DIF Balance Sheet - Fourth Quarter 2023
Fund Financial Results ($ in millions)
| Balance Sheet |
| |
Dec-23 |
Sep-23 |
Quarterly Change |
Dec-22 |
Year-Over-Year Change |
Cash and cash equivalents |
$4,873 |
$30,230 |
($25,357) |
$2,599 |
$2,274 |
Investment in U.S. Treasury securities |
18,929 |
52,215 |
(33,286) |
122,442 |
(103,513) |
| Assessments receivable |
3,236 |
3,273 |
(37) |
2,159 |
1,077 |
| Special Assessments receivable |
20,423 |
16,274 |
4,149 |
0 |
20,423 |
| Interest receivable on investments and other assets, net |
146 |
350 |
(204) |
688 |
(542) |
| Receivables from resolutions, net |
97,778 |
158,395 |
(60,617) |
521 |
97,257 |
| Property and equipment |
319 |
368 |
(49) |
360 |
(41) |
| Operating lease right-of-use assets |
81 |
79 |
2 |
93 |
(12) |
| Total Assets |
$145,785 |
$261,184 |
($115,399) |
$128,862 |
$16,923 |
| Accounts payable and other liabilities |
410 |
401 |
9 |
269 |
141 |
| Operating lease liabilities |
102 |
100 |
2 |
111 |
(9) |
| Liabilities due to resolutions |
22,513 |
140,311 |
(117,798) |
0 |
22,513 |
| Postretirement benefit liability |
256 |
232 |
24 |
232 |
24 |
| Contingent liability for anticipated failures |
726 |
801 |
(75) |
31 |
695 |
| Contingent liability for litigation losses |
0 |
0 |
0 |
1 |
(1) |
| Total Liabilities |
$24,007 |
$141,845 |
($117,838) |
$644 |
$23,363 |
| FYI: Unrealized gain (loss) on U.S. Treasury securities, net |
(29) |
(667) |
638 |
(2,985) |
2,956 |
| FYI: Unrealized postretirement benefit (loss) gain |
10 |
27 |
(17) |
27 |
(17) |
| Fund Balance |
$121,778 |
$119,339 |
$2,439 |
$128,218 |
($6,440) |
In 2023, the DIF’s
comprehensive loss
totaled $6.4 billion
compared to
comprehensive income of
$5.1 billion in 2022. The
year-over-year change of
$11.5 billion was primarily
due to a $41.0 billion
increase in provision for
insurance losses and a
$2.3 billion realized loss on
sale of U.S. Treasury (UST)
securities, partially offset
by a $24.9 billion increase
in assessment revenue, a
$5.8 billion increase in UST
securities market
valuation adjustments and
a $1.5 billion increase in
interest revenue from UST
securities.
Highlights of DIF Comprehensive Income for the Years 2019 through 2023
(dollars in billions)
|
2019 |
2020 |
2021 |
2022 |
2023 |
| Assessments |
$4.9 |
$7.1 |
$7.1 |
$8.3 |
$33.2 |
| Earnings on U.S.T. Securities |
$3.3 |
$2.2 |
($0.3) |
($1.6) |
$3.4 |
| Operating Expenses |
($1.8) |
($1.8) |
($1.8) |
($1.9) |
($2.1) |
| Provision for Insurance Losses |
$1.3 |
$0.2 |
$0.1 |
$0.1 |
($41.0) |
| Comprehensive Income |
$7.7 |
$7.5 |
$5.2 |
$5.1 |
($6.4) |
