Sallie Mae 2012 Annual Report Download - page 154

SLM CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
6. Borrowings (Continued)
Long-term Borrowings
The following tables summarize outstanding long-term borrowings (secured and unsecured), the weighted
average interest rates at the end of the periods, and the related average balances during the periods. Rates reflect
stated interest rate of borrowings and related discounts and premiums.
December 31, 2012 Year Ended
December 31,
2012
Weighted
Average
(Dollars in millions)
Ending
Balance(1)
Interest
Rate(2)
Average
Balance
Floating rate notes:
U.S. dollar-denominated:
Interest bearing, due 2014-2048 ................................ $112,408 1.04% $113,236
Non-U.S. dollar-denominated:
Interest bearing, due 2021-2041 ................................ 10,819 .53 11,463
Total floating rate notes ........................................... 123,227 1.00 124,699
Fixed rate notes:
U.S. dollar-denominated:
Interest bearing, due 2014-2046 ................................ 16,096 5.57 14,203
Non-U.S.-dollar denominated:
Interest bearing, due 2014-2039 ................................ 4,061 3.39 2,882
Total fixed rate notes ............................................. 20,157 5.13 17,085
Brokered deposits — U.S. dollar-denominated, due 2014-2017 ............ 3,120 1.77 2,216
FFELP ABCP Facility ............................................ 4,154 .74 4,726
Private Education Loan ABCP Facility ............................... 1,070 1.45 1,880
SLC acquisition financing ......................................... 673 4.71 791
Total long-term borrowings ........................................ $152,401 1.57% $151,397
December 31, 2011 Year Ended
December 31,
2011
Weighted
Average
(Dollars in millions)
Ending
Balance(1)
Interest
Rate(2)
Average
Balance
Floating rate notes:
U.S. dollar-denominated:
Interest bearing, due 2013-2047 ................................ $114,861 1.21% $120,045
Non-U.S. dollar-denominated:
Interest bearing, due 2013-2041 ................................ 11,838 1.77 11,872
Total floating rate notes ........................................... 126,699 1.26 131,917
Fixed rate notes:
U.S. dollar-denominated:
Interest bearing, due 2013-2044 ................................ 14,406 5.63 12,363
Non-U.S.-dollar denominated:
Interest bearing, due 2013-2039 ................................ 3,934 3.58 3,662
Total fixed rate notes ............................................. 18,340 5.18 16,025
Brokered deposits — U.S. dollar-denominated, due 2013-2014 ............ 2,001 3.15 2,171
FFELP ABCP Facility ............................................ 4,445 .81 4,768
Private Education Loan ABCP Facility ............................... 1,992 1.40 272
SLC acquisition financing ......................................... 916 4.79 998
Total long-term borrowings ........................................ $154,393 1.75% $156,151
(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.
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