FEDERAL HOME LOAN MORTGAGE CORP | 2013 | FY | 3

NOTE 13: SEGMENT REPORTING
We evaluate segment performance and allocate resources based on a Segment Earnings approach, subject to the conduct of our business under the direction of the Conservator. See “NOTE 2: CONSERVATORSHIP AND RELATED MATTERS” for additional information about the conservatorship.
We present Segment Earnings by: (a) reclassifying certain credit guarantee-related activities and investment-related activities between various line items on our GAAP consolidated statements of comprehensive income; and (b) allocating certain revenues and expenses, including certain returns on assets and funding costs, and all administrative expenses to our three reportable segments. These reclassifications and allocations are described in “Segment Earnings.”
We do not consider our assets by segment when evaluating segment performance or allocating resources. We operate our business solely in the U.S. and its territories. Therefore, we do not generate any revenue from and do not have any long-lived assets other than financial instruments in geographic locations outside of the U.S. and its territories.
Segments
Our operations consist of three reportable segments, which are based on the type of business activities each performs — Single-family Guarantee, Investments, and Multifamily. The chart below provides a summary of our three reportable segments and the All Other category as of December 31, 2013. Certain immaterial changes were made to our Segment Earnings definitions in 2013. As reflected in the chart, certain activities that are not part of a reportable segment are included in the All Other category. The All Other category consists of material corporate level activities that are: (a) infrequent in nature; and (b) based on decisions outside the control of the management of our reportable segments. By recording these types of activities to the All Other category, we believe the financial results of our three reportable segments reflect the decisions and strategies that are executed within the reportable segments and provide greater comparability across time periods.
Segment
Description
Activities/Items
 
 
 
 
Single-family Guarantee
The Single-family Guarantee segment reflects results from our single-family credit guarantee activities. In our Single-family Guarantee segment, we purchase and guarantee single-family mortgage loans originated by our seller/servicers in the primary mortgage market. In most instances, we use the mortgage securitization process to package the mortgage loans into guaranteed mortgage-related securities. We guarantee the payment of principal and interest on the mortgage-related securities in exchange for management and guarantee fees. Segment Earnings for this segment consist primarily of management and guarantee fee revenues, including amortization of upfront fees, less credit-related expenses, administrative expenses, allocated funding costs, and amounts related to net float benefits or expenses.
•
Management and guarantee fees on PCs, including those retained by us, and single-family mortgage loans in the mortgage investments portfolio, inclusive of up-front credit delivery fees
•
Recognition and remittance to Treasury of guarantee fees resulting from the 10 basis point legislated increase
•
Adjustments for security performance
 
