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C » Topics » Impact on Retained earnings of certain fair-value elections in accordance with SFAS 159

This excerpt taken from the C 8-K filed Jan 23, 2009.

Impact on Retained earnings of certain fair-value elections in accordance with SFAS 159

 

Detailed below are the December 31, 2006 carrying values prior to adoption of SFAS 159, the transition adjustments booked to opening Retained earnings and the fair values (that is, the carrying values at January 1, 2007 after adoption) for those items that were selected for fair-value option accounting and that had an impact on Retained earnings:

 

In millions of dollars

 

December 31,
2006
(carrying
value prior to
adoption)

 

Cumulative-
effect
adjustment
to
January 1,
2007
retained
earnings–
gain (loss)

 

January 1,
2007
fair value
(carrying
value
after
adoption)

 

Legg Mason convertible preferred equity securities originally classified as available-for-sale (1)

 

$

 797

 

$

(232

)

$

 797

 

Selected portfolios of securities purchased under agreements to resell (2)

 

167,525

 

25

 

167,550

 

Selected portfolios of securities sold under agreements to repurchase (2)

 

237,788

 

40

 

237,748

 

Selected non-collateralized short-term borrowings

 

3,284

 

(7

)

3,291

 

Selected letters of credit hedged by credit default swaps or participation notes

 

—

 

14

 

14

 

Various miscellaneous eligible items (1)

 

96

 

3

 

96

 

Pretax cumulative effect of adopting fair value option accounting

 

 

 

$

(157

)

 

 

After-tax cumulative effect of adopting fair value option accounting

 

 

 

$

(99

)

 

 

 

(1)           The Legg Mason securities as well as several miscellaneous items were previously reported at fair value within available-for-sale securities. The cumulative-effect adjustment represents the reclassification of the related unrealized gain/loss from Accumulated other comprehensive income to Retained earnings upon the adoption of the fair value option.

(2)           Excludes netting of the amounts due from securities purchased under agreements to resell and the amounts owed under securities sold under agreements to repurchase in accordance with FIN 41.

 

Additional information regarding each of these items follows.

 

This excerpt taken from the C 10-Q filed Oct 31, 2008.

Impact on Retained earnings of certain fair-value elections in accordance with SFAS 159

        Detailed below are the December 31, 2006 carrying values prior to adoption of SFAS 159, the transition adjustments booked to opening Retained earnings and the fair values (that is, the carrying values at January 1, 2007 after adoption) for those items that were selected for fair-value option accounting and that had an impact on Retained earnings:

In millions of dollars   December 31,
2006
(carrying value
prior to
adoption) 		  Cumulative-effect
adjustment to
January 1, 2007
retained earnings—
gain (loss) 		  January 1,
2007
fair value
(carrying
value after
adoption) 		 

Legg Mason convertible preferred equity securities originally classified as available-for-sale(1)

   $ 797   $ (232 ) $ 797  

Selected portfolios of securities purchased under agreements to resell(2)

     167,525     25     167,550  

Selected portfolios of securities sold under agreements to repurchase(2)

     237,788     40     237,748  

Selected non-collateralized short-term borrowings

     3,284     (7 )   3,291  

Selected letters of credit hedged by credit default swaps or participation notes

     —     14     14  

Various miscellaneous eligible items(1)

     96     3     96  
               

Pretax cumulative effect of adopting fair value option accounting

         $ (157 )      

After-tax cumulative effect of adopting fair value option accounting

           (99 )      
               
(1)
The Legg Mason securities as well as several miscellaneous items were previously reported at fair value within available-for-sale securities. The cumulative-effect adjustment represents the reclassification of the related unrealized gain/loss from Accumulated other comprehensive income to Retained earnings upon the adoption of the fair value option.

(2)
Excludes netting of the amounts due from securities purchased under agreements to resell and the amounts owed under securities sold under agreements to repurchase in accordance with FIN 41.

