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C » Topics » 9. Changes in Equity from Nonowner Sources

This excerpt taken from the C 10-Q filed Aug 4, 2006.

15.   Changes in Equity from Nonowner Sources

        Changes in each component of "Accumulated Other Changes in Equity from Nonowner Sources" for the three- and six-month periods ended June 30, 2006 are as follows:

In millions of dollars
   Net Unrealized
Gains (Losses)
on Investment
Securities
   Foreign
Currency
Translation
Adjustment
   Cash Flow Hedges
   Minimum Pension
Liability
Adjustment
   Accumulated
Other Changes
in Equity from
Nonowner
Sources
  
Balance, December 31, 2005   $ 1,084   $ (4,090 ) $ 612   $ (138 ) $ (2,532 )
Decrease in net unrealized gains on investment securities, net of tax     (110 )   —     —     —     (110 )
Less: Reclassification adjustment for gains included in net income, net of tax(1)     (246 )   —     —     —     (246 )
Foreign currency translation adjustment, net of tax(2)     —     (28 )   —     —     (28 )
Cash flow hedges, net of tax     —     —     206     —     206  
Minimum pension liability adjustment, net of tax(3)     —     —     —     4     4  
   
 
 
 
 
 
Change   $ (356 ) $ (28 ) $ 206   $ 4   $ (174 )
   
 
 
 
 
 
Balance, March 31, 2006   $ 728   $ (4,118 ) $ 818   $ (134 ) $ (2,706 )
Increase in net unrealized losses on investment securities, net of tax     (778 )   —     —     —     (778 )
Less: Reclassification adjustment for gains included in net income, net of tax     (196 )   —     —     —     (196 )
Foreign currency translation adjustment, net of tax(2)     —     27     —     —     27  
Cash flow hedges, net of tax     —     —     305     —     305  
Minimum pension liability adjustment, net of tax(3)     —     —     —     (3 )   (3 )
   
 
 
 
 
 
Current period change   $ (974 ) $ 27   $ 305   $ (3 ) $ (645 )
   
 
 
 
 
 
Balance, June 30, 2006   $ (246 ) $ (4,091 ) $ 1,123   $ (137 ) $ (3,351 )
   
 
 
 
 
 
(1)
Includes a $146 million after-tax gain on the sale of St. Paul Travelers shares in the 2006 first quarter.

(2)
Reflects, among other items, the net quarterly movements in the Mexican peso, Korean won, euro, Brazilian real, and the Australian dollar against the U.S. dollar and related tax effects.

(3)
Reflects additional minimum liability, as required by SFAS No. 87, "Employers' Accounting for Pensions" (SFAS 87), related to unfunded or book reserve plans, such as the U.S. nonqualified pension plans and certain foreign pension plans.

109

This excerpt taken from the C 10-K filed Feb 24, 2006.

18.    Changes in Equity from Nonowner Sources

        Changes in each component of "Accumulated Other Changes in Equity from Nonowner Sources" for the three-year period ended December 31, 2005 are as follows:

 
   Net Unrealized
Gains on
Investment
Securities
   Foreign Currency
Translation
Adjustment
   Cash Flow Hedges
   Minimum
Pension
Liability
Adjustment
   Accumulated Other
Changes in Equity
from Nonowner
Sources
  
 
   In millions of dollars

  
Balance, January 1, 2003   $ 1,957   $ (3,392 ) $ 1,242   $ —   $ (193 )
Increase in net unrealized gains on investment securities, net of tax(1)     1,283     —     —     —     1,283  
Less: Reclassification adjustment for gains included in net income, net of tax(1)     (332 )   —     —     —     (332 )
Foreign currency translation adjustment, net of tax(2)     —     (1,073 )   —     —     (1,073 )
Cash flow hedges, net of tax     —     —     (491 )   —     (491 )
   
 
 
 
 
 
Change   $ 951   $ (1,073 ) $ (491 ) $ —   $ (613 )
   
 
 
 
 
 
Balance, December 31, 2003   $ 2,908   $ (4,465 ) $ 751   $ —   $ (806 )
Increase in net unrealized gains on investment securities, net of tax     265     —     —     —     265  
Less: Reclassification adjustment for gains included in net income, net of tax     (540 )   —     —     —     (540 )
Foreign currency translation adjustment, net of tax(3)     —     1,355     —     —     1,355  
Cash flow hedges, net of tax     —     —     (578 )   —     (578 )
   
 
 
 
 
 
Change   $ (275 ) $ 1,355   $ (578 ) $ —   $ 502  
   
 
 
 
 
 
Balance, December 31, 2004   $ 2,633   $ (3,110 ) $ 173   $ —   $ (304 )
Decrease in net unrealized gains on investment securities, net of tax(4)     (274 )   —     —     —     (274 )
Less: Reclassification adjustment for gains included in net income, net of tax     (1,275 )   —     —     —     (1,275 )
Foreign currency translation adjustment, net of tax(5)     —     (980 )   —     —     (980 )
Cash flow hedges, net of tax     —     —     439     —     439  
Minimum pension liability adjustment, net of tax(6)     —     —     —     (138 )   (138 )
   
 
 
 
 
 
Current period change   $ (1,549 ) $ (980 ) $ 439   $ (138 ) $ (2,228 )
   
 
 
 
 
 
Balance, December 31, 2005   $ 1,084   $ (4,090 ) $ 612   $ (138 ) $ (2,532 )
   
 
 
 
 
 
(1)
Primarily reflects an increase in the investment portfolio due to incremental purchases and the impact of declining interest rates coupled with spread tightening, partially offset by realized gains resulting from the sale of securities.

