Sallie Mae 2009 Annual Report Download - page 211

16. Fair Value Measurements (Continued)
The following table summarizes the change in balance sheet carrying value associated with Level 3
financial instruments carried at fair value on a recurring basis during the years ended December 31, 2009 and
2008.
(Dollars in millions)
Residual
Interests
Derivative
Instruments Total
Residual
Interests
Derivative
Instruments Total
2009 2008
Years Ended December 31,
Balance, beginning of period . . $2,200 $ (341) $1,859 $3,044 $ (71) $2,973
Total gains/(losses) (realized
and unrealized):
Included in earnings
(1)
....... 120 91 211 79 (314) (235)
Included in other
comprehensive income ..... — — — — — —
Purchases, issuances and
settlements .............. (492) 434 (58) (923) 35 (888)
Transfers in and/or out of
Level3................. — 1,068 1,068 — 9 9
Balance, end of period ...... $1,828 $1,252 $3,080 $2,200 $(341) $1,859
Change in unrealized
gains/(losses) relating to
instruments still held at the
reporting date ............ $ (330)
(2)
$ 439
(3)
$ 109 $ (424)
(2)
$(298)
(3)
$ (722)
(1)
“Included in earnings” is comprised of the following amounts recorded in the specified line item in the consolidated statements
of income:
(Dollars in millions) 2009 2008
Years Ended
December 31,
Servicing and securitization revenue . . . ........................................ $120 $ 79
Gains (losses) on derivative and hedging activities, net . .............................. 298 (314)
Interest expense . ....................................................... (207) —
Total . . . ............................................................ $211 $(235)
(2)
Recorded in “servicing and securitization revenue (loss)” in the consolidated statements of income.
(3)
Recorded in “gains (losses) on derivative and hedging activities, net” in the consolidated statements of income.
F-84
SLM CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Dollars in thousands, except per share amounts, unless otherwise stated)