Freddie Mac 2014 Annual Report Download - page 209

204 Freddie Mac
Year Ended December 31, 2013
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 $ 320 $ 3,525 $ 1,186 $ — $ 5,031 $ 10,400 $ 1,037 $ 11,437 $ 16,468
Benefit for credit losses 1,409 — 218 — 1,627 838 — 838 2,465
Non-interest income (loss):
Management and guarantee
income(1) 4,930 — 206 — 5,136 (4,171)(694)(4,865) 271
Net impairment of available-
for-sale securities recognized
in earnings — (974) (15) — (989)(521) — (521)(1,510)
Derivative gains (losses) (3) 5,543 1,281 — 6,821 (4,189) — (4,189) 2,632
Gains (losses) on trading
securities — (1,466) (132) — (1,598) — — — (1,598)
Gains (losses) on mortgage
loans — — (336) — (336) — — — (336)
Other non-interest income 1,165 8,902 1,350 — 11,417 (2,357) — (2,357) 9,060
Non-interest expense:
Administrative expense (1,025) (523) (257) — (1,805) — — — (1,805)
REO operations income
(expense) 124 — 16 — 140 — — — 140
Temporary Payroll Tax Cut
Continuation Act of 2011
expense (533) — — — (533) — — — (533)
Other non-interest expense
(income) (179) 349 (24) (37) 109 — — — 109
Segment adjustments (694) 1,037 — — 343 — (343)(343) —
Income tax (expense) benefit 282 (463) (443) 23,929 23,305 — — — 23,305
Net income (loss) 5,796 15,930 3,050 23,892 48,668 — — — 48,668
Changes in unrealized gains
(losses) related to available-for-
sale securities — 4,010 (1,604) — 2,406 — — — 2,406
Changes in unrealized gains
(losses) related to cash flow
hedge relationships — 316 — — 316 — — — 316
Changes in defined benefit
plans 49 31 9 121 210 — — — 210
Total other comprehensive
income (loss), net of taxes 49 4,357 (1,595) 121 2,932 — — — 2,932
Comprehensive income $ 5,845 $ 20,287 $ 1,455 $24,013 $ 51,600 $ — $ — $ — $ 51,600
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