Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2020

Accumulated Other Comprehensive Income (Loss)

The following tables summarize the components of Accumulated Other Comprehensive Income (Loss) (AOCI) at December 31, 2020, 2019, and 2018, and changes during the years then ended.

TABLE 97: SUMMARY OF CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)


(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, 2017	$	(74.8)	$	4.5	$	(1.8)	$	(342.2)	$	(414.3)
Reclassification of Certain Tax Effects from AOCI	(17.8)		0.9		47.5		(55.9)		(25.3)
Net Change	(22.3)		(1.4)		22.2		(12.6)		(14.1)
Balance at December 31, 2018	$	(114.9)	$	4.0	$	67.9	$	(410.7)	$	(453.7)
Net Change	228.9		(7.7)		49.9		(12.1)		259.0
Balance at December 31, 2019	$	114.0	$	(3.7)	$	117.8	$	(422.8)	$	(194.7)
Net Change	527.8		0.5		26.9		67.5		622.7
Balance at December 31, 2020	$	641.8	$	(3.2)	$	144.7	$	(355.3)	$	428.0

(1) Includes net unrealized gains (losses) on debt securities transferred from available for sale to held to maturity during the years ended December 31, 2020, 2019, and 2018.

TABLE 98: DETAILS OF CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)


	FOR THE YEAR ENDED DECEMBER 31,
	2020						2019						2018
(In Millions)	BEFORE TAX		TAX EFFECT		AFTER TAX		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	$	706.8	$	(179.3)	$	527.5	$	306.1	$	(78.0)	$	228.1	$	(31.9)	$	9.2	$	(22.7)
Reclassification Adjustment for Losses (Gains) Included in Net Income(1)	0.4		(0.1)		0.3		1.1		(0.3)		0.8		0.5		(0.1)		0.4
Net Change	$	707.2	$	(179.4)	$	527.8	$	307.2	$	(78.3)	$	228.9	$	(31.4)	$	9.1	$	(22.3)
Unrealized (Losses) Gains on Cash Flow Hedges
Foreign Exchange Contracts	$	28.9	$	(7.3)	$	21.6	$	14.9	$	(3.7)	$	11.2	$	70.5	$	(17.6)	$	52.9
Interest Rate Contracts	—		—		—		1.5		(0.3)		1.2		(1.2)		0.3		(0.9)
Reclassification Adjustment for (Gains) Losses Included in Net Income(2)	(28.1)		7.0		(21.1)		(26.7)		6.6		(20.1)		(71.1)		17.7		(53.4)
Net Change	$	0.8	$	(0.3)	$	0.5	$	(10.3)	$	2.6	$	(7.7)	$	(1.8)	$	0.4	$	(1.4)
Foreign Currency Adjustments
Foreign Currency Translation Adjustments	$	169.1	$	(8.3)	$	160.8	$	6.4	$	(1.6)	$	4.8	$	(107.8)	$	1.5	$	(106.3)
Long-Term Intra-Entity Foreign Currency Transaction (Losses) Gains	2.1		(0.5)		1.6		(0.5)		0.1		(0.4)		(1.8)		0.5		(1.3)
Net Investment Hedge Gains (Losses)	(178.7)		43.2		(135.5)		59.7		(14.2)		45.5		173.0		(43.2)		129.8
Net Change	$	(7.5)	$	34.4	$	26.9	$	65.6	$	(15.7)	$	49.9	$	63.4	$	(41.2)	$	22.2
Pension and Other Postretirement Benefit Adjustments
Net Actuarial (Losses) Gains	$	47.4	$	(12.3)	$	35.1	$	(36.8)	$	7.9	$	(28.9)	$	(54.9)	$	9.6	$	(45.3)
Reclassification Adjustment for Losses (Gains) Included in Net Income(3)
Amortization of Net Actuarial Loss	43.0		(10.5)		32.5		22.4		(5.4)		17.0		36.6		(3.6)		33.0
Amortization of Prior Service Cost	(0.1)		—		(0.1)		(0.2)		—		(0.2)		(0.3)		—		(0.3)
Net Change	$	90.3	$	(22.8)	$	67.5	$	(14.6)	$	2.5	$	(12.1)	$	(18.6)	$	6.0	$	(12.6)
Total Net Change	$	790.8	$	(168.1)	$	622.7	$	347.9	$	(88.9)	$	259.0	$	11.6	$	(25.7)	$	(14.1)

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

(2) See Note 27, "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 on the consolidated statements of income.