NELNET INC, 10-Q filed on 11/7/2019
Quarterly Report
v3.19.3
Cover Page - shares
9 Months Ended
Sep. 30, 2019
Oct. 31, 2019
Entity Information [Line Items]    
Document Type 10-Q  
Amendment Flag false  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2019  
Document Transition Report false  
Entity File Number 001-31924  
Entity Registrant Name NELNET, INC  
Entity Central Index Key 0001258602  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2019  
Document Fiscal Period Focus Q3  
Entity Incorporation, State or Country Code NE  
Entity Tax Identification Number 84-0748903  
Entity Address, Address Line One 121 South 13th Street, Suite 100  
Entity Address, City or Town Lincoln,  
Entity Address, State or Province NE  
Entity Address, Postal Zip Code 68508  
City Area Code 402  
Local Phone Number 458-2370  
Title of 12(b) Security Class A Common Stock, Par Value $0.01 per Share  
Trading Symbol NNI  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Common Class A    
Entity Information [Line Items]    
Entity Common Stock, Shares Outstanding   28,416,724
Common Class B    
Entity Information [Line Items]    
Entity Common Stock, Shares Outstanding   11,279,641
v3.19.3
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2019
Dec. 31, 2018
Assets:    
Loans receivable (net of allowance for loan losses of $66,417 and $60,388, respectively) $ 21,071,441 $ 22,377,142
Cash and cash equivalents:    
Cash and cash equivalents - not held at a related party 20,897 9,472
Cash and cash equivalents - held at a related party 140,082 111,875
Total cash and cash equivalents 160,979 121,347
Investments and notes receivable 212,416 249,370
Restricted cash 667,919 701,366
Restricted cash - due to customers 309,309 369,678
Accrued interest receivable 736,901 679,197
Accounts receivable (net of allowance for doubtful accounts of $4,482 and $3,271, respectively) 67,079 59,531
Goodwill 156,912 156,912
Intangible assets, net 89,499 114,290
Property and equipment, net 342,401 344,784
Other assets 121,806 45,533
Fair value of derivative instruments 57 1,818
Total assets 23,936,719 25,220,968
Liabilities:    
Bonds and notes payable 20,910,190 22,218,740
Accrued interest payable 52,345 61,679
Other liabilities 310,210 256,092
Due to customers 309,309 369,678
Total liabilities 21,582,054 22,906,189
Commitments and contingencies
Nelnet, Inc. shareholders' equity:    
Preferred stock, $0.01 par value. Authorized 50,000,000 shares; no shares issued or outstanding 0 0
Common stock:    
Additional paid-in capital 3,678 622
Retained earnings 2,343,185 2,299,556
Accumulated other comprehensive earnings 2,890 3,883
Total Nelnet, Inc. shareholders' equity 2,350,150 2,304,464
Noncontrolling interests 4,515 10,315
Total equity 2,354,665 2,314,779
Total liabilities and equity 23,936,719 25,220,968
Common Class A    
Common stock:    
Common stock 284 288
Common Class B    
Common stock:    
Common stock 113 115
Variable Interest Entities    
Assets:    
Loans receivable (net of allowance for loan losses of $66,417 and $60,388, respectively) 21,069,156 22,359,655
Cash and cash equivalents:    
Restricted cash 650,673 677,611
Other assets 736,768 679,735
Liabilities:    
Bonds and notes payable 21,143,811 22,146,374
Other liabilities 212,160 163,327
Common stock:    
Net assets of consolidated education and other lending variable interest entities $ 1,100,626 $ 1,407,300
v3.19.3
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
Sep. 30, 2019
Dec. 31, 2018
Allowance for loan losses $ 66,417 $ 60,388
Allowance for doubtful accounts $ 4,482 $ 3,271
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01
Preferred stock, shares authorized (in shares) 50,000,000 50,000,000
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Common Class A    
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 600,000,000 600,000,000
Common stock, shares issued (in shares) 28,411,506 28,798,464
Common stock, shares outstanding (in shares) 28,411,506 28,798,464
Common Class B    
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 60,000,000 60,000,000
Common stock, shares issued (in shares) 11,279,641 11,459,641
Common stock, shares outstanding (in shares) 11,279,641 11,459,641
v3.19.3
CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Interest income:        
Loan interest $ 229,063 $ 232,320 $ 709,618 $ 653,414
Investment interest 9,882 7,628 26,701 18,581
Total interest income 238,945 239,948 736,319 671,995
Interest expense:        
Interest on bonds and notes payable 172,488 180,175 551,221 487,174
Net interest income 66,457 59,773 185,098 184,821
Less provision for loan losses 10,000 10,500 26,000 18,000
Net interest income after provision for loan losses 56,457 49,273 159,098 166,821
Other income:        
Other income 13,439 16,673 38,658 44,808
Derivative market value adjustments and derivative settlements, net 1,668 17,098 (33,959) 100,927
Total other income 219,114 216,577 607,391 671,699
Cost of services:        
Total cost of services 30,907 23,397 77,697 55,979
Operating expenses:        
Salaries and benefits 116,670 114,172 338,942 321,932
Depreciation and amortization 27,701 22,992 76,398 62,943
Loan servicing fees to third parties 3,382 3,087 9,431 9,428
Other expenses 54,947 45,194 138,131 119,020
Total operating expenses 202,700 185,445 562,902 513,323
Income before income taxes 41,964 57,008 125,890 269,218
Income tax expense 8,829 13,882 26,429 63,369
Net income 33,135 43,126 99,461 205,849
Net loss (income) attributable to noncontrolling interests 77 (199) (38) 438
Net income attributable to Nelnet, Inc. $ 33,212 $ 42,927 $ 99,423 $ 206,287
Earnings per common share:        
Net income attributable to Nelnet, Inc. shareholders - basic and diluted (in dollars per share) $ 0.83 $ 1.05 $ 2.48 $ 5.04
Weighted average common shares outstanding - basic and diluted (in shares) 39,877,129 40,988,965 40,098,346 40,942,177
Loan servicing and systems revenue        
Other income:        
Revenue $ 113,286 $ 112,579 $ 342,169 $ 327,265
Education technology, services, and payment processing revenue        
Other income:        
Revenue 74,251 58,409 213,753 167,372
Cost of services:        
Total cost of services 25,671 19,087 62,601 44,087
Communications        
Other income:        
Revenue 16,470 11,818 46,770 31,327
Cost of services:        
Total cost of services $ 5,236 $ 4,310 $ 15,096 $ 11,892
v3.19.3
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Statement of Comprehensive Income [Abstract]        
Net income $ 33,135 $ 43,126 $ 99,461 $ 205,849
Available-for-sale securities:        
Unrealized holding (losses) gains arising during period, net (334) 2,438 (1,306) 964
Reclassification adjustment for gains recognized in net income, net of losses 0 (765) 0 (817)
Income tax effect 80 (402) 313 (46)
Total other comprehensive (loss) income (254) 1,271 (993) 101
Comprehensive income 32,881 44,397 98,468 205,950
Comprehensive loss (income) attributable to noncontrolling interests 77 (199) (38) 438
Comprehensive income attributable to Nelnet, Inc. $ 32,958 $ 44,198 $ 98,430 $ 206,388
v3.19.3
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($)
$ in Thousands
Total
Preferred stock
Common stock
Common Class A
Common stock
Common Class B
Additional paid-in capital
Retained earnings
Accumulated other comprehensive (loss) earnings
Noncontrolling interests
Balance (in shares) at Dec. 31, 2017   0 29,341,517 11,468,587        
Balance at Dec. 31, 2017 $ 2,165,387 $ 0 $ 293 $ 115 $ 521 $ 2,143,983 $ 4,617 $ 15,858
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance of noncontrolling interests 847             847
Net income (loss) 205,849         206,287   (438)
Other comprehensive income (loss) 101           101  
Distribution to noncontrolling interests (351)             (351)
Cash dividends on Class A and Class B common stock (19,539)         (19,539)    
Issuance of common stock, net of forfeitures (in shares)     319,365          
Issuance of common stock, net of forfeitures 4,665   $ 3   4,662      
Compensation expense for stock based awards 4,526       4,526      
Repurchase of common stock (in shares)     (319,091)          
Repurchase of common stock (16,520)   $ (3)   (4,801) (11,716)    
Acquisition of noncontrolling interest (19,101)         (13,449)   (5,652)
Balance at Sep. 30, 2018 2,327,128 $ 0 $ 293 $ 115 4,908 2,307,573 3,975 10,264
Balance (in shares) at Sep. 30, 2018   0 29,341,791 11,468,587        
Balance (in shares) at Jun. 30, 2018   0 29,331,002 11,468,587        
Balance at Jun. 30, 2018 2,286,703 $ 0 $ 293 $ 115 2,586 2,271,171 2,704 9,834
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance of noncontrolling interests 326             326
Net income (loss) 43,126         42,927   199
Other comprehensive income (loss) 1,271           1,271  
Distribution to noncontrolling interests (95)             (95)
Cash dividends on Class A and Class B common stock (6,525)         (6,525)    
Issuance of common stock, net of forfeitures (in shares)     14,086          
Issuance of common stock, net of forfeitures 580       580      
Compensation expense for stock based awards 1,934       1,934      
Repurchase of common stock (in shares)     (3,297)          
Repurchase of common stock (192)       (192)      
Balance at Sep. 30, 2018 2,327,128 $ 0 $ 293 $ 115 4,908 2,307,573 3,975 10,264
Balance (in shares) at Sep. 30, 2018   0 29,341,791 11,468,587        
Balance (in shares) at Dec. 31, 2018   0 28,798,464 11,459,641        
Balance at Dec. 31, 2018 2,314,779 $ 0 $ 288 $ 115 622 2,299,556 3,883 10,315
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance of noncontrolling interests 4,217             4,217
Net income (loss) 99,461         99,423   38
Other comprehensive income (loss) (993)           (993)  
Distribution to noncontrolling interests (3,978)             (3,978)
Cash dividends on Class A and Class B common stock (21,546)         (21,546)    
Issuance of common stock, net of forfeitures (in shares)     156,874          
Issuance of common stock, net of forfeitures 4,401   $ 1   4,400      
Compensation expense for stock based awards 4,663       4,663      
Repurchase of common stock (in shares)     (723,832)          
Repurchase of common stock (40,262)   $ (7)   (6,007) (34,248)    
Conversion of common stock (in shares)     180,000 (180,000)        
Conversion of common stock     $ 2 $ (2)        
Balance at Sep. 30, 2019 2,354,665 $ 0 $ 284 $ 113 3,678 2,343,185 2,890 4,515
Balance (in shares) at Sep. 30, 2019   0 28,411,506 11,279,641        
Balance (in shares) at Jun. 30, 2019   0 28,399,526 11,279,641        
Balance at Jun. 30, 2019 2,326,618 $ 0 $ 284 $ 113 1,670 2,317,115 3,144 4,292
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance of noncontrolling interests 4,165             4,165
Net income (loss) 33,135         33,212   (77)
Other comprehensive income (loss) (254)           (254)  
Distribution to noncontrolling interests (3,865)             (3,865)
Cash dividends on Class A and Class B common stock (7,142)         (7,142)    
Issuance of common stock, net of forfeitures (in shares)     15,345          
Issuance of common stock, net of forfeitures 524       524      
Compensation expense for stock based awards 1,705       1,705      
Repurchase of common stock (in shares)     (3,365)          
Repurchase of common stock (221)       (221)      
Balance at Sep. 30, 2019 $ 2,354,665 $ 0 $ 284 $ 113 $ 3,678 $ 2,343,185 $ 2,890 $ 4,515
Balance (in shares) at Sep. 30, 2019   0 28,411,506 11,279,641        
v3.19.3
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parentheticals) - $ / shares
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Common Class A        
Dividends paid per common share (in dollars per share) $ 0.18 $ 0.16 $ 0.54 $ 0.48
Common Class B        
Dividends paid per common share (in dollars per share) $ 0.18 $ 0.16 $ 0.54 $ 0.48
v3.19.3
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Statement of Cash Flows [Abstract]    
Net income attributable to Nelnet, Inc. $ 99,423 $ 206,287
Net income (loss) attributable to noncontrolling interests 38 (438)
Net income 99,461 205,849
Adjustments to reconcile net income to net cash provided by operating activities, net of acquisition:    
Depreciation and amortization, including debt discounts and loan premiums and deferred origination costs 142,519 136,816
Loan discount accretion (27,554) (31,315)
Provision for loan losses 26,000 18,000
Derivative market value adjustments 73,265 (49,909)
Payments from termination of derivative instruments, net (13,940) 0
(Payments to) proceeds from clearinghouse - initial and variation margin, net (59,967) 46,418
Loss on extinguishment of debt 15,815 0
Gain from sale of loans (1,712) 0
Gain from debt repurchases (136) (359)
Gain from investments and notes receivable, net (4,891) (9,106)
Deferred income tax (benefit) expense (9,592) 23,574
Non-cash compensation expense 4,948 4,781
Impairment expense 0 3,907
Other (141) (30)
Increase in accrued interest receivable (57,864) (193,926)
Increase in accounts receivable (7,637) (15,328)
(Increase) decrease in other assets (21,976) 49,255
(Decrease) increase in accrued interest payable (9,334) 10,619
Increase (decrease) in other liabilities 56,023 (7,159)
(Decrease) increase in due to customers (60,369) 1,470
Net cash provided by operating activities 142,918 193,557
Cash flows from investing activities, net of acquisition:    
Purchases of loans (1,360,873) (3,187,434)
Purchases of loans from a related party (32,580) (44,522)
Net proceeds from loan repayments, claims, capitalized interest, and other 2,628,156 2,484,596
Proceeds from sale of loans 42,215 23,712
Purchases of available-for-sale securities (1,010) (38,064)
Proceeds from sales of available-for-sale securities 169 58,594
Purchases of investments and issuance of notes receivable (70,600) (49,216)
Proceeds from investments and notes receivable 54,819 21,461
Purchases of property and equipment (67,681) (96,480)
Business acquisition, net of cash and restricted cash acquired 0 (109,152)
Net cash provided by (used in) investing activities 1,192,615 (936,505)
Cash flows from financing activities:    
Payments on bonds and notes payable (3,718,851) (2,149,449)
Proceeds from issuance of bonds and notes payable 2,410,363 3,004,848
Payments of debt issuance costs (10,527) (10,953)
Payment of debt extinguishment costs (14,030) 0
Dividends paid (21,546) (19,539)
Repurchases of common stock (40,262) (16,520)
Proceeds from issuance of common stock 1,171 993
Acquisition of noncontrolling interest 0 (13,449)
Issuance of noncontrolling interests 4,138 768
Distribution to noncontrolling interests (173) (351)
Net cash (used in) provided by financing activities (1,389,717) 796,348
Net (decrease) increase in cash, cash equivalents, and restricted cash (54,184) 53,400
Cash, cash equivalents, and restricted cash, beginning of period 1,192,391 942,066
Cash, cash equivalents, and restricted cash, end of period 1,138,207 995,466
Supplemental disclosures of cash flow information:    
Cash disbursements made for interest 518,557 425,782
Cash disbursements (refunds received) for income taxes, net 14,820 (6,491)
Noncash investing and financing activity:    
Receipt of beneficial interest in consumer loan securitization 7,921 0
Distribution to noncontrolling interest $ 3,805 $ 0
v3.19.3
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($)
$ in Thousands
Sep. 30, 2019
Jan. 01, 2019
Dec. 31, 2018
Sep. 30, 2018
Dec. 31, 2017
Reconciliation of cash, cash equivalents and restricted cash          
Total cash and cash equivalents $ 160,979 $ 120,701 $ 121,347 $ 83,537 $ 66,752
Restricted cash 667,919   701,366 723,338 688,193
Restricted cash - due to customers 309,309   369,678 188,591 187,121
Cash, cash equivalents, and restricted cash $ 1,138,207   $ 1,192,391 $ 995,466 $ 942,066
v3.19.3
Basis of Financial Reporting
9 Months Ended
Sep. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Financial Reporting Basis of Financial Reporting
The accompanying unaudited consolidated financial statements of Nelnet, Inc. and subsidiaries (the “Company”) as of September 30, 2019 and for the three and nine months ended September 30, 2019 and 2018 have been prepared on the same basis as the audited consolidated financial statements for the year ended December 31, 2018 and, in the opinion of the Company’s management, the unaudited consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of results of operations for the interim periods presented. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Operating results for the three and nine months ended September 30, 2019 are not necessarily indicative of the results for the year ending December 31, 2019. The unaudited consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 (the "2018 Annual Report").
Accounting Standard Adopted in 2019
In the first quarter of 2019, the Company adopted the following new accounting standard:
Leases
In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Codification Topic 842, Leases ("ASC Topic 842"). The standard requires the identification of arrangements that should be accounted for as leases by lessees and the disclosure of key information about leasing arrangements. The standard establishes a right-of-use ("ROU") model that requires a lessee to recognize a ROU asset and lease liability for all leases with a term longer than twelve months and classify the lease as operating or financing, with the income statement reflecting lease expense for operating leases and amortization/interest expense for financing leases.
The Company adopted the standard effective January 1, 2019, using the effective date as its date of initial application. Consequently, financial information is not updated and the disclosures required under the new standard are not provided for dates and periods before January 1, 2019. The Company elected to utilize the ‘package of practical expedients’, which permitted it to not reassess under the new standard its prior conclusions about lease identification, lease classification, and initial direct costs.
The most significant impact of the standard relates to (1) the recognition of new ROU assets and lease liabilities on the Company's balance sheet; (2) the deconsolidation of assets and liabilities for certain sale-leaseback transactions arising from build-to-suit lease arrangements for which construction was completed and the Company is leasing the constructed assets that did not qualify for sale accounting prior to the adoption of the new standard; and (3) significant new disclosures about the Company’s leasing activities. The build-to-suit lease arrangements have been reassessed as operating leases as of the effective date under ASC Topic 842.
Adoption of the new standard resulted in recognizing lease liabilities of $33.7 million based on the present value of the remaining minimum rental payments. In addition, the Company recognized ROU assets of $32.8 million, which corresponds to the lease liabilities reduced by deferred rent expense as of the effective date. The Company also deconsolidated total assets of $43.8 million and total liabilities of $34.8 million for entities that had been consolidated due to sale-leaseback transactions that failed to qualify for recognition as sales under the prior guidance. Deconsolidation of these entities reduced noncontrolling interests by $6.1 million. The cumulative effect of the changes made to the Company's consolidated balance sheet as of January 1, 2019 for the adoption of the new lease standard was as follows:
Balances at December 31, 2018Adjustments from adoption of new lease standardBalances at January 1, 2019
Assets
   
Cash and cash equivalents$121,347  (646) 120,701  
Investments and notes receivable249,370  (23,134) 226,236  
Accounts receivable59,531  (89) 59,442  
Property and equipment, net344,784  (16,974) 327,810  
Other assets45,533  32,804  78,337  
Liabilities
Bonds and notes payable
22,218,740  (33,182) 22,185,558  
Other liabilities256,092  31,220  287,312  
Equity
Noncontrolling interests10,315  (6,077) 4,238  
At the inception of an arrangement, the Company determines if the arrangement is, or contains, a lease and records the lease in the consolidated financial statements upon lease commencement, which is the date when the underlying asset is made available by the lessor. The Company primarily leases dark fiber to support its telecommunications operations and office and data center space. Leases with an initial term of 12 months or less are not recorded on the balance sheet. The lease expense for these leases is recognized on a straight-line basis over the lease term. All other lease assets and lease liabilities are recognized based on the present value of lease payments over the lease term at the commencement date. When the discount rate implicit in the lease cannot be readily determined, the Company uses its incremental borrowing rate.
The Company has elected to utilize the practical expedient to account for lease and non-lease components together as a single, combined lease component for its office and data center space. In addition, the Company has identified itself as the lessor in its Communications operating segment for services provided to customers that include customer-premise equipment. The Company has also elected to utilize the practical expedient to account for those services and associated leases as a single, combined component. The non-lease services are 'predominant' in those contracts. Therefore, the combined component is considered a single performance obligation under ASC Topic 606, Revenue from Contracts with Customers.
Most leases include one or more options to renew, with renewal terms that can be extended. The exercise of lease renewal options for the majority of leases is at the Company's discretion. Renewal options that the Company is reasonably certain to exercise are included in the lease term.
Certain leases include escalating rental payments or rental payments adjusted periodically for inflation. None of the lease agreements include any residual value guarantees, a transfer of title, or a purchase option that is reasonably certain to be exercised.
The following table provides supplemental balance sheet information related to leases:
As of
September 30, 2019
Operating lease ROU assets, which is included in "other assets" on the
consolidated balance sheet
$34,264  
Operating lease liabilities, which is included in "other liabilities" on the
consolidated balance sheet
$35,237  
The following table provides components of lease expense:
Three months ended September 30, 2019Nine months ended September 30, 2019
Rental expense, which is included in "other expenses" on the
consolidated statements of income (a)
$2,776  8,276  
Rental expense, which is included in "cost to provide communications
services" on the consolidated statements of income (a)
428  1,138  
Total operating rental expense$3,204  9,414  

(a) Includes short-term and variable lease costs, which are immaterial.
The following table provides supplemental cash flow information related to leases:
Nine months ended September 30, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows related to operating leases$7,307  
Supplemental noncash activity:
Operating ROU assets obtained in exchange for lease obligations,
excluding impact of adoption
$7,972  
Weighted average remaining lease term and discount rate are shown below:
As of
September 30, 2019
Weighted average remaining lease term (years)7.2
Weighted average discount rate3.95 %
Maturity of lease liabilities are shown below:
2019 (October 1 - December 31)$2,638  
20209,916  
20216,803  
20224,652  
20233,640  
2024 and thereafter12,996  
Total lease payments40,645  
Imputed interest(5,408) 
Total$35,237  

