Quarterly report pursuant to Section 13 or 15(d)

Segment and Geographic Information

v2.4.0.6
Segment and Geographic Information
 6 Months Ended
Jun. 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 June 30, 2012
 
For The Six Months Ended June 30, 2012
 
For The Three Months Ended June 30, 2011
 
For The Six Months Ended June 30, 2011
Revenues, net of interest expense
 

 
 
 
 

 
 

Europe, Middle East, and Africa
$
946

 
$
2,363

 
$
1,331

 
$
2,649

Pacific Rim
387

 
1,107

 
565

 
1,336

Latin America
320

 
582

 
395

 
727

Canada
44

 
150

 
74

 
153

Total Non-U.S. 
1,697

 
4,202

 
2,365

 
4,865

United States(1)(2)
3,352

 
5,576

 
4,537

 
9,897

Total revenues, net of interest expense
$
5,049

 
$
9,778

 
$
6,902

 
$
14,762

 
 
 
 
 
 
 
 
(1)
U.S. results for the three and six months ended June 30, 2012 included net losses of $36 million and $2.2 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 six months ended June 30, 2011 included gains of $0.1 billion and losses of $0.2 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.