Sallie Mae 2014 Annual Report Download - page 142

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SLM CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Dollars in thousands, unless otherwise noted)
22. Parent Only Statements
The following parent company-only financial information should be read in conjunction with the other notes to the
consolidated financial statements. The accounting policies for the parent company-only financial statements are the same as
those used in the presentation of the consolidated financial statements other than the parent company-only financial statements
account for the parent company's investments in its subsidiaries under the equity method.
Parent Only Condensed Balance Sheets
December 31,
2014
2013
Assets
Cash and cash equivalents .............................................................
$
434,245
$
—
Total investments in subsidiaries (primarily Sallie Mae Bank) .............
1,389,995
1,161,471
Tax indemnification receivable ......................................................
240,311
—
Due from subsidiaries, net .............................................................
32,408
—
Other assets ................................................................................
1,943
—
Total assets .................................................................................
$
2,098,902
$
1,161,471
Liabilities and Equity
Liabilities
Income taxes payable, net .............................................................
$
245,782
$
—
Payable due to Navient .................................................................
8,764
—
Other liabilities ...........................................................................
14,398
—
Total liabilities ............................................................................
$
268,944
—
Equity
Preferred stock, par value $0.20 per share, 20 million shares
authorized:
Series A: 3.3 million and 0 shares issued, respectively, at stated
value of $50 .............................................................................
165,000
—
Series B: 4 million and 0 shares issued, respectively, at stated value
of $100 per share ......................................................................
400,000
—
Common stock, par value $0.20 per share, 1.125 billion shares
authorized: 425 million and 0 shares issued, respectively ....................
84,961
—
Additional paid-in capital ..............................................................
1,090,511
—
Navient's subsidiary investment .....................................................
—
1,164,495
Accumulated other comprehensive loss (net of tax (benefit) of
($7,186) and ($1,849), respectively .................................................
(11,393
)
(3,024
)
Retained earnings ........................................................................
113,066
—
Total SLM Corporation stockholders' equity before treasury stock ........
1,842,145
1,161,471
Less: common stock held in treasury at cost: 1 million and 0 shares,
respectively ................................................................................
(12,187
)
—
Total equity ................................................................................
1,829,958
1,161,471
Total liabilities and equity .............................................................
$
2,098,902
$
1,161,471
F-58