CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
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Allowance for loan losses | $ 157,394 | $ 175,698 |
Allowance for doubtful accounts | $ 2,091 | $ 1,824 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, authorized shares (in shares) | 50,000,000 | 50,000,000 |
Preferred stock, issued shares (in shares) | 0 | 0 |
Preferred stock, outstanding shares (in shares) | 0 | 0 |
Common Class A | ||
Par value (in dollars per share) | $ 0.01 | $ 0.01 |
Shares authorized (in shares) | 600,000,000 | 600,000,000 |
Shares issued (in shares) | 27,367,797 | 27,193,154 |
Shares outstanding (in shares) | 27,367,797 | 27,193,154 |
Common Class B | ||
Par value (in dollars per share) | $ 0.01 | $ 0.01 |
Shares authorized (in shares) | 60,000,000 | 60,000,000 |
Shares issued (in shares) | 11,154,171 | 11,155,571 |
Shares outstanding (in shares) | 11,154,171 | 11,155,571 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands |
3 Months Ended | |
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Mar. 31, 2021 |
Mar. 31, 2020 |
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Statement of Comprehensive Income [Abstract] | ||
Net income (loss) | $ 122,904 | $ (39,765) |
Other comprehensive income (loss): | ||
Net changes related to foreign currency translation adjustments | 1 | 0 |
Net changes related to available-for-sale debt securities: | ||
Unrealized gains (losses) during period, net | 4,349 | (3,015) |
Reclassification of (gains) losses to net income, net | (508) | 235 |
Income tax effect | (922) | 667 |
Unrealized gains (losses) during period after reclassifications and tax | 2,919 | (2,113) |
Other comprehensive income (loss) | 2,920 | (2,113) |
Comprehensive income (loss) | 125,824 | (41,878) |
Comprehensive loss (income) attributable to noncontrolling interests | 694 | (767) |
Comprehensive income (loss) attributable to Nelnet, Inc. | $ 126,518 | $ (42,645) |
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares |
3 Months Ended | |
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Mar. 31, 2021 |
Mar. 31, 2020 |
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Common Class A | ||
Cash dividend on common stock (in dollars per share) | $ 0.22 | $ 0.20 |
Common Class B | ||
Cash dividend on common stock (in dollars per share) | $ 0.22 | $ 0.20 |
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Mar. 31, 2020 |
---|---|---|
Statement of Cash Flows [Abstract] | ||
Federal and state tax credit utilized | $ 2,000 | $ 9,400 |
Cash and cash equivalents: | ||
Total cash and cash equivalents | 144,229 | 204,844 |
Restricted cash | 609,881 | 675,589 |
Restricted cash - due to customers | 193,081 | 219,905 |
Cash, cash equivalents, and restricted cash | $ 947,191 | $ 1,100,338 |
Basis of Financial Reporting |
3 Months Ended |
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Mar. 31, 2021 | |
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 March 31, 2021 and for the three months ended March 31, 2021 and 2020 have been prepared on the same basis as the audited consolidated financial statements for the year ended December 31, 2020 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 months ended March 31, 2021 are not necessarily indicative of the results for the year ending December 31, 2021. 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, 2020 (the "2020 Annual Report"). |
Loans and Accrued Interest Receivable and Allowance for Loan Losses |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans and Accrued Interest Receivable and Allowance for Loan Losses | Loans and Accrued Interest Receivable and Allowance for Loan Losses Loans and accrued interest receivable consisted of the following:
Activity in the Allowance for Loan Losses The following table presents the activity in the allowance for loan losses by portfolio segment.
a) During the three months ended March 31, 2021 and 2020, the Company acquired $54.0 million (par value) and $291.2 million (par value), respectively, of federally insured rehabilitation loans that met the definition of PCD loans when they were purchased by the Company. Beginning in March 2020, the coronavirus disease 2019 ("COVID-19") pandemic has caused significant disruptions in the U.S. and world economies. Apart from the impact of the adoption of ASC 326 effective January 1, 2020, the Company’s allowance for loan losses increased during the first quarter of 2020 primarily as a result of the COVID-19 pandemic and its effects on economic conditions. The Company recorded a negative provision for loan losses for its federally insured and consumer loan portfolios for the three months ended March 31, 2021 due to management's estimate of certain continued improved economic conditions (including the improvement in certain macroeconomic variables (unemployment rates, gross domestic product, and consumer price index) used in the Company's loan loss models) as of March 31, 2021 in comparison to management's estimate of economic conditions used to determine the allowance for loan losses as of December 31, 2020. The Company recorded a provision expense on its private education loan portfolio during the three months ended March 31, 2021 as a result of an increase of loans in forbearance, which was partially offset by management's estimate of certain continued improved economic conditions as of March 31, 2021 in comparison to management's estimate of economic conditions used to determine the allowance for loan losses as of December 31, 2020. Loan Status and Delinquencies The key credit quality indicators for the Company's federally insured, private education, and consumer loan portfolios are loan status, including delinquencies. The impact of changes in loan status is incorporated into the allowance for loan losses calculation. 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 status and delinquency amounts.
Nonaccrual Status The Company does not place federally insured loans on nonaccrual status due to the government guaranty. The amortized cost of private and consumer loans on nonaccrual status, as well as the allowance for loan losses related to such loans, as of December 31, 2020 and March 31, 2021, was not material. Amortized Cost Basis by Origination Year The following table presents the amortized cost of the Company's private education and consumer loans by loan status and delinquency amount as of March 31, 2021 based on year of origination. Effective July 1, 2010, no new loan originations can be made under the FFEL Program and all new federal loan originations must be made under the Federal Direct Loan Program. As such, all the Company’s federally insured loans were originated prior to July 1, 2010.
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Bonds and Notes Payable |
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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:
FFELP Warehouse Facilities The Company funds the majority of its 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 March 31, 2021, the Company had two FFELP warehouse facilities as summarized below.
(a) On February 26, 2021, the Company extended the expiration of liquidity provisions and the maturity date for this warehouse facility an additional year to February 26, 2022 and February 26, 2024, respectively. Private Education Loan Warehouse Facility During 2020, the Company obtained a private education loan warehouse facility that had an aggregate maximum financing amount available of $200.0 million. On February 12, 2021, the Company decreased the maximum financing amount available for this facility to $175.0 million and extended the liquidity provisions and final maturity date to February 13, 2022 and February 13, 2023, respectively. As of March 31, 2021, $158.2 million was outstanding under this warehouse facility and $16.8 million was available for future funding. The facility has an advance rate of 80 to 90 percent and, as of March 31, 2021, the Company had $17.0 million advanced as equity support under this facility. Consumer Loan Warehouse Facility The Company had a $100.0 million consumer loan warehouse facility. On March 31, 2021, the Company terminated this facility. Unsecured Line of Credit The Company has a $455.0 million unsecured line of credit that has a maturity date of December 16, 2024. As of March 31, 2021, no amount was outstanding on the line of credit and $455.0 million was available for future use. 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 $550.0 million, subject to certain conditions. Other Borrowings The Company has an agreement with Union Bank and Trust Company ("Union Bank"), a related party, as trustee for various grantor trusts, under which Union Bank has agreed to purchase from the Company participation interests in student loan asset-backed securities. As of March 31, 2021, $113.5 million of student loan asset-backed securities were subject to outstanding participation interests held by Union Bank, as trustee, under this agreement. The agreement automatically renews annually and is terminable by either party upon business days' notice. The Company can participate student loan asset-backed securities to Union Bank to the extent of availability under the grantor trusts, up to $100.0 million or an amount in excess of $100.0 million if mutually agreed to by both parties. Student loan asset-backed securities under this agreement have been accounted for by the Company as a secured borrowing. Accrued Interest Liability During the first quarter of 2021, the Company reversed a historical accrued interest liability of $23.8 million on certain bonds, which liability the Company determined is no longer probable of being required to be paid. The liability was initially recorded when certain asset-backed securitizations were acquired in 2011 and 2013. The reduction of this liability is reflected in (a reduction of) "interest on bonds and notes payable and bank deposits" in the consolidated statements of operations.
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Derivative Financial Instruments |
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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 6 of the notes to consolidated financial statements included in the 2020 Annual Report. A tabular presentation of such derivatives outstanding as of March 31, 2021 and December 31, 2020 is presented below. Basis Swaps The following table summarizes the Company’s outstanding basis swaps as of March 31, 2021 and December 31, 2020, 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").
The weighted average rate paid by the Company on the 1:3 Basis Swaps as of March 31, 2021 and December 31, 2020 was one-month LIBOR plus 9.1 basis points. 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.
(a) For all interest rate derivatives, the Company receives discrete three-month LIBOR. (b) $250.0 million of the derivatives outstanding at March 31, 2021 and December 31, 2020 have forward effective start dates in June 2021. (c) $500.0 million of the derivatives outstanding at March 31, 2021 and December 31, 2020 have forward effective start dates in June 2021. Consolidated Financial Statement Impact Related to Derivatives - Statements of Operations The following table summarizes the components of "derivative market value adjustments and derivative settlements, net" included in the consolidated statements of operations.
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Investments |
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Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments | Investments A summary of the Company's investments follows:
(a) As of March 31, 2021, $113.5 million (par value) of student loan asset-backed securities were subject to participation interests held by Union Bank, as discussed in note 3 under "Other Borrowings." (b) In December of 2020, Wells Fargo announced the sale of its approximately $10.0 billion portfolio of private education student loans representing approximately 445,000 borrowers. The Company has entered into agreements to participate in a joint venture to acquire the portfolio. As of March 31, 2021, the Company has invested $44.7 million in the joint venture and is accounting for this investment under the equity method of accounting. (c) On February 26, 2021, the Company received a $13.0 million promissory note from Telegraph Flats, LLC ("Telegraph Flats"). The Company owns 50% of Telegraph Flats. Telegraph Flats is an entity that was established for the sole purpose of acquiring, developing, and owning a multi-family and commercial real estate property in Lincoln, Nebraska. The promissory note carries an interest rate of one-month LIBOR plus 1.75% and has a maturity date of August 26, 2021. (d) The Company accounts for its voting membership interests in ALLO Communications LLC ("ALLO") under the Hypothetical Liquidation at Book Value ("HLBV") method of accounting. The HLBV method of accounting is used by the Company for equity method investments when the liquidation rights and priorities as defined by an equity investment agreement differ from what is reflected by the underlying percentage ownership or voting interests. The Company applies the HLBV method using a balance sheet approach. A calculation is prepared at each balance sheet date to determine the amount that the Company would receive if an equity investment entity were to liquidate its net assets and distribute that cash to the investors based on the contractually defined liquidation priorities. The difference between the calculated liquidation distribution amounts at the beginning and the end of the reporting period, after adjusting for capital contributions and distributions, is the Company’s share of the earnings or losses from the equity investment for the period. Because the Company will be able to utilize certain tax losses related to ALLO’s operations, the equity investment agreements for the Company have liquidation rights and priorities that are sufficiently different from the voting membership interests percentages such that the HLBV method of accounting was deemed appropriate. Accordingly, the recognition of earnings or losses during any reporting period related to the Company’s equity investment in ALLO may or may not reflect its voting membership interests percentage and could vary substantially from those calculated based on the Company’s voting membership interests in ALLO. During the three month period ended March 31, 2021, the Company recognized a loss of $22.2 million under the HLBV method of accounting on its ALLO voting membership interests investment. Assuming ALLO continues its planned growth in existing and new communities, it will continue to invest substantial amounts in property and equipment to build the network and connect customers. The resulting recognition of depreciation and development costs could result in continuing net operating losses by ALLO under generally accepted accounting principles. Applying the HLBV method of accounting, the Company will continue to recognize a significant portion of ALLO’s anticipated losses over the next several years. (e) The preferred membership interests of ALLO held by the Company earn a preferred annual return of 6.25 percent. During the three months ended March 31, 2021, the Company recognized income on its ALLO preferred membership interests of $2.3 million. On January 19, 2021, ALLO closed on certain private debt financing facilities from unrelated third-party lenders providing for aggregate financing of up to $230.0 million. With proceeds from this transaction, ALLO redeemed a portion of its non-voting preferred membership interests held by the Company in exchange for an aggregate redemption price payment to the Company of $100.0 million. Under the October 2020 recapitalization agreements for ALLO, the parties have agreed to use commercially reasonable efforts (which expressly excludes requiring ALLO to raise any additional equity financing or sell any assets) to cause ALLO to redeem, on or before April 2024, the remaining preferred membership interests of ALLO held by the Company, plus the amount of accrued and unpaid preferred return on such interests. (f) The Company makes investments in entities that promote renewable energy sources (solar). The Company's investments in these entities generate a return primarily through the realization of federal income tax credits, operating cash flows, and other tax benefits, such as tax deductions from operating losses of the investments, over specified time periods which range from 5 to 6 years. As of March 31, 2021, the Company has funded $151.8 million in solar investments. The carrying value of the Company's solar investments are reduced by tax credits earned when the solar project is placed in service. The solar investment balance at March 31, 2021 represents total tax credits earned on solar projects placed in service through March 31, 2021 being larger than total payments made by the Company on such projects. The Company is committed to fund an additional $42.8 million on these projects. The Company accounts for its solar investments using the HLBV method of accounting. For the majority of the Company's solar investments, the HLBV method of accounting results in accelerated losses in the initial years of investment. During the three months ended March 31, 2021 and 2020, the Company recognized pre-tax losses of $1.7 million and $2.8 million, respectively, on its solar investments. These losses are included in "other" in "other income/expense" on the consolidated statements of operations. (g) The Company has purchased partial ownership in certain federally insured and consumer loan securitizations. As of the latest remittance reports filed by the various trusts prior to March 31, 2021, the Company's ownership correlates to approximately $500 million and $230 million of federally insured and consumer loans, respectively, included in these securitizations. During the first quarter of 2020, the Company recorded a $26.3 million provision charge related to the Company's beneficial interest in consumer loan securitizations due to distressed economic conditions resulting from the COVID-19 pandemic. Due to improved economic conditions, the Company has reduced the allowance for credit losses related to the consumer loan beneficial interests, including reducing such allowance by $2.4 million during the first quarter of 2021. As of March 31, 2021, the Company no longer has an allowance for credit losses associated with the consumer loan beneficial interests. The activity related to the allowance for credit losses related to the consumer loan beneficial interests is included in “impairment expense and provision for beneficial interests, net” on the consolidated statements of operations.
