Fannie Mae 2009 Annual Report Download - page 128

Supplemental Non-GAAP Fair Value Balance Sheet Report
We present our non-GAAP fair value balance sheet report in Table 29 below.
Table 29: Supplemental Non-GAAP Consolidated Fair Value Balance Sheets
GAAP
Carrying
Value
Fair Value
Adjustment
(1)
Estimated
Fair Value
GAAP
Carrying
Value
Fair Value
Adjustment
(1)
Estimated
Fair Value
As of December 31, 2009 As of December 31, 2008
(Dollars in millions)
Assets:
Cash and cash equivalents . . . ............. $ 9,882 $ — $ 9,882
(2)
$ 18,462 $ — $ 18,462
(2)
Federal funds sold and securities purchased
under agreements to resell . ............. 53,684 (28) 53,656
(2)
57,418 2 57,420
(2)
Trading securities . . . .................. 111,939 — 111,939
(2)
90,806 — 90,806
(2)
Available-for-sale securities . . ............. 237,728 — 237,728
(2)
266,488 — 266,488
(2)
Mortgage loans:
Mortgage loans held for sale ............. 18,462 655 19,117
(3)
13,270 351 13,621
(3)
Mortgage loans held for investment, net of
allowance for loan losses ............. 375,563 20,166 395,729
(3)
412,142 3,069 415,211
(3)
Guaranty assets of mortgage loans held in
portfolio . ....................... — 2,936 2,936
(3)(4)
— 2,255 2,255
(3)(4)
Guaranty obligations of mortgage loans held in
portfolio . ....................... — (28,322) (28,322)
(3)(4)
— (11,396) (11,396)
(3)(4)
Total mortgage loans .................. 394,025 (4,565) 389,460
(2)(3)
425,412 (5,721) 419,691
(2)(3)
Advances to lenders . . .................. 5,449 (305) 5,144
(2)
5,766 (354) 5,412
(2)
Derivative assets at fair value . ............. 1,474 — 1,474
(2)
869 — 869
(2)
Guaranty assets and buy-ups, net . . . ........ 9,520 5,104 14,624
(2)(4)
7,688 1,336 9,024
(2)(4)
Total financial assets .................. 823,701 206 823,907
(2)
872,909 (4,737) 868,172
(2)
Master servicing assets and credit
enhancements ...................... 651 5,917 6,568
(4)(5)
1,232 7,035 8,267
(4)(5)
Other assets . . ....................... 44,789 (163) 44,626
(5)(6)
38,263 (2) 38,261
(5)(6)
Total assets . ....................... $869,141 $ 5,960 $ 875,101 $912,404 $ 2,296 $ 914,700
Liabilities:
Federal funds purchased and securities sold under
agreements to repurchase . . ............. $ — $ — $ —
(2)
$77$—$ 77
(2)
Short-term debt ....................... 200,437
(7)
56 200,493
(2)
330,991
(7)
1,299 332,290
(2)
Long-term debt ....................... 574,117
(7)
19,616 593,733
(2)
539,402
(7)
34,879 574,281
(2)
Derivative liabilities at fair value . . . ........ 1,029 — 1,029
(2)
2,715 — 2,715
(2)
Guaranty obligations . .................. 13,996 124,586 138,582
(2)
12,147 78,728 90,875
(2)
Total financial liabilities. . . ............. 789,579 144,258 933,837
(2)
885,332 114,906 1,000,238
(2)
Other liabilities ....................... 94,843 (54,878) 39,965
(8)
42,229 (22,774) 19,455
(8)
Total liabilities ...................... 884,422 89,380 973,802 927,561 92,132 1,019,693
Equity (deficit):
Fannie Mae stockholders’ equity (deficit):
Senior preferred
(9)
..................... 60,900 — 60,900 1,000 — 1,000
Preferred ........................... 20,348 (19,629) 719 21,222 (20,674) 548
Common........................... (96,620) (63,791) (160,411) (37,536) (69,162) (106,698)
Total Fannie Mae stockholders’ deficit/non-
GAAP fair value of net assets ......... $ (15,372) $ (83,420) $ (98,792) $ (15,314) $ (89,836) $ (105,150)
Noncontrolling interests . . . ............. 91 — 91 157 — 157
Total deficit. ....................... (15,281) (83,420) (98,701) (15,157) (89,836) (104,993)
Total liabilities and stockholders’ equity . . . . . $869,141 $ 5,960 $ 875,101 $912,404 $ 2,296 $ 914,700
Explanation and Reconciliation of Non-GAAP Measures to GAAP Measures
(1)
Each of the amounts listed as a “fair value adjustment” represents the difference between the carrying value included
in our GAAP consolidated balance sheets and our best judgment of the estimated fair value of the listed item.
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