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Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Tables) | 6 Months Ended
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Jun. 30, 2020
Statement of Comprehensive Income [Abstract] |
Schedule of Comprehensive Income | The pre-tax components of the Other Comprehensive Income (Loss) and the related Income Tax Benefit (Expense) for the six and three months ended June 30, 2020 and 2019 were:
|  | Six Months Ended |  | Three Months Ended
(Dollars in Millions) |  | Jun 30, 2020 |  | Jun 30, 2019 |  | Jun 30, 2020 |  | Jun 30, 2019
Changes in Net Unrealized Gains (Losses) on Investment Securities: |  |  |  |  |  |  |  |
Having No Credit Losses Recognized in Condensed Consolidated Statements of Income |  | $ | 213.6 |  |  | $ | 349.2 |  |  | $ | 411.6 |  |  | $ | 173.9 |
Income Tax Benefit (Expense) |  | (44.9 | ) |  | (73.3 | ) |  | (86.4 | ) |  | (36.5 | )
Net of Taxes |  | 168.7 |  |  | 275.9 |  |  | 325.2 |  |  | 137.4 |
Having Credit Losses Recognized in Condensed Consolidated Statements of Income |  | (3.7 | ) |  | — |  |  | (0.8 | ) |  | — |
Income Tax Benefit (Expense) |  | 0.8 |  |  | — |  |  | 0.2 |  |  | — |
Net of Taxes |  | (2.9 | ) |  | — |  |  | (0.6 | ) |  | — |
Reclassification Adjustment for Amounts Included in Net Income |  | (7.4 | ) |  | (27.1 | ) |  | (3.5 | ) |  | (14.6 | )
Income Tax Benefit (Expense) |  | 1.6 |  |  | 5.7 |  |  | 0.8 |  |  | 3.1 |
Net of Taxes |  | (5.8 | ) |  | (21.4 | ) |  | (2.7 | ) |  | (11.5 | )
Changes in Net Unrecognized Postretirement Benefit Costs |  | 1.4 |  |  | 0.6 |  |  | 0.7 |  |  | — |
Income Tax Benefit (Expense) |  | (0.3 | ) |  | (0.1 | ) |  | (0.1 | ) |  | 0.1 |
Net of Taxes |  | 1.1 |  |  | 0.5 |  |  | 0.6 |  |  | 0.1 |
Changes in Gain (Loss) on Cash Flow Hedges |  | 0.1 |  |  | 0.1 |  |  | — |  |  | — |
Income Tax Benefit (Expense) |  | — |  |  | — |  |  | — |  |  | — |
Net of Taxes |  | 0.1 |  |  | 0.1 |  |  | — |  |  | — |
Total Other Comprehensive Income (Loss) |  | 204.0 |  |  | 322.8 |  |  | 408.0 |  |  | 159.3 |
Total Income Tax Benefit (Expense) |  | (42.8 | ) |  | (67.7 | ) |  | (85.6 | ) |  | (33.3 | )
Total Other Comprehensive Income (Loss), Net of Taxes |  | $ | 161.2 |  |  | $ | 255.1 |  |  | $ | 322.4 |  |  | $ | 126.0 |
The components of Other Comprehensive Income (Loss) for the six months ended June 30, 2020 were:
| Changes in Net Unrealized Gains (Losses) on Investment Securities |  |  |
(Dollars in Millions) | Having No Credit Losses Recognized in Consolidated Statements of Income | Having Credit Losses Recognized in Consolidated Statements of Income | Net Unrecognized Postretirement Benefit Costs | Gain (Loss) on Cash Flow Hedges | Total Accumulated Other Comprehensive Income (Loss)
Balance at Beginning of Period | $ | 439.4 |  | $ | — |  | $ | (100.6 | ) | $ | (2.7 | ) | $ | 336.1 |
Other Comprehensive Income (Loss) Before Reclassification Adjustment, Net of Tax | 168.7 |  | (2.9 | ) | 1.1 |  | 0.1 |  | 167.0 |
Reclassification Adjustment for Amounts Included in Net Income, Net of Tax | (5.8 | ) | — |  | — |  | — |  | (5.8 | )
Other Comprehensive Income (Loss), Net of Tax | 162.9 |  | (2.9 | ) | 1.1 |  | 0.1 |  | 161.2 |
Balance at End of Period | $ | 602.3 |  | $ | (2.9 | ) | $ | (99.5 | ) | $ | (2.6 | ) | $ | 497.3 |
Note 8 - Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (continued) The components of Other Comprehensive Income (Loss) for the three months ended June 30, 2020 were
| Changes in Net Unrealized Gains (Losses) on Investment Securities |  |  |
(Dollars in Millions) | Having No Credit Losses Recognized in Consolidated Statements of Income | Having Credit Losses Recognized in Consolidated Statements of Income | Net Unrecognized Postretirement Benefit Costs | Gain (Loss) on Cash Flow Hedges | Total Accumulated Other Comprehensive Income (Loss)
Balance at Beginning of Period | $ | 279.9 |  | $ | (2.3 | ) | $ | (100.1 | ) | $ | (2.6 | ) | $ | 174.9 |
