Year ended December 31, | Unrealized gains/(losses) on AFS securities(a) | Translation adjustments, net of hedges | Cash flow hedges | Defined benefit pension and OPEB plans | Accumulated other comprehensive income/(loss) | ||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||
Balance at December 31, 2010 | $ | 2,498 | $ | 253 | $ | 206 | $ | (1,956 | ) | $ | 1,001 | ||||||||||||||||||
Net change | 1,067 | (b) | (279 | ) | (155 | ) | (690 | ) | (57 | ) | |||||||||||||||||||
Balance at December 31, 2011 | $ | 3,565 | (c) | $ | (26 | ) | $ | 51 | $ | (2,646 | ) | $ | 944 | ||||||||||||||||
Net change | 3,303 | (d) | (69 | ) | 69 | (145 | ) | 3,158 | |||||||||||||||||||||
Balance at December 31, 2012 | $ | 6,868 | (c) | $ | (95 | ) | $ | 120 | $ | (2,791 | ) | $ | 4,102 | ||||||||||||||||
Net change | (4,070 | ) | (e) | (41 | ) | (259 | ) | 1,467 | (2,903 | ) | |||||||||||||||||||
Balance at December 31, 2013 | $ | 2,798 | (c) | $ | (136 | ) | $ | (139 | ) | $ | (1,324 | ) | $ | 1,199 | |||||||||||||||
(a) | Represents the after-tax difference between the fair value and amortized cost of securities accounted for as AFS. |
(b) | The net change for 2011 was due primarily to increased market value on U.S. government agency issued MBS and obligations of U.S. states and municipalities, partially offset by the widening of spreads on non-U.S. corporate debt and the realization of gains due to portfolio repositioning. |
(c) | Included after-tax unrealized losses not related to credit on debt securities for which credit losses have been recognized in income of $(56) million at December 31, 2011. There were no such losses at December 31, 2012 and 2013. |
(d) | The net change for 2012 was predominantly driven by increased market value on non-U.S. residential MBS, corporate debt securities and obligations of U.S. states and municipalities, partially offset by realized gains. |
(e) | The net change for 2013 was primarily related to the decline in fair value of U.S. government agency issued MBS and obligations of U.S. states and municipalities due to market changes, as well as net realized gains. |