Freddie Mac 2009 Annual Report Download - page 212

FREDDIE MAC
CONSOLIDATED BALANCE SHEETS
2009 2008
December 31,
(in millions, except share-
related amounts)
Assets
Cash and cash equivalents . . ............................................................... $ 64,683 $ 45,326
Restricted cash ......................................................................... 527 953
Federal funds sold and securities purchased under agreements to resell ................................... 7,000 10,150
Investments in securities:
Available-for-sale, at fair value (includes $10,879 and $21,302, respectively, pledged as collateral that may be
repledged) ......................................................................... 384,684 458,898
Trading, at fair value ................................................................... 222,250 190,361
Total investments in securities ............................................................. 606,934 649,259
Mortgage loans:
Held-for-sale, at lower-of-cost-or-fair-value (except $2,799 and $401 at fair value, respectively) ................ 16,305 16,247
Held-for-investment, at amortized cost (net of allowances for loan losses of $1,441 and $690, respectively)......... 111,565 91,344
Total mortgage loans, net ................................................................ 127,870 107,591
Accounts and other receivables, net . . . ........................................................ 6,095 6,337
Derivative assets, net ..................................................................... 215 955
Guarantee asset, at fair value ............................................................... 10,444 4,847
Real estate owned, net .................................................................... 4,692 3,255
Deferred tax assets, net ................................................................... 11,101 15,351
Low-income housing tax credit partnership equity investments ......................................... — 4,145
Other assets ........................................................................... 2,223 2,794
Total assets .......................................................................... $841,784 $850,963
Liabilities and equity (deficit)
Liabilities
Accrued interest payable . . . ............................................................... $ 5,047 $ 6,504
Debt, net:
Short-term debt (includes $6,328 and $1,638 at fair value, respectively) . . ............................... 343,975 435,114
Long-term debt (includes $2,590 and $11,740 at fair value, respectively) . ............................... 436,629 407,907
Total debt, net ........................................................................ 780,604 843,021
Guarantee obligation ..................................................................... 12,465 12,098
Derivative liabilities, net................................................................... 589 2,277
Reserve for guarantee losses on Participation Certificates . ........................................... 32,416 14,928
Other liabilities ......................................................................... 6,291 2,769
Total liabilities ....................................................................... 837,412 881,597
Commitments and contingencies (Notes 1, 3, 13 and 14)
Equity (deficit)
Freddie Mac stockholders’ equity (deficit)
Senior preferred stock, at redemption value . . .................................................. 51,700 14,800
Preferred stock, at redemption value . ........................................................ 14,109 14,109
Common stock, $0.00 par value, 4,000,000,000 shares authorized, 725,863,886 shares issued and 648,369,668 shares
and 647,260,293 shares outstanding, respectively............................................... — —
Additional paid-in capital . ............................................................... 57 19
Retained earnings (accumulated deficit) . . . . .................................................. (33,921) (23,191)
AOCI, net of taxes, related to:
Available-for-sale securities (includes $15,947, net of taxes, of other than-temporary impairments at December 31,
2009) .......................................................................... (20,616) (28,510)
Cash flow hedge relationships . . . ........................................................ (2,905) (3,678)
Defined benefit plans . . ............................................................... (127) (169)
Total AOCI, net of taxes ............................................................... (23,648) (32,357)
Treasury stock, at cost, 77,494,218 shares and 78,603,593 shares, respectively ............................ (4,019) (4,111)
Total Freddie Mac stockholders’ equity (deficit) ............................................... 4,278 (30,731)
Noncontrolling interest .................................................................... 94 97
Total equity (deficit) .................................................................... 4,372 (30,634)
Total liabilities and equity (deficit) .......................................................... $841,784 $850,963
The accompanying notes are an integral part of these financial statements.
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