Freddie Mac 2015 Annual Report Download - page 209

Financial Statements Consolidated Statements of Comprehensive Income
Freddie Mac 2015 Form 10-K 207
FREDDIE MAC
CONSOLIDATED STATEMENTS OF COMPREHENSIVE
INCOME
Year Ended December 31,
(in millions, except share-related amounts) 2015 2014 2013
Interest income
Mortgage loans $ 62,226 $63,605 $64,883
Investments in securities 4,794 5,843 7,768
Other 70 32 51
Total interest income 67,090 69,480 72,702
Interest expense (51,916) (54,916) (55,779)
Expense related to derivatives (228)(301)(455)
Net interest income 14,946 14,263 16,468
Benefit (provision) for credit losses 2,665 (58)2,465
Net interest income after benefit (provision) for credit losses 17,611 14,205 18,933
Non-interest income (loss)
Gains (losses) on extinguishment of debt (240)(422)446
Derivative gains (losses) (2,696) (8,291) 2,632
Impairment of available-for-sale securities:
Total other-than-temporary impairment of available-for-sale securities (241)(860)(763)
Portion of other-than-temporary impairment recognized in AOCI (51)(78)(747)
Net impairment of available-for-sale securities recognized in earnings (292)(938)(1,510)
Other gains (losses) on investment securities recognized in earnings 508 1,494 301
Other income (loss) (879)8,044 6,650
Non-interest income (loss) (3,599) (113)8,519
Non-interest expense
Salaries and employee benefits (975)(914)(833)
Professional services (497)(527)(543)
Occupancy expense (56)(58)(54)
Other administrative expense (399)(382)(375)
Total administrative expense (1,927) (1,881) (1,805)
Real estate owned operations (expense) income (338)(196)140
Temporary Payroll Tax Cut Continuation Act of 2011 expense (967)(775)(533)
Other (expense) income (1,506) (238)109
Non-interest expense (4,738) (3,090) (2,089)
Income before income tax (expense) benefit 9,274 11,002 25,363
Income tax (expense) benefit (2,898) (3,312) 23,305
Net income 6,376 7,690 48,668
Other comprehensive income (loss), net of taxes and reclassification adjustments:
Changes in unrealized gains (losses) related to available-for-sale securities (806)1,584 2,406
Changes in unrealized gains (losses) related to cash flow hedge relationships 182 197 316
Changes in defined benefit plans 47 (45)210
Total other comprehensive income (loss), net of taxes and reclassification
adjustments (577)1,736 2,932
Comprehensive income $ 5,799 $9,426 $51,600
Net income $6,376 $7,690 $48,668
Undistributed net worth sweep and senior preferred stock dividends (6,399) (10,026) (52,199)
Net income (loss) attributable to common stockholders $(23) $ (2,336) $ (3,531)
Net income (loss) per common share — basic and diluted $ (0.01) $ (0.72) $ (1.09)
Weighted average common shares outstanding (in millions) — basic and diluted 3,235 3,236 3,238
The accompanying notes are an integral part of these consolidated financial statements.