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203 Freddie Mac
Table 13.2 — Segment Earnings and Reconciliation to GAAP Results
Year Ended December 31, 2014
Total
Segment
Earnings
(Loss),
Net of Tax
Reconciliation to Consolidated Statements of
Comprehensive Income Total per
Consolidated
Statements of
Comprehensive
Income
Single-
family
Guarantee Investments Multifamily All
Other Reclassifications Segment
Adjustments
Total
Reconciling
Items
(in millions)
Net interest income $ (111) $ 2,966 $ 948 $ — $ 3,803 $ 9,825 $ 635 $ 10,460 $ 14,263
(Provision) benefit for credit
losses (982) — 55 — (927) 869 — 869 (58)
Non-interest income (loss):
Management and guarantee
income(1) 5,172 — 254 — 5,426 (4,794)(303)(5,097) 329
Net impairment of available-
for-sale securities recognized
in earnings — (140) — — (140)(798) — (798)(938)
Derivative gains (losses) 7 (5,158) 335 — (4,816)(3,475) — (3,475)(8,291)
Gains (losses) on trading
securities — (276) 58 — (218) — — — (218)
Gains (losses) on mortgage
loans (139) — 870 — 731 — — — 731
Other non-interest income 844 8,881 176 — 9,901 (1,627) — (1,627) 8,274
Non-interest expense:
Administrative expense (1,170) (437) (274) — (1,881) — — — (1,881)
REO operations income
(expense) (205) — 9 — (196) — — — (196)
Temporary Payroll Tax Cut
Continuation Act of 2011
expense (775) — — — (775) — — — (775)
Other non-interest expense (191) (6) (23) (18)(238) — — — (238)
Segment adjustments (303) 635 — — 332 — (332)(332) —
Income tax (expense) benefit (600) (1,945) (772) 5 (3,312) — — — (3,312)
Net income (loss) 1,547 4,520 1,636 (13) 7,690 — — — 7,690
Changes in unrealized gains
(losses) related to available-for-
sale securities — 1,759 (175) — 1,584 — — — 1,584
Changes in unrealized gains
(losses) related to cash flow
hedge relationships — 197 — — 197 — — — 197
Changes in defined benefit
plans (10) (5) (2) (28)(45) — — — (45)
Total other comprehensive
income (loss), net of taxes (10) 1,951 (177) (28) 1,736 — — — 1,736
Comprehensive income (loss) $ 1,537 $ 6,471 $ 1,459 $ (41) $ 9,426 $ — $ — $ — $ 9,426
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