assets - TIAA-CREF

ANNUAL STATEMENT FOR THE YEAR 2011 OF THE TEACHERS INSURANCE and ANNUITY ASSOCIATION of AMERICANOTES TO FINANCIAL STATEMENTSAt December 31, 2011, the Company had foreign tax credit carry forwards as follows (in thousands):Year Incurred Foreign Tax Credit Year of Expiration2007 1,868 20172008 2,093 20182009 2,306 20192010 1,776 2020Total $ 8,043At December 31, 2011, the Company had General Business Credit carry forwards as follows (in thousands):Year IncurredGeneral BusinessCreditYear of Expiration2004 $ 1,356 20242005 1,992 20252006 5,118 20262007 6,508 20272008 5,061 20282009 2,324 20292010 53 2030Total $ 22,412Income tax expense for 2011 and 2010 that is available for recoupment in the event of future net losses: NoneDeposits admitted under IRC Sec. 6603: NoneF. The Company’s federal income tax return is consolidated with the following entities:1) TIAA-CREF Life Insurance Company 14) TIAA-CREF Tuition Financing, Inc.2) TIAA-CREF Asset Management, Inc. 15) TIAA-CREF Trust Company, FSB3) Dan Properties, Inc. 16) 730 Texas Forest Holdings, Inc.4) JV Georgia One, Inc. 17) TIAA Global Markets, Inc.5) JWL Properties, Inc. 18) T-C Sports Co., Inc.6) ND Properties, Inc. 19) TIAA Board of Overseers7) Savannah Teachers Properties, Inc. 20) TIAA Realty, Inc.8) TCT Holdings, Inc. 21) TIAA Park Evanston, Inc.9) Teachers Advisors, Inc. 22) Oleum Holding Company, Inc.10) Teachers Personal Investors Service, Inc. 23) Covariance Capital Management, Inc.11) T-Investment Properties Corp. 24) Westchester Group Investment Management, Inc.12) T-Land Corp. 25) Westchester Group Investment Management Holding13) WRC Properties, Inc. Company Inc.The consolidating companies participate in a tax-sharing agreement. Under the agreement, current federalincome tax expense (benefit) is computed on a separate return basis and provides that members shall makepayments or receive reimbursements to the extent that their income (loss) contributes to or reducesconsolidated federal tax expense. The consolidating companies are reimbursed for net operating losses orother tax attributes they have generated when utilized in the consolidated return.On January 1, 2012, SSAP No. 101 replaces SSAP 10R as the statutory accounting principle used todetermine and record the Company’s current and deferred income taxes. The company has examined thepotential effects that SSAP No. 101 would have on its current and deferred taxes were it enacted forDecember 31, 2011. The Company has determined that SSAP No. 101 would not have a material effect onthe current and deferred taxes, or surplus, presented above under SSAP No. 10R.10. Information Concerning Parent, Subsidiaries and AffiliatesA., B. and C. The Company did not have any material related party transactions or transactions with itssubsidiaries that exceeded one half of 1% of the Company’s total admitted assets. (See Schedule Y, Part 2)D. As of December 31, 2011 and December 31, 2010, the net amount due from subsidiaries and affiliates was$94,171,317 and $30,990,390, respectively. The net amounts due are generally settled on a daily basisexcept for TIAA Realty, Inc., ND Properties, Inc., Teachers Advisors, Inc. (“Advisors”), TIAA-CREF TuitionFinancing, Inc. (“TFI”), Teachers Personal Investors Services, Inc. (“TPIS”), TIAA-CREF Individual andInstitutional Services, LLC (“Services”), and TIAA-CREF Asset Management, Inc. which are settledquarterly.E. There are no guarantees or undertakings, written or otherwise, for the benefit of an affiliate or related partythat resulted in a material contingent exposure of the reporting entity’s or any related party’s assets orliabilities.F. Two subsidiaries of the Company provide at-cost investment advisory and distribution services to CollegeRetirement Equities Funds (“CREF”). Such services are provided in accordance with an Amended andRestated Investment Services Agreement, dated as of January 2, 2008, between CREF and TIAA-CREFInvestment Management, LLC (“Investment Management”) and in accordance with a Principal Underwriting19.10