Sallie Mae 2003 Annual Report Download - page 18

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16
Consolidated Balance Sheets
DECEMBER 31,
(Dollars and shares in thousands, except per share amounts) 2003 2002
ASSETS
Federally insured student loans (net of allowance
for losses of $23,787 and $36,325, respectively) $29,216,914 $37,172,120
Federally insured student loans in trust (net of allowance
for losses of $19,710) 16,354,805 —
Private credit student loans (net of allowance
for losses of $168,212 and $194,359, respectively) 4,475,510 5,167,555
Academic facilities financings and other loans 1,030,907 1,202,045
Investments 5,268,179 4,231,501
Cash and cash equivalents 1,652,470 486,692
Restricted cash 1,080,702 271,610
Retained interest in securitized receivables 2,475,836 2,145,523
Goodwill and acquired intangible assets 592,112 586,127
Other assets 2,463,216 1,911,832
Total assets $64,610,651 $53,175,005
LIABILITIES
Short-term borrowings $18,735,385 $25,618,955
Borrowings collateralized by loans in trust 16,597,396 —
Long-term notes 23,210,778 22,242,115
Other liabilities 3,437,046 3,315,985
Total liabilities 61,980,605 51,177,055
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY
Preferred stock, Series A, par value $.20 per share, 20,000 shares authorized:
3,300 and 3,300 shares issued, respectively, at stated value of $50 per share 165,000 165,000
Common stock, par value $.20 per share, 1,125,000 shares authorized:
472,643 and 624,552 shares issued, respectively 94,529 124,910
Additional paid-in-capital 1,553,240 1,102,574
Accumulated other comprehensive income
(net of tax of $229,181 and $319,178, respectively) 425,621 592,760
Retained earnings 941,284 2,718,226
Stockholders’ equity before treasury stock 3,179,674 4,703,470
Common stock held in treasury at cost: 24,965 and 166,812 shares, respectively 549,628 2,705,520
Total stockholders’ equity 2,630,046 1,997,950
Total liabilities and stockholders’ equity $64,610,651 $53,175,005
The financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Form 10-K filed with the Securities and Exchange Commission.