•
Credit losses on all single-family assets
•
Guarantee buy-downs
•
Expected net float income or expense on the single-family credit guarantee portfolio
•
 Deferred tax asset valuation allowance
•
Allocated debt costs, administrative expenses and taxes 
•
Representation and warranty settlements
Investments
The Investments segment reflects results from three primary activities: (a) managing the company’s mortgage-related investments portfolio, excluding Multifamily segment investments; (b) managing the treasury function, including funding and liquidity, for the overall company; and (c) managing interest-rate risk for the overall company. In our Investments segment, we invest principally in mortgage-related securities and single-family performing mortgage loans. Segment Earnings for this segment consist primarily of the returns on these investments, less the related funding, hedging, and administrative expenses. In addition, the Investments segment reflects changes in the fair value of the Multifamily segment securities, primarily CMBS, and held-for-sale loans that are associated with changes in interest rates.
•
Investments in mortgage-related securities and single-family performing mortgage loans
•
Investments in short-term asset-backed securities
•
All other traded instruments / securities, excluding CMBS and multifamily housing revenue bonds
•
Debt issuances
•
Interest rate risk management returns
•
Guarantee buy-ups, net of execution gains / losses
•
Cash and liquidity management
•
Deferred tax asset valuation allowance
•
Allocated administrative expenses and taxes
•
Non-agency mortgage-related securities settlements
Multifamily
The Multifamily segment reflects results from our investment (both purchases and sales), securitization, and guarantee activities in multifamily mortgage loans and securities. Our primary business model is to purchase multifamily mortgage loans for aggregation and then securitization through issuance of multifamily K Certificates. To a lesser extent, we provide guarantees of the payment of principal and interest on tax-exempt multifamily pass-through certificates backed by multifamily housing revenue bonds. In addition, we guarantee the payment of principal and interest on tax-exempt multifamily housing revenue bonds secured by low- and moderate-income multifamily mortgage loans. Segment Earnings for this segment consist primarily of the interest earned on assets related to multifamily investment activities and management and guarantee fee income, less credit-related expenses, administrative expenses, and allocated funding costs. In addition, the Multifamily segment reflects the impact of changes in fair value of our investment securities and held-for-sale loans associated with market factors other than changes in interest rates, such as liquidity and credit.
•
Multifamily mortgage loans held-for-sale and associated securitization activities
•
Investments in CMBS, multifamily housing revenue bonds, and multifamily mortgage loans held-for-investment
•
Allocated debt costs, administrative expenses and taxes
•
Other guarantee commitments on multifamily housing revenue bonds
•
Other Structured Securities of multifamily housing revenue bonds
•
Deferred tax asset valuation allowance
All Other
The All Other category consists of material corporate-level activities that are: (a) infrequent in nature; and (b) based on decisions outside the control of the management of our reportable segments.
•
Tax settlements, as applicable
•
Legal settlements, as applicable
•
The deferred tax asset valuation allowance and release of tax asset valuation allowance associated with previously recognized income tax credits carried forward
•
Termination of our pension plan
Segment Earnings
The financial performance of our Single-family Guarantee segment and Multifamily segment are measured based on each segment’s contribution to GAAP net income (loss). Our Investments segment is measured on its contribution to GAAP comprehensive income (loss), which consists of the sum of its contribution to: (a) GAAP net income (loss); and (b) GAAP total other comprehensive income (loss), net of taxes.
The sum of Segment Earnings for each segment and the All Other category equals GAAP net income (loss). Likewise, the sum of comprehensive income (loss) for each segment and the All Other category equals GAAP comprehensive income (loss). However, the accounting principles we apply to present certain financial statement line items in Segment Earnings for our reportable segments, in particular Segment Earnings management and guarantee income and net interest income, differ significantly from those applied in preparing the comparable line items in our consolidated financial statements prepared in accordance with GAAP. Accordingly, the results of such line items differ significantly from, and should not be used as a substitute for, the comparable line items as determined in accordance with GAAP. For reconciliations of the Segment Earnings line items to the comparable line items in our consolidated financial statements prepared in accordance with GAAP, see “Table 13.2 — Segment Earnings and Reconciliation to GAAP Results.”
Many of the reclassifications, adjustments and allocations described below relate to the amendments to the accounting guidance for transfers of financial assets and consolidation of VIEs, which we adopted effective January 1, 2010. These amendments require us to consolidate our single-family PC trusts and certain Other Guarantee Transactions, which makes it difficult to view the results of the three operating segments from a GAAP perspective. For example, as a result of the amendments, the net guarantee fee earned on mortgage loans held by our consolidated trusts is included in net interest income on our GAAP consolidated statements of comprehensive income. Through the reclassifications described below, we move the net guarantee fees earned on mortgage loans into Segment Earnings management and guarantee income.
Credit Guarantee Activity-Related Reclassifications
In preparing certain line items within Segment Earnings, we make various reclassifications to earnings determined under GAAP related to our credit-guarantee activities, including those described below. All credit guarantee-related income and costs are included in Segment Earnings management and guarantee income.
