Annual Report - CoBank

At December 31, 2011, gross minimum lease payments tobe received for direct financing leases and minimum futurerental revenue for noncancelable operating leases are asfollows:($ in Millions)YearMinimum LeasePaymentsMinimum FutureRental Revenue2012 $ 382 $1022013 321 712014 231 432015 140 242016 83 6Subsequent Years 136 7Note 4 – Investment SecuritiesA summary of investment securities available-for-salefollows. See Note 12 for disclosures about estimated fairvalues of financial instruments, including investments.($ in Millions)December 31, 2011AmortizedCostGrossUnrealizedGainsGrossUnrealizedLossesFairValueU.S. Treasury andAgency Debt $ 3,549 $ 89 $ - $ 3,638Mortgage-Backed:U.S. Agency 8,899 166 (4) 9,061Non-Agency 265 - (23) 242Asset-Backed 78 - (24) 54Total $ 12,791 $ 255 $ (51) $ 12,995($ in Millions)December 31, 2010AmortizedCostGrossUnrealizedGainsGrossUnrealizedLossesFairValueU.S. Treasury andAgency Debt $ 3,311 $ 47 $ - $ 3,358Mortgage-Backed:U.S. Agency 8,673 124 (58) 8,739Non-Agency 424 2 (24) 402Asset-Backed 143 - (25) 118Total $ 12,551 $ 173 $ (107) $ 12,617($ in Millions)December 31, 2009AmortizedCostGrossUnrealizedGainsGrossUnrealizedLossesFairValueU.S. Treasury andAgency Debt $ 3,314 $ 12 $ (5) $ 3,321Mortgage-Backed:U.S. Agency 7,616 150 (26) 7,740Non-Agency 656 - (82) 574Asset-Backed 225 - (52) 173Total $ 11,811 $ 162 $ (165) $ 11,808A summary of the contractual maturity, amortized cost,fair value and weighted average yield of investment securitiesby type at December 31, 2011 is as follows:U.S. Treasury and Agency Debt Securities($ in Millions)AmortizedCostFairValueWeightedAverageYieldIn One Year or Less $ 1,794 $ 1,7960.57 %One to Five Years 1,255 1,264 1.11Five to Ten Years 500 578 4.11After Ten Years - - -Total $ 3,549 $ 3,6381.26U.S. Agency Mortgage-Backed Securities($ in Millions)AmortizedCostFairValueWeightedAverageYieldIn One Year or Less $ - $ -- %One to Five Years 79 79 2.12Five to Ten Years 425 434 3.18After Ten Years 8,395 8,548 2.11Total $ 8,899 $ 9,0612.16Non-Agency Mortgage-Backed Securities($ in Millions)AmortizedCostFairValueWeightedAverageYieldIn One Year or Less $ - $ -- %One to Five Years - - -Five to Ten Years 20 19 0.75After Ten Years 245 223 3.15Total $ 265 $ 2422.98CoBank 2011 Annual Report80