Sallie Mae 2006 Annual Report Download - page 150
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5. Investments (Continued)
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Market
Value
December 31, 2005
Investments
Available-for-sale
U.S. Treasury and other U.S. government agency
obligations:
U.S. Treasury backed securities ................ $1,331,268 $251,045 $ — $1,582,313
U.S. Treasury securities...................... 248 — — 248
U.S. government agency obligations . ........... 12,392 — (225) 12,167
State and political subdivisions of the U.S.:
Student loan revenue bonds ................... 8,138 76 — 8,214
Other securities:
Certificates of Deposit....................... 190,250 — — 190,250
Asset-backed securities ...................... 64,121 241 — 64,362
Commercial paper .......................... 118,684 — — 118,684
Repurchase agreements ...................... 118,511 — — 118,511
Other securities ............................ 176 266 — 442
Total investment securities available-for-sale ........ $1,843,788 $251,628
(1)
$ (225) $2,095,191
Restricted Investments
Trading
U.S. Treasury and other U.S. government agency
obligations:
U.S. Treasury securities...................... $ 145 $ 1 $ — $ 146
Total trading restricted investments ............... $ 145 $ 1 $ — $ 146
Available-for sale
U.S. Treasury and other U.S. government agency
obligations ............................... $ 180,466 $ — $(2,916) $ 177,550
Third party repurchase agreements ............... 100,500 — — 100,500
Guaranteed investment contracts ................. 129,112 — — 129,112
Commercial paper ........................... 49,892 — — 49,892
Total available-for-sale restricted investments ....... $ 459,970 $ — $(2,916) $ 457,054
Held-to-maturity
Guaranteed investment contracts ................. $ 7,190 $ 66 $ (14) $ 7,242
Other securities ............................. 15,646 — — 15,646
Total held-to-maturity restricted investments ........ $ 22,836 $ 66 $ (14) $ 22,888
(1)
Includes unrealized gains totaling $38 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-31
SLM CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Dollars in thousands, except per share amounts, unless otherwise stated)