Sallie Mae 2014 Annual Report Download - page 144

Download and view the complete annual report

Please find page 144 of the 2014 Sallie Mae annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 146

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146

SLM CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Dollars in thousands, unless otherwise noted)
22.
Parent Only Statements (Continued)
Parent Only Condensed Statements of Cash Flows
Years Ended December 31,
2014
2013
2012
Cash flows from operating activities:
Net income .............................................
$
193,785
$
257,593
$
215,726
Adjustments to reconcile net income to
net cash used in operating activities:
Undistributed earnings of subsidiaries .......
(211,479
)
(394,270
)
(323,439
)
(Increase) decrease in investment in
subsidiaries, net .......................................
278,365
136,677
107,713
Decrease in tax indemnification receivable .
38,820
—
—
Increase in due from subsidiaries, net ........
(32,408
)
—
—
Increase in other assets .............................
(5,447
)
—
—
Decrease in income taxes payable, net .......
(312,770
)
—
—
Increase in payable due to entity that is a
subsidiary of Navient ...............................
8,764
—
—
Increase in other liabilities ........................
14,398
—
—
Total adjustments.....................................
(221,757
)
(257,593
)
(215,726
)
Net cash used in operating activities ..........
(27,972
)
—
—
Cash flows from investing activities:
Net cash provided by (used in) investing
activities .................................................
—
—
—
Cash flows from financing activities:
Special cash contribution from Navient ......
472,718
—
—
Excess tax benefit from exercise of stock-
based awards ...........................................
2,432
—
—
Preferred stock dividends paid ..................
(12,933
)
—
—
Net cash provided by financing activities ...
462,217
—
—
Net increase in cash and cash equivalents ...
434,245
—
—
Cash and cash equivalents at beginning of
year ........................................................
—
—
—
Cash and cash equivalents at end of year ....
$
434,245
$
—
$
—
F-60