Sallie Mae 2012 Annual Report Download - page 156
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SLM CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
6. Borrowings (Continued)
Secured Borrowings
We currently consolidate all of our financing entities that are VIEs as a result of being the entities’ primary
beneficiary. As a result, these financing VIEs are accounted for as secured borrowings. We consolidate the
following financing VIEs as of December 31, 2012 and 2011:
December 31, 2012
Debt Outstanding
Carrying Amount of Assets Securing Debt
Outstanding
(Dollars in millions)
Short
Term
Long
Term Total Loans Cash Other Assets Total
Secured Borrowings — VIEs:
ED Conduit Program Facility .... $ 9,551 $ — $ 9,551 $ 9,645 $ 410 $ 134 $ 10,189
FFELP ABCP Facility ......... — 4,154 4,154 4,405 77 63 4,545
Private Education Loan ABCP
Facility ................... — 1,070 1,070 1,454 302 33 1,789
Securitizations — FFELP
Loans .................... — 105,525 105,525 107,009 3,652 608 111,269
Securitizations — Private
Education Loans ............ — 19,656 19,656 24,618 385 545 25,548
Total before hedge accounting
adjustments ................ 9,551 130,405 139,956 147,131 4,826 1,383 153,340
Hedge accounting adjustments . . . — 1,113 1,113 — — 929 929
Total ....................... $ 9,551 $131,518 $141,069 $147,131 $4,826 $2,312 $154,269
December 31, 2011
Debt Outstanding
Carrying Amount of Assets Securing Debt
Outstanding
(Dollars in millions)
Short
Term
Long
Term Total Loans Cash Other Assets Total
Secured Borrowings — VIEs:
ED Conduit Program Facility .... $21,313 $ — $ 21,313 $ 21,445 $ 621 $ 442 $ 22,508
FFELP ABCP Facility ......... — 4,445 4,445 4,834 86 54 4,974
Private Education Loan ABCP
Facility ................... — 1,992 1,992 2,595 401 76 3,072
Securitizations — FFELP
Loans .................... — 107,905 107,905 109,257 3,783 529 113,569
Securitizations — Private
Education Loans ............ — 19,297 19,297 22,367 718 582 23,667
Total before hedge accounting
adjustments ................ 21,313 133,639 154,952 160,498 5,609 1,683 167,790
Hedge accounting adjustments . . . — 894 894 — — 955 955
Total ....................... $21,313 $134,533 $155,846 $160,498 $5,609 $2,638 $168,745
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