assets - TIAA-CREF

ANNUAL STATEMENT FOR THE YEAR 2011 OF THE TEACHERS INSURANCE and ANNUITY ASSOCIATION of AMERICANOTES TO FINANCIAL STATEMENTS(2) The Company has admitted DTA pursuant to paragraph 10.e of SSAP No. 10R.(3) The Company recorded an increase in admitted DTA as the result of its election to employ the provisions ofparagraph 10.e. as follows (in thousands):Changes during 2011Description Ordinary Capital TotalGross deferred tax assets ............................................ $ (575,787) $ (207,673 ) $ (368,114 )Statutory valuation allowance ....................................... 3,324 --- 3,324Adjusted gross deferred tax assets.................................. (579,111) (207,673 ) (371,438 )Gross deferred tax liabilities.......................................... 43,697 714,276 757,973Net deferred tax asset before admissibility test.................... $ (622,808) $ (506,603 ) $ (1,129,411 )10.a Federal Income Taxes recoverable through loss carryback...... $ --- $ --- $ ---10.b.i Adj. Gross DTA expected to be realized in one year.............. $ (192,581) $ (473,103 ) $ (665,684 )10.b.ii 10% adj. statutory capital and surplus limit......................... $ N/A $ N/A $ 153,897Admitted pursuant to par. 10.b. (lesser of i. or ii.) ................. $ (99,079) $ (473,103 ) $ (572,182 )10.c Admitted pursuant to par. 10.c. ..................................... $ 43,697 $ 714,276 $ 757,97310.e.i Additional admitted pursuant to par. 10.e.i. ........................ $ --- $ --- $ ---10.e.ii.a Adj. Gross DTA expected to be realized in three years........... $ (485,197 ) $ 11,322 $ (473,875 )10.e.ii.b 15% adj. statutory capital and surplus limit......................... $ N/A $ N/A $ 2,394,970Additional admitted pursuant to par. 10.e.ii. (lesser of a. or b.) .. $ 340,388 $ 55,490 $ 395,87810.e.iii Additional admitted pursuant to par. 10.e.iii. ...................... $ --- $ --- $ ---Admitted deferred tax asset ...........................................$ 285,006 $ 296,663 $ 581,669Deferred tax liability .................................................... 43,697 714,276 757,973Change in net admitted DTA or DTL ................................ $ 241,309 $ (417,613 ) $ (176,304 )Change in nonadmitted DTA ..........................................$ (864,117 ) $ (88,990 ) $ (953,107 )(4) 12/31/2011 12/31/2010 Change(1) (2) (3) (4) (5) (6) (7) (8)(9)OrdinaryCapital(Col 1+2)TotalOrdinaryCapital(Col 4+5)Total(Col 1–4)Ordinary(Col 2–5)Capital(Col 7+8)TotalAdmission Calculation Components SSAP No. 10R, Paragraphs 10.a., 10.b., and 10.c.:a) SSAP No. 10R,Paragraph 10.a. $ --- $ --- $ --- $ --- $ --- $ --- $ --- $ --- $ ---b) SSAP No. 10R,Paragraph 10.b.(the lesser ofparagraph 10.b.i.and 10.b.ii. below 1,567,438 24,504 1,591,942 1,666,517 497,607 2,164,124 (99,079) (473,103) (572,182)c) SSAP No. 10RParagraph 10.b.i. 1,567,438 24,504 1,591,942 1,760,019 497,607 2,257,626 (192,581) (473,103) (665,684)d) SSAP No. 10RParagraph 10.b.ii. XXX XXX 2,318,021 XXX XXX 2,164,124 XXX XXX 153,897e) SSAP No. 10RParagraph 10.c. 337,500 714,276 1,051,776 293,803 --- 293,803 43,697 714,276 757,973f) Total (4a+4b+4e) $ 1,904,938 $ 738,780 $ 2,643,717 $ 1,960,320 $ 497,607 $ 2,457,927 $ (55,382) $ 241,173 $ 185,791Admission Calculation Components SSAP No. 10R, Paragraph 10.e.:g) SSAP No. 10RParagraph 10.e.i. $ --- $ --- $ --- $ --- $ --- $ --- $ --- $ --- $ ---h) SSAP No. 10R,Paragraph 10.e.ii.(the lesser ofparagraph10.e.ii.a. and10.e.ii.b. below.......1,417,630 60,309 1,477,939 1,077,242 4,819 1,082,061 340,388 55,490 395,878i) SSAP No. 10RParagraph10.e.ii.a. .............1,417,630 60,309 1,477,939 1,902,827 48,987 1,951,814 (485,197) 11,322 (473,875)j) SSAP No. 10RParagraph10.e.ii.b. .......... XXX XXX 3,477,031 XXX XXX 1,082,061 XXX XXX 2,394,970k) SSAP No. 10RParagraph 10.e.iii. --- --- --- --- --- --- --- --- ---I) Total (4g+4h+4k) ...... $ 1,417,630 $ 60,309 $ 1,477,939 $ 1,077,242 $ 4,819 $ 1,082,061 $ 340,388 $ 55,490 $ 395,878Used in SSAP No. 10R, Paragraph 10.d.m) Total AdjustedCapital ............... XXX XXX $ 30,826,271 XXX XXX $26,943,555 XXX XXX $ 3,882,716n) Authorized ControlLevel ................. XXX XXX $ 2,762,949 XXX XXX $ 2,478,017 XXX XXX $ 284,93219.7