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DIF Balance Sheet

Last Updated: September 27, 2022

DIF Balance Sheet - Second Quarter 2022

Fund Financial Results ($ in millions)
Balance Sheet
Jun-22 Dec-21 Quarterly Change Mar-21 Year-Over-Year Change
Cash and cash equivalents $6,694 $5,802 $892 $5,361 $1,333
Investment in U.S. Treasury securities 114,574 114,230 344 111,991 2,583
Assessments receivable 1,968 1,818 150 1,755 213
Interest receivable on investments and other assets, net 792 776 16 832 (40)
Receivables from resolutions, net 733 815 (82) 908 (175)
Property and equipment 348 326 22 320 28
Operating lease right-of-use assets 73 80 (7) 100 (27)
Total Assets $125,182 $123,847 $1,335 $121,267 $3,915
Accounts payable and other liabilities 248 245 3 235 13
Operating lease liabilities 77 85 (8) 107 (30)
Liabilities due to resolutions 1 1 0 7 (6)
Postretirement benefit liability 332 332 0 336 (4)
Contingent liability for anticipated failures 66 145 (79) 35 31
Contingent liability for litigation losses 0 0 0 0 0
Total Liabilities $724 $808 ($84) $720 $4
FYI: Unrealized gain (loss) on U.S. Treasury securities, net (2,382) (1,835) (547) 552 (2,934)
FYI: Unrealized postretirement benefit (loss) gain (83) (83) 0 (98) 15
Fund Balance $124,458 $123,039 $1,419 $120,547 $3,911

Coverage Ratio Interest on U.S. Treasury (UST) Securities as a percentage of Operating Expenses ($ in millions)

Coverage Ratio Interest on U.S. Treasury
(UST) Securities as a percentage of Operating Expenses (dollars in millions)
  3Q 2020 4Q 2020 1Q 2021 2Q2021 3Q2021 4Q2021 1Q 2022 2Q 2022
Coverage Ratio 98% 91% 63% 58% 55% 52% 42% 46%
YTD Interest on UST securities 1,353 1,683 284 535 756 953 191 416
YTD Operating Expenses 1,376 1,846 454 920 1,368 1,843 453 913

Overnight interest has meaningfully increased, as the Federal Open Market Committee raised rates twice during the second quarter and reiterated its commitment to fighting inflation.  Yields on longer term securities have also increased, however, the majority of the current holdings were captured in a lower rate environment. The portfolio's future maturities are likely be reinvested in higher yielding securities as nearly 30% of the portfolio is scheduled to mature in the second half of the year.