Accumulated Other Comprehensive Income (Loss) (Tables)

9 Months Ended

Sep. 30, 2021

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 September 30, 2021 and 2020, and changes during the three and nine months then ended.

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

	THREE MONTHS ENDED SEPTEMBER 30, 2021
(In Millions)	NET UNREALIZED GAINS (LOSSES) ON AVAILABLE FOR SALE DEBT SECURITIES(1)		NET UNREALIZED (LOSSES) GAINS ON CASH FLOW HEDGES		NET FOREIGN CURRENCY ADJUSTMENT		NET PENSION AND OTHER POSTRETIREMENT BENEFIT ADJUSTMENTS		TOTAL
Balance at June 30, 2021	$	373.0	$	(5.4)	$	151.8	$	(324.7)	$	194.7
Net Change	(89.6)		4.6		3.8		0.5		(80.7)
Balance at September 30, 2021	$	283.4	$	(0.8)	$	155.6	$	(324.2)	$	114.0

(1) The balance at September 30, 2021 includes after-tax net unamortized gains of $91.7 million related to AFS debt securities that have been transferred to HTM debt securities during the second quarter of 2021. Refer to Note 4 - Securities for further information.

	NINE MONTHS ENDED SEPTEMBER 30, 2021
(In Millions)	NET UNREALIZED GAINS (LOSSES) ON AVAILABLE FOR SALE DEBT SECURITIES(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	(358.4)		2.4		10.9		31.1		(314.0)
Balance at September 30, 2021	$	283.4	$	(0.8)	$	155.6	$	(324.2)	$	114.0

(1) The balance at September 30, 2021 includes after-tax net unamortized gains of $91.7 million related to AFS debt securities that have been transferred to HTM debt securities during the second quarter of 2021. Refer to Note 4 - Securities for further information.

	THREE MONTHS ENDED SEPTEMBER 30, 2020
(In Millions)	NET UNREALIZED GAINS (LOSSES) ON AVAILABLE FOR SALE DEBT SECURITIES(1)		NET UNREALIZED (LOSSES) GAINS ON CASH FLOW HEDGES		NET FOREIGN CURRENCY ADJUSTMENT		NET PENSION AND OTHER POSTRETIREMENT BENEFIT ADJUSTMENTS		TOTAL
Balance at June 30, 2020	$	631.8	$	0.3	$	145.5	$	(407.2)	$	370.4
Net Change	33.5		1.3		1.8		17.5		54.1
Balance at September 30, 2020	$	665.3	$	1.6	$	147.3	$	(389.7)	$	424.5

(1)    Includes net unrealized gains on debt securities transferred from AFS to HTM during the period ended September 30, 2020.

	NINE MONTHS ENDED SEPTEMBER 30, 2020
(In Millions)	NET UNREALIZED GAINS (LOSSES) ON AVAILABLE FOR SALE DEBT SECURITIES(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	551.3		5.3		29.5		33.1		619.2
Balance at September 30, 2020	$	665.3	$	1.6	$	147.3	$	(389.7)	$	424.5

(1)    Includes net unrealized gains on debt securities transferred from AFS to HTM during the period ended September 30, 2020.

Details of Changes in Accumulated Other Comprehensive Income (Loss)

