Sallie Mae 2011 Annual Report Download - page 155
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SLM CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
6. Borrowings (Continued)
December 31, 2010 Year Ended
December 31,
2010
Weighted
Average
(Dollars in millions)
Ending
Balance(1)
Interest
Rate(2)
Average
Balance
Floating rate notes:
U.S. dollar-denominated:
Interest bearing, due 2012-2047 ..................... $124,053 1.12% $112,910
Non-U.S. dollar-denominated:
Interest bearing, due 2012-2041 ..................... 11,999 1.26 12,125
Total floating rate notes ............................... 136,052 1.13 125,035
Fixed rate notes:
U.S. dollar-denominated:
Interest bearing, due 2012-2043 ..................... 11,873 5.87 10,918
Non-U.S.-dollar denominated:
Interest bearing, due 2012-2039 ..................... 5,485 3.35 6,257
Total fixed rate notes ................................. 17,358 5.06 17,175
Brokered deposits — U.S. dollar-denominated, due
2012-2019 ........................................ 3,216 3.40 3,699
FFELP ABCP Facility ................................ 5,853 .81 4,855
SLC acquisition financing ............................. 1,064 4.76 3
Total long-term borrowings ............................ $163,543 1.60% $150,767
(1) Ending balance is expressed in U.S. dollars using the spot currency exchange rate. Includes fair value adjustments under ASC 815
for notes designated as the hedged item in a fair value hedge.
(2) Weighted average interest rate is stated rate relative to currency denomination of debt.
F-46