Sallie Mae 2013 Annual Report Download - page 183
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SLM CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
6. Borrowings (Continued)
Variable Interest Entities
We consolidate the following financing VIEs as of December 31, 2013 and 2012, as we are the primary
beneficiary. As a result, these VIEs are accounted for as secured borrowings.
December 31, 2013
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:
FFELP Loan securitizations ...... $ — $ 90,756 $ 90,756 $ 91,535 $2,913 $ 683 $ 95,131
Private Education Loan
securitizations ............... — 18,835 18,835 23,947 338 540 24,825
FFELP Loan — other facilities . . . 3,655 3,791 7,446 7,719 128 91 7,938
Private Education Loan — other
facilities ................... — 843 843 1,583 16 30 1,629
Total before hedge accounting
adjustments ................. 3,655 114,225 117,880 124,784 3,395 1,344 129,523
Hedge accounting adjustments .... — 1,313 1,313 — — 978 978
Total ........................ $3,655 $115,538 $119,193 $124,784 $3,395 $2,322 $130,501
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:
FFELP Loan securitizations ...... $ — $105,525 $105,525 $107,009 $3,652 $ 608 $111,269
Private Education Loan
securitizations ............... — 19,656 19,656 24,618 385 545 25,548
FFELP Loan — other facilities . . . 9,551 4,154 13,705 14,050 487 197 14,734
Private Education Loan — other
facilities ................... — 1,070 1,070 1,454 302 33 1,789
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
F-45