Freddie Mac 2009 Annual Report Download - page 298

Table 17.2 presents certain financial information for our reportable segments and All Other.
Table 17.2 — Segment Earnings and Reconciliation to GAAP Results
Net
Interest
Income
Management
and
Guarantee
Income
LIHTC
Partnerships
Other
Non-Interest
Income
(Loss)
Administrative
Expenses
Provision
for
Credit Losses
REO
Operations
Expense
Other
Non-Interest
Expense
LIHTC
Partnerships
Tax Credit
Income
Tax
(Expense)
Benefit
Net
Income
(Loss)
Less: Net
(Income)
Loss —
Noncontrolling
Interests
Net
Income
(Loss) —
Freddie Mac
Non-Interest Income (Loss) Non-Interest Expense Income Tax Provision
Year Ended December 31, 2009
(in millions)
Investments ......................... $7,641 $ — $ — $ (8,090) $ (512) $ — $ — $ (32) $ — $ 347 $ (646) $— $ (646)
Single-family Guarantee ................. 123 3,670 — 334 (867) (30,273) (287) (132) — 9,601 (17,831) — (17,831)
Multifamily ......................... 852 90 (502) (124) (220) (573) (20) (18) 594 180 259 2 261
All Other .......................... — — — 14 (52) — — (3) — 25 (16) (1) (17)
Total Segment Earnings (loss), net of taxes .... 8,616 3,760 (502) (7,866) (1,651) (30,846) (307) (185) 594 10,153 (18,234) 1 (18,233)
Reconciliation to GAAP net income (loss):
Derivative- and debt-related adjustments ..... 2,635 — — 1,612 — — — — — — 4,247 — 4,247
Credit guarantee-related adjustments ........ 204 (956) — 7,144 — 967 — (4,943) — — 2,416 — 2,416
Investment sales, debt retirements and fair
value-related adjustments ............. 1,633 — (3,653) 2,450 — — — (109) — — 321 — 321
Fully taxable-equivalent adjustments ........ (387) — — — — — — — — — (387) — (387)
Reclassifications
(1)
................... 4,372 229 — (4,950) — 349 — — — — — — —
Tax-related adjustments
(2)
............... — — — — — — — — — (9,917) (9,917) — (9,917)
Total reconciling items, net of taxes ....... 8,457 (727) (3,653) 6,256 — 1,316 — (5,052) — (9,917) (3,320) — (3,320)
Total per consolidated statement of operations . . . $17,073 $3,033 $(4,155) $ (1,610) $(1,651) $(29,530) $ (307) $(5,237) $594 $ 236 $(21,554) $ 1 $(21,553)
Net
Interest
Income
Management
and
Guarantee
Income
LIHTC
Partnerships
Other
Non-Interest
Income
(Loss)
Administrative
Expenses
Provision
for
Credit Losses
REO
Operations
Expense
Other
Non-Interest
Expense
LIHTC
Partnerships
Tax Credit
Income
Tax
(Expense)
Benefit
Net
Income
(Loss)
Less: Net
(Income)
Loss —
Noncontrolling
Interests
Net
Income
(Loss) —
Freddie Mac
Non-Interest Income (Loss) Non-Interest Expense Income Tax Provision
Year Ended December 31, 2008
(in millions)
Investments ......................... $3,734 $ — $ — $ (4,304) $ (473) $ — $ — $(1,111) $ — $ 754 $ (1,400) $— $ (1,400)
Single-family Guarantee ................. 209 3,729 — 385 (812) (16,657) (1,097) (92) — 5,017 (9,318) — (9,318)
Multifamily ......................... 771 76 (453) 39 (190) (229) — (17) 589 1 587 2 589
All Other .......................... — — — 2 (30) — — (16) — 183 139 (5) 134
Total Segment Earnings (loss), net of taxes .... 4,714 3,805 (453) (3,878) (1,505) (16,886) (1,097) (1,236) 589 5,955 (9,992) (3) (9,995)
Reconciliation to GAAP net income (loss):
Derivative- and debt-related adjustments ..... (58) — — (13,161) — — — — — — (13,219) — (13,219) Credit guarantee-related adjustments ........ 73 (633) — (1,711) — 258 — (1,915) — — (3,928) — (3,928)
Investment sales, debt retirements and fair
value-related adjustments ............. 1,184 — — (11,646) — — — — — — (10,462) — (10,462)
Fully taxable-equivalent adjustments ........ (419) — — — — — — — — — (419) — (419)
Reclassifications
(1)
................... 1,302 198 — (1,696) — 196 — — — — — — —
Tax-related adjustments
(2)
............... — — — — — — — — — (12,096) (12,096) — (12,096)
Total reconciling items, net of taxes ....... 2,082 (435) — (28,214) — 454 — (1,915) — (12,096) (40,124) — (40,124)
Total per consolidated statement of operations . . . $ 6,796 $3,370 $ (453) $(32,092) $(1,505) $(16,432) $(1,097) $(3,151) $589 $ (6,141) $(50,116) $ (3) $(50,119)
295 Freddie Mac