The Company adopted the new lease standard using the effective date as its date of initial application as noted above, and as required, the following disclosure is provided for periods prior to adoption. Future minimum lease payments as of December 31, 2018 are shown below:
2019$9,181  
20208,261  
20215,776  
20223,745  
20232,904  
2024 and thereafter5,479  
Total minimum lease payments$35,346  
v3.19.3
Loans Receivable and Allowance for Loan Losses
9 Months Ended
Sep. 30, 2019
Receivables [Abstract]  
Loans Receivable and Allowance for Loan Losses Loans Receivable and Allowance for Loan Losses
Loans receivable consisted of the following:
As ofAs of
 September 30, 2019December 31, 2018
Federally insured student loans:
Stafford and other$4,720,338  4,969,667  
Consolidation15,975,499  17,186,229  
Total20,695,837  22,155,896  
Private education loans189,912  225,975  
Consumer loans321,199  138,627  
 21,206,948  22,520,498  
Loan discount, net of unamortized loan premiums and deferred origination costs
(36,483) (53,572) 
Non-accretable discount(32,607) (29,396) 
Allowance for loan losses:
Federally insured loans(37,676) (42,310) 
Private education loans(9,882) (10,838) 
Consumer loans(18,859) (7,240) 
 $21,071,441  22,377,142  
On May 1, 2019, the Company sold $47.7 million (par value) of consumer loans to an unrelated third party who securitized such loans. The Company recognized a $1.7 million (pre-tax) gain as part of this transaction. As partial consideration received for the consumer loans sold, the Company received an approximate 11 percent residual interest in the consumer loan securitization that is included in "investments and notes receivable" on the Company's consolidated balance sheet.
Subsequent to September 30, 2019, the Company made the decision to sell an additional $179.3 million (par value) of consumer loans to an unrelated third party who securitized such loans. As of September 30, 2019, these loans were classified as held for investment and are included in the table above. As partial consideration received for the consumer loans sold, the Company received an approximate 29 percent residual interest in the consumer loan securitization. The Company will recognize a gain in the fourth quarter of 2019 of $15.5 million (pre-tax) from the sale of these loans.
Activity in the Allowance for Loan Losses
The provision for loan losses represents the periodic expense of maintaining an allowance sufficient to absorb losses, net of recoveries, inherent in the portfolio of loans. Activity in the allowance for loan losses is shown below.
 Balance at beginning of periodProvision for loan lossesCharge-offsRecoveriesLoan sale and otherBalance at end of period
Three months ended September 30, 2019  
Federally insured loans$39,056  2,000  (3,380) —  —  37,676  
Private education loans10,157  —  (459) 184  —  9,882  
Consumer loans13,378  8,000  (2,759) 240  —  18,859  
$62,591  10,000  (6,598) 424  —  66,417  
Three months ended September 30, 2018
Federally insured loans$37,263  8,000  (2,210) —  —  43,053  
Private education loans11,664  —  (535) 124  —  11,253  
Consumer loans4,788  2,500  (1,403) 26  —  5,911  
$53,715  10,500  (4,148) 150  —  60,217  
Nine months ended September 30, 2019
Federally insured loans$42,310  6,000  (10,634) —  —  37,676  
Private education loans10,838  —  (1,529) 573  —  9,882  
Consumer loans7,240  20,000  (7,417) 536  (1,500) 18,859  
$60,388  26,000  (19,580) 1,109  (1,500) 66,417  
Nine months ended September 30, 2018
Federally insured loans$38,706  12,000  (8,653) —  1,000  43,053  
Private education loans12,629  —  (1,846) 470  —  11,253  
Consumer loans3,255  6,000  (3,376) 32  —  5,911  
$54,590  18,000  (13,875) 502  1,000  60,217  
Loan Status and Delinquencies
Delinquencies have the potential to adversely impact the Company’s earnings through increased servicing and collection costs and account charge-offs. The table below shows the Company’s loan delinquency amounts.
 As of September 30, 2019As of December 31, 2018As of September 30, 2018  
Federally insured loans:
    
Loans in-school/grace/deferment $1,243,705   $1,298,493   $1,410,902  
Loans in forbearance 1,391,482   1,430,291   1,487,107  
Loans in repayment status:  
Loans current15,646,231  86.7 %16,882,252  86.9 %16,921,119  86.8 %
Loans delinquent 31-60 days662,431  3.8  683,084  3.5  689,454  3.5  
Loans delinquent 61-90 days402,197  2.2  427,764  2.2  412,639  2.1  
Loans delinquent 91-120 days279,524  1.5  283,831  1.5  347,013  1.8  
Loans delinquent 121-270 days
795,230  4.4  806,692  4.2  853,224  4.4  
Loans delinquent 271 days or greater
275,037  1.4  343,489  1.7  269,285  1.4  
Total loans in repayment18,060,650  100.0 %19,427,112  100.0 %19,492,734  100.0 %
Total federally insured loans$20,695,837  $22,155,896  $22,390,743  
Private education loans:
Loans in-school/grace/deferment $3,944  $4,320  $3,550  
Loans in forbearance 2,242  1,494  1,577  
Loans in repayment status:
Loans current173,883  94.7 %208,977  95.0 %156,383  95.2 %
Loans delinquent 31-60 days3,011  1.6  3,626  1.6  1,796  1.1  
Loans delinquent 61-90 days1,370  0.7  1,560  0.7  1,155  0.7  
Loans delinquent 91 days or greater5,462  3.0  5,998  2.7  5,006  3.0  
Total loans in repayment183,726  100.0 %220,161  100.0 %164,340  100.0 %
Total private education loans$189,912  $225,975  $169,467  
Consumer loans:
Loans in repayment status:
Loans current$315,708  98.3 %$136,130  98.2 %$110,885  98.5 %
Loans delinquent 31-60 days2,249  0.7  1,012  0.7  905  0.8  
Loans delinquent 61-90 days1,617  0.5  832  0.6  355  0.3  
Loans delinquent 91 days or greater1,625  0.5  653  0.5  402  0.4  
Total loans in repayment321,199  100.0 %138,627  100.0 %112,547  100.0 %
Total consumer loans$321,199  $138,627  $112,547  
v3.19.3
Bonds and Notes Payable
9 Months Ended
Sep. 30, 2019
Debt Disclosure [Abstract]  
Bonds and Notes Payable Bonds and Notes Payable
The following tables summarize the Company’s outstanding debt obligations by type of instrument:
 As of September 30, 2019
Carrying
amount
Interest rate
range
Final maturity
Variable-rate bonds and notes issued in FFELP loan asset-backed securitizations:
   
Bonds and notes based on indices$18,961,410  2.20% - 3.81%  11/25/24 - 9/26/67
Bonds and notes based on auction773,726  3.02% - 3.84%  3/22/32 - 11/26/46
Total FFELP variable-rate bonds and notes19,735,136  
Fixed-rate bonds and notes issued in FFELP loan asset-backed
securitization
374,500  2.53% / 3.45%  10/25/67
FFELP warehouse facilities739,448  2.22% / 2.26%  11/20/20 / 5/31/22
Consumer loan warehouse facility144,022  2.23%  4/23/22
Variable-rate bonds and notes issued in private education loan asset-
backed securitizations
82,338  3.40% / 3.77%  12/26/40 / 6/25/49
Fixed-rate bonds and notes issued in private education loan asset-backed
securitization
53,368  3.60% / 5.35%  12/26/40 / 12/28/43
Unsecured line of credit—  —  6/22/23
Unsecured debt - Junior Subordinated Hybrid Securities20,381  5.46%  9/15/61
Other borrowings45,465  2.77% - 3.85%  10/7/19 - 5/30/22
 21,194,658    
Discount on bonds and notes payable and debt issuance costs(284,468) 
Total$20,910,190  

 As of December 31, 2018
Carrying
amount
Interest rate
range
Final maturity
Variable-rate bonds and notes issued in FFELP loan asset-backed securitizations:
   
Bonds and notes based on indices$20,192,123  2.59% - 4.52%  11/25/24 - 2/25/67
Bonds and notes based on auction793,476  2.84% - 3.55%  3/22/32 - 11/26/46
Total FFELP variable-rate bonds and notes20,985,599  
FFELP warehouse facilities986,886  2.65% / 2.71%  5/20/20 / 5/31/21
Variable-rate bonds and notes issued in private education loan asset-backed securitization
50,720  4.26%  12/26/40
Fixed-rate bonds and notes issued in private education loan asset-backed securitization
63,171  3.60% / 5.35%  12/26/40 / 12/28/43
Unsecured line of credit310,000  3.92% - 4.01%  6/22/23
Unsecured debt - Junior Subordinated Hybrid Securities20,381  6.17%  9/15/61
Other borrowings120,342  3.05% - 5.22%  1/3/19 - 12/15/45
 22,537,099    
Discount on bonds and notes payable and debt issuance costs(318,359) 
Total$22,218,740  
FFELP Warehouse Facilities
The Company funds the majority of its Federal Family Education Loan Program (the "FFEL Program" or "FFELP") loan acquisitions using its FFELP warehouse facilities. Student loan warehousing allows the Company to buy and manage student loans prior to transferring them into more permanent financing arrangements.
As of September 30, 2019, the Company had two FFELP warehouse facilities as summarized below.
NFSLW-I (a)NHELP-II (b)Total
Maximum financing amount
$500,000  500,000  1,000,000  
Amount outstanding387,510  351,938  739,448  
Amount available$112,490  148,062  260,552  
Expiration of liquidity provisions
November 20, 2019May 31, 2020
Final maturity dateNovember 20, 2020May 31, 2022
Advanced as equity support$22,238  25,853  48,091  
(a) On March 8, 2019, the Company decreased the maximum financing amount for this warehouse facility to $500 million. On May 16, 2019, the Company extended the expiration of liquidity provisions to November 20, 2019, and extended the maturity date to November 20, 2020.
(b) On May 30, 2019, the Company extended the expiration of liquidity provisions to May 31, 2020, and extended the maturity date to May 31, 2022.
Asset-Backed Securitizations
The following table summarizes the asset-backed securitization transactions completed during the first nine months of 2019.
2019-12019-2Private education loan
2019-A
2019-32019-42019-5Total
Class A-1 NotesClass A-2 Notes2019-1 total
Date securities issued2/27/192/27/192/27/194/30/196/25/197/24/198/22/199/25/19
Total original principal amount$35,700  448,000  496,800  416,100  47,159  498,300  418,600  374,500  2,251,459  
Class A senior notes:
Total principal amount
$35,700  448,000  483,700  405,000  47,159  485,800  408,000  364,500  2,194,159  
Bond discount—  —  —  —  —  —  —  (114) (114) 
Issue price$35,700  448,000  483,700  405,000  47,159  485,800  408,000  364,386  2,194,045  
Cost of funds
1-month LIBOR plus 0.30%
1-month LIBOR plus 0.75%
1-month LIBOR plus 0.90%
Prime rate less 1.60%
1-month LIBOR plus 0.80%
1-month LIBOR plus 0.87%
2.53%  
Final maturity date4/25/674/25/676/27/676/25/498/25/679/26/6710/25/67
Class B subordinated notes:
Total principal amount
13,100  11,100  12,500  10,600  10,000  57,300  
Bond discount—  —  —  —  (4) (4) 
Issue price13,100  11,100  12,500  10,600  9,996  57,296  
Cost of funds
1-month LIBOR plus 1.40%
1-month LIBOR plus 1.50%
1-month LIBOR plus 1.55%
1-month LIBOR plus 1.65%
3.45%  
Final maturity date4/25/676/27/678/25/679/26/6710/25/67
On June 7, 2019, the Company extinguished all $93.0 million of the notes included in one of its FFELP asset-backed securitizations prior to the notes' contractual maturity. The Company paid a $1.4 million premium to extinguish the notes and wrote off $0.4 million of debt issuance costs. In total, the Company recognized a $1.8 million expense to extinguish the notes, which is included in other expenses on the consolidated statements of income.
During the third quarter of 2019, the Company extinguished an additional $675.6 million of notes payable included in certain FFELP asset-backed securitizations prior to the notes' contractual maturities. To extinguish the notes, the Company paid a premium of $12.6 million and wrote off $1.4 million of debt issuance costs. In total, the Company recognized $14.0 million in expenses in the third quarter of 2019 to extinguish these notes, which is included in other expenses on the consolidated statements of income.
Consumer Loan Warehouse Facility
On January 11, 2019, the Company obtained a consumer loan warehouse facility with an aggregate maximum financing amount available of $100.0 million, an advance rate of 70 or 75 percent depending on the type of collateral and subject to certain concentration limits, and a maturity date of January 10, 2022. On April 25, 2019, the Company amended the agreement for this warehouse facility to increase the aggregate maximum financing amount available to $200.0 million, extend the expiration of liquidity provisions to April 23, 2021, and extend the final maturity date to April 23, 2022. As of September 30, 2019, $144.0 million was outstanding under this warehouse facility and $56.0 million was available for future funding. Additionally, as of September 30, 2019, the Company had $50.2 million advanced as equity support under this facility.
Unsecured Line of Credit
The Company has a $382.5 million unsecured line of credit that has a maturity date of June 22, 2023. As of September 30, 2019, no amount was outstanding under the line of credit. The line of credit provides that the Company may increase the aggregate financing commitments, through the existing lenders and/or through new lenders, up to a total of $400.0 million, subject to certain conditions.
Other Borrowings
During 2017, the Company entered into a repurchase agreement, the proceeds of which are collateralized by FFELP asset-backed security investments. Included in "other borrowings" as of September 30, 2019 and December 31, 2018, was $40.5 million and $41.4 million, respectively, subject to this repurchase agreement.
During 2018, the Company entered into a repurchase agreement, the proceeds of which were collateralized by private education loans. On June 25, 2019, the Company terminated this repurchase agreement. Included in "other borrowings" as of December 31, 2018 was $45.0 million subject to this repurchase agreement.
On May 30, 2019, the Company entered into a $22.0 million secured line of credit agreement with a maturity date of May 30, 2022 and an interest rate of one-month LIBOR plus 1.75%. As of September 30, 2019, $5.0 million was outstanding under this line of credit and $17.0 million was available for future use. The line of credit is secured by several Company-owned properties.
The Company had other notes payable included in its consolidated financial statements which were issued by partnerships for certain real estate development projects. Although the Company's ownership interests in these partnerships are 50 percent or less, because the Company was the developer of and is a current tenant in the associated buildings, the operating results of these partnerships were included in the Company's consolidated financial statements. On January 1, 2019, the Company adopted a new accounting standard for leases (see note 1). As a result of the adoption of this new standard, these real estate entities were deconsolidated, including $33.9 million of related debt. Prior to January 1, 2019, this debt was included in "other borrowings."
v3.19.3
Derivative Financial Instruments
9 Months Ended
Sep. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments Derivative Financial Instruments
The Company uses derivative financial instruments to manage interest rate risk. Derivative instruments used as part of the Company's risk management strategy are further described in note 5 of the notes to consolidated financial statements included in the 2018 Annual Report. A tabular presentation of such derivatives outstanding as of September 30, 2019 and December 31, 2018 is presented below.
Basis Swaps
The following table summarizes the Company’s outstanding basis swaps in which the Company receives three-month LIBOR set discretely in advance and pays one-month LIBOR plus or minus a spread as defined in the agreements (the "1:3 Basis Swaps"). 
Notional amount
As of September 30,As of December 31,
Maturity20192018
2019$—  3,500,000  
20201,000,000  1,000,000  
2021250,000  250,000  
2022 (a)2,000,000  2,000,000  
2023750,000  750,000  
20241,750,000  250,000  
20261,150,000  1,150,000  
2027 (b)250,000  375,000  
2028 (b)—  325,000  
2029 (b)—  100,000  
2031 (b)—  300,000  
$7,150,000  10,000,000  
(a) $750 million of the notional amount of these derivatives have forward effective start dates in May 2020.
(b) During the third quarter of 2019, the Company terminated $125 million (notional amount), $325 million (notional amount), $100 million (notional amount), and $300 million (notional amount) of 1:3 Basis Swaps that had a maturity date in 2027, 2028, 2029, and 2031, respectively, and received $0.5 million in net proceeds.
The weighted average rate paid by the Company on the 1:3 Basis Swaps as of September 30, 2019 and December 31, 2018 was one-month LIBOR plus 9.7 basis points and 9.4 basis points, respectively.
Interest Rate Swaps – Floor Income Hedges
The following table summarizes the outstanding derivative instruments used by the Company to economically hedge loans earning fixed rate floor income.
As of September 30, 2019As of December 31, 2018
MaturityNotional amountWeighted average fixed rate paid by the Company (a)Notional amountWeighted average fixed rate paid by the Company (a)
2019$500,000  1.12 %$3,250,000  0.97 %
20201,500,000  1.01  1,500,000  1.01  
2021600,000  2.15  100,000  2.95  
2022 (b)250,000  1.65  —  —  
2023150,000  2.25  400,000  2.24  
2024—  —  300,000  2.28  
2027—  —  25,000  2.35  
 $3,000,000  1.37 %$5,575,000  1.18 %
(a) For all interest rate derivatives, the Company receives discrete three-month LIBOR.
(b) These derivatives have forward effective start dates in June 2021.
During the first and third quarters of 2019, the Company received $2.1 million and paid $16.5 million, respectively, to terminate $100.0 million (notional amount) and $700.0 million (notional amount), respectively, of floor income interest rate swaps prior to their final maturity.
Interest Rate Swap Options – Floor Income Hedges
During 2014 and 2018, the Company paid $9.1 million and $4.6 million, respectively, for interest rate swap options to economically hedge loans earning fixed rate floor income. The interest rate swap options gave the Company the right, but not the obligation, to enter into interest rate swaps during the third quarter of 2019 in which the Company would pay a weighted average fixed amount of 3.21 percent and receive discrete one-month or three-month LIBOR. The Company did not exercise its rights on these options, and such swap options expired.
Interest Rate Caps
In June 2015 and June 2019, the Company paid $2.9 million and $0.3 million, respectively, for interest rate cap contracts to mitigate a rise in interest rates and its impact on earnings related to its student loan portfolio earning a fixed rate. In the event that the one-month LIBOR or three-month LIBOR rate rises above the applicable strike rate, the Company would receive monthly payments related to the spread difference. The following table summarizes these derivative instruments as of September 30, 2019.
Notional Amount  Strike rateMaturity date
$125,000  2.50% (1-month LIBOR)July 15, 2020
150,000  4.99 (1-month LIBOR)July 15, 2020
500,000  2.25 (3-month LIBOR)September 25, 2020
Consolidated Financial Statement Impact Related to Derivatives
Balance Sheet
The following table summarizes the fair value of the Company’s derivatives as reflected in the consolidated balance sheets. There is no difference between the gross amounts of recognized assets presented in the consolidated balance sheets related to the Company's derivative portfolio and the net amount when excluding derivatives subject to enforceable master netting arrangements and cash collateral received.
 Fair value of asset derivativesFair value of liability derivatives
As of September 30, 2019As of December 31, 2018As of September 30, 2019As of December 31, 2018
Interest rate swap options - floor income hedges
$—  1,465  —  —  
Interest rate caps57  353  —  —  
Total$57  1,818  —  —  
Income Statement Impact
The following table summarizes the components of "derivative market value adjustments and derivative settlements, net" included in the consolidated statements of income.
Three months ended September 30,Nine months ended September 30,
 2019201820192018
Settlements:  
1:3 basis swaps$234  3,361  3,375  4,676  
Interest rate swaps - floor income hedges7,064  19,087  35,931  46,752  
Interest rate swaps - hybrid debt hedges—  (124) —  (410) 
Total settlements - income7,298  22,324  39,306  51,018  
Change in fair value:  
1:3 basis swaps6,636  1,283  4,427  12,058  
Interest rate swaps - floor income hedges(12,094) (7,427) (75,657) 34,008  
Interest rate swap options - floor income hedges(1) (31) (1,465) 437  
Interest rate caps(171) 119  (570) 567  
Interest rate swaps - hybrid debt hedges—  830  —  2,839  
Total change in fair value - (expense) income(5,630) (5,226) (73,265) 49,909  
Derivative market value adjustments and derivative settlements, net - income (expense)
$1,668  17,098  (33,959) 100,927  
v3.19.3
Investments and Notes Receivable
9 Months Ended
Sep. 30, 2019
Investments [Abstract]  
Investments and Notes Receivable Investments and Notes Receivable
A summary of the Company's investments and notes receivable follows:
As of September 30, 2019As of December 31, 2018
Amortized costGross unrealized gainsGross unrealized lossesFair valueAmortized costGross unrealized gainsGross unrealized lossesFair value
Investments (at fair value):
Student loan asset-backed and other debt securities - available-for-sale
$48,772  3,802  —  52,574  47,931  5,109  —  53,040  
Equity securities13,913  4,114  (725) 17,302  12,909  5,145  (407) 17,647  
Total investments (at fair value)$62,685  7,916  (725) 69,876  60,840  10,254  (407) 70,687  
Other Investments and Notes Receivable (not measured at fair value):
Venture capital and funds:
Measurement alternative
71,752  70,939  
Equity method
11,396  19,230  
Other
850  900  
Total venture capital and funds83,998  91,069  
Real estate:
Equity method
44,995  29,168  
Other
1,372  34,211  
  Total real estate
46,367  63,379  
Beneficial interest in consumer loan securitization5,755  —  
Tax liens and affordable housing6,420  7,862  
Notes receivable—  16,373  
Total investments and notes receivable (not measured at fair value)142,540  178,683  
      Total investments and notes receivable
$212,416  249,370  
v3.19.3
Intangible Assets
9 Months Ended
Sep. 30, 2019
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
Intangible Assets Intangible Assets
Intangible assets consist of the following:
Weighted average remaining useful life as of
September 30, 2019
(months)
As of  As of  
September 30, 2019  December 31, 2018
Amortizable intangible assets, net:  
Customer relationships (net of accumulated amortization of $53,926
     and $33,968, respectively)
80$78,527  98,484  
Trade names (net of accumulated amortization of $8,367 and
     $5,825, respectively)
928,326  10,868  
Computer software (net of accumulated amortization of $2,741 and
     $15,420, respectively)
172,646  4,938  
Total - amortizable intangible assets, net80$89,499  114,290  
The Company recorded amortization expense on its intangible assets of $8.0 million and $7.9 million during the three months ended September 30, 2019 and 2018, respectively, and $24.8 million and $21.9 million during the nine months ended September 30, 2019 and 2018, respectively. The Company will continue to amortize intangible assets over their remaining useful lives. As of September 30, 2019, the Company estimates it will record amortization expense as follows:
2019 (October 1 - December 31)$7,967  
202029,515  
202118,761  
20227,172  
20236,925  
2024 and thereafter19,159  
 $89,499  
v3.19.3
Goodwill
9 Months Ended
Sep. 30, 2019
Goodwill [Abstract]  
Goodwill Goodwill
The carrying amount of goodwill as of December 31, 2018 and September 30, 2019 by reportable operating segment was as follows:
Loan Servicing and SystemsEducation Technology, Services, and Payment ProcessingCommunicationsAsset Generation and ManagementCorporate and Other ActivitiesTotal
Goodwill balance$23,639  70,278  21,112  41,883  —  156,912  
v3.19.3
Property and Equipment
9 Months Ended
Sep. 30, 2019
Property, Plant and Equipment [Abstract]  
Property and Equipment Property and Equipment
Property and equipment consisted of the following:
As ofAs of
Useful lifeSeptember 30, 2019December 31, 2018
Non-communications:
Computer equipment and software1-5 years$161,420  137,705  
Building and building improvements5-48 years38,621  50,138  
Office furniture and equipment1-10 years24,354  22,796  
Leasehold improvements1-15 years10,193  9,327  
Transportation equipment5-10 years5,049  5,123  
Land—  1,400  3,328  
Construction in progress—  3,740  3,578  
244,777  231,995  
Accumulated depreciation - non-communications (147,266) (123,003) 
Non-communications, net property and equipment97,511  108,992  
Communications:
Network plant and fiber
4-15 years246,971  215,787  
Customer located property
3-4 years25,966  21,234  
Central office
5-15 years17,499  15,688  
Transportation equipment
4-10 years6,728  6,580  
Computer equipment and software
1-5 years5,443  4,943  
Other
1-39 years3,391  3,219  
Land
—  70  70  
Construction in progress
—  2,051  6,344  
308,119  273,865  
Accumulated depreciation - communications
(63,229) (38,073) 
Communications, net property and equipment
244,890  235,792  
Total property and equipment, net$342,401  344,784  
The Company recorded depreciation expense on its property and equipment of $19.7 million and $15.1 million during the three months ended September 30, 2019 and 2018, respectively, and $51.6 million and $41.1 million during the nine months ended September 30, 2019 and 2018, respectively.
v3.19.3
Earnings per Common Share
9 Months Ended
Sep. 30, 2019
Earnings Per Share [Abstract]  
Earnings per Common Share Earnings per Common Share
Presented below is a summary of the components used to calculate basic and diluted earnings per share. The Company applies the two-class method in computing both basic and diluted earnings per share, which requires the calculation of separate earnings per share amounts for common stock and unvested share-based awards. Unvested share-based awards that contain nonforfeitable rights to dividends are considered securities which participate in undistributed earnings with common stock.
 Three months ended September 30,
20192018
Common shareholders  Unvested restricted stock shareholders  Total  Common shareholders  Unvested restricted stock shareholders  Total  
Numerator:
Net income attributable to Nelnet, Inc.
$32,778  434  33,212  42,354  573  42,927  
Denominator:
Weighted-average common shares outstanding - basic and diluted
39,356,311  520,818  39,877,129  40,441,783  547,182  40,988,965  
Earnings per share - basic and diluted
$0.83  0.83  0.83  1.05  1.05  1.05  

