Freddie Mac 2014 Annual Report Download - page 93

88 Freddie Mac
• PCs and Other Guarantee Transactions issued by our consolidated trusts and held by third parties are recognized as
debt securities of consolidated trusts held by third parties on our consolidated balance sheets. Debt securities of
consolidated trusts held by third parties represent our liability to third parties that hold beneficial interests in our
consolidated trusts. The debt securities of our consolidated trusts may be prepaid at any time, as the loans that
collateralize the debt may be prepaid without penalty at any time.
• Other debt consists of unsecured short-term and long-term debt securities we issue to third parties to fund our business
activities. It is classified as either short-term or long-term based on the contractual maturity of the debt instrument. See
“LIQUIDITY AND CAPITAL RESOURCES” for information about our other debt.
The table below reconciles the par value of other debt and the UPB of debt securities of consolidated trusts held by third
parties to the amounts shown in our consolidated balance sheets.
Table 35 — Reconciliation of the Par Value and UPB to Total Debt, Net
December 31,
2014 2013
(in millions)
Total debt:
Other debt:
Par value $ 454,029 $ 511,345
Unamortized balance of discounts and premiums (3,918) (4,667)
Hedging-related and other basis adjustments (42) 89
Subtotal 450,069 506,767
Debt securities of consolidated trusts held by third parties:
UPB 1,440,325 1,399,456
Unamortized balance of discounts and premiums 39,148 34,528
Subtotal 1,479,473 1,433,984
Total debt, net $ 1,929,542 $ 1,940,751
The table below summarizes our other short-term debt.
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