Securities (Tables)

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Reconciliation of Amortized Cost to Fair Value of Securities Available for Sale

The following tables provide the amortized cost, fair values, and remaining maturities of AFS debt securities.

TABLE 56: RECONCILIATION OF AMORTIZED COST TO FAIR VALUE OF AVAILABLE FOR SALE DEBT SECURITIES

	DECEMBER 31, 2023
(In Millions)	AMORTIZED COST		GROSS UNREALIZED GAINS		GROSS UNREALIZED LOSSES		FAIR VALUE
U.S. Government	$	3,681.5	$	2.2	$	61.5	$	3,622.2
Obligations of States and Political Subdivisions	315.8		—		20.0		295.8
Government Sponsored Agency	11,744.3		9.0		200.3		11,553.0
Non-U.S. Government	284.8		—		20.4		264.4
Corporate Debt	287.5		0.1		8.1		279.5
Covered Bonds	356.8		—		9.7		347.1
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds	3,013.8		0.1		114.0		2,899.9
Other Asset-Backed	3,061.0		1.6		100.0		2,962.6
Commercial Mortgage-Backed	913.5		0.2		48.4		865.3
Total	$	23,659.0	$	13.2	$	582.4	$	23,089.8

	DECEMBER 31, 2022
(In Millions)	AMORTIZED COST		GROSS UNREALIZED GAINS		GROSS UNREALIZED LOSSES		FAIR VALUE
U.S. Government	$	2,837.7	$	2.5	$	92.8	$	2,747.4
Obligations of States and Political Subdivisions	817.8		—		30.2		787.6
Government Sponsored Agency	11,892.5		4.3		351.6		11,545.2
Non-U.S. Government	387.6		—		27.6		360.0
Corporate Debt	1,774.3		0.2		26.9		1,747.6
Covered Bonds	403.1		0.3		14.7		388.7
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds	2,645.8		0.3		166.7		2,479.4
Other Asset-Backed	5,544.3		—		288.1		5,256.2
Commercial Mortgage-Backed	1,456.9		0.1		69.2		1,387.8
Total	$	27,760.0	$	7.7	$	1,067.8	$	26,699.9

Remaining Maturity of Securities

DECEMBER 31, 2023	ONE YEAR OR LESS				ONE TO FIVE YEARS				FIVE TO TEN YEARS				OVER TEN YEARS				TOTAL
(In Millions)	Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value
U.S. Government	$	198.3	$	197.8	$	3,483.2	$	3,424.4	$	—	$	—	$	—	$	—	$	3,681.5	$	3,622.2
Obligations of States and Political Subdivisions	—		—		113.2		106.8		202.6		189.0		—		—		315.8		295.8
Government Sponsored Agency	2,384.3		2,357.0		5,330.2		5,237.5		3,327.0		3,282.8		702.8		675.7		11,744.3		11,553.0
Non-U.S. Government	67.9		66.1		216.9		198.3		—		—		—		—		284.8		264.4
Corporate Debt	105.2		103.8		182.3		175.7		—		—		—		—		287.5		279.5
Covered Bonds	90.3		89.2		266.5		257.9		—		—		—		—		356.8		347.1
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds	280.3		277.8		2,665.8		2,567.1		67.7		55.0		—		—		3,013.8		2,899.9
Other Asset-Backed	218.1		212.8		2,724.2		2,631.1		107.8		107.8		10.9		10.9		3,061.0		2,962.6
Commercial Mortgage-Backed	41.9		39.3		736.0		708.2		135.6		117.8		—		—		913.5		865.3
Total	$	3,386.3	$	3,343.8	$	15,718.3	$	15,307.0	$	3,840.7	$	3,752.4	$	713.7	$	686.6	$	23,659.0	$	23,089.8

Note: Mortgage-backed and asset-backed securities are included in the above table taking into account anticipated future prepayments.

