Accumulated Other Comprehensive Income (Loss) (Tables)

3 Months Ended

Mar. 31, 2021

Summary of Changes in Accumulated Other Comprehensive Income (Loss)

The following tables summarize the components of Accumulated Other Comprehensive Income (Loss) (AOCI) at March 31, 2021 and 2020, and changes during the three months then ended.

TABLE 59: SUMMARY OF CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)


	THREE MONTHS ENDED MARCH 31, 2021
(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, 2020	$	641.8	$	(3.2)	$	144.7	$	(355.3)	$	428.0
Net Change	(369.7)		(5.2)		5.0		7.8		(362.1)
Balance at March 31, 2021	$	272.1	$	(8.4)	$	149.7	$	(347.5)	$	65.9

(1) Includes net unrealized gains on debt securities transferred from available for sale to held to maturity during the period ended March 31, 2021.


	THREE MONTHS ENDED MARCH 31, 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	199.7		7.3		25.7		7.0		239.7
Balance at March 31, 2020	$	313.7	$	3.6	$	143.5	$	(415.8)	$	45.0

(1) Includes net unrealized gains on debt securities transferred from available for sale to held to maturity during the period ended March 31, 2020.

Details of Changes in Accumulated Other Comprehensive Income (Loss)

TABLE 60: DETAILS OF CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)


	THREE MONTHS ENDED MARCH 31,
	2021						2020
(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	$	(496.5)	$	126.8	$	(369.7)	$	266.8	$	(67.1)	$	199.7
Reclassification Adjustment for (Gains) Losses Included in Net Income(1)	—		—		—		—		—		—
Net Change	$	(496.5)	$	126.8	$	(369.7)	$	266.8	$	(67.1)	$	199.7
Unrealized Gains (Losses) on Cash Flow Hedges
Foreign Exchange Contracts	$	(2.5)	$	0.7	$	(1.8)	$	13.3	$	(3.3)	$	10.0
Interest Rate Contracts	—		—		—		0.4		(0.1)		0.3
Reclassification Adjustment for (Gains) Losses Included in Net Income(2)	(4.5)		1.1		(3.4)		(4.0)		1.0		(3.0)
Net Change	$	(7.0)	$	1.8	$	(5.2)	$	9.7	$	(2.4)	$	7.3
Foreign Currency Adjustments
Foreign Currency Translation Adjustments	$	(57.3)	$	0.5	$	(56.8)	$	(89.8)	$	9.6	$	(80.2)
Long-Term Intra-Entity Foreign Currency Transaction Gains (Losses)	(0.2)		0.1		(0.1)		(0.6)		0.1		(0.5)
Net Investment Hedge Gains (Losses)	82.7		(20.8)		61.9		142.7		(36.3)		106.4
Net Change	$	25.2	$	(20.2)	$	5.0	$	52.3	$	(26.6)	$	25.7
Pension and Other Postretirement Benefit Adjustments
Net Actuarial Gains	$	(1.3)	$	0.3	$	(1.0)	$	(1.3)	$	0.1	$	(1.2)
Reclassification Adjustment for (Gains) Losses Included in Net Income(3)
Amortization of Net Actuarial Loss	11.9		(2.9)		9.0		10.9		(2.6)		8.3
Amortization of Prior Service Cost	(0.3)		0.1		(0.2)		(0.1)		—		(0.1)
Net Change	$	10.3	$	(2.5)	$	7.8	$	9.5	$	(2.5)	$	7.0
Total Net Change	$	(468.0)	$	105.9	$	(362.1)	$	338.3	$	(98.6)	$	239.7

(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 22 — 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.