Other Comprehensive Income (Loss) Before Reclassification Adjustment, Net of Tax | 325.2 |  | (0.6 | ) | 0.6 |  | — |  | 325.2 |
Reclassification Adjustment for Amounts Included in Net Income, Net of Tax | (2.8 | ) | — |  | — |  | — |  | (2.8 | )
Other Comprehensive Income (Loss), Net of Tax | 322.4 |  | (0.6 | ) | 0.6 |  | — |  | 322.4 |
Balance at End of Period | $ | 602.3 |  | $ | (2.9 | ) | $ | (99.5 | ) | $ | (2.6 | ) | $ | 497.3 |
Schedule of Accumulated Other Comprehensive Income | The components of AOCI at June 30, 2020 and December 31, 2019 were:
(Dollars in Millions) |  | Jun 30, 2020 |  | Dec 31, 2019
Net Unrealized Gains on Investments, Net of Income Taxes: |  |  |  |
No Credit Losses Recognized in Condensed Consolidated Statements of Income |  | $ | 602.3 |  |  | $ | 439.4 |
Credit Losses Recognized in Condensed Consolidated Statements of Income |  | (2.9 | ) |  | — |
Net Unrecognized Postretirement Benefit Costs, Net of Income Taxes |  | (99.5 | ) |  | (100.6 | )
Loss on Cash Flow Hedges, Net of Income Taxes |  | (2.6 | ) |  | (2.7 | )
Accumulated Other Comprehensive Income |  | $ | 497.3 |  |  | $ | 336.1 |
Reclassification out of Accumulated Comprehensive Income | Components of AOCI were reclassified to the following lines of the Condensed Consolidated Statements of Income for the six and three months ended June 30, 2020 and 2019:
|  | Six Months Ended |  | Three Months Ended
(Dollars in Millions) |  | Jun 30, 2020 |  | Jun 30, 2019 |  | Jun 30, 2020 |  | Jun 30, 2019
Reclassification of AOCI from Net Unrealized Gains on Investments to: |  |  |  |  |  |  |  |
Net Realized Gains on Sales of Investments |  | $ | 26.4 |  |  | $ | 37.4 |  |  | $ | 10.5 |  |  | $ | 21.3 |
Impairment Losses |  | (19.0 | ) |  | (10.3 | ) |  | (7.0 | ) |  | (6.7 | )
Total Before Income Taxes |  | 7.4 |  |  | 27.1 |  |  | 3.5 |  |  | 14.6 |
Income Tax Expense |  | (1.6 | ) |  | (5.7 | ) |  | (0.8 | ) |  | (3.1 | )
Reclassification from AOCI, Net of Income Taxes |  | 5.8 |  |  | 21.4 |  |  | 2.7 |  |  | 11.5 |
Reclassification of AOCI from Unrecognized Postretirement Benefit Costs to: |  |  |  |  |  |  |  |
Interest and Other Expenses |  | (1.4 | ) |  | 0.6 |  |  | (0.7 | ) |  | — |
Income Tax Benefit (Expense) |  | 0.3 |  |  | (0.1 | ) |  | 0.1 |  |  | 0.1 |
Reclassification from AOCI, Net of Income Taxes |  | (1.1 | ) |  | 0.5 |  |  | (0.6 | ) |  | 0.1 |
Reclassification of AOCI from Loss on Cash Flow Hedges to: |  |  |  |  |  |  |  |
Interest and Other Expenses |  | (0.1 | ) |  | 0.1 |  |  | — |  |  | — |
Income Tax Benefit |  | — |  |  | — |  |  | — |  |  | — |
Reclassification from AOCI, Net of Income Taxes |  | (0.1 | ) |  | 0.1 |  |  | — |  |  | — |
Total Reclassification from AOCI to Net Income |  | $ | 4.6 |  |  | $ | 22.0 |  |  | $ | 2.1 |  |  | $ | 11.6 |

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- Definition Tabular disclosure of the components of accumulated other comprehensive income (loss). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 830 -SubTopic 30 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6450520&loc=d3e32583-110901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 14A -URI http://asc.fasb.org/extlink&oid=121641772&loc=SL7669686-108580 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 830 -SubTopic 30 -Section 45 -Paragraph 20 -URI http://asc.fasb.org/extlink&oid=118261656&loc=d3e32211-110900 + Details
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- Definition Tabular disclosure of components of comprehensive income (loss). Includes, but is not limited to, foreign currency translation adjustments, foreign currency transactions designated as economic hedges of a net investment in foreign entity, gain (loss) and prior service cost (credit) for pension plans and other postretirement benefit plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121641772&loc=d3e526-108580 + Details
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