Annual report pursuant to Section 13 and 15(d)

Segment and Geographic Information

v2.4.0.6
Segment and Geographic Information
 12 Months Ended
Dec. 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 of the nature that could be used to allocate resources and assess the performance and operations for components 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 Year Ended December 31, 2012
 
For The Year Ended December 31, 2011
 
For the Year Ended
December 31, 2010
Revenues, net of interest expense
 

 
 

 
 

Europe, Middle East, and Africa
$
4,412

 
$
3,897

 
$
4,605

Pacific Rim
2,263

 
2,387

 
2,244

Latin America
1,131

 
1,164

 
1,072

Canada
280

 
272

 
207

Total Non-U.S. 
8,086

 
7,720

 
8,128

United States(1)(2)
12,131

 
16,677

 
19,823

Total revenues, net of interest expense
$
20,217

 
$
24,397

 
$
27,951

 
 
 
 
 
 
(1)
U.S. results for the years ended December 31, 2012, December 31, 2011 and December 31, 2010 included losses of $3.2 billion, gains of $2.0 billion and losses of $0.1 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.