NELNET INC, 10-Q filed on 5/8/2017
Quarterly Report
Document and Entity Information Document (USD $)
3 Months Ended
Mar. 31, 2017
Jun. 30, 2016
Apr. 30, 2017
Common Class A [Member]
Apr. 30, 2017
Common Class B [Member]
Document Information [Line Items]
 
 
 
 
Entity Registrant Name
NELNET INC 
 
 
 
Document Type
10-Q 
 
 
 
Current Fiscal Year End Date
--12-31 
 
 
 
Entity Common Stock, Shares Outstanding
 
 
30,738,324 
11,476,932 
Entity Public Float
 
$ 781,008,370 
 
 
Amendment Flag
false 
 
 
 
Entity Central Index Key
0001258602 
 
 
 
Entity Current Reporting Status
Yes 
 
 
 
Entity Voluntary Filers
No 
 
 
 
Entity Filer Category
Large Accelerated Filer 
 
 
 
Entity Well-known Seasoned Issuer
Yes 
 
 
 
Document Period End Date
Mar. 31, 2017 
 
 
 
Document Fiscal Year Focus
2017 
 
 
 
Document Fiscal Period Focus
Q1 
 
 
 
Consolidated Balance Sheets (unaudited) (USD $)
In Thousands, unless otherwise specified
Mar. 31, 2017
Dec. 31, 2016
Assets:
 
 
Student loans receivable (net of allowance for loan losses)
$ 24,003,386 
$ 24,903,724 
Cash and cash equivalents:
 
 
Cash and cash equivalents - not held at a related party
9,616 
7,841 
Cash and cash equivalents - held at a related party
98,544 
61,813 
Total cash and cash equivalents
108,160 
69,654 
Investments and notes receivable
273,818 
254,144 
Restricted cash
787,635 
980,961 
Restricted cash - due to customers
93,699 
119,702 
Accrued interest receivable
392,754 
391,264 
Accounts receivable (net of allowance for doubtful accounts)
45,944 
43,972 
Goodwill
147,312 
147,312 
Intangible assets, net
45,434 
47,813 
Property and equipment, net
143,062 
123,786 
Other assets
60,364 
10,245 
Fair value of derivative instruments
39,652 
87,531 
Total assets
26,141,220 
27,180,108 
Liabilities:
 
 
Bonds and notes payable
23,594,516 
24,668,490 
Accrued interest payable
46,427 
45,677 
Other liabilities
199,816 
197,488 
Due to customers
93,699 
119,702 
Fair value of derivative instruments
79,095 
77,826 
Total liabilities
24,013,553 
25,109,183 
Nelnet, Inc. shareholders' equity:
 
 
Preferred stock
0 
0 
Additional paid-in capital
2,236 
420 
Retained earnings
2,100,214 
2,056,084 
Accumulated other comprehensive earnings
5,315 
4,730 
Total Nelnet, Inc. shareholders' equity
2,108,187 
2,061,655 
Noncontrolling interests
19,480 
9,270 
Total equity
2,127,667 
2,070,925 
Total liabilities and equity
26,141,220 
27,180,108 
Common Class A [Member]
 
 
Nelnet, Inc. shareholders' equity:
 
 
Common stock
307 
306 
Total equity
307 
306 
Common Class B [Member]
 
 
Nelnet, Inc. shareholders' equity:
 
 
Common stock
115 
115 
Total equity
115 
115 
Supplemental information - assets and liabilities of concolidated education lending variable interest entities: [Member]
 
 
Assets:
 
 
Student loans receivable (net of allowance for loan losses)
24,186,008 
25,090,530 
Cash and cash equivalents:
 
 
Restricted cash
778,123 
970,306 
Other assets
391,555 
390,504 
Liabilities:
 
 
Bonds and notes payable
24,002,228 
25,105,704 
Other liabilities
298,104 
290,996 
Fair value of derivative instruments
66,670 
66,453 
Equity:
 
 
Net assets of consolidated education lending variable interest entities
$ 988,684 
$ 988,187 
Consolidated Balance Sheets (unaudited) (Parentheticals) (USD $)
In Thousands, except Share data, unless otherwise specified
Mar. 31, 2017
Dec. 31, 2016
Allowance for loan losses
$ 50,526 
$ 51,842 
Allowance for doubtful accounts
$ 1,643 
$ 1,549 
Preferred stock, par value (in dollars per share)
$ 0.01 
$ 0.01 
Preferred stock, authorized shares
50,000,000 
50,000,000 
Preferred stock, issued shares
0 
0 
Preferred stock, outstanding shares
0 
0 
Common Class A [Member]
 
 
Par Value (in dollars per share)
$ 0.01 
$ 0.01 
Shares Authorized
600,000,000 
600,000,000 
Shares Issued
30,740,185 
30,628,112 
Shares Outstanding
30,740,185 
30,628,112 
Common Class B [Member]
 
 
Par Value (in dollars per share)
$ 0.01 
$ 0.01 
Shares Authorized
60,000,000 
60,000,000 
Shares Issued
11,476,932 
11,476,932 
Shares Outstanding
11,476,932 
11,476,932 
Consolidated Statements of Income (unaudited) (USD $)
In Thousands, except Share data, unless otherwise specified
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Interest income:
 
 
Loan interest
$ 181,207 
$ 189,988 
Investment interest
2,617 
2,029 
Total interest income
183,824 
192,017 
Interest expense:
 
 
Interest on bonds and notes payable
106,899 
90,408 
Net interest income
76,925 
101,609 
Less provision for loan losses
1,000 
2,500 
Net interest income after provision for loan losses
75,925 
99,109 
Other income:
 
 
Loan systems and servicing revenue
54,229 
52,330 
Tuition payment processing, school information, and campus commerce revenue
43,620 
38,657 
Communications revenue
5,106 
4,346 
Enrollment services revenue
0 
4,326 
Other income
12,632 
13,796 
Gain from debt repurchases
4,980 
101 
Derivative market value and foreign currency transaction adjustments and derivative settlements, net
(4,830)
(28,691)
Total other income
115,737 
84,865 
Operating expenses:
 
 
Salaries and benefits
71,863 
63,242 
Depreciation and amortization
8,598 
7,640 
Loan servicing fees
6,025 
6,928 
Cost to provide communications services
1,954 
1,703 
Cost to provide enrollment services
0 
3,623 
Other expenses
26,547 
28,376 
Total operating expenses
114,987 
111,512 
Income before income taxes
76,675 
72,462 
Income tax expense
28,755 
24,433 
Net income
47,920 
48,029 
Net loss (income) attributable to noncontrolling interests
2,106 
(68)
Net income attributable to Nelnet, Inc.
$ 50,026 
$ 47,961 
Earnings per common share:
 
 
Net income attributable to Nelnet, Inc. shareholders - basic and diluted
$ 1.18 
$ 1.11 
Weighted average common shares outstanding - basic and diluted
42,291,857 
43,088,092 
Consolidated Statements of Comprehensive Income (unaudited) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Net income
$ 47,920 
$ 48,029 
Available-for-sale securities:
 
 
Unrealized holding gains (losses) arising during period, net
1,259 
(1,510)
Reclassification adjustment for (gains) losses recognized in net income, net
(331)
132 
Income tax effect
(343)
510 
Total other comprehensive income (loss)
585 
(868)
Comprehensive income
48,505 
47,161 
Comprehensive loss (income) attributable to noncontrolling interests
2,106 
(68)
Comprehensive income attributable to Nelnet, Inc.
$ 50,611 
$ 47,093 
Consolidated Statements of Shareholders' Equity (unaudited) (USD $)
In Thousands, except Share data, unless otherwise specified
Total
Preferred Stock [Member]
Common Class A [Member]
Common Class B [Member]
Additional paid-in capital [Member]
Retained earnings [Member]
Accumulated other comprehensive earnings [Member]
Noncontrolling interests [Member]
Balance at Dec. 31, 2015
$ 1,892,158 
$ 0 
$ 325 
$ 115 
$ 0 
$ 1,881,708 
$ 2,284 
$ 7,726 
Balance (in Shares) at Dec. 31, 2015
 
0 
32,476,528 
11,476,932 
 
 
 
 
Increase (Decrease) in Stockholders' Equity [Roll Forward]
 
 
 
 
 
 
 
 
Issuance of noncontrolling interests
975 
 
 
 
 
 
 
975 
Net income
48,029 
 
 
 
 
47,961 
 
 
Net (loss) income attributable to noncontrolling interests
(68)
 
 
 
 
 
 
68 
Other comprehensive (loss) income
(868)
 
 
 
 
 
(868)
 
Distribution to noncontrolling interests
(97)
 
 
 
 
 
 
(97)
Cash dividend on Class A and Class B common stock
(5,093)
 
 
 
 
(5,093)
 
 
Issuance of common stock, net of forfeitures (in Shares)
 
 
130,797 
0 
 
 
 
 
Issuance of common stock, net of forfeitures
2,708 
 
1 
0 
2,707 
 
 
 
Compensation expense for stock based awards
1,183 
 
 
 
1,183 
 
 
 
Repurchase of common stock (in Shares)
 
 
(1,599,099)
0 
 
 
 
 
Repurchase of common stock
(52,069)
 
(16)
0 
(977)
(51,076)
 
 
Balance at Mar. 31, 2016
1,886,926 
0 
310 
115 
2,913 
1,873,500 
1,416 
8,672 
Balance (in Shares) at Mar. 31, 2016
 
0 
31,008,226 
11,476,932 
 
 
 
 
Balance at Dec. 31, 2016
2,070,925 
0 
306 
115 
420 
2,056,084 
4,730 
9,270 
Balance (in Shares) at Dec. 31, 2016
 
0 
30,628,112 
11,476,932 
 
 
 
 
Increase (Decrease) in Stockholders' Equity [Roll Forward]
 
 
 
 
 
 
 
 
Issuance of noncontrolling interests
12,626 
 
 
 
 
 
 
12,626 
Net income
47,920 
 
 
 
 
50,026 
 
 
Net (loss) income attributable to noncontrolling interests
2,106 
 
 
 
 
 
 
(2,106)
Other comprehensive (loss) income
585 
 
 
 
 
 
585 
 
Distribution to noncontrolling interests
(310)
 
 
 
 
 
 
(310)
Cash dividend on Class A and Class B common stock
(5,896)
 
 
 
 
(5,896)
 
 
Issuance of common stock, net of forfeitures (in Shares)
 
 
143,789 
0 
 
 
 
 
Issuance of common stock, net of forfeitures
2,090 
 
1 
0 
2,089 
 
 
 
Compensation expense for stock based awards
1,096 
 
 
 
1,096 
 
 
 
Repurchase of common stock (in Shares)
 
 
(31,716)
0 
 
 
 
 
Repurchase of common stock
(1,369)
 
0 
0 
(1,369)
0 
 
 
Balance at Mar. 31, 2017
$ 2,127,667 
$ 0 
$ 307 
$ 115 
$ 2,236 
$ 2,100,214 
$ 5,315 
$ 19,480 
Balance (in Shares) at Mar. 31, 2017
 
0 
30,740,185 
11,476,932 
 
 
 
 
Consolidated Statements of Shareholders' Equity (unaudited) (Parentheticals)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Common Class A [Member]
 
 
Dividends paid per common share
$ 0.14 
$ 0.12 
Common Class B [Member]
 
 
Dividends paid per common share
$ 0.14 
$ 0.12 
Consolidated Statements of Cash Flows (unaudited) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Net income attributable to Nelnet, Inc.
$ 50,026 
$ 47,961 
Net (loss) income attributable to noncontrolling interests
2,106 
(68)
Net income
47,920 
48,029 
Adjustments to reconcile net income to net cash provided by operating activities:
 
 
Depreciation and amortization, including debt discounts and student loan premiums and deferred origination costs
34,310 
31,078 
Student loan discount accretion
(12,014)
(10,917)
Provision for loan losses
1,000 
2,500 
Derivative market value adjustment
(1,238)
3,674 
Foreign currency transaction adjustment
4,690 
18,480 
Proceeds from termination of derivative instruments
913 
3,522 
Payments to enter into derivative instruments
929 
0 
Gain from debt repurchases
(4,980)
(101)
(Gain) loss from sales of available-for-sale securities, net
(331)
132 
Proceeds (purchases) related to trading securities, net
7 
(3,436)
Deferred income tax benefit
(1,753)
(4,260)
Non-cash compensation expense
1,121 
1,242 
Other
581 
1,990 
Increase in accrued interest receivable
(1,490)
(452)
(Increase) decrease in accounts receivable
(1,972)
5,961 
Decrease (increase) in other assets
294 
(2,922)
Increase in accrued interest payable
750 
7,443 
Increase in other liabilities
6,954 
2,551 
Net cash provided by operating activities
73,833 
104,514 
Cash flows from investing activities:
 
 
Purchases of student loans
(50,126)
(108,543)
Net proceeds from student loan repayments, claims, capitalized interest, and other
953,698 
870,898 
Proceeds from sale of student loans
0 
44,738 
Purchases of available-for-sale securities
(53,530)
(14,595)
Proceeds from sales of available-for-sale securities
37,809 
44,675 
Purchases of investments and issuance of notes receivable
(4,898)
(3,021)
Proceeds from investments and notes receivable
1,605 
3,087 
Purchases of property and equipment
(26,469)
(15,258)
Decrease (increase) in restricted cash, net
193,326 
(92,301)
Net cash provided by investing activities
1,051,415 
729,680 
Cash flows from financing activities:
 
 
Payments on bonds and notes payable
(1,128,899)
(858,147)
Proceeds from issuance of bonds and notes payable
37,496 
67,698 
Payments of debt issuance costs
(364)
(164)
Dividends paid
(5,896)
(5,093)
Repurchases of common stock
(1,369)
(52,069)
Proceeds from issuance of common stock
0 
228 
Issuance of noncontrolling interests
12,600 
955 
Distribution to noncontrolling interests
(310)
(97)
Net cash used in financing activities
(1,086,742)
(846,689)
Net increase (decrease) in cash and cash equivalents
38,506 
(12,495)
Cash and cash equivalents, beginning of period
69,654 
63,529 
Cash and cash equivalents, end of period
108,160 
51,034 
Cash disbursements made for:
 
 
Interest
88,066 
66,091 
Income taxes, net of refunds
1,180 
1,323 
Supplemental noncash operating activity:
 
 
Increase in other assets related to centrally cleared variation margin settlements on derivative instruments
$ 50,401 
$ 0 
Basis of Financial Reporting
Basis of Financial Reporting
Basis of Financial Reporting

The accompanying unaudited consolidated financial statements of Nelnet, Inc. and subsidiaries (the “Company”) as of March 31, 2017 and for the three months ended March 31, 2017 and 2016 have been prepared on the same basis as the audited consolidated financial statements for the year ended December 31, 2016 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, 2017 are not necessarily indicative of the results for the year ending December 31, 2017. 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, 2016 (the "2016 Annual Report").

