Sallie Mae 2006 Annual Report Download - page 201

21. Restatement of Quarterly Consolidated Statements of Cash Flows (unaudited) (Continued)
(Dollars in thousands)
As Previously
Reported Restated
As Previously
Reported Restated
2006 2005
Six Months Ended June 30,
Operating activities
Net income ............................................. $ 875,379 $ 875,379 $ 519,899 $ 519,899
Adjustments to reconcile net income to net cash used in operating activities:
Gains on student loan securitizations ............................ (701,285) (701,285) (311,895) (311,895)
Stock-based compensation cost ............................... — 41,614 — 9,994
Losses on securities, net ................................... — 11,472 — 13,946
Unrealized (gains)/losses on derivative and hedging activities, excluding equity
forwards ............................................ (208,045) (208,045) (174,737) (174,737)
Unrealized (gains)/losses on derivative and hedging activities — equity
forwards ............................................ 82,693 82,693 98,235 98,235
Provisions for losses ...................................... 127,715 127,715 125,471 125,471
Minority interest, net ..................................... (3,408) (3,408) (4,763) (4,763)
Mortgage loans originated .................................. (718,223) (718,223) (798,044) (798,044)
Proceeds from sales of mortgage loans .......................... 719,490 719,490 730,936 730,936
(Increase) in restricted cash — other ............................ (441,551) (82,166) (319,396) (14,290)
(Increase) in accrued interest receivable .......................... (473,161) (473,161) (321,428) (321,428)
Increase in accrued interest payable ............................ 102,612 102,612 5,936 5,936
Adjustment for non-cash (income)/loss related to Retained Interest ......... 144,020 144,020 24,769 24,769
(Increase) decrease in other assets, goodwill and acquired intangible assets,
net ............................................... (224,208) (94,519) 313,547 432,083
(Decrease) increase in other liabilities ........................... (264,168) (218,910) 716,397 714,329
Total adjustments ........................................ (1,857,519) (1,270,101) 85,028 530,542
Net cash (used in) provided by operating activities ................... (982,140) (394,722) 604,927 1,050,441
Investing activities
Student loans acquired .................................... (15,981,396) (15,999,045) (14,976,607) (14,982,617)
Loans purchased from securitized trusts (primarily loan consolidations) ...... (3,451,932) (3,451,932) (4,252,382) (4,252,382)
Reduction of student loans:
Installment payments, claims and other ......................... 4,620,579 5,209,648 2,722,009 3,249,910
Claims and resales ..................................... 589,069 — 527,901 —
Proceeds from securitization of student loans treated as sales ........... 14,439,628 14,439,628 9,045,932 9,045,932
Proceeds from sales of student loans .......................... 91,050 91,050 17,572 17,572
Other loans-originated ..................................... (516,283) (516,283) (199,270) (199,270)
Other loans-repaid ....................................... 602,757 602,757 351,106 351,106
Other investing activities, net ................................ — (52,036) — (79,167)
Purchases of available-for-sale securities ......................... (31,972,221) (31,993,437) (35,376,983) (35,387,430)
Proceeds from sales of available-for-sale securities ................... 3,252 2,455 983,469 624,960
Proceeds from maturities of available-for-sale securities ................ 31,575,939 31,589,192 35,291,350 35,656,235
Purchases of held-to-maturity and other securities ................... (339,187) (339,187) (229,716) (229,716)
Proceeds from maturities of held-to-maturity securities and other securities .... 461,372 446,160 340,058 340,058
(Increase) in restricted cash — on-balance sheet trusts ................. — (344,173) — (305,106)
Return of investment from Retained Interest ....................... 55,688 55,688 117,487 117,487
Net cash provided by (used in) investing activities ................... 178,315 (259,515) (5,638,074) (6,032,428)
Financing activities
Short-term borrowings issued ................................ 15,355,095 15,351,431 37,970,620 37,970,620
Short-term borrowings repaid ................................ (15,358,062) (15,358,062) (37,947,271) (37,947,271)
Long-term borrowings issued ................................ 4,696,532 4,686,236 3,271,567 3,263,109
Long-term borrowings repaid ................................ (3,647,340) (3,516,290) (2,935,640) (102,702)
Borrowings collateralized by loans in trust issued .................... 3,091,347 3,091,347 2,287,461 2,287,461
Borrowings collateralized by loans in trust — activity ................. (2,114,262) (2,252,700) 19,694 (2,819,798)
Other financing activities, net ................................ — (46,911) — —
Tax benefit from the exercise of stock-based awards .................. 23,846 23,846 — —
Common stock issued ..................................... 172,467 119,660 114,822 104,511
Net settlements on equity forward contracts ....................... — (28,522) — (25,837)
Common stock repurchased ................................. (315,984) (315,984) (344,353) (344,353)
Common dividends paid ................................... (194,086) (194,086) (172,126) (172,126)
Preferred dividends issued .................................. — — 397,000 397,000
Preferred dividends paid ................................... (16,767) (16,767) (6,745) (6,745)
Net cash provided by financing activities ......................... 1,692,786 1,543,198 2,655,029 2,603,869
Net increase (decrease) in cash and cash equivalents ................... 888,961 888,961 (2,378,118) (2,378,118)
Cash and cash equivalents at beginning of period ..................... 2,498,655 2,498,655 3,395,487 3,395,487
Cash and cash equivalents at end of period ....................... $ 3,387,616 $ 3,387,616 $ 1,017,369 $ 1,017,369
Cash disbursements made for:
Interest .............................................. $ 2,066,876 $ 2,066,876 $ 1,039,093 $ 1,039,093
Income taxes .......................................... $ 570,492 $ 570,492 $ 87,373 $ 87,373
F-82
SLM CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Dollars in thousands, except per share amounts, unless otherwise stated)