Quarterly report pursuant to Section 13 or 15(d)

Accumulated Other Comprehensive Income (Loss) (Tables)

v2.4.0.6
Accumulated Other Comprehensive Income (Loss) (Tables)
6 Months Ended
Jun. 30, 2012
Equity [Abstract]  
Accumulated OCI
The table below presents the changes in accumulated OCI after-tax for the six months ended June 30, 2012 and 2011.

(Dollars in millions)
Available-for-sale Debt Securities
 
Available-for-sale
Marketable
Equity Securities
 
Derivatives
 
Employee
Benefit Plans (1)
 
Foreign
Currency (2)
 
Total
Balance, December 31, 2010
$
714

 
$
6,659

 
$
(3,236
)
 
$
(3,947
)
 
$
(256
)
 
$
(66
)
Net change
874

 
(120
)
 
(66
)
 
138

 
33

 
859

Balance, June 30, 2011
$
1,588

 
$
6,539

 
$
(3,302
)
 
$
(3,809
)
 
$
(223
)
 
$
793

 
 
 
 
 
 
 
 
 
 
 
 
Balance, December 31, 2011
$
3,100

 
$
3

 
$
(3,785
)
 
$
(4,391
)
 
$
(364
)
 
$
(5,437
)
Net change
593

 
13

 
301

 
1,031

 
(1
)
 
1,937

Balance, June 30, 2012
$
3,693

 
$
16

 
$
(3,484
)
 
$
(3,360
)
 
$
(365
)
 
$
(3,500
)
(1) 
As a result of freezing the Qualified Pension Plans, a curtailment was triggered and a remeasurement of the qualified pension obligations and plan assets occurred as of January 24, 2012 driving the current period net change. For more information, see Note 14 – Pension, Postretirement and Certain Compensation Plans.
(2) 
Net change in fair value represents only the impact of changes in spot foreign exchange rates on the Corporation’s net investment in non-U.S. operations and related hedges.

The table below presents the before- and after-tax changes in accumulated OCI for the six months ended June 30, 2012 and 2011.

 
Six Months Ended June 30
 
2012
 
2011
(Dollars in millions)
Before-tax
 
Tax effect
 
After-tax
 
Before-tax
 
Tax effect
 
After-tax
Available-for-sale debt securities:
 
 
 
 
 
 
 
 
 
 
 
Net change in fair value recorded in accumulated OCI
$
1,995

 
$
(705
)
 
$
1,290

 
$
2,838

 
$
(1,054
)
 
$
1,784

Net realized (gains) losses reclassified into earnings
(1,107
)
 
410

 
(697
)
 
(1,445
)
 
535

 
(910
)
Net change
888

 
(295
)
 
593

 
1,393

 
(519
)
 
874

Available-for-sale marketable equity securities:
 
 
 
 
 
 
 
 
 
 
 
Net change in fair value recorded in accumulated OCI
22

 
(8
)
 
14

 
(163
)
 
62

 
(101
)
Net realized (gains) losses reclassified into earnings
(2
)
 
1

 
(1
)
 
(31
)
 
12

 
(19
)
Net change
20

 
(7
)
 
13

 
(194
)
 
74

 
(120
)
Derivatives:
 
 
 
 
 
 
 
 
 
 
 
Net change in fair value recorded in accumulated OCI
38

 
(15
)
 
23

 
(922
)
 
342

 
(580
)
Net realized (gains) losses reclassified into earnings
440

 
(162
)
 
278

 
815

 
(301
)
 
514

Net change
478

 
(177
)
 
301

 
(107
)
 
41

 
(66
)
Employee benefit plans:
 
 
 
 
 
 
 
 
 
 
 
Net realized (gains) losses reclassified into earnings
254

 
(93
)
 
161

 
220

 
(82
)
 
138

Settlements and curtailments
1,381

 
(511
)
 
870

 

 

 

Net change
1,635

 
(604
)
 
1,031

 
220

 
(82
)
 
138

Foreign currency:
 
 
 
 
 
 
 
 
 
 
 
Net change in fair value recorded in accumulated OCI
(14
)
 
16

 
2

 
(458
)
 
486

 
28

Net realized (gains) losses reclassified into earnings
(3
)
 

 
(3
)
 
8

 
(3
)
 
5

Net change
(17
)
 
16

 
(1
)
 
(450
)
 
483

 
33

Other comprehensive income
$
3,004

 
$
(1,067
)
 
$
1,937

 
$
862

 
$
(3
)
 
$
859