| Accumulated OCI |
The table below presents the changes in accumulated OCI after-tax for the six months ended June 30, 2012 and 2011.
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(Dollars in millions) |
Available-for-sale Debt Securities |
|
Available-for-sale
Marketable
Equity Securities
|
|
Derivatives |
|
Employee
Benefit Plans (1)
|
|
Foreign
Currency (2)
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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 |
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|
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Balance, December 31, 2011 |
$ |
3,100 |
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|
$ |
3 |
|
|
$ |
(3,785 |
) |
|
$ |
(4,391 |
) |
|
$ |
(364 |
) |
|
$ |
(5,437 |
) |
Net change |
593 |
|
|
13 |
|
|
301 |
|
|
1,031 |
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|
(1 |
) |
|
1,937 |
|
Balance, June 30, 2012 |
$ |
3,693 |
|
|
$ |
16 |
|
|
$ |
(3,484 |
) |
|
$ |
(3,360 |
) |
|
$ |
(365 |
) |
|
$ |
(3,500 |
) |
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|
(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.
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(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.
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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: |
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|
|
|
|
|
|
|
|
|
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: |
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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: |
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|
|
|
|
|
|
|
|
|
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: |
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Net realized (gains) losses reclassified into earnings |
254 |
|
|
(93 |
) |
|
161 |
|
|
220 |
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|
(82 |
) |
|
138 |
|
Settlements and curtailments |
1,381 |
|
|
(511 |
) |
|
870 |
|
|
— |
|
|
— |
|
|
— |
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Net change |
1,635 |
|
|
(604 |
) |
|
1,031 |
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|
220 |
|
|
(82 |
) |
|
138 |
|
Foreign currency: |
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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 |
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|
$ |
862 |
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|
$ |
(3 |
) |
|
$ |
859 |
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