Freddie Mac 2004 Annual Report Download - page 100

Plan in 2005. For additional information regarding our retirement beneÑt obligations see ""NOTE 15:
EMPLOYEE BENEFITS'' to the consolidated Ñnancial statements.
With the exception of purchase commitments that are accounted for as derivatives, derivative transac-
tions that may require cash settlement in future periods are not reÖected on Table 47. See ""Table 54 Ì
Derivative Fair Values and Maturities,'' which describes the notional amount and fair value for each derivative
type and the maturity proÑle of the positions in ""RISK MANAGEMENT Ì Interest-Rate Risk and Other
Market Risks.''
Dividend payments on preferred stock are not reÖected on Table 47, since all classes of preferred stock
are non-cumulative. See ""NOTE 9: STOCKHOLDERS' EQUITY'' to the consolidated Ñnancial statements
for additional information.
Table 47 Ì SpeciÑed Contractual Obligations by Year (at December 31, 2004)
Total 2005 2006 2007 2008 2009 Thereafter
(dollars in millions)
Long-term debt securities(1) ÏÏÏÏÏ $551,707 $ 83,625 $83,447 $64,838 $46,092 $55,574 $218,131
Short-term debt securities(1)(2) ÏÏÏ 196,639 196,639 ÌÌÌÌ Ì
Other liabilities reÖected on our
consolidated balance sheets:
Due to Participation CertiÑcate
investors ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 13,654 13,654 ÌÌÌÌ Ì
Accrued interest payable(3) ÏÏÏÏ 7,329 7,329 ÌÌÌÌ Ì
Other contractual liabilities(4)(5) 3,482 1,625 842 629 162 80 144
Purchase obligations:
Purchase commitments(6)ÏÏÏÏÏÏ 23,394 23,394 ÌÌÌÌ Ì
Other purchase obligationsÏÏÏÏÏ 139 81 23 19 15 Ì 1
Operating lease obligations ÏÏÏÏÏÏ 106 17 17 16 10 9 37
Total speciÑed contractual
obligations ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $796,450 $326,364 $84,329 $65,502 $46,279 $55,663 $218,313
(1) The amounts presented for long-term debt securities exclude net premiums, discounts, and foreign-currency-related and hedging-
related basis adjustments of $16,649 million at December 31, 2004. Callable debt is included in this table at its contractual maturity.
For additional information about long-term and short-term debt securities, see ""NOTE 8: DEBT SECURITIES AND SUBORDI-
NATED BORROWINGS'' to the consolidated Ñnancial statements.
(2) Includes unamortized discounts and premiums.
(3) Accrued interest payable primarily represents the accrual of interest on our short-term and long-term debt securities, as well as the
accrual of periodic cash settlements in accordance with the contractual terms of all derivatives, netted by counterparty as permitted
by GAAP.
(4) Other contractual liabilities primarily represent future cash payments due under our contractual obligations to make delayed equity
contributions to low-income housing tax credit, or LIHTC, partnerships that are unconditional and legally binding.
(5) Accrued obligations related to our deÑned beneÑt pension plans and executive deferred compensation plan are included in the Total
and 2005 columns. However, the timing of payments due under these obligations is uncertain. See ""NOTE 15: EMPLOYEE
BENEFITS'' to the consolidated Ñnancial statements for additional information.
(6) Purchase commitments represent our obligations to purchase mortgage loans and mortgage-related securities from third parties. The
majority of purchase commitments included in this caption are accounted for as derivatives in accordance with SFAS 133.
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