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Securities (Tables)
 3 Months Ended
Mar. 31, 2024
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 and fair values as of March 31, 2024 and December 31, 2023, and remaining maturities of AFS debt securities as of March 31, 2024.
TABLE 35: RECONCILIATION OF AMORTIZED COST TO FAIR VALUE OF AVAILABLE FOR SALE DEBT SECURITIES
MARCH 31, 2024
(In Millions)AMORTIZED COSTGROSS UNREALIZED GAINSGROSS UNREALIZED LOSSESFAIR VALUE
U.S. Government$6,121.6 $11.0 $20.3 $6,112.3 
Obligations of States and Political Subdivisions309.6 — 14.6 295.0 
Government Sponsored Agency12,501.9 12.5 163.0 12,351.4 
Non-U.S. Government325.0 0.1 17.5 307.6 
Corporate Debt256.5 0.2 6.5 250.2 
Covered Bonds302.7 0.3 6.2 296.8 
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds2,912.6 3.8 55.6 2,860.8 
Other Asset-Backed2,552.4 1.6 31.0 2,523.0 
Commercial Mortgage-Backed659.6 0.2 18.0 641.8 
Total$25,941.9 $29.7 $332.7 $25,638.9 
DECEMBER 31, 2023
(In Millions)AMORTIZED COSTGROSS UNREALIZED GAINSGROSS UNREALIZED LOSSESFAIR VALUE
U.S. Government$3,681.5 $2.2 $61.5 $3,622.2 
Obligations of States and Political Subdivisions315.8 — 20.0 295.8 
Government Sponsored Agency11,744.3 9.0 200.3 11,553.0 
Non-U.S. Government284.8 — 20.4 264.4 
Corporate Debt287.5 0.1 8.1 279.5 
Covered Bonds356.8 — 9.7 347.1 
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds3,013.8 0.1 114.0 2,899.9 
Other Asset-Backed3,061.0 1.6 100.0 2,962.6 
Commercial Mortgage-Backed913.5 0.2 48.4 865.3 
Total$23,659.0 $13.2 $582.4 $23,089.8 
Remaining Maturity of Securities Available for Sale and Held to Maturity
TABLE 36: REMAINING MATURITY OF AVAILABLE FOR SALE DEBT SECURITIES
MARCH 31, 2024ONE YEAR OR LESSONE TO FIVE YEARSFIVE TO TEN YEARSOVER TEN YEARSTOTAL
(In Millions)AMORTIZED COSTFAIR VALUEAMORTIZED COSTFAIR VALUEAMORTIZED COSTFAIR VALUEAMORTIZED COSTFAIR VALUEAMORTIZED COSTFAIR VALUE
U.S. Government$348.1 $344.2 $3,422.0 $3,412.9 $2,351.5 $2,355.2 $— $— $6,121.6 $6,112.3 
Obligations of States and Political Subdivisions— — 111.2 106.5 198.4 188.5 — — 309.6 295.0 
Government Sponsored Agency2,631.6 2,606.9 5,460.5 5,396.1 3,409.8 3,375.2 1,000.0 973.2 12,501.9 12,351.4 
Non-U.S. Government64.8 63.5 260.2 244.1 — — — — 325.0 307.6 
Corporate Debt103.1 102.3 153.4 147.9 — — — — 256.5 250.2 
Covered Bonds66.4 65.9 236.3 230.9 — — — — 302.7 296.8 
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds126.8 125.4 2,564.7 2,525.9 221.1 209.5 — — 2,912.6 2,860.8 
Other Asset-Backed218.3 213.5 2,108.8 2,083.8 122.7 123.0 102.6 102.7 2,552.4 2,523.0 
Commercial Mortgage-Backed21.7 20.6 577.1 570.2 60.8 51.0 — — 659.6 641.8 
Total$3,580.8 $3,542.3 $14,894.2 $14,718.3 $6,364.3 $6,302.4 $1,102.6 $1,075.9 $25,941.9 $25,638.9 
Note: Mortgage-backed and asset-backed securities are included in the above table taking into account anticipated future prepayments.
