Sallie Mae 2006 Annual Report Download - page 187

December 31, 2006
Amounts recognized in the statement of financial position consist of:
Noncurrent assets ............................................... $22,520
Current liabilities ............................................... (1,006)
Noncurrent liabilities ............................................ (25,751)
Net amount recognized in statement of financial position .................. $ (4,237)
Amounts not yet recognized in net periodic pension cost and included in
accumulated other comprehensive income:
Prior service cost ............................................... $ (37)
Accumulated gain............................................... 25,142
Accumulated other comprehensive income ............................ $25,105
Amounts expected to be reflected in net periodic pension cost during the next
fiscal year:
Prior service cost ............................................... $ (37)
Accumulated gain............................................... 757
Accumulated other comprehensive income ............................ $ 720
The following table reflects the incremental effect of SFAS No. 158 on the Company’s balance sheet at
December 31, 2006.
Prior to
Adoption of
SFAS No. 158
Effect of
Adopting
SFAS No. 158
As Reported
at December 31,
2006
Liability for pension benefits ............................ $(33,128) $ (1,938) $(35,066)
Intangible asset ...................................... 71 (71) —
Assets for pension benefits .............................. — 30,829 30,829
Deferred tax (asset) liability ............................. (1,300) 10,087 8,787
Accumulated other comprehensive income (loss), net of tax ..... (2,415) 18,733 16,318
F-68
SLM CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Dollars in thousands, except per share amounts, unless otherwise stated)
17. Benefit Plans (Continued)