Nine months ended September 30,
20192018
Common shareholders  Unvested restricted stock shareholders  Total  Common shareholders  Unvested restricted stock shareholders  Total  
Numerator:
Net income attributable to Nelnet, Inc.
$98,125  1,298  99,423  203,881  2,406  206,287  
Denominator:
Weighted-average common shares outstanding - basic and diluted
39,574,868  523,478  40,098,346  40,464,638  477,539  40,942,177  
Earnings per share - basic and diluted
$2.48  2.48  2.48  5.04  5.04  5.04  
v3.19.3
Segment Reporting
9 Months Ended
Sep. 30, 2019
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
See note 14 of the notes to consolidated financial statements included in the 2018 Annual Report for a description of the Company's operating segments. The following tables include the results of each of the Company's operating segments reconciled to the consolidated financial statements.
 Three months ended September 30, 2019  
Loan Servicing and Systems  Education Technology, Services, and Payment Processing  Communications  Asset
Generation and
Management 
 Corporate and Other Activities  Eliminations  Total  
Total interest income
$532  3,499  —  233,225  2,859  (1,171) 238,945  
Interest expense
51  12  —  171,485  2,110  (1,171) 172,488  
Net interest income (expense)
481  3,487  —  61,740  749  —  66,457  
Less provision for loan losses
—  —  —  10,000  —  —  10,000  
Net interest income (loss) after provision for loan losses
481  3,487  —  51,740  749  —  56,457  
Other income:
Loan servicing and systems revenue
113,286  —  —  —  —  —  113,286  
Intersegment servicing revenue
11,611  —  —  —  —  (11,611) —  
Education technology, services, and payment processing revenue
—  74,251  —  —  —  —  74,251  
Communications revenue
—  —  16,470  —  —  —  16,470  
Other income
2,291  —  532  3,384  7,231  —  13,439  
Derivative settlements, net
—  —  —  7,298  —  —  7,298  
Derivative market value adjustments, net
—  —  —  (5,630) —  —  (5,630) 
Total other income
127,188  74,251  17,002  5,052  7,231  (11,611) 219,114  
Cost of services:
Cost to provide education technology, services, and payment processing services
—  25,671  —  —  —  —  25,671  
Cost to provide communications services
—  —  5,236  —  —  —  5,236  
Total cost of services
—  25,671  5,236  —  —  —  30,907  
Operating expenses:
Salaries and benefits
69,209  23,826  5,763  394  17,479  —  116,670  
Depreciation and amortization
8,565  2,997  10,926  —  5,212  —  27,701  
Loan servicing fees to third parties
—  —  —  3,382  —  —  3,382  
Other expenses
16,686  5,325  3,842  15,672  13,422  —  54,947  
Intersegment expenses, net
12,955  3,194  701  11,678  (16,917) (11,611) —  
Total operating expenses
107,415  35,342  21,232  31,126  19,196  (11,611) 202,700  
Income (loss) before income taxes
20,254  16,725  (9,466) 25,666  (11,216) —  41,964  
Income tax (expense) benefit
(4,861) (4,014) 2,272  (6,160) 3,935  —  (8,829) 
Net income (loss)
15,393  12,711  (7,194) 19,506  (7,281) —  33,135  
  Net loss (income) attributable to noncontrolling interests
—  —  —  —  77  —  77  
Net income (loss) attributable to Nelnet, Inc.
$15,393  12,711  (7,194) 19,506  (7,204) —  33,212  
Total assets as of September 30, 2019$222,606  413,076  306,743  22,520,688  685,998  (212,392) 23,936,719  
 Three months ended September 30, 2018  
Loan Servicing and Systems  Education Technology, Services, and Payment Processing  Communications  
Asset
Generation and
Management
Corporate and Other
Activities 
 Eliminations  Total  
Total interest income
$381  1,513   236,039  6,860  (4,846) 239,948  
Interest expense
—   4,174  176,874  3,968  (4,846) 180,175  
Net interest income (expense)
381  1,510  (4,173) 59,165  2,892  —  59,773  
Less provision for loan losses
—  —  —  10,500  —  —  10,500  
Net interest income (loss) after provision for loan losses
381  1,510  (4,173) 48,665  2,892  —  49,273  
Other income:
Loan servicing and systems revenue
112,579  —  —  —  —  —  112,579  
Intersegment servicing revenue
12,290  —  —  —  —  (12,290) —  
Education technology, services, and payment processing revenue
—  58,409  —  —  —  —  58,409  
Communications revenue
—  —  11,818  —  —  —  11,818  
Other income
1,948  —  950  3,267  10,508  —  16,673  
Derivative settlements, net
—  —  —  22,448  (124) —  22,324  
Derivative market value adjustments, net
—  —  —  (6,056) 830  —  (5,226) 
Total other income
126,817  58,409  12,768  19,659  11,214  (12,290) 216,577  
Cost of services:
Cost to provide education technology, services, and payment processing services
—  19,087  —  —  —  —  19,087  
Cost to provide communications services
—  —  4,310  —  —  —  4,310  
Total cost of services
—  19,087  4,310  —  —  —  23,397  
Operating expenses:
Salaries and benefits
70,440  19,972  4,554  424  18,782  —  114,172  
Depreciation and amortization
8,957  3,435  6,167  —  4,433  —  22,992  
Loan servicing fees to third parties
—  —  —  3,087  —  —  3,087  
Other expenses
19,638  4,943  3,151  845  16,616  —  45,194  
Intersegment expenses, net
15,029  2,494  598  12,378  (18,208) (12,290) —  
Total operating expenses
114,064  30,844  14,470  16,734  21,623  (12,290) 185,445  
Income (loss) before income taxes
13,134  9,988  (10,185) 51,590  (7,517) —  57,008  
Income tax (expense) benefit
(3,152) (2,397) 2,444  (12,381) 1,604  —  (13,882) 
Net income (loss)
9,982  7,591  (7,741) 39,209  (5,913) —  43,126  
  Net loss (income) attributable to noncontrolling interests
—  —  —  —  (199) —  (199) 
Net income (loss) attributable to Nelnet, Inc.
$9,982  7,591  (7,741) 39,209  (6,112) —  42,927  
Total assets as of September 30, 2018$276,153  243,497  271,370  23,927,156  723,985  (337,236) 25,104,925  
Nine months ended September 30, 2019  
Loan Servicing and Systems  Education Technology, Services, and Payment Processing  Communications  
Asset
Generation and
Management
Corporate and Other
Activities 
 Eliminations  Total  
Total interest income
$1,579  7,175   723,388  7,170  (2,995) 736,319  
Interest expense
70  32  —  544,319  9,796  (2,995) 551,221  
Net interest income (expense)
1,509  7,143   179,069  (2,626) —  185,098  
Less provision for loan losses
—  —  —  26,000  —  —  26,000  
Net interest income (loss) after provision for loan losses
1,509  7,143   153,069  (2,626) —  159,098  
Other income:
Loan servicing and systems revenue
342,169  —  —  —  —  —  342,169  
Intersegment servicing revenue
35,426  —  —  —  —  (35,426) —  
Education technology, services, and payment processing revenue
—  213,753  —  —  —  —  213,753  
Communications revenue
—  —  46,770  —  —  —  46,770  
Other income
6,642  —  1,019  11,796  19,200  —  38,658  
Derivative settlements, net
—  —  —  39,306  —  —  39,306  
Derivative market value adjustments, net
—  —  —  (73,265) —  —  (73,265) 
Total other income
384,237  213,753  47,789  (22,163) 19,200  (35,426) 607,391  
Cost of services:
Cost to provide education technology, services, and payment processing services
—  62,601  —  —  —  —  62,601  
Cost to provide communications services
—  —  15,096  —  —  —  15,096  
Total cost of services
—  62,601  15,096  —  —  —  77,697  
Operating expenses:
Salaries and benefits
201,924  69,656  15,692  1,153  50,517  —  338,942  
Depreciation and amortization
26,236  9,832  26,025  —  14,305  —  76,398  
Loan servicing fees to third parties
—  —  —  9,431  —  —  9,431  
Other expenses
52,732  16,440  11,184  19,667  38,107  —  138,131  
Intersegment expenses, net
40,317  9,642  2,081  35,630  (52,244) (35,426) —  
Total operating expenses
321,209  105,570  54,982  65,881  50,685  (35,426) 562,902  
Income (loss) before income taxes
64,537  52,725  (22,286) 65,025  (34,111) —  125,890  
Income tax (expense) benefit
(15,489) (12,654) 5,349  (15,606) 11,971  —  (26,429) 
Net income (loss)
49,048  40,071  (16,937) 49,419  (22,140) —  99,461  
  Net loss (income) attributable to noncontrolling interests
—  —  —  —  (38) —  (38) 
Net income (loss) attributable to Nelnet, Inc.
$49,048  40,071  (16,937) 49,419  (22,178) —  99,423  
Total assets as of September 30, 2019$222,606  413,076  306,743  22,520,688  685,998  (212,392) 23,936,719  
Nine months ended September 30, 2018  
Loan Servicing and Systems  Education Technology, Services, and Payment Processing  Communications  
Asset
Generation and
Management
Corporate and Other
Activities 
 Eliminations  Total  
Total interest income
$931  2,927   662,881  17,673  (12,420) 671,995  
Interest expense
—   9,987  480,729  8,875  (12,420) 487,174  
Net interest income (expense)
931  2,924  (9,984) 182,152  8,798  —  184,821  
Less provision for loan losses
—  —  —  18,000  —  —  18,000  
Net interest income (loss) after provision for loan losses
931  2,924  (9,984) 164,152  8,798  —  166,821  
Other income:
Loan servicing and systems revenue
327,265  —  —  —  —  —  327,265  
Intersegment servicing revenue
34,670  —  —  —  —  (34,670) —  
Education technology, services, and payment processing revenue
—  167,372  —  —  —  —  167,372  
Communications revenue
—  —  31,327  —  —  —  31,327  
Other income
5,196  —  950  9,391  29,272  —  44,808  
Derivative settlements, net
—  —  —  51,428  (410) —  51,018  
Derivative market value adjustments, net
—  —  —  47,070  2,839  —  49,909  
Total other income
367,131  167,372  32,277  107,889  31,701  (34,670) 671,699  
Cost of services:
Cost to provide education technology, services, and payment processing services
—  44,087  —  —  —  —  44,087  
Cost to provide communications services
—  —  11,892  —  —  —  11,892  
Total cost of services
—  44,087  11,892  —  —  —  55,979  
Operating expenses:
Salaries and benefits
198,411  58,552  13,284  1,183  50,502  —  321,932  
Depreciation and amortization
23,237  10,062  16,585  —  13,058  —  62,943  
Loan servicing fees to third parties
—  —  —  9,428  —  —  9,428  
Other expenses
51,591  14,950  8,811  2,982  40,686  —  119,020  
Intersegment expenses, net
43,968  7,630  1,802  34,943  (53,672) (34,670) —  
Total operating expenses
317,207  91,194  40,482  48,536  50,574  (34,670) 513,323  
Income (loss) before income taxes
50,855  35,015  (30,081) 223,505  (10,075) —  269,218  
Income tax (expense) benefit
(12,399) (8,404) 7,220  (53,641) 3,855  —  (63,369) 
Net income (loss)
38,456  26,611  (22,861) 169,864  (6,220) —  205,849  
  Net loss (income) attributable to noncontrolling interests
808  —  —  —  (371) —  438  
Net income (loss) attributable to Nelnet, Inc.
$39,264  26,611  (22,861) 169,864  (6,591) —  206,287  
Total assets as of September 30, 2018$276,153  243,497  271,370  23,927,156  723,985  (337,236) 25,104,925  
v3.19.3
Disaggregated Revenue and Deferred Revenue
9 Months Ended
Sep. 30, 2019
Revenue from Contract with Customer [Abstract]  
Disaggregated Revenue and Deferred Revenue Disaggregated Revenue and Deferred Revenue
The following tables provide disaggregated revenue by service offering and/or customer type for the Company's fee-based reportable operating segments.
Loan Servicing and Systems
 Three months ended September 30,  Nine months ended September 30,  
 2019201820192018
Government servicing - Nelnet$38,645  38,907  118,744  118,015  
Government servicing - Great Lakes46,234  45,671  139,285  122,107  
Private education and consumer loan servicing9,561  10,007  28,026  31,990  
FFELP servicing
6,089  7,422  19,208  24,259  
Software services 10,493  8,201  30,255  24,461  
Outsourced services and other2,264  2,371  6,651  6,433  
Loan servicing and systems revenue
$113,286  112,579  342,169  327,265  
Education Technology, Services, and Payment Processing
 Three months ended September 30,  Nine months ended September 30,  
 2019201820192018
Tuition payment plan services$25,760  19,771  80,589  63,209  
Payment processing
35,138  26,956  85,428  62,908  
Education technology and services
13,067  11,419  46,872  40,411  
Other
286  263  864  844  
Education technology, services, and payment processing revenue
$74,251  58,409  213,753  167,372  
Communications
Three months ended September 30,  Nine months ended September 30,  
2019201820192018
Internet$9,899  6,453  27,641  16,541  
Television4,068  3,380  12,020  9,241  
Telephone2,487  1,962  7,062  5,482  
Other16  23  47  63  
Communications revenue$16,470  11,818  46,770  31,327  
Residential revenue$12,397  8,896  35,351  23,367  
Business revenue4,025  2,861  11,256  7,779  
Other48  61  163  181  
Communications revenue$16,470  11,818  46,770  31,327  
Other Income
The following table provides the components of "other income" on the consolidated statements of income:
Three months ended September 30,  Nine months ended September 30,  
2019201820192018
Borrower late fee income$3,196  3,253  9,870  8,994  
Management fee revenue2,084  1,756  6,007  4,673  
Gain on investments and notes receivable, net of losses1,948  2,503  5,779  10,291  
Investment advisory services753  1,183  2,194  4,169  
Other5,458  7,978  14,808  16,681  
Other income$13,439  16,673  38,658  44,808  
Deferred Revenue
Activity in the deferred revenue balance, which is included in "other liabilities" on the consolidated balance sheets, is shown below:
Loan Servicing and SystemsEducation Technology, Services, and Payment ProcessingCommunicationsCorporate and Other ActivitiesTotal
Three months ended September 30, 2019  
Balance, beginning of period$3,315  21,489  3,080  1,611  29,495  
Deferral of revenue881  42,752  9,302  953  53,888  
Recognition of revenue(1,149) (21,820) (9,158) (850) (32,977) 
Balance, end of period$3,047  42,421  3,224  1,714  50,406  
Three months ended September 30, 2018
Balance, beginning of period$3,771  17,989  2,149  1,751  25,660  
Deferral of revenue1,591  34,252  6,567  2,764  45,174  
Recognition of revenue(1,754) (17,049) (6,342) (2,858) (28,003) 
Balance, end of period$3,608  35,192  2,374  1,657  42,831  
Nine months ended September 30, 2019
Balance, beginning of period$4,413  30,556  2,551  1,602  39,122  
Deferral of revenue2,761  81,484  26,366  2,530  113,141  
Recognition of revenue(4,127) (69,619) (25,693) (2,418) (101,857) 
Balance, end of period$3,047  42,421  3,224  1,714  50,406  
Nine months ended September 30, 2018
Balance, beginning of period$4,968  24,164  1,665  1,479  32,276  
Deferral of revenue2,555  65,940  17,916  4,869  91,280  
Recognition of revenue(3,915) (54,912) (17,207) (4,691) (80,725) 
Balance, end of period$3,608  35,192  2,374  1,657  42,831  
v3.19.3
Major Customer
9 Months Ended
Sep. 30, 2019
Risks and Uncertainties [Abstract]  
Major Customer Major Customer
Nelnet Servicing, LLC ("Nelnet Servicing"), a subsidiary of the Company, earns loan servicing revenue from a servicing contract with the Department of Education (the "Department"). Revenue earned by Nelnet Servicing related to this contract was $38.6 million and $38.9 million for the three months ended September 30, 2019 and 2018, and $118.7 million and $118.0 million for the nine months ended September 30, 2019 and 2018, respectively.
In addition, Great Lakes Educational Loan Services, Inc. ("Great Lakes"), which was acquired by the Company on February 7, 2018, also earns loan servicing revenue from a similar servicing contract with the Department. Revenue earned by Great Lakes related to this contract was $46.2 million and $45.7 million for the three months ended September 30, 2019 and 2018, respectively, and $139.3 million for the nine months ended September 30, 2019. Revenue of $122.1 million was earned for the period from February 7, 2018 to September 30, 2018.
Nelnet Servicing and Great Lakes' servicing contracts with the Department previously provided for expiration on June 16, 2019. On May 15, 2019, Nelnet Servicing and Great Lakes each received a Modification of Contract from the Department's Office of Federal Student Aid ("FSA") pursuant to which FSA extended the expiration date of the current contracts to December 15, 2019.
In addition, Nelnet Servicing's current Authority to Operate as a loan servicer for the Department expires on December 13, 2019, and is currently under review for renewal. The Company cannot predict the timing or outcome of this review.
FSA is conducting a contract procurement process entitled Next Generation Financial Services Environment (“NextGen”) for a new framework for the servicing of all student loans owned by the Department. On January 15, 2019, FSA issued solicitations for three NextGen components:
NextGen Enhanced Processing Solution ("EPS")
NextGen Business Process Operations ("BPO")
NextGen Optimal Processing Solution ("OPS")
On April 1, 2019 and October 4, 2019, the Company responded to the EPS component. In addition, on August 1, 2019, the Company responded to the BPO component. The Company is also part of a team that has responded and intends to respond to various aspects of the OPS component. The Company cannot predict the timing, nature, or outcome of these solicitations.
v3.19.3
Related Party Transaction
9 Months Ended
Sep. 30, 2019
Related Party Transactions [Abstract]  
Related Party Transaction Related Party Transactions (dollar amounts in this note are not in thousands)On July 26, 2019, the Company, as lender, received a $16.0 million promissory note from Hudl, of which David R. Graff, a member of the Company's Board of Directors, is CEO, co-founder, and a director. The promissory note carried a 14 percent interest rate and was due 180 days from the date of issuance. In connection with this promissory note, the Company entered into a Subordination Agreement with Union Bank and Trust Company ("Union Bank"), a related party, effective as of July 26, 2019, which required the Company to subordinate its promissory note from Hudl to existing notes Union Bank holds from Hudl. The $16.0 million promissory note from Hudl was paid in full to the Company in August 2019.During the third quarter of 2019, the Company, Farmers & Merchants Investment Inc. (the parent of Union Bank) ("F&M"), and the holding company of BankFirst of Norfolk, Nebraska (BankFirst), of which Michael S. Dunlap is a member of the Board of Directors, co-invested $0.7 million, $2.1 million, and $2.1 million, respectively, in a Company-managed limited liability company that invests in renewable energy. As part of these transactions, the Company receives management and performance fees under a management agreement. During the third quarter of 2019, the Company earned a total of approximately $138,000 of management fees under this agreement, allocable in equal amounts of approximately $69,000 to the investments of each of F&M and BankFirst.
v3.19.3
Fair Value
9 Months Ended
Sep. 30, 2019
Fair Value Disclosures [Abstract]  
Fair Value Fair Value
The following tables present the Company’s financial assets and liabilities that are measured at fair value on a recurring basis.
 As of September 30, 2019As of December 31, 2018
 Level 1Level 2TotalLevel 1Level 2Total
Assets:   
Investments:
Student loan and other asset-backed
     securities - available-for-sale
$—  52,471  52,471  —  52,936  52,936  
Equity securities3,263  —  3,263  2,722  —  2,722  
Equity securities measured at net asset
value (a)
14,039  14,925  
Debt securities - available-for-sale103  —  103  104  —  104  
Total investments
3,366  52,471  69,876  2,826  52,936  70,687  
Derivative instruments
—  57  57  —  1,818  1,818  
Total assets$3,366  52,528  69,933  2,826  54,754  72,505  
(a) In accordance with the Fair Value Measurements Topic of the FASB Accounting Standards Codification, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.
The following table summarizes the fair values of all of the Company’s financial instruments on the consolidated balance sheets:
 As of September 30, 2019
 Fair valueCarrying valueLevel 1Level 2Level 3
Financial assets:    
Loans receivable$21,892,651  21,071,441  —  —  21,892,651  
Cash and cash equivalents160,979  160,979  160,979  —  —  
Investments (at fair value)69,876  69,876  3,366  52,471  —  
Beneficial interest in consumer loan securitization5,755  5,755  —  —  5,755  
Restricted cash667,919  667,919  667,919  —  —  
Restricted cash – due to customers309,309  309,309  309,309  —  —  
Accrued interest receivable736,901  736,901  —  736,901  —  
Derivative instruments57  57  —  57  —  
Financial liabilities:  
Bonds and notes payable20,824,456  20,910,190  —  20,824,456  —  
Accrued interest payable52,345  52,345  —  52,345  —  
Due to customers309,309  309,309  309,309  —  —  