TABLE 39: REMAINING MATURITY OF HELD TO MATURITY DEBT SECURITIES
MARCH 31, 2024ONE YEAR OR LESSONE TO FIVE YEARSFIVE TO TEN YEARSOVER TEN YEARSTOTAL
(In Millions)Amortized CostFair ValueAmortized CostFair ValueAmortized CostFair ValueAmortized CostFair ValueAmortized CostFair Value
Obligations of States and Political Subdivisions$60.4 $60.0 $1,206.8 $1,174.1 $1,039.9 $998.1 $264.5 $250.2 $2,571.6 $2,482.4 
Government Sponsored Agency990.3 883.6 3,419.8 3,038.5 3,138.9 2,768.6 1,674.3 1,435.0 9,223.3 8,125.7 
Non-U.S. Government1,569.9 1,564.7 1,139.3 1,056.5 32.9 28.7 — — 2,742.1 2,649.9 
Corporate Debt247.8 243.0 347.3 329.8 15.2 12.8 — — 610.3 585.6 
Covered Bonds493.8 492.7 1,389.9 1,310.4 226.6 204.1 — — 2,110.3 2,007.2 
Certificates of Deposit403.2 403.0 — — — — — — 403.2 403.0 
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds1,058.4 1,035.1 3,960.5 3,697.1 5.6 4.5 — — 5,024.5 4,736.7 
Other Asset-Backed1.2 1.2 120.7 121.5 71.8 72.1 — — 193.7 194.8 
Commercial Mortgage-Backed— — 37.6 37.3 — — — — 37.6 37.3 
Other50.7 49.2 319.8 285.0 33.1 24.9 177.7 59.7 581.3 418.8 
Total$4,875.7 $4,732.5 $11,941.7 $11,050.2 $4,564.0 $4,113.8 $2,116.5 $1,744.9 $23,497.9 $21,641.4 
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 March 31, 2024 and December 31, 2023.
TABLE 37: AVAILABLE FOR SALE DEBT SECURITIES IN UNREALIZED LOSS POSITION WITH NO CREDIT LOSSES REPORTED
MARCH 31, 2024LESS THAN 12 MONTHS12 MONTHS OR LONGERTOTAL
(In Millions)FAIR
VALUE		UNREALIZED
LOSSES		FAIR
VALUE		UNREALIZED
LOSSES		FAIR
VALUE		UNREALIZED
LOSSES
U.S. Government$87.4 $12.0 $819.5 $8.3 $906.9 $20.3 
Obligations of States and Political Subdivisions295.0 14.6 — — 295.0 14.6 
Government Sponsored Agency145.3 7.9 8,865.2 155.1 9,010.5 163.0 
Non-U.S. Government 63.5 1.3 189.5 16.2 253.0 17.5 
Corporate Debt36.9 0.9 55.7 0.9 92.6 1.8 
Covered Bonds60.4 0.5 104.9 5.7 165.3 6.2 
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds110.0 5.0 1,066.0 50.6 1,176.0 55.6 
Other Asset-Backed13.9 0.7 995.0 30.3 1,008.9 31.0 
Commercial Mortgage-Backed6.0 0.4 607.4 17.6 613.4 18.0 
Total$818.4 $43.3 $12,703.2 $284.7 $13,521.6 $328.0 
Note: Two corporate debt AFS securities with a fair value of $80.1 million and unrealized losses of $4.7 million have been excluded from the table above as these AFS securities have a $0.5 million allowance for credit losses reported as of March 31, 2024. Refer to the discussion further below and Note 6—Allowance for Credit Losses for further information.
DECEMBER 31, 2023LESS THAN 12 MONTHS12 MONTHS OR LONGERTOTAL
(In Millions)FAIR
VALUE		UNREALIZED
LOSSES		FAIR
VALUE		UNREALIZED
LOSSES		FAIR
VALUE		UNREALIZED
LOSSES
U.S. Government$— $— $3,364.7 $61.5 $3,364.7 $61.5 
Obligations of States and Political Subdivisions87.8 5.9 208.0 14.1 295.8 20.0 
Government Sponsored Agency331.0 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 Debt4.4 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-Backed19.8 2.0 1,998.7 98.0 2,018.5 100.0 
Commercial Mortgage-Backed60.0 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.
Debt Securities, Held-to-maturity The following tables provide the amortized cost and fair values as of March 31, 2024 and December 31, 2023, and remaining maturities of HTM debt securities as of March 31, 2024.
