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WELLS FARGO & COMPANY/MN

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WELLS FARGO & COMPANY/MN

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2.4.0.8100100 - Disclosure - Summary of Significant Accounting Policiestruefalsefalse1false falsefalseFROM_Jan01_2013_TO_Jun30_2013http://www.sec.gov/CIK0000072971duration2013-01-01T00:00:002013-06-30T00:00:001true 1us-gaap_AccountingPoliciesAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse0Summary of Significant Accounting Policies [Abstract]2false 2us-gaap_SignificantAccountingPoliciesTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1falsefalsefalse00Wells Fargo & Company is a diversified financial services company. We provide banking, insurance, trust and investments, mortgage banking, investment banking, retail banking, brokerage, and consumer and commercial finance through banking stores, the internet and other distribution channels to consumers, businesses and institutions in all 50 states, the District of Columbia, and in foreign countries. When we refer to “Wells Fargo,” “the Company,” “we,” “our” or “us,” we mean Wells Fargo & Company and Subsidiaries (consolidated). Wells Fargo & Company (the Parent) is a financial holding company and a bank holding company. We also hold a majority interest in a real estate investment trust, which has publicly traded preferred stock outstanding.       Our accounting and reporting policies conform with U.S. generally accepted accounting principles (GAAP) and practices in the financial services industry. For discussion of our significant accounting policies, see Note 1 in our Annual Report on Form 10-K for the year ended December 31, 2012 (2012 Form 10-K). There were no material changes to these policies in the first half of 2013. To prepare the financial statements in conformity with GAAP, management must make estimates based on assumptions about future economic and market conditions (for example, unemployment, market liquidity, real estate prices, etc.) that affect the reported amounts of assets and liabilities at the date of the financial statements and income and expenses during the reporting period and the related disclosures. Although our estimates contemplate current conditions and how we expect them to change in the future, it is reasonably possible that actual conditions could be worse than anticipated in those estimates, which could materially affect our results of operations and financial condition. Management has made significant estimates in several areas, including allowance for credit losses and purchased credit-impaired (PCI) loans (Note 5), valuations of residential mortgage servicing rights (MSRs) (Notes 7 and 8) and financial instruments (Note 13), liability for mortgage loan repurchase losses (Note 8) and income taxes. Actual results could differ from those estimates.       These unaudited interim financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the periods presented. These adjustments are of a normal recurring nature, unless otherwise disclosed in this Form 10-Q. The results of operations in the interim financial statements do not necessarily indicate the results that may be expected for the full year. The interim financial information should be read in conjunction with our 2012 Form 10-K. Accounting Standards Adopted in 2013In first quarter 2013, we adopted the following new accounting guidance: <ul><li style="margin-left:36px;list-style:disc;">Accounting Standards Update (ASU or Update) 2011-11, Disclosures about Offsetting Assets and Liabilities;</li><li style="margin-left:36px;list-style:disc;">ASU 2013-01, Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities; and</li><li style="margin-left:36px;list-style:disc;">ASU 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income.</li></ul> ASU 2011-11 expands the disclosure requirements for certain financial instruments and derivatives that are subject to enforceable master netting agreements or similar arrangements. The disclosures are required regardless of whether the instruments have been offset (or netted) in the statement of financial position. Under ASU 2011-11, companies must describe the nature of offsetting arrangements and provide quantitative information about those agreements, including the gross and net amounts of financial instruments that are recognized in the statement of financial position. In January 2013, the FASB issued ASU 2013-01, which clarifies the scope of ASU 2011-11 by limiting the disclosures to derivatives, repurchase agreements, and securities lending transactions to the extent they are subject to an enforceable master netting or similar arrangement. We adopted this guidance in first quarter 2013 with retrospective application. These Updates did not affect our consolidated financial results since they amend only the disclosure requirements for offsetting financial instruments. See Notes 10 and 12 for the new disclosures. ASU 2013-02 requires companies to disclose the effect on net income line items from significant amounts reclassified out of accumulated other comprehensive income and entirely into net income. If reclassifications are partially or entirely capitalized on the balance sheet, then companies must provide a cross-reference to disclosures that provide information about the effect of the reclassifications. We adopted this guidance in first quarter 2013 with retrospective