Accumulated Other Comprehensive Income (Loss) (Tables)

6 Months Ended

Jun. 30, 2020

Equity [Abstract]

Summary of Changes in Accumulated Other Comprehensive Income (Loss)

The following tables summarize the components of accumulated other comprehensive income (loss) (AOCI) at June 30, 2020 and 2019, and changes during the three and six months then ended.

TABLE 63: SUMMARY OF CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

	THREE MONTHS ENDED JUNE 30, 2020
(In Millions)	NET UNREALIZED GAINS (LOSSES) ON DEBT SECURITIES AVAILABLE FOR SALE(1)		NET UNREALIZED (LOSSES) GAINS ON CASH FLOW HEDGES		NET FOREIGN CURRENCY ADJUSTMENT		NET PENSION AND OTHER POSTRETIREMENT BENEFIT ADJUSTMENTS		TOTAL
Balance at March 31, 2020	$	313.7	$	3.6	$	143.5	$	(415.8)	$	45.0
Net Change	318.1		(3.3)		2.0		8.6		325.4
Balance at June 30, 2020	$	631.8	$	0.3	$	145.5	$	(407.2)	$	370.4

⁽¹⁾ Includes net unrealized gains on debt securities transferred from available for sale to held to maturity during the period ended June 30, 2020.

	SIX MONTHS ENDED JUNE 30, 2020
(In Millions)	NET UNREALIZED GAINS (LOSSES) ON DEBT SECURITIES AVAILABLE FOR SALE(1)		NET UNREALIZED (LOSSES) GAINS ON CASH FLOW HEDGES		NET FOREIGN CURRENCY ADJUSTMENT		NET PENSION AND OTHER POSTRETIREMENT BENEFIT ADJUSTMENTS		TOTAL
Balance at December 31, 2019	$	114.0	$	(3.7)	$	117.8	$	(422.8)	$	(194.7)
Net Change	517.8		4.0		27.7		15.6		565.1
Balance at June 30, 2020	$	631.8	$	0.3	$	145.5	$	(407.2)	$	370.4

⁽¹⁾ Includes net unrealized gains on debt securities transferred from available for sale to held to maturity during the period ended June 30, 2020.

	THREE MONTHS ENDED JUNE 30, 2019
(In Millions)	NET UNREALIZED GAINS (LOSSES) ON DEBT SECURITIES AVAILABLE FOR SALE(1)		NET UNREALIZED (LOSSES) GAINS ON CASH FLOW HEDGES		NET FOREIGN CURRENCY ADJUSTMENT		NET PENSION AND OTHER POSTRETIREMENT BENEFIT ADJUSTMENTS		TOTAL
Balance at March 31, 2019	$	(29.3)	$	(0.3)	$	82.7	$	(398.4)	$	(345.3)
Net Change	162.4		4.8		14.1		4.2		185.5
Balance at June 30, 2019	$	133.1	$	4.5	$	96.8	$	(394.2)	$	(159.8)

⁽¹⁾ Includes net unrealized gains on debt securities transferred from available for sale to held to maturity during the period ended June 30, 2019.

	SIX MONTHS ENDED JUNE 30, 2019
(In Millions)	NET UNREALIZED GAINS (LOSSES) ON DEBT SECURITIES AVAILABLE FOR SALE(1)		NET UNREALIZED (LOSSES) GAINS ON CASH FLOW HEDGES		NET FOREIGN CURRENCY ADJUSTMENT		NET PENSION AND OTHER POSTRETIREMENT BENEFIT ADJUSTMENTS		TOTAL
Balance at December 31, 2018	$	(114.9)	$	4.0	$	67.9	$	(410.7)	$	(453.7)
Net Change	248.0		0.5		28.9		16.5		293.9
Balance at June 30, 2019	$	133.1	$	4.5	$	96.8	$	(394.2)	$	(159.8)

⁽¹⁾ Includes net unrealized gains on debt securities transferred from available for sale to held to maturity during the period ended June 30, 2019.

Details of Changes in Accumulated Other Comprehensive Income (Loss)

