covered Bonds
646.8

3.2

—

—

646.8

3.2

Sub-Sovereign, Supranational and Non-U.S. Agency Bonds
1,302.0

3.1

155.2

0.1

1,457.2

3.2

Other Asset-Backed
706.9

2.1

1,164.9

3.5

1,871.8

5.6

Commercial Mortgage-Backed
62.8

0.7

59.3

0.2

122.1

0.9

Other
54.1

26.7

164.0

46.6

218.1

73.3

 
 
 
 
 
 
 
Total
$
13,362.9

$
91.2

$
10,754.4

$
98.3

$
24,117.3

$
189.5

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
Credit Related Impairment Losses Recognized in Earnings on Other Than Temporarily Impaired Securities The table below provides information regarding total other-than-temporarily impaired debt securities, including noncredit-related amounts recognized in other comprehensive income and net impairment losses recognized in earnings, for the years ended December 31, 2019, 2018, and 2017.

TABLE 71: NET IMPAIRMENT LOSSES RECOGNIZED IN EARNINGS
 
DECEMBER 31,
(In Millions)
2019

2018

2017

Changes in Other-Than-Temporary Impairment Losses(1)
$
(0.3
)
$
(0.5
)
$
(0.2
)
Noncredit-related Losses Recorded in / (Reclassified from) OCI(2)
—

—

—

 
 
 
 
Net Impairment Losses Recognized in Earnings
$
(0.3
)
$
(0.5
)
$
(0.2
)
(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 72: CUMULATIVE CREDIT-RELATED LOSSES ON DEBT SECURITIES HELD
 
YEAR ENDED DECEMBER 31,
 
(In Millions)
2019

2018

2017

Cumulative Credit-Related Losses on Debt Securities Held – Beginning of Year
$
4.1

$
3.6

$
3.4

Plus: Losses on Newly Identified Impairments
0.2

0.4

0.1

Additional Losses on Previously Identified Impairments
0.1

0.1

0.1

Less: Current and Prior Period Losses on Debt Securities Sold or Matured During the Year
—

—

—

 


 
 
Cumulative Credit-Related Losses on Debt Securities Held – End of Year
$
4.4

$
4.1

$
3.6
Securities Available for Sale  
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]  
Remaining Maturity of Securities
DECEMBER 31, 2019
ONE YEAR OR LESS
ONE TO FIVE YEARS
FIVE TO TEN YEARS
OVER TEN YEARS
TOTAL
(In Millions)
Amortized Cost
Fair Value
Amortized Cost
Fair Value
Amortized Cost
Fair Value
Amortized Cost
Fair Value
Amortized Cost
Fair Value
U.S. Government
$
1,899.0

$
1,898.4

$
2,075.9

$
2,098.3

$
552.6

$
552.4

$
—

$
—

$
4,527.5

$
4,549.1

Obligations of States and Political Subdivisions
80.0

80.1

83.0

85.4

1,441.0

1,449.8

—

—

1,604.0

1,615.3

Government Sponsored Agency
4,994.1

5,005.0

9,714.1

9,728.8

5,870.0

5,869.4

2,669.3

2,668.0

23,247.5

23,271.2

Non-U.S. Government
—

—

3.3

3.3

—

—

—

—

3.3

3.3

Corporate Debt
341.8

341.7

1,981.5

2,005.5

55.6

55.5

—

—

2,378.9

2,402.7

Covered Bonds
281.0

281.6

485.3

488.3

—

—

—

—

766.3

769.9

Sub-Sovereign, Supranational and Non-U.S. Agency Bonds
333.9

334.6

1,707.4

1,743.1

50.0

49.9

—

—

2,091.3

2,127.6

Other Asset-Backed
885.1

885.3

1,977.3

1,984.8

452.8

451.1

9.3

9.3

3,324.5

3,330.5

Commercial Mortgage-Backed
46.6

46.4

167.9

174.2

555.4

577.1

—

—

769.9

797.7

Other
9.0

9.0

—

—

—

—

—

—

9.0

9.0

 
 
 
 
 
 
 
 
 
 
 
Total
$
8,870.5

$
8,882.1

$
18,195.7

$
18,311.7

$
8,977.4

$
9,005.2

$
2,678.6

$
2,677.3

$
38,722.2

$
38,876.3

Note: Mortgage-backed and asset-backed securities are included in the above table taking into account anticipated future prepayments.
Held-to-maturity Securities  
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]  
Remaining Maturity of Securities
December 31, 2019
ONE YEAR OR LESS
ONE TO FIVE YEARS
FIVE TO TEN YEARS
OVER TEN YEARS
TOTAL
(In Millions)
Amortized Cost
Fair Value
Amortized Cost
Fair Value
Amortized Cost
Fair Value
Amortized Cost
Fair Value
Amortized Cost
Fair Value
U.S. Government
$
138.8

$
138.8

$
—

$
—

$
—

$
—

$
—

$
—

$
138.8

$
138.8

Obligations of States and Political Subdivisions
8.1

8.2

2.0

2.1

—

—

—

—

10.1

10.3

Government Sponsored Agency
0.6

0.6

1.7

1.8

1.2

1.2

0.6

0.7

4.1

4.3

Non-U.S. Government
2,757.9

2,757.8

1,318.1

1,321.0

—

—

—

—

4,076.0

4,078.8

Corporate Debt
45.9

46.2

359.2

360.0

—

—

—

—

405.1

406.2

Covered Bonds
599.8

601.6

2,406.9

2,418.8

—

—

—

—

3,006.7

3,020.4

Certificates of Deposit
262.9

262.9

—

—

—

—

—

—

262.9

262.9

Sub-Sovereign, Supranational and Non-U.S. Agency Bonds
577.8

577.8

2,691.5

2,711.4

16.1

15.8

—

—

3,285.4

3,305.0

Other Asset-Backed
151.9

152.0

398.3

398.7

254.1

254.0

—

—

804.3

804.7

Other
10.6

10.5

132.0

119.3

45.9

39.7

102.6

48.4

291.1

217.9

 
 
 
 
 
 
 
 
 
 
 
Total
$
4,554.3

$
4,556.4

$
7,309.7

$
7,333.1

$
317.3

$
310.7

$
103.2

$
49.1

$
12,284.5

$
12,249.3

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