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Intangible Assets |
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Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets | Intangible Assets Intangible assets consisted of the following:
The Company recorded amortization expense on its intangible assets of $8.4 million and $7.4 million during the three months ended March 31, 2021 and 2020, respectively. The Company will continue to amortize intangible assets over their remaining useful lives. As of March 31, 2021, the Company estimates it will record amortization expense as follows:
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Goodwill |
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Goodwill | Goodwill The carrying amount of goodwill as of December 31, 2020 and March 31, 2021 by reportable operating segment was as follows:
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Property and Equipment |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property and Equipment | Property and Equipment Property and equipment consisted of the following:
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Earnings per Common Share |
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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.
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Segment Reporting |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting | Segment Reporting See note 15 of the notes to consolidated financial statements included in the 2020 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.
(a) On December 21, 2020, the Company deconsolidated ALLO from the Company’s consolidated financial statements. See note 2 of the notes to consolidated financial statements included in the 2020 Annual Report for a description of the transaction and a summary of the deconsolidation impact. Accordingly, there are no operating results for the (former) Communications operating segment in 2021. (b) Income taxes for the Nelnet Bank operating segment reflect Nelnet Bank's actual tax expense/benefit as allocated and reflected in its Call Report filed with the Federal Deposit Insurance Corporation. Income taxes for all other operating segments are allocated based on 24% of that segment's income before taxes. The difference between the consolidated income tax expense and the sum of taxes calculated for each operating segment is included in income taxes in Corporate and Other Activities.
(a) Nelnet Bank launched operations on November 2, 2020. Accordingly, there are no operating results for the Nelnet Bank operating segment in the three months ended March 31, 2020.
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Disaggregated Revenue |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregated Revenue | Disaggregated Revenue The following tables provide disaggregated revenue by service offering and/or customer type for the Company's fee-based reportable operating segments (except ALLO). Loan Servicing and Systems
Education Technology, Services, and Payment Processing
Other Income/Expense The following table provides the components of "other" in "other income/expense" on the consolidated statements of operations:
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Major Customer |
3 Months Ended |
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Mar. 31, 2021 | |
Risks and Uncertainties [Abstract] | |
Major Customer | Major Customer Nelnet Servicing, LLC ("Nelnet Servicing") and Great Lakes Educational Loan Services, Inc. ("Great Lakes"), subsidiaries of the Company, each earn loan servicing revenue from a servicing contract with the Department of Education (the "Department"). Revenue earned by Nelnet Servicing related to this contract was $34.9 million and $38.7 million for the three months ended March 31, 2021 and 2020, respectively. Revenue earned by Great Lakes related to this contract was $43.3 million and $46.4 million for the three months ended March 31, 2021 and 2020, respectively. The current servicing contracts with the Department are currently scheduled to expire on June 14, 2021, but provide the potential for an additional six-month extension at the Department’s discretion through December 14, 2021. The Consolidated Appropriations Act, 2021, signed into law on December 27, 2020, provides that the Department may extend the period of performance for the servicing contracts scheduled to expire on December 14, 2021 for up to additional years to December 14, 2023. The Department 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, the Department issued solicitations for certain NextGen components, including the NextGen Enhanced Processing Solution (“EPS”), which was for a technology servicing system and certain processing functions the Department planned to use under NextGen to service the Department's student loan customers, and the NextGen Business Processing Operations (“BPO”), which is for the back office and call center operational functions for servicing the Department's student loan customers. On June 24, 2020, the Department awarded and signed contracts with five other companies in connection with the BPO solicitation. On July 10, 2020, the Department cancelled the solicitation for the EPS component. In the Department's description of its cancellation of the EPS solicitation component, the Department indicated that it continues to be committed to the goals and vision of NextGen, and that it would be introducing a new solicitation to continue the NextGen strategy in the future. On October 28, 2020, the Department issued a new federal loan servicing solicitation for an Interim Servicing Solution ("ISS"). ISS was a follow-on to the existing contracts, which would award a full system and servicing solution to two providers. Under ISS, the selected providers would have provided the technology platform to host the Department's student loan portfolio; customer service (including contact centers) and back-office processing; digital engagement layer including borrower-facing website and mobile-applications; intake, imaging, and fulfillment; and portfolio-level operations. As the companies awarded BPO contracts are onboarded, contact center and back-office operations would have shifted from the ISS contract to the BPO providers. The Consolidated Appropriations Act, 2021 contains provisions directing certain aspects of the NextGen process, including that any new federal student loan servicing environment shall provide for the participation of multiple student loan servicers and the allocation of borrower accounts to eligible student loan servicers based on performance, and directed the suspension of awarding any ISS contract for at least 90 days. On January 9, 2021, the Department suspended the ISS solicitation. In the Department’s description of the suspension, it indicated that in consideration of the Consolidated Appropriations Act, 2021, the Government is reassessing its needs and will amend or cancel the subject solicitation in the future.
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Fair Value |
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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.
(a) As of March 31, 2021, $13.5 million and $14.8 million of equity securities were classified as trading and available-for-sale, respectively. All equity securities as of December 31, 2020 were classified as available-for-sale. (b) 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:
The methodologies for estimating the fair value of financial assets and liabilities are described in note 22 of the notes to consolidated financial statements included in the 2020 Annual Report.
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Basis of Financial Reporting (Policies) |
3 Months Ended |
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Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Financial Reporting | The accompanying unaudited consolidated financial statements of Nelnet, Inc. and subsidiaries (the “Company”) as of March 31, 2021 and for the three months ended March 31, 2021 and 2020 have been prepared on the same basis as the audited consolidated financial statements for the year ended December 31, 2020 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 months ended March 31, 2021 are not necessarily indicative of the results for the year ending December 31, 2021. 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, 2020 (the "2020 Annual Report"). |
Loans and Accrued Interest Receivable and Allowance for Loan Losses (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans Receivable | Loans and accrued interest receivable consisted of the following:
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Allowance for Loan Losses | The following table presents the activity in the allowance for loan losses by portfolio segment.
a) During the three months ended March 31, 2021 and 2020, the Company acquired $54.0 million (par value) and $291.2 million (par value), respectively, of federally insured rehabilitation loans that met the definition of PCD loans when they were purchased by the Company.
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Loan Status and Delinquencies | The table below shows the Company’s loan status and delinquency amounts.
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Loans by Year of Origination | The following table presents the amortized cost of the Company's private education and consumer loans by loan status and delinquency amount as of March 31, 2021 based on year of origination. Effective July 1, 2010, no new loan originations can be made under the FFEL Program and all new federal loan originations must be made under the Federal Direct Loan Program. As such, all the Company’s federally insured loans were originated prior to July 1, 2010.
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Bonds and Notes Payable (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt | The following tables summarize the Company’s outstanding debt obligations by type of instrument:
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Schedule of Line of Credit Facilities | As of March 31, 2021, the Company had two FFELP warehouse facilities as summarized below.
(a) On February 26, 2021, the Company extended the expiration of liquidity provisions and the maturity date for this warehouse facility an additional year to February 26, 2022 and February 26, 2024, respectively.
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Derivative Financial Instruments (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Basis Swap | The following table summarizes the Company’s outstanding basis swaps as of March 31, 2021 and December 31, 2020, 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").
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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.
(a) For all interest rate derivatives, the Company receives discrete three-month LIBOR. (b) $250.0 million of the derivatives outstanding at March 31, 2021 and December 31, 2020 have forward effective start dates in June 2021. (c) $500.0 million of the derivatives outstanding at March 31, 2021 and December 31, 2020 have forward effective start dates in June 2021.
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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 operations.
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Investments (Tables) |
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Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Investment Holdings | A summary of the Company's investments follows:
(a) As of March 31, 2021, $113.5 million (par value) of student loan asset-backed securities were subject to participation interests held by Union Bank, as discussed in note 3 under "Other Borrowings." (b) In December of 2020, Wells Fargo announced the sale of its approximately $10.0 billion portfolio of private education student loans representing approximately 445,000 borrowers. The Company has entered into agreements to participate in a joint venture to acquire the portfolio. As of March 31, 2021, the Company has invested $44.7 million in the joint venture and is accounting for this investment under the equity method of accounting. (c) On February 26, 2021, the Company received a $13.0 million promissory note from Telegraph Flats, LLC ("Telegraph Flats"). The Company owns 50% of Telegraph Flats. Telegraph Flats is an entity that was established for the sole purpose of acquiring, developing, and owning a multi-family and commercial real estate property in Lincoln, Nebraska. The promissory note carries an interest rate of one-month LIBOR plus 1.75% and has a maturity date of August 26, 2021. (d) The Company accounts for its voting membership interests in ALLO Communications LLC ("ALLO") under the Hypothetical Liquidation at Book Value ("HLBV") method of accounting. The HLBV method of accounting is used by the Company for equity method investments when the liquidation rights and priorities as defined by an equity investment agreement differ from what is reflected by the underlying percentage ownership or voting interests. The Company applies the HLBV method using a balance sheet approach. A calculation is prepared at each balance sheet date to determine the amount that the Company would receive if an equity investment entity were to liquidate its net assets and distribute that cash to the investors based on the contractually defined liquidation priorities. The difference between the calculated liquidation distribution amounts at the beginning and the end of the reporting period, after adjusting for capital contributions and distributions, is the Company’s share of the earnings or losses from the equity investment for the period. Because the Company will be able to utilize certain tax losses related to ALLO’s operations, the equity investment agreements for the Company have liquidation rights and priorities that are sufficiently different from the voting membership interests percentages such that the HLBV method of accounting was deemed appropriate. Accordingly, the recognition of earnings or losses during any reporting period related to the Company’s equity investment in ALLO may or may not reflect its voting membership interests percentage and could vary substantially from those calculated based on the Company’s voting membership interests in ALLO. During the three month period ended March 31, 2021, the Company recognized a loss of $22.2 million under the HLBV method of accounting on its ALLO voting membership interests investment. Assuming ALLO continues its planned growth in existing and new communities, it will continue to invest substantial amounts in property and equipment to build the network and connect customers. The resulting recognition of depreciation and development costs could result in continuing net operating losses by ALLO under generally accepted accounting principles. Applying the HLBV method of accounting, the Company will continue to recognize a significant portion of ALLO’s anticipated losses over the next several years. (e) The preferred membership interests of ALLO held by the Company earn a preferred annual return of 6.25 percent. During the three months ended March 31, 2021, the Company recognized income on its ALLO preferred membership interests of $2.3 million. On January 19, 2021, ALLO closed on certain private debt financing facilities from unrelated third-party lenders providing for aggregate financing of up to $230.0 million. With proceeds from this transaction, ALLO redeemed a portion of its non-voting preferred membership interests held by the Company in exchange for an aggregate redemption price payment to the Company of $100.0 million. Under the October 2020 recapitalization agreements for ALLO, the parties have agreed to use commercially reasonable efforts (which expressly excludes requiring ALLO to raise any additional equity financing or sell any assets) to cause ALLO to redeem, on or before April 2024, the remaining preferred membership interests of ALLO held by the Company, plus the amount of accrued and unpaid preferred return on such interests. (f) The Company makes investments in entities that promote renewable energy sources (solar). The Company's investments in these entities generate a return primarily through the realization of federal income tax credits, operating cash flows, and other tax benefits, such as tax deductions from operating losses of the investments, over specified time periods which range from 5 to 6 years. As of March 31, 2021, the Company has funded $151.8 million in solar investments. The carrying value of the Company's solar investments are reduced by tax credits earned when the solar project is placed in service. The solar investment balance at March 31, 2021 represents total tax credits earned on solar projects placed in service through March 31, 2021 being larger than total payments made by the Company on such projects. The Company is committed to fund an additional $42.8 million on these projects. The Company accounts for its solar investments using the HLBV method of accounting. For the majority of the Company's solar investments, the HLBV method of accounting results in accelerated losses in the initial years of investment. During the three months ended March 31, 2021 and 2020, the Company recognized pre-tax losses of $1.7 million and $2.8 million, respectively, on its solar investments. These losses are included in "other" in "other income/expense" on the consolidated statements of operations. (g) The Company has purchased partial ownership in certain federally insured and consumer loan securitizations. As of the latest remittance reports filed by the various trusts prior to March 31, 2021, the Company's ownership correlates to approximately $500 million and $230 million of federally insured and consumer loans, respectively, included in these securitizations. During the first quarter of 2020, the Company recorded a $26.3 million provision charge related to the Company's beneficial interest in consumer loan securitizations due to distressed economic conditions resulting from the COVID-19 pandemic. Due to improved economic conditions, the Company has reduced the allowance for credit losses related to the consumer loan beneficial interests, including reducing such allowance by $2.4 million during the first quarter of 2021. As of March 31, 2021, the Company no longer has an allowance for credit losses associated with the consumer loan beneficial interests. The activity related to the allowance for credit losses related to the consumer loan beneficial interests is included in “impairment expense and provision for beneficial interests, net” on the consolidated statements of operations.
