Sallie Mae 2011 Annual Report Download - page 156
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SLM CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
6. Borrowings (Continued)
At December 31, 2011, we had outstanding long-term borrowings with call features totaling $5.1 billion. In
addition, we have $7.4 billion of prepayable debt related to our ABCP and acquisition financing facilities.
Generally, these instruments are callable at the par amount. As of December 31, 2011, the stated maturities and
maturities if accelerated to the call dates are shown in the following table:
December 31, 2011
Stated Maturity(1) Maturity to Call Date(1)
(Dollars in millions)
Senior
Unsecured
Debt
Brokered
Deposits
Secured
Borrowings Total(2)
Senior
Unsecured
Debt
Brokered
Deposits
Secured
Borrowings Total
Year of Maturity
2012 ............... $ — $ — $ 12,795 $ 12,795 $ 1,583 $ — $ 19,819 $ 21,402
2013 ............... 2,320 948 13,897 17,165 2,311 948 11,488 14,747
2014 ............... 3,034 1,008 13,036 17,078 3,160 1,008 10,008 14,176
2015 ............... 711 — 9,628 10,339 800 — 9,103 9,903
2016 ............... 2,301 — 9,321 11,622 2,301 — 9,035 11,336
2017-2047 ........... 6,833 — 75,878 82,711 5,044 — 75,102 80,146
15,199 1,956 134,555 151,710 15,199 1,956 134,555 151,710
Hedge accounting
adjustments ........ 1,744 45 894 2,683 1,744 45 894 2,683
Total ............... $16,943 $2,001 $135,449 $154,393 $16,943 $2,001 $135,449 $154,393
(1) We view our securitization trust debt as long-term based on the contractual maturity dates and projecting the expected principal paydowns
based on our current estimates regarding loan prepayment speeds. The projected principal paydowns in year 2012 include $12.8 billion
related to the securitization trust debt.
(2) The aggregate principal amount of debt that matures in each period is $12.9 billion in 2012, $17.3 billion in 2013, $17.2 billion in 2014,
$10.4 billion in 2015, $11.7 billion in 2016, and $83.3 billion in 2017-2047.
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 —
Consolidation” for further discussion).
F-47