| As of December 2013 | ||||||||||||
| in millions | |
Balance, beginning of year |
|
|
Other comprehensive income/(loss) adjustments, net of tax |
|
|
Balance, end of year |
|
|||
|
Currency translation |
$(314 | ) | $ (50 | ) | $(364 | ) | ||||||
|
Pension and postretirement liabilities |
(206 | ) | 38 | (168 | ) | |||||||
|
Available-for-sale securities |
327 | (327 | ) | — | ||||||||
|
Cash flow hedges |
— | 8 | 8 | |||||||||
|
Accumulated comprehensive income/ |
$(193 | ) | $(331 | ) | $(524 | ) | ||||||
| As of December 2012 | ||||||||||||
| in millions | |
Balance, beginning of year |
|
|
Other comprehensive income/(loss) adjustments, net of tax |
|
|
Balance, end of year |
|
|||
|
Currency translation |
$(225 | ) | $ (89 | ) | $(314 | ) | ||||||
|
Pension and postretirement liabilities |
(374 | ) | 168 | (206 | ) | |||||||
|
Available-for-sale securities |
83 | 244 | 327 | 1 | ||||||||
|
Accumulated comprehensive income/ |
$(516 | ) | $ 323 | $(193 | ) | |||||||
| 1. |
As of December 2012, substantially all consisted of net unrealized gains on securities held by the firm’s Americas reinsurance business, in which a majority stake was sold in April 2013. See Note 12 for further information about this sale. |