Sallie Mae 2010 Annual Report Download - page 154
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7. Borrowings (Continued)
At December 31, 2010, we had outstanding long-term borrowings with call features totaling $2.9 billion.
Generally, these instruments are callable at the par amount. As of December 31, 2010, the stated maturities
and maturities if accelerated to the call dates are shown in the following table:
Unsecured
Borrowings
Unsecured
Term Bank
Deposits
Secured
Borrowings Total
(2)
Unsecured
Borrowings
Unsecured
Term Bank
Deposits
Secured
Borrowings Total
Stated Maturity
(1)
Maturity to Call Date
(1)
December 31, 2010
Year of
Maturity
2011 . . ...... $ — $ — $ 16,254,625 $ 16,254,625 $ 1,586,390 $ 58,728 $ 20,958,756 $ 22,603,874
2012 . . ...... 1,801,338 1,531,860 13,614,267 16,947,465 1,846,786 1,531,860 11,450,578 14,829,224
2013 . . ...... 2,335,616 758,730 12,203,644 15,297,990 2,309,194 758,730 11,015,375 14,083,299
2014 . . ...... 3,841,274 810,807 9,893,645 14,545,726 3,938,632 810,807 9,680,796 14,430,235
2015 . . ...... 710,418 — 9,206,628 9,917,046 799,296 — 8,993,780 9,793,076
2016-2047 . . . . 7,053,269 58,728 80,824,530 87,936,527 5,261,617 — 79,898,054 85,159,671
15,741,915 3,160,125 141,997,339 160,899,379 15,741,915 3,160,125 141,997,339 160,899,379
Hedge
accounting
adjustments . . 1,277,865 56,040 1,310,220 2,644,125 1,277,865 56,040 1,310,220 2,644,125
Total . . ...... $17,019,780 $3,216,165 $143,307,559 $163,543,504 $17,019,780 $3,216,165 $143,307,559 $163,543,504
(1) We view our on-balance sheet securitization trust debt as long-term based on the contractual maturity dates and projects the expected
principal paydowns based on our current estimates regarding loan prepayment speeds. The projected principal paydowns in year 2011
include $16.3 billion related to the on-balance sheet securitization trust debt.
(2) The aggregate principal amount of debt that matures in each period is $16.3 billion in 2011, $17.0 billion in 2012, $15.4 billion in
2013, $14.6 billion in 2014, $10.0 billion in 2015, and $88.7 billion in 2016-2047.
Secured Borrowings
VIEs are required to be consolidated by their primary beneficiaries. The criteria to be considered the
primary beneficiary changed on January 1, 2010 (see Note 2, “Significant Accounting Policies — Consolida-
tion” for further discussion).
F-51
SLM CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Dollars in thousands, except per share amounts, unless otherwise stated)