application. This Update did not affect our consolidated financial results as it amends only the disclosure requirements for accumulated other comprehensive income. See Note 17 for expanded disclosures on reclassification adjustments. Private Share Repurchases In April 2013 we entered into a private forward repurchase contract with an unrelated third party. We entered into this transaction to complement our open-market common stock repurchase strategies, to allow us to manage our share repurchases in a manner consistent with our capital plan submitted under the 2013 Comprehensive Capital Analysis and Review (CCAR), and to provide an economic benefit to the Company. In connection with this contract, we paid $500 million to the counterparty, which was recorded in permanent equity in the quarter paid and was not subject to re-measurement. The classification of the up-front payment as permanent equity assured that we would have appropriate repurchase timing consistent with our 2013 capital plan, which contemplated a fixed dollar amount available per quarter for share repurchases pursuant to Federal Reserve Board (FRB) supervisory guidance. In return, the counterparty agreed to deliver a variable number of shares based on a per share discount to the volume-weighted average stock price over the contract period. This contract expires in third quarter 2013; however, the counterparty has the right to accelerate settlement. There were no scenarios where the contract would not either physically settle in shares or allow us to choose the settlement method.        In July 2013 we entered into a similar private forward repurchase contract and paid $500 million to an unrelated third party. In return, the counterparty agreed to deliver a variable number of shares based on a per share discount to the volume-weighted average stock price over the contract period. This contract expires in third quarter 2013; however, the counterparty has the right to accelerate settlement. The amount we paid to the counterparty meets accounting requirements to be treated as a permanent equity reduction.  Supplemental Cash Flow InformationNoncash activities are presented below, including information on transfers affecting MHFS, LHFS, and MSRs. <div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 4px"><td style="width: 574px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:574px;"> </td><td style="width: 12px; border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:12px;"> </td><td style="width: 61px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:61px;"> </td><td style="width: 19px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:19px;"> </td><td style="width: 54px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:54px;"> </td></tr><tr style="height: 10px"><td style="width: 574px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:574px;"> </td><td style="width: 12px; border-top-style:solid;border-top-width:2px;text-align:center;border-color:#000000;min-width:12px;"> </td><td style="width: 61px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:61px;"> </td><td style="width: 19px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:19px;"> </td><td style="width: 54px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:54px;"> </td></tr><tr style="height: 14px"><td style="width: 574px; text-align:left;border-color:#000000;min-width:574px;"> </td><td colspan="4" style="width: 146px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:146px;">Six months ended June 30,</td></tr><tr style="height: 18px"><td style="width: 574px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:574px;">(in millions)</td><td style="width: 12px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:12px;"> </td><td style="width: 61px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:61px;">2013</td><td style="width: 19px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:19px;"> </td><td style="width: 54px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:54px;">2012</td></tr><tr style="height: 18px"><td style="width: 574px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:574px;">Transfers from loans to securities available for sale</td><td style="width: 12px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:12px;">$</td><td style="width: 61px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:61px;"> 414</td><td style="width: 19px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:19px;"> </td><td style="width: 54px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:54px;"> 875</td></tr><tr style="height: 14px"><td style="width: 574px; text-align:left;border-color:#000000;min-width:574px;">Trading assets retained from securitization of MHFS</td><td style="width: 12px; text-align:center;border-color:#000000;min-width:12px;"> </td><td style="width: 61px; text-align:right;border-color:#000000;min-width:61px;"> 29,074</td><td style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"> </td><td style="width: 54px; text-align:right;border-color:#000000;min-width:54px;"> 51,557</td></tr><tr style="height: 14px"><td style="width: 574px; text-align:left;border-color:#000000;min-width:574px;">Capitalization of MSRs from sale of MHFS</td><td style="width: 12px; text-align:center;border-color:#000000;min-width:12px;"> </td><td style="width: 61px; text-align:right;border-color:#000000;min-width:61px;"> 2,081</td><td style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"> </td><td