NOTE 15
Changes in Accumulated Other Comprehensive (Loss) Income
AOCI is a balance sheet item in the Shareholders' Equity section of the Company's Consolidated Balance Sheets. It is comprised of items that have not been recognized in earnings but may be recognized in earnings in the future when certain events occur. Changes in each component of AOCI for the three years ended December 31 were as follows:
| (Millions), net of tax(a) | Net Unrealized Gains (Losses) on Investment Securities | Net Unrealized Gains (Losses) on Cash Flow Hedges | Foreign Currency Translation Adjustments | Net Unrealized Pension and Other Postretirement Benefit Losses | Accumulated Other Comprehensive (Loss) Income | ||||||||||
| Balances as of December 31, 2010 | $ | 57 | $ | (7) | $ | (503) | $ | (464) | $ | (917) | |||||
| Net unrealized gains (losses) | 245 | (2) | 243 | ||||||||||||
| Reclassification for realized (gains) losses into earnings | (14) | 8 | (6) | ||||||||||||
| Net translation of investments in foreign operations | (153) | (153) | |||||||||||||
| Net losses related to hedges of investment in foreign operations | (26) | (26) | |||||||||||||
| Pension and other postretirement benefit losses | (17) | (17) | |||||||||||||
| Net change in accumulated other comprehensive (loss) income | 231 | 6 | (179) | (17) | 41 | ||||||||||
| Balances as of December 31, 2011 | 288 | (1) | (682) | (481) | (876) | ||||||||||
| Net unrealized gains (losses) | 106 | 106 | |||||||||||||
| Reclassification for realized (gains) losses into earnings | (79) | 1 | 1 | (77) | |||||||||||
| Net translation of investments in foreign operations | 215 | 215 | |||||||||||||
| Net losses related to hedges of investment in foreign operations | (288) | (288) | |||||||||||||
| Pension and other postretirement benefit losses | (7) | (7) | |||||||||||||
| Net change in accumulated other comprehensive (loss) income | 27 | 1 | (72) | (7) | (51) | ||||||||||
| Balances as of December 31, 2012 | 315 | ― | (754) | (488) | (927) | ||||||||||
| Net unrealized gains (losses) | (159) | (159) | |||||||||||||
| Reclassification for realized (gains) losses into earnings | (93) | (93) | |||||||||||||
| Net translation of investments in foreign operations | (589) | (589) | |||||||||||||
| Net gains related to hedges of investment in foreign operations | 253 | 253 | |||||||||||||
| Pension and other postretirement benefit gains | 89 | 89 | |||||||||||||
| Net change in accumulated other comprehensive (loss) income | (252) | ― | (336) | 89 | (499) | ||||||||||
| Balances as of December 31, 2013 | $ | 63 | $ | ― | $ | (1,090) | $ | (399) | $ | (1,426) | |||||
| (Millions) | 2013 | 2012 | 2011 | |||||||
| Investment securities | $ | (142) | $ | 7 | $ | 149 | ||||
| Cash flow hedges | ― | 1 | 3 | |||||||
| Foreign currency translation adjustments | (49) | 24 | (40) | |||||||
| Net investment hedges | 135 | (176) | (14) | |||||||
| Pension and other postretirement benefit losses | 56 | ― | (7) | |||||||
| Total tax impact | $ | ― | $ | (144) | $ | 91 | ||||
The following table presents the effects of reclassifications out of AOCI and into the Consolidated Statement of Income for the year ended December 31, 2013:
| (Millions) | |||||
| Description | Income Statement Line Item | Amount | |||
| Net gain in AOCI reclassifications for previously unrealized net gains on investment securities | Other non-interest revenues | $ | 145 | ||
| Related income tax expense | Income tax provision | (52) | |||
| Total | $ | 93 | |||