Sallie Mae 2014 Annual Report Download - page 122

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SLM CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Dollars in thousands, unless otherwise noted)
11.
Derivative Financial Instruments (Continued)
Cash Flow
Fa ir Va lue
Trading
Total
December
31,
December
31,
December
31,
December
31,
December
31,
December
31,
December
31,
December
31,
2014
2013
2014
2013
2014
2013
2014
2013
Notional Values
Interest rate
swaps ...............
$
1,106,920
$
—
$
3,044,492
$
2,089,624
$
973,539
$
575,131
$
5,124,951
$
2,664,755
Impact of Derivatives on the Consolidated Statements of Income
Years Ended December 31,
2014
2013
2012
Fair Value Hedges
Interest rate swaps:
Hedge ineffectiveness gains
(losses) recorded in earnings .....
$
1,718
$
(558
)
$
(6,061
)
Realized gains recorded in
interest expense .......................
20,958
28,668
35,988
Total ......................................
$
22,676
$
28,110
$
29,927
Cash Flow Hedges
Interest rate swaps:
Hedge ineffectiveness losses
recorded in earnings ................
$
(520
)
$
—
$
—
Realized losses recorded in
interest expense .......................
(9,070
)
—
—
Total ......................................
$
(9,590
)
$
—
$
—
Trading
Interest rate swaps:
Interest reclassification ............
$
(2,250
)
$
1,285
$
87
Change in fair value of future
interest payments recorded in
earnings..................................
(2,944
)
(87
)
513
Total
(1)
....................................
(5,194
)
1,198
600
Total ........................................
$
7,892
$
29,308
$
30,527
(1) Amounts included in "gains (losses) on derivatives and hedging activities, net."
F-38