Quarterly report pursuant to Section 13 or 15(d)

Segment and Geographic Information

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Segment and Geographic Information
 3 Months Ended
Mar. 31, 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 March 31, 2012
 
For the Three Months Ended March 31, 2011
 
Revenues, net of interest expense
 

 
 

 
Europe, Middle East, and Africa
$
1,417

 
$
1,318

 
Pacific Rim
720

 
771

 
Latin America
262

 
332

 
Canada
106

 
79

 
Total Non-U.S. 
2,505

 
2,500

 
United States(1)(2)
2,224

 
5,360

 
Total revenues, net of interest expense
$
4,729

 
$
7,860

 
 
 
 
 
 
(1)
U.S. results for the three months ended March 31, 2012 and March 31, 2011 included net losses of $2.1 billion and $0.3 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.
(2)
Corporate net revenues and adjustments are reflected in the U.S. region.