•
Net guarantee fee is reclassified in Segment Earnings from net interest income to management and guarantee income.
•
Implied management and guarantee fee related to unsecuritized mortgage loans held in the mortgage investments portfolio is reclassified in Segment Earnings from net interest income to management and guarantee income.
•
The portion of the amount reversed for accrued but uncollected interest upon placing loans on a non-accrual status that relates to guarantee fees is reclassified in Segment Earnings from net interest income to management and guarantee income. The remaining portion of the allowance for lost interest is reclassified in Segment Earnings from net interest income to provision for credit losses.
Investment Activity-Related Reclassifications
In preparing certain line items within Segment Earnings, we make various reclassifications to earnings determined under GAAP related to our investment activities, including those described below. Through these reclassifications, we move certain items into or out of net interest income so that, on a Segment Earnings basis, net interest income reflects how we measure the effective yield earned on securities held in our mortgage investments portfolio and our cash and other investments portfolio.
We use derivatives extensively in our investment activity. The reclassifications described below allow us to reflect, in Segment Earnings net interest income, the costs associated with this use of derivatives.
•
The accrual of periodic cash settlements of all derivatives is reclassified in Segment Earnings from derivative gains (losses) into net interest income to fully reflect the periodic cost associated with the protection provided by these contracts.
•
Up-front cash paid or received upon the purchase or writing of swaptions and other option contracts is reclassified in Segment Earnings prospectively on a straight-line basis from derivative gains (losses) into net interest income over the contractual life of the instrument to fully reflect the periodic cost associated with the protection provided by these contracts.
Amortization related to certain items is not relevant to how we measure the effective yield earned on the securities held in our investments portfolios. Therefore, as described below, we reclassify these items in Segment Earnings from net interest income to non-interest income.
•
Amortization related to derivative commitment basis adjustments associated with mortgage-related and non-mortgage-related securities.
•
Amortization related to accretion of other-than-temporary impairments on available-for-sale securities held.
•
Amortization related to premiums and discounts associated with PCs and Other Guarantee Transactions issued by our consolidated trusts that we previously held and subsequently transferred to third parties. The amortization is related to deferred gains (losses) on transfers of these securities.
Segment Adjustments
In presenting Segment Earnings management and guarantee income and net interest income, we make adjustments to better reflect how management measures and assesses the performance of each segment and the company as a whole. These adjustments relate to amounts that are not reflected in net income (loss) as determined in accordance with GAAP. These adjustments are reversed through the segment adjustments line item within Segment Earnings, so that Segment Earnings (loss) for each segment equals GAAP net income (loss) for each segment. Segment adjustments consist of the following:
•
We adjust our Segment Earnings management and guarantee income for the Single-family Guarantee segment to include the amortization of buy-down fees and credit delivery fees recorded in periods prior to the January 1, 2010 adoption of accounting guidance for the transfers of financial assets and the consolidation of VIEs. As of December 31, 2013, the unamortized balance of buy-down fees was $0.4 billion and the unamortized balance of credit delivery fees was $0.9 billion. We consider such fees to be part of the effective rate of the guarantee fee on guaranteed mortgage loans. These adjustments are necessary to better reflect the realization of revenue associated with guarantee contracts over the life of the underlying loans.
•
We adjust our Segment Earnings net interest income for the Investments segment to include the amortization of cash premiums and discounts, as well as buy-up fees, on the consolidated Freddie Mac mortgage-related securities we purchase as investments. As of December 31, 2013, the unamortized balance of such premiums and discounts, net was $3.2 billion and the unamortized balance of buy-up fees was $0.5 billion. These adjustments are necessary to reflect the effective yield realized on investments in consolidated Freddie Mac mortgage-related securities purchased at a premium or discount or with buy-up fees.
Segment Allocations
The results of each reportable segment include directly attributable revenues and expenses. Administrative expenses that are not directly attributable to a segment are allocated to our segments using various methodologies, depending on the nature of the expense (i.e., semi-direct versus indirect). Net interest income for each segment includes allocated debt funding costs related to certain assets of each segment. These allocations, however, do not include the effects of dividends paid on our senior preferred stock. The tax credits generated by the LIHTC partnerships and any valuation allowance on these tax credits are allocated to the Multifamily segment. The deferred tax asset valuation allowance and release of the tax asset valuation allowance associated with previously recognized income tax credits carried forward, termination of our pension plan, and legal and tax settlements, as applicable, are allocated to the All Other category. All remaining taxes are calculated based on a 35% federal statutory rate as applied to pre-tax Segment Earnings.
The table below presents Segment Earnings by segment.
Table 13.1 — Summary of Segment Earnings and Comprehensive Income (Loss)
 
