Bank of America 2014 Annual Report Download - page 163
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Bank of America 2014 161
Cash Flow and Net Investment Hedges
The table below summarizes certain information related to cash
flow hedges and net investment hedges for 2014, 2013 and 2012.
Of the $1.7 billion net loss (after-tax) on derivatives in accumulated
other comprehensive income (OCI) for 2014, $803 million ($502
million after-tax) is expected to be reclassified into earnings in the
next 12 months. These net losses reclassified into earnings are
expected to primarily reduce net interest income related to the
respective hedged items. Amounts related to price risk on
restricted stock awards reclassified from accumulated OCI are
recorded in personnel expense.
Derivatives Designated as Cash Flow and Net Investment Hedges
2014
(Dollars in millions, amounts pretax)
Gains (Losses)
Recognized in
Accumulated OCI
on Derivatives
Gains (Losses)
in Income
Reclassified from
Accumulated OCI
Hedge
Ineffectiveness and
Amounts Excluded
from Effectiveness
Testing (1)
Cash flow hedges
Interest rate risk on variable-rate portfolios $68$
(1,119)$ (4)
Price risk on restricted stock awards 127 359 —
Total $195 $(760)$ (4)
Net investment hedges
Foreign exchange risk $ 3,021 $ 21 $ (503)
2013
Cash flow hedges
Interest rate risk on variable-rate portfolios $ (321) $ (1,102) $ —
Price risk on restricted stock awards 477 329 —
Total $ 156 $ (773) $ —
Net investment hedges
Foreign exchange risk $ 1,024 $ (355) $ (134)
2012
Cash flow hedges
Interest rate risk on variable-rate portfolios $ 10 $ (957) $ —
Price risk on restricted stock awards 420 (78) —
Total $ 430 $ (1,035) $ —
Net investment hedges
Foreign exchange risk $ (771) $ (26) $ (269)
(1) Amounts related to derivatives designated as cash flow hedges represent hedge ineffectiveness and amounts related to net investment hedges represent amounts excluded from effectiveness
testing.