DECEMBER 31, 2023	ONE YEAR OR LESS				ONE TO FIVE YEARS				FIVE TO TEN YEARS				OVER TEN YEARS				TOTAL
(In Millions)	Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value
U.S. Government	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Obligations of States and Political Subdivisions	45.7		45.3		1,100.7		1,076.8		1,126.3		1,090.8		291.2		279.1		2,563.9		2,492.0
Government Sponsored Agency	984.3		885.4		3,381.4		3,037.6		3,248.6		2,905.4		1,741.0		1,516.8		9,355.3		8,345.2
Non-U.S. Government	3,376.0		3,374.3		1,379.3		1,294.7		33.8		29.6		—		—		4,789.1		4,698.6
Corporate Debt	276.8		269.5		353.7		335.2		15.6		13.2		—		—		646.1		617.9
Covered Bonds	345.4		342.1		1,623.1		1,542.5		240.1		216.0		—		—		2,208.6		2,100.6
Certificates of Deposit	585.1		584.4		—		—		—		—		—		—		585.1		584.4
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds	1,080.8		1,055.6		4,159.0		3,893.6		5.7		4.6		—		—		5,245.5		4,953.8
Other Asset-Backed	14.7		14.7		102.0		102.1		97.5		97.6		—		—		214.2		214.4
Commercial Mortgage-Backed	—		—		37.6		36.8		—		—		—		—		37.6		36.8
Other	47.8		46.7		319.0		287.9		30.7		23.5		178.8		71.2		576.3		429.3
Total	$	6,756.6	$	6,618.0	$	12,455.8	$	11,607.2	$	4,798.3	$	4,380.7	$	2,211.0	$	1,867.1	$	26,221.7	$	24,473.0

Note: Mortgage-backed and asset-backed securities are included in the above table taking into account anticipated future prepayments.

Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value

The following table provides information regarding AFS debt securities with no credit losses reported that had been in a continuous unrealized loss position for less than twelve months and for twelve months or longer as of December 31, 2023 and 2022.

TABLE 58: AVAILABLE FOR SALE DEBT SECURITIES IN UNREALIZED LOSS POSITION WITH NO CREDIT LOSSES REPORTED

AS OF DECEMBER 31, 2023	LESS THAN 12 MONTHS				12 MONTHS OR LONGER				TOTAL
(In Millions)	FAIR VALUE		UNREALIZED LOSSES		FAIR VALUE		UNREALIZED LOSSES		FAIR VALUE		UNREALIZED LOSSES
U.S. Government	$	—	$	—	$	3,364.7	$	61.5	$	3,364.7	$	61.5
Obligations of States and Political Subdivisions	87.8		5.9		208.0		14.1		295.8		20.0
Government Sponsored Agency	331.0		11.5		9,486.6		188.8		9,817.6		200.3
Non-U.S. Government	—		—		264.5		20.4		264.5		20.4
Corporate Debt	4.4		0.1		143.0		2.1		147.4		2.2
Covered Bonds	—		—		213.2		9.7		213.2		9.7
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds	—		—		2,477.0		105.8		2,477.0		105.8
Other Asset-Backed	19.8		2.0		1,998.7		98.0		2,018.5		100.0
Commercial Mortgage-Backed	60.0		4.6		776.6		43.8		836.6		48.4
Total	$	503.0	$	24.1	$	18,932.3	$	544.2	$	19,435.3	$	568.3

Note: Three corporate debt AFS securities with a fair value of $98.4 million and unrealized losses of $5.9 million and one sub-sovereign, supranational and non-U.S. agency bonds AFS security with a fair value of $71.0 million and unrealized loss of $8.2 million have been excluded from the table above as these AFS securities have a $1.2 million allowance for credit losses reported as of December 31, 2023. Refer to the discussion further below and Note 6, “Allowance for Credit Losses” for further information.

