Fannie Mae 2014 Annual Report Download - page 254

FANNIE MAE
(In conservatorship)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
F-39
We classify as held for use those properties that we do not intend to sell or that are not ready for immediate sale in their
current condition, which are included in “Other assets” in our consolidated balance sheets. The following table displays the
activity and carrying amount of acquired properties held for use for the years ended December 31, 2014, 2013 and 2012.
For the Year Ended December 31,
2014 2013 2012
(Dollars in millions)
Beginning balance, January 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 256 $ 873 $ 835
Transfers in from held for sale, net and additions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 333 544 1,173
Transfers to held for sale, net. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (367)(1,027)(748)
Depreciation, asset write-downs, and other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (87)(134)(387)
Ending balance, December 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 135 $ 256 $ 873
8. Short-Term Borrowings and Long-Term Debt
Short-Term Borrowings
The following table displays our outstanding short-term borrowings (borrowings with an original contractual maturity of one
year or less) and weighted-average interest rates of these borrowings as of December 31, 2014 and 2013.
As of December 31,
2014 2013
Outstanding
Weighted-
Average
Interest
Rate(1) Outstanding
Weighted-
Average
Interest
Rate(1)
(Dollars in millions)
Federal funds purchased and securities sold under agreements to
repurchase(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 50 —% $ — —%
Fixed-rate short-term debt:
Discount notes(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 105,012 0.11% $ 71,933 0.12%
Foreign exchange discount notes(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — 362 1.07
Total short-term debt of Fannie Mae. . . . . . . . . . . . . . . . . . . . . . . . . 105,012 0.11 72,295 0.13
Debt of consolidated trusts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,560 0.09 2,154 0.09
Total short-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 106,572 0.11% $ 74,449 0.13%
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(1) Includes the effects of discounts, premiums and other cost basis adjustments.
(2) Represents agreements to repurchase securities for a specified price, with repayment generally occurring on the following day.
(3) Represents unsecured general obligations with maturities ranging from overnight to 360 days from the date of issuance.
(4) Represents foreign exchange discount notes we issue in the Euro commercial paper market with maturities ranging from 5 to 360 days
which enable investors to hold short-term investments in different currencies.
Intraday Line of Credit
We periodically use a secured intraday funding line of credit provided by a large financial institution. We post collateral
which, in some circumstances, the secured party has the right to repledge to third parties. As this line of credit is an
uncommitted intraday loan facility, we may be unable to draw on it if and when needed. We had a secured uncommitted line
of credit of $15.0 billion as of December 31, 2014 and had secured uncommitted lines of credit of $20.0 billion as of
December 31, 2013. We had no borrowings outstanding from a line of credit as of December 31, 2014.