Freddie Mac 2011 Annual Report Download - page 208

FREDDIE MAC
CONSOLIDATED BALANCE SHEETS
December 31, 2011 December 31, 2010
(in millions,
except share-related amounts)
Assets
Cash and cash equivalents (includes $2 and $1, respectively, related to our consolidated VIEs) . . . . . . . . $ 28,442 $ 37,012
Restricted cash and cash equivalents (includes $27,675 and $7,514, respectively, related to our
consolidated VIEs) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,063 8,111
Federal funds sold and securities purchased under agreements to resell (includes $0 and $29,350,
respectively, related to our consolidated VIEs) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,044 46,524
Investments in securities:
Available-for-sale, at fair value (includes $204 and $817, respectively, pledged as collateral that may
be repledged) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 210,659 232,634
Trading, at fair value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58,830 60,262
Total investments in securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 269,489 292,896
Mortgage loans:
Held-for-investment, at amortized cost:
By consolidated trusts (net of allowances for loan losses of $8,351 and $11,644, respectively) . . . . . 1,564,131 1,646,172
Unsecuritized (net of allowances for loan losses of $30,912 and $28,047, respectively) . . . . . . . . . . 207,418 192,310
Total held-for-investment mortgage loans, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,771,549 1,838,482
Held-for-sale, at lower-of-cost-or-fair-value (includes $9,710 and $6,413 at fair value, respectively) . . . 9,710 6,413
Total mortgage loans, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,781,259 1,844,895
Accrued interest receivable (includes $6,242 and $6,895, respectively, related to our consolidated
VIEs) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,062 8,713
Derivative assets, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 118 143
Real estate owned, net (includes $60 and $118, respectively, related to our consolidated VIEs) . . . . . . . . 5,680 7,068
Deferred tax assets, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,546 5,543
Other assets (Note 19) (includes $6,083 and $6,001, respectively, related to our consolidated VIEs) . . . . 10,513 10,875
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,147,216 $2,261,780
Liabilities and equity (deficit)
Liabilities
Accrued interest payable (includes $5,943 and $6,502, respectively, related to our consolidated VIEs) . . . $ 8,898 $ 10,286
Debt, net:
Debt securities of consolidated trusts held by third parties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,471,437 1,528,648
Other debt (includes $3,015 and $4,443 at fair value, respectively) . . . . . . . . . . . . . . . . . . . . . . . . . 660,546 713,940
Total debt, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,131,983 2,242,588
Derivative liabilities, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 435 1,209
Other liabilities (Note 19) (includes $3 and $172, respectively, related to our consolidated VIEs) . . . . . . 6,046 8,098
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,147,362 2,262,181
Commitments and contingencies (Notes 9, 11, and 18)
Equity (deficit)
Senior preferred stock, at redemption value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72,171 64,200
Preferred stock, at redemption value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,109 14,109
Common stock, $0.00 par value, 4,000,000,000 shares authorized, 725,863,886 shares issued and
649,725,302 shares and 649,179,789 shares outstanding, respectively . . . . . . . . . . . . . . . . . . . . . . — —
Additional paid-in capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 7
Retained earnings (accumulated deficit) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (74,525) (62,733)
AOCI, net of taxes, related to:
Available-for-sale securities (includes $10,334 and $10,740, respectively, related to net unrealized
losses on securities for which other-than-temporary impairment has been recognized in
earnings). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (6,213) (9,678)
Cash flow hedge relationships . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,730) (2,239)
Defined benefit plans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (52) (114)
Total AOCI, net of taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (7,995) (12,031)
Treasury stock, at cost, 76,138,584 shares and 76,684,097 shares, respectively . . . . . . . . . . . . . . . . . (3,909) (3,953)
Total equity (deficit) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (146) (401)
Total liabilities and equity (deficit) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,147,216 $2,261,780
The accompanying notes are an integral part of these consolidated financial statements.
203 Freddie Mac