 As of December 31, 2018
 Fair valueCarrying valueLevel 1Level 2Level 3
Financial assets:    
Loans receivable$23,521,171  22,377,142  —  —  23,521,171  
Cash and cash equivalents121,347  121,347  121,347  —  —  
Investments (at fair value)70,687  70,687  2,826  52,936  —  
Notes receivable16,373  16,373  —  16,373  —  
Restricted cash701,366  701,366  701,366  —  —  
Restricted cash – due to customers369,678  369,678  369,678  —  —  
Accrued interest receivable679,197  679,197  —  679,197  —  
Derivative instruments1,818  1,818  —  1,818  —  
Financial liabilities:  
Bonds and notes payable22,270,462  22,218,740  —  22,270,462  —  
Accrued interest payable61,679  61,679  —  61,679  —  
Due to customers369,678  369,678  369,678  —  —  
The methodologies for estimating the fair value of financial assets and liabilities are described in note 20 of the notes to consolidated financial statements included in the 2018 Annual Report.
v3.19.3
Basis of Financial Reporting (Policies)
9 Months Ended
Sep. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Financial Reporting Basis of Financial ReportingThe accompanying unaudited consolidated financial statements of Nelnet, Inc. and subsidiaries (the “Company”) as of September 30, 2019 and for the three and nine months ended September 30, 2019 and 2018 have been prepared on the same basis as the audited consolidated financial statements for the year ended December 31, 2018 and, in the opinion of the Company’s management, the unaudited consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of results of operations for the interim periods presented. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Operating results for the three and nine months ended September 30, 2019 are not necessarily indicative of the results for the year ending December 31, 2019. The unaudited consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 (the "2018 Annual Report").
Accounting Standard Adopted in 2019
Accounting Standard Adopted in 2019
In the first quarter of 2019, the Company adopted the following new accounting standard:
Leases
In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Codification Topic 842, Leases ("ASC Topic 842"). The standard requires the identification of arrangements that should be accounted for as leases by lessees and the disclosure of key information about leasing arrangements. The standard establishes a right-of-use ("ROU") model that requires a lessee to recognize a ROU asset and lease liability for all leases with a term longer than twelve months and classify the lease as operating or financing, with the income statement reflecting lease expense for operating leases and amortization/interest expense for financing leases.
The Company adopted the standard effective January 1, 2019, using the effective date as its date of initial application. Consequently, financial information is not updated and the disclosures required under the new standard are not provided for dates and periods before January 1, 2019. The Company elected to utilize the ‘package of practical expedients’, which permitted it to not reassess under the new standard its prior conclusions about lease identification, lease classification, and initial direct costs.
The most significant impact of the standard relates to (1) the recognition of new ROU assets and lease liabilities on the Company's balance sheet; (2) the deconsolidation of assets and liabilities for certain sale-leaseback transactions arising from build-to-suit lease arrangements for which construction was completed and the Company is leasing the constructed assets that did not qualify for sale accounting prior to the adoption of the new standard; and (3) significant new disclosures about the Company’s leasing activities. The build-to-suit lease arrangements have been reassessed as operating leases as of the effective date under ASC Topic 842.
v3.19.3
Basis of Financial Reporting (Tables)
9 Months Ended
Sep. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Impact of New Accounting Pronouncement on Previous Reporting The cumulative effect of the changes made to the Company's consolidated balance sheet as of January 1, 2019 for the adoption of the new lease standard was as follows:
Balances at December 31, 2018Adjustments from adoption of new lease standardBalances at January 1, 2019
Assets
   
Cash and cash equivalents$121,347  (646) 120,701  
Investments and notes receivable249,370  (23,134) 226,236  
Accounts receivable59,531  (89) 59,442  
Property and equipment, net344,784  (16,974) 327,810  
Other assets45,533  32,804  78,337  
Liabilities
Bonds and notes payable
22,218,740  (33,182) 22,185,558  
Other liabilities256,092  31,220  287,312  
Equity
Noncontrolling interests10,315  (6,077) 4,238  
Supplemental Balance Sheet Information Related to Leases
The following table provides supplemental balance sheet information related to leases:
As of
September 30, 2019
Operating lease ROU assets, which is included in "other assets" on the
consolidated balance sheet
$34,264  
Operating lease liabilities, which is included in "other liabilities" on the
consolidated balance sheet
$35,237  
Lease Costs, Cash Flows and Weighted Average Remaining Lease Term
The following table provides components of lease expense:
Three months ended September 30, 2019Nine months ended September 30, 2019
Rental expense, which is included in "other expenses" on the
consolidated statements of income (a)
$2,776  8,276  
Rental expense, which is included in "cost to provide communications
services" on the consolidated statements of income (a)
428  1,138  
Total operating rental expense$3,204  9,414  

(a) Includes short-term and variable lease costs, which are immaterial.
The following table provides supplemental cash flow information related to leases:
Nine months ended September 30, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows related to operating leases$7,307  
Supplemental noncash activity:
Operating ROU assets obtained in exchange for lease obligations,
excluding impact of adoption
$7,972  
Weighted average remaining lease term and discount rate are shown below:
As of
September 30, 2019
Weighted average remaining lease term (years)7.2
Weighted average discount rate3.95 %
Maturity of Lease Liabilities
Maturity of lease liabilities are shown below:
2019 (October 1 - December 31)$2,638  
20209,916  
20216,803  
20224,652  
20233,640  
2024 and thereafter12,996  
Total lease payments40,645  
Imputed interest(5,408) 
Total$35,237  
Future Minimum Lease Payments Future minimum lease payments as of December 31, 2018 are shown below:
2019$9,181  
20208,261  
20215,776  
20223,745  
20232,904  
2024 and thereafter5,479  
Total minimum lease payments$35,346  
v3.19.3
Loans Receivable and Allowance for Loan Losses (Tables)
9 Months Ended
Sep. 30, 2019
Receivables [Abstract]  
Schedule of Loans Receivable
Loans receivable consisted of the following:
As ofAs of
 September 30, 2019December 31, 2018
Federally insured student loans:
Stafford and other$4,720,338  4,969,667  
Consolidation15,975,499  17,186,229  
Total20,695,837  22,155,896  
Private education loans189,912  225,975  
Consumer loans321,199  138,627  
 21,206,948  22,520,498  
Loan discount, net of unamortized loan premiums and deferred origination costs
(36,483) (53,572) 
Non-accretable discount(32,607) (29,396) 
Allowance for loan losses:
Federally insured loans(37,676) (42,310) 
Private education loans(9,882) (10,838) 
Consumer loans(18,859) (7,240) 
 $21,071,441  22,377,142  
Activity in the Allowance for Loan Losses Activity in the allowance for loan losses is shown below.
 Balance at beginning of periodProvision for loan lossesCharge-offsRecoveriesLoan sale and otherBalance at end of period
Three months ended September 30, 2019  
Federally insured loans$39,056  2,000  (3,380) —  —  37,676  
Private education loans10,157  —  (459) 184  —  9,882  
Consumer loans13,378  8,000  (2,759) 240  —  18,859  
$62,591  10,000  (6,598) 424  —  66,417  
Three months ended September 30, 2018
Federally insured loans$37,263  8,000  (2,210) —  —  43,053  
Private education loans11,664  —  (535) 124  —  11,253  
Consumer loans4,788  2,500  (1,403) 26  —  5,911  
$53,715  10,500  (4,148) 150  —  60,217  
Nine months ended September 30, 2019
Federally insured loans$42,310  6,000  (10,634) —  —  37,676  
Private education loans10,838  —  (1,529) 573  —  9,882  
Consumer loans7,240  20,000  (7,417) 536  (1,500) 18,859  
$60,388  26,000  (19,580) 1,109  (1,500) 66,417  
Nine months ended September 30, 2018
Federally insured loans$38,706  12,000  (8,653) —  1,000  43,053  
Private education loans12,629  —  (1,846) 470  —  11,253  
Consumer loans3,255  6,000  (3,376) 32  —  5,911  
$54,590  18,000  (13,875) 502  1,000  60,217  
Loans Receivable Delinquencies The table below shows the Company’s loan delinquency amounts.
 As of September 30, 2019As of December 31, 2018As of September 30, 2018  
Federally insured loans:
    
Loans in-school/grace/deferment $1,243,705   $1,298,493   $1,410,902  
Loans in forbearance 1,391,482   1,430,291   1,487,107  
Loans in repayment status:  
Loans current15,646,231  86.7 %16,882,252  86.9 %16,921,119  86.8 %
Loans delinquent 31-60 days662,431  3.8  683,084  3.5  689,454  3.5  
Loans delinquent 61-90 days402,197  2.2  427,764  2.2  412,639  2.1  
Loans delinquent 91-120 days279,524  1.5  283,831  1.5  347,013  1.8  
Loans delinquent 121-270 days
795,230  4.4  806,692  4.2  853,224  4.4  
Loans delinquent 271 days or greater
275,037  1.4  343,489  1.7  269,285  1.4  
Total loans in repayment18,060,650  100.0 %19,427,112  100.0 %19,492,734  100.0 %
Total federally insured loans$20,695,837  $22,155,896  $22,390,743  
Private education loans:
Loans in-school/grace/deferment $3,944  $4,320  $3,550  
Loans in forbearance 2,242  1,494  1,577  
Loans in repayment status:
Loans current173,883  94.7 %208,977  95.0 %156,383  95.2 %
Loans delinquent 31-60 days3,011  1.6  3,626  1.6  1,796  1.1  
Loans delinquent 61-90 days1,370  0.7  1,560  0.7  1,155  0.7  
Loans delinquent 91 days or greater5,462  3.0  5,998  2.7  5,006  3.0  
Total loans in repayment183,726  100.0 %220,161  100.0 %164,340  100.0 %
Total private education loans$189,912  $225,975  $169,467  
Consumer loans:
Loans in repayment status:
Loans current$315,708  98.3 %$136,130  98.2 %$110,885  98.5 %
Loans delinquent 31-60 days2,249  0.7  1,012  0.7  905  0.8  
Loans delinquent 61-90 days1,617  0.5  832  0.6  355  0.3  
Loans delinquent 91 days or greater1,625  0.5  653  0.5  402  0.4  
Total loans in repayment321,199  100.0 %138,627  100.0 %112,547  100.0 %
Total consumer loans$321,199  $138,627  $112,547  
v3.19.3
Bonds and Notes Payable (Tables)
9 Months Ended
Sep. 30, 2019
Debt Disclosure [Abstract]  
Schedule of Debt
The following tables summarize the Company’s outstanding debt obligations by type of instrument:
 As of September 30, 2019
Carrying
amount
Interest rate
range
Final maturity
Variable-rate bonds and notes issued in FFELP loan asset-backed securitizations:
   
Bonds and notes based on indices$18,961,410  2.20% - 3.81%  11/25/24 - 9/26/67
Bonds and notes based on auction773,726  3.02% - 3.84%  3/22/32 - 11/26/46
Total FFELP variable-rate bonds and notes19,735,136  
Fixed-rate bonds and notes issued in FFELP loan asset-backed
securitization
374,500  2.53% / 3.45%  10/25/67
FFELP warehouse facilities739,448  2.22% / 2.26%  11/20/20 / 5/31/22
Consumer loan warehouse facility144,022  2.23%  4/23/22
Variable-rate bonds and notes issued in private education loan asset-
backed securitizations
82,338  3.40% / 3.77%  12/26/40 / 6/25/49
Fixed-rate bonds and notes issued in private education loan asset-backed
securitization
53,368  3.60% / 5.35%  12/26/40 / 12/28/43
Unsecured line of credit—  —  6/22/23
Unsecured debt - Junior Subordinated Hybrid Securities20,381  5.46%  9/15/61
Other borrowings45,465  2.77% - 3.85%  10/7/19 - 5/30/22
 21,194,658    
Discount on bonds and notes payable and debt issuance costs(284,468) 
Total$20,910,190  

 As of December 31, 2018
Carrying
amount
Interest rate
range
Final maturity
Variable-rate bonds and notes issued in FFELP loan asset-backed securitizations:
   
Bonds and notes based on indices$20,192,123  2.59% - 4.52%  11/25/24 - 2/25/67
Bonds and notes based on auction793,476  2.84% - 3.55%  3/22/32 - 11/26/46
Total FFELP variable-rate bonds and notes20,985,599  
FFELP warehouse facilities986,886  2.65% / 2.71%  5/20/20 / 5/31/21
Variable-rate bonds and notes issued in private education loan asset-backed securitization
50,720  4.26%  12/26/40
Fixed-rate bonds and notes issued in private education loan asset-backed securitization
63,171  3.60% / 5.35%  12/26/40 / 12/28/43
Unsecured line of credit310,000  3.92% - 4.01%  6/22/23
Unsecured debt - Junior Subordinated Hybrid Securities20,381  6.17%  9/15/61
Other borrowings120,342  3.05% - 5.22%  1/3/19 - 12/15/45
 22,537,099    
Discount on bonds and notes payable and debt issuance costs(318,359) 
Total$22,218,740  
Schedule of Line of Credit Facilities As of September 30, 2019, the Company had two FFELP warehouse facilities as summarized below.
NFSLW-I (a)NHELP-II (b)Total
Maximum financing amount
$500,000  500,000  1,000,000  
Amount outstanding387,510  351,938  739,448  
Amount available$112,490  148,062  260,552  
Expiration of liquidity provisions
November 20, 2019May 31, 2020
Final maturity dateNovember 20, 2020May 31, 2022
Advanced as equity support$22,238  25,853  48,091  
(a) On March 8, 2019, the Company decreased the maximum financing amount for this warehouse facility to $500 million. On May 16, 2019, the Company extended the expiration of liquidity provisions to November 20, 2019, and extended the maturity date to November 20, 2020.
(b) On May 30, 2019, the Company extended the expiration of liquidity provisions to May 31, 2020, and extended the maturity date to May 31, 2022.
Schedule of Asset-Backed Securitization
The following table summarizes the asset-backed securitization transactions completed during the first nine months of 2019.
2019-12019-2Private education loan
2019-A
2019-32019-42019-5Total
Class A-1 NotesClass A-2 Notes2019-1 total
Date securities issued2/27/192/27/192/27/194/30/196/25/197/24/198/22/199/25/19
Total original principal amount$35,700  448,000  496,800  416,100  47,159  498,300  418,600  374,500  2,251,459  
Class A senior notes:
Total principal amount
$35,700  448,000  483,700  405,000  47,159  485,800  408,000  364,500  2,194,159  
Bond discount—  —  —  —  —  —  —  (114) (114) 
Issue price$35,700  448,000  483,700  405,000  47,159  485,800  408,000  364,386  2,194,045  
Cost of funds
1-month LIBOR plus 0.30%
1-month LIBOR plus 0.75%
1-month LIBOR plus 0.90%
Prime rate less 1.60%
1-month LIBOR plus 0.80%
1-month LIBOR plus 0.87%
2.53%  
Final maturity date4/25/674/25/676/27/676/25/498/25/679/26/6710/25/67
Class B subordinated notes:
Total principal amount
13,100  11,100  12,500  10,600  10,000  57,300  
Bond discount—  —  —  —  (4) (4) 
Issue price13,100  11,100  12,500  10,600  9,996  57,296  
Cost of funds
1-month LIBOR plus 1.40%
1-month LIBOR plus 1.50%
1-month LIBOR plus 1.55%
1-month LIBOR plus 1.65%
3.45%  
Final maturity date4/25/676/27/678/25/679/26/6710/25/67
v3.19.3
Derivative Financial Instruments (Tables)
9 Months Ended
Sep. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Basis Swaps The following table summarizes the Company’s outstanding basis swaps in which the Company receives three-month LIBOR set discretely in advance and pays one-month LIBOR plus or minus a spread as defined in the agreements (the "1:3 Basis Swaps"). 
Notional amount
As of September 30,As of December 31,
Maturity20192018
2019$—  3,500,000  
20201,000,000  1,000,000  
2021250,000  250,000  
2022 (a)2,000,000  2,000,000  
2023750,000  750,000  
20241,750,000  250,000  
20261,150,000  1,150,000  
2027 (b)250,000  375,000  
2028 (b)—  325,000  
2029 (b)—  100,000  
2031 (b)—  300,000  
$7,150,000  10,000,000  
(a) $750 million of the notional amount of these derivatives have forward effective start dates in May 2020.
(b) During the third quarter of 2019, the Company terminated $125 million (notional amount), $325 million (notional amount), $100 million (notional amount), and $300 million (notional amount) of 1:3 Basis Swaps that had a maturity date in 2027, 2028, 2029, and 2031, respectively, and received $0.5 million in net proceeds.
Schedule of Interest Rate Swaps, Floor Income Hedge
The following table summarizes the outstanding derivative instruments used by the Company to economically hedge loans earning fixed rate floor income.
As of September 30, 2019As of December 31, 2018
MaturityNotional amountWeighted average fixed rate paid by the Company (a)Notional amountWeighted average fixed rate paid by the Company (a)
2019$500,000  1.12 %$3,250,000  0.97 %
20201,500,000  1.01  1,500,000  1.01  
2021600,000  2.15  100,000  2.95  
2022 (b)250,000  1.65  —  —  
2023150,000  2.25  400,000  2.24  
2024—  —  300,000  2.28  
2027—  —  25,000  2.35  
 $3,000,000  1.37 %$5,575,000  1.18 %
(a) For all interest rate derivatives, the Company receives discrete three-month LIBOR.
(b) These derivatives have forward effective start dates in June 2021.
Schedule Of Derivative Swaptions
Schedule of Interest Rate Caps The following table summarizes these derivative instruments as of September 30, 2019.
Notional Amount  Strike rateMaturity date
$125,000  2.50% (1-month LIBOR)July 15, 2020
150,000  4.99 (1-month LIBOR)July 15, 2020
500,000  2.25 (3-month LIBOR)September 25, 2020
Schedule of Derivatives as Reflected on Balance Sheet
The following table summarizes the fair value of the Company’s derivatives as reflected in the consolidated balance sheets. There is no difference between the gross amounts of recognized assets presented in the consolidated balance sheets related to the Company's derivative portfolio and the net amount when excluding derivatives subject to enforceable master netting arrangements and cash collateral received.
 Fair value of asset derivativesFair value of liability derivatives
As of September 30, 2019As of December 31, 2018As of September 30, 2019As of December 31, 2018
Interest rate swap options - floor income hedges
$—  1,465  —  —  
Interest rate caps57  353  —  —  
Total$57  1,818  —  —  
Schedule of Income Statement Impact
The following table summarizes the components of "derivative market value adjustments and derivative settlements, net" included in the consolidated statements of income.
Three months ended September 30,Nine months ended September 30,
 2019201820192018
Settlements:  
1:3 basis swaps$234  3,361  3,375  4,676  
Interest rate swaps - floor income hedges7,064  19,087  35,931  46,752  
Interest rate swaps - hybrid debt hedges—  (124) —  (410) 
Total settlements - income7,298  22,324  39,306  51,018  
Change in fair value:  
1:3 basis swaps6,636  1,283  4,427  12,058  
Interest rate swaps - floor income hedges(12,094) (7,427) (75,657) 34,008  
Interest rate swap options - floor income hedges(1) (31) (1,465) 437  
Interest rate caps(171) 119  (570) 567  
Interest rate swaps - hybrid debt hedges—  830  —  2,839  
Total change in fair value - (expense) income(5,630) (5,226) (73,265) 49,909  
Derivative market value adjustments and derivative settlements, net - income (expense)
$1,668  17,098  (33,959) 100,927  
v3.19.3
Investments and Notes Receivable (Tables)
9 Months Ended
Sep. 30, 2019
Investments [Abstract]  
Summary of Investments and Notes Receivable
A summary of the Company's investments and notes receivable follows:
As of September 30, 2019As of December 31, 2018
Amortized costGross unrealized gainsGross unrealized lossesFair valueAmortized costGross unrealized gainsGross unrealized lossesFair value
Investments (at fair value):
Student loan asset-backed and other debt securities - available-for-sale
$48,772  3,802  —  52,574  47,931  5,109  —  53,040  
Equity securities13,913  4,114  (725) 17,302  12,909  5,145  (407) 17,647  
Total investments (at fair value)$62,685  7,916  (725) 69,876  60,840  10,254  (407) 70,687  
Other Investments and Notes Receivable (not measured at fair value):
Venture capital and funds:
Measurement alternative
71,752  70,939  
Equity method
11,396  19,230  
Other
850  900  
Total venture capital and funds83,998  91,069  
Real estate:
Equity method
44,995  29,168  
Other
1,372  34,211  
  Total real estate
46,367  63,379  
Beneficial interest in consumer loan securitization5,755  —  
Tax liens and affordable housing6,420  7,862  
Notes receivable—  16,373  
Total investments and notes receivable (not measured at fair value)142,540  178,683  
      Total investments and notes receivable
$212,416  249,370  
v3.19.3
Intangible Assets (Tables)
9 Months Ended
Sep. 30, 2019
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
Schedule of Intangible Assets
Intangible assets consist of the following:
Weighted average remaining useful life as of
September 30, 2019
(months)
As of  As of  
September 30, 2019  December 31, 2018
Amortizable intangible assets, net:  
Customer relationships (net of accumulated amortization of $53,926
     and $33,968, respectively)
80$78,527  98,484  
Trade names (net of accumulated amortization of $8,367 and
     $5,825, respectively)
928,326  10,868  
Computer software (net of accumulated amortization of $2,741 and
     $15,420, respectively)
172,646  4,938  
Total - amortizable intangible assets, net80$89,499  114,290  
Schedule of Future Amortization Expense As of September 30, 2019, the Company estimates it will record amortization expense as follows:
2019 (October 1 - December 31)$7,967  
202029,515  
202118,761  
20227,172  
20236,925  
2024 and thereafter19,159  
 $89,499  
v3.19.3
Goodwill (Tables)
9 Months Ended
Sep. 30, 2019
Goodwill [Abstract]  
Schedule of Goodwill by Reportable Segment
The carrying amount of goodwill as of December 31, 2018 and September 30, 2019 by reportable operating segment was as follows:
Loan Servicing and SystemsEducation Technology, Services, and Payment ProcessingCommunicationsAsset Generation and ManagementCorporate and Other ActivitiesTotal
Goodwill balance$23,639  70,278  21,112  41,883  —  156,912  
v3.19.3
Property and Equipment (Tables)
9 Months Ended
Sep. 30, 2019
Property, Plant and Equipment [Abstract]  
Property and Equipment
Property and equipment consisted of the following:
As ofAs of
Useful lifeSeptember 30, 2019December 31, 2018
Non-communications:
Computer equipment and software1-5 years$161,420  137,705  
Building and building improvements5-48 years38,621  50,138  
Office furniture and equipment1-10 years24,354  22,796  
Leasehold improvements1-15 years10,193  9,327  
Transportation equipment5-10 years5,049  5,123  
Land—  1,400  3,328  
Construction in progress—  3,740  3,578  
244,777  231,995  
Accumulated depreciation - non-communications (147,266) (123,003) 
Non-communications, net property and equipment97,511  108,992  
Communications:
Network plant and fiber
4-15 years246,971  215,787  
Customer located property
3-4 years25,966  21,234  
Central office
5-15 years17,499  15,688  
Transportation equipment
4-10 years6,728  6,580  
Computer equipment and software
1-5 years5,443  4,943  
Other
1-39 years3,391  3,219  
Land
—  70  70  
Construction in progress
—  2,051  6,344  
308,119  273,865  
Accumulated depreciation - communications
(63,229) (38,073) 
Communications, net property and equipment
244,890  235,792  
Total property and equipment, net$342,401  344,784  
v3.19.3
Earnings per Common Share (Tables)
9 Months Ended
Sep. 30, 2019
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted
Presented below is a summary of the components used to calculate basic and diluted earnings per share. The Company applies the two-class method in computing both basic and diluted earnings per share, which requires the calculation of separate earnings per share amounts for common stock and unvested share-based awards. Unvested share-based awards that contain nonforfeitable rights to dividends are considered securities which participate in undistributed earnings with common stock.
 Three months ended September 30,
20192018
Common shareholders  Unvested restricted stock shareholders  Total  Common shareholders  Unvested restricted stock shareholders  Total  
Numerator:
Net income attributable to Nelnet, Inc.
$32,778  434  33,212  42,354  573  42,927  
Denominator:
Weighted-average common shares outstanding - basic and diluted
39,356,311  520,818  39,877,129  40,441,783  547,182  40,988,965  
Earnings per share - basic and diluted
$0.83  0.83  0.83  1.05  1.05  1.05  