        Additional information regarding each of these items follows.

This excerpt taken from the C 8-K filed Aug 14, 2008.

Impact on Retained earnings of certain fair-value elections in accordance with SFAS 159

 

Detailed below are the December 31, 2006 carrying values prior to adoption of SFAS 159, the transition adjustments booked to opening Retained earnings and the fair values (that is, the carrying values at January 1, 2007 after adoption) for those items that were selected for fair-value option accounting and that had an impact on Retained earnings:

 

In millions of dollars

 

December 31,
2006
(carrying
value prior to
adoption)

 

Cumulative-
effect
adjustment
to
January 1,
2007
retained
earnings–
gain (loss)

 

January 1,
2007
fair value
(carrying
value
after
adoption)

 

Legg Mason convertible preferred equity securities originally classified as available-for-sale (1)

 

$

797

 

$

(232

)

$

797

 

Selected portfolios of securities purchased under agreements to resell (2)

 

167,525

 

25

 

167,550

 

Selected portfolios of securities sold under agreements to repurchase (2)

 

237,788

 

40

 

237,748

 

Selected non-collateralized short-term borrowings

 

3,284

 

(7

)

3,291

 

Selected letters of credit hedged by credit default swaps or participation notes

 

—

 

14

 

14

 

Various miscellaneous eligible items (1)

 

96

 

3

 

96

 

Pretax cumulative effect of adopting fair value option accounting

 

 

 

$

(157

)

 

 

After-tax cumulative effect of adopting fair value option accounting

 

 

 

$

(99

)

 

 

 

(1)    The Legg Mason securities as well as several miscellaneous items were previously reported at fair value within available-for-sale securities. The cumulative-effect adjustment represents the reclassification of the related unrealized gain/loss from Accumulated other comprehensive income to Retained earnings upon the adoption of the fair value option.

(2)    Excludes netting of the amounts due from securities purchased under agreements to resell and the amounts owed under securities sold under agreements to repurchase in accordance with FIN 41.

 

Additional information regarding each of these items follows.

 

This excerpt taken from the C 10-Q filed Aug 1, 2008.

Impact on Retained earnings of certain fair-value elections in accordance with SFAS 159

        Detailed below are the December 31, 2006 carrying values prior to adoption of SFAS 159, the transition adjustments booked to opening Retained earnings and the fair values (that is, the carrying values at January 1, 2007 after adoption) for those items that were selected for fair-value option accounting and that had an impact on Retained earnings:

In millions of dollars
   December 31, 2006
(carrying value
prior to adoption)
   Cumulative-effect
adjustment to
January 1, 2007
retained earnings—
gain (loss)
   January 1, 2007
fair value (carrying value after adoption)
Legg Mason convertible preferred equity securities originally classified as available-for-sale(1)   $ 797   $ (232 ) $ 797
Selected portfolios of securities purchased under agreements to resell(2)     167,525     25     167,550
Selected portfolios of securities sold under agreements to repurchase(2)     237,788     40     237,748
Selected non-collateralized short-term borrowings     3,284     (7 )   3,291
Selected letters of credit hedged by credit default swaps or participation notes     —     14     14
Various miscellaneous eligible items(1)     96     3     96
   
 
 
Pretax cumulative effect of adopting fair value option accounting         $ (157 )    
After-tax cumulative effect of adopting fair value option accounting           (99 )    
   
 
 
(1)
The Legg Mason securities as well as several miscellaneous items were previously reported at fair value within available-for-sale securities. The cumulative-effect adjustment represents the reclassification of the related unrealized gain/loss from Accumulated other comprehensive income to Retained earnings upon the adoption of the fair value option.

(2)
Excludes netting of the amounts due from securities purchased under agreements to resell and the amounts owed under securities sold under agreements to repurchase in accordance with FIN 41.

        Additional information regarding each of these items follows.

This excerpt taken from the C 10-Q filed May 2, 2008.