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Intangible Assets (Tables) |
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Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Intangible Assets | Intangible assets consisted of the following:
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Schedule of Future Amortization Expense | The Company will continue to amortize intangible assets over their remaining useful lives. As of March 31, 2021, the Company estimates it will record amortization expense as follows:
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Goodwill (Tables) |
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Goodwill [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Goodwill | The carrying amount of goodwill as of December 31, 2020 and March 31, 2021 by reportable operating segment was as follows:
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Property and Equipment (Tables) |
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Property and Equipment | Property and equipment consisted of the following:
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Earnings per Common Share (Tables) |
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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.
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Segment Reporting (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment | The following tables include the results of each of the Company's operating segments reconciled to the consolidated financial statements.
(a) On December 21, 2020, the Company deconsolidated ALLO from the Company’s consolidated financial statements. See note 2 of the notes to consolidated financial statements included in the 2020 Annual Report for a description of the transaction and a summary of the deconsolidation impact. Accordingly, there are no operating results for the (former) Communications operating segment in 2021. (b) Income taxes for the Nelnet Bank operating segment reflect Nelnet Bank's actual tax expense/benefit as allocated and reflected in its Call Report filed with the Federal Deposit Insurance Corporation. Income taxes for all other operating segments are allocated based on 24% of that segment's income before taxes. The difference between the consolidated income tax expense and the sum of taxes calculated for each operating segment is included in income taxes in Corporate and Other Activities.
(a) Nelnet Bank launched operations on November 2, 2020. Accordingly, there are no operating results for the Nelnet Bank operating segment in the three months ended March 31, 2020.
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Disaggregated Revenue (Tables) |
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue | Loan Servicing and Systems
Education Technology, Services, and Payment Processing
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Schedule of Other Income, by Component | The following table provides the components of "other" in "other income/expense" on the consolidated statements of operations:
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Fair Value (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value, 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.
(a) As of March 31, 2021, $13.5 million and $14.8 million of equity securities were classified as trading and available-for-sale, respectively. All equity securities as of December 31, 2020 were classified as available-for-sale. (b) In accordance with the Fair Value Measurements Topic of the FASB Accounting Standards Codification, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.
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Fair Value, by Balance Sheet Grouping | The following table summarizes the fair values of all of the Company’s financial instruments on the consolidated balance sheets:
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Loans and Accrued Interest Receivable and Allowance for Loan Losses - Loans Receivable (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
Mar. 31, 2020 |
Dec. 31, 2019 |
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Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | $ 19,109,454 | $ 19,576,651 | ||
Accrued interest receivable | 794,561 | 794,611 | ||
Loan discount, net of unamortized loan premiums and deferred origination costs | (9,091) | (9,908) | ||
Allowance for loan losses | (157,394) | (175,698) | $ (208,868) | $ (61,914) |
Financing receivable, after allowance for credit loss | 19,737,530 | 20,185,656 | ||
Federally insured loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 18,605,383 | 19,129,173 | ||
Accrued interest receivable | 791,199 | 791,453 | 763,924 | |
Loan discount, net of unamortized loan premiums and deferred origination costs | (14,608) | (14,505) | (5,732) | |
Allowance for loan losses | (121,846) | (128,590) | (146,759) | (36,763) |
Financing receivable, after allowance for credit loss | 19,260,128 | 19,777,531 | 20,796,485 | |
Federally insured loans | Stafford and other | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 4,283,566 | 4,383,000 | ||
Federally insured loans | Consolidation | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 14,321,817 | 14,746,173 | ||
Private education loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 314,048 | 320,589 | ||
Accrued interest receivable | 2,303 | 1,716 | ||
Loan discount, net of unamortized loan premiums and deferred origination costs | 2,673 | (138) | ||
Allowance for loan losses | (20,670) | (19,529) | (23,056) | (9,597) |
Financing receivable, after allowance for credit loss | 298,354 | 252,732 | ||
Private education loans | Non-federally insured student loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Accrued interest receivable | 2,303 | 2,131 | ||
Loan discount, net of unamortized loan premiums and deferred origination costs | 2,673 | 2,691 | ||
Allowance for loan losses | (20,670) | (19,529) | ||
Financing receivable, after allowance for credit loss | 298,354 | 305,882 | ||
Private education loans - Nelnet Bank | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 79,231 | 17,543 | ||
Accrued interest receivable | 125 | |||
Loan discount, net of unamortized loan premiums and deferred origination costs | 999 | |||
Allowance for loan losses | (744) | (323) | ||
Financing receivable, after allowance for credit loss | 79,611 | |||
Private education loans - Nelnet Bank | Non-federally insured student loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Accrued interest receivable | 125 | 26 | ||
Loan discount, net of unamortized loan premiums and deferred origination costs | 999 | 266 | ||
Allowance for loan losses | (744) | (323) | ||
Financing receivable, after allowance for credit loss | 79,611 | 17,512 | ||
Consumer loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 110,792 | 109,346 | ||
Accrued interest receivable | 934 | 1,001 | 1,133 | |
Loan discount, net of unamortized loan premiums and deferred origination costs | 1,845 | 1,640 | 1,108 | |
Allowance for loan losses | (14,134) | (27,256) | (39,053) | $ (15,554) |
Financing receivable, after allowance for credit loss | $ 99,437 | $ 84,731 | $ 108,991 |
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Activity in the Allowance for Loan Losses (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |
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Mar. 31, 2021 |
Mar. 31, 2020 |
Dec. 31, 2019 |
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Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at beginning of period | $ 175,698 | $ 61,914 | |
Provision (negative provision) for loan losses | (17,048) | 76,299 | |
Charge-offs | (2,504) | (11,998) | |
Recoveries | 448 | 439 | |
Initial allowance on loans purchased with credit deterioration | 800 | 4,700 | |
Loan sales | 0 | (13,500) | |
Balance at end of period | 157,394 | 208,868 | $ 61,914 |
Par value of loans purchased with deteriorated credit quality | 54,000 | 291,200 | |
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201613Member | ||
Cumulative Effect, Period Of Adoption, Adjustment | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at beginning of period | 91,014 | ||
Balance at end of period | $ 91,014 | ||
Federally insured loans | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at beginning of period | 128,590 | 36,763 | |
Provision (negative provision) for loan losses | (7,483) | 39,323 | |
Charge-offs | (61) | (6,318) | |
Recoveries | 0 | 0 | |
Initial allowance on loans purchased with credit deterioration | 800 | 4,700 | |
Loan sales | 0 | 0 | |
Balance at end of period | 121,846 | 146,759 | 36,763 |
Federally insured loans | Cumulative Effect, Period Of Adoption, Adjustment | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at beginning of period | 72,291 | ||
Balance at end of period | 72,291 | ||
Private education loans | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at beginning of period | 19,529 | 9,597 | |
Provision (negative provision) for loan losses | 1,431 | 9,800 | |
Charge-offs | (493) | (1,330) | |
Recoveries | 202 | 192 | |
Initial allowance on loans purchased with credit deterioration | 0 | 0 | |
Loan sales | 1 | 0 | |
Balance at end of period | 20,670 | 23,056 | 9,597 |
Private education loans | Cumulative Effect, Period Of Adoption, Adjustment | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at beginning of period | 4,797 | ||
Balance at end of period | 4,797 | ||
Private education loans - Nelnet Bank | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at beginning of period | 323 | ||
Provision (negative provision) for loan losses | 422 | ||
Charge-offs | 0 | ||
Recoveries | 0 | ||
Initial allowance on loans purchased with credit deterioration | 0 | ||
Loan sales | (1) | ||
Balance at end of period | 744 | ||
Consumer loans | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at beginning of period | 27,256 | 15,554 | |
Provision (negative provision) for loan losses | (11,418) | 27,176 | |
Charge-offs | (1,950) | (4,350) | |
Recoveries | 246 | 247 | |
Initial allowance on loans purchased with credit deterioration | 0 | 0 | |
Loan sales | 0 | (13,500) | |
Balance at end of period | $ 14,134 | 39,053 | 15,554 |
Consumer loans | Cumulative Effect, Period Of Adoption, Adjustment | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at beginning of period | $ 13,926 | ||
Balance at end of period | $ 13,926 |
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Loan Status and Delinquency (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
Mar. 31, 2020 |
Dec. 31, 2019 |
---|---|---|---|---|
Loans in repayment status: | ||||
Loans in repayment, percent | 84.20% | 84.30% | 83.90% | |
Total loans, percent | 100.00% | 100.00% | 100.00% | |
Accrued interest receivable | $ 794,561 | $ 794,611 | ||
Loan discount, net of unamortized premiums and deferred origination costs | (9,091) | (9,908) | ||
Allowance for loan losses | (157,394) | (175,698) | $ (208,868) | $ (61,914) |
Financing receivable, after allowance for credit loss | 19,737,530 | 20,185,656 | ||
Federally insured loans | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans in-school/grace/deferment | $ 1,006,605 | $ 1,036,028 | $ 1,111,139 | |
Loans in-school/grace/deferment, percent | 5.40% | 5.40% | 5.50% | |
Loans in forbearance | $ 1,936,553 | $ 1,973,175 | $ 2,131,735 | |
Loans in forbearance, percent | 10.40% | 10.30% | 10.60% | |
Loans in repayment status: | ||||
Loans current | $ 13,787,038 | $ 13,683,054 | $ 14,618,767 | |
Loans current, percentage | 88.00% | 84.90% | 86.30% | |
Total loans in repayment | $ 15,662,225 | $ 16,119,970 | $ 16,942,178 | |