Nine months ended September 30,
20192018
Common shareholders  Unvested restricted stock shareholders  Total  Common shareholders  Unvested restricted stock shareholders  Total  
Numerator:
Net income attributable to Nelnet, Inc.
$98,125  1,298  99,423  203,881  2,406  206,287  
Denominator:
Weighted-average common shares outstanding - basic and diluted
39,574,868  523,478  40,098,346  40,464,638  477,539  40,942,177  
Earnings per share - basic and diluted
$2.48  2.48  2.48  5.04  5.04  5.04  
v3.19.3
Segment Reporting (Tables)
9 Months Ended
Sep. 30, 2019
Segment Reporting [Abstract]  
Reconciliation of Segment Results to Consolidated Financial Statements The following tables include the results of each of the Company's operating segments reconciled to the consolidated financial statements.
 Three months ended September 30, 2019  
Loan Servicing and Systems  Education Technology, Services, and Payment Processing  Communications  Asset
Generation and
Management 
 Corporate and Other Activities  Eliminations  Total  
Total interest income
$532  3,499  —  233,225  2,859  (1,171) 238,945  
Interest expense
51  12  —  171,485  2,110  (1,171) 172,488  
Net interest income (expense)
481  3,487  —  61,740  749  —  66,457  
Less provision for loan losses
—  —  —  10,000  —  —  10,000  
Net interest income (loss) after provision for loan losses
481  3,487  —  51,740  749  —  56,457  
Other income:
Loan servicing and systems revenue
113,286  —  —  —  —  —  113,286  
Intersegment servicing revenue
11,611  —  —  —  —  (11,611) —  
Education technology, services, and payment processing revenue
—  74,251  —  —  —  —  74,251  
Communications revenue
—  —  16,470  —  —  —  16,470  
Other income
2,291  —  532  3,384  7,231  —  13,439  
Derivative settlements, net
—  —  —  7,298  —  —  7,298  
Derivative market value adjustments, net
—  —  —  (5,630) —  —  (5,630) 
Total other income
127,188  74,251  17,002  5,052  7,231  (11,611) 219,114  
Cost of services:
Cost to provide education technology, services, and payment processing services
—  25,671  —  —  —  —  25,671  
Cost to provide communications services
—  —  5,236  —  —  —  5,236  
Total cost of services
—  25,671  5,236  —  —  —  30,907  
Operating expenses:
Salaries and benefits
69,209  23,826  5,763  394  17,479  —  116,670  
Depreciation and amortization
8,565  2,997  10,926  —  5,212  —  27,701  
Loan servicing fees to third parties
—  —  —  3,382  —  —  3,382  
Other expenses
16,686  5,325  3,842  15,672  13,422  —  54,947  
Intersegment expenses, net
12,955  3,194  701  11,678  (16,917) (11,611) —  
Total operating expenses
107,415  35,342  21,232  31,126  19,196  (11,611) 202,700  
Income (loss) before income taxes
20,254  16,725  (9,466) 25,666  (11,216) —  41,964  
Income tax (expense) benefit
(4,861) (4,014) 2,272  (6,160) 3,935  —  (8,829) 
Net income (loss)
15,393  12,711  (7,194) 19,506  (7,281) —  33,135  
  Net loss (income) attributable to noncontrolling interests
—  —  —  —  77  —  77  
Net income (loss) attributable to Nelnet, Inc.
$15,393  12,711  (7,194) 19,506  (7,204) —  33,212  
Total assets as of September 30, 2019$222,606  413,076  306,743  22,520,688  685,998  (212,392) 23,936,719  
 Three months ended September 30, 2018  
Loan Servicing and Systems  Education Technology, Services, and Payment Processing  Communications  
Asset
Generation and
Management
Corporate and Other
Activities 
 Eliminations  Total  
Total interest income
$381  1,513   236,039  6,860  (4,846) 239,948  
Interest expense
—   4,174  176,874  3,968  (4,846) 180,175  
Net interest income (expense)
381  1,510  (4,173) 59,165  2,892  —  59,773  
Less provision for loan losses
—  —  —  10,500  —  —  10,500  
Net interest income (loss) after provision for loan losses
381  1,510  (4,173) 48,665  2,892  —  49,273  
Other income:
Loan servicing and systems revenue
112,579  —  —  —  —  —  112,579  
Intersegment servicing revenue
12,290  —  —  —  —  (12,290) —  
Education technology, services, and payment processing revenue
—  58,409  —  —  —  —  58,409  
Communications revenue
—  —  11,818  —  —  —  11,818  
Other income
1,948  —  950  3,267  10,508  —  16,673  
Derivative settlements, net
—  —  —  22,448  (124) —  22,324  
Derivative market value adjustments, net
—  —  —  (6,056) 830  —  (5,226) 
Total other income
126,817  58,409  12,768  19,659  11,214  (12,290) 216,577  
Cost of services:
Cost to provide education technology, services, and payment processing services
—  19,087  —  —  —  —  19,087  
Cost to provide communications services
—  —  4,310  —  —  —  4,310  
Total cost of services
—  19,087  4,310  —  —  —  23,397  
Operating expenses:
Salaries and benefits
70,440  19,972  4,554  424  18,782  —  114,172  
Depreciation and amortization
8,957  3,435  6,167  —  4,433  —  22,992  
Loan servicing fees to third parties
—  —  —  3,087  —  —  3,087  
Other expenses
19,638  4,943  3,151  845  16,616  —  45,194  
Intersegment expenses, net
15,029  2,494  598  12,378  (18,208) (12,290) —  
Total operating expenses
114,064  30,844  14,470  16,734  21,623  (12,290) 185,445  
Income (loss) before income taxes
13,134  9,988  (10,185) 51,590  (7,517) —  57,008  
Income tax (expense) benefit
(3,152) (2,397) 2,444  (12,381) 1,604  —  (13,882) 
Net income (loss)
9,982  7,591  (7,741) 39,209  (5,913) —  43,126  
  Net loss (income) attributable to noncontrolling interests
—  —  —  —  (199) —  (199) 
Net income (loss) attributable to Nelnet, Inc.
$9,982  7,591  (7,741) 39,209  (6,112) —  42,927  
Total assets as of September 30, 2018$276,153  243,497  271,370  23,927,156  723,985  (337,236) 25,104,925  
Nine months ended September 30, 2019  
Loan Servicing and Systems  Education Technology, Services, and Payment Processing  Communications  
Asset
Generation and
Management
Corporate and Other
Activities 
 Eliminations  Total  
Total interest income
$1,579  7,175   723,388  7,170  (2,995) 736,319  
Interest expense
70  32  —  544,319  9,796  (2,995) 551,221  
Net interest income (expense)
1,509  7,143   179,069  (2,626) —  185,098  
Less provision for loan losses
—  —  —  26,000  —  —  26,000  
Net interest income (loss) after provision for loan losses
1,509  7,143   153,069  (2,626) —  159,098  
Other income:
Loan servicing and systems revenue
342,169  —  —  —  —  —  342,169  
Intersegment servicing revenue
35,426  —  —  —  —  (35,426) —  
Education technology, services, and payment processing revenue
—  213,753  —  —  —  —  213,753  
Communications revenue
—  —  46,770  —  —  —  46,770  
Other income
6,642  —  1,019  11,796  19,200  —  38,658  
Derivative settlements, net
—  —  —  39,306  —  —  39,306  
Derivative market value adjustments, net
—  —  —  (73,265) —  —  (73,265) 
Total other income
384,237  213,753  47,789  (22,163) 19,200  (35,426) 607,391  
Cost of services:
Cost to provide education technology, services, and payment processing services
—  62,601  —  —  —  —  62,601  
Cost to provide communications services
—  —  15,096  —  —  —  15,096  
Total cost of services
—  62,601  15,096  —  —  —  77,697  
Operating expenses:
Salaries and benefits
201,924  69,656  15,692  1,153  50,517  —  338,942  
Depreciation and amortization
26,236  9,832  26,025  —  14,305  —  76,398  
Loan servicing fees to third parties
—  —  —  9,431  —  —  9,431  
Other expenses
52,732  16,440  11,184  19,667  38,107  —  138,131  
Intersegment expenses, net
40,317  9,642  2,081  35,630  (52,244) (35,426) —  
Total operating expenses
321,209  105,570  54,982  65,881  50,685  (35,426) 562,902  
Income (loss) before income taxes
64,537  52,725  (22,286) 65,025  (34,111) —  125,890  
Income tax (expense) benefit
(15,489) (12,654) 5,349  (15,606) 11,971  —  (26,429) 
Net income (loss)
49,048  40,071  (16,937) 49,419  (22,140) —  99,461  
  Net loss (income) attributable to noncontrolling interests
—  —  —  —  (38) —  (38) 
Net income (loss) attributable to Nelnet, Inc.
$49,048  40,071  (16,937) 49,419  (22,178) —  99,423  
Total assets as of September 30, 2019$222,606  413,076  306,743  22,520,688  685,998  (212,392) 23,936,719  
Nine months ended September 30, 2018  
Loan Servicing and Systems  Education Technology, Services, and Payment Processing  Communications  
Asset
Generation and
Management
Corporate and Other
Activities 
 Eliminations  Total  
Total interest income
$931  2,927   662,881  17,673  (12,420) 671,995  
Interest expense
—   9,987  480,729  8,875  (12,420) 487,174  
Net interest income (expense)
931  2,924  (9,984) 182,152  8,798  —  184,821  
Less provision for loan losses
—  —  —  18,000  —  —  18,000  
Net interest income (loss) after provision for loan losses
931  2,924  (9,984) 164,152  8,798  —  166,821  
Other income:
Loan servicing and systems revenue
327,265  —  —  —  —  —  327,265  
Intersegment servicing revenue
34,670  —  —  —  —  (34,670) —  
Education technology, services, and payment processing revenue
—  167,372  —  —  —  —  167,372  
Communications revenue
—  —  31,327  —  —  —  31,327  
Other income
5,196  —  950  9,391  29,272  —  44,808  
Derivative settlements, net
—  —  —  51,428  (410) —  51,018  
Derivative market value adjustments, net
—  —  —  47,070  2,839  —  49,909  
Total other income
367,131  167,372  32,277  107,889  31,701  (34,670) 671,699  
Cost of services:
Cost to provide education technology, services, and payment processing services
—  44,087  —  —  —  —  44,087  
Cost to provide communications services
—  —  11,892  —  —  —  11,892  
Total cost of services
—  44,087  11,892  —  —  —  55,979  
Operating expenses:
Salaries and benefits
198,411  58,552  13,284  1,183  50,502  —  321,932  
Depreciation and amortization
23,237  10,062  16,585  —  13,058  —  62,943  
Loan servicing fees to third parties
—  —  —  9,428  —  —  9,428  
Other expenses
51,591  14,950  8,811  2,982  40,686  —  119,020  
Intersegment expenses, net
43,968  7,630  1,802  34,943  (53,672) (34,670) —  
Total operating expenses
317,207  91,194  40,482  48,536  50,574  (34,670) 513,323  
Income (loss) before income taxes
50,855  35,015  (30,081) 223,505  (10,075) —  269,218  
Income tax (expense) benefit
(12,399) (8,404) 7,220  (53,641) 3,855  —  (63,369) 
Net income (loss)
38,456  26,611  (22,861) 169,864  (6,220) —  205,849  
  Net loss (income) attributable to noncontrolling interests
808  —  —  —  (371) —  438  
Net income (loss) attributable to Nelnet, Inc.
$39,264  26,611  (22,861) 169,864  (6,591) —  206,287  
Total assets as of September 30, 2018$276,153  243,497  271,370  23,927,156  723,985  (337,236) 25,104,925  
v3.19.3
Disaggregated Revenue and Deferred Revenue (Tables)
9 Months Ended
Sep. 30, 2019
Disaggregation of Revenue [Line Items]  
Schedule of Other Income, by Component
The following table provides the components of "other income" on the consolidated statements of income:
Three months ended September 30,  Nine months ended September 30,  
2019201820192018
Borrower late fee income$3,196  3,253  9,870  8,994  
Management fee revenue2,084  1,756  6,007  4,673  
Gain on investments and notes receivable, net of losses1,948  2,503  5,779  10,291  
Investment advisory services753  1,183  2,194  4,169  
Other5,458  7,978  14,808  16,681  
Other income$13,439  16,673  38,658  44,808  
Schedule of Liabilities from Contracts with Customers
Activity in the deferred revenue balance, which is included in "other liabilities" on the consolidated balance sheets, is shown below:
Loan Servicing and SystemsEducation Technology, Services, and Payment ProcessingCommunicationsCorporate and Other ActivitiesTotal
Three months ended September 30, 2019  
Balance, beginning of period$3,315  21,489  3,080  1,611  29,495  
Deferral of revenue881  42,752  9,302  953  53,888  
Recognition of revenue(1,149) (21,820) (9,158) (850) (32,977) 
Balance, end of period$3,047  42,421  3,224  1,714  50,406  
Three months ended September 30, 2018
Balance, beginning of period$3,771  17,989  2,149  1,751  25,660  
Deferral of revenue1,591  34,252  6,567  2,764  45,174  
Recognition of revenue(1,754) (17,049) (6,342) (2,858) (28,003) 
Balance, end of period$3,608  35,192  2,374  1,657  42,831  
Nine months ended September 30, 2019
Balance, beginning of period$4,413  30,556  2,551  1,602  39,122  
Deferral of revenue2,761  81,484  26,366  2,530  113,141  
Recognition of revenue(4,127) (69,619) (25,693) (2,418) (101,857) 
Balance, end of period$3,047  42,421  3,224  1,714  50,406  
Nine months ended September 30, 2018
Balance, beginning of period$4,968  24,164  1,665  1,479  32,276  
Deferral of revenue2,555  65,940  17,916  4,869  91,280  
Recognition of revenue(3,915) (54,912) (17,207) (4,691) (80,725) 
Balance, end of period$3,608  35,192  2,374  1,657  42,831  
Loan Servicing and Systems  
Disaggregation of Revenue [Line Items]  
Disaggregation of Revenue
Loan Servicing and Systems
 Three months ended September 30,  Nine months ended September 30,  
 2019201820192018
Government servicing - Nelnet$38,645  38,907  118,744  118,015  
Government servicing - Great Lakes46,234  45,671  139,285  122,107  
Private education and consumer loan servicing9,561  10,007  28,026  31,990  
FFELP servicing
6,089  7,422  19,208  24,259  
Software services 10,493  8,201  30,255  24,461  
Outsourced services and other2,264  2,371  6,651  6,433  
Loan servicing and systems revenue
$113,286  112,579  342,169  327,265  
Education Technology, Services, and Payment Processing  
Disaggregation of Revenue [Line Items]  
Disaggregation of Revenue
Education Technology, Services, and Payment Processing
 Three months ended September 30,  Nine months ended September 30,  
 2019201820192018
Tuition payment plan services$25,760  19,771  80,589  63,209  
Payment processing
35,138  26,956  85,428  62,908  
Education technology and services
13,067  11,419  46,872  40,411  
Other
286  263  864  844  
Education technology, services, and payment processing revenue
$74,251  58,409  213,753  167,372  
Communications  
Disaggregation of Revenue [Line Items]  
Disaggregation of Revenue
Communications
Three months ended September 30,  Nine months ended September 30,  
2019201820192018
Internet$9,899  6,453  27,641  16,541  
Television4,068  3,380  12,020  9,241  
Telephone2,487  1,962  7,062  5,482  
Other16  23  47  63  
Communications revenue$16,470  11,818  46,770  31,327  
Residential revenue$12,397  8,896  35,351  23,367  
Business revenue4,025  2,861  11,256  7,779  
Other48  61  163  181  
Communications revenue$16,470  11,818  46,770  31,327  
v3.19.3
Fair Value (Tables)
9 Months Ended
Sep. 30, 2019
Fair Value Disclosures [Abstract]  
Schedule of Financial Assets and Liabilities Measured on Recurring Basis
The following tables present the Company’s financial assets and liabilities that are measured at fair value on a recurring basis.
 As of September 30, 2019As of December 31, 2018
 Level 1Level 2TotalLevel 1Level 2Total
Assets:   
Investments:
Student loan and other asset-backed
     securities - available-for-sale
$—  52,471  52,471  —  52,936  52,936  
Equity securities3,263  —  3,263  2,722  —  2,722  
Equity securities measured at net asset
value (a)
14,039  14,925  
Debt securities - available-for-sale103  —  103  104  —  104  
Total investments
3,366  52,471  69,876  2,826  52,936  70,687  
Derivative instruments
—  57  57  —  1,818  1,818  
Total assets$3,366  52,528  69,933  2,826  54,754  72,505  
(a) In accordance with the Fair Value Measurements Topic of the FASB Accounting Standards Codification, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.
Fair Value, by Balance Sheet Grouping
The following table summarizes the fair values of all of the Company’s financial instruments on the consolidated balance sheets:
 As of September 30, 2019
 Fair valueCarrying valueLevel 1Level 2Level 3
Financial assets:    
Loans receivable$21,892,651  21,071,441  —  —  21,892,651  
Cash and cash equivalents160,979  160,979  160,979  —  —  
Investments (at fair value)69,876  69,876  3,366  52,471  —  
Beneficial interest in consumer loan securitization5,755  5,755  —  —  5,755  
Restricted cash667,919  667,919  667,919  —  —  
Restricted cash – due to customers309,309  309,309  309,309  —  —  
Accrued interest receivable736,901  736,901  —  736,901  —  
Derivative instruments57  57  —  57  —  
Financial liabilities:  
Bonds and notes payable20,824,456  20,910,190  —  20,824,456  —  
Accrued interest payable52,345  52,345  —  52,345  —  
Due to customers309,309  309,309  309,309  —  —  

