Sallie Mae 2015 Annual Report Download - page 157

SLM CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Dollars in thousands, unless otherwise noted)
20. Income Taxes (Continued)
F-67
As of December 31, 2015, the gross unrecognized tax benefits are $47.1 million. Included in the $47.1 million are $25.2
million of unrecognized tax benefits that, if recognized, would favorably impact the effective tax rate. As a part of the Spin-Off,
the Company recorded a liability related to uncertain tax positions for which it is indemnified by Navient. See Note 2,
“Significant Accounting Policies - Income Taxes,” for additional details.
Tax related interest expense is reported as a component of income tax expense. As of December 31, 2015 and 2014, the
total amount of income tax-related accrued interest, net of related benefit, recognized in the consolidated balance sheets was
$7.0 million and $5.9 million, respectively.
For the years ended December 31, 2015, 2014 and 2013, the total amount of income tax-related accrued interest, net of
related tax benefit, recognized in the consolidated statements of income was $1.4 million, $2.3 million and $0.1 million,
respectively.
The Company or one of its subsidiaries files income tax returns at the U.S. federal level and in most U.S. states. U.S.
federal income tax returns filed for years 2010 and prior have either been audited or surveyed and are now resolved. Various
combinations of subsidiaries, tax years, and jurisdictions remain open for review, subject to statute of limitations periods
(typically 3 to 4 prior years). We do not expect the resolution of open audits to have a material impact on our unrecognized tax
benefits.