Noncontrolling Interest

Nelnet Servicing, LLC ("Nelnet Servicing"), a subsidiary of the Company, and Great Lakes Educational Loan Services, Inc. ("Great Lakes") created a joint venture to respond to the U.S. Department of Education’s initiative to procure a contract for federal student loan servicing to acquire a single servicing platform to service all loans owned by the Department.  The joint venture operates as a new legal entity called GreatNet Solutions, LLC (“GreatNet”).  Nelnet Servicing and Great Lakes each own 50 percent of the ownership interests in GreatNet.  See note 11 for additional information on the contract procurement process. 

During the three months ended March 31, 2017, Nelnet Servicing contributed $12.6 million to GreatNet and GreatNet began to incur certain operating costs.  For financial reporting purposes, the balance sheet and operating results of GreatNet are included in the Company’s consolidated financial statements and presented in the Company’s Loan Systems and Servicing operating segment.  The proportionate share of membership interest (equity) and net loss of GreatNet that is attributable to Great Lakes is reflected as minority interest in the consolidated financial statements. 

For a description of other entities in which the Company reflects minority interest in its consolidated financial statements, see note 2 of the notes to consolidated financial statements included in the 2016 Annual Report.
Student Loans Receivable and Allowance for Loan Losses
Financing Receivables [Text Block]
Student Loans Receivable and Allowance for Loan Losses

Student loans receivable consisted of the following:
 
As of
 
As of
 
March 31, 2017
 
December 31, 2016
Federally insured loans:
 
 
 
Stafford and other
$
4,927,541

 
5,186,047

Consolidation
19,012,552

 
19,643,937

Total
23,940,093

 
24,829,984

Private education loans
256,816

 
273,659

 
24,196,909

 
25,103,643

Loan discount, net of unamortized loan premiums and deferred origination costs (a)
(142,997
)
 
(148,077
)
Allowance for loan losses – federally insured loans
(36,687
)
 
(37,268
)
Allowance for loan losses – private education loans
(13,839
)
 
(14,574
)
 
$
24,003,386

 
24,903,724



(a)
As of March 31, 2017 and December 31, 2016, "loan discount, net of unamortized loan premiums and deferred origination costs" included $16.6 million and $18.6 million, respectively, of non-accretable discount associated with purchased loans of $8.0 billion and $8.3 billion, respectively.
Activity in the Allowance for Loan Losses

The provision for loan losses represents the periodic expense of maintaining an allowance sufficient to absorb losses, net of recoveries, inherent in the portfolio of student loans. Activity in the allowance for loan losses is shown below.
 
Three months ended March 31,
 
2017
 
2016
Balance at beginning of period
$
51,842

 
50,498

Provision for loan losses:
 
 
 
Federally insured loans
2,000

 
2,000

Private education loans
(1,000
)
 
500

Total provision for loan losses
1,000

 
2,500

Charge-offs:
 

 
 

Federally insured loans
(2,581
)
 
(3,049
)
Private education loans
(82
)
 
(401
)
Total charge-offs
(2,663
)
 
(3,450
)
Recoveries - private education loans
197

 
276

Purchase of private education loans
—

 
160

Transfer from repurchase obligation related to private education loans repurchased
150

 
100

Balance at end of period
$
50,526

 
50,084

 
 
 
 
Allocation of the allowance for loan losses:
 
 
 

Federally insured loans
$
36,687

 
34,441

Private education loans
13,839

 
15,643

Total allowance for loan losses
$
50,526

 
50,084





Student Loan Status and Delinquencies

Delinquencies have the potential to adversely impact the Company’s earnings through increased servicing and collection costs and account charge-offs.  The table below shows the Company’s loan delinquency amounts.

 
As of March 31, 2017
 
As of December 31, 2016
 
As of March 31, 2016
Federally insured loans:
 
 
 
 
 
 
 
 
 
 
 
Loans in-school/grace/deferment
$
1,604,494

 
 
 
$
1,606,468

 
 
 
$
2,198,559

 
 
Loans in forbearance
2,125,344

 
 
 
2,295,367

 
 
 
2,736,472

 
 
Loans in repayment status:
 
 
 
 
 
 
 
 
 
 
 
Loans current
17,690,083

 
87.5
%
 
18,125,768

 
86.6
%
 
19,375,813

 
86.0
%
Loans delinquent 31-60 days
732,433

 
3.6

 
818,976

 
3.9

 
866,207

 
3.8

Loans delinquent 61-90 days
493,876

 
2.4

 
487,647

 
2.3

 
538,284

 
2.4

Loans delinquent 91-120 days
275,711

 
1.4

 
335,291

 
1.6

 
329,425

 
1.5

Loans delinquent 121-270 days
763,030

 
3.8

 
854,432

 
4.1

 
1,008,157

 
4.5

Loans delinquent 271 days or greater
255,122

 
1.3

 
306,035

 
1.5

 
396,280

 
1.8

Total loans in repayment
20,210,255

 
100.0
%
 
20,928,149

 
100.0
%
 
22,514,166

 
100.0
%
Total federally insured loans
$
23,940,093

 
 

 
$
24,829,984

 
 

 
$
27,449,197

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Private education loans:
 
 
 
 
 
 
 
 
 
 
Loans in-school/grace/deferment
$
34,138

 
 
 
$
35,146

 
 
 
$
55,668

 
 
Loans in forbearance
3,811

 
 
 
3,448

 
 
 
722

 
 
Loans in repayment status:
 
 
 
 
 
 
 
 
 
 
 
Loans current
213,081

 
97.4
%
 
228,612

 
97.2
%
 
231,556

 
97.2
%
Loans delinquent 31-60 days
1,355

 
0.6

 
1,677

 
0.7

 
968

 
0.4

Loans delinquent 61-90 days
1,402

 
0.6

 
1,110

 
0.5

 
1,144

 
0.5

Loans delinquent 91 days or greater
3,029

 
1.4

 
3,666

 
1.6

 
4,563

 
1.9

Total loans in repayment
218,867

 
100.0
%
 
235,065

 
100.0
%
 
238,231

 
100.0
%
Total private education loans
$
256,816

 
 

 
$
273,659

 
 

 
$
294,621

 
 
Bonds and Notes Payable
Bonds and Notes Payable
Bonds and Notes Payable

The following tables summarize the Company’s outstanding debt obligations by type of instrument:
 
As of March 31, 2017
 
Carrying
amount
 
Interest rate
range
 
Final maturity
Variable-rate bonds and notes issued in FFELP loan asset-backed securitizations:
 
 
 
 
 
Bonds and notes based on indices
$
21,316,429

 
0.22% - 6.90%
 
6/25/21 - 9/25/65
Bonds and notes based on auction
800,065

 
1.69% - 2.32%
 
3/22/32 - 11/26/46
Total FFELP variable-rate bonds and notes
22,116,494

 
 
 
 
FFELP warehouse facilities
1,608,569

 
0.83% - 1.17%
 
9/7/18 - 12/13/19
Variable-rate bonds and notes issued in private education loan asset-backed securitization
102,585

 
2.73%
 
12/26/40
Fixed-rate bonds and notes issued in private education loan asset-backed securitization
105,264

 
3.60% / 5.35%
 
12/26/40 / 12/28/43
Unsecured line of credit
35,000

 
2.29%
 
12/12/21
Unsecured debt - Junior Subordinated Hybrid Securities
20,526

 
4.52%
 
9/15/61
Other borrowings
20,871

 
1.78% - 3.38%
 
4/27/17 - 12/15/45
 
24,009,309

 
 
 
 
Discount on bonds and notes payable and debt issuance costs
(414,793
)
 
 
 
 
Total
$
23,594,516

 
 
 
 
 
As of December 31, 2016
 
Carrying
amount
 
Interest rate
range
 
Final maturity
Variable-rate bonds and notes issued in FFELP loan asset-backed securitizations:
 
 
 
 
 
Bonds and notes based on indices
$
22,130,063

 
0.24% - 6.90%
 
6/25/21 - 9/25/65
Bonds and notes based on auction
998,415

 
1.61% - 2.28%
 
3/22/32 - 11/26/46
Total FFELP variable-rate bonds and notes
23,128,478

 
 
 
 
FFELP warehouse facilities
1,677,443

 
0.63% - 1.09%
 
9/7/18 - 12/13/19
Variable-rate bonds and notes issued in private education loan asset-backed securitization
112,582

 
2.60%
 
12/26/40
Fixed-rate bonds and notes issued in private education loan asset-backed securitization
113,378

 
3.60% / 5.35%
 
12/26/40 / 12/28/43
Unsecured line of credit
—

 
—
 
12/12/21
Unsecured debt - Junior Subordinated Hybrid Securities
50,184

 
4.37%
 
9/15/61
Other borrowings
18,355

 
3.38%
 
3/31/23 / 12/15/45
 
25,100,420

 
 
 
 
Discount on bonds and notes payable and debt issuance costs
(431,930
)
 
 
 
 
Total
$
24,668,490

 
 
 
 



FFELP Warehouse Facilities

The Company funds a portion 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, 2017, the Company had three FFELP warehouse facilities as summarized below.
 
 
NFSLW-I
 
NHELP-III (a)
 
NHELP-II
 
 
Total
Maximum financing amount
 
$
875,000

 
750,000

 
500,000

 
 
2,125,000

Amount outstanding
 
619,249

 
587,741

 
401,579

 
 
1,608,569

Amount available
 
$
255,751

 
162,259

 
98,421

 
 
516,431

Expiration of liquidity provisions
 
July 10, 2018

 
April 28, 2017

 
December 15, 2017

 
 
 
Final maturity date
 
September 7, 2018

 
April 26, 2019

 
December 13, 2019

 
 
 
Maximum advance rates
 
92.0 - 98.0%

 
92.2 - 95.0%

 
85.0 - 95.0%

 
 
 
Minimum advance rates
 
84.0 - 90.0%

 
92.2 - 95.0%

 
85.0 - 95.0%

 
 
 
Advanced as equity support
 
$
18,177

 
30,052

 
29,689

 
 
77,918



(a)
On April 3, 2017, the Company entered into a letter agreement for this warehouse facility to decrease the maximum financing amount to $600.0 million. On April 28, 2017, the Company amended the agreement for this warehouse facility which changed the expiration date for the liquidity provisions to April 27, 2018 and changed the final maturity date to April 27, 2020. On May 5, 2017, the Company decreased the maximum financing amount on this warehouse facility to $400.0 million.

Unsecured Line of Credit

The Company has a $350.0 million unsecured line of credit that has a maturity date of December 12, 2021.  As of March 31, 2017, the unsecured line of credit had an outstanding balance of $35.0 million and $315.0 million was available for future use.

Debt Repurchases

During the three months ended March 31, 2017, the Company initiated a cash tender offer to purchase any and all of its outstanding Hybrid Securities, including a related consent solicitation to effect certain amendments to the indenture governing the notes to eliminate a provision requiring a minimum principal amount of the notes to remain outstanding after a partial redemption. The aggregate principal amount of notes tendered to the Company was $29.7 million. The Company paid $25.3 million to redeem these notes and recognized a gain of $4.4 million. In addition, the amendments described above were made to the indenture. After the completion of this tender offer, the Company has $20.5 million of Hybrid Securities that remain outstanding. In addition, during the first quarter of 2017, the Company recognized a gain of $0.6 million on the repurchase of its own FFELP asset-backed securities.
Derivative Financial Instruments
Derivative Financial Instruments
Derivative Financial Instruments

The Company uses derivative financial instruments primarily to manage interest rate risk and foreign currency exchange risk. Derivative instruments used as part of the Company's risk management strategy are further described in note 5 of the notes to consolidated financial statements included in the 2016 Annual Report. A tabular presentation of such derivatives outstanding as of March 31, 2017 and December 31, 2016 is presented below.

Basis Swaps

The following table summarizes the Company’s basis swaps outstanding as of March 31, 2017 and December 31, 2016 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").
 
