Sallie Mae 2010 Annual Report Download - page 142
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5. Investments (Continued)
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
December 31, 2009
Investments
Available-for-sale
U.S. Treasury securities and other U.S.
government agency obligations ......... $ 272 $ — $ — $ 272
Other securities:
Asset-backed securities............... 110,336 306 (893) 109,749
Commercial paper and asset-backed
commercial paper . . ............... 1,149,981 — — 1,149,981
Municipal bonds ................... 9,935 1,942 — 11,877
Other ............................ 1,550 — (154) 1,396
Total investment securities available-for-sale . . $1,272,074 $2,248 $(1,047) $1,273,275
Restricted Investments
Available-for sale
U.S. Treasury securities and other U.S.
government agency obligations ......... $ 25,026 $ — $ — $ 25,026
Guaranteed investment contracts.......... 26,951 — — 26,951
Total restricted investments
available-for-sale ................... $ 51,977 $ — $ — $ 51,977
Held-to-maturity
Guaranteed investment contracts.......... $ 3,550 $ — $ — $ 3,550
Other.............................. 215 — — 215
Total restricted investments held-to-maturity . . . $ 3,765 $ — $ — $ 3,765
As of December 31, 2010 and 2009, $2 million and $1 million of the net unrealized gain/(loss) (after tax)
related to available-for-sale investments was included in accumulated other comprehensive income. As of
December 31, 2010 and 2009, $36 million (all of which is in restricted cash and investments on the balance
sheet) and $50 million ($25 million of which is in restricted cash and investments on the balance sheet),
respectively, of available-for-sale investment securities were pledged as collateral.
There were no available-for-sale securities sold in 2010. We sold available-for-sale securities with a fair
value of $100 million and $457 million for the years ended December 31, 2009 and 2008, respectively. There
were no realized gains/(losses) for the years ended December 31, 2010 and 2009. There were $14 million in
realized gains (net of hedging losses totaling $4 million) for the year ended December 31, 2008. The cost
basis for these securities was determined through specific identification of the securities sold.
F-39
SLM CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Dollars in thousands, except per share amounts, unless otherwise stated)