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Chief Financial Officer's (CFO) Report to the Board

DIF Balance Sheet - First Quarter 2020

Fund Financial Results($ in millions)
Balance Sheet
 

Mar-20

Dec-19
Quarterly
Change

Mar-19
Year-Over-Year
Change
Cash and cash equivalents $9,490 $5,991 $3,499 $7,062 $2,428
Investment in US Treasury securities 99,733 100,072 (339) 93,507 6,226
Assessments receivable 1,357 1,242 115 1,372 (15)
Interest receivable on investments and other assets, net 709 1,021 (312) 567 142
Receivables from resolutions, net 2,456 2,669 (213) 3,187 (731)
Property and equipment, net 326 330 (4) 324 2
Operating lease right-of-use assets 120 0 120 0 120
Total Assets $114,191 $111,325 $2,866 $106,019 $8,172
Accounts payable and other liabilities 215 215 0 211 4
Operating lease liabilities 127 0 127 0 127
Liabilities due to resolutions 213 346 (133) 554 (341)
Postretirement benefit liability 289 289 0 236 53
Contingent liability for anticipated failures 107 94 13 115 (8)
Contingent liability for guarantee payments and litigation losses 34 34 0 33 1
Total Liabilities $985 $978 $7 $1,149 $(164)
FYI: Unrealized gain (loss) on US Treasury securities, net 2,037 587 1,450 (194) 2,231
FYI: Unrealized postretirement benefit (loss) gain (61) (61) 0 (14) (47)
Fund Balance $113,206 $110,347 $2,859 $104,870 $8,336

 

Maturity Timeline of Unrealized Gain on U.S. Treasury Securities as of 3/31/2020 (dollars in thousands)

Maturity Timeline of Unrealized Gain on U.S. Treasury Securities as of 3/31/2020 (dollars in thousands)
  Unrealized Gain on U.S. Treasury Securities
2Q20 $19,830
3Q20 $163,548
4Q20 $79,460
2021 $736,217
2022 $762,594
2023 $275,614

As each US Treasury security nears its maturity, the market value will approach the par value, and the unrealized gain will reduce to zero. For those securities that mature by year end 2020, their unrealized gain as of March 31, 2020 of $263 million, or 13 percent of total unrealized gains, will be reduced to zero.