Sallie Mae 2015 Annual Report Download - page 161
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SLM CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Dollars in thousands, unless otherwise noted)
22. Parent Only Statements (Continued)
F-71
Parent Only Condensed Statements of Cash Flows
Years Ended December 31,
2015 2014 2013
Cash flows from operating activities:
Net income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 274,284 $ 193,785 $ 257,593
Adjustments to reconcile net income to net cash used
in operating activities:
Undistributed earnings of subsidiaries. . . . . . . . . . . . . . (295,638) (211,479) (394,270)
Interest income on tax indemnification receivable . . . . (5,398) (5,904) —
(Increase) decrease in investment in subsidiaries, net . . (103,602) 278,365 136,677
Decrease in tax indemnification receivable. . . . . . . . . . 59,633 44,724 —
Decrease (increase) in due from subsidiaries, net . . . . . 11,012 (32,408) —
Increase in other assets. . . . . . . . . . . . . . . . . . . . . . . . . . (14,366) (5,447) —
Decrease in income taxes payable, net . . . . . . . . . . . . . (54,907) (312,770) —
(Decrease) increase in payable due to entity that is a
subsidiary of Navient. . . . . . . . . . . . . . . . . . . . . . . . . . . (6,774) 8,764 —
Increase in other liabilities. . . . . . . . . . . . . . . . . . . . . . . 1,402 14,398 —
Total adjustments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (408,638) (221,757) (257,593)
Net cash used in operating activities . . . . . . . . . . . . . . . (134,354) (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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,740 2,432 —
Preferred stock dividends paid. . . . . . . . . . . . . . . . . . . . (19,595) (12,933) —
Net cash (used in) provided by financing activities. . . . (17,855) 462,217 —
Net (decrease) increase in cash and cash equivalents . . (152,209) 434,245 —
Cash and cash equivalents at beginning of year . . . . . . 434,245 — —
Cash and cash equivalents at end of year. . . . . . . . . . . . $ 282,036 $ 434,245 $ —