Year ended December 31, (in millions) | 2013 | 2012 | 2011 | ||||||||||
Debt securities the Firm does not intend to sell that have credit losses | |||||||||||||
Total OTTI(a) | $ | (1 | ) | $ | (113 | ) | $ | (27 | ) | ||||
Losses recorded in/(reclassified from) AOCI | — | 85 | (49 | ) | |||||||||
Total credit losses recognized in income(b) | (1 | ) | (28 | ) | (76 | ) | |||||||
Securities the Firm intends to sell | (20 | ) | (c) | (15 | ) | (c) | — | ||||||
Total OTTI losses recognized in income | $ | (21 | ) | $ | (43 | ) | $ | (76 | ) | ||||
(a) | For initial OTTI, represents the excess of the amortized cost over the fair value of AFS debt securities. For subsequent impairments of the same security, represents additional declines in fair value subsequent to previously recorded OTTI, if applicable. |
(b) | Subsequent credit losses may be recorded on securities without a corresponding further decline in fair value if there has been a decline in expected cash flows. |
(c) | Excludes realized losses of $12 million and $24 million for the years ended December 31, 2013 and 2012, respectively that had been previously reported as an OTTI loss due to the intention to sell the securities. |