Sallie Mae 2012 Annual Report Download - page 179
Download and view the complete annual report
Please find page 179 of the 2012 Sallie Mae annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
1 -
2
-
3
-
4
-
5
-
6
-
7
-
8
-
9
-
10
-
11
-
12
-
13
-
14
-
15
-
16
-
17
-
18
-
19
-
20
-
21
-
22
-
23
-
24
-
25
-
26
-
27
-
28
-
29
-
30
-
31
-
32
-
33
-
34
-
35
-
36
-
37
-
38
-
39
-
40
-
41
-
42
-
43
-
44
-
45
-
46
-
47
-
48
-
49
-
50
-
51
-
52
-
53
-
54
-
55
-
56
-
57
-
58
-
59
-
60
-
61
-
62
-
63
-
64
-
65
-
66
-
67
-
68
-
69
-
70
-
71
-
72
-
73
-
74
-
75
-
76
-
77
-
78
-
79
-
80
-
81
-
82
-
83
-
84
-
85
-
86
-
87
-
88
-
89
-
90
-
91
-
92
-
93
-
94
-
95
-
96
-
97
-
98
-
99
-
100
-
101
-
102
-
103
-
104
-
105
-
106
-
107
-
108
-
109
-
110
-
111
-
112
-
113
-
114
-
115
-
116
-
117
-
118
-
119
-
120
-
121
-
122
-
123
-
124
-
125
-
126
-
127
-
128
-
129
-
130
-
131
-
132
-
133
-
134
-
135
-
136
-
137
-
138
-
139
-
140
-
141
-
142
-
143
-
144
-
145
-
146
-
147
-
148
-
149
-
150
-
151
-
152
-
153
-
154
-
155
-
156
-
157
-
158
-
159
-
160
-
161
-
162
-
163
-
164
-
165
-
166
-
167
-
168
-
169 -
170 -
171 -
172 -
173 -
174 -
175 -
176 -
177 -
178 -
179 -
180 -
181 -
182 -
183 -
184 -
185 -
186 -
187 -
188 -
189 -
190
-
191
-
192
-
193
-
194
-
195
-
196
-
197
-
198
-
199
-
200
-
201
-
202
-
203
-
204
-
205
-
206
-
207
 |
 |
SLM CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
13. Fair Value Measurements (Continued)
Year Ended December 31, 2010
Derivative instruments
(Dollars in millions)
Residual
Interests
Interest
Rate Swaps
Floor Income
Contracts
Cross
Currency
Interest
Rate Swaps Other
Total
Derivative
Instruments Total
Balance, beginning of
period ................. $1,828 $(272) $(54) $ 1,596 $(18) $1,252 $ 3,080
Total gains/(losses) (realized
and unrealized):
Included in earnings(1) ....... — 234 3 (834) 34 (563) (563)
Included in other
comprehensive income .... — — — — — — —
Settlements ............... — 4 51 (208) 10 (143) (143)
Cumulative effect of
accounting change(3 ) ...... (1,828) (56) — 873 — 817 (1,011)
Transfers in and/or out of
level 3 ................. — — — — — — —
Balance, end of period ..... $ — $ (90) $ — $ 1,427 $ 26 $1,363 $ 1,363
Change in unrealized gains/
(losses) relating to
instruments still held at the
reporting date(2) .......... $ — $111 $— $(1,010) $ 36 $ (863) $ (863)
(1) “Included in earnings” is comprised of the following amounts recorded in the specified line item in the consolidated statements of
income:
Years Ended December 31,
(Dollars in millions) 2012 2011 2010
Gains (losses) on derivative and hedging activities, net ............................ $ 37 $(298) $(732)
Interest expense ........................................................... 120 224 169
Total .................................................................... $157 $ (74) $(563)
(2) Recorded in “gains (losses) on derivative and hedging activities, net” in the consolidated statements of income.
(3) On January 1, 2010, upon adoption of new consolidation accounting guidance, all off-balance sheet loans were consolidated on-
balance sheet (see “Note 2 — Significant Accounting Policies — Consolidation”). This resulted in the removal of the Residual
Interest and the recording of the fair value of swaps previously not in our consolidated results.
F-69