Accumulated Other Comprehensive Income (Loss)

3 Months Ended

Mar. 31, 2022

Accumulated Other Comprehensive Income (Loss)

The following tables summarize the components of Accumulated Other Comprehensive Income (Loss) (AOCI) at March 31, 2022 and 2021, and changes during the three months then ended.

TABLE 58: SUMMARY OF CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)


	THREE MONTHS ENDED MARCH 31, 2022
(In Millions)	NET UNREALIZED GAINS (LOSSES) ON AVAILABLE FOR SALE DEBT SECURITIES		NET UNREALIZED (LOSSES) GAINS ON CASH FLOW HEDGES		NET FOREIGN CURRENCY ADJUSTMENT		NET PENSION AND OTHER POSTRETIREMENT BENEFIT ADJUSTMENTS		TOTAL
Balance at December 31, 2021	$	107.1	$	(2.4)	$	155.2	$	(295.5)	$	(35.6)
Net Change	(868.4)		(1.4)		(7.9)		6.3		(871.4)
Balance at March 31, 2022	$	(761.3)	$	(3.8)	$	147.3	$	(289.2)	$	(907.0)


	THREE MONTHS ENDED MARCH 31, 2021
(In Millions)	NET UNREALIZED GAINS (LOSSES) ON AVAILABLE FOR SALE DEBT SECURITIES		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

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


THREE MONTHS ENDED MARCH 31,	2022						2021
(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	$	(1,171.5)	$	301.4	$	(870.1)	$	(496.5)	$	126.8	$	(369.7)
Reclassification Adjustments for (Gains) Losses Included in Net Income:
Interest Income on Debt Securities	2.3		(0.6)		1.7		—		—		—

Net Change	$	(1,169.2)	$	300.8	$	(868.4)	$	(496.5)	$	126.8	$	(369.7)
Unrealized Gains (Losses) on Cash Flow Hedges
Foreign Exchange Contracts	$	(3.6)	$	0.9	$	(2.7)	$	(2.5)	$	0.7	$	(1.8)

Reclassification Adjustment for (Gains) Losses Included in Net Income(1)	1.7		(0.4)		1.3		(4.5)		1.1		(3.4)
Net Change	$	(1.9)	$	0.5	$	(1.4)	$	(7.0)	$	1.8	$	(5.2)
Foreign Currency Adjustments
Foreign Currency Translation Adjustments	$	(50.3)	$	(1.8)	$	(52.1)	$	(57.3)	$	0.5	$	(56.8)
Long-Term Intra-Entity Foreign Currency Transaction Gains (Losses)	—		—		—		(0.2)		0.1		(0.1)
Net Investment Hedge Gains (Losses)	59.4		(15.2)		44.2		82.7		(20.8)		61.9
Net Change	$	9.1	$	(17.0)	$	(7.9)	$	25.2	$	(20.2)	$	5.0
Pension and Other Postretirement Benefit Adjustments
Net Actuarial Gains (Losses)	$	0.8	$	(0.6)	$	0.2	$	(1.3)	$	0.3	$	(1.0)
Reclassification Adjustment for (Gains) Losses Included in Net Income(2)
Amortization of Net Actuarial Loss	7.6		(1.9)		5.7		11.7		(2.8)		8.9
Amortization of Prior Service Cost (Credit)	(0.3)		0.1		(0.2)		(0.3)		0.1		(0.2)
Settlement Loss	0.7		(0.1)		0.6		0.2		(0.1)		0.1
Net Change	$	8.8	$	(2.5)	$	6.3	$	10.3	$	(2.5)	$	7.8
Total Net Change	$	(1,153.2)	$	281.8	$	(871.4)	$	(468.0)	$	105.9	$	(362.1)

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

(2) 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.