| Accumulated Other Comprehensive Income (Loss) |
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NOTE 12 – Accumulated Other Comprehensive Income (Loss) |
The table below presents the changes in accumulated OCI after-tax for the nine months ended September 30, 2012 and 2011.
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(Dollars in millions) |
Available-for-sale Debt Securities |
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Available-for-sale
Marketable
Equity Securities
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Derivatives |
|
Employee
Benefit Plans
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|
Foreign
Currency (1)
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Total |
Balance, December 31, 2010 |
$ |
714 |
|
|
$ |
6,659 |
|
|
$ |
(3,236 |
) |
|
$ |
(3,947 |
) |
|
$ |
(256 |
) |
|
$ |
(66 |
) |
Net change |
3,571 |
|
|
(4,975 |
) |
|
(830 |
) |
|
204 |
|
|
25 |
|
|
(2,005 |
) |
Balance, September 30, 2011 |
$ |
4,285 |
|
|
$ |
1,684 |
|
|
$ |
(4,066 |
) |
|
$ |
(3,743 |
) |
|
$ |
(231 |
) |
|
$ |
(2,071 |
) |
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Balance, December 31, 2011 |
$ |
3,100 |
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|
$ |
3 |
|
|
$ |
(3,785 |
) |
|
$ |
(4,391 |
) |
|
$ |
(364 |
) |
|
$ |
(5,437 |
) |
Net change (2)
|
2,645 |
|
|
326 |
|
|
535 |
|
|
1,106 |
|
|
14 |
|
|
4,626 |
|
Balance, September 30, 2012 |
$ |
5,745 |
|
|
$ |
329 |
|
|
$ |
(3,250 |
) |
|
$ |
(3,285 |
) |
|
$ |
(350 |
) |
|
$ |
(811 |
) |
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|
(1) |
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. |
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(2) |
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 resulting in the current period net change. For more information, see Note 14 – Pension, Postretirement and Certain Compensation Plans.
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The table below presents the before- and after-tax changes in accumulated OCI for the nine months ended September 30, 2012 and 2011.
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Nine Months Ended September 30 |
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2012 |
|
2011 |
(Dollars in millions) |
Before-tax |
|
Tax effect |
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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 |
$ |
5,576 |
|
|
$ |
(2,024 |
) |
|
$ |
3,552 |
|
|
$ |
7,669 |
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|
$ |
(2,860 |
) |
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$ |
4,809 |
|
Net realized (gains) losses reclassified into earnings |
(1,439 |
) |
|
532 |
|
|
(907 |
) |
|
(1,965 |
) |
|
727 |
|
|
(1,238 |
) |
Net change |
4,137 |
|
|
(1,492 |
) |
|
2,645 |
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|
5,704 |
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|
(2,133 |
) |
|
3,571 |
|
Available-for-sale marketable equity securities: |
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Net change in fair value recorded in accumulated OCI |
542 |
|
|
(200 |
) |
|
342 |
|
|
(4,289 |
) |
|
1,608 |
|
|
(2,681 |
) |
Net realized (gains) losses reclassified into earnings |
(25 |
) |
|
9 |
|
|
(16 |
) |
|
(3,641 |
) |
|
1,347 |
|
|
(2,294 |
) |
Net change |
517 |
|
|
(191 |
) |
|
326 |
|
|
(7,930 |
) |
|
2,955 |
|
|
(4,975 |
) |
Derivatives: |
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|
|
|
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Net change in fair value recorded in accumulated OCI |
123 |
|
|
(46 |
) |
|
77 |
|
|
(2,670 |
) |
|
988 |
|
|
(1,682 |
) |
Net realized (gains) losses reclassified into earnings |
726 |
|
|
(268 |
) |
|
458 |
|
|
1,352 |
|
|
(500 |
) |
|
852 |
|
Net change |
849 |
|
|
(314 |
) |
|
535 |
|
|
(1,318 |
) |
|
488 |
|
|
(830 |
) |
Employee benefit plans: |
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Net realized (gains) losses reclassified into earnings |
371 |
|
|
(135 |
) |
|
236 |
|
|
325 |
|
|
(121 |
) |
|
204 |
|
Settlements and curtailments |
1,381 |
|
|
(511 |
) |
|
870 |
|
|
— |
|
|
— |
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|
— |
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Net change |
1,752 |
|
|
(646 |
) |
|
1,106 |
|
|
325 |
|
|
(121 |
) |
|
204 |
|
Foreign currency: |
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Net change in fair value recorded in accumulated OCI |
(340 |
) |
|
354 |
|
|
14 |
|
|
135 |
|
|
(115 |
) |
|
20 |
|
Net realized (gains) losses reclassified into earnings |
2 |
|
|
(2 |
) |
|
— |
|
|
14 |
|
|
(9 |
) |
|
5 |
|
Net change |
(338 |
) |
|
352 |
|
|
14 |
|
|
149 |
|
|
(124 |
) |
|
25 |
|
Other comprehensive income |
$ |
6,917 |
|
|
$ |
(2,291 |
) |
|
$ |
4,626 |
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|
$ |
(3,070 |
) |
|
$ |
1,065 |
|
|
$ |
(2,005 |
) |
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