Sallie Mae 2006 Annual Report Download - page 151

5. Investments (Continued)
In addition to the restricted investments detailed above, at December 31, 2006 and 2005 the Company
had restricted cash of $3.1 billion and $2.8 billion, respectively.
As of December 31, 2006 and 2005, $87 million and $141 million of the net unrealized gain (after tax)
related to available-for-sale investments was included in accumulated other comprehensive income. As of
December 31, 2006 and 2005, $418 million (of which $53 million is in restricted cash and investments on the
balance sheet) and $666 million (market value), respectively, of available-for-sale investment securities were
pledged as collateral.
The Company sold available-for-sale securities with a fair value of $26 million, $625 million, and
$124 million for the years ended December 31, 2006, 2005, and 2004, respectively. Realized gains/(losses)
were $(1) million, $1 million and $0 for the years ended December 31, 2006, 2005, and 2004, respectively.
The cost basis for these securities was determined through specific identification of the securities sold.
As of December 31, 2006, the stated maturities for the investments (including restricted investments) are
shown in the following table:
Held-to-
maturity
Available-for-
Sale Other
December 31, 2006
Year of Maturity
2007 ............................................. $ 862 $1,756,368 $ —
2008 ............................................. — 413,300 —
2009 ............................................. 828 435,180 —
2010 ............................................. 406 7,446 14,878
2011 ............................................. — 7,231 9,752
2012-2016 ........................................ — 3,505 47,032
After 2016 ........................................ 5,500 144,868 27,668
Total
(1)
........................................... $7,596 $2,767,898 $99,330
(1)
Available-for-sale securities in the above table are stated at fair value.
At December 31, 2006 and 2005, the Company also had other investments of $99 million and
$274 million, respectively. These investments included leveraged leases discussed below.
At December 31, 2006 and 2005, the Company had investments in leveraged leases, net of impairments,
totaling $93 million and $103 million, respectively, and direct financing leases totaling $16 million and
$19 million, respectively, that are general obligations of American Airlines and Federal Express Corporation.
The direct financing leases are carried in other assets on the balance sheet. In 2005 and 2004, the Company
recorded after-tax impairments of $25 million and $17 million to reflect the impairment of an aircraft leased
to Northwest Airlines and Delta Airlines, respectively.
F-32
SLM CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Dollars in thousands, except per share amounts, unless otherwise stated)