TABLE 38: RECONCILIATION OF AMORTIZED COST TO FAIR VALUE OF HELD TO MATURITY DEBT SECURITIES
MARCH 31, 2024
(In Millions)AMORTIZED
COST		GROSS UNREALIZED GAINSGROSS UNREALIZED LOSSESFAIR
VALUE
Obligations of States and Political Subdivisions$2,571.6 $0.3 $89.5 $2,482.4 
Government Sponsored Agency9,223.3 1.6 1,099.2 8,125.7 
Non-U.S. Government2,742.1 0.1 92.3 2,649.9 
Corporate Debt610.3 — 24.7 585.6 
Covered Bonds2,110.3 0.7 103.8 2,007.2 
Certificates of Deposit403.2 — 0.2 403.0 
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds5,024.5 1.6 289.4 4,736.7 
Other Asset-Backed193.7 1.3 0.2 194.8 
Commercial Mortgage-Backed37.6 — 0.3 37.3 
Other581.3 — 162.5 418.8 
Total$23,497.9 $5.6 $1,862.1 $21,641.4 
DECEMBER 31, 2023
(In Millions)AMORTIZED
COST		GROSS UNREALIZED GAINSGROSS UNREALIZED LOSSES FAIR
VALUE
Obligations of States and Political Subdivisions2,563.9 0.5 72.4 2,492.0 
Government Sponsored Agency9,355.3 2.3 1,012.4 8,345.2 
Non-U.S. Government4,789.1 0.2 90.7 4,698.6 
Corporate Debt646.1 — 28.2 617.9 
Covered Bonds2,208.6 0.3 108.3 2,100.6 
Certificates of Deposit585.1 — 0.7 584.4 
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds5,245.5 3.2 294.9 4,953.8 
Other Asset-Backed214.2 0.4 0.2 214.4 
Commercial Mortgage-Backed37.6 — 0.8 36.8 
Other576.3 — 147.0 429.3 
Total$26,221.7 $6.9 $1,755.6 $24,473.0 
Debt Securities, Held-to-maturity, Credit Quality Indicator The following table provides the amortized cost of HTM debt securities by credit rating.
TABLE 40: AMORTIZED COST OF HELD TO MATURITY DEBT SECURITIES BY CREDIT RATING
MARCH 31, 2024
($ In Millions)AAAAAABBBNOT RATEDTOTAL
Obligations of States and Political Subdivisions$956.9 $1,614.7 $— $— $— $2,571.6 
Government Sponsored Agency9,223.3 — — — — 9,223.3 
Non-U.S. Government896.7 707.4 812.9 325.1 — 2,742.1 
Corporate Debt2.2 298.7 309.4 — — 610.3 
Covered Bonds2,110.3 — — — — 2,110.3 
Certificates of Deposit355.4 — — — 47.8 403.2 
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds3,840.8 1,153.1 29.5 1.1 — 5,024.5 
Other Asset-Backed193.7 — — — — 193.7 
Commercial Mortgage-Backed37.6 — — — — 37.6 
Other52.5 — — — 528.8 581.3 
Total$17,669.4 $3,773.9 $1,151.8 $326.2 $576.6 $23,497.9 
Percent of Total75 %16 %5 %1 %3 %100 %
DECEMBER 31, 2023
($ In Millions)AAAAAABBBNOT RATEDTOTAL
U.S. Government$— $— $— $— $— $— 
Obligations of States and Political Subdivisions954.7 1,609.0 — — 0.2 2,563.9 
Government Sponsored Agency9,355.3 — — — — 9,355.3 
Non-U.S. Government813.3 1,179.6 2,463.3 332.9 — 4,789.1 
Corporate Debt2.1 302.6 341.4 — — 646.1 
Covered Bonds2,208.6 — — — — 2,208.6 
Certificates of Deposit545.9 — — — 39.2 585.1 
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds4,047.9 1,166.5 30.0 1.1 — 5,245.5 
Other Asset-Backed214.2 — — — — 214.2 
Commercial Mortgage-Backed37.6 — — — — 37.6 
Other54.8 — — — 521.5 576.3 
Total$18,234.4 $4,257.7 $2,834.7 $334.0 $560.9 $26,221.7 
Percent of Total70 %16 %11 %1 %2 %100 %