AS OF DECEMBER 31, 2022	LESS THAN 12 MONTHS				12 MONTHS OR LONGER				TOTAL
(In Millions)	FAIR VALUE		UNREALIZED LOSSES		FAIR VALUE		UNREALIZED LOSSES		FAIR VALUE		UNREALIZED LOSSES
U.S. Government	$	1,123.6	$	64.1	$	343.1	$	28.7	$	1,466.7	$	92.8
Obligations of States and Political Subdivisions	160.0		16.8		120.6		13.4		280.6		30.2
Government Sponsored Agency	7,631.4		262.1		2,737.7		89.5		10,369.1		351.6
Non-U.S. Government	235.4		17.3		124.6		10.3		360.0		27.6
Corporate Debt	427.3		14.6		130.3		2.8		557.6		17.4
Covered Bonds	238.0		13.5		42.8		1.2		280.8		14.7
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds	1,305.4		74.4		807.1		83.2		2,112.5		157.6
Other Asset-Backed	3,873.4		217.5		1,247.6		70.6		5,121.0		288.1
Commercial Mortgage-Backed	670.9		47.4		215.6		21.8		886.5		69.2
Total	$	15,665.4	$	727.7	$	5,769.4	$	321.5	$	21,434.8	$	1,049.2

Note: Three corporate debt AFS securities with a fair value of $93.8 million and unrealized losses of $9.5 million and one sub-sovereign, supranational and non-U.S. agency bonds AFS security with a fair value of $68.3 million and unrealized loss of $9.1 million have been excluded from the table above as these AFS securities have a $1.3 million allowance for credit losses reported as of December 31, 2022. Refer to the discussion further below and Note 6, “Allowance for Credit Losses” for further information.

Reconciliation of Amortized Cost to Fair Values of Securities Held to Maturity

The following tables provide the amortized cost, fair values and remaining maturities of held to maturity (HTM) debt securities.

TABLE 59: RECONCILIATION OF AMORTIZED COST TO FAIR VALUES OF HELD TO MATURITY DEBT SECURITIES

	DECEMBER 31, 2023
(In Millions)	AMORTIZED COST		GROSS UNREALIZED GAINS		GROSS UNREALIZED LOSSES		FAIR VALUE
U.S. Government	$	—	$	—	$	—	$	—
Obligations of States and Political Subdivisions	2,563.9		0.5		72.4		2,492.0
Government Sponsored Agency	9,355.3		2.3		1,012.4		8,345.2
Non-U.S. Government	4,789.1		0.2		90.7		4,698.6
Corporate Debt	646.1		—		28.2		617.9
Covered Bonds	2,208.6		0.3		108.3		2,100.6
Certificates of Deposit	585.1		—		0.7		584.4
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds	5,245.5		3.2		294.9		4,953.8
Other Asset-Backed	214.2		0.4		0.2		214.4
Commercial Mortgage-Backed	37.6		—		0.8		36.8
Other	576.3		—		147.0		429.3
Total	$	26,221.7	$	6.9	$	1,755.6	$	24,473.0

	DECEMBER 31, 2022
(In Millions)	AMORTIZED COST		GROSS UNREALIZED GAINS		GROSS UNREALIZED LOSSES		FAIR VALUE
U.S. Government	$	50.0	$	—	$	—	$	50.0
Obligations of States and Political Subdivisions	2,565.3		—		149.8		2,415.5
Government Sponsored Agency	9,407.7		—		1,076.0		8,331.7
Non-U.S. Government	3,234.0		0.1		133.8		3,100.3
Corporate Debt	713.3		—		45.4		667.9
Covered Bonds	2,530.3		0.3		158.7		2,371.9
Certificates of Deposit	35.9		—		—		35.9
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds	5,703.3		1.0		436.1		5,268.2
Other Asset-Backed	263.7		—		1.0		262.7
Other	532.6		—		157.4		375.2
Total	$	25,036.1	$	1.4	$	2,158.2	$	22,879.3

Debt Securities, Held-to-maturity, Credit Quality Indicator

The following table provides the amortized cost of HTM debt securities by credit rating.