 
Year Ended December 31,
 
2013
 
2012
 
2011
 
(in millions)
Segment Earnings (loss), net of taxes:
 
 
 
 
 
Single-family Guarantee
$
5,796

 
$
(164
)
 
$
(10,000
)
Investments
16,602

 
8,212

 
3,366

Multifamily
2,378

 
2,146

 
1,319

All Other(1)
23,892

 
788

 
49

Total Segment Earnings (loss), net of taxes
48,668

 
10,982

 
(5,266
)
Net income (loss)
$
48,668

 
$
10,982

 
$
(5,266
)
Comprehensive income (loss) of segments:
 
 
 
 
 
Single-family Guarantee
$
5,845

 
$
(227
)
 
$
(9,970
)
Investments
20,287

 
11,397

 
6,473

Multifamily
1,455

 
4,081

 
2,218

All Other(1)
24,013

 
788

 
49

Comprehensive income (loss) of segments
51,600

 
16,039

 
(1,230
)
Comprehensive income (loss)
$
51,600

 
$
16,039

 
$
(1,230
)

(1)
For the year ended December 31, 2013, includes a benefit for federal income taxes that resulted from the release of our valuation allowance against our net deferred tax assets.
The table below presents detailed reconciliations between our GAAP financial statements and Segment Earnings by financial statement line item for our reportable segments and All Other.
Table 13.2 — Segment Earnings and Reconciliation to GAAP Results
 
 
Year Ended December 31, 2013
 
 
 
 
 
 
 
 
 
Total Segment
Earnings (Loss),
Net of Tax
 
Reconciliation to Consolidated Statements of
Comprehensive Income
 
Total per
Consolidated
Statements of
Comprehensive
Income
 
Single-family
Guarantee
 
Investments
 
Multifamily
 
All
Other
 
 
Reclassifications(1)
 
Segment
Adjustments(2)
 
Total
Reconciling
Items
 
 
(in millions)
Net interest income
$
320

 
$
3,525

 
$
1,186

 
$
—

 
$
5,031

 
$
10,400

 
$
1,037

 
$
11,437

 
$
16,468

Benefit (provision) for credit losses
1,409

 
—

 
218

 
—

 
1,627

 
838

 
—

 
838

 
2,465

Non-interest income (loss):
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 

Management and guarantee income(3)
4,930

 
—

 
206

 
—

 
5,136

 
(4,171
)
 
(694
)
 
(4,865
)
 
271

Net impairment of available-for-sale securities recognized in earnings
—

 
(974
)
 
(15
)
 
—

 
(989
)
 
(521
)
 
—

 
(521
)
 
(1,510
)
Derivative gains (losses)
(3
)
 
6,806

 
18

 
—

 
6,821

 
(4,189
)
 
—

 
(4,189
)
 
2,632

Gains (losses) on trading securities
—

 
(1,588
)
 
(10
)
 
—

 
(1,598
)
 
—

 
—

 
—

 
(1,598
)
Gains (losses) on mortgage loans
—

 
(817
)
 
481

 
—

 
(336
)
 
—

 
—

 
—

 
(336
)
Other non-interest income
1,165

 
9,612

 
640

 
—

 
11,417

 
(2,357
)
 
—

 
(2,357
)
 
9,060

Non-interest expense:
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 

Administrative expenses
(1,025
)
 
(523
)
 
(257
)
 
—

 
(1,805
)
 
—

 
—

 
—

 
(1,805
)
REO operations income (expense)
124

 
—

 
16

 
—

 
140

 
—

 
—

 
—

 
140

Other non-interest expense
(712
)
 
349

 
(24
)
 
(37
)
 
(424
)
 
—

 
—

 
—

 
(424
)
Segment adjustments(2)
(694
)
 
1,037

 
—

 
—

 
343

 
—

 
(343
)
 
(343
)
 
—

Income tax (expense) benefit
282

 
(825
)
 
(81
)
 
23,929

 
23,305

 
—

 
—

 
—

 
23,305

Net income
5,796

 
16,602

 
2,378

 
23,892

 
48,668

 
—

 
—

 
—

 
48,668

Total other comprehensive income (loss), net of taxes
49

 
3,685

 
(923
)
 
121

 
2,932

 
—

 
—

 
—

 
2,932

Comprehensive income
$
5,845

 
$
20,287

 
$
1,455

 
$
24,013

 
$
51,600

 
$
—

 
$
—

 
$
—

 
$
51,600

 
 
Year Ended December 31, 2012
 
 
 
 
 
 
 
 
 
Total Segment
Earnings (Loss),
Net of Tax
 
Reconciliation to Consolidated Statements of
Comprehensive Income
 
Total per
Consolidated
Statements of
Comprehensive
Income
 
Single-family
Guarantee
 
Investments
 
Multifamily
 
All
Other
 
 
Reclassifications(1)
 
Segment
Adjustments(2)
 
Total
Reconciling
Items
 
 
(in millions)
Net interest income
$
(147
)
 
$
5,726

 
$
1,291

 
$
—

 
$
6,870

 
$
9,942

 
$
799

 
$
10,741

 
$
17,611

Benefit (provision) for credit losses
(3,168
)
 