 
 
As of March 31,
 
As of December 31,
 
 
2017
 
2016
Maturity
 
Notional amount
 
Notional amount
2018
 
$
4,000,000

 
—

2024
 
250,000

 
—

2026
 
1,150,000

 
1,150,000

2027
 
375,000

 
—

2028
 
325,000

 
325,000

2029
 
100,000

 
—

2031
 
300,000

 
300,000

 
 
$
6,500,000

 
1,775,000

The weighted average rate paid by the Company on the 1:3 Basis Swaps as of March 31, 2017 and December 31, 2016 was one-month LIBOR plus 15.3 basis points and 10.1 basis points, respectively.
Interest Rate Swaps – Floor Income Hedges

The following table summarizes the outstanding derivative instruments used by the Company to economically hedge loans earning fixed rate floor income as of March 31, 2017 and December 31, 2016.
Maturity
 
Notional amount
 
Weighted average fixed rate paid by the Company (a)
 
 
2017
 
$
750,000

 
0.99
%
2018
 
1,350,000

 
1.07

2019
 
3,250,000

 
0.97

2020
 
1,500,000

 
1.01

2025
 
100,000

 
2.32

 
 
$
6,950,000

 
1.02
%

(a)
For all interest rate derivatives, the Company receives discrete three-month LIBOR.

On August 20, 2014, the Company paid $9.1 million for an interest rate swap option to economically hedge loans earning fixed rate floor income. The interest rate swap option gives the Company the right, but not the obligation, to enter into a $250 million notional interest rate swap in which the Company would pay a fixed amount of 3.30% and receive discrete one-month LIBOR. If the interest rate swap option is exercised, the swap would become effective in 2019 and mature in 2024.

Interest Rate Swaps – Unsecured Debt Hedges

As of March 31, 2017 and December 31, 2016, the Company had $20.5 million and $50.2 million, respectively, of unsecured Hybrid Securities outstanding. The interest rate on the Hybrid Securities through September 29, 2036 is equal to three-month LIBOR plus 3.375%, payable quarterly. The Company had the following derivatives outstanding as of March 31, 2017 and December 31, 2016 that are used to effectively convert the variable interest rate on a designated notional amount with respect to the Hybrid Securities to a fixed rate of 7.66%.
 
Maturity
 
Notional amount
 
Weighted average fixed rate paid by the Company (a)
2036
 
$
25,000

 
4.28
%
(a)
For all interest rate derivatives, the Company receives discrete three-month LIBOR.

Interest Rate Caps

In June 2015, in conjunction with the entry into a $275.0 million private education loan warehouse facility, the Company paid $2.9 million for two interest rate cap contracts with a total notional amount of $275.0 million. The first interest rate cap had a notional amount of $125.0 million and a one-month LIBOR strike rate of 2.50%, and the second interest rate cap had a notional amount of $150.0 million and a one-month LIBOR strike rate of 4.99%. In the event that the one-month LIBOR rate rose above the applicable strike rate, the Company would receive monthly payments related to the spread difference. Both interest rate cap contracts had a maturity date of July 15, 2020. The private education loan warehouse facility was terminated by the Company on December 21, 2016. During the first quarter of 2017, the Company received $913,000 to terminate the interest rate cap contracts that were held in the private education loan warehouse legal entity and paid $929,000 to enter into new interest rate cap contracts with identical terms at Nelnet, Inc. (the parent company). The Company currently intends to keep these derivatives outstanding to partially mitigate a rise in interest rates and its impact on earnings related to its student loan portfolio earning a fixed rate.

Foreign Currency Exchange Risk

In 2006, the Company issued €352.7 million of student loan asset-backed Euro Notes (the "Euro Notes") with an interest rate based on a spread to the EURIBOR index. As a result of the Euro Notes, the Company is exposed to market risk related to fluctuations in foreign currency exchange rates between the U.S. dollar and Euro. The principal and accrued interest on these notes are re-measured at each reporting period and recorded in the Company’s consolidated balance sheet in U.S. dollars based on the foreign currency exchange rate on that date. Changes in the principal and accrued interest amounts as a result of foreign currency exchange rate fluctuations are included in the Company’s consolidated statements of income.

The Company entered into a cross-currency interest rate swap in connection with the issuance of the Euro Notes. Under the terms of the cross-currency interest rate swap, the Company receives from the counterparty a spread to the EURIBOR index based on a notional amount of €352.7 million and pays a spread to the LIBOR index based on a notional amount of $450.0 million. In addition, under the terms of this agreement, all principal payments on the Euro Notes will effectively be paid at the exchange rate in effect between the U.S. dollar and Euro as of the issuance of the notes.

The following table shows the income statement impact as a result of the re-measurement of the Euro Notes and the change in the fair value of the related derivative instrument.
 
Three months ended March 31,
 
2017
 
2016
Re-measurement of Euro Notes
$
(4,690
)
 
(18,480
)
Change in fair value of cross-currency interest rate swap
935

 
32,701

Total impact to consolidated statements of income - (expense) income (a)
$
(3,755
)
 
14,221

(a)
The financial statement impact of the above items is included in "Derivative market value and foreign currency transaction adjustments and derivative settlements, net" in the Company's consolidated statements of income.
Management has structured the cross-currency interest rate swap to economically hedge the Euro Notes to effectively convert the Euro Notes to U.S. dollars and pay a spread on these notes based on the LIBOR index. However, the cross-currency interest rate swap does not qualify for hedge accounting. The re-measurement of the Euro-denominated bonds generally correlates with the change in the fair value of the corresponding cross-currency interest rate swap. However, the Company will experience unrealized gains and losses between these financial instruments due to the principal and accrued interest on the Euro Notes being re-measured to U.S. dollars at each reporting date based on the foreign currency exchange rate on that date, while the cross-currency interest rate swap is measured at fair value at each reporting date with the change in fair value recognized in the current period earnings.
Consolidated Financial Statement Impact Related to Derivatives

Effective June 10, 2013, all over-the-counter derivative contracts executed by the Company are cleared post-execution at the Chicago Mercantile Exchange (“CME”), a regulated clearinghouse.  Clearing is a process by which a third-party, the clearinghouse, steps in between the original counterparties and guarantees the performance of both, by requiring that each post liquid collateral on an initial (initial margin) and mark-to-market (variation margin) basis to cover the clearinghouse’s potential future exposure in the event of default. 

Prior to January 3, 2017, the Company accounted for variation margin payments to the CME as collateral against its derivative position.  As such, these payments were treated as a separate unit of account from the derivative instrument and reported as a liability for cash collateral received and an asset (restricted cash) for cash collateral paid.  Effective January 3, 2017, the CME amended its rulebooks to legally characterize variation margin payments for over-the-counter derivatives they clear as settlements of the derivatives’ exposure rather than collateral against the exposure.  Based on these rulebook changes, for accounting and presentation purposes, the Company considers variation margin and the corresponding derivative instrument a single unit of account.  As such, effective January 3, 2017, the variation margin received or paid is no longer accounted for separately as a liability or asset.  Instead, these payments are recognized as derivative settlements and considered in determining the fair value of the centrally cleared derivative portfolio. 

The new clearinghouse requirements did not alter or affect the accounting and presentation of the Company’s derivative instruments executed prior to June 10, 2013 and those derivatives that are not required to be cleared at a clearinghouse (non-centrally cleared derivatives). The Company records these derivative instruments in the consolidated balance sheets on a gross basis as either an asset or liability measured at its fair value. Certain non-centrally cleared derivatives are subject to right of offset provisions with counterparties.  For these derivatives, the Company does not offset fair value amounts recognized for derivative instruments and fair value amounts recognized for the right to reclaim cash collateral (a receivable) or the obligation to return cash collateral (a payable) arising from derivative instruments that are recognized at fair value and executed with the same counterparty under a master netting arrangement.

The following table summarizes the fair value of the Company’s derivatives as reflected in the consolidated balance sheets:
 
Fair value of asset derivatives
 
Fair value of liability derivatives
 
As of
 
As of
 
As of
 
As of
 
March 31,
2017
 
December 31,
2016
 
March 31,
2017
 
December 31,
2016
1:3 basis swaps
$
—

 
—

 
5,198

 
2,624

Interest rate swaps - floor income hedges
85,533

 
81,159

 
304

 
256

Interest rate swap option - floor income hedge
2,092

 
2,977

 
—

 
—

Interest rate swaps - hybrid debt hedges
—

 
—

 
6,923

 
7,341

Interest rate caps
646

 
1,152

 
—

 
—

Cross-currency interest rate swap
—


—

 
66,670

 
67,605

Other
1,782

 
2,243

 
—

 
—

Centrally cleared variation margin (a)
(50,401
)
 
—

 
—

 
—

Total
$
39,652

 
87,531

 
79,095

 
77,826



(a)
As of March 31, 2017, the $50.4 million in variation margin due from the CME is included in "other assets" in the Company's consolidated balance sheet.

Offsetting of Derivative Assets/Liabilities
 
 
 
 
Gross amounts not offset in the consolidated balance sheets
 
 
 
 
Gross amounts of recognized assets/liabilities presented in the consolidated balance sheets
 
Derivatives subject to enforceable master netting arrangement
 
Cash collateral pledged
 
Net asset (liability)
 
 
As of March 31, 2017
Derivative assets:
 
 
 
 
 
 
 
 
Non-centrally cleared derivative assets
 
$
3,058

 
—

 
—

 
3,058

Centrally cleared derivative assets
 
36,594

 
—

 
—

 
36,594

 
 
$
39,652

 
—

 
—

 
39,652

Derivative liabilities:
 
 
 
 
 
 
 
 
Non-centrally cleared derivative liabilities
 
$
(73,593
)
 
—

 
7,892

 
(65,701
)
Centrally cleared derivative liabilities
 
(5,502
)
 
—

 
—

 
(5,502
)
 
 
$
(79,095
)
 
—

 
7,892

 
(71,203
)


 
 
As of December 31, 2016
Derivative assets
 
$
87,531

 
(2,880
)
 
475

 
85,126

Derivative liabilities
 
$
(77,826
)
 
2,880

 
7,292

 
(67,654
)



The following table summarizes the effect of derivative instruments in the consolidated statements of income.
 
Three months ended March 31,
 
2017
 
2016
Settlements:
 

 
 

1:3 basis swaps
$
698

 
(329
)
Interest rate swaps - floor income hedges
(120
)
 
(5,243
)
Interest rate swaps - hybrid debt hedges
(205
)
 
(232
)
Cross-currency interest rate swap
(1,751
)
 
(733
)
Centrally cleared variation margin settlements
50,401

 
—

Total settlements - income (expense)
49,023

 
(6,537
)
Change in fair value:
 

 
 

1:3 basis swaps
(2,574
)
 
768

Interest rate swaps - floor income hedges
4,324

 
(32,709
)
Interest rate swap option - floor income hedge
(884
)
 
(1,415
)
Interest rate swaps - hybrid debt hedges
419

 
(2,549
)
Interest rate caps
(522
)
 
(763
)
Cross-currency interest rate swap
935

 
32,701

Centrally cleared variation margin
(50,401
)
 
—

Other
(460
)
 
293

Total change in fair value - income (expense)
(49,163
)
 
(3,674
)
Re-measurement of Euro Notes (foreign currency transaction adjustment) - (expense) income
(4,690
)
 
(18,480
)
Derivative market value and foreign currency transaction adjustments and derivative settlements, net - (expense) income
$
(4,830
)
 
(28,691
)
Investments and Notes Receivable
Investments
Investments and Notes Receivable

A summary of the Company's investments and notes receivable follows:
 
As of March 31, 2017
 
As of December 31, 2016
 
Amortized cost
 
Gross unrealized gains
 
Gross unrealized losses (a)
 
Fair value
 
Amortized cost
 
Gross unrealized gains
 
Gross unrealized losses
 
Fair value
 
 
 
 
 
 
 
 
Investments (at fair value):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Available-for-sale investments:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Student loan asset-backed and other debt securities (b)
$
114,315

 
7,028

 
(622
)
 
120,721

 
98,260

 
6,280

 
(641
)
 
103,899

Equity securities
720

 
2,081

 
(54
)
 
2,747

 
720

 
1,930

 
(61
)
 
2,589

Total available-for-sale investments
$
115,035

 
9,109

 
(676
)
 
123,468

 
98,980

 
8,210

 
(702
)
 
106,488

Trading investments - equity securities
 
 
 
 
 
 
98

 
 
 
 
 
 
 
105

Total available-for-sale and trading investments
 
 
 
 
 
 
123,566

 
 
 
 
 
 
 
106,593

Other Investments and Notes Receivable (not measured at fair value):
 
 
 
 
 
 
 
 
 
 
 
 
Venture capital and funds
 
 
 
 
 
 
73,800

 
 
 
 
 
 
 
69,789

Real estate
 
 
 
 
 
 
48,480

 
 
 
 
 
 
 
48,379

Notes receivable
 
 
 
 
 
 
16,563

 
 
 
 
 
 
 
17,031

Tax liens and affordable housing
 
 
 
 
 
 
11,409

 
 
 
 
 
 
 
12,352

Total investments and notes receivable
 
 
 
 
 
 
$
273,818

 
 
 
 
 
 
 
254,144


    
(a)
As of March 31, 2017, the aggregate fair value of available-for-sale investments with unrealized losses was $34.8 million, of which $11.0 million had been in a continuous unrealized loss position for greater than 12 months. Because the Company currently has the intent and ability to retain these investments for an anticipated recovery in fair value, as of March 31, 2017, the Company considered the decline in market value of its available-for-sale investments to be temporary in nature and did not consider any of its investments other-than-temporarily impaired.

