Sallie Mae 2010 Annual Report Download - page 151
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7. Borrowings (Continued)
interest obligations on fixed or variable rate notes (see Note 9, “Derivative Financial Instruments”). Payments
and receipts on our interest rate and currency swaps are not reflected in the following tables.
The following table summarizes our borrowings as of December 31, 2010 and 2009.
(Dollars in millions)
Short
Term
Long
Term Total
Short
Term
Long
Term Total
December 31, 2010 December 31, 2009
Unsecured borrowings . ........ $ 4,361 $ 15,742 $ 20,103 $ 5,185 $ 22,797 $ 27,982
Unsecured term bank deposits . . . 1,387 3,160 4,547 842 4,795 5,637
FHLB-DM facility . . . ........ 900 — 900 — — —
ED Participation Program
facility .................. — — — 9,006 — 9,006
ED Conduit Program facility .... 24,484 — 24,484 14,314 — 14,314
ABCP borrowings ............ — 5,853 5,853 — 8,801 8,801
SLC acquisition financing ...... — 1,064 1,064 — — —
FFELP Loans securitizations .... — 112,425 112,425 — 81,923 81,923
Private Education Loans
securitizations ............. — 21,409 21,409 — 7,277 7,277
Indentured trusts ............. — 1,246 1,246 64 1,533 1,597
Other
(1)
.................... 2,257 — 2,257 1,472 — 1,472
Total before hedge accounting
adjustments ............... 33,389 160,899 194,288 30,883 127,126 158,009
Hedge accounting adjustments . . . 227 2,644 2,871 14 3,420 3,434
Total ...................... $33,616 $163,543 $197,159 $30,897 $130,546 $161,443
(1)
At December 31, 2010, “other” primarily consists of $0.9 billion of cash collateral held related to derivative exposures that are
recorded as a short-term debt obligation, as well as $1.4 billion of unsecured other bank deposits. At December 31, 2009,
“other” primarily consisted of cash collateral held related to derivative exposures that are recorded as short-term debt obligation.
Short-term Borrowings
Short-term borrowings have a remaining term to maturity of one year or less. The following tables
summarize outstanding short-term borrowings (secured and unsecured) at December 31, 2010 and 2009, the
weighted average interest rates at the end of each period, and the related average balances and weighted
F-48
SLM CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Dollars in thousands, except per share amounts, unless otherwise stated)