Total loans in repayment, percentage | 100.00% | 100.00% | 100.00% | |
Total loans | $ 18,605,383 | $ 19,129,173 | $ 20,185,052 | |
Notes receivable | 18,605,383 | 19,129,173 | 20,185,052 | |
Accrued interest receivable | 791,199 | 791,453 | 763,924 | |
Loan discount, net of unamortized premiums and deferred origination costs | (14,608) | (14,505) | (5,732) | |
Allowance for loan losses | (121,846) | (128,590) | (146,759) | (36,763) |
Financing receivable, after allowance for credit loss | 19,260,128 | 19,777,531 | 20,796,485 | |
Federally insured loans | Loans delinquent 31-60 days | ||||
Loans in repayment status: | ||||
Loans past due | $ 425,599 | $ 633,411 | $ 581,665 | |
Loans past due, percentage | 2.70% | 3.90% | 3.40% | |
Federally insured loans | Loans delinquent 61-90 days | ||||
Loans in repayment status: | ||||
Loans past due | $ 234,871 | $ 307,936 | $ 405,575 | |
Loans past due, percentage | 1.50% | 1.90% | 2.40% | |
Federally insured loans | Loans delinquent 91-120 days | ||||
Loans in repayment status: | ||||
Loans past due | $ 125,471 | $ 800,257 | $ 267,145 | |
Loans past due, percentage | 0.80% | 5.00% | 1.60% | |
Federally insured loans | Loans delinquent 121-270 days | ||||
Loans in repayment status: | ||||
Loans past due | $ 1,026,050 | $ 674,975 | $ 756,241 | |
Loans past due, percentage | 6.60% | 4.20% | 4.50% | |
Federally insured loans | Loans delinquent 271 days or greater | ||||
Loans in repayment status: | ||||
Loans past due | $ 63,196 | $ 20,337 | $ 312,785 | |
Loans past due, percentage | 0.40% | 0.10% | 1.80% | |
Private education loans | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans in-school/grace/deferment | $ 4,783 | |||
Loans in-school/grace/deferment, percent | 1.70% | |||
Loans in forbearance | $ 11,428 | |||
Loans in forbearance, percent | 4.20% | |||
Loans in repayment status: | ||||
Loans current | $ 252,611 | |||
Loans current, percentage | 97.90% | |||
Total loans in repayment | $ 257,999 | |||
Loans in repayment, percent | 94.10% | |||
Total loans in repayment, percentage | 100.00% | |||
Total loans | $ 314,048 | $ 274,210 | ||
Total loans, percent | 100.00% | |||
Notes receivable | 314,048 | $ 274,210 | ||
Accrued interest receivable | 2,303 | 1,716 | ||
Loan discount, net of unamortized premiums and deferred origination costs | 2,673 | (138) | ||
Allowance for loan losses | (20,670) | $ (19,529) | (23,056) | (9,597) |
Financing receivable, after allowance for credit loss | 298,354 | 252,732 | ||
Private education loans | Non-federally insured student loans | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans in-school/grace/deferment | $ 10,405 | $ 5,049 | ||
Loans in-school/grace/deferment, percent | 3.30% | 1.60% | ||
Loans in forbearance | $ 7,567 | $ 2,359 | ||
Loans in forbearance, percent | 2.40% | 0.70% | ||
Loans in repayment status: | ||||
Loans current | $ 292,840 | $ 310,036 | ||
Loans current, percentage | 98.90% | 99.00% | ||
Total loans in repayment | $ 296,076 | $ 313,181 | ||
Loans in repayment, percent | 94.30% | 97.70% | ||
Total loans in repayment, percentage | 100.00% | 100.00% | ||
Total loans | $ 314,048 | $ 320,589 | ||
Total loans, percent | 100.00% | 100.00% | ||
Notes receivable | $ 314,048 | $ 320,589 | ||
Accrued interest receivable | 2,303 | 2,131 | ||
Loan discount, net of unamortized premiums and deferred origination costs | 2,673 | 2,691 | ||
Allowance for loan losses | (20,670) | (19,529) | ||
Financing receivable, after allowance for credit loss | 298,354 | 305,882 | ||
Private education loans | Loans delinquent 31-60 days | ||||
Loans in repayment status: | ||||
Loans past due | $ 1,606 | |||
Loans past due, percentage | 0.60% | |||
Private education loans | Loans delinquent 61-90 days | ||||
Loans in repayment status: | ||||
Loans past due | $ 961 | |||
Loans past due, percentage | 0.40% | |||
Private education loans | Loans delinquent 61-90 days | Non-federally insured student loans | ||||
Loans in repayment status: | ||||
Loans past due | $ 843 | $ 675 | ||
Loans past due, percentage | 0.30% | 0.20% | ||
Private education loans | Loans delinquent 91 days or greater | ||||
Loans in repayment status: | ||||
Loans past due | $ 2,821 | |||
Loans past due, percentage | 1.10% | |||
Private education loans | Loans delinquent 91 days or greater | Non-federally insured student loans | ||||
Loans in repayment status: | ||||
Loans past due | $ 1,050 | $ 1,371 | ||
Loans past due, percentage | 0.30% | 0.40% | ||
Private education loans | Financing Receivables, 31 to 60 Days Past Due [Member] | Non-federally insured student loans | ||||
Loans in repayment status: | ||||
Loans past due | $ 1,343 | $ 1,099 | ||
Loans past due, percentage | 0.50% | 0.40% | ||
Consumer loans | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans in-school/grace/deferment | $ 306 | $ 829 | $ 0 | |
Loans in-school/grace/deferment, percent | 0.30% | 0.80% | ||
Loans in repayment status: | ||||
Loans current | $ 108,126 | $ 105,650 | $ 141,840 | |
Loans current, percentage | 97.90% | 97.40% | 97.30% | |
Total loans in repayment | $ 110,486 | $ 108,517 | $ 145,803 | |
Loans in repayment, percent | 99.70% | 99.20% | ||
Total loans in repayment, percentage | 100.00% | 100.00% | 100.00% | |
Total loans | $ 110,792 | $ 109,346 | $ 145,803 | |
Total loans, percent | 100.00% | 100.00% | ||
Notes receivable | $ 110,792 | $ 109,346 | 145,803 | |
Accrued interest receivable | 934 | 1,001 | 1,133 | |
Loan discount, net of unamortized premiums and deferred origination costs | 1,845 | 1,640 | 1,108 | |
Allowance for loan losses | (14,134) | (27,256) | (39,053) | $ (15,554) |
Financing receivable, after allowance for credit loss | 99,437 | 84,731 | 108,991 | |
Consumer loans | Loans delinquent 31-60 days | ||||
Loans in repayment status: | ||||
Loans past due | $ 760 | $ 954 | $ 1,525 | |
Loans past due, percentage | 0.70% | 0.90% | 1.00% | |
Consumer loans | Loans delinquent 61-90 days | ||||
Loans in repayment status: | ||||
Loans past due | $ 577 | $ 804 | $ 851 | |
Loans past due, percentage | 0.50% | 0.70% | 0.60% | |
Consumer loans | Loans delinquent 91 days or greater | ||||
Loans in repayment status: | ||||
Loans past due | $ 1,023 | $ 1,109 | $ 1,587 | |
Loans past due, percentage | 0.90% | 1.00% | 1.10% | |
Private education loans - Nelnet Bank | ||||
Loans in repayment status: | ||||
Total loans | $ 79,231 | |||
Notes receivable | 79,231 | |||
Accrued interest receivable | 125 | |||
Loan discount, net of unamortized premiums and deferred origination costs | 999 | |||
Allowance for loan losses | (744) | $ (323) | ||
Financing receivable, after allowance for credit loss | 79,611 | |||
Private education loans - Nelnet Bank | Non-federally insured student loans | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans in-school/grace/deferment | $ 82 | $ 0 | ||
Loans in-school/grace/deferment, percent | 0.10% | 0.00% | ||
Loans in forbearance | $ 29 | $ 29 | ||
Loans in forbearance, percent | 0.00% | 0.20% | ||
Loans in repayment status: | ||||
Loans current | $ 79,120 | $ 17,514 | ||
Loans current, percentage | 100.00% | 100.00% | ||
Total loans in repayment | $ 79,120 | $ 17,514 | ||
Loans in repayment, percent | 99.90% | 99.80% | ||
Total loans in repayment, percentage | 100.00% | 100.00% | ||
Total loans | $ 79,231 | $ 17,543 | ||
Total loans, percent | 100.00% | 100.00% | ||
Notes receivable | $ 79,231 | $ 17,543 | ||
Accrued interest receivable | 125 | 26 | ||
Loan discount, net of unamortized premiums and deferred origination costs | 999 | 266 | ||
Allowance for loan losses | (744) | (323) | ||
Financing receivable, after allowance for credit loss | 79,611 | 17,512 | ||
Private education loans - Nelnet Bank | Loans delinquent 61-90 days | Non-federally insured student loans | ||||
Loans in repayment status: | ||||
Loans past due | $ 0 | $ 0 | ||
Loans past due, percentage | 0.00% | 0.00% | ||
Private education loans - Nelnet Bank | Loans delinquent 91 days or greater | Non-federally insured student loans | ||||
Loans in repayment status: | ||||
Loans past due | $ 0 | $ 0 | ||
Loans past due, percentage | 0.00% | 0.00% | ||
Private education loans - Nelnet Bank | Financing Receivables, 31 to 60 Days Past Due [Member] | Non-federally insured student loans | ||||
Loans in repayment status: | ||||
Loans past due | $ 0 | $ 0 | ||
Loans past due, percentage | 0.00% | 0.00% |
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Loans by Year of Origination (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
Mar. 31, 2020 |
Dec. 31, 2019 |
---|---|---|---|---|
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Accrued interest receivable | $ 794,561 | $ 794,611 | ||
Loan discount, net of unamortized loan premiums and deferred origination costs | (9,091) | (9,908) | ||
Allowance for loan losses | (157,394) | (175,698) | $ (208,868) | $ (61,914) |
Financing receivable, after allowance for credit loss | 19,737,530 | 20,185,656 | ||
Private education loans | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Three months ended March 31, 2021 | 1,285 | |||
2020 | 104,234 | |||
2019 | 74,443 | |||
2018 | 767 | |||
2017 | 0 | |||
Prior years | 133,319 | |||
Total loans | 314,048 | 274,210 | ||
Accrued interest receivable | 2,303 | 1,716 | ||
Loan discount, net of unamortized loan premiums and deferred origination costs | 2,673 | (138) | ||
Allowance for loan losses | (20,670) | (19,529) | (23,056) | (9,597) |
Financing receivable, after allowance for credit loss | 298,354 | 252,732 | ||
Private education loans | Loans in school/grace/deferment | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Three months ended March 31, 2021 | 216 | |||
2020 | 2,159 | |||
2019 | 4,948 | |||
2018 | 0 | |||
2017 | 0 | |||
Prior years | 3,082 | |||
Total loans | 10,405 | |||
Private education loans | Loans in forbearance | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Three months ended March 31, 2021 | 0 | |||
2020 | 488 | |||
2019 | 1,288 | |||
2018 | 131 | |||
2017 | 0 | |||
Prior years | 5,660 | |||
Total loans | 7,567 | |||
Private education loans | Loans in repayment | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Three months ended March 31, 2021 | 1,069 | |||
2020 | 101,587 | |||
2019 | 68,207 | |||
2018 | 636 | |||
2017 | 0 | |||
Prior years | 124,577 | |||
Total loans | 296,076 | |||
Private education loans | Loans in repayment | Loans current | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Three months ended March 31, 2021 | 1,069 | |||
2020 | 101,577 | |||
2019 | 67,914 | |||
2018 | 636 | |||
2017 | 0 | |||
Prior years | 121,644 | |||
Total loans | 292,840 | |||
Private education loans | Loans in repayment | Loans delinquent 31-60 days | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Three months ended March 31, 2021 | 0 | |||
2020 | 10 | |||
2019 | 114 | |||
2018 | 0 | |||
2017 | 0 | |||
Prior years | 1,219 | |||
Total loans | 1,343 | |||
Private education loans | Loans in repayment | Loans delinquent 61-90 days | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Three months ended March 31, 2021 | 0 | |||
2020 | 0 | |||
2019 | 59 | |||
2018 | 0 | |||
2017 | 0 | |||
Prior years | 784 | |||
Total loans | 843 | |||
Private education loans | Loans in repayment | Loans delinquent 91 days or greater | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Three months ended March 31, 2021 | 0 | |||
2020 | 0 | |||
2019 | 120 | |||
2018 | 0 | |||
2017 | 0 | |||
Prior years | 930 | |||
Total loans | 1,050 | |||
Private education loans - Nelnet Bank | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Three months ended March 31, 2021 | 62,729 | |||
2020 | 16,502 | |||
2019 | 0 | |||
2018 | 0 | |||
2017 | 0 | |||
