Accumulated Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Dec. 31, 2021

Components of Accumulated Other Comprehensive Income (Loss)

The following tables summarize the components of Accumulated Other Comprehensive Income (Loss) (AOCI) at December 31, 2021, 2020, and 2019, and changes during the years then ended.

TABLE 93: SUMMARY OF CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)


(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, 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
Net Change	(534.7)		0.8		10.5		59.8		(463.6)
Balance at December 31, 2021	$	107.1	$	(2.4)	$	155.2	$	(295.5)	$	(35.6)

(1) Includes net unrealized gains (losses) on debt securities transferred from AFS to HTM. Refer to Note 4, “Securities” for further information.

Components of Changes in Accumulated Other Comprehensive Income (Loss)


FOR THE YEAR ENDED DECEMBER 31,	2021						2020						2019
(In Millions)	BEFORE TAX		TAX EFFECT		AFTER TAX		BEFORE TAX		TAX EFFECT		AFTER TAX		BEFORE TAX		TAX EFFECT		AFTER TAX
Unrealized Gains (Losses) on Available for Sale Debt Securities
Unrealized Gains (Losses) on Available for Sale Debt Securities	$	(685.0)	$	177.5	$	(507.5)	$	706.8	$	(179.3)	$	527.5	$	306.1	$	(78.0)	$	228.1
Reclassification Adjustments for Losses (Gains) Included in Net Income:
Interest Income on Debt Securities(1)	(36.6)		9.2		(27.4)		—		—		—		—		—		—
Net Losses on Debt Securities(2)	0.3		(0.1)		0.2		0.4		(0.1)		0.3		1.1		(0.3)		0.8
Net Change	$	(721.3)	$	186.6	$	(534.7)	$	707.2	$	(179.4)	$	527.8	$	307.2	$	(78.3)	$	228.9
Unrealized (Losses) Gains on Cash Flow Hedges
Foreign Exchange Contracts	$	5.6	$	(1.4)	$	4.2	$	28.9	$	(7.3)	$	21.6	$	14.9	$	(3.7)	$	11.2
Interest Rate Contracts	—		—		—		—		—		—		1.5		(0.3)		1.2
Reclassification Adjustment for (Gains) Losses Included in Net Income(3)	(4.5)		1.1		(3.4)		(28.1)		7.0		(21.1)		(26.7)		6.6		(20.1)
Net Change	$	1.1	$	(0.3)	$	0.8	$	0.8	$	(0.3)	$	0.5	$	(10.3)	$	2.6	$	(7.7)
Foreign Currency Adjustments
Foreign Currency Translation Adjustments	$	(133.8)	$	4.1	$	(129.7)	$	169.1	$	(8.3)	$	160.8	$	6.4	$	(1.6)	$	4.8
Long-Term Intra-Entity Foreign Currency Transaction (Losses) Gains	0.6		(0.1)		0.5		2.1		(0.5)		1.6		(0.5)		0.1		(0.4)
Net Investment Hedge Gains (Losses)	186.6		(46.9)		139.7		(178.7)		43.2		(135.5)		59.7		(14.2)		45.5
Net Change	$	53.4	$	(42.9)	$	10.5	$	(7.5)	$	34.4	$	26.9	$	65.6	$	(15.7)	$	49.9
Pension and Other Postretirement Benefit Adjustments
Net Actuarial (Losses) Gains	$	7.9	$	0.2	$	8.1	$	47.4	$	(12.3)	$	35.1	$	(36.8)	$	7.9	$	(28.9)
Reclassification Adjustment for Losses (Gains) Included in Net Income(4)
Amortization of Net Actuarial Loss	41.4		(10.3)		31.1		42.2		(10.4)		31.8		22.4		(5.4)		17.0
Amortization of Prior Service Cost (Credit)	(1.0)		0.3		(0.7)		(0.1)		—		(0.1)		(0.2)		—		(0.2)
Settlement Loss(5)	28.3		(7.0)		21.3		0.8		(0.1)		0.7		—		—		—
Net Change	$	76.6	$	(16.8)	$	59.8	$	90.3	$	(22.8)	$	67.5	$	(14.6)	$	2.5	$	(12.1)
Total Net Change	$	(590.2)	$	126.6	$	(463.6)	$	790.8	$	(168.1)	$	622.7	$	347.9	$	(88.9)	$	259.0

(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 Losses, net on the consolidated statements of income.

(3) See Note 27, "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.

(5) This line includes the before-tax $27.9 million U.S. Qualified Plan pension settlement charge in 2021. Refer to Note 23, “Employee Benefits” for further information.