Annual report pursuant to Section 13 and 15(d)

Accumulated Other Comprehensive Income

v2.4.0.6
Accumulated Other Comprehensive Income
 12 Months Ended
Dec. 31, 2012
Accumulated Other Comprehensive Income [Abstract]  
Comprehensive Income (Loss) Note
Accumulated Other Comprehensive Income (Loss)
The table below presents the changes in accumulated OCI after-tax for 2010, 2011 and 2012.
 
 
 
 
 
 
 
 
 
 
 
 
(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, 2009
$
(628
)
 
$
2,129

 
$
(2,535
)
 
$
(4,092
)
 
$
(493
)
 
$
(5,619
)
Net change
1,342

 
4,530

 
(701
)
 
145

 
237

 
5,553

Balance, December 31, 2010
$
714

 
$
6,659

 
$
(3,236
)
 
$
(3,947
)
 
$
(256
)
 
$
(66
)
Net change
2,386

 
(6,656
)
 
(549
)
 
(444
)
 
(108
)
 
(5,371
)
Balance, December 31, 2011
$
3,100

 
$
3

 
$
(3,785
)
 
$
(4,391
)
 
$
(364
)
 
$
(5,437
)
Net change
1,343

 
459

 
916

 
(65
)
 
(13
)
 
2,640

Balance, December 31, 2012
$
4,443

 
$
462

 
$
(2,869
)
 
$
(4,456
)
 
$
(377
)
 
$
(2,797
)
(1) 
Net change in fair value represents after-tax adjustments based on the final year-end actuarial valuations. For more information on employee benefit plans, see Note 18 – Employee Benefit Plans.
(2) 
Net change in fair value represents 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 2012, 2011 and 2010.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2012
 
2011
 
2010
(Dollars in millions)
Before-tax
 
Tax effect
 
After-tax
 
Before-tax
 
Tax effect
 
After-tax
 
Before-tax
 
Tax effect
 
After-tax
Available-for-sale debt securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cumulative adjustments for accounting changes:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Consolidation of certain variable interest entities
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
(184
)
 
$
68

 
$
(116
)
Credit-related notes
—

 
—

 
—

 
—

 
—

 
—

 
364

 
(135
)
 
229

Net change in fair value recorded in accumulated OCI
3,676

 
(1,319
)
 
2,357

 
6,925

 
(2,594
)
 
4,331

 
3,541

 
(1,331
)
 
2,210

Net realized (gains) losses reclassified into earnings
(1,609
)
 
595

 
(1,014
)
 
(3,087
)
 
1,142

 
(1,945
)
 
(1,557
)
 
576

 
(981
)
Net change
2,067

 
(724
)
 
1,343

 
3,838

 
(1,452
)
 
2,386

 
2,164

 
(822
)
 
1,342

Available-for-sale marketable equity securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net change in fair value recorded in accumulated OCI
748

 
(277
)
 
471

 
(4,114
)
 
1,575

 
(2,539
)
 
9,029

 
(3,372
)
 
5,657

Net realized (gains) losses reclassified into earnings
(19
)
 
7

 
(12
)
 
(6,501
)
 
2,384

 
(4,117
)
 
(1,789
)
 
662

 
(1,127
)
Net change
729

 
(270
)
 
459

 
(10,615
)
 
3,959

 
(6,656
)
 
7,240

 
(2,710
)
 
4,530

Derivatives:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net change in fair value recorded in accumulated OCI
430

 
(166
)
 
264

 
(2,490
)
 
923

 
(1,567
)
 
(1,755
)
 
647

 
(1,108
)
Net realized (gains) losses reclassified into earnings
1,035

 
(383
)
 
652

 
1,617

 
(599
)
 
1,018

 
644

 
(237
)
 
407

Net change
1,465

 
(549
)
 
916

 
(873
)
 
324

 
(549
)
 
(1,111
)
 
410

 
(701
)
Employee benefit plans:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net change in fair value recorded in accumulated OCI
(1,891
)
 
660

 
(1,231
)
 
(1,171
)
 
457

 
(714
)
 
(162
)
 
58

 
(104
)
Net realized (gains) losses reclassified into earnings
490

 
(192
)
 
298

 
437

 
(167
)
 
270

 
396

 
(147
)
 
249

Settlements and curtailments
1,378

 
(510
)
 
868

 
—

 
—

 
—

 
—

 
—

 
—

Net change
(23
)
 
(42
)
 
(65
)
 
(734
)
 
290

 
(444
)
 
234

 
(89
)
 
145

Foreign currency:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net change in fair value recorded in accumulated OCI
(226
)
 
233

 
7

 
145

 
(179
)
 
(34
)
 
(204
)
 
160

 
(44
)
Net realized (gains) losses reclassified into earnings
(30
)
 
10

 
(20
)
 
(65
)
 
(9
)
 
(74
)
 
446

 
(165
)
 
281

Net change
(256
)
 
243

 
(13
)
 
80

 
(188
)
 
(108
)
 
242

 
(5
)
 
237

Total other comprehensive income (loss)
$
3,982

 
$
(1,342
)
 
$
2,640

 
$
(8,304
)
 
$
2,933

 
$
(5,371
)
 
$
8,769

 
$
(3,216
)
 
$
5,553