(b)
As of March 31, 2017, the stated maturities of substantially all of the Company's student loan asset-backed and other debt securities classified as available-for-sale were greater than 10 years.
Intangible Assets Intangible Assets
Intangible Assets Disclosure [Text Block]
Intangible Assets

Intangible assets consist of the following:
 
 
Weighted average remaining useful life as of March 31, 2017 (months)
 
As of March 31, 2017
 
As of December 31, 2016
 
 
Amortizable intangible assets:
 
 
 
 
Customer relationships (net of accumulated amortization of $9,623 and $8,548, respectively)
166
 
$
27,261

 
28,335

 
Trade names (net of accumulated amortization of $1,864 and $1,653, respectively)
186
 
9,708

 
9,919

 
Computer software (net of accumulated amortization of $6,760 and $5,675, respectively)
23
 
8,211

 
9,296

 
Covenants not to compete (net of accumulated amortization of $100 and $91, respectively)
86
 
254

 
263

 
Total - amortizable intangible assets
144
 
$
45,434

 
47,813



The Company recorded amortization expense on its intangible assets of $2.4 million and $2.5 million during the three months ended March 31, 2017 and 2016, respectively. The Company will continue to amortize intangible assets over their remaining useful lives. As of March 31, 2017, the Company estimates it will record amortization expense as follows:

2017 (April 1 - December 31)
$
7,007

2018
8,605

2019
5,147

2020
4,231

2021
3,480

2022 and thereafter
16,964

 
$
45,434

Goodwill Goodwill (Notes)
Goodwill Disclosure [Text Block]
Goodwill

The carrying amount of goodwill as of December 31, 2016 and March 31, 2017 by reportable operating segment was as follows:
 
Loan Systems and Servicing
 
Tuition Payment Processing and Campus Commerce
 
Communications
 
Asset Generation and Management
 
Corporate and Other Activities
 
Total
Goodwill balance
$
8,596

 
67,168

 
21,112

 
41,883

 
8,553

 
147,312

Property Plant and Equipment Property Plant and Equipment (Notes)
Property, Plant and Equipment Disclosure [Text Block]
Property and Equipment

Property and equipment consisted of the following:
 
 
 
As of March 31, 2017
 
As of December 31, 2016
 
Useful life
 
 
Non-communications:
 
 
 
 
 
Computer equipment and software
1-5 years
 
$
103,109

 
97,317

Office furniture and equipment
3-7 years
 
12,376

 
12,344

Building and building improvements
5-39 years
 
13,383

 
13,363

Transportation equipment
4-10 years
 
3,813

 
3,809

Leasehold improvements
5-20 years
 
3,605

 
3,579

Land
—
 
1,682

 
1,682

Construction in progress
—
 
19,284

 
16,346

 
 
 
157,252

 
148,440

Accumulated depreciation - non-communications
 
 
95,575

 
91,285

Non-communications, net property and equipment
 
 
61,677

 
57,155

 
 
 
 
 
 
Communications:
 
 
 
 
 
Network plant and fiber
5-15 years
 
51,868

 
40,844

Central office
5-15 years
 
7,388

 
6,448

Customer located property
5-10 years
 
7,385

 
5,138

Transportation equipment
4-10 years
 
3,805

 
2,966

Computer equipment and software
1-5 years
 
2,344

 
2,026

Other
1-39 years
 
1,411

 
1,268

Land
—
 
70

 
70

Construction in progress
—
 
13,695

 
12,537

 
 
 
87,966

 
71,297

Accumulated depreciation - communications
 
 
6,581

 
4,666

Communications, net property and equipment
 
 
81,385

 
66,631

Total property and equipment, net
 
 
$
143,062

 
123,786



Depreciation expense for the three months ended March 31, 2017 and 2016 related to property and equipment was $6.2 million and $5.1 million, respectively.
Earnings per Common Share
Earnings Per Common Share
Earnings per Common Share

Presented below is a summary of the components used to calculate basic and diluted earnings per share. The Company applies the two-class method in computing both basic and diluted earnings per share, which requires the calculation of separate earnings per share amounts for common stock and unvested share-based awards. Unvested share-based awards that contain nonforfeitable rights to dividends are considered securities which participate in undistributed earnings with common stock.
 
Three months ended March 31,
 
2017
 
2016
 
Common shareholders
 
Unvested restricted stock shareholders
 
Total
 
Common shareholders
 
Unvested restricted stock shareholders
 
Total
Numerator:
 
 
 
 
 
 
 
 
 
 
 
Net income attributable to Nelnet, Inc.
$
49,505

 
521

 
50,026

 
47,452

 
509

 
47,961

 
 
 
 
 


 
 
 
 
 
 
Denominator:


 


 


 
 
 
 
 
 
Weighted-average common shares outstanding - basic and diluted
41,851,064

 
440,793

 
42,291,857

 
42,630,806

 
457,286

 
43,088,092

Earnings per share - basic and diluted
$
1.18

 
1.18

 
1.18

 
1.11

 
1.11

 
1.11



Unvested restricted stock awards are the Company's only potential common shares and, accordingly, there were no awards that were antidilutive and not included in average shares outstanding for the diluted earnings per share calculation.
Segment Reporting
Segment Reporting

See note 14 of the notes to consolidated financial statements included in the 2016 Annual Report for a description of the Company's operating segments. The following tables include the results of each of the Company's operating segments reconciled to the consolidated financial statements.
 
Three months ended March 31, 2017
 
Loan Systems and Servicing
 
Tuition Payment Processing and Campus Commerce
 
Communications
 
Asset
Generation and
Management
 
Corporate and Other Activities
 
Eliminations
 
Total
Total interest income
$
94

 
2

 
1

 
182,326

 
2,761

 
(1,359
)
 
183,824

Interest expense
—

 
—

 
712

 
106,751

 
795

 
(1,359
)
 
106,899

Net interest income
94

 
2

 
(711
)
 
75,575

 
1,966

 
—

 
76,925

Less provision for loan losses
—

 
—

 
—

 
1,000

 
—

 
—

 
1,000

Net interest income (loss) after provision for loan losses
94


2

 
(711
)
 
74,575

 
1,966

 
—

 
75,925

Other income:
 

 
 

 
 
 
 

 
 

 
 

 
 

Loan systems and servicing revenue
54,229

 
—

 
—

 
—

 
—

 
—

 
54,229

Intersegment servicing revenue
10,323

 
—

 
—

 
—

 
—

 
(10,323
)
 
—

Tuition payment processing, school information, and campus commerce revenue
—

 
43,620

 
—

 
—

 
—

 
—

 
43,620

Communications revenue
—

 
—

 
5,106

 
—

 
—

 
—

 
5,106

Other income
—

 
—

 
—

 
3,342

 
9,290

 
—

 
12,632

Gain from debt repurchases
—

 
—

 
—

 
540

 
4,440

 
—

 
4,980

Derivative settlements, net
—

 
—

 
—

 
(1,173
)
 
(205
)
 
—

 
(1,378
)
Derivative market value and foreign currency transaction adjustments, net
—

 
—

 
—

 
(53,811
)
 
(42
)
 
—

 
(53,853
)
Centrally cleared variation margin settlements, net
—

 
—

 
—

 
50,401

 
—

 
—

 
50,401

Total other income
64,552

 
43,620

 
5,106

 
(701
)
 
13,483

 
(10,323
)
 
115,737

Operating expenses:
 

 
 

 
 
 
 
 
 

 
 
 
 

Salaries and benefits
37,992

 
16,652

 
2,979

 
400

 
13,839

 
—

 
71,863

Depreciation and amortization
549

 
2,391

 
2,135

 
—

 
3,523

 
—

 
8,598

Loan servicing fees
—

 
—

 
—

 
6,025

 
—

 
—

 
6,025

Cost to provide communications services
—

 
—

 
1,954

 
—

 
—

 
—

 
1,954

Other expenses
9,136

 
4,995

 
1,372

 
991

 
10,054

 
—

 
26,547

Intersegment expenses, net
7,398

 
2,075

 
506

 
10,412

 
(10,068
)
 
(10,323
)
 
—

Total operating expenses
55,075

 
26,113

 
8,946

 
17,828

 
17,348

 
(10,323
)
 
114,987

Income (loss) before income taxes
9,571

 
17,509

 
(4,551
)
 
56,046

 
(1,899
)
 
—

 
76,675

Income tax (expense) benefit
(4,555
)
 
(6,653
)
 
1,730

 
(21,297
)
 
2,021

 
—

 
(28,755
)
Net income (loss)
5,016

 
10,856

 
(2,821
)
 
34,749

 
122

 
—

 
47,920

  Net loss (income) attributable to noncontrolling interests
2,415

 
—

 
—

 
—

 
(309
)
 
—

 
2,106

Net income (loss) attributable to Nelnet, Inc.
$
7,431

 
10,856

 
(2,821
)
 
34,749

 
(187
)
 
—

 
50,026

 
Three months ended March 31, 2016
 
Loan Systems and Servicing
 
Tuition Payment Processing and Campus Commerce
 
Communications
 
Asset
Generation and
Management
 
Corporate and Other
Activities
 
Eliminations
 
Total
Total interest income
$
21

 
3

 
—

 
190,723

 
2,093

 
(823
)
 
192,017

Interest expense
—

 
—

 
147

 
89,877

 
1,206

 
(823
)
 
90,408

Net interest income
21

 
3

 
(147
)
 
100,846

 
887

 
—

 
101,609

Less provision for loan losses
—

 
—

 
—

 
2,500

 
—

 
—

 
2,500

Net interest income (loss) after provision for loan losses
21

 
3

 
(147
)
 
98,346

 
887

 
—

 
99,109

Other income:
 

 
 

 
 
 
 

 
 

 
 

 
 

Loan systems and servicing revenue
52,330

 
—

 
—

 
—

 
—

 
—

 
52,330

Intersegment servicing revenue
12,007

 
—

 
—

 
—

 
—

 
(12,007
)
 
—

Tuition payment processing, school information, and campus commerce revenue
—

 
38,657

 
—

 
—

 
—

 
—

 
38,657

Communications revenue
—

 
—

 
4,346

 
—

 
—

 
—

 
4,346

Enrollment services revenue
—

 
—

 
—

 
—

 
4,326

 
—

 
4,326

Other income
—

 
—

 
—

 
4,263

 
9,532

 
—

 
13,796

Gain from debt repurchases
—

 
—

 
—

 
101

 
—

 
—

 
101

Derivative settlements, net
—

 
—

 
—

 
(6,304
)
 
(232
)
 
—

 
(6,537
)
Derivative market value and foreign currency transaction adjustments, net
—

 
—

 
—

 
(19,897
)
 
(2,256
)
 
—

 
(22,154
)
Total other income
64,337

 
38,657

 
4,346

 
(21,837
)
 
11,370

 
(12,007
)
 
84,865

Operating expenses:
 

 
 

 
 
 
 

 
 

 
.

 
 

Salaries and benefits
32,967

 
14,435

 
1,089

 
519

 
14,231

 
—

 
63,242

Depreciation and amortization
438

 
2,271

 
1,129

 
—

 
3,802

 
—

 
7,640

Loan servicing fees
—

 
—

 
—

 
6,928

 
—

 
—

 
6,928

Cost to provide communications services
—

 
—

 
1,703

 
—

 
—

 
—

 
1,703

Cost to provide enrollment services
—

 
—

 
—

 
—

 
3,623

 
—

 
3,623

Other expenses
11,470

 
4,159

 
753

 
1,516

 
10,477

 
—

 
28,376

Intersegment expenses, net
6,241

 
1,512

 
144

 
12,107

 
(7,997
)
 
(12,007
)
 
—

Total operating expenses
51,116

 
22,377

 
4,818

 
21,070

 
24,136

 
(12,007
)
 
111,512

Income (loss) before income taxes
13,242

 
16,283

 
(619
)
 
55,439

 
(11,879
)
 
—

 
72,462

Income tax (expense) benefit
(5,032
)
 
(6,188
)
 
235

 
(21,066
)
 
7,617

 
—

 
(24,433
)
Net income (loss)
8,210

 
10,095

 
(384
)
 
34,373

 
(4,262
)
 
—

 
48,029

  Net loss (income) attributable to noncontrolling interests
—

 
—

 
—

 
—

 
(68
)
 
—

 
(68
)
Net income (loss) attributable to Nelnet, Inc.
$
8,210

 
10,095

 
(384
)
 
34,373

 
(4,330
)
 
—

 
47,961

Major Customer
Concentration Risk Disclosure [Text Block]
Major Customer
The Company earns loan servicing revenue from a servicing contract with the U.S. Department of Education (the "Department") that currently is set to expire on June 16, 2019. Revenue earned by the Company's Loan Systems and Servicing operating segment related to this contract was $39.0 million and $35.2 million for the three months ended March 31, 2017 and 2016, respectively. In April 2016, the Department's Office of Federal Student Aid ("FSA") released information regarding a new contract procurement process for the Department to acquire a single servicing platform with multiple customer service providers to manage all student loans owned by the Department.  The contract solicitation process was divided into two phases.