style="width: 54px; text-align:right;border-color:#000000;min-width:54px;"> 2,657</td></tr><tr style="height: 14px"><td style="width: 574px; text-align:left;border-color:#000000;min-width:574px;">Transfers from MHFS to foreclosed assets</td><td style="width: 12px; text-align:center;border-color:#000000;min-width:12px;"> </td><td style="width: 61px; text-align:right;border-color:#000000;min-width:61px;"> 31</td><td style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"> </td><td style="width: 54px; text-align:right;border-color:#000000;min-width:54px;"> 115</td></tr><tr style="height: 14px"><td style="width: 574px; text-align:left;border-color:#000000;min-width:574px;">Transfers from loans to MHFS</td><td style="width: 12px; text-align:center;border-color:#000000;min-width:12px;"> </td><td style="width: 61px; text-align:right;border-color:#000000;min-width:61px;"> 4,855</td><td style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"> </td><td style="width: 54px; text-align:right;border-color:#000000;min-width:54px;"> 2,858</td></tr><tr style="height: 14px"><td style="width: 574px; text-align:left;border-color:#000000;min-width:574px;">Transfers from loans to LHFS</td><td style="width: 12px; text-align:center;border-color:#000000;min-width:12px;"> </td><td style="width: 61px; text-align:right;border-color:#000000;min-width:61px;"> 133</td><td style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"> </td><td style="width: 54px; text-align:right;border-color:#000000;min-width:54px;"> 49</td></tr><tr style="height: 14px"><td style="width: 574px; text-align:left;border-color:#000000;min-width:574px;">Transfers from loans to foreclosed assets (1)</td><td style="width: 12px; text-align:center;border-color:#000000;min-width:12px;"> </td><td style="width: 61px; text-align:right;border-color:#000000;min-width:61px;"> 3,072</td><td style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"> </td><td style="width: 54px; text-align:right;border-color:#000000;min-width:54px;"> 4,639</td></tr><tr style="height: 14px"><td style="width: 574px; text-align:left;border-color:#000000;min-width:574px;">Changes in consolidations (deconsolidations) of variable interest entities:</td><td style="width: 12px; text-align:center;border-color:#000000;min-width:12px;"> </td><td style="width: 61px; text-align:left;border-color:#000000;min-width:61px;"> </td><td style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"> </td><td style="width: 54px; text-align:left;border-color:#000000;min-width:54px;"> </td></tr><tr style="height: 14px"><td style="width: 574px; text-align:left;border-color:#000000;min-width:574px;"> Loans</td><td style="width: 12px; text-align:center;border-color:#000000;min-width:12px;"> </td><td style="width: 61px; text-align:right;border-color:#000000;min-width:61px;"> (306)</td><td style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"> </td><td style="width: 54px; text-align:right;border-color:#000000;min-width:54px;"> (515)</td></tr><tr style="height: 14px"><td style="width: 574px; text-align:left;border-color:#000000;min-width:574px;"> Long-term debt</td><td style="width: 12px; text-align:center;border-color:#000000;min-width:12px;"> </td><td style="width: 61px; text-align:right;border-color:#000000;min-width:61px;"> (343)</td><td style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"> </td><td style="width: 54px; text-align:right;border-color:#000000;min-width:54px;"> (523)</td></tr><tr style="height: 10px"><td style="width: 574px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:574px;"> </td><td style="width: 12px; border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:12px;"> </td><td style="width: 61px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:61px;"> </td><td style="width: 19px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:19px;"> </td><td style="width: 54px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:54px;"> </td></tr><tr style="height: 10px"><td style="width: 574px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:574px;"> </td><td style="width: 12px; border-top-style:solid;border-top-width:2px;text-align:center;border-color:#000000;min-width:12px;"> </td><td style="width: 61px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:61px;"> </td><td style="width: 19px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:19px;"> </td><td style="width: 54px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:54px;"> </td></tr></table></div><ul><li style="margin-left:36px;list-style:decimal;">Includes $2.2 billion and $3.2 billion in transfers of government insured/guaranteed loans for the six months ended June 30, 2013 and 2012, respectively.</li></ul>  Subsequent EventsWe have evaluated the effects of events that have occurred subsequent to period end June 30, 2013, and there have been no material events that would require recognition in our second quarter 2013 consolidated financial statements or disclosure in the Notes to the financial statements, other than a legal matter on August 5, 2013, discussed in Note 11. falsefalsefalsenonnum:textBlockItemTypenaThe entire disclosure for all significant accounting policies of the reporting entity.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18726-107790 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 22 -Paragraph 8 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. 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