Fannie Mae 2004 Annual Report Download - page 273

Balance Sheet Impact
The following table displays the cumulative impact of the restatement on the condensed consolidated balance
sheet through and as of December 31, 2003.
As
Previously
Reported
(a)
Debt and
Derivatives Commitments
Investments
in Securities
MBS Trust
Consolidation
and Sale
Accounting
Financial
Guaranties
and
Master
Servicing
Amortization
of Cost Basis
Adjustments
Other
Adjustments
Total
Restatement
Adjustments
As
Restated
Restatement Adjustments for:
(Dollars in millions)
Assets:
Investments in securities . ..... $ 712,763 $ — $ 3,479 $ 5,458 $(153,971) $ — $(401) $ (258) $(145,693)
(b)
$ 567,070
Mortgage loans . . . . . . ..... 240,844 — 874 115 162,780 — (519) (5,033) 158,217
(c)
399,061
Derivative assets at fair value . . . 8,191 (1,014) 8 — — — — 33 (973)
(d)
7,218
Guaranty assets . . . . . . ..... 5,666 — — — (200) (1,184) — — (1,384)
(e)
4,282
Deferred tax assets . . . . ..... 9,142 (2,221) (2,613) (646) (175) (106) 332 369 (5,060)
(f)
4,082
Other assets . . . . . . . . ..... 32,963 (1,760) 3,097 (3,685) 487 (411) 10 9,861 7,599
(g)
40,562
Total assets . . . . . . . ..... $1,009,569 $ (4,995) $ 4,845 $ 1,242 $ 8,921 $(1,701) $(578) $ 4,972 $ 12,706 $1,022,275
Liabilities and Stockholders’ Equity
Liabilities:
Debt . . ............... $ 958,064 $ (6,748) $ — $ — $ 9,906 $ — $ — $ 58 $ 3,216
(h)
$ 961,280
Derivative liabilities at fair
value ............... 1,600 1,632 (7) — — — — — 1,625
(d)
3,225
Guaranty obligations . . . ..... 5,666 — — — (796) 1,531 — — 735
(i)
6,401
Other liabilities . . . . . . ..... 21,815 (4,002) (1) 37 (507) (3,442) 39 5,157 (2,719)
(j)
19,096
Total liabilities . . . . . ..... 987,145 (9,118) (8) 37 8,603 (1,911) 39 5,215 2,857 990,002
Minority interests in consolidated
subsidiaries . . . . . . . . ..... 51 — — — — — — (46) (46) 5
Stockholders’ Equity:
Retained earnings . . . . . ..... 35,496 (8,079) 2,399 (1,106) 118 101 (688) (318) (7,573)
(k)
27,923
Accumulated other comprehensive
income (loss) . . . . . . ..... (12,032) 12,202 2,454 2,311 200 109 71 — 17,347
(l)
5,315
Other stockholders’ equity . . . . . (1,091) — — — — — — 121 121 (970)
Total stockholders’ equity . . . . 22,373 4,123 4,853 1,205 318 210 (617) (197) 9,895 32,268
Total liabilities and stockholders’
equity . . . . ............ $1,009,569 $ (4,995) $ 4,845 $ 1,242 $ 8,921 $(1,701) $(578) $ 4,972 $ 12,706 $1,022,275
(a)
Certain previously reported balances have been reclassified to conform to the current condensed consolidated balance
sheet presentation, as described in “Note 2, Summary of Significant Accounting Policies.”
(b)
Reflects the impact of MBS trust consolidation and sale accounting; the derecognition of HTM securities at amortized
cost and recognition of AFS and trading securities at fair value; the reversal of the SFAS 149 transition adjustment and
recognition of revised securities commitment basis adjustments; the recognition of revised amortization on securities
cost basis adjustments; and the derecognition of securities related to failed dollar roll repurchase transactions that did
not meet the criteria for secured borrowing accounting.
(c)
Reflects the impact of MBS trust consolidation and sale accounting; the reclassification of “Mortgage loans” to
“Advances to lenders;” the recognition of revised mortgage loan commitment basis adjustments; the recognition of the
LOCOM adjustment for loans classified as HFS; and the recognition of revised amortization on mortgage loan cost
basis adjustments.
(d)
Reflects the reclassification of interest rate swap accruals from accrued interest and recognition of derivative fair value
adjustments.
(e)
Reflects the impairment of guaranty assets; the reversal of buy-up amounts included in the basis of the guaranty assets;
and the derecognition of guaranty arrangements upon consolidation.
(f)
Reflects the impact of restatement adjustments on deferred taxes and the correction of tax credit-related errors
associated with partnership investments.
(g)
Reflects the reclassification of interest rate swap accruals to “Derivative assets at fair value;” the reclassification of
“Advances to lenders” from “Mortgage loans;” the impairment of buy-ups; the recognition of “Restricted cash” and
F-22
FANNIE MAE
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)