Sallie Mae 2007 Annual Report Download - page 155
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5. Investments
A summary of investments and restricted investments as of December 31, 2007 and 2006 follows:
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Market
Value
December 31, 2007
Investments
Available-for-sale
U.S. Treasury and other U.S. government
agency obligations:
U.S. Treasury backed securities......... $ 772,905 $66,400 $ — $ 839,305
U.S. Treasury securities and other
U.S. government agency obligations . . . 45,173 — (31) 45,142
Other securities:
Certificates of Deposit ............... 600,000 — — 600,000
Asset-backed securities ............... 35,994 — (146) 35,848
Commercial paper and asset-backed
commercial paper ................. 1,349,367 — — 1,349,367
Other ............................ 1,574 104 — 1,678
Total investment securities
available-for-sale . .................. $2,805,013 $66,504
(1)
$(177) $2,871,340
Restricted Investments
Available-for sale
Guaranteed investment contracts .......... $ 76,734 — — $ 76,734
Other . . ............................ 27,321 — — 27,321
Total available-for-sale restricted
investments ....................... $ 104,055 $ — $ — $ 104,055
Held-to-maturity
Guaranteed investment contracts .......... $ 5,500 $ — $ — $ 5,500
Other securities ...................... 215 — — 215
Total held-to-maturity restricted
investments ....................... $ 5,715 $ — $ — $ 5,715
(1)
Includes unrealized gains totaling $10 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 in the consolidated state-
ments of income along with the gain (loss) related to the derivatives hedging such investments.
F-34
SLM CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands, except per share amounts, unless otherwise stated)