TABLE 64: DETAILS OF CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

	THREE MONTHS ENDED JUNE 30,
	2020						2019
(In Millions)	BEFORE TAX		TAX EFFECT		AFTER TAX		BEFORE TAX		TAX EFFECT		AFTER TAX
Unrealized Gains (Losses) on Debt Securities Available for Sale
Unrealized Gains (Losses) on Debt Securities Available for Sale	$	424.6	$	(106.4)	$	318.2	$	217.6	$	(55.3)	$	162.3
Reclassification Adjustment for (Gains) Losses Included in Net Income(1)	(0.1)		—		(0.1)		0.1		—		0.1
Net Change	$	424.5	$	(106.4)	$	318.1	$	217.7	$	(55.3)	$	162.4
Unrealized Gains (Losses) on Cash Flow Hedges
Foreign Exchange Contracts	$	(1.8)	$	0.4	$	(1.4)	$	9.4	$	(2.3)	$	7.1
Interest Rate Contracts	—		—		—		0.8		(0.2)		0.6
Reclassification Adjustment for (Gains) Losses Included in Net Income(2)	(2.5)		0.6		(1.9)		(3.8)		0.9		(2.9)
Net Change	$	(4.3)	$	1.0	$	(3.3)	$	6.4	$	(1.6)	$	4.8
Foreign Currency Adjustments
Foreign Currency Translation Adjustments	$	50.7	$	(7.5)	$	43.2	$	9.0	$	(0.3)	$	8.7
Long-Term Intra-Entity Foreign Currency Transaction Gains (Losses)	0.1		—		0.1		(0.7)		0.2		(0.5)
Net Investment Hedge Gains (Losses)	(55.0)		13.7		(41.3)		7.9		(2.0)		5.9
Net Change	$	(4.2)	$	6.2	$	2.0	$	16.2	$	(2.1)	$	14.1
Pension and Other Postretirement Benefit Adjustments
Net Actuarial Gains	$	0.5	$	—	$	0.5	$	—	$	—	$	—
Reclassification Adjustment for (Gains) Losses Included in Net Income(3)
Amortization of Net Actuarial Loss	10.7		(2.6)		8.1		5.6		(1.4)		4.2
Net Change	$	11.2	$	(2.6)	$	8.6	$	5.6	$	(1.4)	$	4.2
Total Net Change	$	427.2	$	(101.8)	$	325.4	$	245.9	$	(60.4)	$	185.5

⁽¹⁾ The before-tax reclassification adjustment out of AOCI related to the realized gains (losses) on debt securities available for sale is recorded as Investment Security Gains (Losses), net within the consolidated statements of income.

⁽²⁾ See Note 21 — Derivative Financial Instruments for the location of the reclassification adjustment related to cash flow hedges.

⁽³⁾ The before-tax reclassification adjustment out of AOCI related to pension and other postretirement benefit adjustments is recorded in Employee Benefits expense within the consolidated statements of income.

	SIX MONTHS ENDED JUNE 30,
	2020						2019
(In Millions)	BEFORE TAX		TAX EFFECT		AFTER TAX		BEFORE TAX		TAX EFFECT		AFTER TAX
Unrealized Gains (Losses) on Debt Securities Available for Sale
Unrealized Gains (Losses) on Debt Securities Available for Sale	$	691.4	$	(173.5)	$	517.9	$	332.9	$	(85.2)	$	247.7
Reclassification Adjustment for (Gains) Losses Included in Net Income(1)	(0.1)		—		(0.1)		0.3		—		0.3
Net Change	$	691.3	$	(173.5)	$	517.8	$	333.2	$	(85.2)	$	248.0
Unrealized Gains (Losses) on Cash Flow Hedges
Foreign Exchange Contracts	$	11.5	$	(2.9)	$	8.6	$	16.6	$	(4.0)	$	12.6
Interest Rate Contracts	0.4		(0.1)		0.3		1.4		(0.4)		1.0
Reclassification Adjustment for (Gains) Losses Included in Net Income(2)	(6.5)		1.6		(4.9)		(17.4)		4.3		(13.1)
Net Change	$	5.4	$	(1.4)	$	4.0	$	0.6	$	(0.1)	$	0.5
Foreign Currency Adjustments
Foreign Currency Translation Adjustments	$	(39.1)	$	2.1	$	(37.0)	$	2.6	$	1.2	$	3.8
Long-Term Intra-Entity Foreign Currency Transaction Gains (Losses)	(0.5)		0.1		(0.4)		—		—		—
Net Investment Hedge Gains (Losses)	87.7		(22.6)		65.1		36.5		(11.4)		25.1
Net Change	$	48.1	$	(20.4)	$	27.7	$	39.1	$	(10.2)	$	28.9
Pension and Other Postretirement Benefit Adjustments
Net Actuarial Gains (Losses)	$	(0.8)	$	0.1	$	(0.7)	$	11.3	$	(3.1)	$	8.2
Reclassification Adjustment for (Gains) Losses Included in Net Income(3)
Amortization of Net Actuarial Loss	$	21.6	$	(5.2)	$	16.4	$	11.1	$	(2.7)	$	8.4
Amortization of Prior Service Cost	(0.1)		—		(0.1)		(0.1)		—		(0.1)
Net Change	$	20.7	$	(5.1)	$	15.6	$	22.3	$	(5.8)	$	16.5
Total Net Change	$	765.5	$	(200.4)	$	565.1	$	395.2	$	(101.3)	$	293.9

⁽¹⁾ The before-tax reclassification adjustment out of AOCI related to the realized gains (losses) on debt securities available for sale is recorded as Investment Security Gains (Losses), net within the consolidated statements of income.

⁽²⁾ See Note 21 — Derivative Financial Instruments for the location of the reclassification adjustment related to cash flow hedges.

⁽³⁾ The before-tax reclassification adjustment out of AOCI related to pension and other postretirement benefit adjustments is recorded in Employee Benefits expense within the consolidated statements of income.