Sallie Mae 2012 Annual Report Download - page 115

SLM CORPORATION
CONSOLIDATED BALANCE SHEETS
(In millions, except per share amounts)
December 31,
2012
December 31,
2011
Assets
FFELP Loans (net of allowance for losses of $159 and $187, respectively) .......................... $125,612 $138,130
Private Education Loans (net of allowance for losses of $2,171 and $2,171 respectively) ............... 36,934 36,290
Investments
Available-for-sale ..................................................................... 72 70
Other ............................................................................... 1,010 1,052
Total investments ....................................................................... 1,082 1,122
Cash and cash equivalents ................................................................ 3,900 2,794
Restricted cash and investments ............................................................ 5,011 5,873
Goodwill and acquired intangible assets, net .................................................. 448 478
Other assets ........................................................................... 8,273 8,658
Total assets ............................................................................ $181,260 $193,345
Liabilities
Short-term borrowings ................................................................... $ 19,856 $ 29,573
Long-term borrowings ................................................................... 152,401 154,393
Other liabilities ......................................................................... 3,937 4,128
Total liabilities ......................................................................... 176,194 188,094
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: 536 million and 529
million shares issued, respectively ........................................................ 107 106
Additional paid-in capital ................................................................. 4,237 4,136
Accumulated other comprehensive loss (net of tax benefit of $3 and $8, respectively) ................. (6) (14)
Retained earnings ....................................................................... 1,451 770
Total SLM Corporation stockholders’ equity before treasury stock ................................ 6,354 5,563
Less: Common stock held in treasury at cost: 83 million and 20 million shares, respectively ............ (1,294) (320)
Total SLM Corporation stockholders’ equity ................................................. 5,060 5,243
Noncontrolling interest ................................................................... 6 8
Total equity ........................................................................... 5,066 5,251
Total liabilities and equity ................................................................ $181,260 $193,345
Supplemental information — assets and liabilities of consolidated variable interest entities:
December 31,
2012
December 31,
2011
FFELP Loans .......................................................................... $121,059 $135,536
Private Education Loans .................................................................. 26,072 24,962
Restricted cash and investments ............................................................ 4,826 5,609
Other assets ........................................................................... 2,312 2,638
Short-term borrowings ................................................................... 9,551 21,313
Long-term borrowings ................................................................... 131,518 134,533
Net assets of consolidated variable interest entities ............................................. $ 13,200 $ 12,899
See accompanying notes to consolidated financial statements.
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