Sallie Mae 2006 Annual Report Download - page 149
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5. Investments
A summary of investments and restricted investments as of December 31, 2006 and 2005 follows:
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Market
Value
December 31, 2006
Investments
Available-for-sale
U.S. Treasury and other U.S. government
agency obligations:
U.S. Treasury backed securities......... $1,292,121 $137,317 $ — $1,429,438
U.S. Treasury securities and other
U.S. government agency obligations . . . 41,237 — (536) 40,701
Other securities:
Asset-backed securities ............... 46,291 159 — 46,450
Commercial paper and asset-backed
commercial paper ................. 943,306 — — 943,306
Corporate notes .................... 4,177 50 (1) 4,226
Total investment securities
available-for-sale ................... $2,327,132 $137,526
(1)
$ (537) $2,464,121
Restricted Investments
Available-for sale
U.S. Treasury and other U.S. government
agency obligations .................. $ 77,837 $ 47 $(1,185) $ 76,699
Third party repurchase agreements ........ 83,800 — — 83,800
Guaranteed investment contracts .......... 91,662 — — 91,662
Corporate notes . ..................... 9,933 — (28) 9,905
Asset-backed securities................. 28,209 55 — 28,264
Other .............................. 13,373 74 — 13,447
Total available-for-sale restricted
investments . . ..................... $ 304,814 $ 176 $(1,213) $ 303,777
Held-to-maturity
Guaranteed investment contracts .......... $ 7,190 $ — $ — $ 7,190
Other securities . ..................... 406 — — 406
Total held-to-maturity restricted
investments . . ..................... $ 7,596 $ — $ — $ 7,596
(1)
Includes unrealized gains totaling $8 million for the investments designated as the hedged items in a SFAS No. 133 fair value
hedge. These gains have been recorded in the “gains (losses) on derivative hedging activities, net” line on the income statement
along with the gain (loss) related to the derivatives hedging such investments.
F-30
SLM CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Dollars in thousands, except per share amounts, unless otherwise stated)