Securities (Tables)

6 Months Ended

Jun. 30, 2013

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

The following tables provide the amortized cost and fair values of securities at June 30, 2013 and December 31, 2012.

Securities Available for Sale	June 30, 2013
	Amortized		Gross Unrealized				Fair
(In Millions)	Cost		Gains		Losses		Value
U.S. Government	$	1,748.4	$	26.7	$	—	$	1,775.1
Obligations of States and Political Subdivisions		13.9		0.5		—		14.4
Government Sponsored Agency		16,581.0		85.8		40.9		16,625.9
Corporate Debt		3,602.7		9.3		61.3		3,550.7
Covered Bonds		1,819.6		29.9		4.5		1,845.0
Supranational, Sovereign and Non-U.S. Agency Bonds		718.4		3.0		2.0		719.4
Residential Mortgage-Backed		66.4		0.1		5.5		61.0
Other Asset-Backed		2,533.3		0.5		4.0		2,529.8
Auction Rate		98.2		2.1		1.2		99.1
Other		255.7		0.5		0.1		256.1
Total	$	27,437.6	$	158.4	$	119.5	$	27,476.5

Securities Available for Sale	December 31, 2012
	Amortized		Gross Unrealized				Fair
(In Millions)	Cost		Gains		Losses		Value
U.S. Government	$	1,747.9	$	36.7	$	—	$	1,784.6
Obligations of States and Political Subdivisions		13.9		0.2		—		14.1
Government Sponsored Agency		18,520.6		122.2		4.0		18,638.8
Corporate Debt		2,602.4		18.1		2.1		2,618.4
Covered Bonds		1,697.1		51.0		0.1		1,748.0
Supranational Bonds		1,053.9		7.0		0.2		1,060.7
Residential Mortgage-Backed		102.4		0.4		10.8		92.0
Other Asset-Backed		2,280.0		4.3		0.4		2,283.9
Auction Rate		99.6		2.1		3.9		97.8
Other		304.4		0.8		—		305.2
Total	$	28,422.2	$	242.8	$	21.5	$	28,643.5

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

Securities Held to Maturity	June 30, 2013
	Amortized		Gross Unrealized				Fair
(In Millions)	Cost		Gains		Losses		Value
Obligations of States and Political Subdivisions	$	263.0	$	11.9	$	—	$	274.9
Government Sponsored Agency		57.8		1.4		—		59.2
Non-U.S. Government Debt		197.7		—		—		197.7
Certificates of Deposit		1,658.4		—		0.4		1,658.0
Other		589.2		0.3		11.5		578.0
Total	$	2,766.1	$	13.6	$	11.9	$	2,767.8

Securities Held to Maturity	December 31, 2012
	Amortized		Gross Unrealized				Fair
(In Millions)	Cost		Gains		Losses		Value
Obligations of States and Political Subdivisions	$	329.3	$	17.2	$	—	$	346.5
Government Sponsored Agency		112.9		3.8		—		116.7
Non-U.S. Government Debt		205.0		—		—		205.0
Certificates of Deposit		1,667.6		0.2		0.6		1,667.2
Other		67.2		0.3		8.1		59.4
Total	$	2,382.0	$	21.5	$	8.7	$	2,394.8

Securities Continuous Unrealized Loss Position

Securities with Unrealized Losses. The following tables provide information regarding securities that had been in a continuous unrealized loss position for less than 12 months and for 12 months or longer as of June 30, 2013 and December 31, 2012.

Securities with Unrealized Losses as of June 30, 2013	Less than 12 Months				12 Months or Longer				Total
(In Millions)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Government Sponsored Agency	$	4,111.5	$	38.4	$	320.2	$	2.5	$	4,431.7	$	40.9
Corporate Debt		2,132.7		61.2		25.0		0.1		2,157.7		61.3
Covered Bonds		205.2		4.5		—		—		205.2		4.5
Supranational, Sovereign and Non-US Agency Bonds		57.7		2.0		—		—		57.7		2.0
Residential Mortgage-Backed		—		—		58.5		5.5		58.5		5.5
Other Asset-Backed		1,901.2		3.9		16.3		0.1		1,917.5		4.0
Certificates of Deposit		1,056.9		0.4		—		—		1,056.9		0.4
Auction Rate		22.7		0.1		16.0		1.1		38.7		1.2
Other		501.1		5.1		39.3		6.5		540.4		11.6
Total	$	9,989.0	$	115.6	$	475.3	$	15.8	$	10,464.3	$	131.4

