Sallie Mae 2015 Annual Report Download - page 139

SLM CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Dollars in thousands, unless otherwise noted)
12. Stockholders' Equity (Continued)
F-49
Separation Adjustments Related to the Spin-Off of Navient
During 2015, we finalized the balances received as part of the Spin-Off transaction for the 2014 federal and state
consolidated tax liability with Navient. As a result, we recorded a $1.7 million adjustment to additional paid-in capital related
to the 2014 tax returns.
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 for the years ended December 31, 2014 and 2013. There were no transfers in the
year ended December 31, 2015.
Years Ended December 31,
2014 2013
Capital contributions:
Loan origination activities . . . . . . . . . . . . . . $ 32,452 $ 124,722
Loan sales. . . . . . . . . . . . . . . . . . . . . . . . . . . 45 35
Corporate overhead activities. . . . . . . . . . . . 21,216 62,031
Special cash contribution . . . . . . . . . . . . . . . 472,718 —
Other. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,650 2,004
Total capital contributions . . . . . . . . . . . . . . . 546,081 188,792
Dividend . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (120,000)
Corporate push-down . . . . . . . . . . . . . . . . . . . 4,977 3,093
Net change in income tax accounts. . . . . . . . . 15,659 (134,219)
Net change in receivable/payable . . . . . . . . . . (87,277) (101,044)
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (31) —
Total net transfers (to)/from the entity that is
now a subsidiary of Navient . . . . . . . . . . . . . . $ 479,409 $ (163,378)
Capital Contributions
During the years ended December 31, 2014 and 2013, 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