Print Page  |  Close Window

SEC Filings

10-Q
FEDERAL NATIONAL MORTGAGE ASSOCIATION FANNIE MAE filed this Form 10-Q on 11/02/2018
Entire Document
 
 
Notes to Condensed Consolidated Financial Statements | Netting Arrangements


12.  Netting Arrangements
We use master netting arrangements, which allow us to offset certain financial instruments and collateral with the same counterparty, to minimize counterparty credit exposure. The tables below display information related to derivatives, securities purchased under agreements to resell or similar arrangements, and securities sold under agreements to repurchase or similar arrangements, which are subject to an enforceable master netting arrangement or similar agreement that are either offset or not offset in our condensed consolidated balance sheets.
 
As of September 30, 2018
 
 
 
Gross Amount Offset (1)
 
Net Amount Presented in our Condensed Consolidated Balance Sheets
 
Amounts Not Offset in our Condensed Consolidated Balance Sheets
 
 
 
Gross Amount
 
 
 
Financial Instruments(2)
 
Collateral(3)
 
Net Amount
 
(Dollars in millions)
Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
OTC risk management derivatives
$
2,822

 
$
(2,790
)
 
 
$
32

 
 
 
$

 
 
 
$

 
 
$
32

Cleared risk management derivatives

 
15

 
 
15

 
 
 

 
 
 

 
 
15

Mortgage commitment derivatives
288

 

 
 
288

 
 
 
(104
)
 
 
 
(7
)
 
 
177

Total derivative assets
3,110

 
(2,775
)
 
 
335

(4) 
 
 
(104
)
 
 
 
(7
)
 
 
224

Securities purchased under agreements to resell or similar arrangements(5)
44,648

 

 
 
44,648

 
 
 

 
 
 
(44,648
)
 
 

Total assets
$
47,758

 
$
(2,775
)
 
 
$
44,983

 
 
 
$
(104
)
 
 
 
$
(44,655
)
 
 
$
224

Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
OTC risk management derivatives
$
(2,711
)
 
$
2,649

 
 
$
(62
)
 
 
 
$

 
 
 
$

 
 
$
(62
)
Cleared risk management derivatives

 
(1
)
 
 
(1
)
 
 
 

 
 
 
1

 
 

Mortgage commitment derivatives
(212
)
 

 
 
(212
)
 
 
 
104

 
 
 

 
 
(108
)
Total derivative liabilities
(2,923
)
 
2,648

 
 
(275
)
(4) 
 
 
104

 
 
 
1

 
 
(170
)
Securities sold under agreements to repurchase or similar arrangements
(749
)
 

 
 
(749
)
 
 
 

 
 
 
746

 
 
(3
)
Total liabilities
$
(3,672
)
 
$
2,648

 
 
$
(1,024
)
 
 
 
$
104

 
 
 
$
747

 
 
$
(173
)
 
As of December 31, 2017
 
 
 
Gross Amount Offset (1)
 
Net Amount Presented in our Condensed Consolidated Balance Sheets
 
Amounts Not Offset in our Condensed Consolidated Balance Sheets
 
 
 
Gross Amount
 
 
 
Financial Instruments(2)
 
Collateral(3)
 
Net Amount
 
(Dollars in millions)
Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
OTC risk management derivatives
$
2,479

 
$
(2,464
)
 
 
$
15

 
 
 
$

 
 
$

 
$
15

Cleared risk management derivatives
1,811

 
(1,808
)
 
 
3

 
 
 

 
 

 
3

Mortgage commitment derivatives
132

 

 
 
132

 
 
 
(117
)
 
 
(1
)
 
14

Total derivative assets
4,422

 
(4,272
)
 
 
150

(4) 
 
 
(117
)
 
 
(1
)
 
32

Securities purchased under agreements to resell or similar arrangements(5)
44,670

 

 
 
44,670

 
 
 

 
 
(44,670
)
 

Total assets
$
49,092

 
$
(4,272
)
 
 
$
44,820

 
 
 
$
(117
)
 
 
$
(44,671
)
 
$
32

Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
OTC risk management derivatives
$
(3,045
)
 
$
2,957

 
 
$
(88
)
 
 
 
$

 
 
$

 
$
(88
)
Cleared risk management derivatives
(2,033
)
 
2,022

 
 
(11
)
 
 
 

 
 
11

 

Mortgage commitment derivatives
(228
)
 

 
 
(228
)
 
 
 
117

 
 
93

 
(18
)
Total derivative liabilities
(5,306
)
 
4,979

 
 
(327
)
(4) 
 
 
117

 
 
104

 
(106
)
Total liabilities
$
(5,306
)
 
$
4,979

 
 
$
(327
)
 
 
 
$
117

 
 
$
104

 
$
(106
)

Fannie Mae (In conservatorship) Third Quarter 2018 Form 10-Q
86