2010   Financial Report of the United States Government

Notes to the Financial Statements

Note 9. Debt and Equity Securities

Debt and Equity Securities as of September 30, 2010
  
By Category
  
Held-to-Maturity
Available-for-Sale
Trading
(In billions of dollars)
Cost Basis
Un-
amortized Premium Discount
Net Invest
-ment
Cost Basis
Un-
realized Gain
Fair Value
Cost Basis
Un-
realized Gain
Fair Value
Total
Debt securities:
Non-U.S. Government 0.2 - 0.2 12.3 0.3 12.6 4.5 0.5 5.0 17.8
Commercial - - - - - - 0.2 - 0.2 0.2
Mortgage/asset backed - - - - - - 2.8 0.1 2.9 2.9
Corporate and other bonds - - - - - - 9.5 0.9 10.4 10.4
All other debt securities - - - - - - 0.7 - 0.7 0.7
Equity securities:
Common stocks - - - - - - 2.0 0.1 2.1 2.1
Unit trust 0.2 - 0.2 - - - 13.1 6.4 19.5 19.7
All other equity securities - - - 2.8 - 2.8 3.3 - 3.3 6.1
Other 2.6 - 2.6 0.1 - 0.1 13.6 - 13.6 16.3
Total debt and equity securities categorized as held-to-maturity, available-for-sale or trading 3.0 - 3.0 15.2 0.3 15.5 49.7 8.0 57.7 76.2
Total RRB debt and equity securities                   22.7
Total debt and equity securities                   98.9


Debt and Equity Securities as of September 30, 2009
  
By Category
  
Held-to-Maturity
Available-for-Sale
Trading
(In billions of dollars)
Cost Basis
Un-
amortized Premium Discount
Net Invest-
ment
Cost Basis
Un-
realized Gain
Fair Value
Cost Basis
Un-
realized Gain
Fair Value
Total
Debt securities:
Non-U.S. Government 0.2 - 0.2 12.1 0.4 12.5 2.7 0.3 3.0 15.7
Commercial - - - - - - 0.1 - 0.1 0.1
Mortgage/asset backed - - - - - - 2.9 (0.1) 2.8 2.8
Corporate and other bonds - - - - - - 8.7 (0.1) 8.6 8.6
All other debt securities 1.1 - 1.1 - - - 1.5 0.1 1.6 2.7
Equity securities:
Common stocks - - - - - - 0.9 (0.1) 0.8 0.8
Unit trust - - - - - - 17.0 5.1 22.1 22.1
All other equity securities - - - 3.0 - 3.0 2.0 (0.2) 1.8 4.8
Other 2.2 - 2.2 - - - 11.0 0.1 11.1 13.3
Total debt and equity securities categorized as held-to-maturity, available-for-sale or trading 3.5 - 3.5 15.1 0.4 15.5 46.8 5.1 51.9 70.9
Total RRB debt and equity securities                   22.2
Total debt and equity securities                   93.1


Debt and Equity Securities as of September 30
 
By Agency
(In billions of dollars)
2010
2009
Debt and Equity Securities:
  Pension Benefit Guaranty Corporation 49.5 43.6
  Railroad Retirement Board 22.7 22.2
  Exchange Stabilization Fund 12.6 13.6
  Tennessee Valley Authority 8.2 8.0
  All other 5.9 5.7
    Total Debt and Equity Securities 98.9 93.1

These debt and equity securities do not include nonmarketable Treasury securities, which have been eliminated in consolidation. Held-to-maturity debt and equity securities are reported at amortized cost, net of unamortized discounts and premiums. Available-for-sale debt and equity securities are reported at fair value. Trading debt and equity securities are reported at fair value. The Pension Benefit Guaranty Corporation (PBGC) and the TVA invest primarily in fixed maturity and equity securities, classified as trading. TVA also has a small investment in available-for-sale securities. The National Railroad Retirement Investment Trust (NRRIT), on behalf of the RRB, manages and invests railroad retirement assets that are to be used to pay retirement benefits to the Nation’s railroad workers under the Railroad Retirement Program. As an investment company, NRRIT is subject to different accounting standards that do not require the classifications presented above. NRRIT’s total debt and equity securities are presented as a separate line item. Please refer to NRRIT’s financial statements for more detailed information concerning this specific investment information. The TVA balance includes $7.0 billion and $6.8 billion as of September 30, 2010, and 2009, respectively, for the Tennessee Valley Authority Retirement System (TVARS). Please refer to the individual financial statements of PBGC, NRRIT, Treasury, TVA and TVARS for more detailed information related to debt and equity securities. These agencies comprise 94.0 percent of the total reported debt and equity securities of $98.9 billion as of September 30, 2010.


Last Updated:  December 07, 2011