10. OTHER COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE INCOME
The following table presents the changes in the Company's accumulated other comprehensive income (AOCI) for the years ended December 31, 2013, 2012 and 2011.
|
(in millions) |
Changes in Net Unrealized Gains on Investment Securities Having No Credit Losses Recognized in the Consolidated Statement of Income |
Changes in Net Unrealized Gains on Investment Securities Having Credit Losses Recognized in the Consolidated Statement of Income |
Net Benefit Plan Assets and Obligations Recognized in Shareholders' Equity |
Net Unrealized Foreign Currency Translation |
Total Accumulated Other Comprehensive Income |
|||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Balance, December 31, 2010 |
$ | 1,719 | $ | 140 | $ | (610 | ) | $ | 6 | $ | 1,255 | |||||
|
Other comprehensive income (OCI) before reclassifications |
1,091 | (8 | ) | (251 | ) | (61 | ) | 771 | ||||||||
|
Amounts reclassified from AOCI |
(81 | ) | 10 | 50 | — | (21 | ) | |||||||||
|
Net OCI, current period |
1,010 | 2 | (201 | ) | (61 | ) | 750 | |||||||||
|
Balance, December 31, 2011 |
2,729 | 142 | (811 | ) | (55 | ) | 2,005 | |||||||||
|
OCI before reclassifications |
228 | 48 | (104 | ) | 45 | 217 | ||||||||||
|
Amounts reclassified from AOCI |
(49 | ) | 5 | 58 | — | 14 | ||||||||||
|
Net OCI, current period |
179 | 53 | (46 | ) | 45 | 231 | ||||||||||
|
Balance, December 31, 2012 |
2,908 | 195 | (857 | ) | (10 | ) | 2,236 | |||||||||
|
OCI before reclassifications |
(1,740 | ) | (2 | ) | 358 | (79 | ) | (1,463 | ) | |||||||
|
Amounts reclassified from AOCI |
(43 | ) | 4 | 68 | 8 | 37 | ||||||||||
|
Net OCI, current period |
(1,783 | ) | 2 | 426 | (71 | ) | (1,426 | ) | ||||||||
|
Balance, December 31, 2013 |
$ | 1,125 | $ | 197 | $ | (431 | ) | $ | (81 | ) | $ | 810 | ||||
The following table presents the pretax components of the Company's other comprehensive income (loss) and the related income tax expense (benefit) for the years ended December 31, 2013, 2012 and 2011.
|
(for the year ended December 31, in millions) |
2013 | 2012 | 2011 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
|
Changes in net unrealized gains on investment securities: |
||||||||||
|
Having no credit losses recognized in the consolidated statement of income |
$ | (2,734 | ) | $ | 281 | $ | 1,570 | |||
|
Income tax expense (benefit) |
(951 | ) | 102 | 560 | ||||||
|
Net of taxes |
(1,783 | ) | 179 | 1,010 | ||||||
|
Having credit losses recognized in the consolidated statement of income |
3 | 81 | 4 | |||||||
|
Income tax expense |
1 | 28 | 2 | |||||||
|
Net of taxes |
2 | 53 | 2 | |||||||
|
Net changes in benefit plan assets and obligations |
647 | (69 | ) | (307 | ) | |||||
|
Income tax expense (benefit) |
221 | (23 | ) | (106 | ) | |||||
|
Net of taxes |
426 | (46 | ) | (201 | ) | |||||
|
Net changes in unrealized foreign currency translation |
(112 | ) | 43 | (90 | ) | |||||
|
Income tax expense (benefit) |
(41 | ) | (2 | ) | (29 | ) | ||||
|
Net of taxes |
(71 | ) | 45 | (61 | ) | |||||
|
Total other comprehensive income (loss) |
(2,196 | ) | 336 | 1,177 | ||||||
|
Total income tax expense (benefit) |
(770 | ) | 105 | 427 | ||||||
|
Total other comprehensive income (loss), net of taxes |
$ | (1,426 | ) | $ | 231 | $ | 750 | |||
The following table presents the pretax and related income tax expense (benefit) components of the amounts reclassified from the Company's AOCI to the Company's consolidated statement of income for the years ended December 31, 2013, 2012 and 2011.
|
(for the year ended December 31, in millions) |
2013 | 2012 | 2011 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
|
Reclassification adjustments related to unrealized gains on investment securities: |
||||||||||
|
Having no credit losses recognized in the consolidated statement of income(1) |
$ | (66 | ) | $ | (75 | ) | $ | (125 | ) | |
|
Income tax expense(2) |
(23 | ) | (26 | ) | (44 | ) | ||||
|
Net of taxes |
(43 | ) | (49 | ) | (81 | ) | ||||
|
Having credit losses recognized in the consolidated statement of income(1) |
5 | 8 | 16 | |||||||
|
Income tax benefit(2) |
1 | 3 | 6 | |||||||
|
Net of taxes |
4 | 5 | 10 | |||||||
|
Reclassification adjustment related to benefit plan assets and obligations(3) |
105 | 88 | 76 | |||||||
|
Income tax benefit(2) |
37 | 30 | 26 | |||||||
|
Net of taxes |
68 | 58 | 50 | |||||||
|
Reclassification adjustment related to foreign currency translation(1) |
8 | — | — | |||||||
|
Income tax benefit(2) |
— | — | — | |||||||
|
Net of taxes |
8 | — | — | |||||||
|
Total reclassifications |
52 | 21 | (33 | ) | ||||||
|
Total income tax benefit (expense) |
15 | 7 | (12 | ) | ||||||
|
Total reclassifications, net of taxes |
$ | 37 | $ | 14 | $ | (21 | ) | |||