Prior years | 0 | |||
Total loans | 79,231 | |||
Accrued interest receivable | 125 | |||
Loan discount, net of unamortized loan premiums and deferred origination costs | 999 | |||
Allowance for loan losses | (744) | (323) | ||
Financing receivable, after allowance for credit loss | 79,611 | |||
Private education loans - Nelnet Bank | Loans in school/grace/deferment | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Three months ended March 31, 2021 | 82 | |||
2020 | 0 | |||
2019 | 0 | |||
2018 | 0 | |||
2017 | 0 | |||
Prior years | 0 | |||
Total loans | 82 | |||
Private education loans - Nelnet Bank | Loans in forbearance | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Three months ended March 31, 2021 | 0 | |||
2020 | 29 | |||
2019 | 0 | |||
2018 | 0 | |||
2017 | 0 | |||
Prior years | 0 | |||
Total loans | 29 | |||
Private education loans - Nelnet Bank | Loans in repayment | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Three months ended March 31, 2021 | 62,647 | |||
2020 | 16,473 | |||
2019 | 0 | |||
2018 | 0 | |||
2017 | 0 | |||
Prior years | 0 | |||
Total loans | 79,120 | |||
Private education loans - Nelnet Bank | Loans in repayment | Loans current | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Three months ended March 31, 2021 | 62,647 | |||
2020 | 16,473 | |||
2019 | 0 | |||
2018 | 0 | |||
2017 | 0 | |||
Prior years | 0 | |||
Total loans | 79,120 | |||
Private education loans - Nelnet Bank | Loans in repayment | Loans delinquent 31-60 days | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Three months ended March 31, 2021 | 0 | |||
2020 | 0 | |||
2019 | 0 | |||
2018 | 0 | |||
2017 | 0 | |||
Prior years | 0 | |||
Total loans | 0 | |||
Private education loans - Nelnet Bank | Loans in repayment | Loans delinquent 61-90 days | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Three months ended March 31, 2021 | 0 | |||
2020 | 0 | |||
2019 | 0 | |||
2018 | 0 | |||
2017 | 0 | |||
Prior years | 0 | |||
Total loans | 0 | |||
Private education loans - Nelnet Bank | Loans in repayment | Loans delinquent 91 days or greater | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Three months ended March 31, 2021 | 0 | |||
2020 | 0 | |||
2019 | 0 | |||
2018 | 0 | |||
2017 | 0 | |||
Prior years | 0 | |||
Total loans | 0 | |||
Consumer loans | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Three months ended March 31, 2021 | 18,713 | |||
2020 | 52,404 | |||
2019 | 19,702 | |||
2018 | 18,044 | |||
2017 | 1,929 | |||
Prior years | 0 | |||
Total loans | 110,792 | 109,346 | 145,803 | |
Accrued interest receivable | 934 | 1,001 | 1,133 | |
Loan discount, net of unamortized loan premiums and deferred origination costs | 1,845 | 1,640 | 1,108 | |
Allowance for loan losses | (14,134) | (27,256) | (39,053) | $ (15,554) |
Financing receivable, after allowance for credit loss | 99,437 | $ 84,731 | $ 108,991 | |
Consumer loans | Loans in school/grace/deferment | Loans current | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Three months ended March 31, 2021 | 0 | |||
2020 | 33 | |||
2019 | 177 | |||
2018 | 96 | |||
2017 | 0 | |||
Prior years | 0 | |||
Total loans | 306 | |||
Consumer loans | Loans in repayment | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Three months ended March 31, 2021 | 18,713 | |||
2020 | 52,371 | |||
2019 | 19,525 | |||
2018 | 17,948 | |||
2017 | 1,929 | |||
Prior years | 0 | |||
Total loans | 110,486 | |||
Consumer loans | Loans in repayment | Loans current | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Three months ended March 31, 2021 | 18,713 | |||
2020 | 51,409 | |||
2019 | 18,771 | |||
2018 | 17,360 | |||
2017 | 1,873 | |||
Prior years | 0 | |||
Total loans | 108,126 | |||
Consumer loans | Loans in repayment | Loans delinquent 31-60 days | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Three months ended March 31, 2021 | 0 | |||
2020 | 339 | |||
2019 | 272 | |||
2018 | 120 | |||
2017 | 29 | |||
Prior years | 0 | |||
Total loans | 760 | |||
Consumer loans | Loans in repayment | Loans delinquent 61-90 days | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Three months ended March 31, 2021 | 0 | |||
2020 | 311 | |||
2019 | 185 | |||
2018 | 64 | |||
2017 | 17 | |||
Prior years | 0 | |||
Total loans | 577 | |||
Consumer loans | Loans in repayment | Loans delinquent 91 days or greater | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Three months ended March 31, 2021 | 0 | |||
2020 | 312 | |||
2019 | 297 | |||
2018 | 404 | |||
2017 | 10 | |||
Prior years | 0 | |||
Total loans | $ 1,023 |
Bonds and Notes Payable - Outstanding Debt Obligations (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Debt Instrument [Line Items] | ||
Bonds and notes payable, gross | $ 18,983,183 | $ 19,558,849 |
Discount on bonds and notes payable and debt issuance costs | (228,468) | (238,123) |
Bonds and notes payable, net | 18,754,715 | 19,320,726 |
Unsecured line of credit | ||
Debt Instrument [Line Items] | ||
Bonds and notes payable, gross | $ 0 | $ 120,000 |
Interest rate | 0.00% | 1.65% |
Other borrowings | ||
Debt Instrument [Line Items] | ||
Bonds and notes payable, gross | $ 118,537 | $ 123,558 |
Federally insured | Bonds and notes based on indices | ||
Debt Instrument [Line Items] | ||
Bonds and notes payable, gross | 16,716,369 | 17,127,643 |
Federally insured | Bonds and notes based on auction | ||
Debt Instrument [Line Items] | ||
Bonds and notes payable, gross | 747,075 | 749,925 |
Federally insured | Variable-rate bonds and notes | ||
Debt Instrument [Line Items] | ||
Bonds and notes payable, gross | 17,463,444 | 17,877,568 |
Federally insured | Fixed rate bonds and notes | ||
Debt Instrument [Line Items] | ||
Bonds and notes payable, gross | 915,947 | 923,076 |
Federally insured | Warehouse facilities | ||
Debt Instrument [Line Items] | ||
Bonds and notes payable, gross | 247,018 | 252,165 |
Private education | Variable-rate bonds and notes | ||
Debt Instrument [Line Items] | ||
Bonds and notes payable, gross | 44,844 | 49,025 |
Private education | Fixed rate bonds and notes | ||
Debt Instrument [Line Items] | ||
Bonds and notes payable, gross | 35,196 | 37,251 |
Private education | Warehouse facilities | ||
Debt Instrument [Line Items] | ||
Bonds and notes payable, gross | $ 158,197 | $ 150,397 |
Interest rate | 0.26% | 0.28% |
Consumer loan | Warehouse facilities | ||
Debt Instrument [Line Items] | ||
Bonds and notes payable, gross | $ 25,809 | |
Interest rate | 0.28% | |
Minimum | Other borrowings | ||
Debt Instrument [Line Items] | ||
Interest rate | 0.81% | 0.84% |
Minimum | Federally insured | Bonds and notes based on indices | ||
Debt Instrument [Line Items] | ||
Interest rate | 0.19% | 0.28% |
Minimum | Federally insured | Bonds and notes based on auction | ||
Debt Instrument [Line Items] | ||
Interest rate | 1.07% | 1.12% |
Minimum | Federally insured | Fixed rate bonds and notes | ||
Debt Instrument [Line Items] | ||
Interest rate | 1.42% | 1.42% |
Minimum | Federally insured | Warehouse facilities | ||
Debt Instrument [Line Items] | ||
Interest rate | 0.23% | 0.27% |
Minimum | Private education | Variable-rate bonds and notes | ||
Debt Instrument [Line Items] | ||
Interest rate | 1.65% | 1.65% |
Minimum | Private education | Fixed rate bonds and notes | ||
Debt Instrument [Line Items] | ||
Interest rate | 3.60% | 3.60% |
Maximum | Other borrowings | ||
Debt Instrument [Line Items] | ||
Interest rate | 1.86% | 1.90% |
Maximum | Federally insured | Bonds and notes based on indices | ||
Debt Instrument [Line Items] | ||
Interest rate | 2.11% | 2.05% |
Maximum | Federally insured | Bonds and notes based on auction | ||
Debt Instrument [Line Items] | ||
Interest rate | 2.15% | 2.14% |
Maximum | Federally insured | Fixed rate bonds and notes | ||
Debt Instrument [Line Items] | ||
Interest rate | 3.45% | 3.45% |
Maximum | Federally insured | Warehouse facilities | ||
Debt Instrument [Line Items] | ||
Interest rate | 0.31% | |
Maximum | Private education | Variable-rate bonds and notes | ||
Debt Instrument [Line Items] | ||
Interest rate | 1.86% | 1.90% |
Maximum | Private education | Fixed rate bonds and notes | ||
Debt Instrument [Line Items] | ||
Interest rate | 5.35% | 5.35% |
Bonds and Notes Payable - Outstanding Lines of Credit (Details) - Warehouse facilities - Federally insured student loans |
Mar. 31, 2021
USD ($)
|
---|---|
Line of Credit Facility [Line Items] | |
Maximum financing amount | $ 310,000,000 |
Amount outstanding | 247,018,000 |
Amount available | 62,982,000 |
Advanced as equity support | 20,529,000 |
NFSLW-I | |
Line of Credit Facility [Line Items] | |
Maximum financing amount | 260,000,000 |
Amount outstanding | 247,018,000 |
Amount available | 12,982,000 |
Advanced as equity support | 20,529,000 |
NHELP-II | |
Line of Credit Facility [Line Items] | |
Maximum financing amount | 50,000,000 |
Amount outstanding | 0 |
Amount available | 50,000,000 |
Advanced as equity support | $ 0 |
Bonds and Notes Payable - Narrative (Details) - USD ($) |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2021 |
Feb. 12, 2021 |
Dec. 31, 2020 |
|
Debt Instrument [Line Items] | |||
Other borrowings, termination notice period | 5 days | ||
Other borrowings, maximum | $ 100,000,000.0 | ||
Decrease in interest on bonds, notes payable, and bank deposits | (23,800,000) | ||
Unsecured Line of Credit | |||
Debt Instrument [Line Items] | |||
Maximum financing amount | 455,000,000.0 | ||
Amount outstanding | 0 | ||
Amount available | 455,000,000.0 | ||
Higher borrowing capacity option | 550,000,000.0 | ||
Warehouse facilities | Federally insured student loans | |||
Debt Instrument [Line Items] | |||
Maximum financing amount | 310,000,000 | ||
Amount outstanding | 247,018,000 | ||
Amount available | 62,982,000 | ||
Advanced as equity support | 20,529,000 | ||
Warehouse facilities | Federally insured student loans | NFSLW-I | |||
Debt Instrument [Line Items] | |||
Maximum financing amount | 260,000,000 | ||
Amount outstanding | 247,018,000 | ||
Amount available | 12,982,000 | ||
Advanced as equity support | 20,529,000 | ||
Warehouse facilities | Federally insured student loans | NHELP-II | |||
Debt Instrument [Line Items] | |||
Maximum financing amount | 50,000,000 | ||
Amount outstanding | 0 | ||
Amount available | 50,000,000 | ||
Advanced as equity support | 0 | ||
Warehouse facilities | Private Loan Warehouse Facility | |||
Debt Instrument [Line Items] | |||
Maximum financing amount | $ 175,000,000.0 | $ 200,000,000.0 | |
Amount outstanding | 158,200,000 | ||
Amount available | 16,800,000 | ||
Advanced as equity support | 17,000,000.0 | ||
Warehouse facilities | Consumer Loan Warehouse Facility | |||
Debt Instrument [Line Items] | |||
Maximum financing amount | $ 100,000,000.0 | ||
Minimum | Warehouse facilities | Private Loan Warehouse Facility | |||
Debt Instrument [Line Items] | |||
Advance rate | 80.00% | ||
Maximum | Warehouse facilities | Private Loan Warehouse Facility | |||
Debt Instrument [Line Items] | |||
Advance rate | 90.00% |
Derivative Financial Instruments - Basis Swap (Details) - 1:3 basis swaps - USD ($) |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Derivative [Line Items] | ||
Notional amount | $ 6,150,000,000 | $ 6,150,000,000 |
London Interbank Offered Rate (LIBOR) | ||
Derivative [Line Items] | ||
Weighted average rate | 0.091% | 0.091% |
Maturity 2021 | ||
Derivative [Line Items] | ||
Notional amount | $ 250,000,000 | $ 250,000,000 |
Maturity 2022 | ||
Derivative [Line Items] | ||
Notional amount | 2,000,000,000 | 2,000,000,000 |
Maturity 2023 | ||
Derivative [Line Items] | ||
Notional amount | 750,000,000 | 750,000,000 |
Maturity 2024 | ||
Derivative [Line Items] | ||