—

 
123

 
—

 
(3,045
)
 
1,155

 
—

 
1,155

 
(1,890
)
Non-interest income (loss):
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 

Management and guarantee income(3)
4,389

 
—

 
151

 
—

 
4,540

 
(3,507
)
 
(832
)
 
(4,339
)
 
201

Net impairment of available-for-sale securities recognized in earnings
—

 
(1,831
)
 
(123
)
 
—

 
(1,954
)
 
(214
)
 
—

 
(214
)
 
(2,168
)
Derivative gains (losses)
—

 
1,970

 
7

 
—

 
1,977

 
(4,425
)
 
—

 
(4,425
)
 
(2,448
)
Gains (losses) on trading securities
—

 
(1,755
)
 
81

 
—

 
(1,674
)
 
—

 
—

 
—

 
(1,674
)
Gains (losses) on mortgage loans
—

 
303

 
707

 
—

 
1,010

 
—

 
—

 
—

 
1,010

Other non-interest income
931

 
2,741

 
275

 
—

 
3,947

 
(2,951
)
 
—

 
(2,951
)
 
996

Non-interest expense:
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 

Administrative expenses
(890
)
 
(430
)
 
(241
)
 
—

 
(1,561
)
 
—

 
—

 
—

 
(1,561
)
REO operations income (expense)
(62
)
 
—

 
3

 
—

 
(59
)
 
—

 
—

 
—

 
(59
)
Other non-interest expense
(393
)
 
(1
)
 
(129
)
 
(50
)
 
(573
)
 
—

 
—

 
—

 
(573
)
Segment adjustments(2)
(832
)
 
799

 
—

 
—

 
(33
)
 
—

 
33

 
33

 
—

Income tax benefit
8

 
690

 
1

 
838

 
1,537

 
—

 
—

 
—

 
1,537

Net income (loss)
(164
)
 
8,212

 
2,146

 
788

 
10,982

 
—

 
—

 
—

 
10,982

Total other comprehensive income (loss), net of taxes
(63
)
 
3,185

 
1,935

 
—

 
5,057

 
—

 
—

 
—

 
5,057

Comprehensive income (loss)
$
(227
)
 
$
11,397

 
$
4,081

 
$
788

 
$
16,039

 
$
—

 
$
—

 
$
—

 
$
16,039

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year Ended December 31, 2011
 
 
 
 
 
 
 
 
 
Total Segment
Earnings (Loss),
Net of Tax
 
Reconciliation to Consolidated Statements of
Comprehensive Income
 
Total per
Consolidated
Statements of
Comprehensive
Income
 
Single-family
Guarantee
 
Investments
 
Multifamily
 
All
Other
 
 
Reclassifications(1)
 
Segment
Adjustments(2)
 
Total
Reconciling
Items
 
 
(in millions)
Net interest income
$
(23
)
 
$
7,168

 
$
1,200

 
$
—

 
$
8,345

 
$
9,391

 
$
661

 
$
10,052

 
$
18,397

Benefit (provision) 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 mortgage loans
—

 
529

 
300

 
—

 
829

 
—

 
—

 
—

 
829

Other non-interest income
1,216

 
1,437

 
86

 
—

 
2,739

 
(1,609
)
 
—

 
(1,609
)
 
1,130

Non-interest expense:

 

 

 

 
 
 

 

 
 
 
 
Administrative expenses
(888
)
 
(398
)
 
(220
)
 
—

 
(1,506
)
 
—

 
—

 
—

 
(1,506
)
REO operations income (expense)
(596
)
 
—

 
11

 
—

 
(585
)
 
—

 
—

 
—

 
(585
)
Other non-interest expense
(321
)
 
(2
)
 
(69
)
 
—

 
(392
)
 
—

 
—

 
—

 
(392
)
Segment adjustments(2)
(699
)
 
661

 
—

 
—

 
(38
)
 
—

 
38

 
38

 
—

Income tax (expense) benefit
(42
)
 
394

 
(1
)
 
49

 
400

 
—

 
—

 
—

 
400

Net income (loss)
(10,000
)
 
3,366

 
1,319

 
49

 
(5,266
)
 
—

 
—

 
—

 
(5,266
)
Total other comprehensive income, net of taxes
30

 
3,107

 
899

 
—

 
4,036

 
—

 
—

 
—

 
4,036

Comprehensive income (loss)
$
(9,970
)
 
