|
Parent Company Information (Tables)
|
12 Months Ended |
|
Dec. 31, 2012
|
| Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
|
| Schedule of Condensed Statements of (Loss) Earnings and Comprehensive (Loss) Income |
The following tables present Parent Company Only financial information:
|
Merrill Lynch & Co., Inc.
(Parent Company Only)
Condensed Statements of Earnings (Loss) and Comprehensive (Loss) Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollars in millions) |
|
For the Year Ended
December 31, 2012
|
|
For the Year Ended
December 31, 2011
|
|
For the Year Ended
December 31, 2010
|
|
Revenues |
|
|
|
|
|
|
|
|
|
Principal transactions |
$ |
(2,116 |
) |
|
$ |
1,189 |
|
|
$ |
5 |
|
|
Management service fees (from affiliates) |
— |
|
|
— |
|
|
213 |
|
|
Earnings from equity method investments |
25 |
|
|
24 |
|
|
25 |
|
|
Other revenue |
286 |
|
|
546 |
|
|
336 |
|
|
Subtotal |
(1,805 |
) |
|
1,759 |
|
|
579 |
|
|
Interest revenue |
4,420 |
|
|
3,712 |
|
|
2,999 |
|
|
Less interest expense |
4,324 |
|
|
4,458 |
|
|
4,550 |
|
|
Net interest revenue (expense) |
96 |
|
|
(746 |
) |
|
(1,551 |
) |
|
Revenues, net of interest expense |
(1,709 |
) |
|
1,013 |
|
|
(972 |
) |
|
Non-interest expenses |
|
|
|
|
|
|
|
|
|
Compensation and benefits |
536 |
|
|
704 |
|
|
430 |
|
|
Professional fees |
7 |
|
|
15 |
|
|
57 |
|
|
Communications and technology |
11 |
|
|
21 |
|
|
32 |
|
|
Occupancy and related depreciation |
27 |
|
|
39 |
|
|
51 |
|
|
Other |
528 |
|
|
615 |
|
|
673 |
|
|
Total non-interest expenses |
1,109 |
|
|
1,394 |
|
|
1,243 |
|
|
Pre-tax loss |
(2,818 |
) |
|
(381 |
) |
|
(2,215 |
) |
|
Income tax benefit |
(2,209 |
) |
|
(1,874 |
) |
|
(1,469 |
) |
|
Equity in earnings (loss) of affiliates, net of tax |
899 |
|
|
(3,140 |
) |
|
4,626 |
|
|
Net earnings (loss) |
290 |
|
|
(1,647 |
) |
|
3,880 |
|
|
Other comprehensive (loss) income, net of tax |
(292 |
) |
|
19 |
|
|
(142 |
) |
|
Comprehensive (loss) income |
$ |
(2 |
) |
|
$ |
(1,628 |
) |
|
$ |
3,738 |
|
|
Preferred stock dividends |
— |
|
|
— |
|
|
134 |
|
|
Net earnings (loss) applicable to common stockholder |
$ |
290 |
|
|
$ |
(1,647 |
) |
|
$ |
3,746 |
|
|
|
| Schedule of Condensed Balance Sheet |
|
Merrill Lynch & Co., Inc.
(Parent Company Only)
Condensed Balance Sheets
|
|
|
|
|
|
|
|
|
(dollars in millions, except per share amounts) |
|
December 31,
2012 |
|
December 31,
2011 |
ASSETS |
|
|
|
|
|
Cash and cash equivalents |
$ |
124 |
|
|
$ |
105 |
|
Investment securities |
459 |
|
|
495 |
|
Receivables from Bank of America |
17,240 |
|
|
4,169 |
|
Advances to affiliates |
|
|
|
|
|
Senior advances |
48,629 |
|
|
66,016 |
|
Subordinated loans and preferred securities |
18,862 |
|
|
54,226 |
|
|
67,491 |
|
|
120,242 |
|
Investments in affiliates |
76,743 |
|
|
41,767 |
|
Goodwill and other intangible assets |
3,508 |
|
|
3,579 |
|
Other assets |
4,287 |
|
|
4,606 |
|
Total Assets |
$ |
169,852 |
|
|
$ |
174,963 |
|
LIABILITIES AND STOCKHOLDER'S EQUITY |
|
|
|
|
|
Liabilities |
|
|
|
|
|
Payables to affiliates |
$ |
26,951 |
|
|
$ |
21,616 |
|
Other liabilities and accrued interest payable |
6,183 |
|
|
5,289 |
|
Long-term borrowings (includes $11,422 in 2012 and $13,389 in 2011 |
|
|
|
|
|
measured at fair value in accordance with the fair value option election) |
72,318 |
|
|
89,018 |
|
Total Liabilities |
105,452 |
|
|
115,923 |
|
COMMITMENTS AND CONTINGENCIES |
|
|
|
|
|
STOCKHOLDER'S EQUITY |
|
|
|
|
|
|
Common stock (par value $1.331/3 per share; authorized; 3,000,000,000 shares; issued: 2012 and
2011 — 1,000 shares)
|
— |
|
|
— |
|
Paid-in capital |
56,127 |
|
|
50,765 |
|
Accumulated other comprehensive loss (net of tax) |
(527 |
) |
|
(235 |
) |
Retained earnings |
8,800 |
|
|
8,510 |
|
Total Stockholder's Equity |
64,400 |
|
|
59,040 |
|
Total Liabilities and Stockholder's Equity |
$ |
169,852 |
|
|
$ |
174,963 |
|
|
| Schedule of Condensed Statements of Cash Flow |
|
Merrill Lynch & Co., Inc.
