Sallie Mae 2007 Annual Report Download - page 178

12. Stockholders’ Equity (Continued)
Accumulated Other Comprehensive Income
Accumulated other comprehensive income includes the after-tax change in unrealized gains and losses on
investments (which includes the Retained Interest in off-balance sheet securitized loans), unrealized gains and
losses on derivatives, defined benefit pension plans for 2007 and 2006 and minimum pension liability for
2005. The following table presents the cumulative balances of the components of other comprehensive income
for the years ended December 31, 2007, 2006 and 2005.
2007 2006 2005
December 31,
Net unrealized gains on investments
(1)
................... $238,772 $340,363 $382,316
Net unrealized (losses) on derivatives
(2)
.................. (22,574) (7,570) (12,560)
Defined benefit pension plans:
Net prior service cost .............................. — (24) —
Net gain ........................................ 20,166 16,342 —
Total defined benefit pension plans
(3)
.................... 20,166 16,318 —
Minimum pension liability
(4)
.......................... — — (1,846)
Total accumulated other comprehensive income . . . ......... $236,364 $349,111 $367,910
(1)
Net of tax expense of $125,473, $179,244 and $203,495 for the years ended December 31, 2007, 2006 and 2005, respectively.
(2)
Net of tax benefit of $12,682, $4,347 and $4,667 for the years ended December 31, 2007, 2006 and 2005, respectively.
(3)
Net of tax expense of $11,677 and $8,787 for the years ended December 31, 2007 and 2006.
(4)
Net of tax benefit of $994 for the year ended December 31, 2005.
F-57
SLM CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands, except per share amounts, unless otherwise stated)