Sallie Mae 2011 Annual Report Download - page 112

SLM CORPORATION
CONSOLIDATED BALANCE SHEETS
(In millions, except per share amounts)
December 31,
2011
December 31,
2010
Assets
FFELP Loans (net of allowance for losses of $187 and $189, respectively) .......................... $138,130 $148,649
Private Education Loans (net of allowance for losses of $2,171 and $2,022 respectively) ............... 36,290 35,656
Investments
Available-for-sale ..................................................................... 70 83
Other ............................................................................... 1,052 873
Total investments ....................................................................... 1,122 956
Cash and cash equivalents ................................................................ 2,794 4,343
Restricted cash and investments ............................................................ 5,873 6,255
Goodwill and acquired intangible assets, net .................................................. 478 478
Other assets ........................................................................... 8,658 8,970
Total assets ............................................................................ $193,345 $205,307
Liabilities
Short-term borrowings ................................................................... $ 29,573 $ 33,616
Long-term borrowings ................................................................... 154,393 163,543
Other liabilities ......................................................................... 4,128 3,136
Total liabilities ......................................................................... 188,094 200,295
Commitments and contingencies
Equity
Preferred stock, par value $.20 per share, 20 million shares authorized
Series A: 3.3 million and 3.3 million shares issued, respectively, at stated value of $50 per share ...... 165 165
Series B: 4 million and 4 million shares issued, respectively, at stated value of $100 per share ......... 400 400
Common stock, par value $.20 per share, 1.125 billion shares authorized: 529 million and 595
million shares issued, respectively ........................................................ 106 119
Additional paid-in capital ................................................................. 4,136 5,940
Accumulated other comprehensive loss (net of tax benefit of $8 and $26, respectively) ................ (14) (45)
Retained earnings ....................................................................... 770 309
Total SLM Corporation stockholders’ equity before treasury stock ................................ 5,563 6,888
Less: Common stock held in treasury at cost: 20 million and 68 million shares, respectively ............ 320 1,876
Total SLM Corporation stockholders’ equity ................................................. 5,243 5,012
Noncontrolling interest ................................................................... 8 —
Total equity ........................................................................... 5,251 5,012
Total liabilities and equity ................................................................ $193,345 $205,307
Supplemental information — assets and liabilities of consolidated variable interest entities:
December 31,
2011
December 31,
2010
FFELP Loans .......................................................................... $135,536 $145,750
Private Education Loans .................................................................. 24,962 24,355
Restricted cash and investments ............................................................ 5,609 5,983
Other assets ........................................................................... 2,638 3,706
Short-term borrowings ................................................................... 21,313 24,484
Long-term borrowings ................................................................... 134,533 142,244
Net assets of consolidated variable interest entities ............................................. $ 12,899 $ 13,066
See accompanying notes to consolidated financial statements.
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