Impact on Retained earnings of certain fair-value elections in accordance with SFAS 159

        Detailed below are the December 31, 2006 carrying values prior to adoption of SFAS 159, the transition adjustments booked to opening Retained earnings and the fair values (that is, the carrying values at January 1, 2007 after adoption) for those items that were selected for fair-value option accounting and that had an impact on Retained earnings:

In millions of dollars
   December 31,
2006
(carrying
value prior to
adoption)
   Cumulative-
effect
adjustment
to
January 1,
2007
retained
earnings—
gain (loss)
   January 1,
2007
fair value
(carrying
value
after
adoption)
Legg Mason convertible preferred equity securities originally classified as available-for-sale(1)   $ 797   $ (232 ) $ 797
Selected portfolios of securities purchased under agreements to resell(2)     167,525     25     167,550
Selected portfolios of securities sold under agreements to repurchase(2)     237,788     40     237,748
Selected non-collateralized short-term borrowings     3,284     (7 )   3,291
Selected letters of credit hedged by credit default swaps or participation notes     —     14     14
Various miscellaneous eligible items(1)     96     3     96
   
 
 
Pretax cumulative effect of adopting fair value option accounting         $ (157 )    
After-tax cumulative effect of adopting fair value option accounting           (99 )    
   
 
 
(1)
The Legg Mason securities as well as several miscellaneous items were previously reported at fair value within available-for-sale securities. The cumulative-effect adjustment represents the reclassification of the related unrealized gain/loss from Accumulated other comprehensive income to Retained earnings upon the adoption of the fair value option.

(2)
Excludes netting of the amounts due from securities purchased under agreements to resell and the amounts owed under securities sold under agreements to repurchase in accordance with FIN 41.

        Additional information regarding each of these items follows.

This excerpt taken from the C 10-K filed Feb 22, 2008.

Impact on Retained earnings of certain fair-value elections in accordance with SFAS 159

Detailed below are the December 31, 2006 carrying values prior to adoption of SFAS 159, the transition adjustments booked to opening Retained earnings and the fair values (that is, the carrying values at January 1, 2007 after adoption) for those items that were selected for fair-value option accounting and that had an impact on Retained earnings:


 

In millions of dollars  

December 31,
2006

(carrying
value prior to
adoption)

   

Cumulative-
effect
adjustment
to
January 1,
2007
retained
earnings–

gain (loss)

     

January 1,
2007

fair value

(carrying
value
after
adoption)

Legg Mason convertible preferred equity securities originally

    classified as available-for-sale (1)

   $ 797    $ (232 )    $ 797

Selected portfolios of securities purchased under agreements to resell (2)

     167,525      25        167,550

Selected portfolios of securities sold under agreements to repurchase (2)

     237,788      40        237,748

Selected non-collateralized short-term borrowings

     3,284      (7 )      3,291

Selected letters of credit hedged by credit default swaps or participation notes

     —      14        14

Various miscellaneous eligible items (1)

     96      3        96

Pretax cumulative effect of adopting fair value option accounting

      $ (157 )   

After-tax cumulative effect of adopting fair value option accounting

          $ (99 )       

 

(1) The Legg Mason securities as well as several miscellaneous items were previously reported at fair value within available-for-sale securities. The cumulative-effect adjustment represents the reclassification of the related unrealized gain/loss from Accumulated other comprehensive income to Retained earnings upon the adoption of the fair value option.
(2) Excludes netting of the amounts due from securities purchased under agreements to resell and the amounts owed under securities sold under agreements to repurchase in accordance with FIN 41.

 

Additional information regarding each of these items follows.

EXCERPTS ON THIS PAGE:

8-K
Jan 23, 2009
10-Q
Oct 31, 2008
8-K
Aug 14, 2008
10-Q
Aug 1, 2008
10-Q
May 2, 2008
10-K
Feb 22, 2008

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