Freddie Mac 2011 Annual Report Download - page 283

The table below presents detailed financial information by financial statement line item for our reportable segments
and All Other.
Table 14.2 — Segment Earnings and Reconciliation to GAAP Results
Investments
Single-family
Guarantee Multifamily All Other
Total Segment
Earnings (Loss),
Net of Taxes Reclassifications
(1)
Segment
Adjustments
(2)
Total
Reconciling
Items
Total per
Consolidated
Statements of
Income and
Comprehensive
Income
Reconciliation to Consolidated Statements of
Income and Comprehensive Income
Year Ended December 31, 2011
(in millions)
Net interest income . . . . . . . . . . . $ 7,339 $ (23) $1,200 $— $ 8,516 $ 9,220 $ 661 $ 9,881 $ 18,397
(Provision) benefit for credit losses . . — (12,294) 196 — (12,098) 1,396 — 1,396 (10,702)
Non-interest income (loss):
Management and guarantee
income
(3)
. . . . . . . . . . . . . . — 3,647 127 — 3,774 (2,905) (699) (3,604) 170
Net impairment of available-for-
sale securities recognized in
earnings . . . . . . . . . . . . . . (1,833) — (353) — (2,186) (115) — (115) (2,301)
Derivative gains (losses). . . . . . . (3,597) — 3 — (3,594) (6,158) — (6,158) (9,752)
Gains (losses) on trading
securities . . . . . . . . . . . . . . (993) — 39 — (954) — — — (954)
Gains (losses) on sale of mortgage
loans . . . . . . . . . . . . . . . . 28 — 383 — 411 — — — 411
Gains (losses) on mortgage loans
recorded at fair value . . . . . . . 501 — (83) — 418 — — — 418
Other non-interest income (loss) . . 1,266 1,216 86 — 2,568 (1,438) — (1,438) 1,130
Non-interest expense:
Administrative expenses . . . . . . . (398) (888) (220) — (1,506) — — — (1,506)
REO operations income
(expense) . . . . . . . . . . . . . . — (596) 11 — (585) — — — (585)
Other non-interest expense . . . . . (2) (321) (69) — (392) — — — (392)
Segment adjustments
(2)
. . . . . . . . . 661 (699) — — (38) — 38 38 —
Income tax (expense) benefit . . . . . 394 (42) (1) 49 400 — — — 400
Net income (loss) . . . . . . . . . . . . 3,366 (10,000) 1,319 49 (5,266) — — — (5,266)
Total other comprehensive income,
net of taxes . . . . . . . . . . . . . . 3,107 30 899 — 4,036 — — — 4,036
Comprehensive income (loss) . . . . . $ 6,473 $ (9,970) $2,218 $49 $ (1,230) $ — $ — $ — $ (1,230)
Investments
Single-family
Guarantee Multifamily All Other
Total Segment
Earnings (Loss),
Net of Taxes Reclassifications
(1)
Segment
Adjustments
(2)
Total
Reconciling
Items
Total per
Consolidated
Statements of
Income and
Comprehensive
Income
Reconciliation to Consolidated Statements of
Income and Comprehensive Income
Year Ended December 31, 2010
(in millions)
Net interest income . . . . . . . . . . . $ 6,192 $ 72 $1,114 $— $ 7,378 $ 8,120 $1,358 $ 9,478 $ 16,856
Provision for credit losses . . . . . . . — (18,785) (99) — (18,884) 1,666 — 1,666 (17,218)
Non-interest income (loss):
Management and guarantee
income
(3)
. . . . . . . . . . . . . . — 3,635 101 — 3,736 (2,640) (953) (3,593) 143
Net impairment of available-for-
sale securities recognized in
earnings . . . . . . . . . . . . . . (3,819) — (96) — (3,915) (393) — (393) (4,308)
Derivative gains (losses). . . . . . . (1,859) — 6 — (1,853) (6,232) — (6,232) (8,085)
Gains (losses) on trading
securities . . . . . . . . . . . . . . (1,386) — 47 — (1,339) — — — (1,339)
Gains (losses) on sale of mortgage
loans . . . . . . . . . . . . . . . . (76) — 343 — 267 — — — 267
Gains (losses) on mortgage loans
recorded at fair value . . . . . . . 34 — (283) — (249) — — — (249)
Other non-interest income (loss) . . 1,023 1,351 130 — 2,504 (521) — (521) 1,983
Non-interest expense:
Administrative expenses . . . . . . . (455) (930) (212) — (1,597) — — — (1,597)
REO operations income
(expense) . . . . . . . . . . . . . . — (676) 3 — (673) — — — (673)
Other non-interest expense . . . . . (18) (578) (66) — (662) — — — (662)
Segment adjustments
(2)
. . . . . . . . . 1,358 (953) — — 405 — (405) (405) —
Income tax (expense) benefit . . . . . 259 608 (26) 15 856 — — — 856
Net income (loss) . . . . . . . . . . . . 1,253 (16,256) 962 15 (14,026) — — — (14,026)
Less: net (income) loss —
noncontrolling interests . . . . . . (2) — 3 — 1 — — — 1
Net income (loss) attributable to
Freddie Mac . . . . . . . . . . . . . 1,251 (16,256) 965 15 (14,025) — — — (14,025)
Total other comprehensive income,
net of taxes . . . . . . . . . . . . . . 10,226 6 4,075 — 14,307 — — — 14,307
Total comprehensive income (loss)
attributable to Freddie Mac . . . . . $11,477 $(16,250) $5,040 $15 $ 282 $ — $ — $ — $ 282
278 Freddie Mac