Analysis: Deferred Assets and Liabilities, Net

Entity Registrant Name FEDERAL HOME LOAN MORTGAGE CORP
CIK 0001026214
Accession number 0001026214-14-000024
Link to XBRL instance http://www.sec.gov/Archives/edgar/data/1026214/000102621414000024/fmcc-20131231.xml
Fiscal year end --12-31
Fiscal year focus 2013
Fiscal period focus FY
Current balance sheet date 2013-12-31
Current year-to-date income statement start date 2013-01-01
Commentary Valuation allowance placement issue.
Level 3 Text Block concept us-gaap:ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Table 12.3 — Deferred Tax Assets and Liabilities
 
2013
 
2012
 
(in millions)
Deferred tax assets:
 
 
 
Deferred fees
$
5,035

 
$
4,330

Basis differences related to derivative instruments
6,946

 
10,294

Credit related items and allowance for loan losses
3,648

 
6,785

Unrealized (gains) losses related to available-for-sale securities
—

 
778

LIHTC and AMT credit carryforward
3,997

 
3,408

Net operating loss carryforward
3,978

 
11,479

Other items, net
40

 
146

Total deferred tax assets
23,644

 
37,220

Deferred tax liabilities:
 
 
 
Basis differences related to assets held for investment(1)
(375
)
 
(4,609
)
Unrealized (gains) losses related to available-for-sale securities
(518
)
 
—

Basis differences related to debt
(35
)
 
(149
)
Total deferred tax liabilities
(928
)
 
(4,758
)
Valuation allowance
—

 
(31,684
)
Deferred tax assets (liabilities), net
$
22,716

 
$
778

(1)
The deferred tax liability balance for basis differences related to assets held for investment includes a basis adjustment on seriously delinquent loans. This deferred tax liability offsets a portion of the deferred tax asset for credit related items and the allowance for loan losses.

Level 4 Details Key Concepts: Deferred tax assets (liabilities)

Description Fact value US GAAP XBRL Concept
Deferred tax assets, gross 23,644,000,000 us-gaap:DeferredTaxAssetsGross
Valuation allowance -928,000,000
Deferred tax assets, net 22,716,000,000 us-gaap:DeferredTaxAssetsNet
Deferred tax liabilities -928,000,000 us-gaap:DeferredIncomeTaxLiabilities
Deferred tax assets (liabilities), net 22,716,000,000 us-gaap:DeferredTaxAssetsLiabilitiesNet
CHECK 928,000,000

*

(Classified balance sheet) Deferred tax assets (liabilities), net components current/noncurrent asset/liability

Description Fact value US GAAP XBRL Concept
Deferred tax assets, net, current 0
Deferred tax assets, net, noncurrent 0
Deferred tax liabilities, net, current 0
Deferred tax liabilities, net, noncurrent 0 us-gaap:DeferredIncomeTaxLiabilities
Deferred tax assets (liabilities), net 22,716,000,000 us-gaap:DeferredTaxAssetsLiabilitiesNet
CHECK 22,716,000,000

*

(Unclassified balance sheet) Deferred tax assets (liabilities), net components asset/liability

Description Fact value US GAAP XBRL Concept
Deferred tax assets 22,716,000,000
Deferred tax liabilities, net -928,000,000 us-gaap:DeferredIncomeTaxLiabilities
Deferred tax assets (liabilities), net 22,716,000,000 us-gaap:DeferredTaxAssetsLiabilitiesNet
CHECK 928,000,000

*

*

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