Securities (Tables)

3 Months Ended

Mar. 31, 2020

Investments, Debt and Equity Securities [Abstract]

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

The following tables provide the amortized cost and fair values at March 31, 2020 and December 31, 2019, and remaining maturities of debt securities available for sale at March 31, 2020.

TABLE 32: RECONCILIATION OF AMORTIZED COST TO FAIR VALUE OF DEBT SECURITIES AVAILABLE FOR SALE

	MARCH 31, 2020
(In Millions)	AMORTIZED COST		GROSS UNREALIZED GAINS		GROSS UNREALIZED LOSSES		FAIR VALUE
U.S. Government	$	4,481.7	$	102.4	$	—	$	4,584.1
Obligations of States and Political Subdivisions	1,725.2		54.3		3.2		1,776.3
Government Sponsored Agency	23,611.0		365.3		106.3		23,870.0
Non-U.S. Government	3.3		0.1		—		3.4
Corporate Debt	2,408.6		38.7		11.3		2,436.0
Covered Bonds	550.5		4.2		1.3		553.4
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds	2,047.5		58.6		0.6		2,105.5
Other Asset-Backed	3,284.9		2.3		105.1		3,182.1
Commercial Mortgage-Backed	904.3		31.1		12.8		922.6
Other	8.3		—		—		8.3
Total	$	39,025.3	$	657.0	$	240.6	$	39,441.7

	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

Remaining Maturity of Securities Available for Sale and Held to Maturity

MARCH 31, 2020	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	$	2,204.6	$	2,221.5	$	1,724.7	$	1,768.4	$	552.4	$	594.2	$	—	$	—	$	4,481.7	$	4,584.1
Obligations of States and Political Subdivisions	35.9		35.9		87.5		91.3		1,601.8		1,649.1		—		—		1,725.2		1,776.3
Government Sponsored Agency	5,825.0		5,895.7		10,097.6		10,225.5		5,524.0		5,565.7		2,164.4		2,183.1		23,611.0		23,870.0
Non-U.S. Government	3.3		3.4		—		—		—		—		—		—		3.3		3.4
Corporate Debt	366.4		365.8		2,036.4		2,064.4		5.8		5.8		—		—		2,408.6		2,436.0
Covered Bonds	108.3		108.6		442.2		444.8		—		—		—		—		550.5		553.4
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds	327.6		327.8		1,669.9		1,727.8		50.0		49.9		—		—		2,047.5		2,105.5
Other Asset-Backed	643.0		641.2		2,164.5		2,096.3		464.4		432.5		13.0		12.1		3,284.9		3,182.1
Commercial Mortgage-Backed	26.1		25.9		255.7		258.0		600.8		617.5		21.7		21.2		904.3		922.6
Other	8.3		8.3		—		—		—		—		—		—		8.3		8.3
Total	$	9,548.5	$	9,634.1	$	18,478.5	$	18,676.5	$	8,799.2	$	8,914.7	$	2,199.1	$	2,216.4	$	39,025.3	$	39,441.7

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

TABLE 36: REMAINING MATURITY OF DEBT SECURITIES HELD TO MATURITY

MARCH 31, 2020	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	$	104.9	$	105.0	$	—	$	—	$	—	$	—	$	—	$	—	$	104.9	$	105.0
Obligations of States and Political Subdivisions	6.0		6.1		0.9		1.0		—		—		—		—		6.9		7.1
Government Sponsored Agency	0.6		0.7		1.7		1.8		1.0		1.1		0.6		0.6		3.9		4.2
Non-U.S. Government	3,481.7		3,483.9		214.3		219.3		—		—		—		—		3,696.0		3,703.2
Corporate Debt	96.0		94.2		424.9		419.4		—		—		—		—		520.9		513.6
Covered Bonds	753.0		755.2		2,363.9		2,363.0		—		—		—		—		3,116.9		3,118.2
Certificates of Deposit	1,041.9		1,041.9		—		—		—		—		—		—		1,041.9		1,041.9
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds	418.5		419.4		2,600.9		2,632.6		40.6		40.3		—		—		3,060.0		3,092.3
Other Asset-Backed	252.3		251.5		449.2		442.7		81.8		81.0		—		—		783.3		775.2
Other	8.5		8.0		141.2		111.6		46.0		28.5		105.3		24.2		301.0		172.3
Total	$	6,163.4	$	6,165.9	$	6,197.0	$	6,191.4	$	169.4	$	150.9	$	105.9	$	24.8	$	12,635.7	$	12,533.0

