Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2012

Assets and Liabilities of Discontinued Operations Were Considered Held for Sale

The following summarizes the assets and liabilities of our discontinued credit card operations at December 31, 2012 and 2011 which are reported as a component of Assets of discontinued operations and Liabilities of discontinued operations are considered held for sale in our consolidated balance sheet.



At December 31,	2012		2011
	(in millions)
Loans, net⁽¹⁾	$	—	$	21,185
Other assets	—		269
Assets of discontinued operations	$	—	$	21,454

Deposits in domestic offices – noninterest bearing	$	—	$	35
Other liabilities	—		876
Liabilities of discontinued operations	$	—	$	911


⁽¹⁾	At December 31, 2011, the receivables are carried at the lower of amortized cost or fair value.

Credit Card Receivable [Member]

Results of Discontinued Operations

The following summarizes the results of our discontinued credit card operations for the periods presented:



Year Ended December 31,	2012		2011		2010
	(in millions)
Net interest income and other revenues ^{(1) (2)}	$	541	$	1,936	$	2,673
Income from discontinued operations before income tax	315		871		855


⁽¹⁾	Interest expense was allocated to discontinued operations in accordance with our existing internal transfer pricing policy. This policy uses match funding based on the expected lives of the assets and liabilities of the business at the time of origination, subject to periodic review, as demonstrated by the expected cash flows and re-pricing characteristics of the underlying assets.


⁽²⁾	Included in other revenues in the year ended December 31, 2012 and 2011 was $440 million and $604 million, respectively, of lower of amortized cost or fair value adjustments.

Bank Note [Member]

Results of Discontinued Operations

The table below summarizes the operating results of our Banknotes Business for the periods presented.



Year Ended December 31,	2012		2011		2010
	(in millions)
Net interest income and other revenues	$	—	$	19	$	102
Income from discontinued operations before income tax benefit	—		—		23