Freddie Mac 2010 Annual Report Download - page 255

Table 17.1 presents Segment Earnings by segment.
Table 17.1 — Summary of Segment Earnings
(1)
2010 2009 2008
Year Ended December 31,
(in millions)
Segment Earnings (loss), net of taxes:
Investments .................................................................. $ 1,251 $ 6,476 $(28,021)
Single-family Guarantee . . . ...................................................... (16,256) (27,143) (20,349)
Multifamily .................................................................. 965 (511) (56)
All Other ................................................................... 15 (4,240) 174
Total Segment Earnings (loss), net of taxes .............................................. (14,025) (25,418) (48,252)
Reconciliation to GAAP net income (loss) attributable to Freddie Mac:
Credit guarantee-related adjustments
(2)
............................................... — 5,948 (2,873)
Tax-related adjustments .......................................................... — (2,083) 1,006
Total reconciling items, net of taxes . ............................................... — 3,865 (1,867)
Net income (loss) attributable to Freddie Mac . . . ......................................... $(14,025) $(21,553) $(50,119)
(1) Beginning January 1, 2010, under our revised method, the sum of Segment Earnings for each segment and the All Other category equals GAAP net
income (loss) attributable to Freddie Mac.
(2) Consists primarily of amortization and valuation adjustments related to the guarantee asset and guarantee obligation which are excluded from Segment
Earnings and cash compensation exchanged at the time of securitization, excluding buy-up and buy-down fees, which is amortized into earnings. These
reconciling items exist in periods prior to 2010 as the amendment to the accounting standards for transfers of financial assets and consolidation of VIEs
was applied prospectively on January 1, 2010.
252 Freddie Mac