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

Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value

AS OF MARCH 31, 2020	LESS THAN 12 MONTHS				12 MONTHS OR LONGER				TOTAL
(In Millions)	FAIR VALUE		UNREALIZED LOSSES		FAIR VALUE		UNREALIZED LOSSES		FAIR VALUE		UNREALIZED LOSSES
Obligations of States and Political Subdivisions	$	230.6	$	3.2	$	—	$	—	$	230.6	$	3.2
Government Sponsored Agency	2,803.1		24.4		7,033.0		81.9		9,836.1		106.3
Corporate Debt	669.2		8.8		134.0		1.9		803.2		10.7
Covered Bonds	306.5		1.3		—		—		306.5		1.3
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds	99.9		0.1		158.8		0.5		258.7		0.6
Other Asset-Backed	1,616.7		45.0		1,049.7		60.1		2,666.4		105.1
Commercial Mortgage-Backed	296.3		12.7		34.1		0.1		330.4		12.8
Total	$	6,022.3	$	95.5	$	8,409.6	$	144.5	$	14,431.9	$	240.0

Note: One corporate debt available for sale security with a fair value of $24.6 million and unrealized losses of $0.6 million has been excluded from the table above as it has a credit loss reported as of March 31, 2020.

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	$	2.8	$	899.7	$	2.3	$	1,151.9	$	5.1
Obligations of States and Political Subdivisions	902.4		13.3		—		—		902.4		13.3
Government Sponsored Agency	5,405.0		35.6		7,818.4		42.5		13,223.4		78.1
Corporate Debt	279.3		1.1		492.7		2.9		772.0		4.0
Covered Bonds	138.7		0.7		25.0		0.1		163.7		0.8
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds	217.5		1.0		155.2		0.1		372.7		1.1
Other Asset-Backed	592.4		1.8		1,164.9		3.5		1,757.3		5.3
Commercial Mortgage-Backed	62.8		0.7		59.3		0.2		122.1		0.9
Total	$	7,850.3	$	57.0	$	10,615.2	$	51.6	$	18,465.5	$	108.6

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

TABLE 35: RECONCILIATION OF AMORTIZED COST TO FAIR VALUE OF DEBT SECURITIES HELD TO MATURITY

	MARCH 31, 2020
(In Millions)	AMORTIZED COST		GROSS UNREALIZED GAINS		GROSS UNREALIZED LOSSES		FAIR VALUE
U.S Government	$	104.9	$	0.1	$	—	$	105.0
Obligations of States and Political Subdivisions	6.9		0.2		—		7.1
Government Sponsored Agency	3.9		0.3		—		4.2
Non-U.S. Government	3,696.0		7.5		0.3		3,703.2
Corporate Debt	520.9		1.1		8.4		513.6
Covered Bonds	3,116.9		15.5		14.2		3,118.2
Certificates of Deposit	1,041.9		—		—		1,041.9
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds	3,060.0		35.6		3.3		3,092.3
Other Asset-Backed	783.3		—		8.1		775.2
Other	301.0		—		128.7		172.3
Total	$	12,635.7	$	60.3	$	163.0	$	12,533.0

	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

Debt Securities, Held-to-maturity, Credit Quality Indicator

The following table provides the amortized cost of debt securities held to maturity by credit rating.

TABLE 37: AMORTIZED COST OF DEBT SECURITIES HELD TO MATURITY BY CREDIT RATING

	AS OF MARCH 31, 2020
(In Millions)	AAA		AA		A		BBB		NOT RATED		TOTAL
U.S. Government	$	104.9	$	—	$	—	$	—	$	—	$	104.9
Obligations of States and Political Subdivisions	—		0.5		5.1		1.3		—		6.9
Government Sponsored Agency	3.9		—		—		—		—		3.9
Non-U.S. Government	348.1		1,219.2		2,128.7		—		—		3,696.0
Corporate Debt	3.4		256.5		261.0		—		—		520.9
Covered Bonds	3,116.9		—		—		—		—		3,116.9
Certificates of Deposit	—		—		—		—		1,041.9		1,041.9
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds	2,146.4		882.6		—		—		31.0		3,060.0
Other Asset-Backed	783.3		—		—		—		—		783.3
Other	—		—		—		—		301.0		301.0
Total	$	6,506.9	$	2,358.8	$	2,394.8	$	1.3	$	1,373.9	$	12,635.7

Realized Gain (Loss) on Investments

	THREE MONTHS ENDED MARCH 31,
(In Millions)	2020			2019
Gross Realized Debt Securities Gains	$	0.7		$	1.3
Gross Realized Debt Securities Losses	(0.7		)	(1.5		)
Net Investment Security (Losses) Gains	$	—		$	(0.2	)