 As of December 31, 2018
 Fair valueCarrying valueLevel 1Level 2Level 3
Financial assets:    
Loans receivable$23,521,171  22,377,142  —  —  23,521,171  
Cash and cash equivalents121,347  121,347  121,347  —  —  
Investments (at fair value)70,687  70,687  2,826  52,936  —  
Notes receivable16,373  16,373  —  16,373  —  
Restricted cash701,366  701,366  701,366  —  —  
Restricted cash – due to customers369,678  369,678  369,678  —  —  
Accrued interest receivable679,197  679,197  —  679,197  —  
Derivative instruments1,818  1,818  —  1,818  —  
Financial liabilities:  
Bonds and notes payable22,270,462  22,218,740  —  22,270,462  —  
Accrued interest payable61,679  61,679  —  61,679  —  
Due to customers369,678  369,678  369,678  —  —  
v3.19.3
Basis of Financial Reporting - Narrative (Details) - USD ($)
$ in Thousands
Jan. 01, 2019
Sep. 30, 2019
Dec. 31, 2018
Sep. 30, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Operating lease liabilities   $ 35,237    
Right of use assets   34,264    
Total assets deconsolidated   23,936,719 $ 25,220,968 $ 25,104,925
Total liabilities deconsolidated   $ 21,582,054 $ 22,906,189  
Accounting Standards Update 2016-02        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Operating lease liabilities $ 33,700      
Right of use assets 32,800      
Failed Sale-Leaseback Transaction | Accounting Standards Update 2016-02        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Total assets deconsolidated 43,800      
Total liabilities deconsolidated 34,800      
Reduction to noncontrolling interest $ 6,100      
v3.19.3
Basis of Presentation - Schedule of ASU 842 Adoption Impact (Details) - USD ($)
$ in Thousands
Sep. 30, 2019
Jan. 01, 2019
Dec. 31, 2018
Sep. 30, 2018
Dec. 31, 2017
Assets:          
Cash and cash equivalents $ 160,979 $ 120,701 $ 121,347 $ 83,537 $ 66,752
Investments and notes receivable 212,416 226,236 249,370    
Accounts receivable 67,079 59,442 59,531    
Property and equipment, net 342,401 327,810 344,784    
Other assets 121,806 78,337 45,533    
Liabilities:          
Bonds and notes payable 20,910,190 22,185,558 22,218,740    
Other liabilities 310,210 287,312 256,092    
Equity:          
Noncontrolling interests $ 4,515 4,238 $ 10,315    
Accounting Standards Update 2016-02          
Assets:          
Cash and cash equivalents   (646)      
Investments and notes receivable   (23,134)      
Accounts receivable   (89)      
Property and equipment, net   (16,974)      
Other assets   32,804      
Liabilities:          
Bonds and notes payable   (33,182)      
Other liabilities   31,220      
Equity:          
Noncontrolling interests   $ (6,077)      
v3.19.3
Basis of Financial Reporting - Supplemental Information Related to Leases (Details)
$ in Thousands
Sep. 30, 2019
USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Operating lease ROU assets, which is included in "other assets" on the consolidated balance sheet $ 34,264
Operating lease liabilities, which is included in "other liabilities" on the consolidated balance sheet $ 35,237
v3.19.3
Basis of Financial Reporting - Lease Costs, Cash Flows and Weighted Average Remaining Lease Term (Details)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
USD ($)
Sep. 30, 2019
USD ($)
Lessee, Lease, Description [Line Items]    
Total operating rental expense $ 3,204 $ 9,414
Cash paid for amounts included in the measurement of lease liabilities:    
Operating cash outflows related to operating leases   7,307
Supplemental noncash activity:    
Operating ROU assets obtained in exchange for lease obligations, excluding impact of adoption   $ 7,972
Weighted average remaining lease term (years) 7 years 2 months 12 days 7 years 2 months 12 days
Weighted average discount rate 3.95% 3.95%
Rental expense, which is included in "other expenses" on the consolidated statement of income    
Lessee, Lease, Description [Line Items]    
Total operating rental expense $ 2,776 $ 8,276
Rental expense, which is included in "cost to provide communications services" on the consolidated statements of income    
Lessee, Lease, Description [Line Items]    
Total operating rental expense $ 428 $ 1,138
v3.19.3
Basis of Financial Reporting - Lease Liability Maturity (Details) - USD ($)
$ in Thousands
Sep. 30, 2019
Dec. 31, 2018
Operating Lease Liabilities, Payments Due [Abstract]    
2019 (October 1 - December 31) $ 2,638  
2020 9,916  
2021 6,803  
2022 4,652  
2023 3,640  
2024 and thereafter 12,996  
Total lease payments 40,645  
Imputed interest (5,408)  
Total $ 35,237  
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]    
2019   $ 9,181
2020   8,261
2021   5,776
2022   3,745
2023   2,904
2024 and thereafter   5,479
Total minimum lease payments   $ 35,346
v3.19.3
Loans Receivable and Allowance for Loan Losses - Loans Receivable (Details) - USD ($)
$ in Thousands
1 Months Ended 3 Months Ended
May 01, 2019
Nov. 07, 2019
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Dec. 31, 2017
Accounts, Notes, Loans and Financing Receivable [Line Items]                  
Loans receivable, gross       $ 21,206,948   $ 22,520,498      
Loan discount, net of unamortized loan premiums and deferred origination costs, and non-accretable discount       (36,483)   (53,572)      
Allowance for loan losses       (66,417) $ (62,591) (60,388) $ (60,217) $ (53,715) $ (54,590)
Loans receivable       21,071,441   22,377,142      
Non-accretable discount                  
Accounts, Notes, Loans and Financing Receivable [Line Items]                  
Loan discount, net of unamortized loan premiums and deferred origination costs, and non-accretable discount       (32,607)   (29,396)      
Federally insured loans                  
Accounts, Notes, Loans and Financing Receivable [Line Items]                  
Loans receivable, gross       20,695,837   22,155,896      
Allowance for loan losses       (37,676) (39,056) (42,310) (43,053) (37,263) (38,706)
Federally insured loans | Stafford and other                  
Accounts, Notes, Loans and Financing Receivable [Line Items]                  
Loans receivable, gross       4,720,338   4,969,667      
Federally insured loans | Consolidation                  
Accounts, Notes, Loans and Financing Receivable [Line Items]                  
Loans receivable, gross       15,975,499   17,186,229      
Private education loans                  
Accounts, Notes, Loans and Financing Receivable [Line Items]                  
Loans receivable, gross       189,912   225,975      
Allowance for loan losses       (9,882) (10,157) (10,838) (11,253) (11,664) (12,629)
Consumer loans                  
Accounts, Notes, Loans and Financing Receivable [Line Items]                  
Loans receivable, gross       321,199   138,627      
Allowance for loan losses       $ (18,859) $ (13,378) $ (7,240) $ (5,911) $ (4,788) $ (3,255)
Consumer loans | Financing receivable                  
Accounts, Notes, Loans and Financing Receivable [Line Items]                  
Loans sold (par value) $ 47,700                
Gain on sale of loan $ 1,700                
Beneficial interest received as partial consideration 11.00%                
Consumer loans | Financing receivable | Forecast                  
Accounts, Notes, Loans and Financing Receivable [Line Items]                  
Gain on sale of loan     $ 15,500            
Consumer loans | Financing receivable | Subsequent event                  
Accounts, Notes, Loans and Financing Receivable [Line Items]                  
Loans sold (par value)   $ 179,300              
Beneficial interest received as partial consideration   29.00%              
v3.19.3
Loans Receivable and Allowance for Loan Losses - Activity in the Allowance for Loan Losses (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Financing Receivable, Allowance for Credit Losses [Roll Forward]        
Balance at beginning of period $ 62,591 $ 53,715 $ 60,388 $ 54,590
Provision for loan losses 10,000 10,500 26,000 18,000
Charge-offs (6,598) (4,148) (19,580) (13,875)
Recoveries 424 150 1,109 502
Loan sale and other 0 0 (1,500) 1,000
Balance at end of period 66,417 60,217 66,417 60,217
Federally insured loans        
Financing Receivable, Allowance for Credit Losses [Roll Forward]        
Balance at beginning of period 39,056 37,263 42,310 38,706
Provision for loan losses 2,000 8,000 6,000 12,000
Charge-offs (3,380) (2,210) (10,634) (8,653)
Recoveries 0 0 0 0
Loan sale and other 0 0 0 1,000
Balance at end of period 37,676 43,053 37,676 43,053
Private education loans        
Financing Receivable, Allowance for Credit Losses [Roll Forward]        
Balance at beginning of period 10,157 11,664 10,838 12,629
Provision for loan losses 0 0 0 0
Charge-offs (459) (535) (1,529) (1,846)
Recoveries 184 124 573 470
Loan sale and other 0 0 0 0
Balance at end of period 9,882 11,253 9,882 11,253
Consumer loans        
Financing Receivable, Allowance for Credit Losses [Roll Forward]        
Balance at beginning of period 13,378 4,788 7,240 3,255
Provision for loan losses 8,000 2,500 20,000 6,000
Charge-offs (2,759) (1,403) (7,417) (3,376)
Recoveries 240 26 536 32
Loan sale and other 0 0 (1,500) 0
Balance at end of period $ 18,859 $ 5,911 $ 18,859 $ 5,911
v3.19.3
Loans Receivable and Allowance for Loan Losses - Loans Receivable Delinquencies (Details) - USD ($)
$ in Thousands
Sep. 30, 2019
Dec. 31, 2018
Sep. 30, 2018
Loans in repayment status:      
Total loans $ 21,206,948 $ 22,520,498  
Federally insured loans      
Loans in repayment status:      
Total loans 20,695,837 22,155,896  
Federally insured loans | Federally insured loans      
Financing Receivable, Recorded Investment [Line Items]      
Loans in-school/grace/deferment 1,243,705 1,298,493 $ 1,410,902
Loans in forbearance 1,391,482 1,430,291 1,487,107
Loans in repayment status:      
Loans current 15,646,231 16,882,252 16,921,119
Total loans in repayment $ 18,060,650 $ 19,427,112 $ 19,492,734
Loans current, percentage 86.70% 86.90% 86.80%
Total loans in repayment, percentage 100.00% 100.00% 100.00%
Total loans $ 20,695,837 $ 22,155,896 $ 22,390,743
Federally insured loans | Loans delinquent 31-60 days | Federally insured loans      
Loans in repayment status:      
Loans past due $ 662,431 $ 683,084 $ 689,454
Loans past due, percentage 3.80% 3.50% 3.50%
Federally insured loans | Loans delinquent 61-90 days | Federally insured loans      
Loans in repayment status:      
Loans past due $ 402,197 $ 427,764 $ 412,639
Loans past due, percentage 2.20% 2.20% 2.10%
Federally insured loans | Loans delinquent 91-120 days | Federally insured loans      
Loans in repayment status:      
Loans past due $ 279,524 $ 283,831 $ 347,013
Loans past due, percentage 1.50% 1.50% 1.80%
Federally insured loans | Loans delinquent 121-270 days | Federally insured loans      
Loans in repayment status:      
Loans past due $ 795,230 $ 806,692 $ 853,224
Loans past due, percentage 4.40% 4.20% 4.40%
Federally insured loans | Loans delinquent 271 days or greater | Federally insured loans      
Loans in repayment status:      
Loans past due $ 275,037 $ 343,489 $ 269,285
Loans past due, percentage 1.40% 1.70% 1.40%
Private education loans      
Loans in repayment status:      
Total loans $ 189,912 $ 225,975  
Private education loans | Private education loans      
Financing Receivable, Recorded Investment [Line Items]      
Loans in-school/grace/deferment 3,944 4,320 $ 3,550
Loans in forbearance 2,242 1,494 1,577
Loans in repayment status:      
Loans current 173,883 208,977 156,383
Total loans in repayment $ 183,726 $ 220,161 $ 164,340
Loans current, percentage 94.70% 95.00% 95.20%
Total loans in repayment, percentage 100.00% 100.00% 100.00%
Total loans $ 189,912 $ 225,975 $ 169,467
Private education loans | Loans delinquent 31-60 days | Private education loans      
Loans in repayment status:      
Loans past due $ 3,011 $ 3,626 $ 1,796
Loans past due, percentage 1.60% 1.60% 1.10%
Private education loans | Loans delinquent 61-90 days | Private education loans      
Loans in repayment status:      
Loans past due $ 1,370 $ 1,560 $ 1,155
Loans past due, percentage 0.70% 0.70% 0.70%
Private education loans | Loans delinquent 91 days or greater | Private education loans      
Loans in repayment status:      
Loans past due $ 5,462 $ 5,998 $ 5,006
Loans past due, percentage 3.00% 2.70% 3.00%
Consumer loans      
Loans in repayment status:      
Total loans $ 321,199 $ 138,627  
Consumer loans | Consumer loans      
Loans in repayment status:      
Loans current 315,708 136,130 $ 110,885
Total loans in repayment $ 321,199 $ 138,627 $ 112,547
Loans current, percentage 98.30% 98.20% 98.50%
Total loans in repayment, percentage 100.00% 100.00% 100.00%
Total loans $ 321,199 $ 138,627 $ 112,547
Consumer loans | Loans delinquent 31-60 days | Consumer loans      
Loans in repayment status:      
Loans past due $ 2,249 $ 1,012 $ 905
Loans past due, percentage 0.70% 0.70% 0.80%
Consumer loans | Loans delinquent 61-90 days | Consumer loans      
Loans in repayment status:      
Loans past due $ 1,617 $ 832 $ 355
Loans past due, percentage 0.50% 0.60% 0.30%
Consumer loans | Loans delinquent 91 days or greater | Consumer loans      
Loans in repayment status:      
Loans past due $ 1,625 $ 653 $ 402
Loans past due, percentage 0.50% 0.50% 0.40%
v3.19.3
Bonds and Notes Payable - Outstanding Debt Obligations (Details) - USD ($)
$ in Thousands
Sep. 30, 2019
Jan. 01, 2019
Dec. 31, 2018
Debt Instrument [Line Items]      
Bonds and notes payable $ 20,910,190 $ 22,185,558 $ 22,218,740
Discount on bonds and notes payable and debt issuance costs (284,468)   (318,359)
Warehouse facilities | FFELP warehouse facilities      
Debt Instrument [Line Items]      
Bonds and notes payable 739,448   986,886
Unsecured line of credit      
Debt Instrument [Line Items]      
Bonds and notes payable 0   310,000
Unsecured debt - Junior Subordinated Hybrid Securities      
Debt Instrument [Line Items]      
Bonds and notes payable $ 20,381   $ 20,381
Interest rate range 5.46%   6.17%
Other borrowings      
Debt Instrument [Line Items]      
Bonds and notes payable $ 45,465   $ 120,342
Bonds and notes payable, gross      
Debt Instrument [Line Items]      
Bonds and notes payable 21,194,658   22,537,099
Federally insured | Bonds and notes based on indices      
Debt Instrument [Line Items]      
Bonds and notes payable 18,961,410   20,192,123
Federally insured | Bonds and notes based on auction      
Debt Instrument [Line Items]      
Bonds and notes payable 773,726   793,476
Federally insured | Fixed rate bonds and notes      
Debt Instrument [Line Items]      
Bonds and notes payable 374,500    
Federally insured | Variable-rate bonds and notes      
Debt Instrument [Line Items]      
Bonds and notes payable 19,735,136   20,985,599
Consumer loan | Warehouse facilities      
Debt Instrument [Line Items]      
Bonds and notes payable $ 144,022    
Interest rate range 2.23%    
Private education | Fixed rate bonds and notes      
Debt Instrument [Line Items]      
Bonds and notes payable $ 53,368   63,171
Private education | Variable-rate bonds and notes      
Debt Instrument [Line Items]      
Bonds and notes payable $ 82,338   $ 50,720
Interest rate range     4.26%
Minimum | Warehouse facilities | FFELP warehouse facilities      
Debt Instrument [Line Items]      
Interest rate range 2.22%   2.65%
Minimum | Unsecured line of credit      
Debt Instrument [Line Items]      
Interest rate range     3.92%
Minimum | Other borrowings      
Debt Instrument [Line Items]      
Interest rate range 2.77%   3.05%
Minimum | Federally insured | Bonds and notes based on indices      
Debt Instrument [Line Items]      
Interest rate range 2.20%   2.59%
Minimum | Federally insured | Bonds and notes based on auction      
Debt Instrument [Line Items]      
Interest rate range 3.02%   2.84%
Minimum | Federally insured | Fixed rate bonds and notes      
Debt Instrument [Line Items]      
Interest rate range 2.53%    
Minimum | Private education | Fixed rate bonds and notes      
Debt Instrument [Line Items]      
Interest rate range 3.60%   3.60%
Minimum | Private education | Variable-rate bonds and notes      
Debt Instrument [Line Items]      
Interest rate range 3.40%    
Maximum | Warehouse facilities | FFELP warehouse facilities      
Debt Instrument [Line Items]      
Interest rate range 2.26%   2.71%
Maximum | Unsecured line of credit      
Debt Instrument [Line Items]      
Interest rate range     4.01%
Maximum | Other borrowings      
Debt Instrument [Line Items]      
Interest rate range 3.85%   5.22%
Maximum | Federally insured | Bonds and notes based on indices      
Debt Instrument [Line Items]      
Interest rate range 3.81%   4.52%
Maximum | Federally insured | Bonds and notes based on auction      
Debt Instrument [Line Items]      
Interest rate range 3.84%   3.55%
Maximum | Federally insured | Fixed rate bonds and notes      
Debt Instrument [Line Items]      
Interest rate range 3.45%    
Maximum | Private education | Fixed rate bonds and notes      
Debt Instrument [Line Items]      
Interest rate range 5.35%   5.35%
Maximum | Private education | Variable-rate bonds and notes      
Debt Instrument [Line Items]      
Interest rate range 3.77%    
v3.19.3
Bonds and Notes Payable - Outstanding Lines of Credit (Details) - FFELP warehouse facilities - Warehouse facilities - USD ($)
Sep. 30, 2019
Mar. 08, 2019
Line of Credit Facility [Line Items]    
Maximum financing amount $ 1,000,000,000  
Amount outstanding 739,448,000  
Amount available 260,552,000  
Advanced as equity support 48,091,000  
NFSLW-I    
Line of Credit Facility [Line Items]    
Maximum financing amount 500,000,000 $ 500,000,000
Amount outstanding 387,510,000  
Amount available 112,490,000  
Advanced as equity support 22,238,000  
NHELP-II    
Line of Credit Facility [Line Items]    
Maximum financing amount 500,000,000  
Amount outstanding 351,938,000  
Amount available 148,062,000  
Advanced as equity support $ 25,853,000  
v3.19.3
Bonds and Notes Payable - Schedule of Asset-Backed Securitizations (Details)
9 Months Ended
Sep. 30, 2019
USD ($)
2019-1, Class A-1 Notes  
Debt Instrument [Line Items]  
Principal amount $ 35,700,000
2019-1, Class A-1 Notes | Senior notes  
Debt Instrument [Line Items]  
Principal amount 35,700,000
Bond discount 0
Issue price $ 35,700,000
2019-1, Class A-1 Notes | Senior notes | LIBOR  
Debt Instrument [Line Items]  
Cost of funds, spread on variable interest rate 0.30%
2019-1, Class A-2 Notes  
Debt Instrument [Line Items]  
Principal amount $ 448,000,000
2019-1, Class A-2 Notes | Senior notes  
Debt Instrument [Line Items]  
Principal amount 448,000,000
Bond discount 0
Issue price $ 448,000,000
2019-1, Class A-2 Notes | Senior notes | LIBOR  
Debt Instrument [Line Items]  
Cost of funds, spread on variable interest rate 0.75%
2019-1  
Debt Instrument [Line Items]  
Principal amount $ 496,800,000
2019-1, Class A Notes | Senior notes  
Debt Instrument [Line Items]  
Principal amount 483,700,000
Bond discount 0
Issue price 483,700,000
2019-1, Class B Notes | Subordinated debt  
Debt Instrument [Line Items]  
Principal amount 13,100,000
Bond discount 0
Issue price $ 13,100,000
2019-1, Class B Notes | Subordinated debt | LIBOR  
Debt Instrument [Line Items]  
Cost of funds, spread on variable interest rate 1.40%
2019-2  
Debt Instrument [Line Items]  
Principal amount $ 416,100,000
2019-2, Class A Notes | Senior notes  
Debt Instrument [Line Items]  
Principal amount 405,000,000
Bond discount 0
Issue price $ 405,000,000
2019-2, Class A Notes | Senior notes | LIBOR  
Debt Instrument [Line Items]  
Cost of funds, spread on variable interest rate 0.90%
2019-2, Class B Notes | Subordinated debt  
Debt Instrument [Line Items]  
Principal amount $ 11,100,000
Bond discount 0
Issue price $ 11,100,000
2019-2, Class B Notes | Subordinated debt | LIBOR  
Debt Instrument [Line Items]  
Cost of funds, spread on variable interest rate 1.50%
Private education loan 2019-A  
Debt Instrument [Line Items]  
Principal amount $ 47,159,000
Private education loan 2019-A | Senior notes  
Debt Instrument [Line Items]  
Principal amount 47,159,000
Bond discount 0
Issue price $ 47,159,000
Private education loan 2019-A | Senior notes | Prime Rate  
Debt Instrument [Line Items]  
Cost of funds, spread on variable interest rate 1.60%
2019-3  
Debt Instrument [Line Items]  
Principal amount $ 498,300,000
2019-3, Class A Notes | Senior notes  
Debt Instrument [Line Items]  
Principal amount 485,800,000
Bond discount 0
Issue price $ 485,800,000
2019-3, Class A Notes | Senior notes | LIBOR  
Debt Instrument [Line Items]  
Cost of funds, spread on variable interest rate 0.80%
2019-3, Class B Notes | Subordinated debt  
Debt Instrument [Line Items]  
Principal amount $ 12,500,000
Bond discount 0
Issue price $ 12,500,000
2019-3, Class B Notes | Subordinated debt | LIBOR  
Debt Instrument [Line Items]  
Cost of funds, spread on variable interest rate 1.55%
2019-4  
Debt Instrument [Line Items]  
Principal amount $ 418,600,000
2019-4, Class A Notes | Senior notes  
Debt Instrument [Line Items]  
Principal amount 408,000,000
Bond discount 0
Issue price $ 408,000,000
2019-4, Class A Notes | Senior notes | LIBOR  
Debt Instrument [Line Items]  
Cost of funds, spread on variable interest rate 0.87%
2019-4, Class B Notes | Subordinated debt  
Debt Instrument [Line Items]  
Principal amount $ 10,600,000
Bond discount 0
Issue price $ 10,600,000
2019-4, Class B Notes | Subordinated debt | LIBOR  
Debt Instrument [Line Items]  
Cost of funds, spread on variable interest rate 1.65%
2019-5  
Debt Instrument [Line Items]  
Principal amount $ 374,500,000
2019-5, Class A Notes | Senior notes  
Debt Instrument [Line Items]  
Principal amount 364,500,000
Bond discount (114,000)
Issue price $ 364,386,000
Cost of funds 2.53%
2019-5, Class B Notes | Subordinated debt  
Debt Instrument [Line Items]  
Principal amount $ 10,000,000
Bond discount (4,000)
Issue price $ 9,996,000
Cost of funds 3.45%
2019 Total  
Debt Instrument [Line Items]  
Principal amount $ 2,251,459,000
2019 Class A | Senior notes  
Debt Instrument [Line Items]  
Principal amount 2,194,159,000
Bond discount (114,000)
Issue price 2,194,045,000
2019 Class B | Subordinated debt  
Debt Instrument [Line Items]  
Principal amount 57,300,000
Bond discount (4,000)
Issue price $ 57,296,000
v3.19.3
Bonds and Notes Payable - Narrative (Details) - USD ($)
3 Months Ended 9 Months Ended
Jun. 07, 2019
May 30, 2019
Jan. 11, 2019
Sep. 30, 2019
Sep. 30, 2019
Sep. 30, 2018
Apr. 25, 2019
Jan. 01, 2019
Dec. 31, 2018
Debt Instrument [Line Items]                  
Payment of premium to extinguish debt         $ 14,030,000 $ 0      
Loss on extinguishment of debt         15,815,000 $ 0      
Unsecured Line of Credit                  
Debt Instrument [Line Items]                  
Maximum financing amount       $ 382,500,000 382,500,000        
Amount outstanding       0 0        
Higher borrowing capacity option       400,000,000.0 400,000,000.0        
FFELP Asset-Backed Security Investment                  
Debt Instrument [Line Items]                  
Other borrowings subject to repurchase agreement       40,500,000 40,500,000       $ 41,400,000
Private education loans                  
Debt Instrument [Line Items]                  
Other borrowings subject to repurchase agreement                 $ 45,000,000.0
Secured Line Of Credit Maturing May 2022                  
Debt Instrument [Line Items]                  
Maximum financing amount   $ 22,000,000.0              
Amount outstanding       5,000,000.0 5,000,000.0        
Amount available       17,000,000.0 17,000,000.0        
