Note 15 – Accumulated Other Comprehensive Income (Loss)
The following tables summarize the components of accumulated other comprehensive income (loss) at December 31, 2013, 2012, and 2011, and changes during the years then ended.
| (In Millions) | BALANCE AT DECEMBER 31, 2013 |
NET CHANGE |
BALANCE AT DECEMBER 31, 2012 |
NET CHANGE |
BALANCE AT DECEMBER 31, 2011 |
NET CHANGE |
BALANCE AT DECEMBER 31, 2010 |
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|
Net Unrealized Gains (Losses) on Securities Available for Sale |
$ | 6.0 | $ | (95.0 | ) | $ | 101.0 | $ | 61.2 | $ | 39.8 | $ | 53.3 | $ | (13.5 | ) | ||||||||||||
|
Net Unrealized Gains (Losses) on Cash Flow Hedges |
2.9 | 4.3 | (1.4 | ) | 5.6 | (7.0 | ) | (18.4 | ) | 11.4 | ||||||||||||||||||
|
Net Foreign Currency Adjustments |
7.1 | (3.4 | ) | 10.5 | 20.0 | (9.5 | ) | (2.5 | ) | (7.0 | ) | |||||||||||||||||
|
Net Pension and Other Postretirement Benefit Adjustments |
(260.3 | ) | 132.8 | (393.1 | ) | (24.2 | ) | (368.9 | ) | (72.7 | ) | (296.2 | ) | |||||||||||||||
|
Total |
$ | (244.3 | ) | $ | 38.7 | $ | (283.0 | ) | $ | 62.6 | $ | (345.6 | ) | $ | (40.3 | ) | $ | (305.3 | ) | |||||||||
| YEAR ENDED DECEMBER 31, | ||||||||||||||||||||||||||||||||||||
| 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||
| (In Millions) | BEFORE TAX |
TAX EFFECT |
AFTER TAX |
BEFORE TAX |
TAX EFFECT |
AFTER TAX |
BEFORE TAX |
TAX EFFECT |
AFTER TAX |
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|
Unrealized Gains (Losses) on Securities Available for Sale |
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|
Noncredit-Related Unrealized Losses on Securities OTTI |
$ | 3.0 | $ | (1.1 | ) | $ | 1.9 | $ | 15.7 | $ | (5.9 | ) | $ | 9.8 | $ | 10.2 | $ | (3.6 | ) | $ | 6.6 | |||||||||||||||
|
Other Unrealized Gains (Losses) on Securities Available for Sale |
(156.8 | ) | 59.0 | (97.8 | ) | 96.2 | (36.1 | ) | 60.1 | 61.6 | (23.4 | ) | 38.2 | |||||||||||||||||||||||
|
Reclassification Adjustment for (Gains) Losses Included in Net Income |
1.6 | (0.7 | ) | 0.9 | (13.9 | ) | 5.2 | (8.7 | ) | 13.5 | (5.0 | ) | 8.5 | |||||||||||||||||||||||
|
Net Change |
$ | (152.2 | ) | $ | 57.2 | $ | (95.0 | ) | $ | 98.0 | $ | (36.8 | ) | $ | 61.2 | $ | 85.3 | $ | (32.0 | ) | $ | 53.3 | ||||||||||||||
|
Unrealized Gains (Losses) on Cash Flow Hedges |
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|
Unrealized Gains (Losses) on Cash Flow Hedges |
$ | 2.1 | $ | (0.7 | ) | $ | 1.4 | $ | 3.2 | $ | (0.6 | ) | $ | 2.6 | $ | (23.6 | ) | $ | 8.8 | $ | (14.8 | ) | ||||||||||||||
|
Reclassification Adjustment for (Gains) Losses Included in Net Income |
4.7 | (1.8 | ) | 2.9 | 4.8 | (1.8 | ) | 3.0 | (5.6 | ) | 2.0 | (3.6 | ) | |||||||||||||||||||||||
|
Net Change |
$ | 6.8 | $ | (2.5 | ) | $ | 4.3 | $ | 8.0 | $ | (2.4 | ) | $ | 5.6 | $ | (29.2 | ) | $ | 10.8 | $ | (18.4 | ) | ||||||||||||||
|
Foreign Currency Adjustments |
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|
Foreign Currency Translation Adjustments |
$ | 91.9 | $ | (29.7 | ) | $ | 62.2 | $ | 37.9 | $ | 3.1 | $ | 41.0 | $ | (7.0 | ) | $ | – | $ | (7.0 | ) | |||||||||||||||
|
Net Investment Hedge Gain (Losses) |
(107.3 | ) | 41.7 | (65.6 | ) | (33.7 | ) | 12.7 | (21.0 | ) | 25.7 | (21.2 | ) | 4.5 | ||||||||||||||||||||||
|
Net Change |
$ | (15.4 | ) | $ | 12.0 | $ | (3.4 | ) | $ | 4.2 | $ | 15.8 | $ | 20.0 | $ | 18.7 | $ | (21.2 | ) | $ | (2.5 | ) | ||||||||||||||
|
Pension and Other Postretirement Benefit Adjustments |
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|
Net Actuarial Gain (Loss) |
$ | 157.7 | $ | (54.9 | ) | $ | 102.8 | $ | (62.8 | ) | $ | 15.8 | $ | (47.0 | ) | $ | (158.2 | ) | $ | 61.3 | $ | (96.9 | ) | |||||||||||||
|
Prior Service Benefit |
– | – | – | – | – | – | 7.7 | (2.9 | ) | 4.8 | ||||||||||||||||||||||||||
|
Reclassification Adjustment for Losses Included in Net Income |
46.1 | (16.1 | ) | 30.0 | 33.9 | (11.1 | ) | 22.8 | 30.2 | (10.8 | ) | 19.4 | ||||||||||||||||||||||||
|
Net Change |
$ | 203.8 | $ | (71.0 | ) | $ | 132.8 | $ | (28.9 | ) | $ | 4.7 | $ | (24.2 | ) | $ | (120.3 | ) | $ | 47.6 | $ | (72.7 | ) | |||||||||||||
The following table provides the location and before-tax amounts of reclassifications out of accumulated other comprehensive income (loss) during the years ended December 31, 2013, 2012 and 2011.
|
(In Millions) |
LOCATION OF RECOGNIZED IN INCOME |
AMOUNT OF RECLASSIFICATION ADJUSTMENTS RECOGNIZED IN INCOME YEAR ENDED DECEMBER 31, |
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| 2013 | 2012 | 2011 | ||||||||||||
|
Securities Available for Sale |
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|
Realized (Gains) Losses on Securities Available for Sale |
Investment Security Gains (Losses), net | $ | 1.6 | $ | (13.9 | ) | $ | 13.5 | ||||||
|
Realized (Gains) Losses on Cash Flow Hedges |
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|
Foreign Exchange Contracts |
Other Operating Income/ Expense | 4.7 | 4.8 | (5.6 | ) | |||||||||
|
Pension and Other Postretirement Benefit Adjustments |
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|
Amortization of Net Actuarial (Gain) Loss |
Employee Benefits | 49.0 | 38.8 | 33.4 | ||||||||||
|
Amortization of Prior Service Cost |
Employee Benefits | (2.9 | ) | (4.9 | ) | (3.2 | ) | |||||||
|
Gross Reclassification Adjustment |
$ | 46.1 | $ | 33.9 | $ | 30.2 | ||||||||