$
6,473

 
$
2,218

 
$
49

 
$
(1,230
)
 
$
—

 
$
—

 
$
—

 
$
(1,230
)
 
(1)
See “Segment Earnings — Investment Activity-Related Reclassifications” and “— Credit Guarantee Activity-Related Reclassifications” for information regarding these reclassifications.
(2)
See “Segment Earnings — Segment Adjustments” for information regarding these adjustments.
(3)
Management and guarantee income total per consolidated statements of comprehensive income is included in other income on our GAAP consolidated statements of comprehensive income.
The table below presents comprehensive income (loss) by segment.
Table 13.3 — Comprehensive Income (Loss) of Segments
 
 
Year Ended December 31, 2013
 
 
 
Other Comprehensive Income (Loss), Net of Taxes
 
 
 
 
 
Net Income
(Loss)
 
Changes in
Unrealized Gains
(Losses) Related to
Available-For-Sale
Securities
 
Changes in
Unrealized Gains
(Losses) Related to
Cash Flow Hedge
Relationships
 
Changes in Defined
Benefit Plans
 
Total Other
Comprehensive
Income (Loss),
Net of Taxes
 
Comprehensive Income
(Loss)
 
(in millions)
Total comprehensive income (loss) of segments:
 
 
 
 
 
 
 
 
 
 
 
Single-family Guarantee
$
5,796

 
$
—

 
$
—

 
$
49

 
$
49

 
$
5,845

Investments
16,602

 
3,338

 
316

 
31

 
3,685

 
20,287

Multifamily
2,378

 
(932
)
 
—

 
9

 
(923
)
 
1,455

All Other
23,892

 
—

 
—

 
121

 
121

 
24,013

Total per consolidated statements of comprehensive income
$
48,668

 
$
2,406

 
$
316

 
$
210

 
$
2,932

 
$
51,600

 
 
 
 
 
 
 
 
 
 
 
 
 
Year Ended December 31, 2012
 
 
 
Other Comprehensive Income (Loss), Net of Taxes
 
 
 
 
 
Net Income
(Loss)
 
Changes in
Unrealized Gains
(Losses) Related to
Available-For-Sale
Securities
 
Changes in
Unrealized Gains
(Losses) Related to
Cash Flow Hedge
Relationships
 
Changes in Defined
Benefit Plans
 
Total Other
Comprehensive
Income (Loss),
Net of Taxes
 
Comprehensive Income
(Loss)
 
(in millions)
Total comprehensive income (loss) of segments:
 
 
 
 
 
 
 
 
 
 
 
Single-family Guarantee
$
(164
)
 
$
—

 
$
—

 
$
(63
)
 
$
(63
)
 
$
(227
)
Investments
8,212

 
2,821

 
414

 
(50
)
 
3,185

 
11,397

Multifamily
2,146

 
1,948

 
—

 
(13
)
 
1,935

 
4,081

All Other
788

 
—

 
—

 
—

 
—

 
788

Total per consolidated statements of comprehensive income
$
10,982

 
$
4,769

 
$
414

 
$
(126
)
 
$
5,057

 
$
16,039

 
 
 
 
 
 
 
 
 
 
 
 
 
Year Ended December 31, 2011
 
 
 
Other Comprehensive Income (Loss), Net of Taxes
 
 
 
 
 
Net Income
(Loss)
 
Changes in
Unrealized Gains
(Losses) Related to
Available-For-Sale
Securities
 
Changes in
Unrealized Gains
(Losses) Related to
Cash Flow Hedge
Relationships
 
Changes in Defined
Benefit Plans
 
Total Other
Comprehensive
Income (Loss),
Net of Taxes
 
Comprehensive Income
(Loss)
 
(in millions)
Total comprehensive income (loss) of segments:
 
 
 
 
 
 
 
 
 
 
 
Single-family Guarantee
$
(10,000
)
 
$
—

 
$
—

 
$
30

 
$
30

 
$
(9,970
)
Investments
3,366

 
2,573

 
508

 
26

 
3,107

 
6,473

Multifamily
1,319

 
892

 
1

 
6

 
899

 
2,218

All Other
49

 
—

 
—

 
—

 
—

 
49

Total per consolidated statements of comprehensive income
$
(5,266
)
 
$
3,465

 
$
509

 
$
62

 
$
4,036

 
$
(1,230
)

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