SunTrust 2012 Annual Report Download - page 129

Notes to Consolidated Financial Statements (Continued)
113
beginning on or after January 1, 2012. The Company adopted the standard as of January 1, 2012. The adoption did not have
an impact on the Company's financial position, results of operations, or EPS.
In December 2011, the FASB issued ASU 2011-11, "Balance Sheet (Topic 210): Disclosures about Offsetting Assets and
Liabilities." The ASU requires additional disclosures about financial instruments and derivative instruments that are offset or
subject to an enforceable master netting arrangement or similar agreement. In January 2013, the FASB issued ASU 2013-01,
“Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities” which more narrowly
defined the scope of financial instruments to only include derivatives, repurchase agreements and reverse repurchase
agreements, and securities borrowing and securities lending transactions. The ASUs are effective for the interim reporting
period ending March 31, 2013 with retrospective disclosure for all comparative periods presented. Since the ASUs only impact
financial statement disclosures, its adoption will not impact the Company's financial position, results of operations, or EPS.
In July 2012, the FASB issued ASU 2012-02, “Intangibles-Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible
Assets for Impairment." The ASU permits entities to perform an optional qualitative assessment for determining whether it
is more likely than not that an indefinite-lived intangible asset is impaired. The guidance is effective for annual and interim
impairment tests performed for fiscal years beginning after September 15, 2012. As early adoption is permitted, the Company
adopted the ASU as of October 1, 2012 and the adoption did not have an impact on the Company's financial position, results
of operations, or EPS when adopted.
In October 2012, the FASB issued ASU 2012-04, “Technical Corrections and Improvements." The ASU prescribes technical
corrections and improvements to the Accounting Standards Codification for source literature amendments, guidance
clarification and reference corrections, and relocated guidance within the Accounting Standards Codification. The ASU is
effective for fiscal periods beginning after December 15, 2012. The Company has adopted the ASU as of January 1, 2013 and
the adoption did not have an impact on the Company's financial position, results of operations, or EPS.
NOTE 2 - ACQUISITIONS/DISPOSITIONS
During the three year period ended December 31, 2012, the Company consummated the following acquisitions and
dispositions:
(Dollars in millions) Date
Cash or other
consideration
(paid)/ received Goodwill Other
Intangibles Gain Comments
2012
Acquisition of assets of
FirstAgain, LLC 6/22/2012 ($12) $32 $— $— Goodwill recorded is tax- deductible.
2011
Acquisition of certain additional
assets of CSI Capital
Management
5/9/2011 (19) 20 7 — Goodwill and intangibles
recorded are tax-deductible.
2010
Disposition of certain money
market fund management
business
various 7 — 11 18
NOTE 3 - FEDERAL FUNDS SOLD AND SECURITIES BORROWED OR PURCHASED UNDER AGREEMENTS
TO RESELL
Federal funds sold and securities borrowed or purchased under agreements to resell were as follows as of December 31:
(Dollars in millions) 2012 2011
Federal funds $29 $—
Securities borrowed 155 —
Resell agreements 917 792
Total federal funds sold and securities borrowed or purchased under agreements to resell $1,101 $792