TABLE 61: AMORTIZED COST OF HELD TO MATURITY DEBT SECURITIES BY CREDIT RATING

	AS OF DECEMBER 31, 2023
($ In Millions)	AAA			AA			A			BBB			NOT RATED			TOTAL
U.S. Government	$	—		$	—		$	—		$	—		$	—		$	—
Obligations of States and Political Subdivisions	954.7			1,609.0			—			—			0.2			2,563.9
Government Sponsored Agency	9,355.3			—			—			—			—			9,355.3
Non-U.S. Government	813.3			1,179.6			2,463.3			332.9			—			4,789.1
Corporate Debt	2.1			302.6			341.4			—			—			646.1
Covered Bonds	2,208.6			—			—			—			—			2,208.6
Certificates of Deposit	545.9			—			—			—			39.2			585.1
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds	4,047.9			1,166.5			30.0			1.1			—			5,245.5
Other Asset-Backed	214.2			—			—			—			—			214.2
Commercial Mortgage-Backed	37.6			—			—			—			—			37.6
Other	54.8			—			—			—			521.5			576.3
Total	$	18,234.4		$	4,257.7		$	2,834.7		$	334.0		$	560.9		$	26,221.7
Percent of Total	70		%	16		%	11		%	1		%	2		%	100		%

	AS OF DECEMBER 31, 2022
($ In Millions)	AAA			AA			A			BBB			NOT RATED			TOTAL
U.S. Government	$	50.0		$	—		$	—		$	—		$	—		$	50.0
Obligations of States and Political Subdivisions	926.8			1,638.5			—			—			—			2,565.3
Government Sponsored Agency	9,407.7			—			—			—			—			9,407.7
Non-U.S. Government	762.2			926.5			1,223.0			322.3			—			3,234.0
Corporate Debt	2.1			305.7			405.5			—			—			713.3
Covered Bonds	2,530.3			—			—			—			—			2,530.3
Certificates of Deposit	—			—			—			—			35.9			35.9
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds	4,171.3			1,502.0			28.9			1.1			—			5,703.3
Other Asset-Backed	263.7			—			—			—			—			263.7
Other	65.8			—			—			—			466.8			532.6
Total	$	18,179.9		$	4,372.7		$	1,657.4		$	323.4		$	502.7		$	25,036.1
Percent of Total	73		%	17		%	7		%	1		%	2		%	100		%

Schedule of Realized Gain (Loss)

Proceeds of $5.2 billion, $138.7 million and $116.7 million in 2023, 2022 and 2021, respectively, from the sale of debt securities resulted in the following pre-tax Investment Security Gains (Losses), net shown in the following tables.

TABLE 62: INVESTMENT SECURITY GAINS AND LOSSES

	DECEMBER 31,
(In Millions)	2023		2022		2021
Gross Realized Debt Securities Gains	$	10.5	$	—	$	1.4
Gross Realized Debt Securities Losses	(180.0)		(214.0)		(1.7)
Investment Security Gains (Losses), net(1)	$	(169.5)	$	(214.0)	$	(0.3)

(1) $214.0 million of Investment Security Gains (Losses), net includes a $213.0 million loss recognized in 2022 in conjunction with the intent to sell certain AFS debt securities.

TABLE 63: INVESTMENT SECURITY GAINS AND LOSSES BY SECURITY TYPE

	DECEMBER 31,
(In Millions)	2023		2022		2021
U.S. Governments	$	(29.9)	$	—	$	—
Obligations of States and Political Subdivisions	9.8		(95.8)		—
Government Sponsored Agency	(73.2)		—		—
Corporate Debt	(7.6)		(67.3)		(0.3)
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds	(9.1)		—		—
Other Asset-Backed	(58.6)		(17.1)		—
Commercial Mortgage-Backed	(0.9)		(33.8)		—
Investment Security Gains (Losses), net(1)	$	(169.5)	$	(214.0)	$	(0.3)

(1) $214.0 million of Investment Security Gains (Losses), net includes a $213.0 million loss recognized in 2022 in conjunction with the intent to sell certain AFS debt securities.