Secured Line Of Credit Maturing May 2022 | LIBOR                  
Debt Instrument [Line Items]                  
Spread on variable interest rate   1.75%              
Asset-backed securities                  
Debt Instrument [Line Items]                  
Amount of debt extinguished $ 93,000,000.0     675,600,000          
Payment of premium to extinguish debt 1,400,000     12,600,000          
Write off of debt issuance costs 400,000     1,400,000          
Loss on extinguishment of debt $ 1,800,000     14,000,000.0          
Warehouse facilities | Consumer Loan Warehouse Facility                  
Debt Instrument [Line Items]                  
Maximum financing amount     $ 100,000,000.0       $ 200,000,000.0    
Amount outstanding       144,000,000.0 144,000,000.0        
Amount available       56,000,000.0 56,000,000.0        
Advanced as equity support       $ 50,200,000 $ 50,200,000        
Minimum | Warehouse facilities | Consumer Loan Warehouse Facility                  
Debt Instrument [Line Items]                  
Advance rate     70.00%            
Maximum | Warehouse facilities | Consumer Loan Warehouse Facility                  
Debt Instrument [Line Items]                  
Advance rate     75.00%            
Accounting Standards Update 2016-02                  
Debt Instrument [Line Items]                  
Issue price               $ 33,900,000  
Partnerships For Certain Real Estate Development Projects                  
Debt Instrument [Line Items]                  
Noncontrolling interest ownership percentage       50.00% 50.00%        
v3.19.3
Derivative Financial Instruments - Schedule of Basis Swap (Details) - 1:3 basis swaps - USD ($)
3 Months Ended
Sep. 30, 2019
Dec. 31, 2018
Derivative [Line Items]    
Notional amount $ 7,150,000,000 $ 10,000,000,000
Net proceeds from termination of derivatives 500,000  
2019    
Derivative [Line Items]    
Notional amount 0 3,500,000,000
2020    
Derivative [Line Items]    
Notional amount 1,000,000,000 1,000,000,000
2021    
Derivative [Line Items]    
Notional amount 250,000,000 250,000,000
2022    
Derivative [Line Items]    
Notional amount 2,000,000,000 2,000,000,000
Effective Start Date May 2020    
Derivative [Line Items]    
Notional amount 750,000,000  
2023    
Derivative [Line Items]    
Notional amount 750,000,000 750,000,000
2024    
Derivative [Line Items]    
Notional amount 1,750,000,000 250,000,000
2026    
Derivative [Line Items]    
Notional amount 1,150,000,000 1,150,000,000
2027    
Derivative [Line Items]    
Notional amount 250,000,000 375,000,000
Notional amount, terminated 125,000,000  
2028    
Derivative [Line Items]    
Notional amount 0 325,000,000
Notional amount, terminated 325,000,000  
2029    
Derivative [Line Items]    
Notional amount 0 100,000,000
Notional amount, terminated 100,000,000  
2031    
Derivative [Line Items]    
Notional amount 0 $ 300,000,000
Notional amount, terminated $ 300,000,000  
v3.19.3
Derivative Financial Instruments - Schedule of Interest Rate Swaps, Floor Income Hedge (Details) - Interest rate swaps - floor income hedges - Interest rate swap - USD ($)
Sep. 30, 2019
Dec. 31, 2018
Derivative [Line Items]    
Notional amount $ 3,000,000,000 $ 5,575,000,000
Weighted average fixed rate paid by the Company 1.37% 1.18%
2019    
Derivative [Line Items]    
Notional amount $ 500,000,000 $ 3,250,000,000
Weighted average fixed rate paid by the Company 1.12% 0.97%
2020    
Derivative [Line Items]    
Notional amount $ 1,500,000,000 $ 1,500,000,000
Weighted average fixed rate paid by the Company 1.01% 1.01%
2021    
Derivative [Line Items]    
Notional amount $ 600,000,000 $ 100,000,000
Weighted average fixed rate paid by the Company 2.15% 2.95%
2022    
Derivative [Line Items]    
Notional amount $ 250,000,000 $ 0
Weighted average fixed rate paid by the Company 1.65%  
2023    
Derivative [Line Items]    
Notional amount $ 150,000,000 $ 400,000,000
Weighted average fixed rate paid by the Company 2.25% 2.24%
2024    
Derivative [Line Items]    
Notional amount $ 0 $ 300,000,000
Weighted average fixed rate paid by the Company   2.28%
2027    
Derivative [Line Items]    
Notional amount $ 0 $ 25,000,000
Weighted average fixed rate paid by the Company   2.35%
v3.19.3
Derivative Financial Instruments - Schedule of Interest Rate Caps (Details) - Interest rate caps
Sep. 30, 2019
USD ($)
Interest Rate Cap 1 Maturing July 2020  
Derivative [Line Items]  
Notional amount $ 125,000,000
Interest Rate Cap 2 Maturing July 2020  
Derivative [Line Items]  
Notional amount 150,000,000
Interest Rate Cap Maturing September 2020  
Derivative [Line Items]  
Notional amount $ 500,000,000
LIBOR | Interest Rate Cap 1 Maturing July 2020  
Derivative [Line Items]  
Strike rate, spread above variable rate 2.50%
LIBOR | Interest Rate Cap 2 Maturing July 2020  
Derivative [Line Items]  
Strike rate, spread above variable rate 4.99%
LIBOR | Interest Rate Cap Maturing September 2020  
Derivative [Line Items]  
Strike rate, spread above variable rate 2.25%
v3.19.3
Derivative Financial Instruments - Narrative (Details) - USD ($)
1 Months Ended 3 Months Ended 12 Months Ended
Jun. 30, 2019
Jun. 30, 2015
Sep. 30, 2019
Mar. 31, 2019
Dec. 31, 2018
Dec. 31, 2014
1:3 basis swaps            
Derivative [Line Items]            
Weighted average basis point paid     0.097%   0.094%  
Interest rate swap | Interest rate swaps - floor income hedges            
Derivative [Line Items]            
Amounts received to terminate derivative instruments       $ 2,100,000    
Amounts paid to terminate derivative instruments     $ 16,500,000      
Notional amount, terminated     $ 700,000,000.0 $ 100,000,000.0    
Interest rate swap options - floor income hedges            
Derivative [Line Items]            
Payments to enter into derivative instruments         $ 4,600,000 $ 9,100,000
Fixed interest rate of swap option     3.21%      
Interest rate caps            
Derivative [Line Items]            
Payments to enter into derivative instruments $ 300,000 $ 2,900,000        
v3.19.3
Derivative Financial Instruments - Schedule of Derivatives as Reflected on Balance Sheet (Details) - USD ($)
$ in Thousands
Sep. 30, 2019
Dec. 31, 2018
Derivatives, Fair Value [Line Items]    
Fair value of asset derivatives $ 57 $ 1,818
Fair value of asset derivatives    
Derivatives, Fair Value [Line Items]    
Fair value of asset derivatives 57 1,818
Fair value of asset derivatives | Interest rate swap options - floor income hedges    
Derivatives, Fair Value [Line Items]    
Fair value of asset derivatives 0 1,465
Fair value of asset derivatives | Interest rate caps    
Derivatives, Fair Value [Line Items]    
Fair value of asset derivatives 57 353
Fair value of liability derivatives    
Derivatives, Fair Value [Line Items]    
Fair value of liability derivatives 0 0
Fair value of liability derivatives | Interest rate swap options - floor income hedges    
Derivatives, Fair Value [Line Items]    
Fair value of liability derivatives 0 0
Fair value of liability derivatives | Interest rate caps    
Derivatives, Fair Value [Line Items]    
Fair value of liability derivatives $ 0 $ 0
v3.19.3
Derivative Financial Instruments - Schedule of Income Statement Impact (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative settlements, net $ 7,298 $ 22,324 $ 39,306 $ 51,018
Other Income        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative settlements, net 7,298 22,324 39,306 51,018
Change in fair value (5,630) (5,226) (73,265) 49,909
Derivative market value adjustments and derivative settlements, net - income (expense) 1,668 17,098 (33,959) 100,927
1:3 basis swaps | Other Income        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative settlements, net 234 3,361 3,375 4,676
Change in fair value 6,636 1,283 4,427 12,058
Interest rate swaps - floor income hedges | Other Income        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative settlements, net 7,064 19,087 35,931 46,752
Change in fair value (12,094) (7,427) (75,657) 34,008
Interest rate swap options - floor income hedges | Other Income        
Derivative Instruments, Gain (Loss) [Line Items]        
Change in fair value (1) (31) (1,465) 437
Interest rate caps | Other Income        
Derivative Instruments, Gain (Loss) [Line Items]        
Change in fair value (171) 119 (570) 567
Interest rate swaps - hybrid debt hedges | Other Income        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative settlements, net 0 (124) 0 (410)
Change in fair value $ 0 $ 830 $ 0 $ 2,839
v3.19.3
Investments and Notes Receivable (Details) - USD ($)
$ in Thousands
Sep. 30, 2019
Jan. 01, 2019
Dec. 31, 2018
Investments (at fair value):      
Amortized cost $ 48,772   $ 47,931
Gross unrealized gains 3,802   5,109
Gross unrealized losses 0   0
Fair value 52,574   53,040
Equity securities      
Amortized cost 13,913   12,909
Gross unrealized gains 4,114   5,145
Gross unrealized losses (725)   (407)
Fair value 17,302   17,647
Total investments (at fair value)      
Amortized cost 62,685   60,840
Gross unrealized gains 7,916   10,254
Gross unrealized losses (725)   (407)
Fair value 69,876   70,687
Other Investments and Notes Receivable (not measured at fair value):      
Other investments, total 142,540   178,683
Total investments and notes receivable 212,416 $ 226,236 249,370
Other Investments and Notes Receivable (not measured at fair value): | Venture capital and funds:      
Other Investments and Notes Receivable (not measured at fair value):      
Measurement alternative 71,752   70,939
Equity method 11,396   19,230
Other 850   900
Other investments, total 83,998   91,069
Other Investments and Notes Receivable (not measured at fair value): | Real estate:      
Other Investments and Notes Receivable (not measured at fair value):      
Equity method 44,995   29,168
Other 1,372   34,211
Other investments, total 46,367   63,379
Other Investments and Notes Receivable (not measured at fair value): | Consumer loan      
Other Investments and Notes Receivable (not measured at fair value):      
Beneficial interest in consumer loan securitization 5,755   0
Other Investments and Notes Receivable (not measured at fair value): | Tax liens and affordable housing      
Other Investments and Notes Receivable (not measured at fair value):      
Other investments, total 6,420   7,862
Other Investments and Notes Receivable (not measured at fair value): | Notes receivable      
Other Investments and Notes Receivable (not measured at fair value):      
Other investments, total $ 0   $ 16,373
v3.19.3
Intangible Assets - Schedule of Intangible Assets (Details) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2019
Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]    
Weighted average remaining useful life 80 months  
Amortizable intangible assets, net $ 89,499 $ 114,290
Customer relationships    
Finite-Lived Intangible Assets [Line Items]    
Weighted average remaining useful life 80 months  
Amortizable intangible assets, net $ 78,527 98,484
Accumulated amortization of intangible assets $ 53,926 33,968
Trade names    
Finite-Lived Intangible Assets [Line Items]    
Weighted average remaining useful life 92 months  
Amortizable intangible assets, net $ 8,326 10,868
Accumulated amortization of intangible assets $ 8,367 5,825
Computer software    
Finite-Lived Intangible Assets [Line Items]    
Weighted average remaining useful life 17 months  
Amortizable intangible assets, net $ 2,646 4,938
Accumulated amortization of intangible assets $ 2,741 $ 15,420
v3.19.3
Intangible Assets - Amortization Expense (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Dec. 31, 2018
Intangible Assets, Net (Excluding Goodwill) [Abstract]          
Amortization of intangible assets $ 8,000 $ 7,900 $ 24,800 $ 21,900  
2019 (October 1 - December 31) 7,967   7,967    
2020 29,515   29,515    
2021 18,761   18,761    
2022 7,172   7,172    
2023 6,925   6,925    
2024 and thereafter 19,159   19,159    
Amortizable intangible assets, net $ 89,499   $ 89,499   $ 114,290
v3.19.3
Goodwill (Details) - USD ($)
$ in Thousands
Sep. 30, 2019
Dec. 31, 2018
Goodwill [Line Items]    
Goodwill $ 156,912 $ 156,912
Loan servicing and systems revenue    
Goodwill [Line Items]    
Goodwill 23,639 23,639
Education technology, services, and payment processing revenue    
Goodwill [Line Items]    
Goodwill 70,278 70,278
Communications    
Goodwill [Line Items]    
Goodwill 21,112 21,112
Asset Generation and Management    
Goodwill [Line Items]    
Goodwill 41,883 41,883
Corporate and Other Activities    
Goodwill [Line Items]    
Goodwill $ 0 $ 0
v3.19.3
Property and Equipment (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Jan. 01, 2019
Dec. 31, 2018
Property, Plant and Equipment [Line Items]            
Property and equipment, net $ 342,401   $ 342,401   $ 327,810 $ 344,784
Depreciation 19,700 $ 15,100 51,600 $ 41,100    
Non-communications            
Property, Plant and Equipment [Line Items]            
Property and equipment, gross 244,777   244,777     231,995
Accumulated depreciation (147,266)   (147,266)     (123,003)
Property and equipment, net 97,511   97,511     108,992
Non-communications | Computer equipment and software            
Property, Plant and Equipment [Line Items]            
Property and equipment, gross 161,420   $ 161,420     137,705
Non-communications | Computer equipment and software | Minimum            
Property, Plant and Equipment [Line Items]            
Useful life     1 year      
Non-communications | Computer equipment and software | Maximum            
Property, Plant and Equipment [Line Items]            
Useful life     5 years      
Non-communications | Building and building improvements            
Property, Plant and Equipment [Line Items]            
Property and equipment, gross 38,621   $ 38,621     50,138
Non-communications | Building and building improvements | Minimum            
Property, Plant and Equipment [Line Items]            
Useful life     5 years      
Non-communications | Building and building improvements | Maximum            
Property, Plant and Equipment [Line Items]            
Useful life     48 years      
Non-communications | Office furniture and equipment            
Property, Plant and Equipment [Line Items]            
Property and equipment, gross 24,354   $ 24,354     22,796
Non-communications | Office furniture and equipment | Minimum            
Property, Plant and Equipment [Line Items]            
Useful life     1 year      
Non-communications | Office furniture and equipment | Maximum            
Property, Plant and Equipment [Line Items]            
Useful life     10 years      
Non-communications | Leasehold improvements            
Property, Plant and Equipment [Line Items]            
Property and equipment, gross 10,193   $ 10,193     9,327
Non-communications | Leasehold improvements | Minimum            
Property, Plant and Equipment [Line Items]            
Useful life     1 year      
Non-communications | Leasehold improvements | Maximum            
Property, Plant and Equipment [Line Items]            
Useful life     15 years      
Non-communications | Transportation equipment            
Property, Plant and Equipment [Line Items]            
Property and equipment, gross 5,049   $ 5,049     5,123
Non-communications | Transportation equipment | Minimum            
Property, Plant and Equipment [Line Items]            
Useful life     5 years      
Non-communications | Transportation equipment | Maximum            
Property, Plant and Equipment [Line Items]            
Useful life     10 years      
Non-communications | Land            
Property, Plant and Equipment [Line Items]            
Property and equipment, gross 1,400   $ 1,400     3,328
Non-communications | Construction in progress            
Property, Plant and Equipment [Line Items]            
Property and equipment, gross 3,740   3,740     3,578
Communications            
Property, Plant and Equipment [Line Items]            
Property and equipment, gross 308,119   308,119     273,865
Accumulated depreciation (63,229)   (63,229)     (38,073)
Property and equipment, net 244,890   244,890     235,792
Communications | Computer equipment and software            
Property, Plant and Equipment [Line Items]            
Property and equipment, gross 5,443   $ 5,443     4,943
Communications | Computer equipment and software | Minimum            
Property, Plant and Equipment [Line Items]            
Useful life     1 year      
Communications | Computer equipment and software | Maximum            
Property, Plant and Equipment [Line Items]            
Useful life     5 years      
Communications | Transportation equipment            
Property, Plant and Equipment [Line Items]            
Property and equipment, gross 6,728   $ 6,728     6,580
Communications | Transportation equipment | Minimum            
Property, Plant and Equipment [Line Items]            
Useful life     4 years      
Communications | Transportation equipment | Maximum            
Property, Plant and Equipment [Line Items]            
Useful life     10 years      
Communications | Network plant and fiber            
Property, Plant and Equipment [Line Items]            
Property and equipment, gross 246,971   $ 246,971     215,787
Communications | Network plant and fiber | Minimum            
Property, Plant and Equipment [Line Items]            
Useful life     4 years      
Communications | Network plant and fiber | Maximum            
Property, Plant and Equipment [Line Items]            
Useful life     15 years      
Communications | Customer located property            
Property, Plant and Equipment [Line Items]            
Property and equipment, gross 25,966   $ 25,966     21,234
Communications | Customer located property | Minimum            
Property, Plant and Equipment [Line Items]            
Useful life     3 years      
Communications | Customer located property | Maximum            
Property, Plant and Equipment [Line Items]            
Useful life     4 years      
Communications | Central office            
Property, Plant and Equipment [Line Items]            
Property and equipment, gross 17,499   $ 17,499     15,688
Communications | Central office | Minimum            
Property, Plant and Equipment [Line Items]            
Useful life     5 years      
Communications | Central office | Maximum            
Property, Plant and Equipment [Line Items]            
Useful life     15 years      
Communications | Other            
Property, Plant and Equipment [Line Items]            
Property and equipment, gross 3,391   $ 3,391     3,219
Communications | Other | Minimum            
Property, Plant and Equipment [Line Items]            
Useful life     1 year      
Communications | Other | Maximum            
Property, Plant and Equipment [Line Items]            
Useful life     39 years      
Communications | Land            
Property, Plant and Equipment [Line Items]            
Property and equipment, gross 70   $ 70     70
Communications | Construction in progress            
Property, Plant and Equipment [Line Items]            
Property and equipment, gross $ 2,051   $ 2,051     $ 6,344
v3.19.3
Earnings per Common Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Numerator:        
Net income attributable to Nelnet, Inc. $ 33,212 $ 42,927 $ 99,423 $ 206,287
Denominator:        
Weighted average common shares outstanding - basic and diluted (in shares) 39,877,129 40,988,965 40,098,346 40,942,177
Earnings per share - basic and diluted (in dollars per share) $ 0.83 $ 1.05 $ 2.48 $ 5.04
Common shareholders        
Numerator:        
Net income attributable to Nelnet, Inc. $ 32,778 $ 42,354 $ 98,125 $ 203,881
Denominator:        
Weighted average common shares outstanding - basic and diluted (in shares) 39,356,311 40,441,783 39,574,868 40,464,638
Earnings per share - basic and diluted (in dollars per share) $ 0.83 $ 1.05 $ 2.48 $ 5.04
Unvested restricted stock shareholders        
Numerator:        
Net income attributable to Nelnet, Inc. $ 434 $ 573 $ 1,298 $ 2,406
Denominator:        
Weighted average common shares outstanding - basic and diluted (in shares) 520,818 547,182 523,478 477,539
Earnings per share - basic and diluted (in dollars per share) $ 0.83 $ 1.05 $ 2.48 $ 5.04
v3.19.3
Segment Reporting (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Dec. 31, 2018
Segment Reporting Information [Line Items]          
Total interest income $ 238,945 $ 239,948 $ 736,319 $ 671,995  
Interest expense 172,488 180,175 551,221 487,174  
Net interest income 66,457 59,773 185,098 184,821  
Less provision for loan losses 10,000 10,500 26,000 18,000  
Net interest income after provision for loan losses 56,457 49,273 159,098 166,821  
Other income:          
Intersegment servicing revenue 0 0 0 0  
Other income 13,439 16,673 38,658 44,808  
Derivative settlements, net 7,298 22,324 39,306 51,018  
Derivative market value adjustments, net (5,630) (5,226) (73,265) 49,909  
Total other income 219,114 216,577 607,391 671,699  
Cost of services:          
Total cost of services 30,907 23,397 77,697 55,979  
Operating expenses:          
Salaries and benefits 116,670 114,172 338,942 321,932  
Depreciation and amortization 27,701 22,992 76,398 62,943  
Loan servicing fees to third parties 3,382 3,087 9,431 9,428  
Other expenses 54,947 45,194 138,131 119,020  
Intersegment expenses, net 0 0 0 0  
Total operating expenses 202,700 185,445 562,902 513,323  
Income before income taxes 41,964 57,008 125,890 269,218  
Income tax (expense) benefit (8,829) (13,882) (26,429) (63,369)  
Net income 33,135 43,126 99,461 205,849  
Net loss (income) attributable to noncontrolling interests 77 (199) (38) 438  
Net income attributable to Nelnet, Inc. 33,212 42,927 99,423 206,287  
Total assets 23,936,719 25,104,925 23,936,719 25,104,925 $ 25,220,968
Operating Segments | Loan Servicing and Systems          
Segment Reporting Information [Line Items]          
Total interest income 532 381 1,579 931  
Interest expense 51 0 70 0  
Net interest income 481 381 1,509 931  
Less provision for loan losses 0 0 0 0  
Net interest income after provision for loan losses 481 381 1,509 931  
Other income:          
Intersegment servicing revenue 11,611 12,290 35,426 34,670  
Other income 2,291 1,948 6,642 5,196  
Derivative settlements, net 0 0 0 0  
Derivative market value adjustments, net 0 0 0 0  
Total other income 127,188 126,817 384,237 367,131  
Cost of services:          
Total cost of services 0 0 0 0  
Operating expenses:          
Salaries and benefits 69,209 70,440 201,924 198,411  
Depreciation and amortization 8,565 8,957 26,236 23,237  
Loan servicing fees to third parties 0 0 0 0  
Other expenses 16,686 19,638 52,732 51,591  
Intersegment expenses, net 12,955 15,029 40,317 43,968  
Total operating expenses 107,415 114,064 321,209 317,207  
Income before income taxes 20,254 13,134 64,537 50,855  
Income tax (expense) benefit (4,861) (3,152) (15,489) (12,399)  
Net income 15,393 9,982 49,048 38,456  
Net loss (income) attributable to noncontrolling interests 0 0 0 808  
Net income attributable to Nelnet, Inc. 15,393 9,982 49,048 39,264  
Total assets 222,606 276,153 222,606 276,153  
Operating Segments | Education Technology, Services, and Payment Processing          
Segment Reporting Information [Line Items]          
Total interest income 3,499 1,513 7,175 2,927  
Interest expense 12 3 32 3  
Net interest income 3,487 1,510 7,143 2,924  
Less provision for loan losses 0 0 0 0  
Net interest income after provision for loan losses 3,487 1,510 7,143 2,924  
Other income:          
Intersegment servicing revenue 0 0 0 0  
