XML 74 R18.htm IDEA: XBRL DOCUMENT v2.4.0.6
Shareholders' Equity
 3 Months Ended
Mar. 31, 2013
Stockholders' Equity Note [Abstract]  
Shareholders' Equity
Shareholders’ Equity
In March 2013, our Board of Directors approved a new program authorizing the purchase by us of up to $2.10 billion of our common stock through March 31, 2014. No shares were purchased by us under this program during the three months ended March 31, 2013. During the three months ended March 31, 2013, we purchased approximately 6.5 million shares of our common stock at an average cost of $54.95 per share and an aggregate cost of approximately $360 million, under a previous program approved by the Board in March 2012. As of March 31, 2013, no shares remained available for purchase under the March 2012 program. Shares acquired in connection with the March 2012 program which remained unissued as of March 31, 2013 were recorded as treasury stock in our consolidated statement of condition as of March 31, 2013.
The following table presents the after-tax components of accumulated other comprehensive income (loss), or AOCI, as of the dates indicated:
(In millions)
March 31, 2013
 
December 31, 2012
Foreign currency translation
$
(114
)
 
$
134

Net unrealized losses on hedges of net investments in non-U.S. subsidiaries
(14
)
 
(14
)
Net unrealized gains on available-for-sale securities portfolio
849

 
815

Net unrealized losses related to reclassified available-for-sale securities
(97
)
 
(110
)
Net unrealized gains on available-for-sale securities
752

 
705

Net unrealized losses on available-for-sale securities designated in fair value hedges
(168
)
 
(183
)
Other-than-temporary impairment on available-for-sale securities related to factors other than credit
1

 
(3
)
Other-than-temporary impairment on held-to-maturity securities related to factors other than credit
(59
)
 
(65
)
Net unrealized gains on cash flow hedges
133

 
69

Unrealized losses on retirement plans
(280
)
 
(283
)
Total
$
251

 
$
360


The following table presents changes in AOCI by component, net of related taxes, in the three months ended March 31, 2013:
 
Three Months Ended March 31, 2013
(In millions)
Net Unrealized Gains (Losses) on Cash Flow Hedges
 
Net Unrealized Gains (Losses) on Available for Sale Securities
 
Net Unrealized Losses on Hedges of Net Investments in Non-U.S. Subsidiaries
 
Net Unrealized Gains (Losses) on Held to Maturity Securities
 
Unrealized Losses on Retirement Plans
 
Foreign Currency Translation
 
Total
Beginning balance
$
69

 
$
519

 
$
(14
)
 
$
(65
)
 
$
(283
)
 
$
134

 
$
360

Other comprehensive income (loss) before reclassifications
63

 
69

 
—

 
4

 
(2
)
 
(248
)
 
(114
)
Amounts reclassified out of AOCI
1

 
(3
)
 
—

 
2

 
5

 
—

 
5

Other comprehensive income (loss)
64

 
66

 
—

 
6

 
3

 
(248
)
 
(109
)
Ending balance
$
133

 
$
585

 
$
(14
)
 
$
(59
)
 
$
(280
)
 
$
(114
)
 
$
251


The following table presents reclassifications out of AOCI in the three months ended March 31, 2013:
(In millions)
Amount Reclassified out of AOCI
 
Affected Line Item in Consolidated Statement of Income
Cash flow hedges:
 
 
 
Interest-rate contracts
$
1

 
Net interest revenue
Available-for-sale securities:
 
 
 
Net realized gains from sales of available-for-sale securities, net of related taxes of ($2)
(3
)
 
Net gains (losses) from sales of available-for-sale securities
Held-to-maturity securities:
 
 
 
Other-than-temporary impairment on held-to-maturity securities related to factors other than credit, net of related taxes of $1
2

 
Losses reclassified (from) to other comprehensive income
Retirement plans:
 
 
 
Amortization of actuarial losses, net of related taxes of $3
5

 
Compensation and employee benefits expense
Total reclassifications out of AOCI
$
5

 
 
In the three months ended March 31, 2013, we realized net gains of $5 million, or $3 million net of related taxes as presented in the table above, from sales of available-for-sale securities. Unrealized pre-tax losses of $49 million were included in AOCI as of December 31, 2012, net of deferred taxes of $20 million, related to these sales. In the three months ended March 31, 2012, we realized net gains of $19 million from sales of available-for-sale securities. Unrealized pre-tax gains of $22 million were included in AOCI as of December 31, 2011, net of deferred taxes of $9 million, related to these sales.