Annual report pursuant to Section 13 and 15(d)

Segment and Geographic Information

v2.4.0.6
Segment and Geographic Information
 12 Months Ended
Dec. 31, 2011
Segment Reporting [Abstract]  
Segment and Geographic Information
Note 3.  
Segment and Geographic Information
Segment Information
Pursuant to ASC 280, Segment Reporting, operating segments represent components of an enterprise for which separate financial information is available that is regularly evaluated by the chief operating decision maker in determining how to allocate resources and in assessing performance. The business activities of Merrill Lynch are included within certain of the operating segments of Bank of America. Detailed financial information related to the operations of Merrill Lynch, however, is not provided to Merrill Lynch's chief operating decision maker. As a result, Merrill Lynch does not contain any identifiable operating segments under Segment Reporting, and therefore the financial information of Merrill Lynch is presented as a single segment.
Geographic Information
Merrill Lynch conducts its business activities through offices in the following five regions:
•
United States;
•
Europe, Middle East, and Africa (“EMEA”);
•
Pacific Rim;
•
Latin America; and
•
Canada.
The principal methodologies used in preparing the geographic information below are as follows:
•
Revenues are generally recorded based on the location of the employee generating the revenue; and
•
Intercompany transfers are based primarily on service agreements.
The information that follows, in management’s judgment, provides a reasonable representation of each region’s contribution to the consolidated net revenues:
(dollars in millions)
 
For the Year Ended
December 31, 2011
 
For the Year Ended
December 31, 2010
 
For the Year Ended
December 31, 2009
Revenues, net of interest expense
 

 
 

 
 

Europe, Middle East, and Africa
$
3,794

 
$
4,500

 
$
5,841

Pacific Rim
2,387

 
2,244

 
2,136

Latin America
1,164

 
1,072

 
823

Canada
272

 
207

 
242

Total Non-U.S. 
7,617

 
8,023

 
9,042

United States(1)(2)
16,677

 
19,823

 
20,242

Total revenues, net of interest expense
$
24,294

 
$
27,846

 
$
29,284

 
 
 
 
 
 
(1)
U.S. results for the years ended December 31, 2011, December 31, 2010 and December 31, 2009 included gains of $2.0 billion, losses of $0.1 billion and losses of $5.2 billion, respectively, due to the impact of the changes in Merrill Lynch’s credit spreads on the carrying values of certain long-term borrowings, primarily structured notes.
(2)
Corporate net revenues and adjustments are reflected in the U.S. region.