TABLE 65: DETAILS OF CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

THREE MONTHS ENDED SEPTEMBER 30,	2021						2020
(In Millions)	PRE-TAX		TAX		AFTER TAX		PRE-TAX		TAX		AFTER TAX
Unrealized Gains (Losses) on Available for Sale Debt Securities
Unrealized Gains (Losses) on Available for Sale Debt Securities	$	(107.0)	$	26.9	$	(80.1)	$	45.3	$	(11.8)	$	33.5
Reclassification Adjustments for (Gains) Losses Included in Net Income:
Interest Income on Debt Securities(1)	(12.7)		3.2		(9.5)		—		—		—
Net Gains on Debt Securities(2)	—		—		—		—		—		—
Net Change	$	(119.7)	$	30.1	$	(89.6)	$	45.3	$	(11.8)	$	33.5
Unrealized Gains (Losses) on Cash Flow Hedges
Foreign Exchange Contracts	$	5.5	$	(1.4)	$	4.1	$	6.6	$	(1.6)	$	5.0
Interest Rate Contracts	—		—		—		(0.2)		—		(0.2)
Reclassification Adjustment for (Gains) Losses Included in Net Income(3)	0.7		(0.2)		0.5		(4.7)		1.2		(3.5)
Net Change	$	6.2	$	(1.6)	$	4.6	$	1.7	$	(0.4)	$	1.3
Foreign Currency Adjustments
Foreign Currency Translation Adjustments	$	(64.5)	$	3.5	$	(61.0)	$	92.1	$	(3.1)	$	89.0
Long-Term Intra-Entity Foreign Currency Transaction Gains (Losses)	(0.1)		—		(0.1)		1.2		(0.3)		0.9
Net Investment Hedge Gains (Losses)	86.7		(21.8)		64.9		(117.4)		29.3		(88.1)
Net Change	$	22.1	$	(18.3)	$	3.8	$	(24.1)	$	25.9	$	1.8
Pension and Other Postretirement Benefit Adjustments
Net Actuarial Gains	$	(15.5)	$	3.9	$	(11.6)	$	12.6	$	(3.1)	$	9.5
Reclassification Adjustment for (Gains) Losses Included in Net Income(4)
Amortization of Net Actuarial Loss	16.2		(4.0)		12.2		10.7		(2.6)		8.1
Amortization of Prior Service Cost	(0.2)		0.1		(0.1)		(0.1)		—		(0.1)
Net Change	$	0.5	$	—	$	0.5	$	23.2	$	(5.7)	$	17.5
Total Net Change	$	(90.9)	$	10.2	$	(80.7)	$	46.1	$	8.0	$	54.1

NINE MONTHS ENDED SEPTEMBER 30,	2021						2020
(In Millions)	PRE-TAX		TAX		AFTER TAX		PRE-TAX		TAX		AFTER TAX
Unrealized Gains (Losses) on Available for Sale Debt Securities
Unrealized Gains (Losses) on Available for Sale Debt Securities	$	(453.6)	$	116.4	$	(337.2)	$	736.8	$	(185.4)	$	551.4
Reclassification Adjustments for (Gains) Losses Included in Net Income:
Interest Income on Debt Securities(1)	(28.3)		7.1		(21.2)		—		—		—
Net Gains on Debt Securities(2)	—		—		—		(0.1)		—		(0.1)
Net Change	$	(481.9)	$	123.5	$	(358.4)	$	736.7	$	(185.4)	$	551.3
Unrealized Gains (Losses) on Cash Flow Hedges
Foreign Exchange Contracts	$	7.2	$	(1.8)	$	5.4	$	18.1	$	(4.5)	$	13.6
Interest Rate Contracts	—		—		—		0.2		(0.1)		0.1
Reclassification Adjustment for (Gains) Losses Included in Net Income(3)	(4.0)		1.0		(3.0)		(11.2)		2.8		(8.4)
Net Change	$	3.2	$	(0.8)	$	2.4	$	7.1	$	(1.8)	$	5.3
Foreign Currency Adjustments
Foreign Currency Translation Adjustments	$	(111.7)	$	4.8	$	(106.9)	$	53.1	$	(1.0)	$	52.1
Long-Term Intra-Entity Foreign Currency Transaction Gains (Losses)	0.1		(0.1)		—		0.7		(0.2)		0.5
Net Investment Hedge Gains (Losses)	157.3		(39.5)		117.8		(29.8)		6.7		(23.1)
Net Change	$	45.7	$	(34.8)	$	10.9	$	24.0	$	5.5	$	29.5
Pension and Other Postretirement Benefit Adjustments
Net Actuarial Gains (Losses)	$	(17.2)	$	5.1	$	(12.1)	$	11.8	$	(3.0)	$	8.8
Reclassification Adjustment for (Gains) Losses Included in Net Income(4)
Amortization of Net Actuarial Loss	58.0		(14.2)		43.8		32.3		(7.8)		24.5
Amortization of Prior Service Cost	(0.8)		0.2		(0.6)		(0.2)		—		(0.2)
Net Change	$	40.0	$	(8.9)	$	31.1	$	43.9	$	(10.8)	$	33.1
Total Net Change	$	(393.0)	$	79.0	$	(314.0)	$	811.7	$	(192.5)	$	619.2

(1) The before-tax reclassification adjustment out of AOCI is related to the amortization of unrealized gains (losses) on AFS debt securities that were transferred to HTM debt securities during the second quarter of 2021. Refer to Note 4 - Securities for further information.

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

(3) See Note 22 — Derivative Financial Instruments for the location of the reclassification adjustment related to cash flow hedges.

(4) 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.