Sallie Mae 2013 Annual Report Download - page 143

SLM CORPORATION
CONSOLIDATED BALANCE SHEETS
(In millions, except per share amounts)
December 31,
2013
December 31,
2012
Assets
FFELP Loans (net of allowance for losses of $119 and $159, respectively) .......................... $104,588 $125,612
Private Education Loans (net of allowance for losses of $2,097 and $2,171 respectively) ............... 37,512 36,934
Investments
Available-for-sale ..................................................................... 109 72
Other ............................................................................... 783 1,010
Total investments ....................................................................... 892 1,082
Cash and cash equivalents ................................................................ 5,190 3,900
Restricted cash and investments ............................................................ 3,650 5,011
Goodwill and acquired intangible assets, net .................................................. 424 448
Other assets ........................................................................... 7,287 8,273
Total assets ............................................................................ $159,543 $181,260
Liabilities
Short-term borrowings ................................................................... $ 13,795 $ 19,856
Long-term borrowings ................................................................... 136,648 152,401
Other liabilities ......................................................................... 3,458 3,937
Total liabilities ......................................................................... 153,901 176,194
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: 545 million and 536
million shares issued, respectively ........................................................ 109 107
Additional paid-in capital ................................................................. 4,399 4,237
Accumulated other comprehensive income (loss) (net of tax (expense) benefit of $(7) and $3,
respectively) ......................................................................... 13 (6)
Retained earnings ....................................................................... 2,584 1,451
Total SLM Corporation stockholders’ equity before treasury stock ................................ 7,670 6,354
Less: Common stock held in treasury at cost: 116 million and 83 million shares, respectively ........... (2,033) (1,294)
Total SLM Corporation stockholders’ equity ................................................. 5,637 5,060
Noncontrolling interest ................................................................... 5 6
Total equity ........................................................................... 5,642 5,066
Total liabilities and equity ................................................................ $159,543 $181,260
Supplemental information — assets and liabilities of consolidated variable interest entities:
December 31,
2013
December 31,
2012
FFELP Loans .......................................................................... $ 99,254 $121,059
Private Education Loans .................................................................. 25,530 26,072
Restricted cash and investments ............................................................ 3,395 4,826
Other assets ........................................................................... 2,322 2,312
Short-term borrowings ................................................................... 3,655 9,551
Long-term borrowings ................................................................... 115,538 131,518
Net assets of consolidated variable interest entities ............................................. $ 11,308 $ 13,200
See accompanying notes to consolidated financial statements.
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