Notional amount | 1,750,000,000 | 1,750,000,000 |
Maturity 2026 | ||
Derivative [Line Items] | ||
Notional amount | 1,150,000,000 | 1,150,000,000 |
Maturity 2027 | ||
Derivative [Line Items] | ||
Notional amount | $ 250,000,000 | $ 250,000,000 |
Derivative Financial Instruments - Interest Rate Swaps, Floor Income Hedge (Details) - Interest rate swaps - floor income hedges - USD ($) |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Interest Rate Swap | ||
Derivative [Line Items] | ||
Notional amount | $ 5,000,000,000 | $ 4,500,000,000 |
Weighted average fixed rate paid by the Company | 0.67% | 0.70% |
2021 | Interest Rate Swap | ||
Derivative [Line Items] | ||
Notional amount | $ 600,000,000 | $ 600,000,000 |
Weighted average fixed rate paid by the Company | 2.15% | 2.15% |
2022 | Interest Rate Swap | ||
Derivative [Line Items] | ||
Notional amount | $ 500,000,000 | $ 500,000,000 |
Weighted average fixed rate paid by the Company | 0.94% | 0.94% |
2022 | Interest Rate Swap, forward effective date June 2021 | ||
Derivative [Line Items] | ||
Notional amount | $ 250,000,000.0 | $ 250,000,000.0 |
2023 | Interest Rate Swap | ||
Derivative [Line Items] | ||
Notional amount | $ 900,000,000 | $ 900,000,000 |
Weighted average fixed rate paid by the Company | 0.62% | 0.62% |
2024 | Interest Rate Swap | ||
Derivative [Line Items] | ||
Notional amount | $ 2,500,000,000 | $ 2,000,000,000 |
Weighted average fixed rate paid by the Company | 0.35% | 0.32% |
2024 | Interest Rate Swap, forward effective date June 2021 | ||
Derivative [Line Items] | ||
Notional amount | $ 500,000,000.0 | $ 500,000,000.0 |
2025 | Interest Rate Swap | ||
Derivative [Line Items] | ||
Notional amount | $ 500,000,000 | $ 500,000,000 |
Weighted average fixed rate paid by the Company | 0.35% | 0.35% |
Derivative Financial Instruments - Schedule of Income Statement Impact (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative settlements, net | $ (4,304) | $ 4,237 |
Derivative market value adjustments and derivative settlements, net | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative settlements, net | (4,304) | 4,237 |
Change in fair value | 38,809 | (20,602) |
Derivative market value adjustments and derivative settlements, net - income (expense) | 34,505 | (16,365) |
1:3 basis swaps | Derivative market value adjustments and derivative settlements, net | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative settlements, net | (19) | 2,112 |
Change in fair value | 2,799 | 1,558 |
Interest rate swaps - floor income hedges | Derivative market value adjustments and derivative settlements, net | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative settlements, net | (4,285) | 2,125 |
Change in fair value | $ 36,010 | $ (22,160) |
Investments (Details) $ in Thousands |
3 Months Ended | ||||
---|---|---|---|---|---|
Feb. 26, 2021
USD ($)
|
Mar. 31, 2021
USD ($)
|
Mar. 31, 2020
USD ($)
|
Jan. 19, 2021
USD ($)
|
Dec. 31, 2020
USD ($)
borrowers
|
|
Investments (at fair value): | |||||
Amortized cost | $ 367,343 | $ 340,578 | |||
Gross unrealized gains | 11,879 | 8,042 | |||
Gross unrealized losses | (9) | (13) | |||
Fair value | 379,213 | 348,607 | |||
Equity securities | |||||
Amortized cost | 53,044 | 36,227 | |||
Gross unrealized gains | 10,430 | 8,768 | |||
Gross unrealized losses | (3,621) | (2,954) | |||
Fair value | 59,853 | 42,041 | |||
Total investments (at fair value) | |||||
Amortized cost | 420,387 | 376,805 | |||
Gross unrealized gains | 22,309 | 16,810 | |||
Gross unrealized losses | (3,630) | (2,967) | |||
Fair value | 439,066 | 390,648 | |||
Other Investments and Notes Receivable (not measured at fair value): | |||||
Beneficial interest in consumer loan securitizations, allowance for credit losses | 4,449 | ||||
Total investments (not measured at fair value) | 534,033 | 602,292 | |||
Total investments | 973,099 | 992,940 | |||
Loans receivable | 19,737,530 | 20,185,656 | |||
ALLO | |||||
Other Investments and Notes Receivable (not measured at fair value): | |||||
Redemption price payment if debt financing obtained | $ 100,000 | ||||
Private education loans | |||||
Other Investments and Notes Receivable (not measured at fair value): | |||||
Loans receivable | 298,354 | $ 252,732 | |||
Private education loans | Non-federally insured student loans | |||||
Other Investments and Notes Receivable (not measured at fair value): | |||||
Loans receivable | 298,354 | 305,882 | |||
Private education loans | Non-federally insured student loans | Wells Fargo | |||||
Other Investments and Notes Receivable (not measured at fair value): | |||||
Loans receivable | $ 10,000,000 | ||||
Number of borrowers | borrowers | 445,000 | ||||
Union Bank and Trust Company | |||||
Other Investments and Notes Receivable (not measured at fair value): | |||||
Amount of participation, student loan asset-backed securities | 113,500 | ||||
Venture capital and funds: | Other Investments (not measured at fair value): | |||||
Other Investments and Notes Receivable (not measured at fair value): | |||||
Measurement alternative | 145,440 | $ 144,795 | |||
Equity method | 59,583 | 14,018 | |||
Other | 1,328 | 894 | |||
Total investments (not measured at fair value) | 206,351 | 159,707 | |||
Noncontrolling interest in joint ventures | 44,700 | ||||
Real estate | Other Investments (not measured at fair value): | |||||
Other Investments and Notes Receivable (not measured at fair value): | |||||
Equity method | 49,527 | 50,291 | |||
Notes receivable | 17,344 | 847 | |||
Total investments (not measured at fair value) | 66,871 | 51,138 | |||
Real estate | Other Investments (not measured at fair value): | Affiliated Entity [Member] | Telegraph Flats | |||||
Other Investments and Notes Receivable (not measured at fair value): | |||||
Notes receivable | $ 13,000 | ||||
Noncontrolling interest ownership percentage | 50.00% | ||||
Real estate | Other Investments (not measured at fair value): | Affiliated Entity [Member] | London Interbank Offered Rate (LIBOR) | Telegraph Flats | |||||
Other Investments and Notes Receivable (not measured at fair value): | |||||
Cost of funds | 1.75% | ||||
Solar | |||||
Other Investments and Notes Receivable (not measured at fair value): | |||||
Amount funded or committed to fund | 151,800 | ||||
Equity method investment, amount committed to fund | 42,800 | ||||
Pre-tax losses from investments | $ 1,700 | 2,800 | |||
Solar | Minimum | |||||
Other Investments and Notes Receivable (not measured at fair value): | |||||
Unrecognized tax benefits, resulting from prior period tax positions, period | 5 years | ||||
Solar | Maximum | |||||
Other Investments and Notes Receivable (not measured at fair value): | |||||
Unrecognized tax benefits, resulting from prior period tax positions, period | 6 years | ||||
Solar | Other Investments (not measured at fair value): | |||||
Other Investments and Notes Receivable (not measured at fair value): | |||||
Total investments (not measured at fair value) | $ (34,091) | (30,373) | |||
Beneficial interest in federally insured loan securitization | Other Investments (not measured at fair value): | |||||
Other Investments and Notes Receivable (not measured at fair value): | |||||
Beneficial interest In securitizations | 29,228 | 30,377 | |||
Loans corresponding to beneficial interest | 500,000 | ||||
Beneficial interest in consumer loan securitizations | |||||
Other Investments and Notes Receivable (not measured at fair value): | |||||
Impairment charges on investments | (2,400) | $ (26,300) | |||
Beneficial interest in consumer loan securitizations | Other Investments (not measured at fair value): | |||||
Other Investments and Notes Receivable (not measured at fair value): | |||||
Beneficial interest In securitizations | 22,936 | 27,954 | |||
Loans corresponding to beneficial interest | 230,000 | ||||
Tax liens and affordable housing | Other Investments (not measured at fair value): | |||||
Other Investments and Notes Receivable (not measured at fair value): | |||||
Total investments (not measured at fair value) | 4,324 | 5,177 | |||
Partnership Interest | Other Investments (not measured at fair value): | |||||
Other Investments and Notes Receivable (not measured at fair value): | |||||
Equity method | 107,177 | 129,396 | |||
Preferred membership interest and accrued and unpaid preferred return | 131,237 | 228,916 | |||
Total investments (not measured at fair value) | 238,414 | $ 358,312 | |||
Equity securities, FV-NI, realized loss | (22,200) | ||||
Preferred Partnership Interest | Other Investments (not measured at fair value): | |||||
Other Investments and Notes Receivable (not measured at fair value): | |||||
Equity securities, FV-NI, realized loss | $ (2,300) | ||||
Equity method investment, preferred annual return | 6.25% | ||||
Maximum financing amount | $ 230,000 |
Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
Dec. 31, 2020 |
|
Finite-Lived Intangible Assets [Line Items] | |||
Weighted average remaining useful life | 95 months | ||
Amortizable intangible assets, net | $ 66,718 | $ 75,070 | |
Amortization of intangible assets | $ 8,400 | $ 7,400 | |
Customer relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted average remaining useful life | 102 months | ||
Amortizable intangible assets, net | $ 60,110 | 66,974 | |
Accumulated amortization of intangible assets | $ 90,282 | 83,419 | |
Trade names | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted average remaining useful life | 3 months | ||
Amortizable intangible assets, net | $ 833 | 1,666 | |
Accumulated amortization of intangible assets | $ 4,288 | 3,455 | |
Computer software | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted average remaining useful life | 33 months | ||
Amortizable intangible assets, net | $ 5,775 | 6,430 | |
Accumulated amortization of intangible assets | $ 2,082 | $ 4,127 |
Intangible Assets - Amortization Expense (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||
2021 (April 1 - December 31) | $ 14,690 | |
2022 | 9,939 | |
2023 | 9,830 | |
2024 | 7,457 | |
2025 | 4,644 | |
2026 and thereafter | 20,158 | |
Amortizable intangible assets, net | $ 66,718 | $ 75,070 |
Goodwill (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Goodwill [Line Items] | ||
Goodwill | $ 142,092 | $ 142,092 |
Corporate and Other Activities | ||
Goodwill [Line Items] | ||
Goodwill | 0 | 0 |
Loan Servicing and Systems | Operating Segments | ||
Goodwill [Line Items] | ||
Goodwill | 23,639 | 23,639 |
Education Technology, Services, and Payment Processing | Operating Segments | ||
Goodwill [Line Items] | ||
Goodwill | 76,570 | 76,570 |
Asset Generation and Management | Operating Segments | ||
Goodwill [Line Items] | ||
Goodwill | 41,883 | 41,883 |
Nelnet Bank | Operating Segments | ||
Goodwill [Line Items] | ||
Goodwill | $ 0 | $ 0 |
Property and Equipment (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
Dec. 31, 2020 |
|
Property, Plant and Equipment [Line Items] | |||
Property and equipment, net | $ 130,450 | $ 123,527 | |
Depreciation | 11,800 | $ 20,300 | |
Non-communications | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 301,901 | 283,152 | |
Accumulated depreciation | (171,451) | (159,625) | |
Property and equipment, net | 130,450 | 123,527 | |
Non-communications | Computer equipment and software | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | $ 188,378 | 172,664 | |
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 | $ 52,806 | 52,444 | |
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 | $ 22,502 | 21,899 | |
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 | $ 9,167 | 9,168 | |
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 | $ 4,857 | 4,857 | |