On May 6, 2016, Nelnet Servicing, a subsidiary of the Company, and Great Lakes submitted a joint response to Phase I as part of a newly created joint venture to respond to the contract solicitation process and to provide services under the new contract in the event that the Department selects it to be awarded with the contract. The joint venture operates as a new legal entity called GreatNet. Nelnet Servicing and Great Lakes each own 50 percent of the ownership interests of GreatNet. In addition to Nelnet Servicing, Great Lakes is currently one of four private sector companies (referred to as Title IV Additional Servicers, or "TIVAS") that has a student loan servicing contract with the Department to provide servicing for loans owned by the Department.

On June 30, 2016, the Department announced which entities were selected to respond to Phase II of the procurement selection process. GreatNet was one of three entities selected. Navient Corporation and FedLoan Servicing (Pennsylvania Higher Education Assistance Agency ("PHEAA")), the other two TIVAS, were also selected to respond to Phase II. On January 6, 2017, GreatNet submitted its Phase II response to the Department. On April 11, 2017, the Department announced that it was withdrawing certain policy memos to FSA from the prior administration regarding factors to be considered in the procurement process. GreatNet is currently awaiting announcement from the new administration on the next steps in the procurement process.
Fair Value
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. There were no transfers into or out of level 1, level 2, or level 3 for the three months ended March 31, 2017.
 
As of March 31, 2017
 
As of December 31, 2016
 
Level 1
 
Level 2
 
Total
 
Level 1
 
Level 2
 
Total
Assets:
 
 
 
 
 
 
 
 
 
 
 
Investments (available-for-sale and trading):
 
 
 
 


 
 
 
 
 
 
Student loan asset-backed securities
$
—

 
120,506

 
120,506

 
—

 
103,780

 
103,780

Equity securities
2,845

 
—

 
2,845

 
2,694

 
—

 
2,694

Debt securities
215

 
—

 
215

 
119

 
—

 
119

Total investments (available-for-sale and trading)
3,060

 
120,506

 
123,566

 
2,813

 
103,780

 
106,593

Derivative instruments
—

 
39,652

 
39,652

 
—

 
87,531

 
87,531

Total assets
$
3,060

 
160,158

 
163,218

 
2,813

 
191,311

 
194,124

Liabilities:
 

 
 

 
 

 
 
 
 
 
 
Derivative instruments
$
—

 
79,095

 
79,095

 
—

 
77,826

 
77,826

Total liabilities
$
—

 
79,095

 
79,095

 
—

 
77,826

 
77,826


The following table summarizes the fair values of all of the Company’s financial instruments on the consolidated balance sheets:
 
As of March 31, 2017
 
Fair value
 
Carrying value
 
Level 1
 
Level 2
 
Level 3
Financial assets:
 
 
 
 
 
 
 
 
 
Student loans receivable
$
25,036,613

 
24,003,386

 
—

 
—

 
25,036,613

Cash and cash equivalents
108,160

 
108,160

 
108,160

 
—

 
—

Investments (available-for-sale and trading)
123,566

 
123,566

 
3,060

 
120,506

 
—

Notes receivable
16,563

 
16,563

 
—

 
16,563

 
—

Restricted cash
787,635

 
787,635

 
787,635

 
—

 
—

Restricted cash – due to customers
93,699

 
93,699

 
93,699

 
—

 
—

Accrued interest receivable
392,754

 
392,754

 
—

 
392,754

 
—

Derivative instruments
39,652

 
39,652

 
—

 
39,652

 
—

Financial liabilities:
 

 
 

 
 
 
 
 
 
Bonds and notes payable
23,526,104

 
23,594,516

 
—

 
23,526,104

 
—

Accrued interest payable
46,427

 
46,427

 
—

 
46,427

 
—

Due to customers
93,699

 
93,699

 
93,699

 
—

 
—

Derivative instruments
79,095

 
79,095

 
—

 
79,095

 
—

 
As of December 31, 2016
 
Fair value
 
Carrying value
 
Level 1
 
Level 2
 
Level 3
Financial assets:
 
 
 
 
 
 
 
 
 
Student loans receivable
$
25,653,581

 
24,903,724

 
—

 
—

 
25,653,581

Cash and cash equivalents
69,654

 
69,654

 
69,654

 
—

 
—

Investments (available-for-sale and trading)
106,593

 
106,593

 
2,813

 
103,780

 
—

Notes receivable
17,031

 
17,031

 
—

 
17,031

 
—

Restricted cash
980,961

 
980,961

 
980,961

 
—

 
—

Restricted cash – due to customers
119,702

 
119,702

 
119,702

 
—

 
—

Accrued interest receivable
391,264

 
391,264

 
—

 
391,264

 
—

Derivative instruments
87,531

 
87,531

 
—

 
87,531

 
—

Financial liabilities:
 

 
 

 
 
 
 
 
 
Bonds and notes payable
24,220,996

 
24,668,490

 
—

 
24,220,996

 
—

Accrued interest payable
45,677

 
45,677

 
—

 
45,677

 
—

Due to customers
119,702

 
119,702

 
119,702

 
—

 
—

Derivative instruments
77,826

 
77,826

 
—

 
77,826

 
—


 
The methodologies for estimating the fair value of financial assets and liabilities are described in note 20 of the notes to consolidated financial statements included in the 2016 Annual Report.
Basis of Financial Reporting Significant Accounting Policies (Policies)
Basis of Financial Reporting 
Basis of Financial Reporting

The accompanying unaudited consolidated financial statements of Nelnet, Inc. and subsidiaries (the “Company”) as of March 31, 2017 and for the three months ended March 31, 2017 and 2016 have been prepared on the same basis as the audited consolidated financial statements for the year ended December 31, 2016 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, 2017 are not necessarily indicative of the results for the year ending December 31, 2017. 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, 2016 (the "2016 Annual Report").

Noncontrolling Interest Disclosure [Text Block] 
Noncontrolling Interest

Nelnet Servicing, LLC ("Nelnet Servicing"), a subsidiary of the Company, and Great Lakes Educational Loan Services, Inc. ("Great Lakes") created a joint venture to respond to the U.S. Department of Education’s initiative to procure a contract for federal student loan servicing to acquire a single servicing platform to service all loans owned by the Department.  The joint venture operates as a new legal entity called GreatNet Solutions, LLC (“GreatNet”).  Nelnet Servicing and Great Lakes each own 50 percent of the ownership interests in GreatNet.  See note 11 for additional information on the contract procurement process. 

During the three months ended March 31, 2017, Nelnet Servicing contributed $12.6 million to GreatNet and GreatNet began to incur certain operating costs.  For financial reporting purposes, the balance sheet and operating results of GreatNet are included in the Company’s consolidated financial statements and presented in the Company’s Loan Systems and Servicing operating segment.  The proportionate share of membership interest (equity) and net loss of GreatNet that is attributable to Great Lakes is reflected as minority interest in the consolidated financial statements. 

For a description of other entities in which the Company reflects minority interest in its consolidated financial statements, see note 2 of the notes to consolidated financial statements included in the 2016 Annual Report.
Student Loans Receivable and Allowance for Loan Losses (Tables)
Schedule of Accounts, Notes, Loans and Financing Receivable 
Student loans receivable consisted of the following:
 
As of
 
As of
 
March 31, 2017
 
December 31, 2016
Federally insured loans:
 
 
 
Stafford and other
$
4,927,541

 
5,186,047

Consolidation
19,012,552

 
19,643,937

Total
23,940,093

 
24,829,984

Private education loans
256,816

 
273,659

 
24,196,909

 
25,103,643

Loan discount, net of unamortized loan premiums and deferred origination costs (a)
(142,997
)
 
(148,077
)
Allowance for loan losses – federally insured loans
(36,687
)
 
(37,268
)
Allowance for loan losses – private education loans
(13,839
)
 
(14,574
)
 
$
24,003,386

 
24,903,724



(a)
As of March 31, 2017 and December 31, 2016, "loan discount, net of unamortized loan premiums and deferred origination costs" included $16.6 million and $18.6 million, respectively, of non-accretable discount associated with purchased loans of $8.0 billion and $8.3 billion, respectively.
Allowance for Credit Losses on Financing Receivables 
Activity in the Allowance for Loan Losses

The provision for loan losses represents the periodic expense of maintaining an allowance sufficient to absorb losses, net of recoveries, inherent in the portfolio of student loans. Activity in the allowance for loan losses is shown below.
 
Three months ended March 31,
 
2017
 
2016
Balance at beginning of period
$
51,842

 
50,498

Provision for loan losses:
 
 
 
Federally insured loans
2,000

 
2,000

Private education loans
(1,000
)
 
500

Total provision for loan losses
1,000

 
2,500

Charge-offs:
 

 
 

Federally insured loans
(2,581
)
 
(3,049
)
Private education loans
(82
)
 
(401
)
Total charge-offs
(2,663
)
 
(3,450
)
Recoveries - private education loans
197

 
276

Purchase of private education loans
—

 
160

Transfer from repurchase obligation related to private education loans repurchased
150

 
100

Balance at end of period
$
50,526

 
50,084

 
 
 
 
Allocation of the allowance for loan losses:
 
 
 

Federally insured loans
$
36,687

 
34,441

Private education loans
13,839

 
15,643

Total allowance for loan losses
$
50,526

 
50,084





Financing Receivable Credit Quality Indicators 
Student Loan Status and Delinquencies

Delinquencies have the potential to adversely impact the Company’s earnings through increased servicing and collection costs and account charge-offs.  The table below shows the Company’s loan delinquency amounts.

 
As of March 31, 2017
 
As of December 31, 2016
 
As of March 31, 2016
Federally insured loans:
 
 
 
 
 
 
 
 
 
 
 
Loans in-school/grace/deferment
$
1,604,494

 
 
 
$
1,606,468

 
 
 
$
2,198,559

 
 
Loans in forbearance
2,125,344

 
 
 
2,295,367

 
 
 
2,736,472

 
 
Loans in repayment status:
 
 
 
 
 
 
 
 
 
 
 
Loans current
17,690,083

 
87.5
%
 
18,125,768

 
86.6
%
 
19,375,813

 
86.0
%
Loans delinquent 31-60 days
732,433

 
3.6

 
818,976

 
3.9

 
866,207

 
3.8

Loans delinquent 61-90 days
493,876

 
2.4

 
487,647

 
2.3

 
538,284

 
2.4

Loans delinquent 91-120 days
275,711

 
1.4

 
335,291

 
1.6

 
329,425

 
1.5

Loans delinquent 121-270 days
763,030

 
3.8

 
854,432

 
4.1

 
1,008,157

 
4.5

Loans delinquent 271 days or greater
255,122

 
1.3

 
306,035

 
1.5

 
396,280

 
1.8

Total loans in repayment
20,210,255

 
100.0
%
 
20,928,149

 
100.0
%
 
22,514,166

 
100.0
%
Total federally insured loans
$
23,940,093

 
 

 
$
24,829,984

 
 

 
$
27,449,197

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Private education loans:
 
 
 
 
 
 
 
 
 
 
Loans in-school/grace/deferment
$
34,138

 
 
 
$
35,146

 
 
 
$
55,668

 
 
Loans in forbearance
3,811

 
 
 
3,448

 
 
 
722

 
 
Loans in repayment status:
 
 
 
 
 
 
 
 
 
 
 
Loans current
213,081

 
97.4
%
 
228,612

 
97.2
%
 
231,556

 
97.2
%
Loans delinquent 31-60 days
1,355

 
0.6

 
1,677

 
0.7

 
968

 
0.4

Loans delinquent 61-90 days
1,402

 
0.6

 
1,110

 
0.5

 
1,144

 
0.5

Loans delinquent 91 days or greater
3,029

 
1.4

 
3,666

 
1.6

 
4,563

 
1.9

Total loans in repayment
218,867

 
100.0
%
 
235,065

 
100.0
%
 
238,231

 
100.0
%
Total private education loans
$
256,816

 
 

 
$
273,659

 
 

 
$
294,621

 
 
Bonds and Notes payable (Tables)
Schedule of Debt 
The following tables summarize the Company’s outstanding debt obligations by type of instrument:
 
As of March 31, 2017
 
Carrying
amount
 
Interest rate
range
 
Final maturity
Variable-rate bonds and notes issued in FFELP loan asset-backed securitizations:
 
 
 
 
 
Bonds and notes based on indices
$
21,316,429

 
0.22% - 6.90%
 
6/25/21 - 9/25/65
Bonds and notes based on auction
800,065

 
1.69% - 2.32%
 
3/22/32 - 11/26/46
Total FFELP variable-rate bonds and notes
22,116,494

 
 
 
 
FFELP warehouse facilities
1,608,569

 
0.83% - 1.17%
 
9/7/18 - 12/13/19
Variable-rate bonds and notes issued in private education loan asset-backed securitization
102,585

 
2.73%
 
12/26/40
Fixed-rate bonds and notes issued in private education loan asset-backed securitization
105,264

 
3.60% / 5.35%
 
12/26/40 / 12/28/43
Unsecured line of credit
35,000

 
2.29%
 
12/12/21
Unsecured debt - Junior Subordinated Hybrid Securities
20,526

 
4.52%
 
9/15/61
Other borrowings
20,871

 
1.78% - 3.38%
 
4/27/17 - 12/15/45
 
24,009,309

 
 
 
 
Discount on bonds and notes payable and debt issuance costs
(414,793
)
 
 
 
 
Total
$
23,594,516

 
 
 
 
 
As of December 31, 2016
 
Carrying
amount
 
Interest rate
range
 
Final maturity
Variable-rate bonds and notes issued in FFELP loan asset-backed securitizations:
 
 
 
 
 
Bonds and notes based on indices
$
22,130,063

 
0.24% - 6.90%
 
6/25/21 - 9/25/65
Bonds and notes based on auction
998,415

 
1.61% - 2.28%
 
3/22/32 - 11/26/46
Total FFELP variable-rate bonds and notes
23,128,478

 
 
 
 
FFELP warehouse facilities
1,677,443

 
0.63% - 1.09%
 
9/7/18 - 12/13/19
Variable-rate bonds and notes issued in private education loan asset-backed securitization
112,582

 
2.60%
 
12/26/40
Fixed-rate bonds and notes issued in private education loan asset-backed securitization
113,378

 
3.60% / 5.35%
 
12/26/40 / 12/28/43
Unsecured line of credit
—

 
—
 
12/12/21
Unsecured debt - Junior Subordinated Hybrid Securities
50,184

 
4.37%
 
9/15/61
Other borrowings
18,355

 
3.38%
 
3/31/23 / 12/15/45
 
25,100,420

 
 
 
 
Discount on bonds and notes payable and debt issuance costs
(431,930
)
 
 
 
 
Total
$
24,668,490

 
 
 
 
Schedule of Line of Credit Facilities 
FFELP Warehouse Facilities

The Company funds a portion 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, 2017, the Company had three FFELP warehouse facilities as summarized below.
 
