Sallie Mae 2010 Annual Report Download - page 54
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Gains on Debt Repurchases
We began repurchasing our outstanding debt in the second quarter of 2008. We repurchased $4.9 billion,
$3.4 billion and $1.9 billion face amount of our senior unsecured notes for the years ended December 31,
2010, 2009 and 2008, respectively. Since the second quarter of 2008, we repurchased $10.2 billion face
amount of our senior unsecured notes in the aggregate, with maturity dates ranging from 2008 to 2016.
Mortgage and Other Loans
Also included in this segment are our mortgage and other loan portfolios, which totaled $271 million at
December 31, 2010. We are no longer originating mortgage and other loans.
Overhead
Corporate overhead is comprised of costs related to executive management, the board of directors,
accounting, finance, legal, human resources and stock option expense. Information technology costs are related
to infrastructure and operations.
For the years ended December 31, 2010, 2009 and 2008, operating expenses for the Other segment
totaled $270 million, $243 million and $253 million, respectively.
2010 versus 2009
Operating expenses increased $27 million from 2009 to 2010. This increase in corporate overhead was
primarily attributable to increased technology costs associated with disaster recovery modernization, enterprise
architecture and information security upgrades.
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