Sallie Mae 2013 Annual Report Download - page 179
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SLM CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
6. Borrowings
Borrowings consist of secured borrowings issued through our securitization program, borrowings through
secured facilities, unsecured notes issued by us, term and other deposits at Sallie Mae Bank, and other interest-
bearing liabilities related primarily to obligations to return cash collateral held. To match the interest rate and
currency characteristics of our borrowings with the interest rate and currency characteristics of our assets, we
enter into interest rate and foreign currency swaps with independent parties. Under these agreements, we make
periodic payments, generally indexed to the related asset rates or rates which are highly correlated to the asset
rates, in exchange for periodic payments which generally match our interest obligations on fixed or variable rate
notes (see “Note 7 — Derivative Financial Instruments”). Payments and receipts on our interest rate and currency
swaps are not reflected in the following tables.
The following table summarizes our borrowings.
December 31, 2013 December 31, 2012
(Dollars in millions)
Short
Term
Long
Term Total
Short
Term
Long
Term Total
Unsecured borrowings:
Senior unsecured debt .................. $ 2,213 $ 16,056 $ 18,269 $ 2,319 $ 15,446 $ 17,765
Bank deposits ........................ 6,133 2,807 8,940 4,226 3,088 7,314
Other(1) .............................. 691 — 691 1,609 — 1,609
Total unsecured borrowings ........... 9,037 18,863 27,900 8,154 18,534 26,688
Secured borrowings:
FFELP Loan securitizations ............. — 90,756 90,756 — 105,525 105,525
Private Education Loan securitizations ..... — 18,835 18,835 — 19,656 19,656
FFELP Loan — other facilities ........... 4,715 5,311 10,026 11,651 4,827 16,478
Private Education Loan — other facilities . . — 843 843 — 1,070 1,070
Total secured borrowings ............. 4,715 115,745 120,460 11,651 131,078 142,729
Total before hedge accounting
adjustments ........................ 13,752 134,608 148,360 19,805 149,612 169,417
Hedge accounting adjustments ........... 43 2,040 2,083 51 2,789 2,840
Total ............................... $13,795 $136,648 $150,443 $19,856 $152,401 $172,257
(1) “Other” primarily consists of the obligation to return cash collateral held related to derivative exposures.
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