Quarterly report pursuant to Section 13 or 15(d)

Segment and Geographic Information

v2.4.0.6
Segment and Geographic Information
 9 Months Ended
Sep. 30, 2012
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 Three Months Ended September 30, 2012
 
For The Nine Months Ended September 30, 2012
 
For the Three Months Ended September 30, 2011
 
For The Nine Months Ended September 30, 2011
Revenues, net of interest expense
 

 
 
 
 

 
 

Europe, Middle East, and Africa
$
906

 
$
3,269

 
$
568

 
$
3,217

Pacific Rim
354

 
1,461

 
692

 
2,028

Latin America
288

 
870

 
312

 
1,039

Canada
58

 
208

 
74

 
227

Total Non-U.S. 
1,606

 
5,808

 
1,646

 
6,511

United States(1)(2)
2,911

 
8,487

 
4,224

 
14,121

Total revenues, net of interest expense
$
4,517

 
$
14,295

 
$
5,870

 
$
20,632

 
 
 
 
 
 
 
 
(1)
U.S. results for the three and nine months ended September 30, 2012 included net losses of $0.8 billion and $3.0 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. U.S. results for the three and nine months ended September 30, 2011 included net gains of $2.9 billion and $2.7 billion, respectively, due to the impact of 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.