Sallie Mae 2005 Annual Report Download - page 194
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SLM CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Dollars in thousands, except per share amounts, unless otherwise stated)
F-72
18. Segment Reporting (Continued)
and include the amortization of net premiums received (net of Eurodollar futures contracts’ realized
gains or losses) in income.
(4) Other items: The Company excludes amortization of acquired intangibles.
(5) Such tax effect is based upon the Company’s “core earnings” effective tax rate for the year. The net tax
effect results primarily from the exclusion of the permanent income tax impact of the equity forward
contracts.
(6) For the year ended December 31, 2003, upon the adoption of SFAS No. 150, the Company also
excluded a gain of $130 million which was reflected as a “cumulative effect of accounting change” in
the consolidated statements of income.
19. Income Taxes
Reconciliations of the statutory U.S. federal income tax rates to the Company’s effective tax rate
follow:
Years ended
December 31,
2005 2004 2003
Statutory rate......................................... 35.0% 35.0% 35.0%
Equity forward contracts............................... (2.0) (10.4) 1.1
State tax, net of federal benefit ......................... 1.2 .5 .3
Other, net............................................ .2 — (.7)
Effective tax rate...................................... 34.4% 25.1% 35.7%
Income tax expense for the years ended December 31, 2005, 2004, and 2003 consists of:
December 31,
2005 2004 2003
Current provision:
Federal.................................... $768,865 $375,496 $684,065
State...................................... 34,798 7,982 27,400
Totalcurrentprovision........................ 803,663 383,478 711,465
Deferred provision/(benefit):
Federal.................................... (80,077) 248,776 87,086
State...................................... 5,181 10,435 (19,171 )
Total deferred provision/(benefit)............... (74,896) 259,211 67,915
Provision for income tax expense................ $728,767 $642,689 $779,380