Accumulated Other Comprehensive Income (Loss) (Tables)

9 Months Ended

Sep. 30, 2023

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, 2023 and 2022, 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, 2023
(In Millions)	NET UNREALIZED GAINS (LOSSES) ON AVAILABLE FOR SALE DEBT SECURITIES(1)		NET UNREALIZED GAINS (LOSSES) ON CASH FLOW HEDGES		NET FOREIGN CURRENCY ADJUSTMENT		NET PENSION AND OTHER POSTRETIREMENT BENEFIT ADJUSTMENTS		TOTAL
Balance at June 30, 2023	$	(1,229.4)	$	0.5	$	189.2	$	(366.2)	$	(1,405.9)
Net Change	32.3		(0.4)		9.6		1.0		42.5
Balance at September 30, 2023	$	(1,197.1)	$	0.1	$	198.8	$	(365.2)	$	(1,363.4)

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



	NINE MONTHS ENDED SEPTEMBER 30, 2023
(In Millions)	NET UNREALIZED GAINS (LOSSES) ON AVAILABLE FOR SALE DEBT SECURITIES(1)		NET UNREALIZED GAINS (LOSSES) ON CASH FLOW HEDGES		NET FOREIGN CURRENCY ADJUSTMENT		NET PENSION AND OTHER POSTRETIREMENT BENEFIT ADJUSTMENTS		TOTAL
Balance at December 31, 2022	$	(1,367.6)	$	1.2	$	164.6	$	(367.4)	$	(1,569.2)
Net Change	170.5		(1.1)		34.2		2.2		205.8
Balance at September 30, 2023	$	(1,197.1)	$	0.1	$	198.8	$	(365.2)	$	(1,363.4)

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


	THREE MONTHS ENDED SEPTEMBER 30, 2022
(In Millions)	NET UNREALIZED GAINS (LOSSES) ON AVAILABLE FOR SALE DEBT SECURITIES(1)		NET UNREALIZED GAINS (LOSSES) ON CASH FLOW HEDGES		NET FOREIGN CURRENCY ADJUSTMENT		NET PENSION AND OTHER POSTRETIREMENT BENEFIT ADJUSTMENTS		TOTAL
Balance at June 30, 2022	$	(1,294.7)	$	0.6	$	137.6	$	(354.1)	$	(1,510.6)
Net Change	(272.2)		2.1		20.2		(24.5)		(274.4)
Balance at September 30, 2022	$	(1,566.9)	$	2.7	$	157.8	$	(378.6)	$	(1,785.0)

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



	NINE MONTHS ENDED SEPTEMBER 30, 2022
(In Millions)	NET UNREALIZED GAINS (LOSSES) ON AVAILABLE FOR SALE DEBT SECURITIES(1)		NET UNREALIZED GAINS (LOSSES) 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	(1,674.0)		5.1		2.6		(83.1)		(1,749.4)
Balance at September 30, 2022	$	(1,566.9)	$	2.7	$	157.8	$	(378.6)	$	(1,785.0)

