Quarterly report pursuant to Section 13 or 15(d)

Investment Securities (Tables)

v2.4.0.8
Investment Securities (Tables)
 6 Months Ended
Jun. 30, 2013
Investments, Debt and Equity Securities [Abstract]  
Investment
Investment securities reported on the Condensed Consolidated Balance Sheets at June 30, 2013 and December 31, 2012 are presented below.
(dollars in millions)
 
June 30, 2013
 
 
December 31, 2012
Investment securities
 

 
 
 

Available-for-sale
$
612

 
 
$
656

Other debt securities carried at fair value (1)
8,748

 
 
7,722

Non-qualifying
 

 
 
 

       Equity investments
1,789

 
 
2,627

       Other investments
2,928

 
 
2,620

Total
$
14,077

 
 
$
13,625

 
 
 
 
 

(1) During the six months ended June 30, 2013, certain assets that are used for liquidity management purposes were reclassified from Trading assets to Other debt securities carried at fair value. Prior period amounts have also been reclassified to conform with the current period presentation.
Available-for-sale Securities
Information regarding investment securities subject to Investment Accounting follows.
(dollars in millions)
 
June 30, 2013
 
Amortized
Cost
 
Fair
Value
Available-for-Sale
 
 
 
Securities, mortgage-backed and asset-backed:
 
 
 
Corporate ABS
$
209

 
$
209

Non-agency mortgage backed securities
1

 
1

Subtotal
210

 
210

U.S. Government and agencies
402

 
402

Total available-for-sale securities
$
612

 
$
612

 
 
 
 

(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

 
 
 
 
Investments Classified by Contractual Maturity Date
The 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 June 30, 2013 are as follows:
 
 
Available-for-Sale
 
 
Amortized
Cost
 
Fair
Value
 
Due in one year or less
$
410

 
$
410

 
Due after one year through five years
2

 
2

 
Due after five years through ten years
200

 
200

 
Total(1)
$
612

 
$
612

 
 
 
 
 
 
(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.
The following tables provide information regarding Merrill Lynch’s net credit default protection associated with its funded and unfunded commercial loans as of June 30, 2013 and December 31, 2012:

Net Credit Default Protection by Maturity Profile
 
 
June 30,
2013
December 31,
2012
Less than or equal to one year
16
%
25
%
Greater than one year and less than or equal to five years
84

75

Total net credit default protection
100
%
100
%