Fannie Mae 2013 Annual Report Download - page 108

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Table 28: Supplemental Non-GAAP Consolidated Fair Value Balance Sheets
As of December 31, 2013 As of December 31, 2012
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 . . . . . . . . . . $ 48,223 $ — $ 48,223 $ 89,036 $ — $ 89,036
Federal funds sold and securities
purchased under agreements to
resell or similar arrangements . . . . . 38,975 — 38,975 32,500 — 32,500
Trading securities . . . . . . . . . . . . . . . . . 30,768 — 30,768 40,695 — 40,695
Available-for-sale securities . . . . . . . . . 38,171 — 38,171 63,181 — 63,181
Mortgage loans:
Mortgage loans held for sale . . . . . . . 380 — 380 464 11 475
Mortgage loans held for investment,
net of allowance for loan losses:
Of Fannie Mae. . . . . . . . . . . . . . . . 259,638 (13,758) 245,880 305,025 (33,837) 271,188
Of consolidated trusts . . . . . . . . . . 2,766,222 (20,080) (2)(9) 2,746,142 2,643,917 118,511 (2) 2,762,428
Total mortgage loans . . . . . . . . . . . . . 3,026,240 (33,838) 2,992,402 (3) 2,949,406 84,685 3,034,091 (3)
Advances to lenders . . . . . . . . . . . . . . . 3,727 (39) 3,688 (4) 7,592 (84) 7,508 (4)
Derivative assets at fair value . . . . . . . . 2,073 — 2,073 (4) 435 — 435 (4)
Guaranty assets and buy-ups, net . . . . . 267 439 706 (4) 327 365 692 (4)
Total financial assets . . . . . . . . . . . . . 3,188,444 (33,438) 3,155,006 (5) 3,183,172 84,966 3,268,138 (5)
Credit enhancements. . . . . . . . . . . . . . . 548 984 1,532 (4) 488 997 1,485 (4)
Deferred tax assets, net . . . . . . . . . . . . . 47,560 — 47,560 (6) — — —
Other assets. . . . . . . . . . . . . . . . . . . . . . 33,556 (235) 33,321 (4) 38,762 (244) 38,518 (4)
Total assets. . . . . . . . . . . . . . . . . . . . . $ 3,270,108 $ (32,689) $ 3,237,419 $ 3,222,422 $ 85,719 $ 3,308,141
Liabilities:
Short-term debt:
Of Fannie Mae . . . . . . . . . . . . . . . . . $ 72,295 $ 9 $ 72,304 $ 105,233 $ 20 $ 105,253
Of consolidated trusts. . . . . . . . . . . . 2,154 — 2,154 3,483 — 3,483
Long-term debt:
Of Fannie Mae . . . . . . . . . . . . . . . . . 457,139 8,409 465,548 510,631 24,941 535,572
Of consolidated trusts. . . . . . . . . . . . 2,702,935 (5,349) (2) 2,697,586 2,570,170 131,009 (2) 2,701,179
Derivative liabilities at fair value . . . . . 1,469 — 1,469 (7) 705 — 705 (7)
Guaranty obligations. . . . . . . . . . . . . . . 485 1,948 2,433 (7) 599 2,514 3,113 (7)
Total financial liabilities . . . . . . . . . . 3,236,477 5,017 3,241,494 (5) 3,190,821 158,484 3,349,305 (5)
Senior preferred stock dividends
payable . . . . . . . . . . . . . . . . . . . . . . . . . — 7,191 7,191 (8) — — —
Other liabilities . . . . . . . . . . . . . . . . . . . 24,040 (1,988) 22,052 (7) 24,377 910 25,287 (7)(9)
Total liabilities . . . . . . . . . . . . . . . . . . 3,260,517 10,220 3,270,737 3,215,198 159,394 3,374,592
Equity (deficit):
Fannie Mae stockholders’ equity
(deficit):
Senior preferred(10) . . . . . . . . . . . . . . . . 117,149 — 117,149 117,149 — 117,149
Preferred . . . . . . . . . . . . . . . . . . . . . . . . 19,130 (13,004) 6,126 19,130 (17,938) 1,192
Common . . . . . . . . . . . . . . . . . . . . . . . . (126,738) (29,905) (156,643) (129,096) (55,737) (184,833)
Total Fannie Mae stockholders’
equity (deficit)/non-GAAP fair
value of net assets. . . . . . . . . . . . $ 9,541 $ (42,909) $ (33,368) $ 7,183 $ (73,675) $ (66,492)
Noncontrolling interest. . . . . . . . . . . 50 — 50 41 — 41
Total equity (deficit). . . . . . . . . . . . . 9,591 (42,909) (33,318) 7,224 (73,675) (66,451)
Total liabilities and equity (deficit) .$ 3,270,108 $ (32,689) $ 3,237,419 $ 3,222,422 $ 85,719 $ 3,308,141