Freddie Mac 2012 Annual Report Download - page 92

Table 9 — Summary Consolidated Statements of Comprehensive Income
Year Ended December 31,
2012 2011 2010
(in millions)
Net interest income .................................................................... $17,611 $ 18,397 $ 16,856
Provision for credit losses ............................................................... (1,890) (10,702) (17,218)
Net interest income (loss) after provision for credit losses ........................................ 15,721 7,695 (362)
Non-interest income (loss):
Gains (losses) on extinguishment of debt securities of consolidated trusts ........................... (58) (219) (164)
Gains (losses) on retirement of other debt .................................................. (77) 44 (219)
Gains (losses) on debt recorded at fair value ................................................ 16 91 580
Derivative gains (losses) .............................................................. (2,448) (9,752) (8,085)
Impairment of available-for-sale securities:
Total other-than-temporary impairment of available-for-sale securities ........................... (1,236) (2,101) (1,778)
Portion of other-than-temporary impairment recognized in AOCI ............................... (932) (200) (2,530)
Net impairment of available-for-sale securities recognized in earnings .......................... (2,168) (2,301) (4,308)
Other gains (losses) on investment securities recognized in earnings ............................... (1,522) (896) (1,252)
Other income ....................................................................... 2,174 2,155 1,860
Total non-interest income (loss) ......................................................... (4,083) (10,878) (11,588)
Non-interest expense:
Administrative expenses ............................................................... (1,561) (1,506) (1,597)
REO operations expense .............................................................. (59) (585) (673)
Other expenses ..................................................................... (573) (392) (662)
Total non-interest expense ........................................................... (2,193) (2,483) (2,932)
Income (loss) before income tax benefit ..................................................... 9,445 (5,666) (14,882)
Income tax benefit ..................................................................... 1,537 400 856
Net income (loss) ..................................................................... 10,982 (5,266) (14,026)
Other comprehensive income (loss), net of taxes and reclassification adjustments:
Changes in unrealized gains (losses) related to available-for-sale securities .......................... 4,769 3,465 13,621
Changes in unrealized gains (losses) related to cash flow hedge relationships ......................... 414 509 673
Changes in defined benefit plans ......................................................... (126) 62 13
Total other comprehensive income (loss), net of taxes and reclassification adjustments ................ 5,057 4,036 14,307
Comprehensive income (loss) ............................................................. $16,039 $ (1,230) $ 281
Less: Comprehensive loss attributable to noncontrolling interest.................................. — — 1
Total comprehensive income (loss) attributable to Freddie Mac .................................... $16,039 $ (1,230) $ 282
Net Interest Income
The table below summarizes our net interest income and net interest yield and provides an attribution of changes in
annual results to changes in interest rates or changes in volumes of our interest-earning assets and interest-bearing liabilities.
Average balance sheet information is presented because we believe end-of-period balances are not representative of activity
throughout the periods presented. For most components of the average balances, a daily weighted average balance was
calculated for the period. When daily average balance information was not available, a simple monthly average balance was
calculated.
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