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Accumulated Other Comprehensive Income
9 Months Ended
Sep. 30, 2012
Accumulated Other Comprehensive Income

14.    Accumulated Other Comprehensive Income

 

Accumulated other comprehensive income includes certain items that are reported directly within a separate component of shareholders’ equity. The following tables present changes in accumulated other comprehensive income balances.

 

Three Months Ended September 30,    2012     2011  
     (in millions)  

Unrealized gains on securities available-for-sale, not other-than temporarily impaired:

    

Balance at beginning of period

   $ 1,004      $ 239   

Other comprehensive income for period:

    

Net unrealized holding gains arising during period, net of tax of $89 million and $470 million, respectively

     126        683   

Reclassification adjustment for gains realized in net income, net of tax of $(20) million and $(20) million, respectively

     (29     (28
  

 

 

   

 

 

 

Total other comprehensive income for period

     97        655   
  

 

 

   

 

 

 

Balance at end of period

     1,101        894   
  

 

 

   

 

 

 

Unrealized losses on derivatives designated as cash flow hedges:

    

Balance at beginning of period

     (229     (104

Other comprehensive income (loss) for period:

    

Net gains (losses) arising during period, net of tax of $6 million and $(86) million, respectively

     9        (126

Reclassification adjustment for losses realized in net income, net of tax of $2 million and $2 million, respectively

     2        2   
  

 

 

   

 

 

 

Total other comprehensive income (loss) for period

     11        (124
  

 

 

   

 

 

 

Balance at end of period

     (218     (228
  

 

 

   

 

 

 

Pension and postretirement benefit liability:

    

Balance at beginning of period

     (11     (7
  

 

 

   

 

 

 

Balance at end of period

     (11     (7
  

 

 

   

 

 

 

Total accumulated other comprehensive income at end of period

   $ 872      $ 659   
  

 

 

   

 

 

 

 

Nine Months Ended September 30,    2012     2011  
     (in millions)  

Unrealized gains on securities available-for-sale, not other-than temporarily impaired:

    

Balance at beginning of period

   $ 883      $ 97   

Other comprehensive income for period:

    

Net unrealized holding gains arising during period, net of tax of $217 million and $602 million, respectively

     303        858   

Reclassification adjustment for gains realized in net income, net of tax of $(60) million and $(43) million, respectively

     (85     (61
  

 

 

   

 

 

 

Total other comprehensive income for period

     218        797   
  

 

 

   

 

 

 

Balance at end of period

     1,101        894   
  

 

 

   

 

 

 

Unrealized gains (losses) on other-than-temporarily impaired debt securities available-for-sale:

    

Balance at beginning of period

     -        (1

Other comprehensive income for period:

    

Reclassification adjustment for losses realized in net income, net of tax of less than $1 million

     -        1   
  

 

 

   

 

 

 

Total other comprehensive income (loss) for period

     -        1   
  

 

 

   

 

 

 

Balance at end of period

     -        -   
  

 

 

   

 

 

 

Unrealized gains (losses) on other-than-temporarily impaired debt securities held-to-maturity:

    

Balance at beginning of period

     -        (153

Other comprehensive income for period:

    

Net unrealized other-than-temporary impairment arising during period

     -        11   

Adjustment to reverse other-than-temporary impairment due to deconsolidation of VIE

     -        142   
  

 

 

   

 

 

 

Total other comprehensive income for period

     -        153   
  

 

 

   

 

 

 

Balance at end of period

     -        -   
  

 

 

   

 

 

 

Unrealized losses on derivatives designated as cash flow hedges:

    

Balance at beginning of period

     (229     (87

Other comprehensive loss for period:

    

Net gains (losses) arising during period, net of tax of $1 million and $(114) million, respectively

     4        (146

Reclassification adjustment for losses realized in net income, net of tax of $5 million and $4 million, respectively

     7        5   
  

 

 

   

 

 

 

Total other comprehensive income (loss) for period

     11        (141
  

 

 

   

 

 

 

Balance at end of period

     (218     (228
  

 

 

   

 

 

 

Pension and postretirement benefit liability:

    

Balance at beginning of period

     (12     (9

Other comprehensive income for period:

    

Amortization of prior service cost and transition obligation included in net income, net of tax of less than $1 million in 2012 and 2011

     1        2   
  

 

 

   

 

 

 

Total other comprehensive income for period

     1        2   
  

 

 

   

 

 

 

Balance at end of period

     (11     (7
  

 

 

   

 

 

 

Total accumulated other comprehensive income at end of period

   $ 872      $ 659