Annual report pursuant to Section 13 and 15(d)

Investment Securities (Tables)

v2.4.0.6
Investment Securities (Tables)
 12 Months Ended
Dec. 31, 2012
Investments, Debt and Equity Securities [Abstract]  
Investment
Investment securities reported on the Consolidated Balance Sheets at December 31, 2012 and December 31, 2011 are presented below.
(dollars in millions)
 
December 31, 2012
 
 
December 31, 2011
Investment securities
 

 
 
 

Available-for-sale
$
656

 
 
$
694

Non-qualifying
 
 
 
 
Equity investments
2,627

 
 
3,810

 Other investments
2,620

 
 
2,180

Total
$
5,903

 
 
$
6,684


Available-for-sale Securities
Information regarding investment securities subject to Investment Accounting follows.
(dollars in millions)
 
December 31, 2012
 
Amortized
Cost
 
Fair
Value
Available-for-Sale
 

 
 

Securities, mortgage-backed and asset-backed:
 

 
 

Corporate ABS
$
226

 
$
226

Non-agency mortgage backed securities
40

 
40

Subtotal
266

 
266

U.S. Government and agencies
390

 
390

Total available-for-sale securities
$
656

 
$
656

 
 
 
 


(dollars in millions)
 
December 31, 2011
 
Amortized
Cost
 
Fair
Value
Available-for-Sale
 

 
 

Securities, mortgage-backed and asset-backed:
 

 
 

Corporate ABS
$
47

 
$
47

Non-agency mortgage backed securities
249

 
249

Subtotal
296

 
296

U.S. Government and agencies
398

 
398

Total available-for-sale securities
$
694

 
$
694

Investments Classified by Contractual Maturity Date
he amortized cost and fair value of available-for-sale debt securities by expected maturity for mortgage-backed securities and contractual maturity for other debt securities at December 31, 2012 are as follows:
(dollars in millions)
 
Available-for-Sale
 
 
Amortized
Cost
 
Fair
Value
 
Due in one year or less
$
428

 
$
428

 
Due after one year through five years
120

 
120

 
Due after five years through ten years
108

 
108

 
Total(1)
$
656

 
$
656

 
 
 
 
 
 
(1)
Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay their obligations with or without prepayment penalties.
Realized Gain (Loss) on Investments
The proceeds and gross realized gains (losses) from the sale of available-for-sale securities during the years ended December 31, 2012, December 31, 2011 and December 31, 2010 are as follows:
(dollars in millions)
 
Year Ended
December 31, 2012
 
Year Ended
December 31, 2011
 
Year Ended
December 31, 2010
Proceeds
$
22

 
$
4,290

 
$
15,472

Gross realized gains
5

 
69

 
531

Gross realized losses
—

 
(76
)
 
(272
)
 
 
 
 
 
 
Summarized Equity Method Investment Financial Information
Summarized financial information for Merrill Lynch's most significant equity method investee for the year ended December 31, 2010 (BlackRock) is presented below. There were no individually material equity method investees for the years ended December 31, 2012 or December 31, 2011:
(dollars in millions)
 
 
For the Year Ended
 
December 31, 2010 (1)
Revenues
$
8,612

Operating income
2,998

Earnings before income taxes
3,021

Net earnings
2,063

(1) Consists of the results of BlackRock for the year ended December 31, 2010. BlackRock was accounted for under the equity method of accounting through November 15, 2010.