Securities with Unrealized Losses as of December 31, 2012	Less than 12 Months				12 Months or Longer				Total
(In Millions)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Government Sponsored Agency	$	482.2	$	1.0	$	1,171.8	$	3.0	$	1,654.0	$	4.0
Corporate Debt		441.5		2.0		50.0		0.1		491.5		2.1
Covered Bonds		20.1		0.1		—		—		20.1		0.1
Supranational Bonds		113.8		0.2		—		—		113.8		0.2
Residential Mortgage-Backed		—		—		84.7		10.8		84.7		10.8
Other Asset-Backed		146.1		0.1		40.0		0.3		186.1		0.4
Certificates of Deposit		1,178.8		0.6		—		—		1,178.8		0.6
Auction Rate		2.7		0.3		41.0		3.6		43.7		3.9
Other		9.3		1.9		43.8		6.2		53.1		8.1
Total	$	2,394.5	$	6.2	$	1,431.3	$	24.0	$	3,825.8	$	30.2

Book Values, Ultimate Default Rates, and Loss Severity Rates for Non-Agency Residential Mortgage-Backed Securities Portfolio, by Security Type

June 30, 2013 amortized

cost, weighted average ultimate default rates, and impairment severity rates for the non-agency residential mortgage-backed securities portfolio, by security type, are provided in the following table.

						Loss Severity Rates
Security Type	Amortized Cost		Weighted Average Ultimate Default Rates			Low			High			Weighted Average
Prime	$	7.8		18.9	%		41.9	%		65.3	%		57.8	%
Alt-A		12.6		43.1			88.1			88.1			88.1
Subprime		32.0		47.9			84.4			100.0			90.9
2nd Lien		14.0		33.1			99.0			100.0			99.5
Total Non-Agency Residential Mortgage-Backed Securities	$	66.4		39.9	%		41.9	%		100.0	%		88.3	%

Cumulative Credit-Related Losses Recognized in Earnings on Debt Securities Other-Than-Temporarily Impaired

Provided in the table below are the cumulative credit-related losses recognized in earnings on debt securities other-than-temporarily impaired.

	Three Months Ended					Six Months Ended
	June 30,					June 30,
(In Millions)	2013		2012			2013			2012
Cumulative Credit-Related Losses on Securities Held – Beginning of Period	$	8.8	$	44.8		$	42.3		$	68.2
Plus: Losses on Newly Identified Impairments		—		—			—			1.6
Additional Losses on Previously Identified Impairments		—		—			—			1.5
Less: Current and Prior Period Losses on Securities Sold During the Period		—		(1.6	)		(33.5	)		(28.1	)
Cumulative Credit-Related Losses on Securities Held – End of Period	$	8.8	$	43.2		$	8.8		$	43.2

Debt Securities Held for which Other-Than-Temporary Impairment Loss has been Recognized in Current Period or Previously

The table below provides information regarding debt securities held as of June 30, 2013 and December 31, 2012, for which an OTTI loss has been recognized in the current period or previously.

	June 30,			December 31,
(In Millions)	2013			2012
Fair Value	$	40.9		$	51.5
Amortized Cost Basis		46.3			59.0
Noncredit-related Losses Recognized in OCI		(5.4	)		(7.5	)
Tax Effect		2.0			2.8
Amount Recorded in OCI	$	(3.4	)	$	(4.7	)

Held-to-maturity Securities

Remaining Maturity of Securities

Held to Maturity
Due in One Year or Less		1,999.7		2,001.5
Due After One Year Through Five Years		691.5		696.0
Due After Five Years Through Ten Years		39.3		42.0
Due After Ten Years		35.6		28.3
Total	$	2,766.1	$	2,767.8

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

Available for Sale Investment Securities

Remaining Maturity of Securities

The following table provides the remaining maturity of securities as of June 30, 2013.

(In Millions)	Cost		Value
Available for Sale
Due in One Year or Less	$	7,555.2	$	7,565.7
Due After One Year Through Five Years		17,189.8		17,250.7
Due After Five Years Through Ten Years		1,935.8		1,908.2
Due After Ten Years		756.8		751.9
Total		27,437.6		27,476.5