(2)
Reflects, among other items, the decline in the Mexican peso against the U.S. dollar and changes in related tax effects.

(3)
Reflects, among other items, the movements in the Japanese yen, euro, Korean won, Mexican peso, British pound, and the Polish zloty against the U.S. dollar and changes in related tax effects.

(4)
Primarily due to realized gains, including $1.5 billion after-tax, resulting from the sale of the Life Insurance and Annuities business.

(5)
Reflects, among other items, the movements in the Japanese yen, British pound, Bahamian dollar, and the Mexican peso against the U.S. dollar, and changes in related tax effects.

(6)
Additional minimum liability, as required by SFAS No. 87, "Employers' Accounting for Pensions" (SFAS 87), related to unfunded or book reserve plans, such as the U.S. nonqualified pension plans and certain foreign pension plans.

142

This excerpt taken from the C 10-Q filed Aug 4, 2005.

9. Changes in Equity from Nonowner Sources

        Changes in each component of "Accumulated Other Changes in Equity from Nonowner Sources" for the three- and six-month periods ended June 30, 2005 are as follows:

In millions of dollars
   Net Unrealized Gains on Investment Securities
   Foreign Currency Translation Adjustment
   Cash Flow Hedges
   Accumulated Other Changes in Equity from Nonowner Sources
  
Balance, December 31, 2004   $ 2,633   $ (3,110 ) $ 173   $ (304 )
Decrease in unrealized gains on investment securities, net of tax(1)     (705 )   —     —     (705 )
Less: Reclassification adjustment for gains included in net income, net of tax(1)     (180 )   —     —     (180 )
Foreign currency translation adjustment, net of tax(2)     —     (656 )   —     (656 )
Cash flow hedges, net of tax     —     —     164     164  
   
 
 
 
 
Current period change     (885 )   (656 )   164     (1,377 )
   
 
 
 
 
Balance, March 31, 2005   $ 1,748   $ (3,766 ) $ 337   $ (1,681 )
Increase in unrealized gains on investment securities, net of tax(3)     1,272     —     —     1,272  
Less: Reclassification adjustment for gains included in net income, net of tax(3)     (270 )   —     —     (270 )
Foreign currency translation adjustment, net of tax(2)     —     (194 )   —     (194 )
Cash flow hedges, net of tax     —     —     (157 )   (157 )
   
 
 
 
 
Current period change     1,002     (194 )   (157 )   651  
   
 
 
 
 
Balance, June 30, 2005   $ 2,750   $ (3,960 ) $ 180   $ (1,030 )
   
 
 
 
 
(1)
Primarily due to an increase in market interest rates of fixed maturity securities, partially offset by realized gains resulting from the sale of securities.

(2)
Reflects, among other items, the movements in the Japanese yen, Polish zloty, British pound, Mexican peso and the euro against the U.S. dollar and changes in related tax effects.

(3)
Primarily due to a decrease in interest rates of fixed maturity securities, partially offset by realized gains resulting from the sale of securities.

78

This excerpt taken from the C 10-Q filed May 4, 2005.

9.     Changes in Equity from Nonowner Sources

        Changes in each component of "Accumulated Other Changes in Equity from Nonowner Sources" for the three-month period ended March 31, 2005 are as follows:

In millions of dollars
   Net Unrealized
Gains on
Investment
Securities
   Foreign
Currency
Translation
Adjustment
   Cash Flow
Hedges
   Accumulated
Other Changes
in Equity frome
Nonowner
Sources
  
Balance, December 31, 2004   $ 2,633   $ (3,110 ) $ 173   $ (304 )
Decrease in unrealized gains on investment securities, net of tax(1)     (705 )   —     —     (705 )
Less: Reclassification adjustment for gains included in net income, net of tax (1)     (180 )   —     —     (180 )
Foreign currency translation adjustment, net of tax (2)     —     (656 )   —     (656 )
Cash flow hedges, net of tax     —     —     164     164  
   
 
 
 
 
Current period change     (885 )   (656 )   164     (1,377 )
   
 
 
 
 
Balance, March 31, 2005   $ 1,748   $ (3,766 ) $ 337   $ (1,681 )
   
 
 
 
 
(1)
Primarily due to an increase in market interest rates of fixed maturity securities, partially offset by realized gains resulting from the sale of securities.

(2)
Reflects, among other items, the movements in the Japanese yen, Polish zloty, British pound, Mexican peso and the euro against the U.S. dollar and changes in related tax effects.

EXCERPTS ON THIS PAGE:

10-Q
Aug 4, 2006
10-K
Feb 24, 2006
10-Q
Aug 4, 2005
10-Q
May 4, 2005

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