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 | $ 3,642 | 3,642 | |
Non-communications | Construction in progress | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | $ 20,549 | $ 18,478 |
Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||
Net income (loss) attributable to Nelnet, Inc. | $ 123,598 | $ (40,532) |
Weighted average common shares outstanding - basic and diluted (in shares) | 38,603,555 | 39,955,514 |
Earnings per share - basic and diluted (in dollars per share) | $ 3.20 | $ (1.01) |
Common shareholders | ||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||
Net income (loss) attributable to Nelnet, Inc. | $ 121,766 | $ (39,974) |
Weighted average common shares outstanding - basic and diluted (in shares) | 38,031,267 | 39,405,454 |
Earnings per share - basic and diluted (in dollars per share) | $ 3.20 | $ (1.01) |
Unvested restricted stock shareholders | ||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||
Net income (loss) attributable to Nelnet, Inc. | $ 1,832 | $ (558) |
Weighted average common shares outstanding - basic and diluted (in shares) | 572,288 | 550,060 |
Earnings per share - basic and diluted (in dollars per share) | $ 3.20 | $ (1.01) |
Segment Reporting (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
Dec. 31, 2020 |
|
Segment Reporting Information [Line Items] | |||
Total interest income | $ 129,103 | $ 189,191 | |
Interest expense | 27,773 | 134,118 | |
Net interest income | 101,330 | 55,073 | |
Less (negative provision) provision for loan losses | (17,048) | 76,299 | |
Net interest income after provision for loan losses | 118,378 | (21,226) | |
Other income: | |||
Intersegment revenue | 0 | 0 | |
Gain on sale of loans | 0 | 18,206 | |
Other | (4,604) | 8,281 | |
Impairment expense and provision for beneficial interests, net | 2,436 | (34,087) | |
Derivative settlements, net | (4,304) | 4,237 | |
Derivative market value adjustments, net | 38,809 | (20,602) | |
Total other income/expense | 239,112 | 190,626 | |
Cost of services: | |||
Cost of services | 27,052 | 28,388 | |
Operating expenses: | |||
Salaries and benefits | 115,791 | 119,878 | |
Depreciation and amortization | 20,184 | 27,648 | |
Other expenses | 36,698 | 43,384 | |
Intersegment expenses, net | 0 | 0 | |
Total operating expenses | 172,673 | 190,910 | |
Income (loss) before income taxes | 157,765 | (49,898) | |
Income tax (expense) benefit | (34,861) | 10,133 | |
Net income (loss) | 122,904 | (39,765) | |
Net loss (income) attributable to noncontrolling interests | 694 | (767) | |
Net income (loss) attributable to Nelnet, Inc. | 123,598 | (40,532) | |
Total assets | $ 22,167,208 | 23,280,628 | $ 22,646,160 |
Nelnet Bank | |||
Operating expenses: | |||
Percent of income (loss) before taxes | 24.00% | ||
Operating Segments | Loan Servicing and Systems | |||
Segment Reporting Information [Line Items] | |||
Total interest income | $ 34 | 317 | |
Interest expense | 23 | 44 | |
Net interest income | 11 | 273 | |
Less (negative provision) provision for loan losses | 0 | 0 | |
Net interest income after provision for loan losses | 11 | 273 | |
Other income: | |||
Intersegment revenue | 8,268 | 11,054 | |
Gain on sale of loans | 0 | 0 | |
Other | 1,113 | 2,630 | |
Impairment expense and provision for beneficial interests, net | 0 | 0 | |
Derivative settlements, net | 0 | 0 | |
Derivative market value adjustments, net | 0 | 0 | |
Total other income/expense | 120,898 | 126,419 | |
Cost of services: | |||
Cost of services | 0 | 0 | |
Operating expenses: | |||
Salaries and benefits | 66,458 | 70,493 | |
Depreciation and amortization | 8,192 | 8,848 | |
Other expenses | 13,285 | 17,489 | |
Intersegment expenses, net | 16,890 | 16,239 | |
Total operating expenses | 104,825 | 113,069 | |
Income (loss) before income taxes | 16,084 | 13,623 | |
Income tax (expense) benefit | (3,860) | (3,269) | |
Net income (loss) | 12,224 | 10,354 | |
Net loss (income) attributable to noncontrolling interests | 0 | 0 | |
Net income (loss) attributable to Nelnet, Inc. | 12,224 | 10,354 | |
Total assets | 191,910 | 223,021 | |
Operating Segments | Education Technology, Services, and Payment Processing | |||
Segment Reporting Information [Line Items] | |||
Total interest income | 263 | 1,991 | |
Interest expense | 0 | 17 | |
Net interest income | 263 | 1,974 | |
Less (negative provision) provision for loan losses | 0 | 0 | |
Net interest income after provision for loan losses | 263 | 1,974 | |
Other income: | |||
Intersegment revenue | 3 | 11 | |
Gain on sale of loans | 0 | 0 | |
Other | 0 | 0 | |
Impairment expense and provision for beneficial interests, net | 0 | 0 | |
Derivative settlements, net | 0 | 0 | |
Derivative market value adjustments, net | 0 | 0 | |
Total other income/expense | 95,261 | 83,686 | |
Cost of services: | |||
Cost of services | 27,052 | 22,806 | |
Operating expenses: | |||
Salaries and benefits | 25,941 | 23,696 | |
Depreciation and amortization | 3,071 | 2,387 | |
Other expenses | 4,822 | 6,092 | |
Intersegment expenses, net | 3,664 | 3,327 | |
Total operating expenses | 37,498 | 35,502 | |
Income (loss) before income taxes | 30,974 | 27,352 | |
Income tax (expense) benefit | (7,434) | (6,565) | |
Net income (loss) | 23,540 | 20,787 | |
Net loss (income) attributable to noncontrolling interests | 0 | 0 | |
Net income (loss) attributable to Nelnet, Inc. | 23,540 | 20,787 | |
Total assets | 372,315 | 302,631 | |
Operating Segments | Communications | |||
Segment Reporting Information [Line Items] | |||
Total interest income | 0 | 0 | |
Interest expense | 0 | 0 | |
Net interest income | 0 | 0 | |
Less (negative provision) provision for loan losses | 0 | 0 | |
Net interest income after provision for loan losses | 0 | 0 | |
Other income: | |||
Intersegment revenue | 0 | 0 | |
Gain on sale of loans | 0 | 0 | |
Other | 0 | 353 | |
Impairment expense and provision for beneficial interests, net | 0 | 0 | |
Derivative settlements, net | 0 | 0 | |
Derivative market value adjustments, net | 0 | 0 | |
Total other income/expense | 0 | 18,534 | |
Cost of services: | |||
Cost of services | 0 | 5,582 | |
Operating expenses: | |||
Salaries and benefits | 0 | 5,416 | |
Depreciation and amortization | 0 | 10,507 | |
Other expenses | 0 | 3,689 | |
Intersegment expenses, net | 0 | 624 | |
Total operating expenses | 0 | 20,236 | |
Income (loss) before income taxes | 0 | (7,284) | |
Income tax (expense) benefit | 0 | 1,748 | |
Net income (loss) | 0 | (5,536) | |
Net loss (income) attributable to noncontrolling interests | 0 | 0 | |
Net income (loss) attributable to Nelnet, Inc. | 0 | (5,536) | |
Total assets | 0 | 301,440 | |
Operating Segments | Asset Generation and Management | |||
Segment Reporting Information [Line Items] | |||
Total interest income | 126,402 | 185,926 | |
Interest expense | 26,950 | 133,249 | |
Net interest income | 99,452 | 52,677 | |
Less (negative provision) provision for loan losses | (17,470) | 76,299 | |
Net interest income after provision for loan losses | 116,922 | (23,622) | |
Other income: | |||
Intersegment revenue | 0 | 0 | |
Gain on sale of loans | 0 | 18,206 | |
Other | 445 | 3,215 | |
Impairment expense and provision for beneficial interests, net | 2,436 | (26,303) | |
Derivative settlements, net | (4,304) | 4,237 | |
Derivative market value adjustments, net | 38,809 | (20,602) | |
Total other income/expense | 37,386 | (21,247) | |
Cost of services: | |||
Cost of services | 0 | 0 | |
Operating expenses: | |||
Salaries and benefits | 495 | 443 | |
Depreciation and amortization | 0 | 0 | |
Other expenses | 3,777 | 3,717 | |
Intersegment expenses, net | 8,427 | 11,916 | |
Total operating expenses | 12,699 | 16,076 | |
Income (loss) before income taxes | 141,609 | (60,945) | |
Income tax (expense) benefit | (33,987) | 14,627 | |
Net income (loss) | 107,622 | (46,318) | |
Net loss (income) attributable to noncontrolling interests | 0 | 0 | |
Net income (loss) attributable to Nelnet, Inc. | 107,622 | (46,318) | |
Total assets | 20,367,532 | 21,905,150 | |
Operating Segments | Nelnet Bank | |||
Segment Reporting Information [Line Items] | |||
Total interest income | 1,376 | 0 | |
Interest expense | 194 | 0 | |
Net interest income | 1,182 | 0 | |
Less (negative provision) provision for loan losses | 422 | 0 | |
Net interest income after provision for loan losses | 760 | 0 | |
Other income: | |||
Intersegment revenue | 0 | 0 | |
Gain on sale of loans | 0 | 0 | |
Other | 22 | 0 | |
Impairment expense and provision for beneficial interests, net | 0 | 0 | |
Derivative settlements, net | 0 | 0 | |
Derivative market value adjustments, net | 0 | 0 | |
Total other income/expense | 22 | 0 | |
Cost of services: | |||
Cost of services | 0 | 0 | |
Operating expenses: | |||
Salaries and benefits | 1,488 | 0 | |
Depreciation and amortization | 0 | 0 | |
Other expenses | 545 | 0 | |
Intersegment expenses, net | 3 | 0 | |
Total operating expenses | 2,036 | 0 | |
Income (loss) before income taxes | (1,254) | 0 | |
Income tax (expense) benefit | 286 | 0 | |
Net income (loss) | (968) | 0 | |
Net loss (income) attributable to noncontrolling interests | 0 | 0 | |
Net income (loss) attributable to Nelnet, Inc. | (968) | 0 | |
Total assets | 296,908 | $ 0 | |
Corporate and Other Activities | |||
Segment Reporting Information [Line Items] | |||
Total interest income | 1,246 | 1,555 | |
Interest expense | 824 | 1,407 | |
Net interest income | 422 | 148 | |
Less (negative provision) provision for loan losses | 0 | 0 | |
Net interest income after provision for loan losses | 422 | 148 | |
Other income: | |||
Intersegment revenue | 0 | 0 | |
Gain on sale of loans | 0 | 0 | |
Other | (6,184) | 2,083 | |
Impairment expense and provision for beneficial interests, net | 0 | (7,783) | |
Derivative settlements, net | 0 | 0 | |
Derivative market value adjustments, net | 0 | 0 | |
Total other income/expense | (6,184) | (5,700) | |
Cost of services: | |||
Cost of services | 0 | 0 | |
Operating expenses: | |||
Salaries and benefits | 21,409 | 19,830 | |
Depreciation and amortization | 8,920 | 5,907 | |
Other expenses | 14,272 | 12,398 | |
Intersegment expenses, net | (20,713) | (21,041) | |
Total operating expenses | 23,888 | 17,094 | |
Income (loss) before income taxes | (29,650) | (22,646) | |
Income tax (expense) benefit | 10,133 | 3,592 | |
Net income (loss) | (19,517) | (19,054) | |
Net loss (income) attributable to noncontrolling interests | (17) | (767) | |
Net income (loss) attributable to Nelnet, Inc. | (19,534) | (19,821) | |
Total assets | 1,148,560 | 679,390 | |
Eliminations | |||
Segment Reporting Information [Line Items] | |||
Total interest income | (218) | (598) | |
Interest expense | (218) | (598) | |
Net interest income | 0 | 0 | |
Less (negative provision) provision for loan losses | 0 | 0 | |
Net interest income after provision for loan losses | 0 | 0 | |
Other income: | |||
Intersegment revenue | (8,271) | (11,065) | |
Gain on sale of loans | 0 | 0 | |
Other | 0 | 0 | |
Impairment expense and provision for beneficial interests, net | 0 | 0 | |
Derivative settlements, net | 0 | 0 | |
Derivative market value adjustments, net | 0 | 0 | |
Total other income/expense | (8,271) | (11,065) | |
Cost of services: | |||
Cost of services | 0 | 0 | |
Operating expenses: | |||
Salaries and benefits | 0 | 0 | |
Depreciation and amortization | 0 | 0 | |
Other expenses | 0 | 0 | |
Intersegment expenses, net | (8,271) | (11,065) | |
Total operating expenses | (8,271) | (11,065) | |
Income (loss) before income taxes | 0 | 0 | |
Income tax (expense) benefit | 0 | 0 | |
Net income (loss) | 0 | 0 | |
Net loss (income) attributable to noncontrolling interests | 711 | 0 | |
