Sallie Mae 2008 Annual Report Download - page 157
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5. Investments (Continued)
The Company sold available-for-sale securities with a fair value of $457 million, $73 million and
$26 million for the years ended December 31, 2008, 2007, and 2006, respectively. There were $14 million in
realized gains (net of hedging losses totaling $4 million) for the year ended December 31, 2008, no realized
gains/(losses) for the year ended December 31, 2007 and $1 million in realized losses for the year ended
December 31, 2006. The cost basis for these securities was determined through specific identification of the
securities sold. Additionally, the Company recorded an impairment of $8 million on its remaining $97 million
investment in the Reserve Primary Fund.
As of December 31, 2008, the stated maturities for the investments (including restricted investments) are
shown in the following table:
Held-to-
Maturity
Available-for-
Sale
(1)
Other
December 31, 2008
Year of Maturity
2009 ........................................... $ — $811,815 $ 98,368
2010 ........................................... 215 — 9,694
2011 ........................................... — — 5,522
2012 ........................................... — — 5,718
2013 ........................................... — — —
2014-2018 . . ..................................... — 12,572 33,194
After 2018 . . ..................................... 5,500 68,535 27,901
Total ........................................... $5,715 $892,922 $180,397
(1)
Available-for-sale securities are stated at fair value.
At December 31, 2008 and 2007, the Company also had other investments of $180 million and
$93 million, respectively. These investments included leveraged leases which at December 31, 2008 and 2007,
net of impairments, totaled $76 million and $86 million, respectively, and direct financing leases totaling
$12 million and $14 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. At
December 31, 2008, other investments also included the Company’s remaining investment in The Reserve
Primary Fund totaling $97 million.
F-37
SLM CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Dollars in thousands, except per share amounts, unless otherwise stated)