Bank of America 2014 Annual Report Download - page 48
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46 Bank of America 2014
The income tax benefit was $2.6 billion in 2014 compared to
a benefit of $2.0 billion in 2013 with the increase driven by the
increase in the pretax loss in All Other and the resolution of several
tax examinations, partially offset by a decrease in benefits from
non-U.S. restructurings.
Equity Investment Activity
The following tables present the components of equity investments
in All Other at December 31, 2014 and 2013, and also a
reconciliation to the total consolidated equity investment income
for 2014 and 2013.
Equity Investments
December 31
(Dollars in millions) 2014 2013
Global Principal Investments $ 912 $ 1,604
Strategic and other investments 858 822
Total equity investments included in All Other $ 1,770 $ 2,426
Equity investments included in All Other decreased $656
million to $1.8 billion during 2014, with the decrease primarily
due to sales resulting from the continued wind down of the GPI
portfolio. GPI had unfunded equity commitments of $31 million
and $127 million at December 31, 2014 and 2013.
Equity Investment Income
(Dollars in millions) 2014 2013
Global Principal Investments $(46)
$ 379
Strategic and other investments 647 2,231
Total equity investment income included in All Other 601 2,610
Total equity investment income included in the
business segments 529 291
Total consolidated equity investment income $ 1,130 $ 2,901
Equity investment income decreased $1.8 billion primarily due
to a $753 million gain related to the sale of our remaining
investment in China Construction Bank Corporation (CCB) in 2013,
lower gains on sales of portions of an equity investment compared
to 2013, and lower GPI results. These declines were partially offset
by a gain in 2014 related to the IPO of an equity investment.