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

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,	2023						2022
(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	$	18.0	$	(5.6)	$	12.4	$	(385.6)	$	97.5	$	(288.1)
Reclassification Adjustments for (Gains) Losses Included in Net Income:
Interest Income on Debt Securities(1)	26.7		(6.8)		19.9		21.0		(5.3)		15.7
Net (Gains) Losses on Debt Securities(2)	—		—		—		0.3		(0.1)		0.2
Net Change	$	44.7	$	(12.4)	$	32.3	$	(364.3)	$	92.1	$	(272.2)
Unrealized Gains (Losses) on Cash Flow Hedges
Foreign Exchange Contracts	$	14.3	$	(3.6)	$	10.7	$	2.2	$	(0.6)	$	1.6
Reclassification Adjustment for (Gains) Losses Included in Net Income(3)	(14.9)		3.8		(11.1)		0.6		(0.1)		0.5
Net Change	$	(0.6)	$	0.2	$	(0.4)	$	2.8	$	(0.7)	$	2.1
Foreign Currency Adjustments
Foreign Currency Translation Adjustments	$	(89.2)	$	1.7	$	(87.5)	$	(168.1)	$	3.9	$	(164.2)
Long-Term Intra-Entity Foreign Currency Transaction Gains (Losses)	(0.2)		0.1		(0.1)		(2.0)		0.5		(1.5)
Net Investment Hedge Gains (Losses)	129.9		(32.7)		97.2		248.4		(62.5)		185.9
Net Change	$	40.5	$	(30.9)	$	9.6	$	78.3	$	(58.1)	$	20.2
Pension and Other Postretirement Benefit Adjustments
Net Actuarial Gains (Losses)	$	(0.2)	$	—	$	(0.2)	$	(51.6)	$	13.0	$	(38.6)
Reclassification Adjustment for (Gains) Losses Included in Net Income(4)
Amortization of Net Actuarial Loss	1.6		(0.4)		1.2		1.9		(0.4)		1.5
Amortization of Prior Service Cost (Credit)	—		—		—		(0.2)		0.1		(0.1)
Settlement Loss	—		—		—		17.0		(4.3)		12.7
Net Change	$	1.4	$	(0.4)	$	1.0	$	(32.9)	$	8.4	$	(24.5)
Total Net Change	$	86.0	$	(43.5)	$	42.5	$	(316.1)	$	41.7	$	(274.4)



NINE MONTHS ENDED SEPTEMBER 30,	2023						2022
(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	$	158.6	$	(42.0)	$	116.6	$	(2,288.3)	$	587.4	$	(1,700.9)
Reclassification Adjustments for (Gains) Losses Included in Net Income:
Interest Income on Debt Securities(1)	79.0		(19.9)		59.1		35.7		(9.0)		26.7
Net (Gains) Losses on Debt Securities(2)	(6.9)		1.7		(5.2)		0.3		(0.1)		0.2
Net Change	$	230.7	$	(60.2)	$	170.5	$	(2,252.3)	$	578.3	$	(1,674.0)
Unrealized Gains (Losses) on Cash Flow Hedges
Foreign Exchange Contracts	$	16.2	$	(4.1)	$	12.1	$	3.0	$	(0.8)	$	2.2

Reclassification Adjustment for (Gains) Losses Included in Net Income(3)	(17.7)		4.5		(13.2)		3.8		(0.9)		2.9
Net Change	$	(1.5)	$	0.4	$	(1.1)	$	6.8	$	(1.7)	$	5.1
Foreign Currency Adjustments
Foreign Currency Translation Adjustments	$	(15.7)	$	1.2	$	(14.5)	$	(382.1)	$	4.5	$	(377.6)
Long-Term Intra-Entity Foreign Currency Transaction Gains (Losses)	(1.8)		0.5		(1.3)		(3.8)		1.0		(2.8)
Net Investment Hedge Gains (Losses)	66.8		(16.8)		50.0		512.1		(129.1)		383.0
Net Change	$	49.3	$	(15.1)	$	34.2	$	126.2	$	(123.6)	$	2.6
Pension and Other Postretirement Benefit Adjustments
Net Actuarial Gains (Losses)	$	(1.5)	$	0.1	$	(1.4)	$	(165.2)	$	41.2	$	(124.0)
Reclassification Adjustment for (Gains) Losses Included in Net Income(4)
Amortization of Net Actuarial Loss	4.8		(1.2)		3.6		17.1		(4.2)		12.9
Amortization of Prior Service Cost (Credit)	—		—		—		(0.7)		0.2		(0.5)
Settlement Loss	—		—		—		38.0		(9.5)		28.5
Net Change	$	3.3	$	(1.1)	$	2.2	$	(110.8)	$	27.7	$	(83.1)
Total Net Change	$	281.8	$	(76.0)	$	205.8	$	(2,230.1)	$	480.7	$	(1,749.4)

(1) The before-tax reclassification adjustment is related to the unrealized gains (losses) amortization on AFS debt securities that were transferred to HTM debt securities during the second quarter of 2021 and third quarter of 2022. Refer to Note 4—Securities for further information.

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

(3) See Note 21—Derivative Financial Instruments for the location of the reclassification adjustment related to cash flow hedges.

(4) The pension and other postretirement benefit before-tax reclassification adjustment is recorded in Employee Benefits expense on the consolidated statements of income.