 
NFSLW-I
 
NHELP-III (a)
 
NHELP-II
 
 
Total
Maximum financing amount
 
$
875,000

 
750,000

 
500,000

 
 
2,125,000

Amount outstanding
 
619,249

 
587,741

 
401,579

 
 
1,608,569

Amount available
 
$
255,751

 
162,259

 
98,421

 
 
516,431

Expiration of liquidity provisions
 
July 10, 2018

 
April 28, 2017

 
December 15, 2017

 
 
 
Final maturity date
 
September 7, 2018

 
April 26, 2019

 
December 13, 2019

 
 
 
Maximum advance rates
 
92.0 - 98.0%

 
92.2 - 95.0%

 
85.0 - 95.0%

 
 
 
Minimum advance rates
 
84.0 - 90.0%

 
92.2 - 95.0%

 
85.0 - 95.0%

 
 
 
Advanced as equity support
 
$
18,177

 
30,052

 
29,689

 
 
77,918



(a)
On April 3, 2017, the Company entered into a letter agreement for this warehouse facility to decrease the maximum financing amount to $600.0 million. On April 28, 2017, the Company amended the agreement for this warehouse facility which changed the expiration date for the liquidity provisions to April 27, 2018 and changed the final maturity date to April 27, 2020. On May 5, 2017, the Company decreased the maximum financing amount on this warehouse facility to $400.0 million.
Derivative Financial Instruments (Tables)
Interest Rate Swaps - 1:3 Basis swaps 
Basis Swaps

The following table summarizes the Company’s basis swaps outstanding as of March 31, 2017 and December 31, 2016 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").
 
 
 
As of March 31,
 
As of December 31,
 
 
2017
 
2016
Maturity
 
Notional amount
 
Notional amount
2018
 
$
4,000,000

 
—

2024
 
250,000

 
—

2026
 
1,150,000

 
1,150,000

2027
 
375,000

 
—

2028
 
325,000

 
325,000

2029
 
100,000

 
—

2031
 
300,000

 
300,000

 
 
$
6,500,000

 
1,775,000

The weighted average rate paid by the Company on the 1:3 Basis Swaps as of March 31, 2017 and December 31, 2016 was one-month LIBOR plus 15.3 basis points and 10.1 basis points, respectively.
Interest Rate Swaps - Floor Income Hedges 
Interest Rate Swaps – Floor Income Hedges

The following table summarizes the outstanding derivative instruments used by the Company to economically hedge loans earning fixed rate floor income as of March 31, 2017 and December 31, 2016.
Maturity
 
Notional amount
 
Weighted average fixed rate paid by the Company (a)
 
 
2017
 
$
750,000

 
0.99
%
2018
 
1,350,000

 
1.07

2019
 
3,250,000

 
0.97

2020
 
1,500,000

 
1.01

2025
 
100,000

 
2.32

 
 
$
6,950,000

 
1.02
%

(a)
For all interest rate derivatives, the Company receives discrete three-month LIBOR.
Interest Rate Swaps - Unsecured Debt Hedges 
nterest Rate Swaps – Unsecured Debt Hedges

As of March 31, 2017 and December 31, 2016, the Company had $20.5 million and $50.2 million, respectively, of unsecured Hybrid Securities outstanding. The interest rate on the Hybrid Securities through September 29, 2036 is equal to three-month LIBOR plus 3.375%, payable quarterly. The Company had the following derivatives outstanding as of March 31, 2017 and December 31, 2016 that are used to effectively convert the variable interest rate on a designated notional amount with respect to the Hybrid Securities to a fixed rate of 7.66%.
 
Maturity
 
Notional amount
 
Weighted average fixed rate paid by the Company (a)
2036
 
$
25,000

 
4.28
%
(a)
For all interest rate derivatives, the Company receives discrete three-month LIBOR.
Impact of Remeasurement of Euro Bonds and Foreign Exchange Contracts on the Statement of Income 
Foreign Currency Exchange Risk

In 2006, the Company issued €352.7 million of student loan asset-backed Euro Notes (the "Euro Notes") with an interest rate based on a spread to the EURIBOR index. As a result of the Euro Notes, the Company is exposed to market risk related to fluctuations in foreign currency exchange rates between the U.S. dollar and Euro. The principal and accrued interest on these notes are re-measured at each reporting period and recorded in the Company’s consolidated balance sheet in U.S. dollars based on the foreign currency exchange rate on that date. Changes in the principal and accrued interest amounts as a result of foreign currency exchange rate fluctuations are included in the Company’s consolidated statements of income.

The Company entered into a cross-currency interest rate swap in connection with the issuance of the Euro Notes. Under the terms of the cross-currency interest rate swap, the Company receives from the counterparty a spread to the EURIBOR index based on a notional amount of €352.7 million and pays a spread to the LIBOR index based on a notional amount of $450.0 million. In addition, under the terms of this agreement, all principal payments on the Euro Notes will effectively be paid at the exchange rate in effect between the U.S. dollar and Euro as of the issuance of the notes.

The following table shows the income statement impact as a result of the re-measurement of the Euro Notes and the change in the fair value of the related derivative instrument.
 
Three months ended March 31,
 
2017
 
2016
Re-measurement of Euro Notes
$
(4,690
)
 
(18,480
)
Change in fair value of cross-currency interest rate swap
935

 
32,701

Total impact to consolidated statements of income - (expense) income (a)
$
(3,755
)
 
14,221

(a)
The financial statement impact of the above items is included in "Derivative market value and foreign currency transaction adjustments and derivative settlements, net" in the Company's consolidated statements of income.
Management has structured the cross-currency interest rate swap to economically hedge the Euro Notes to effectively convert the Euro Notes to U.S. dollars and pay a spread on these notes based on the LIBOR index. However, the cross-currency interest rate swap does not qualify for hedge accounting. The re-measurement of the Euro-denominated bonds generally correlates with the change in the fair value of the corresponding cross-currency interest rate swap. However, the Company will experience unrealized gains and losses between these financial instruments due to the principal and accrued interest on the Euro Notes being re-measured to U.S. dollars at each reporting date based on the foreign currency exchange rate on that date, while the cross-currency interest rate swap is measured at fair value at each reporting date with the change in fair value recognized in the current period earnings.
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value 
Consolidated Financial Statement Impact Related to Derivatives

Effective June 10, 2013, all over-the-counter derivative contracts executed by the Company are cleared post-execution at the Chicago Mercantile Exchange (“CME”), a regulated clearinghouse.  Clearing is a process by which a third-party, the clearinghouse, steps in between the original counterparties and guarantees the performance of both, by requiring that each post liquid collateral on an initial (initial margin) and mark-to-market (variation margin) basis to cover the clearinghouse’s potential future exposure in the event of default. 

Prior to January 3, 2017, the Company accounted for variation margin payments to the CME as collateral against its derivative position.  As such, these payments were treated as a separate unit of account from the derivative instrument and reported as a liability for cash collateral received and an asset (restricted cash) for cash collateral paid.  Effective January 3, 2017, the CME amended its rulebooks to legally characterize variation margin payments for over-the-counter derivatives they clear as settlements of the derivatives’ exposure rather than collateral against the exposure.  Based on these rulebook changes, for accounting and presentation purposes, the Company considers variation margin and the corresponding derivative instrument a single unit of account.  As such, effective January 3, 2017, the variation margin received or paid is no longer accounted for separately as a liability or asset.  Instead, these payments are recognized as derivative settlements and considered in determining the fair value of the centrally cleared derivative portfolio. 

The new clearinghouse requirements did not alter or affect the accounting and presentation of the Company’s derivative instruments executed prior to June 10, 2013 and those derivatives that are not required to be cleared at a clearinghouse (non-centrally cleared derivatives). The Company records these derivative instruments in the consolidated balance sheets on a gross basis as either an asset or liability measured at its fair value. Certain non-centrally cleared derivatives are subject to right of offset provisions with counterparties.  For these derivatives, the Company does not offset fair value amounts recognized for derivative instruments and fair value amounts recognized for the right to reclaim cash collateral (a receivable) or the obligation to return cash collateral (a payable) arising from derivative instruments that are recognized at fair value and executed with the same counterparty under a master netting arrangement.

The following table summarizes the fair value of the Company’s derivatives as reflected in the consolidated balance sheets:
 
Fair value of asset derivatives
 
Fair value of liability derivatives
 
As of
 
As of
 
As of
 
As of
 
March 31,
2017
 
December 31,
2016
 
March 31,
2017
 
December 31,
2016
1:3 basis swaps
$
—

 
—

 
5,198

 
2,624

Interest rate swaps - floor income hedges
85,533

 
81,159

 
304

 
256

Interest rate swap option - floor income hedge
2,092

 
2,977

 
—

 
—

Interest rate swaps - hybrid debt hedges
—

 
—

 
6,923

 
7,341

Interest rate caps
646

 
1,152

 
—

 
—

Cross-currency interest rate swap
—


—

 
66,670

 
67,605

Other
1,782

 
2,243

 
—

 
—

Centrally cleared variation margin (a)
(50,401
)
 
—

 
—

 
—

Total
$
39,652

 
87,531

 
79,095

 
77,826



(a)
As of March 31, 2017, the $50.4 million in variation margin due from the CME is included in "other assets" in the Company's consolidated balance sheet.

Offsetting Assets and Liabilities [Table Text Block] 
Offsetting of Derivative Assets/Liabilities
 
 
 
 
Gross amounts not offset in the consolidated balance sheets
 
 
 
 
Gross amounts of recognized assets/liabilities presented in the consolidated balance sheets
 
Derivatives subject to enforceable master netting arrangement
 
Cash collateral pledged
 
Net asset (liability)
 
 
As of March 31, 2017
Derivative assets:
 
 
 
 
 
 
 
 
Non-centrally cleared derivative assets
 
$
3,058

 
—

 
—

 
3,058

Centrally cleared derivative assets
 
36,594

 
—

 
—

 
36,594

 
 
$
39,652

 
—

 
—

 
39,652

Derivative liabilities:
 
 
 
 
 
 
 
 
Non-centrally cleared derivative liabilities
 
$
(73,593
)
 
—

 
7,892

 
(65,701
)
Centrally cleared derivative liabilities
 
(5,502
)
 
—

 
—

 
(5,502
)
 
 
$
(79,095
)
 
—

 
7,892

 
(71,203
)


 
 
As of December 31, 2016
Derivative assets
 
$
87,531

 
(2,880
)
 
475

 
85,126

Derivative liabilities
 
$
(77,826
)
 
2,880

 
7,292

 
(67,654
)
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance 

The following table summarizes the effect of derivative instruments in the consolidated statements of income.
 