(Parent Company Only)
Condensed Statements of Cash Flows
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollars in millions) |
|
For the Year Ended
December 31, 2012 |
|
For the Year Ended
December 31, 2011 |
|
For the Year Ended
December 31, 2010 |
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
Net earnings (loss) |
$ |
290 |
|
|
$ |
(1,647 |
) |
|
$ |
3,880 |
|
Adjustments to reconcile net earnings (loss) to cash (used for) provided by operating activities: |
|
|
|
|
|
|
|
|
Equity in loss (earnings) of affiliates |
(899 |
) |
|
3,140 |
|
|
(4,626 |
) |
Depreciation and amortization |
87 |
|
|
97 |
|
|
98 |
|
Share-based compensation expense |
385 |
|
|
486 |
|
|
167 |
|
Gains on repurchases of long-term borrowings |
(405 |
) |
|
— |
|
|
— |
|
Fair value adjustments on structured notes |
2,116 |
|
|
(1,200 |
) |
|
156 |
|
Deferred taxes |
(1,210 |
) |
|
(2,551 |
) |
|
(317 |
) |
Foreign exchange (gains) losses on long-term borrowings |
(79 |
) |
|
(404 |
) |
|
(2,171 |
) |
Other |
597 |
|
|
2,717 |
|
|
1,994 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Receivables under resale agreements |
— |
|
|
— |
|
|
1,022 |
|
Receivables from Bank of America |
(8,840 |
) |
|
5,487 |
|
|
(4,708 |
) |
Payables under repurchase agreements |
— |
|
|
— |
|
|
(7,177 |
) |
Dividends and partnerships distributions from affiliates |
189 |
|
|
995 |
|
|
46 |
|
Other, net |
3,787 |
|
|
2,504 |
|
|
3,270 |
|
Cash (used for) provided by operating activities |
(3,982 |
) |
|
9,624 |
|
|
(8,366 |
) |
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
Proceeds from (payments for): |
|
|
|
|
|
|
|
|
Advances to affiliates |
57,853 |
|
|
8,820 |
|
|
23,666 |
|
Maturities of available-for-sale securities |
— |
|
|
— |
|
|
557 |
|
Sales of available-for-sale securities |
— |
|
|
— |
|
|
10,190 |
|
Non-qualifying investments |
36 |
|
|
34 |
|
|
33 |
|
Investments in affiliates |
(34,268 |
) |
|
1,836 |
|
|
(2,302 |
) |
Cash provided by investing activities |
23,621 |
|
|
10,690 |
|
|
32,144 |
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
Payments for: |
|
|
|
|
|
|
|
|
Settlement and repurchases of long-term borrowings |
(19,620 |
) |
|
(20,588 |
) |
|
(23,739 |
) |
Dividends |
— |
|
|
— |
|
|
(134 |
) |
Cash used for financing activities |
(19,620 |
) |
|
(20,588 |
) |
|
(23,873 |
) |
Increase (decrease) in cash and cash equivalents |
19 |
|
|
(274 |
) |
|
(95 |
) |
Cash and cash equivalents, beginning of period |
105 |
|
|
379 |
|
|
474 |
|
Cash and cash equivalents, end of period |
$ |
124 |
|
|
$ |
105 |
|
|
$ |
379 |
|
Supplemental Disclosure of Cash Flow Information: |
|
|
|
|
|
|
|
|
Income taxes paid |
$ |
125 |
|
|
$ |
130 |
|
|
$ |
40 |
|
Income taxes refunded(1)
|
(2,677 |
) |
|
(315 |
) |
|
(1,703 |
) |
Interest paid |
3,896 |
|
|
1,742 |
|
|
2,968 |
|
(1) Included in income taxes refunded are amounts received from Bank of America that represent payments for utilization of Merrill Lynch & Co.'s net tax deductions in the consolidated Bank of America tax returns in accordance with the intercompany tax allocation policy.
Non-cash investing and financing activities:
For the years ended December 31, 2012 and 2010, Merrill Lynch received non-cash capital contributions of approximately $1.1 billion and $1.0 billion, respectively, from Bank of America associated with certain employee stock compensation awards. In addition, as of January 1, 2010, Merrill Lynch assumed assets and liabilities in connection with the consolidation of certain VIEs. See Note 9. In October 2010, Merrill Lynch’s mandatory convertible preferred stock was automatically converted to Bank of America common stock. The redemption was settled through a non-cash intercompany transaction.
Effective on January 1, 2009, Merrill Lynch acquired the net assets of two affiliates and their respective subsidiaries from Bank of America. This was recorded as a non-cash capital contribution. See Note 1. In addition, effective on January 1, 2009, Bank of America contributed the net assets of Bank of America Securities Holdings Corporation to Merrill Lynch.
|