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Accumulated Other Comprehensive Income/(Loss)
 3 Months Ended
Mar. 31, 2013
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Accumulated Other Comprehensive Income (Loss)
Accumulated other comprehensive income/(loss)
AOCI includes the after-tax change in unrealized gains and losses on AFS securities, foreign currency translation adjustments (including the impact of related derivatives), cash flow hedging activities, and net loss and prior service costs/(credit) related to the Firm’s defined benefit pension and OPEB plans.
As of or for the three months ended
March 31, 2013
Unrealized gains/(losses) on AFS securities(a)
 
Translation adjustments, net of hedges
 
Cash flow hedges
 
Defined benefit pension and OPEB plans
 
Accumulated other comprehensive income/(loss)
 
(in millions)
Balance at January 1, 2013
 
$
6,868

(b) 
 
 
$
(95
)
 
 
 
$
120

 
 
 
$
(2,791
)
 
 
 
$
4,102

 
 
Net change
 
(640
)
(c) 
 
 
(13
)
 
 
 
(62
)
 
 
 
104

 
 
 
(611
)
 
 
Balance at March 31, 2013
 
$
6,228

(b) 
 
 
$
(108
)
 
 
 
$
58

 
 
 
$
(2,687
)
 
 
 
$
3,491

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
As of or for the three months ended
March 31, 2012
Unrealized gains/(losses) on AFS securities(a)
 
Translation adjustments, net of hedges
 
Cash flow hedges
 
Defined benefit pension and OPEB plans
 
Accumulated other comprehensive income/(loss)
 
(in millions)
Balance at January 1, 2012
 
$
3,565

(b) 
 
 
$
(26
)
 
 
 
$
51

 
 
 
$
(2,646
)
 
 
 
$
944

 
 
Net change
 
1,574

(d) 
 
 
127

 
 
 
(35
)
 
 
 
35

 
 
 
1,701

 
 
Balance at March 31, 2012
 
$
5,139

(b) 
 
 
$
101

 
 
 
$
16

 
 
 
$
(2,611
)
 
 
 
$
2,645

 
 
(a)
Represents the after-tax difference between the fair value and amortized cost of securities accounted for as AFS.
(b)
Included after-tax unrealized losses not related to credit on debt securities for which credit losses have been recognized in income of $(56) million at January 1, 2012 and $(48) million at March 31, 2012. There were no such losses at January 1, 2013 and March 31, 2013.
(c)
The net change for the three months ended March 31, 2013, was due primarily to net unrealized market value decreases on AFS securities, predominantly U.S. government agency-issued MBS and obligations of U.S. states and municipalities as well as net realized gains.
(d)
The net change for the three months ended March 31, 2012, was due primarily to market value increases driven by tightening of spreads.
The following table presents the pretax and after-tax changes in the components of other comprehensive income/(loss).
 
2013
 
2012
Three months ended March 31, (in millions)
Pretax
 
Tax effect
 
After-tax
 
Pretax
 
Tax effect
 
After-tax
Unrealized gains/(losses) on AFS securities:
 
 
 
 
 
 
 
 
 
 
 
Net unrealized gains/(losses) arising during the period
$
(515
)
 
$
185

 
$
(330
)
 
$
3,118

 
$
(1,217
)
 
$
1,901

Reclassification adjustment for realized (gains)/losses included in net income(a)
(509
)
 
199

 
(310
)
 
(536
)
 
209

 
(327
)
Net change
(1,024
)
 
384

 
(640
)
 
2,582

 
(1,008
)
 
1,574

Translation adjustments:
 
 
 
 
 
 
 
 
 
 
 
Translation(b)
(427
)
 
158

 
(269
)
 
460

 
(169
)
 
291

Hedges(b)
420

 
(164
)
 
256

 
(267
)
 
103

 
(164
)
Net change
(7
)
 
(6
)
 
(13
)
 
193

 
(66
)
 
127

Cash flow hedges:
 
 
 
 
 
 
 
 
 
 
 
Net unrealized gains/(losses) arising during the period
(130
)
 
51

 
(79
)
 
(41
)
 
17

 
(24
)
Reclassification adjustment for realized (gains)/losses included in net income(c)
29

 
(12
)
 
17

 
(20
)
 
9

 
(11
)
Net change
(101
)
 
39

 
(62
)
 
(61
)
 
26

 
(35
)
Defined benefit pension and OPEB plans:
 
 
 
 
 
 
 
 
 
 
 
Net gains/(losses) arising during the period
48

 
(10
)
 
38

 
2

 
—

 
2

Reclassification adjustments included in net income(d):
 
 
 
 
 
 
 
 
 
 
 
Amortization of net loss
81

 
(31
)
 
50

 
83

 
(32
)
 
51

Prior service costs/(credits)
(11
)
 
4

 
(7
)
 
(11
)
 
4

 
(7
)
Foreign exchange and other
37

 
(14
)
 
23

 
(18
)
 
7

 
(11
)
Net change
155

 
(51
)
 
104

 
56

 
(21
)
 
35

Total other comprehensive income/(loss)
$
(977
)
 
$
366

 
$
(611
)
 
$
2,770

 
$
(1,069
)
 
$
1,701


(a)
The pretax amount is reported in securities gains in the Consolidated Statements of Income.
(b)
Reclassifications of pretax realized gains/(losses) on translation adjustments and related hedges are reported in other income in the Consolidated Statements of Income. The amounts were not material for the three months ended March 31, 2013.
(c)
The pretax amount is reported in the same line as the hedged items, which are predominantly recorded in net interest income in the Consolidated Statements of Income.
(d)
The pretax amount is reported in compensation expense in the Consolidated Statements of Income.