Sallie Mae 2009 Annual Report Download - page 102

Managed Borrowings
The following tables present the ending balances of our Managed borrowings at December 31, 2009,
2008 and 2007, and average balances and average interest rates of our Managed borrowings for the years
ended December 31, 2009, 2008 and 2007. The average interest rates include derivatives that are economically
hedging the underlying debt but do not qualify for hedge accounting treatment under ASC 815. (See
“BUSINESS SEGMENTS — Limitations of ‘Core Earnings’ — Pre-tax Differences between ‘Core Earnings’
and GAAP by Business Segment — Derivative Accounting — Reclassification of Realized Gains (Losses) on
Derivative and Hedging Activities.”)
Ending Balances
Short
Term
Long
Term
Total
Managed
Basis
Short
Term
Long
Term
Total
Managed
Basis
Short
Term
Long
Term
Total
Managed
Basis
Ending Balance Ending Balance Ending Balance
2009 2008 2007
As of December 31,
Unsecured borrowings . . . ........... $ 5,185 $ 22,797 $ 27,982 $ 6,794 $ 31,182 $ 37,976 $ 8,297 $ 36,796 $ 45,093
Unsecured term bank deposits . . . ...... 842 4,795 5,637 1,148 1,108 2,256 254 — 254
Indentured trusts (on-balance sheet) ..... 64 1,533 1,597 31 1,972 2,003 100 2,481 2,581
ED Participation Program facility (on-
balance sheet)
(1)
................. 9,006 — 9,006 7,365 — 7,365 — — —
ED Conduit Program facility (on-balance
sheet) . . ..................... 14,314 — 14,314 — — — — — —
ABCP borrowings (on-balance sheet)
(2)
. . . — 8,801 8,801 24,768 — 24,768 25,960 67 26,027
Securitizations (on-balance sheet) . ...... — 89,200 89,200 — 80,601 80,601 — 68,048 68,048
Securitizations (off-balance sheet). ...... — 33,615 33,615 — 37,159 37,159 — 42,088 42,088
Other ......................... 1,472 — 1,472 1,827 — 1,827 1,342 — 1,342
Total.......................... $30,883 $160,741 $191,624 $41,933 $152,022 $193,955 $35,953 $149,480 $185,433
(1)
The Company has the option of paying off this amount with cash or by putting the loans to ED as previously discussed.
(2)
Includes $1.9 billion outstanding in the 2008 Asset-Backed Loan Facility at December 31, 2008. There was no outstanding balance at
December 31, 2009 or December 31, 2007.
Average Balances
Average
Balance
Average
Rate
Average
Balance
Average
Rate
Average
Balance
Average
Rate
2009 2008 2007
Years Ended December 31,
Unsecured borrowings ............... $ 31,863 1.93% $ 39,794 3.65% $ 46,095 5.58%
Unsecured term bank deposits ......... 4,754 3.50 854 4.07 166 5.26
Indentured trusts (on-balance sheet) ..... 1,811 1.07 2,363 3.90 2,768 4.90
ED Participation Program facility (on-
balance sheet) ................... 14,174 1.43 1,727 3.43 — —
ED Conduit Program facility (on-balance
sheet) .......................... 7,340 .75 — — — —
ABCP borrowings (on-balance sheet)
(1)
. . . 16,239 2.93 24,855 5.27 13,938 5.85
Securitizations (on-balance sheet) ....... 85,612 1.38 76,028 3.26 62,765 5.55
Securitizations (off-balance sheet)....... 35,377 .82 39,625 3.11 45,733 5.68
Other ............................ 1,391 .31 2,063 2.35 637 4.85
Total ............................ $198,561 1.51% $187,309 3.58% $172,102 5.60%
(1)
Includes the 2008 Asset-Backed Loan Facility.
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