Sallie Mae 2014 Annual Report Download - page 139

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SLM CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Dollars in thousands, unless otherwise noted)
20. Income Taxes (Continued)
The tax effect of temporary differences that give rise to deferred tax assets and liabilities include the following:
December 31,
2014
2013
Deferred tax assets:
Loan reserves ..................................................................
$
33,570
$
26,853
Stock-based compensation plans .......................................
16,342
28,211
Deferred revenue .............................................................
418
607
Operating loss and credit carryovers ..................................
14,324
1,273
Unrealized losses .............................................................
7,185
1,849
Accrued expenses not currently deductible .........................
10,606
2,853
Unrecorded tax benefits ....................................................
19,798
2,331
Other ..............................................................................
8,918
334
Total deferred tax assets....................................................
111,161
64,311
Deferred tax liabilities:
Gains on repurchased debt ................................................
251,671
—
Fixed assets .....................................................................
5,849
3,181
Acquired intangible assets ................................................
6,151
616
Student loan premiums and discounts, net ..........................
3,050
(87
)
Other ..............................................................................
2,656
3
Total deferred tax liabilities ...............................................
269,377
3,713
Net deferred tax (liabilities) assets .....................................
$
(158,216
)
$
60,598
Included in operating loss carryovers is a valuation allowance of $69.9 million as of December 31, 2014, against a portion
of our state net operating loss carryovers that management believes is more likely than not will expire prior to being realized.
As of December 31, 2014, we have apportioned state net operating loss carryforwards of $22 million which begin to expire in
2029.
Accounting for Uncertainty in Income Taxes
The following table summarizes changes in unrecognized tax benefits:
December 31,
2014
2013
2012
Unrecognized tax benefits at beginning of year .............................
$
7,343.5
$
3,951.1
$
2,467.3
Increases resulting from tax positions taken during a prior period .......
45,184.2
573.9
503.1
Increases resulting from tax positions taken during the current
period ..........................................................................................
7,712.5
2,818.5
980.7
Decreases related to settlements with taxing authorities .....................
(235.7
)
—
—
Reductions related to the lapse of statute of limitations .....................
(599.6
)
—
—
Unrecognized tax benefits at end of year ......................................
$
59,404.9
$
7,343.5
$
3,951.1
F-55