Other income 0 0 0 0  
Derivative settlements, net 0 0 0 0  
Derivative market value adjustments, net 0 0 0 0  
Total other income 74,251 58,409 213,753 167,372  
Cost of services:          
Total cost of services 25,671 19,087 62,601 44,087  
Operating expenses:          
Salaries and benefits 23,826 19,972 69,656 58,552  
Depreciation and amortization 2,997 3,435 9,832 10,062  
Loan servicing fees to third parties 0 0 0 0  
Other expenses 5,325 4,943 16,440 14,950  
Intersegment expenses, net 3,194 2,494 9,642 7,630  
Total operating expenses 35,342 30,844 105,570 91,194  
Income before income taxes 16,725 9,988 52,725 35,015  
Income tax (expense) benefit (4,014) (2,397) (12,654) (8,404)  
Net income 12,711 7,591 40,071 26,611  
Net loss (income) attributable to noncontrolling interests 0 0 0 0  
Net income attributable to Nelnet, Inc. 12,711 7,591 40,071 26,611  
Total assets 413,076 243,497 413,076 243,497  
Operating Segments | Communications          
Segment Reporting Information [Line Items]          
Total interest income 0 1 3 3  
Interest expense 0 4,174 0 9,987  
Net interest income 0 (4,173) 3 (9,984)  
Less provision for loan losses 0 0 0 0  
Net interest income after provision for loan losses 0 (4,173) 3 (9,984)  
Other income:          
Intersegment servicing revenue 0 0 0 0  
Other income 532 950 1,019 950  
Derivative settlements, net 0 0 0 0  
Derivative market value adjustments, net 0 0 0 0  
Total other income 17,002 12,768 47,789 32,277  
Cost of services:          
Total cost of services 5,236 4,310 15,096 11,892  
Operating expenses:          
Salaries and benefits 5,763 4,554 15,692 13,284  
Depreciation and amortization 10,926 6,167 26,025 16,585  
Loan servicing fees to third parties 0 0 0 0  
Other expenses 3,842 3,151 11,184 8,811  
Intersegment expenses, net 701 598 2,081 1,802  
Total operating expenses 21,232 14,470 54,982 40,482  
Income before income taxes (9,466) (10,185) (22,286) (30,081)  
Income tax (expense) benefit 2,272 2,444 5,349 7,220  
Net income (7,194) (7,741) (16,937) (22,861)  
Net loss (income) attributable to noncontrolling interests 0 0 0 0  
Net income attributable to Nelnet, Inc. (7,194) (7,741) (16,937) (22,861)  
Total assets 306,743 271,370 306,743 271,370  
Operating Segments | Asset Generation and Management          
Segment Reporting Information [Line Items]          
Total interest income 233,225 236,039 723,388 662,881  
Interest expense 171,485 176,874 544,319 480,729  
Net interest income 61,740 59,165 179,069 182,152  
Less provision for loan losses 10,000 10,500 26,000 18,000  
Net interest income after provision for loan losses 51,740 48,665 153,069 164,152  
Other income:          
Intersegment servicing revenue 0 0 0 0  
Other income 3,384 3,267 11,796 9,391  
Derivative settlements, net 7,298 22,448 39,306 51,428  
Derivative market value adjustments, net (5,630) (6,056) (73,265) 47,070  
Total other income 5,052 19,659 (22,163) 107,889  
Cost of services:          
Total cost of services 0 0 0 0  
Operating expenses:          
Salaries and benefits 394 424 1,153 1,183  
Depreciation and amortization 0 0 0 0  
Loan servicing fees to third parties 3,382 3,087 9,431 9,428  
Other expenses 15,672 845 19,667 2,982  
Intersegment expenses, net 11,678 12,378 35,630 34,943  
Total operating expenses 31,126 16,734 65,881 48,536  
Income before income taxes 25,666 51,590 65,025 223,505  
Income tax (expense) benefit (6,160) (12,381) (15,606) (53,641)  
Net income 19,506 39,209 49,419 169,864  
Net loss (income) attributable to noncontrolling interests 0 0 0 0  
Net income attributable to Nelnet, Inc. 19,506 39,209 49,419 169,864  
Total assets 22,520,688 23,927,156 22,520,688 23,927,156  
Operating Segments | Corporate and Other Activities          
Segment Reporting Information [Line Items]          
Total interest income 2,859 6,860 7,170 17,673  
Interest expense 2,110 3,968 9,796 8,875  
Net interest income 749 2,892 (2,626) 8,798  
Less provision for loan losses 0 0 0 0  
Net interest income after provision for loan losses 749 2,892 (2,626) 8,798  
Other income:          
Intersegment servicing revenue 0 0 0 0  
Other income 7,231 10,508 19,200 29,272  
Derivative settlements, net 0 (124) 0 (410)  
Derivative market value adjustments, net 0 830 0 2,839  
Total other income 7,231 11,214 19,200 31,701  
Cost of services:          
Total cost of services 0 0 0 0  
Operating expenses:          
Salaries and benefits 17,479 18,782 50,517 50,502  
Depreciation and amortization 5,212 4,433 14,305 13,058  
Loan servicing fees to third parties 0 0 0 0  
Other expenses 13,422 16,616 38,107 40,686  
Intersegment expenses, net (16,917) (18,208) (52,244) (53,672)  
Total operating expenses 19,196 21,623 50,685 50,574  
Income before income taxes (11,216) (7,517) (34,111) (10,075)  
Income tax (expense) benefit 3,935 1,604 11,971 3,855  
Net income (7,281) (5,913) (22,140) (6,220)  
Net loss (income) attributable to noncontrolling interests 77 (199) (38) (371)  
Net income attributable to Nelnet, Inc. (7,204) (6,112) (22,178) (6,591)  
Total assets 685,998 723,985 685,998 723,985  
Eliminations          
Segment Reporting Information [Line Items]          
Total interest income (1,171) (4,846) (2,995) (12,420)  
Interest expense (1,171) (4,846) (2,995) (12,420)  
Net interest income 0 0 0 0  
Less provision for loan losses 0 0 0 0  
Net interest income after provision for loan losses 0 0 0 0  
Other income:          
Intersegment servicing revenue (11,611) (12,290) (35,426) (34,670)  
Other income 0 0 0 0  
Derivative settlements, net 0 0 0 0  
Derivative market value adjustments, net 0 0 0 0  
Total other income (11,611) (12,290) (35,426) (34,670)  
Cost of services:          
Total cost of services 0 0 0 0  
Operating expenses:          
Salaries and benefits 0 0 0 0  
Depreciation and amortization 0 0 0 0  
Loan servicing fees to third parties 0 0 0 0  
Other expenses 0 0 0 0  
Intersegment expenses, net (11,611) (12,290) (35,426) (34,670)  
Total operating expenses (11,611) (12,290) (35,426) (34,670)  
Income before income taxes 0 0 0 0  
Income tax (expense) benefit 0 0 0 0  
Net income 0 0 0 0  
Net loss (income) attributable to noncontrolling interests 0 0 0 0  
Net income attributable to Nelnet, Inc. 0 0 0 0  
Total assets (212,392) (337,236) (212,392) (337,236)  
Loan servicing and systems revenue          
Other income:          
Revenue 113,286 112,579 342,169 327,265  
Loan servicing and systems revenue | Operating Segments | Loan Servicing and Systems          
Other income:          
Revenue 113,286 112,579 342,169 327,265  
Loan servicing and systems revenue | Operating Segments | Education Technology, Services, and Payment Processing          
Other income:          
Revenue 0 0 0 0  
Loan servicing and systems revenue | Operating Segments | Communications          
Other income:          
Revenue 0 0 0 0  
Loan servicing and systems revenue | Operating Segments | Asset Generation and Management          
Other income:          
Revenue 0 0 0 0  
Loan servicing and systems revenue | Operating Segments | Corporate and Other Activities          
Other income:          
Revenue 0 0 0 0  
Loan servicing and systems revenue | Eliminations          
Other income:          
Revenue 0 0 0 0  
Education technology, services, and payment processing revenue          
Other income:          
Revenue 74,251 58,409 213,753 167,372  
Cost of services:          
Total cost of services 25,671 19,087 62,601 44,087  
Education technology, services, and payment processing revenue | Operating Segments | Loan Servicing and Systems          
Other income:          
Revenue 0 0 0 0  
Cost of services:          
Total cost of services 0 0 0 0  
Education technology, services, and payment processing revenue | Operating Segments | Education Technology, Services, and Payment Processing          
Other income:          
Revenue 74,251 58,409 213,753 167,372  
Cost of services:          
Total cost of services 25,671 19,087 62,601 44,087  
Education technology, services, and payment processing revenue | Operating Segments | Communications          
Other income:          
Revenue 0 0 0 0  
Cost of services:          
Total cost of services 0 0 0 0  
Education technology, services, and payment processing revenue | Operating Segments | Asset Generation and Management          
Other income:          
Revenue 0 0 0 0  
Cost of services:          
Total cost of services 0 0 0 0  
Education technology, services, and payment processing revenue | Operating Segments | Corporate and Other Activities          
Other income:          
Revenue 0 0 0 0  
Cost of services:          
Total cost of services 0 0 0 0  
Education technology, services, and payment processing revenue | Eliminations          
Other income:          
Revenue 0 0 0 0  
Cost of services:          
Total cost of services 0 0 0 0  
Communications          
Other income:          
Revenue 16,470 11,818 46,770 31,327  
Cost of services:          
Total cost of services 5,236 4,310 15,096 11,892  
Communications | Operating Segments | Loan Servicing and Systems          
Other income:          
Revenue 0 0 0 0  
Cost of services:          
Total cost of services 0 0 0 0  
Communications | Operating Segments | Education Technology, Services, and Payment Processing          
Other income:          
Revenue 0 0 0 0  
Cost of services:          
Total cost of services 0 0 0 0  
Communications | Operating Segments | Communications          
Other income:          
Revenue 16,470 11,818 46,770 31,327  
Cost of services:          
Total cost of services 5,236 4,310 15,096 11,892  
Communications | Operating Segments | Asset Generation and Management          
Other income:          
Revenue 0 0 0 0  
Cost of services:          
Total cost of services 0 0 0 0  
Communications | Operating Segments | Corporate and Other Activities          
Other income:          
Revenue 0 0 0 0  
Cost of services:          
Total cost of services 0 0 0 0  
Communications | Eliminations          
Other income:          
Revenue 0 0 0 0  
Cost of services:          
Total cost of services $ 0 $ 0 $ 0 $ 0  
v3.19.3
Disaggregated Revenue and Deferred Revenue - Schedule of Disaggregation of Revenue (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Communications revenue        
Disaggregation of Revenue [Line Items]        
Revenue $ 16,470 $ 11,818 $ 46,770 $ 31,327
Residential revenue        
Disaggregation of Revenue [Line Items]        
Revenue 12,397 8,896 35,351 23,367
Business revenue        
Disaggregation of Revenue [Line Items]        
Revenue 4,025 2,861 11,256 7,779
Other        
Disaggregation of Revenue [Line Items]        
Revenue 48 61 163 181
Loan servicing and systems revenue        
Disaggregation of Revenue [Line Items]        
Revenue 113,286 112,579 342,169 327,265
Government servicing - Nelnet        
Disaggregation of Revenue [Line Items]        
Revenue 38,645 38,907 118,744 118,015
Government servicing - Great Lakes        
Disaggregation of Revenue [Line Items]        
Revenue 46,234 45,671 139,285 122,107
Private education and consumer loan servicing        
Disaggregation of Revenue [Line Items]        
Revenue 9,561 10,007 28,026 31,990
FFELP servicing        
Disaggregation of Revenue [Line Items]        
Revenue 6,089 7,422 19,208 24,259
Software services        
Disaggregation of Revenue [Line Items]        
Revenue 10,493 8,201 30,255 24,461
Outsourced services and other        
Disaggregation of Revenue [Line Items]        
Revenue 2,264 2,371 6,651 6,433
Education technology, services, and payment processing revenue        
Disaggregation of Revenue [Line Items]        
Revenue 74,251 58,409 213,753 167,372
Tuition payment plan services        
Disaggregation of Revenue [Line Items]        
Revenue 25,760 19,771 80,589 63,209
Payment processing        
Disaggregation of Revenue [Line Items]        
Revenue 35,138 26,956 85,428 62,908
Education technology and services        
Disaggregation of Revenue [Line Items]        
Revenue 13,067 11,419 46,872 40,411
Other        
Disaggregation of Revenue [Line Items]        
Revenue 286 263 864 844
Communications revenue        
Disaggregation of Revenue [Line Items]        
Revenue 16,470 11,818 46,770 31,327
Internet        
Disaggregation of Revenue [Line Items]        
Revenue 9,899 6,453 27,641 16,541
Television        
Disaggregation of Revenue [Line Items]        
Revenue 4,068 3,380 12,020 9,241
Telephone        
Disaggregation of Revenue [Line Items]        
Revenue 2,487 1,962 7,062 5,482
Other        
Disaggregation of Revenue [Line Items]        
Revenue $ 16 $ 23 $ 47 $ 63
v3.19.3
Disaggregated Revenue and Deferred Revenue - Schedule of Other Income by Component (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Disaggregation of Revenue [Line Items]        
Borrower late fee income $ 3,196 $ 3,253 $ 9,870 $ 8,994
Gain on investments and notes receivable, net of losses 1,948 2,503 5,779 10,291
Other 5,458 7,978 14,808 16,681
Other income 13,439 16,673 38,658 44,808
Management fees        
Disaggregation of Revenue [Line Items]        
Revenue 2,084 1,756 6,007 4,673
Investment advisory services        
Disaggregation of Revenue [Line Items]        
Revenue $ 753 $ 1,183 $ 2,194 $ 4,169
v3.19.3
Disaggregated Revenue and Deferred Revenue - Schedule of Changes in Liabilities from Contract with Customers (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Contract With Customer Liability [Heading Roll Forward]        
Balance, beginning of period $ 29,495 $ 25,660 $ 39,122 $ 32,276
Deferral of revenue 53,888 45,174 113,141 91,280
Recognition of revenue (32,977) (28,003) (101,857) (80,725)
Balance, end of period 50,406 42,831 50,406 42,831
Loan Servicing and Systems        
Contract With Customer Liability [Heading Roll Forward]        
Balance, beginning of period 3,315 3,771 4,413 4,968
Deferral of revenue 881 1,591 2,761 2,555
Recognition of revenue (1,149) (1,754) (4,127) (3,915)
Balance, end of period 3,047 3,608 3,047 3,608
Education Technology, Services, and Payment Processing        
Contract With Customer Liability [Heading Roll Forward]        
Balance, beginning of period 21,489 17,989 30,556 24,164
Deferral of revenue 42,752 34,252 81,484 65,940
Recognition of revenue (21,820) (17,049) (69,619) (54,912)
Balance, end of period 42,421 35,192 42,421 35,192
Communications        
Contract With Customer Liability [Heading Roll Forward]        
Balance, beginning of period 3,080 2,149 2,551 1,665
Deferral of revenue 9,302 6,567 26,366 17,916
Recognition of revenue (9,158) (6,342) (25,693) (17,207)
Balance, end of period 3,224 2,374 3,224 2,374
Corporate and Other Activities        
Contract With Customer Liability [Heading Roll Forward]        
Balance, beginning of period 1,611 1,751 1,602 1,479
Deferral of revenue 953 2,764 2,530 4,869
Recognition of revenue (850) (2,858) (2,418) (4,691)
Balance, end of period $ 1,714 $ 1,657 $ 1,714 $ 1,657
v3.19.3
Major Customer (Details) - USD ($)
$ in Thousands
3 Months Ended 8 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Government servicing - Nelnet          
Concentration Risk [Line Items]          
Revenue $ 38,645 $ 38,907   $ 118,744 $ 118,015
Government servicing - Nelnet | Customer concentration risk          
Concentration Risk [Line Items]          
Revenue 38,600 38,900   118,700 118,000
Government servicing - Great Lakes          
Concentration Risk [Line Items]          
Revenue 46,234 45,671   139,285 $ 122,107
Government servicing - Great Lakes | Customer concentration risk          
Concentration Risk [Line Items]          
Revenue $ 46,200 $ 45,700 $ 122,100 $ 139,300  
v3.19.3
Related Party Disclosures (Details) - USD ($)
$ in Thousands
1 Months Ended 3 Months Ended 9 Months Ended
Jul. 26, 2019
Aug. 31, 2019
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Management fees            
Related Party Transaction [Line Items]            
Revenue     $ 2,084 $ 1,756 $ 6,007 $ 4,673
Renewable energy investment            
Related Party Transaction [Line Items]            
Investment in LLC     700      
Renewable energy investment | Farmers & Merchants Investment Inc.            
Related Party Transaction [Line Items]            
Investment in LLC     2,100      
Renewable energy investment | BankFirst holding co            
Related Party Transaction [Line Items]            
Investment in LLC     2,100      
Director            
Related Party Transaction [Line Items]            
Note receivable, related party $ 16,000          
Notes receivable, related party, interest rate 14.00%          
Notes receivable, related party, term 180 days          
Proceeds from note receivable paid in full to the Company   $ 16,000        
Director | Management fees | BankFirst holding co            
Related Party Transaction [Line Items]            
Revenue     69      
Affiliated Entity | Management fees | Farmers & Merchants Investment Inc.            
Related Party Transaction [Line Items]            
Revenue     69      
Affiliated Entity and Director | Management fees            
Related Party Transaction [Line Items]            
Revenue     $ 138      
v3.19.3
Fair Value of Financial Instruments (Details) - USD ($)
$ in Thousands
Sep. 30, 2019
Jan. 01, 2019
Dec. 31, 2018
Sep. 30, 2018
Dec. 31, 2017
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]          
Fair value $ 69,876   $ 70,687    
Derivative instruments 57   1,818    
Total assets 69,933   72,505    
Financial assets:          
Loans receivable 21,071,441   22,377,142    
Total cash and cash equivalents 160,979 $ 120,701 121,347 $ 83,537 $ 66,752
Restricted cash - due to customers 309,309   369,678 $ 188,591 $ 187,121
Accrued interest receivable 736,901   679,197    
Derivative instruments 57   1,818    
Financial liabilities:          
Bonds and notes payable 20,910,190 $ 22,185,558 22,218,740    
Accrued interest payable 52,345   61,679    
Due to customers 309,309   369,678    
Level 1          
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]          
Fair value 3,366   2,826    
Derivative instruments 0   0    
Total assets 3,366   2,826    
Level 2          
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]          
Fair value 52,471   52,936    
Derivative instruments 57   1,818    
Total assets 52,528   54,754    
Fair value          
Financial assets:          
Loans receivable 21,892,651   23,521,171    
Total cash and cash equivalents 160,979   121,347    
Investments (at fair value) 69,876   70,687    
Beneficial interest in consumer loan securitization 5,755        
Notes receivable     16,373    
Restricted cash 667,919   701,366    
Restricted cash - due to customers 309,309   369,678    
Accrued interest receivable 736,901   679,197    
Derivative instruments 57   1,818    
Financial liabilities:          
Bonds and notes payable 20,824,456   22,270,462    
Accrued interest payable 52,345   61,679    
Due to customers 309,309   369,678    
Fair value | Level 1          
Financial assets:          
Loans receivable 0   0    
Total cash and cash equivalents 160,979   121,347    
Investments (at fair value) 3,366   2,826    
Beneficial interest in consumer loan securitization 0        
Notes receivable     0    
Restricted cash 667,919   701,366    
Restricted cash - due to customers 309,309   369,678    
Accrued interest receivable 0   0    
Derivative instruments 0   0    
Financial liabilities:          
Bonds and notes payable 0   0    
Accrued interest payable 0   0    
Due to customers 309,309   369,678    
Fair value | Level 2          
Financial assets:          
Loans receivable 0   0    
Total cash and cash equivalents 0   0    
Investments (at fair value) 52,471   52,936    
Beneficial interest in consumer loan securitization 0        
Notes receivable     16,373    
Restricted cash 0   0    
Restricted cash - due to customers 0   0    
Accrued interest receivable 736,901   679,197    
Derivative instruments 57   1,818    
Financial liabilities:          
Bonds and notes payable 20,824,456   22,270,462    
Accrued interest payable 52,345   61,679    
Due to customers 0   0    
Fair value | Level 3          
Financial assets:          
Loans receivable 21,892,651   23,521,171    
Total cash and cash equivalents 0   0    
Investments (at fair value) 0   0    
Beneficial interest in consumer loan securitization 5,755        
Notes receivable     0    
Restricted cash 0   0    
Restricted cash - due to customers 0   0    
Accrued interest receivable 0   0    
Derivative instruments 0   0    
Financial liabilities:          
Bonds and notes payable 0   0    
Accrued interest payable 0   0    
Due to customers 0   0    
Carrying value          
Financial assets:          
Loans receivable 21,071,441   22,377,142    
Total cash and cash equivalents 160,979   121,347    
Investments (at fair value) 69,876   70,687    
Beneficial interest in consumer loan securitization 5,755        
Notes receivable     16,373    
Restricted cash 667,919   701,366    
Restricted cash - due to customers 309,309   369,678    
Accrued interest receivable 736,901   679,197    
Derivative instruments 57   1,818    
Financial liabilities:          
Bonds and notes payable 20,910,190   22,218,740    
Accrued interest payable 52,345   61,679    
Due to customers 309,309   369,678    
Student loan and other asset-backed securities - available-for-sale          
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]          
Fair value 52,471   52,936    
Student loan and other asset-backed securities - available-for-sale | Level 1          
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]          
Fair value 0   0    
Student loan and other asset-backed securities - available-for-sale | Level 2          
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]          
Fair value 52,471   52,936    
Equity securities          
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]          
Fair value 3,263   2,722    
Equity securities | Level 1          
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]          
Fair value 3,263   2,722    
Equity securities | Level 2          
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]          
Fair value 0   0    
Equity securities measured at net asset value          
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]          
Fair value 14,039   14,925    
Debt securities - available-for-sale          
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]          
Fair value 103   104    
Debt securities - available-for-sale | Level 1          
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]          
Fair value 103   104    
Debt securities - available-for-sale | Level 2          
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]          
Fair value $ 0   $ 0    
v3.19.3
Label Element Value
Cumulative Effect of New Accounting Principle in Period of Adoption us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption $ 1,264,000
Cumulative Effect of New Accounting Principle in Period of Adoption us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption (6,077,000)
AOCI Attributable to Parent [Member]  
Cumulative Effect of New Accounting Principle in Period of Adoption us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption (743,000)
Noncontrolling Interest [Member]  
Cumulative Effect of New Accounting Principle in Period of Adoption us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption (6,077,000)
Retained Earnings [Member]  
Cumulative Effect of New Accounting Principle in Period of Adoption us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption $ 2,007,000