2011   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, 2011
 
By Category
 
Held-to-Maturity
Available-for-Sale
Trading
(In billions of dollars)
Cost
Basis
Unamor-
tized
Premium/
Discount
Net
Investment
Cost
Basis
Unreal-
ized
Gain
Fair
Value
Cost
Basis
Unreal-
ized
Gain
Fair
Value
Total
Debt securities:
Non-U.S. Government 0.2 - 0.2 15.5 0.3 15.8 5.1 0.1 5.2 21.2
Commercial - - - - - - - - - -
Mortgage/asset backed - - - - - - 5.2 0.1 5.3 5.3
Corporate and other bonds - - - - - - 11.2 0.8 12.0 12.0
All other debt securities - - - - - - 0.5 - 0.5 0.5
Equity securities:
Common stocks - - - - - - 1.7 - 1.7 1.7
Unit trust - - - - - - 12.3 3.6 15.9 15.9
All other equity securities 2.9 - 2.9 - - - 2.6 (0.1) 2.5 5.4
Other 3.3 - 3.3 - - - 12.8 0.1 12.9 16.2
Total debt and equity securities categorized as held-to-maturity, available-for-sale or trading 6.4 - 6.4 15.5 0.3 15.8 51.4 4.6 56.0 78.2
Total RRB debt and equity securities 21.5
Total debt and equity securities 99.7

Debt and Equity Securities as of September 30, 2010
 
By Category
 
Held-to-Maturity
Available-for-Sale
Trading
(In billions of dollars)
Cost
Basis
Unamor-
tized
Premium/
Discount
Net
Investment
Cost
Basis
Unreal-
ized
Gain
Fair
Value
Cost
Basis
Unreal-
ized
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, 2011, and 2010
 
By Agency           
(In billions of dollars)
2011
2010
Debt and Equity Securities:
Pension Benefit Guaranty Corporation 47.4 49.5
Railroad Retirement Board 21.5 22.7
Exchange Stabilization Fund 15.8 12.6
Tennessee Valley Authority 8.6 8.2
All other 6.4 5.9
  Total Debt and Equity Securities 99.7 98.9

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 as of September 30, 2011, and 2010, 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 93.6 percent of the total reported debt and equity securities of $99.7 billion as of September 30, 2011.


Last Updated:  February 16, 2012