Three months ended March 31,
 
2017
 
2016
Settlements:
 

 
 

1:3 basis swaps
$
698

 
(329
)
Interest rate swaps - floor income hedges
(120
)
 
(5,243
)
Interest rate swaps - hybrid debt hedges
(205
)
 
(232
)
Cross-currency interest rate swap
(1,751
)
 
(733
)
Centrally cleared variation margin settlements
50,401

 
—

Total settlements - income (expense)
49,023

 
(6,537
)
Change in fair value:
 

 
 

1:3 basis swaps
(2,574
)
 
768

Interest rate swaps - floor income hedges
4,324

 
(32,709
)
Interest rate swap option - floor income hedge
(884
)
 
(1,415
)
Interest rate swaps - hybrid debt hedges
419

 
(2,549
)
Interest rate caps
(522
)
 
(763
)
Cross-currency interest rate swap
935

 
32,701

Centrally cleared variation margin
(50,401
)
 
—

Other
(460
)
 
293

Total change in fair value - income (expense)
(49,163
)
 
(3,674
)
Re-measurement of Euro Notes (foreign currency transaction adjustment) - (expense) income
(4,690
)
 
(18,480
)
Derivative market value and foreign currency transaction adjustments and derivative settlements, net - (expense) income
$
(4,830
)
 
(28,691
)
Investments and Notes Receivable (Tables)
Summary Investment Holdings
A summary of the Company's investments and notes receivable follows:
 
As of March 31, 2017
 
As of December 31, 2016
 
Amortized cost
 
Gross unrealized gains
 
Gross unrealized losses (a)
 
Fair value
 
Amortized cost
 
Gross unrealized gains
 
Gross unrealized losses
 
Fair value
 
 
 
 
 
 
 
 
Investments (at fair value):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Available-for-sale investments:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Student loan asset-backed and other debt securities (b)
$
114,315

 
7,028

 
(622
)
 
120,721

 
98,260

 
6,280

 
(641
)
 
103,899

Equity securities
720

 
2,081

 
(54
)
 
2,747

 
720

 
1,930

 
(61
)
 
2,589

Total available-for-sale investments
$
115,035

 
9,109

 
(676
)
 
123,468

 
98,980

 
8,210

 
(702
)
 
106,488

Trading investments - equity securities
 
 
 
 
 
 
98

 
 
 
 
 
 
 
105

Total available-for-sale and trading investments
 
 
 
 
 
 
123,566

 
 
 
 
 
 
 
106,593

Other Investments and Notes Receivable (not measured at fair value):
 
 
 
 
 
 
 
 
 
 
 
 
Venture capital and funds
 
 
 
 
 
 
73,800

 
 
 
 
 
 
 
69,789

Real estate
 
 
 
 
 
 
48,480

 
 
 
 
 
 
 
48,379

Notes receivable
 
 
 
 
 
 
16,563

 
 
 
 
 
 
 
17,031

Tax liens and affordable housing
 
 
 
 
 
 
11,409

 
 
 
 
 
 
 
12,352

Total investments and notes receivable
 
 
 
 
 
 
$
273,818

 
 
 
 
 
 
 
254,144


    
(a)
As of March 31, 2017, the aggregate fair value of available-for-sale investments with unrealized losses was $34.8 million, of which $11.0 million had been in a continuous unrealized loss position for greater than 12 months. Because the Company currently has the intent and ability to retain these investments for an anticipated recovery in fair value, as of March 31, 2017, the Company considered the decline in market value of its available-for-sale investments to be temporary in nature and did not consider any of its investments other-than-temporarily impaired.

(b)
As of March 31, 2017, the stated maturities of substantially all of the Company's student loan asset-backed and other debt securities classified as available-for-sale were greater than 10 years.

Intangible Assets Intangible Assets (Tables)
Schedule of Finite-Lived Intangible Assets [Table Text Block] 
Intangible assets consist of the following:
 
 
Weighted average remaining useful life as of March 31, 2017 (months)
 
As of March 31, 2017
 
As of December 31, 2016
 
 
Amortizable intangible assets:
 
 
 
 
Customer relationships (net of accumulated amortization of $9,623 and $8,548, respectively)
166
 
$
27,261

 
28,335

 
Trade names (net of accumulated amortization of $1,864 and $1,653, respectively)
186
 
9,708

 
9,919

 
Computer software (net of accumulated amortization of $6,760 and $5,675, respectively)
23
 
8,211

 
9,296

 
Covenants not to compete (net of accumulated amortization of $100 and $91, respectively)
86
 
254

 
263

 
Total - amortizable intangible assets
144
 
$
45,434

 
47,813

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] 
The Company recorded amortization expense on its intangible assets of $2.4 million and $2.5 million during the three months ended March 31, 2017 and 2016, respectively. The Company will continue to amortize intangible assets over their remaining useful lives. As of March 31, 2017, the Company estimates it will record amortization expense as follows:

2017 (April 1 - December 31)
$
7,007

2018
8,605

2019
5,147

2020
4,231

2021
3,480

2022 and thereafter
16,964

 
$
45,434

Goodwill Goodwil (Tables)
Schedule of Goodwill [Table Text Block]
The carrying amount of goodwill as of December 31, 2016 and March 31, 2017 by reportable operating segment was as follows:
 
Loan Systems and Servicing
 
Tuition Payment Processing and Campus Commerce
 
Communications
 
Asset Generation and Management
 
Corporate and Other Activities
 
Total
Goodwill balance
$
8,596

 
67,168

 
21,112

 
41,883

 
8,553

 
147,312

Property Plant and Equipment Property Plant and Equipment (Tables)
Property, Plant and Equipment [Table Text Block]
Property and equipment consisted of the following:
 
 
 
As of March 31, 2017
 
As of December 31, 2016
 
Useful life
 
 
Non-communications:
 
 
 
 
 
Computer equipment and software
1-5 years
 
$
103,109

 
97,317

Office furniture and equipment
3-7 years
 
12,376

 
12,344

Building and building improvements
5-39 years
 
13,383

 
13,363

Transportation equipment
4-10 years
 
3,813

 
3,809

Leasehold improvements
5-20 years
 
3,605

 
3,579

Land
—
 
1,682

 
1,682

Construction in progress
—
 
19,284

 
16,346

 
 
 
157,252

 
148,440

Accumulated depreciation - non-communications
 
 
95,575

 
91,285

Non-communications, net property and equipment
 
 
61,677

 
57,155

 
 
 
 
 
 
Communications:
 
 
 
 
 
Network plant and fiber
5-15 years
 
51,868

 
40,844

Central office
5-15 years
 
7,388

 
6,448

Customer located property
5-10 years
 
7,385

 
5,138

Transportation equipment
4-10 years
 
3,805

 
2,966

Computer equipment and software
1-5 years
 
2,344

 
2,026

Other
1-39 years
 
1,411

 
1,268

Land
—
 
70

 
70

Construction in progress
—
 
13,695

 
12,537

 
 
 
87,966

 
71,297

Accumulated depreciation - communications
 
 
6,581

 
4,666

Communications, net property and equipment
 
 
81,385

 
66,631

Total property and equipment, net
 
 
$
143,062

 
123,786

Earnings per Common Share (Tables)
Schedule of Earnings Per Share, Basic and Diluted
Presented below is a summary of the components used to calculate basic and diluted earnings per share. The Company applies the two-class method in computing both basic and diluted earnings per share, which requires the calculation of separate earnings per share amounts for common stock and unvested share-based awards. Unvested share-based awards that contain nonforfeitable rights to dividends are considered securities which participate in undistributed earnings with common stock.
 
Three months ended March 31,
 
2017
 
2016
 
Common shareholders
 
Unvested restricted stock shareholders
 
Total
 
Common shareholders
 
Unvested restricted stock shareholders
 
Total
Numerator:
 
 
 
 
 
 
 
 
 
 
 
Net income attributable to Nelnet, Inc.
$
49,505

 
521

 
50,026

 
47,452

 
509

 
47,961

 
 
 
 
 


 
 
 
 
 
 
Denominator:


 


 


 
 
 
 
 
 
Weighted-average common shares outstanding - basic and diluted
41,851,064

 
440,793

 
42,291,857

 
42,630,806

 
457,286

 
43,088,092

Earnings per share - basic and diluted
$
1.18

 
1.18

 
1.18

 
1.11

 
1.11

 
1.11

Segment Reporting (Tables)
Schedule of Segment Reporting Information, by Segment

See note 14 of the notes to consolidated financial statements included in the 2016 Annual Report for a description of the Company's operating segments. The following tables include the results of each of the Company's operating segments reconciled to the consolidated financial statements.
 
Three months ended March 31, 2017
 
Loan Systems and Servicing
 
Tuition Payment Processing and Campus Commerce
 
Communications
 
Asset
Generation and
Management
 
Corporate and Other Activities
 
Eliminations
 
Total
Total interest income
$
94

 
2

 
1

 
182,326

 
2,761

 
(1,359
)
 
183,824

Interest expense
—

 
—

 
712

 
106,751

 
795

 
(1,359
)
 
106,899

Net interest income
94

 
2

 
(711
)
 
75,575

 
1,966

 
—

 
76,925

Less provision for loan losses
—

 
—

 
—

 
1,000

 
—

 
—

 
1,000

Net interest income (loss) after provision for loan losses
94


2

 
(711
)
 
74,575

 
1,966

 
—

 
75,925

Other income:
 

 
 

 
 
 
 

 
 

 
 

 
 

Loan systems and servicing revenue
54,229

 
—

 
—

 
—

 
—

 
—

 
54,229

Intersegment servicing revenue
10,323

 
—

 
—

 
—

 
—

 
(10,323
)
 
—

Tuition payment processing, school information, and campus commerce revenue
—

 
43,620

 
—

 
—

 
—

 
—

 
43,620

Communications revenue
—

 
—

 
5,106

 
—

 
—

 
—

 
5,106

Other income
—

 
—

 
—

 
3,342

 
9,290

 
—

 
12,632

Gain from debt repurchases
—

 
—

 
—

 
540

 
4,440

 
—

 
4,980

Derivative settlements, net
—

 
—

 
—

 
(1,173
)
 
(205
)
 
—

 
(1,378
)
Derivative market value and foreign currency transaction adjustments, net
—

 
—

 
—

 
(53,811
)
 
(42
)
 
—

 
(53,853
)
Centrally cleared variation margin settlements, net
—

 
—

 
—

 
50,401

 
—

 
—

 
50,401

Total other income
64,552

 
43,620

 
5,106

 
(701
)
 
13,483

 
(10,323
)
 
115,737

Operating expenses:
 

 
 

 
 
 
 
 
 

 
 
 
 

Salaries and benefits
37,992

 
16,652

 
2,979

 
400

 
13,839

 
—

 
71,863

Depreciation and amortization
549

 
2,391

 
2,135

 
—

 
3,523

 
—

 
8,598

Loan servicing fees
—

 
—

 
—

 
6,025

 
—

 
—

 
6,025

Cost to provide communications services
—

 
—

 
1,954

 
—

 
—

 
—

 
1,954

Other expenses
9,136

 
4,995

 
1,372

 
991

 
10,054

 
—

 
26,547

Intersegment expenses, net
7,398

 
2,075

 
506

 
10,412

 
(10,068
)
 
(10,323
)
 
—

Total operating expenses
55,075

 
26,113

 
8,946

 
17,828

 
17,348

 
(10,323
)
 
114,987

Income (loss) before income taxes
9,571

 
17,509

 
(4,551
)
 
56,046

 
(1,899
)
 
—

 
76,675

Income tax (expense) benefit
(4,555
)
 
(6,653
)
 
1,730

 
(21,297
)
 
2,021

 
—

 
(28,755
)
Net income (loss)
5,016

 
10,856

 
(2,821
)
 
34,749

 
122

 
—

 
47,920

  Net loss (income) attributable to noncontrolling interests
2,415

 
—

 
—

 
—

 
(309
)
 
—

 
2,106

Net income (loss) attributable to Nelnet, Inc.
$
7,431

 
10,856

 
(2,821
)
 
34,749

 
(187
)
 
—

 
50,026

 
Three months ended March 31, 2016
 
Loan Systems and Servicing
 
Tuition Payment Processing and Campus Commerce
 
Communications
 
Asset
Generation and
Management
 
Corporate and Other
Activities
 
Eliminations
 
Total
Total interest income
$
21

 
3

 
—

 
190,723

 
2,093

 
(823
)
 
192,017

Interest expense
—

 
—

 
147

 
89,877

 
1,206

 
(823
)
 
90,408

Net interest income
21

 
3

 
(147
)
 
100,846

 
887

 
—

 
101,609

Less provision for loan losses
—

 
—

 
—

 
2,500

 
—

 
—

 
2,500

Net interest income (loss) after provision for loan losses
21

 
3

 
(147
)
 
98,346

 
887

 
—

 
99,109

Other income:
 

 
 

 
 
 
 

 
 

 
 

 
 

Loan systems and servicing revenue
52,330

 
—

 
—

 
—

 
—

 
—

 
52,330

Intersegment servicing revenue
12,007

 
—

 
—

 
—

 
—

 
(12,007
)
 
—

Tuition payment processing, school information, and campus commerce revenue
—

 
38,657

 
—

 
—

 
—

 
—

 
38,657

Communications revenue
—

 
—

 
4,346

 
—

 
—

 
—

 
4,346

Enrollment services revenue
—

 
—

 
—

 
—

 
4,326

 
—

 
4,326

Other income
—

 
—

 
—

 
4,263

 
9,532

 
—

 
13,796

Gain from debt repurchases
—

 
—

 
—

 
101

 
—

 
—

 
101

Derivative settlements, net
—

 
—

 
—

 
(6,304
)
 
(232
)
 
—

 
(6,537
)
Derivative market value and foreign currency transaction adjustments, net
—

 
—

 
—

 
(19,897
)
 
(2,256
)
 
—

 
(22,154
)
Total other income
64,337

 
38,657

 
4,346

 
(21,837
)
 
11,370

 
(12,007
)
 
84,865

Operating expenses:
 

 
 

 
 
 
 

 
 

 
.