Net income (loss) attributable to Nelnet, Inc. | 711 | 0 | |
Total assets | (210,017) | (131,004) | |
Loan servicing and systems | |||
Other income: | |||
Revenue | 111,517 | 112,735 | |
Loan servicing and systems | Operating Segments | Loan Servicing and Systems | |||
Other income: | |||
Revenue | 111,517 | 112,735 | |
Loan servicing and systems | Operating Segments | Education Technology, Services, and Payment Processing | |||
Other income: | |||
Revenue | 0 | 0 | |
Loan servicing and systems | Operating Segments | Communications | |||
Other income: | |||
Revenue | 0 | 0 | |
Loan servicing and systems | Operating Segments | Asset Generation and Management | |||
Other income: | |||
Revenue | 0 | 0 | |
Loan servicing and systems | Operating Segments | Nelnet Bank | |||
Other income: | |||
Revenue | 0 | 0 | |
Loan servicing and systems | Corporate and Other Activities | |||
Other income: | |||
Revenue | 0 | 0 | |
Loan servicing and systems | Eliminations | |||
Other income: | |||
Revenue | 0 | 0 | |
Education technology, services, and payment processing | |||
Other income: | |||
Revenue | 95,258 | 83,675 | |
Cost of services: | |||
Cost of services | 27,052 | 22,806 | |
Education technology, services, and payment processing | Operating Segments | Loan Servicing and Systems | |||
Other income: | |||
Revenue | 0 | 0 | |
Cost of services: | |||
Cost of services | 0 | 0 | |
Education technology, services, and payment processing | Operating Segments | Education Technology, Services, and Payment Processing | |||
Other income: | |||
Revenue | 95,258 | 83,675 | |
Cost of services: | |||
Cost of services | 27,052 | 22,806 | |
Education technology, services, and payment processing | Operating Segments | Communications | |||
Other income: | |||
Revenue | 0 | 0 | |
Cost of services: | |||
Cost of services | 0 | 0 | |
Education technology, services, and payment processing | Operating Segments | Asset Generation and Management | |||
Other income: | |||
Revenue | 0 | 0 | |
Cost of services: | |||
Cost of services | 0 | 0 | |
Education technology, services, and payment processing | Operating Segments | Nelnet Bank | |||
Other income: | |||
Revenue | 0 | 0 | |
Cost of services: | |||
Cost of services | 0 | 0 | |
Education technology, services, and payment processing | Corporate and Other Activities | |||
Other income: | |||
Revenue | 0 | 0 | |
Cost of services: | |||
Cost of services | 0 | 0 | |
Education technology, services, and payment processing | Eliminations | |||
Other income: | |||
Revenue | 0 | 0 | |
Cost of services: | |||
Cost of services | 0 | 0 | |
Communications services | |||
Other income: | |||
Revenue | 0 | 18,181 | |
Cost of services: | |||
Cost of services | 0 | 5,582 | |
Communications services | Operating Segments | Loan Servicing and Systems | |||
Other income: | |||
Revenue | 0 | 0 | |
Cost of services: | |||
Cost of services | 0 | 0 | |
Communications services | Operating Segments | Education Technology, Services, and Payment Processing | |||
Other income: | |||
Revenue | 0 | 0 | |
Cost of services: | |||
Cost of services | 0 | 0 | |
Communications services | Operating Segments | Communications | |||
Other income: | |||
Revenue | 0 | 18,181 | |
Cost of services: | |||
Cost of services | 0 | 5,582 | |
Communications services | Operating Segments | Asset Generation and Management | |||
Other income: | |||
Revenue | 0 | 0 | |
Cost of services: | |||
Cost of services | 0 | 0 | |
Communications services | Operating Segments | Nelnet Bank | |||
Other income: | |||
Revenue | 0 | 0 | |
Cost of services: | |||
Cost of services | 0 | 0 | |
Communications services | Corporate and Other Activities | |||
Other income: | |||
Revenue | 0 | 0 | |
Cost of services: | |||
Cost of services | 0 | 0 | |
Communications services | Eliminations | |||
Other income: | |||
Revenue | 0 | 0 | |
Cost of services: | |||
Cost of services | $ 0 | $ 0 |
Disaggregated Revenue - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Loan servicing and systems revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 111,517 | $ 112,735 |
Government servicing - Nelnet | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 34,872 | 38,650 |
Government servicing - Great Lakes | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 43,302 | 46,446 |
Private education and consumer loan servicing | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 8,548 | 8,609 |
FFELP servicing | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 4,670 | 5,614 |
Software services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 8,454 | 11,318 |
Outsourced services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 11,671 | 2,098 |
Education technology, services, and payment processing | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 95,258 | 83,675 |
Tuition payment plan services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 29,550 | 31,587 |
Payment processing | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 33,038 | 31,742 |
Education technology and services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 32,322 | 20,054 |
Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 348 | $ 292 |
Disaggregated Revenue - Schedule of Other Income by Component (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Disaggregation of Revenue [Line Items] | ||
Gain (loss) on investments | $ 8,498 | $ (1,025) |
ALLO preferred return | 2,321 | 0 |
Borrower late fee income | 442 | 3,188 |
Other | 4,223 | 3,525 |
Total other | (4,604) | 8,281 |
ALLO Voting Membership Interests Investment | ||
Disaggregation of Revenue [Line Items] | ||
Gain (loss) on investments | (22,219) | 0 |
Solar | ||
Disaggregation of Revenue [Line Items] | ||
Gain (loss) on investments | (1,679) | (2,839) |
Investment advisory services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 2,697 | 2,802 |
Management fee revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 1,113 | $ 2,630 |
Major Customer (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2020 |
Mar. 31, 2021 |
Mar. 31, 2020 |
Dec. 26, 2020 |
|
Government servicing - Nelnet | ||||
Concentration Risk [Line Items] | ||||
Revenue | $ 34,872 | $ 38,650 | ||
Potential extension period of service contracts | 2 years | 6 months | ||
Customer concentration risk | Department of Education | Nelnet Servicing | ||||
Concentration Risk [Line Items] | ||||
Revenue | 34,900 | 38,700 | ||
Customer concentration risk | Department of Education | Great Lakes Educational Loan Services | ||||
Concentration Risk [Line Items] | ||||
Acquiree revenue since acquisition | $ 43,300 | $ 46,400 |
Fair Value - Assets and Liabilities that are Measured at Fair Value (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Financial assets: | ||
Fair value | $ 439,066 | $ 390,648 |
Total assets | 439,066 | 390,648 |
Equity securities - trading | 13,500 | |
Equity securities, available-for-sale | 14,800 | |
Student loan asset-backed debt securities - available-for-sale | ||
Financial assets: | ||
Fair value | 379,110 | 348,504 |
Equity securities (a) | ||
Financial assets: | ||
Fair value | 28,296 | 10,114 |
Equity securities measured at net asset value | ||
Financial assets: | ||
Fair value | 31,557 | 31,927 |
Debt securities - available-for-sale | ||
Financial assets: | ||
Fair value | 103 | 103 |
Level 1 | ||
Financial assets: | ||
Fair value | 28,399 | 10,217 |
Total assets | 28,399 | 10,217 |
Level 1 | Student loan asset-backed debt securities - available-for-sale | ||
Financial assets: | ||
Fair value | 0 | 0 |
Level 1 | Equity securities (a) | ||
Financial assets: | ||
Fair value | 28,296 | 10,114 |
Level 1 | Debt securities - available-for-sale | ||
Financial assets: | ||
Fair value | 103 | 103 |
Level 2 | ||
Financial assets: | ||
Fair value | 379,110 | 348,504 |
Total assets | 379,110 | 348,504 |
Level 2 | Student loan asset-backed debt securities - available-for-sale | ||
Financial assets: | ||
Fair value | 379,110 | 348,504 |
Level 2 | Equity securities (a) | ||
Financial assets: | ||
Fair value | 0 | 0 |
Level 2 | Debt securities - available-for-sale | ||
Financial assets: | ||
Fair value | $ 0 | $ 0 |
Fair Value - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
Mar. 31, 2020 |
Dec. 31, 2019 |
---|---|---|---|---|
Financial assets: | ||||
Loans receivable | $ 19,737,530 | $ 20,185,656 | ||
Accrued loan interest receivable | 794,561 | 794,611 | ||
Cash and cash equivalents | 144,229 | 121,249 | $ 204,844 | $ 133,906 |
Investments (at fair value) | 973,099 | 992,940 | ||
Restricted cash - due to customers | 193,081 | 283,971 | $ 219,905 | $ 437,756 |
Financial liabilities: | ||||
Accrued interest payable | 5,527 | 28,701 | ||
Bank deposits | 111,830 | 54,633 | ||
Due to customers | 230,581 | 301,471 | ||
Fair value | ||||
Financial assets: | ||||
Loans receivable | 20,247,318 | 20,454,132 | ||
Accrued loan interest receivable | 794,561 | 794,611 | ||
Cash and cash equivalents | 144,229 | 121,249 | ||
Investments (at fair value) | 439,066 | 390,648 | ||
Beneficial interest in loan securitizations | 71,514 | 58,709 | ||
Restricted cash | 609,881 | 553,175 | ||
Restricted cash - due to customers | 193,081 | 283,971 | ||
Financial liabilities: | ||||
Bonds and notes payable | 18,968,284 | 19,270,810 | ||
Accrued interest payable | 5,527 | 28,701 | ||
Bank deposits | 111,398 | 54,599 | ||
Due to customers | 230,581 | 301,471 | ||
Fair value | Level 1 | ||||
Financial assets: | ||||
Loans receivable | 0 | 0 | ||
Accrued loan interest receivable | 0 | 0 | ||
Cash and cash equivalents | 144,229 | 121,249 | ||
Investments (at fair value) | 28,399 | 10,217 | ||
Beneficial interest in loan securitizations | 0 | 0 | ||
Restricted cash | 609,881 | 553,175 | ||
Restricted cash - due to customers | 193,081 | 283,971 | ||
Financial liabilities: | ||||
Bonds and notes payable | 0 | 0 | ||
Accrued interest payable | 0 | 0 | ||
Bank deposits | 45,147 | 48,422 | ||
Due to customers | 230,581 | 301,471 | ||
Fair value | Level 2 | ||||
Financial assets: | ||||
Loans receivable | 0 | 0 | ||
Accrued loan interest receivable | 794,561 | 794,611 | ||
Cash and cash equivalents | 0 | 0 | ||
Investments (at fair value) | 379,110 | 348,504 | ||
Beneficial interest in loan securitizations | 0 | 0 | ||
Restricted cash | 0 | 0 | ||
Restricted cash - due to customers | 0 | 0 | ||
Financial liabilities: | ||||
Bonds and notes payable | 18,968,284 | 19,270,810 | ||
Accrued interest payable | 5,527 | 28,701 | ||
Bank deposits | 66,251 | 6,177 | ||
Due to customers | 0 | 0 | ||
Fair value | Level 3 | ||||
Financial assets: | ||||
Loans receivable | 20,247,318 | 20,454,132 | ||
Accrued loan interest receivable | 0 | 0 | ||
Cash and cash equivalents | 0 | 0 | ||
Investments (at fair value) | 0 | 0 | ||
Beneficial interest in loan securitizations | 71,514 | 58,709 | ||
Restricted cash | 0 | 0 | ||
Restricted cash - due to customers | 0 | 0 | ||
Financial liabilities: | ||||
Bonds and notes payable | 0 | 0 | ||
Accrued interest payable | 0 | 0 | ||
Bank deposits | 0 | 0 | ||
Due to customers | 0 | 0 | ||
Carrying value | ||||
Financial assets: | ||||
Loans receivable | 18,942,969 | 19,391,045 | ||
Accrued loan interest receivable | 794,561 | 794,611 | ||
Cash and cash equivalents | 144,229 | 121,249 | ||
Investments (at fair value) | 439,066 | 390,648 | ||
Beneficial interest in loan securitizations | 52,164 | 58,331 | ||
Restricted cash | 609,881 | 553,175 | ||
Restricted cash - due to customers | 193,081 | 283,971 | ||
Financial liabilities: | ||||
Bonds and notes payable | 18,754,715 | 19,320,726 | ||
Accrued interest payable | 5,527 | 28,701 | ||
Bank deposits | 111,830 | 54,633 | ||
Due to customers | $ 230,581 | $ 301,471 |