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, 2013
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 Three Months Ended March 31, 2013
 
For the Three Months Ended March 31, 2012
 
Revenues, net of interest expense
 

 
 

 
Europe, Middle East, and Africa
$
1,366

 
$
1,453

 
Pacific Rim
688

 
720

 
Latin America
319

 
262

 
Canada
78

 
106

 
Total Non-U.S. 
2,451

 
2,541

 
United States(1)(2)
3,866

 
2,224

 
Total revenues, net of interest expense
$
6,317

 
$
4,765

 
 
 
 
 
 
(1) 
U.S. results for the three months ended March 31, 2013 and March 31, 2012 included net losses of $34 million and $2.1 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.