Sallie Mae 2014 Annual Report Download - page 125

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SLM CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Dollars in thousands, unless otherwise noted)
12.
Stockholders' Equity (Continued)
Investment With Entities That Are Now Subsidiaries of Navient
Prior to the Spin-Off, there were transactions between us and affiliates of pre-Spin-Off SLM that are now subsidiaries of
Navient. As part of the carve-out, these expenses were included in our results even though the actual payments for the expenses
were paid by the aforementioned affiliates. As such, amounts equal to these payments have been treated as equity contributions
in the table below. Certain payments made by us to these affiliates prior to the Spin-Off were treated as dividends.
Net transfers (to)/from the entity that is now a subsidiary of Navient are included within Navient's subsidiary investment
on the consolidated statements of changes in equity. The components of the net transfers (to)/from the entity that is now a
subsidiary of Navient are summarized below:
Years Ended December 31,
2014
2013
2012
Capital contributions:
Loan origination activities ..........................
$
32,452
$
124,722
$
119,094
Loan sales .................................................
45
35
13,502
Corporate overhead activities ......................
21,216
62,031
69,830
Special cash contribution ............................
472,718
—
—
Other ........................................................
19,650
2,004
5,429
Total capital contributions .............................
546,081
188,792
207,855
Dividend .....................................................
—
(120,000
)
(420,000
)
Corporate push-down ...................................
4,977
3,093
1,241
Net change in income tax accounts ................
15,659
(134,219
)
(78,842
)
Net change in receivable/payable ...................
(87,277
)
(101,044
)
(94,264
)
Other ..........................................................
(31
)
—
—
Total net transfers (to)/from the entity that is
now a subsidiary of Navient ..........................
$
479,409
$
(163,378
)
$
(384,010
)
Capital Contributions
During the years ended December 31, 2014, 2013 and 2012, pre-Spin-Off SLM contributed capital to the Bank by funding
loan origination activities, purchases of loans in excess of the loans’ fair values, providing corporate overhead functions and
other activities.
Capital contributed for loan origination activities reflects the fact that the loan origination function was conducted by a
subsidiary of pre-Spin-Off SLM (now a subsidiary of Navient). The Bank did not pay for the costs incurred by pre-Spin-Off
SLM in connection with these functions. The costs eligible to be capitalized are recorded on the respective balance sheets and
the costs not eligible for capitalization have been recognized as expenses in the respective statements of income.
Certain general corporate overhead expenses of the Bank were incurred and paid for by pre-Spin-Off SLM.
Corporate Push-Down
The consolidated balance sheets include certain assets and liabilities that have historically been held at pre-Spin-Off SLM
but which are specifically identifiable or otherwise allocable to the Company. The cash and cash equivalents held by pre-Spin-
Off SLM at the corporate level were not allocated to the Bank for any of the periods presented.
F-41