Sallie Mae 2013 Annual Report Download - page 181

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, 2013 Year Ended
December 31,
2013
Weighted
Average
(Dollars in millions)
Ending
Balance(1)
Interest
Rate(2)
Average
Balance
Floating rate notes:
U.S. dollar-denominated:
Interest bearing, due 2015-2048 ................................ $ 96,724 .99% $102,241
Non-U.S. dollar-denominated:
Interest bearing, due 2021-2041 ................................ 9,249 .62 9,525
Total floating rate notes ........................................... 105,973 .96 111,766
Fixed rate notes:
U.S. dollar-denominated:
Interest bearing, due 2015-2047 ................................ 18,510 5.61 16,149
Non-U.S.-dollar denominated:
Interest bearing, due 2015-2039 ................................ 3,204 2.72 2,420
Total fixed rate notes ............................................. 21,714 5.18 18,569
Brokered deposits — U.S. dollar-denominated, due 2015-2018 ............ 2,807 1.32 2,488
FFELP Loan — other facilities ..................................... 5,311 .76 5,504
Private Education Loan — other facilities ............................. 843 .96 355
Total long-term borrowings ........................................ $136,648 1.63% $138,682
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 Loan — other facilities ..................................... 4,827 1.29 5,517
Private Education Loan — other facilities ............................. 1,070 1.45 1,880
Total long-term borrowings ........................................ $152,401 1.57% $151,397
(1) Ending balance is expressed in U.S. dollars using the spot currency exchange rate. Includes fair value adjustments under hedge
accounting 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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