Fannie Mae 2012 Annual Report Download - page 110

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Table 31: Supplemental Non-GAAP Consolidated Fair Value Balance Sheets
As of December 31, 2012 As of December 31, 2011
GAAP
Carrying
Value Fair Value
Adjustment(1) Estimated Fair Value
GAAP
Carrying
Value Fair Value
Adjustment(1) Estimated Fair Value
(Dollars in millions)
Assets:
Cash and cash equivalents . . . . . . . . . . $ 89,036 $ — $ 89,036 $ 68,336 $ — $ 68,336
Federal funds sold and securities
purchased under agreements to
resell or similar arrangements . . . . . 32,500 — 32,500 46,000 — 46,000
Trading securities . . . . . . . . . . . . . . . . . 40,695 — 40,695 74,198 — 74,198
Available-for-sale securities . . . . . . . . . 63,181 — 63,181 77,582 — 77,582
Mortgage loans:
Mortgage loans held for sale . . . . . . . 464 11 475 311 14 325
Mortgage loans held for investment,
net of allowance for loan losses:
Of Fannie Mae. . . . . . . . . . . . . . . . 305,025 (33,837) 271,188 322,825 (27,829) 294,996
Of consolidated trusts . . . . . . . . . . 2,643,917 118,511 (2) 2,762,428 (3) 2,575,485 76,540 (2) 2,652,025 (3)
Total mortgage loans . . . . . . . . . . . . . 2,949,406 84,685 3,034,091 (4) 2,898,621 48,725 2,947,346 (4)
Advances to lenders . . . . . . . . . . . . . . . 7,592 (84) 7,508 (5)(6) 5,538 (118) 5,420 (5)(6)
Derivative assets at fair value . . . . . . . . 435 — 435 (5)(6) 561 — 561 (5)(6)
Guaranty assets and buy-ups, net . . . . . 327 365 692 (5)(6) 503 398 901 (5)(6)
Total financial assets . . . . . . . . . . . . . 3,183,172 84,966 3,268,138 (7) 3,171,339 49,005 3,220,344 (7)
Credit enhancements. . . . . . . . . . . . . . . 488 997 1,485 (5)(6) 455 2,550 3,005 (5)(6)
Other assets. . . . . . . . . . . . . . . . . . . . . . 38,762 (244) 38,518 (5)(6) 39,690 (258) 39,432 (5)(6)
Total assets. . . . . . . . . . . . . . . . . . . . . $ 3,222,422 $ 85,719 $ 3,308,141 $ 3,211,484 $ 51,297 $ 3,262,781
Liabilities:
Short-term debt:
Of Fannie Mae . . . . . . . . . . . . . . . . . $ 105,233 $ 20 $ 105,253 $ 146,752 $ 30 $ 146,782
Of consolidated trusts. . . . . . . . . . . . 3,483 — 3,483 4,973 — 4,973
Long-term debt:
Of Fannie Mae . . . . . . . . . . . . . . . . . 510,631 (8) 24,941 535,572 585,692 (8) 28,291 613,983
Of consolidated trusts. . . . . . . . . . . . 2,570,170 (8) 131,009 (2) 2,701,179 2,452,455 (8) 144,202 (2) 2,596,657
Derivative liabilities at fair value . . . . . 705 — 705 (9)(10) 916 — 916 (9)(10)
Guaranty obligations. . . . . . . . . . . . . . . 599 2,514 3,113 (9)(10) 811 3,133 3,944 (9)(10)
Total financial liabilities . . . . . . . . . . 3,190,821 158,484 3,349,305 (7) 3,191,599 175,656 3,367,255 (7)
Other liabilities . . . . . . . . . . . . . . . . . . . 24,377 910 25,287 (9)(10) 24,456 (1,135) 23,321 (9)(10)
Total liabilities . . . . . . . . . . . . . . . . . . 3,215,198 159,394 3,374,592 3,216,055 174,521 3,390,576
Equity (deficit):
Fannie Mae stockholders’ equity
(deficit):
Senior preferred(11) . . . . . . . . . . . . . . . . 117,149 — 117,149 112,578 — 112,578
Preferred . . . . . . . . . . . . . . . . . . . . . . . . 19,130 (17,938) 1,192 19,130 (18,163) 967
Common . . . . . . . . . . . . . . . . . . . . . . . . (129,096) (55,737) (184,833) (136,332) (105,061) (241,393)
Total Fannie Mae stockholders’
equity (deficit)/non-GAAP fair
value of net assets. . . . . . . . . . . . $ 7,183 $ (73,675) $ (66,492) $ (4,624) $ (123,224) $ (127,848)
Noncontrolling interest. . . . . . . . . . . 41 — 41 53 — 53
Total equity (deficit). . . . . . . . . . . . . 7,224 (73,675) (66,451) (4,571) (123,224) (127,795)
Total liabilities and equity (deficit) .$ 3,222,422 $ 85,719 $ 3,308,141 $ 3,211,484 $ 51,297 $ 3,262,781
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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.