Fannie Mae 2004 Annual Report Download - page 95

(i)
Reflects the recognition of derivative fair value adjustments to the consolidated statements of income and other income
or expense related adjustments.
(j)
Reflects the reversal of previously recorded derivatives fair value adjustments and the recognition of unrealized gains
(losses) on AFS securities and buy-ups.
The following table displays the cumulative impact of the restatement on the condensed consolidated balance
sheet for all periods through and as of December 31, 2001.
Table 4: Balance Sheet Impact of Restatement as of December 31, 2001
As
Previously
Reported
(a)
Total
Restatement
Adjustments
As
Restated
(Dollars in millions)
Assets:
Investments in securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $602,429 $ (99,093)
(b)
$503,336
Mortgage loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 172,127 106,710
(c)
278,837
Derivative assets at fair value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 954 (130)
(d)
824
Deferred tax assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,821 (2,634)
(e)
1,187
Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,617 9,760
(f)
30,377
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $799,948 $ 14,613 $814,561
Liabilities and Stockholders’ Equity
Liabilities:
Debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $757,510 $ 7,520
(g)
$765,030
Derivative liabilities at fair value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,069 2,508
(d)
7,577
Other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,251 (553)
(h)
18,698
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 781,830 9,475 791,305
Stockholders’ Equity:
Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,175 (7,041)
(i)
19,134
Accumulated other comprehensive (loss) income . . . . . . . . . . . . . . . . . . . . . . (7,065) 12,087
(j)
5,022
Other stockholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (992) 92 (900)
Total stockholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,118 5,138 23,256
Total liabilities and stockholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $799,948 $ 14,613 $814,561
(a)
Certain previously reported balances have been reclassified to conform to the current condensed consolidated balance
sheet presentation, as described in “Notes to Consolidated Financial Statements—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, including commitments accounted for under EITF 96-
11; the recognition of revised securities commitment basis adjustments; the recognition of revised amortization on secu-
rities 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 impact of MBS trust consolidation and sale accounting; the reclassification of “Mortgage loans” to “Advances
to lenders;” the recognition of mortgage loan commitment basis adjustments; the recognition of the LOCOM adjust-
ment 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 impact of restatement adjustments on deferred taxes and the correction of tax credit-related errors
associated with partnership investments.
(f)
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
“Cash and cash equivalents” related to collateral received from derivatives counterparties; and the impact of cost basis
transfers between error categories.
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