Sallie Mae 2013 Annual Report Download - page 149

SLM CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
Years Ended December 31,
2013 2012 2011
Operating activities
Net income ........................................................................... $ 1,417 $ 937 $ 632
Adjustments to reconcile net income to net cash provided by operating activities:
(Income) loss from discontinued operations, net of tax ....................................... (106) 2 (35)
(Gains) losses on loans and investments, net ............................................... (302) — 35
Gains on debt repurchases ............................................................. (42) (145) (38)
Goodwill and acquired intangible assets impairment and amortization expense .................... 13 27 21
Stock-based compensation expense ...................................................... 47 47 56
Unrealized (gains) losses on derivative and hedging activities ................................. (444) (117) 145
Provisions for loan losses .............................................................. 839 1,080 1,295
(Increase) decrease in restricted cash — other .............................................. (11) 10 (3)
(Increase) decrease in accrued interest receivable ........................................... (68) 361 463
(Decrease) increase in accrued interest payable ............................................. (23) (41) 75
Decrease in other assets ............................................................... 625 437 423
(Decrease) increase in other liabilities .................................................... (87) 38 12
Cash provided by operating activities — continuing operations ................................ 1,858 2,636 3,081
Cash provided by operating activities — discontinued operations ............................... 142 — —
Total net cash provided by operating activities ............................................... 2,000 2,636 3,081
Investing activities
Student loans acquired and originated .................................................... (4,555) (6,663) (3,888)
Reduction of student loans:
Installment payments, claims and other ................................................. 11,763 17,198 12,290
Proceeds from sales of student loans ................................................... 768 531 753
Other investing activities, net ........................................................... 144 41 (210)
Purchases of available-for-sale securities .................................................. (73) (63) (142)
Proceeds from sales and maturities of available-for-sale securities .............................. 38 71 193
Purchases of held-to-maturity and other securities ........................................... (375) (245) (277)
Proceeds from sales and maturities of held-to-maturity securities and other securities ............... 381 206 265
Decrease in restricted cash — variable interest entities ....................................... 1,119 769 376
Cash provided by investing activities — continuing operations ................................. 9,210 11,845 9,360
Cash provided by investing activities — discontinued operations ............................... — — 114
Total net cash provided by investing activities ................................................ 9,210 11,845 9,474
Financing activities
Borrowings collateralized by loans in trust — issued ......................................... 9,534 13,727 4,553
Borrowings collateralized by loans in trust — repaid ......................................... (13,468) (15,953) (13,408)
Asset-backed commercial paper conduits, net .............................................. 3,242 (323) 887
ED Conduit Program Facility, net ........................................................ (9,551) (12,187) (3,172)
Other short-term borrowings issued ...................................................... — 23 239
Other short-term borrowings repaid ...................................................... — (307) (38)
Other long-term borrowings issued....................................................... 5,154 4,713 2,354
Other long-term borrowings repaid ....................................................... (4,201) (3,307) (6,498)
Other financing activities, net ........................................................... (895) 272 698
Retail and other deposits, net ........................................................... 1,149 1,124 753
Common stock repurchased ............................................................ (600) (900) (300)
Common stock dividends paid .......................................................... (264) (237) (154)
Preferred stock dividends paid .......................................................... (20) (20) (18)
Net cash used in financing activities ...................................................... (9,920) (13,375) (14,104)
Net increase (decrease) in cash and cash equivalents ........................................... 1,290 1,106 (1,549)
Cash and cash equivalents at beginning of year ............................................... 3,900 2,794 4,343
Cash and cash equivalents at end of year .................................................. $ 5,190 $ 3,900 $ 2,794
Cash disbursements made (refunds received) for:
Interest ............................................................................. $ 2,163 $ 2,527 $ 2,413
Income taxes paid .................................................................... $ 636 $ 569 $ 559
Income taxes received ................................................................. $ (20) $ (12) $ (37)
Noncash activity:
Investing activity — Student loans and other assets acquired .................................. $ — $ 402 $ 783
Student loans and other assets removed related to sale of Residual Interest in
securitization ....................................................... $(11,802) $ — $ —
Financing activity — Borrowings assumed in acquisition of student loans and other assets ........... $ — $ 425 $ 802
Borrowings removed related to sale of Residual Interest in securitization ....... $(12,084) $ — $ —
See accompanying notes to consolidated financial statements.
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