 
 

Salaries and benefits
32,967

 
14,435

 
1,089

 
519

 
14,231

 
—

 
63,242

Depreciation and amortization
438

 
2,271

 
1,129

 
—

 
3,802

 
—

 
7,640

Loan servicing fees
—

 
—

 
—

 
6,928

 
—

 
—

 
6,928

Cost to provide communications services
—

 
—

 
1,703

 
—

 
—

 
—

 
1,703

Cost to provide enrollment services
—

 
—

 
—

 
—

 
3,623

 
—

 
3,623

Other expenses
11,470

 
4,159

 
753

 
1,516

 
10,477

 
—

 
28,376

Intersegment expenses, net
6,241

 
1,512

 
144

 
12,107

 
(7,997
)
 
(12,007
)
 
—

Total operating expenses
51,116

 
22,377

 
4,818

 
21,070

 
24,136

 
(12,007
)
 
111,512

Income (loss) before income taxes
13,242

 
16,283

 
(619
)
 
55,439

 
(11,879
)
 
—

 
72,462

Income tax (expense) benefit
(5,032
)
 
(6,188
)
 
235

 
(21,066
)
 
7,617

 
—

 
(24,433
)
Net income (loss)
8,210

 
10,095

 
(384
)
 
34,373

 
(4,262
)
 
—

 
48,029

  Net loss (income) attributable to noncontrolling interests
—

 
—

 
—

 
—

 
(68
)
 
—

 
(68
)
Net income (loss) attributable to Nelnet, Inc.
$
8,210

 
10,095

 
(384
)
 
34,373

 
(4,330
)
 
—

 
47,961

Fair Value (Tables)
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. There were no transfers into or out of level 1, level 2, or level 3 for the three months ended March 31, 2017.
 
As of March 31, 2017
 
As of December 31, 2016
 
Level 1
 
Level 2
 
Total
 
Level 1
 
Level 2
 
Total
Assets:
 
 
 
 
 
 
 
 
 
 
 
Investments (available-for-sale and trading):
 
 
 
 


 
 
 
 
 
 
Student loan asset-backed securities
$
—

 
120,506

 
120,506

 
—

 
103,780

 
103,780

Equity securities
2,845

 
—

 
2,845

 
2,694

 
—

 
2,694

Debt securities
215

 
—

 
215

 
119

 
—

 
119

Total investments (available-for-sale and trading)
3,060

 
120,506

 
123,566

 
2,813

 
103,780

 
106,593

Derivative instruments
—

 
39,652

 
39,652

 
—

 
87,531

 
87,531

Total assets
$
3,060

 
160,158

 
163,218

 
2,813

 
191,311

 
194,124

Liabilities:
 

 
 

 
 

 
 
 
 
 
 
Derivative instruments
$
—

 
79,095

 
79,095

 
—

 
77,826

 
77,826

Total liabilities
$
—

 
79,095

 
79,095

 
—

 
77,826

 
77,826


Fair Value, by Balance Sheet Grouping 
The following table summarizes the fair values of all of the Company’s financial instruments on the consolidated balance sheets:
 
As of March 31, 2017
 
Fair value
 
Carrying value
 
Level 1
 
Level 2
 
Level 3
Financial assets:
 
 
 
 
 
 
 
 
 
Student loans receivable
$
25,036,613

 
24,003,386

 
—

 
—

 
25,036,613

Cash and cash equivalents
108,160

 
108,160

 
108,160

 
—

 
—

Investments (available-for-sale and trading)
123,566

 
123,566

 
3,060

 
120,506

 
—

Notes receivable
16,563

 
16,563

 
—

 
16,563

 
—

Restricted cash
787,635

 
787,635

 
787,635

 
—

 
—

Restricted cash – due to customers
93,699

 
93,699

 
93,699

 
—

 
—

Accrued interest receivable
392,754

 
392,754

 
—

 
392,754

 
—

Derivative instruments
39,652

 
39,652

 
—

 
39,652

 
—

Financial liabilities:
 

 
 

 
 
 
 
 
 
Bonds and notes payable
23,526,104

 
23,594,516

 
—

 
23,526,104

 
—

Accrued interest payable
46,427

 
46,427

 
—

 
46,427

 
—

Due to customers
93,699

 
93,699

 
93,699

 
—

 
—

Derivative instruments
79,095

 
79,095

 
—

 
79,095

 
—

 
As of December 31, 2016
 
Fair value
 
Carrying value
 
Level 1
 
Level 2
 
Level 3
Financial assets:
 
 
 
 
 
 
 
 
 
Student loans receivable
$
25,653,581

 
24,903,724

 
—

 
—

 
25,653,581

Cash and cash equivalents
69,654

 
69,654

 
69,654

 
—

 
—

Investments (available-for-sale and trading)
106,593

 
106,593

 
2,813

 
103,780

 
—

Notes receivable
17,031

 
17,031

 
—

 
17,031

 
—

Restricted cash
980,961

 
980,961

 
980,961

 
—

 
—

Restricted cash – due to customers
119,702

 
119,702

 
119,702

 
—

 
—

Accrued interest receivable
391,264

 
391,264

 
—

 
391,264

 
—

Derivative instruments
87,531

 
87,531

 
—

 
87,531

 
—

Financial liabilities:
 

 
 

 
 
 
 
 
 
Bonds and notes payable
24,220,996

 
24,668,490

 
—

 
24,220,996

 
—

Accrued interest payable
45,677

 
45,677

 
—

 
45,677

 
—

Due to customers
119,702

 
119,702

 
119,702

 
—

 
—

Derivative instruments
77,826

 
77,826

 
—

 
77,826

 
—

Basis of Financial Reporting Noncontrolling Interest (Details) (GreatNet, LLC [Member], USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2017
GreatNet, LLC [Member]
 
Noncontrolling Interest [Line Items]
 
Noncontrolling Interest, Ownership Percentage by Parent
50.00% 
Contribution to non-controlling interest
$ 12.6 
Student Loans Receivable (Details) (USD $)
In Thousands, unless otherwise specified
Mar. 31, 2017
Dec. 31, 2016
Mar. 31, 2016
Dec. 31, 2015
Accounts, Notes, Loans and Financing Receivable [Line Items]
 
 
 
 
Allowance for loan losses
$ (50,526)
$ (51,842)
$ (50,084)
$ (50,498)
Student loans receivable
24,003,386 
24,903,724 
 
 
Federally insured loans [Member]
 
 
 
 
Accounts, Notes, Loans and Financing Receivable [Line Items]
 
 
 
 
Allowance for loan losses
(36,687)
 
(34,441)
 
Private education loans [Member]
 
 
 
 
Accounts, Notes, Loans and Financing Receivable [Line Items]
 
 
 
 
Allowance for loan losses
(13,839)
 
(15,643)
 
held for investment [Member]
 
 
 
 
Accounts, Notes, Loans and Financing Receivable [Line Items]
 
 
 
 
Student loans receivable, gross
24,196,909 
25,103,643 
 
 
Loan discount, net of unamortized loan premiums and deferred origination costs
(142,997)1
(148,077)1
 
 
Student loans receivable
24,003,386 
24,903,724 
 
 
held for investment [Member] |
Federally insured loans [Member]
 
 
 
 
Accounts, Notes, Loans and Financing Receivable [Line Items]
 
 
 
 
Student loans receivable, gross
23,940,093 
24,829,984 
 
 
Allowance for loan losses
(36,687)
(37,268)
 
 
held for investment [Member] |
Private education loans [Member]
 
 
 
 
Accounts, Notes, Loans and Financing Receivable [Line Items]
 
 
 
 
Student loans receivable, gross
256,816 
273,659 
 
 
Allowance for loan losses
(13,839)
(14,574)
 
 
held for investment [Member] |
Stafford and Other [Member] |
Federally insured loans [Member]
 
 
 
 
Accounts, Notes, Loans and Financing Receivable [Line Items]
 
 
 
 
Student loans receivable, gross
4,927,541 
5,186,047 
 
 
held for investment [Member] |
Consolidation Loans [Member] |
Federally insured loans [Member]
 
 
 
 
Accounts, Notes, Loans and Financing Receivable [Line Items]
 
 
 
 
Student loans receivable, gross
19,012,552 
19,643,937 
 
 
Non-accretable discount [Member] |
held for investment [Member]
 
 
 
 
Accounts, Notes, Loans and Financing Receivable [Line Items]
 
 
 
 
Student loans receivable, gross
8,000,000 
8,300,000 
 
 
Loan discount, net of unamortized loan premiums and deferred origination costs
$ (16,600)
$ (18,600)
 
 
Student Loans Receivable and Allowance for Loan Losses Allowance for Loan Losses (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Financing Receivable, Allowance for Credit Losses [Roll Forward]
 
 
Allowance for loan losses - balance
$ 51,842 
$ 50,498 
Provision for loan losses
1,000 
2,500 
Charge-offs
(2,663)
(3,450)
Purchase of private education loans
0 
160 
Allowance for loan losses - balance
50,526 
50,084 
Federally insured loans [Member]
 
 
Financing Receivable, Allowance for Credit Losses [Roll Forward]
 
 
Provision for loan losses
2,000 
2,000 
Charge-offs
(2,581)
(3,049)
Allowance for loan losses - balance
36,687 
34,441 
Private education loans [Member]
 
 
Financing Receivable, Allowance for Credit Losses [Roll Forward]
 
 
Provision for loan losses
(1,000)
500 
Charge-offs
(82)
(401)
Recoveries - private education loans
197 
276 
Transfer from repurchase obligation related to private education loans repurchased
150 
100 
Allowance for loan losses - balance
$ 13,839 
$ 15,643 
Student Loans Receivable and Allowance for Loan Losses Student Loan Status and Delinquency (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 12 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Dec. 31, 2016
Federally insured loans [Member]
 
 
 
Financing Receivable, Recorded Investment [Line Items]
 
 
 
Loans in-school/grace/deferment
$ 1,604,494 
$ 2,198,559 
$ 1,606,468 
Loans in forbearance
2,125,344 
2,736,472 
2,295,367 
Student loans receivable, gross
23,940,093 
27,449,197 
24,829,984 
Loans in repayment status:
 
 
 
Loans current
17,690,083 
19,375,813 
18,125,768 
Loans current, percentage
87.50% 
86.00% 
86.60% 
Total loans in repayment
20,210,255 
22,514,166 
20,928,149 
Total loans in repayment, percentage
100.00% 
100.00% 
100.00% 
Private education loans [Member]
 
 
 
Financing Receivable, Recorded Investment [Line Items]
 
 
 
Loans in-school/grace/deferment
34,138 
55,668 
35,146 
Loans in forbearance
3,811 
722 
3,448 
Student loans receivable, gross
256,816 
294,621 
273,659 
Loans in repayment status:
 
 
 
Loans current
213,081 
231,556 
228,612 
Loans current, percentage
97.40% 
97.20% 
97.20% 
Total loans in repayment
218,867 
238,231 
235,065 
Total loans in repayment, percentage
100.00% 
100.00% 
100.00% 
Financing Receivables, 31 to 60 Days Past Due [Member] [Member] |
Federally insured loans [Member]
 
 
 
Loans in repayment status:
 
 
 
Financing Receivable, Recorded Investment, Past Due
732,433 
866,207 
818,976 
Financing Receivable, Percent Past Due
3.60% 
3.80% 
3.90% 
Financing Receivables, 31 to 60 Days Past Due [Member] [Member] |
Private education loans [Member]
 
 
 
Loans in repayment status:
 
 
 
Financing Receivable, Recorded Investment, Past Due
1,355 
968 
1,677 
Financing Receivable, Percent Past Due
0.60% 
0.40% 
0.70% 
Financing Receivables, 61 to 90 Days Past Due [Member] |
Federally insured loans [Member]
 
 
 
Loans in repayment status:
 
 
 
Financing Receivable, Recorded Investment, Past Due
493,876 
538,284 
487,647 
Financing Receivable, Percent Past Due
2.40% 
2.40% 
2.30% 
Financing Receivables, 61 to 90 Days Past Due [Member] |
Private education loans [Member]
 
 
 
Loans in repayment status:
 
 
 
Financing Receivable, Recorded Investment, Past Due
1,402 
1,144 
1,110 
Financing Receivable, Percent Past Due
0.60% 
0.50% 
0.50% 
Financing receivables, 91-120 days past due [Member] |
Federally insured loans [Member]
 
 
 
Loans in repayment status:
 
 
 
Financing Receivable, Recorded Investment, Past Due
275,711 
329,425 
335,291 
Financing Receivable, Percent Past Due
1.40% 
1.50% 
1.60% 
Financing receivables, 121-270 days past due [Member] |
Federally insured loans [Member]
 
 
 
Loans in repayment status:
 
 
 
Financing Receivable, Recorded Investment, Past Due
763,030 
1,008,157 
854,432 
Financing Receivable, Percent Past Due
3.80% 
4.50% 
4.10% 
Financing receivables, 271 days or greater past due [Member] |
Federally insured loans [Member]
 
 
 
Loans in repayment status:
 
 
 
Financing Receivable, Recorded Investment, Past Due
255,122 
396,280 
306,035 
Financing Receivable, Percent Past Due
1.30% 
1.80% 
1.50% 
Financing Receivables, Equal to Greater than 91 Days Past Due [Member] |
Private education loans [Member]
 
 
 
Loans in repayment status:
 
 
 
Financing Receivable, Recorded Investment, Past Due
$ 3,029 
$ 4,563 
$ 3,666 
Financing Receivable, Percent Past Due
1.40% 
1.90% 
1.60% 
Outstanding Debt Obligations (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 12 Months Ended
Mar. 31, 2017
Dec. 31, 2016
Debt Instrument [Line Items]
 
 
Bonds and notes payable
$ 23,594,516 
$ 24,668,490 
Discount on bonds and notes payable and debt issuance costs
(414,793)
(431,930)
Variable-rate bonds and notes [Member] |
Private education [Member]
 
 
Debt Instrument [Line Items]
 
 
Bonds and notes payable
 
112,582 
Warehouse facilities [Member] |
FFELP Warehouse Total [Member]
 
 
Debt Instrument [Line Items]
 
 
Bonds and notes payable
1,608,569 
1,677,443 
Warehouse facilities [Member] |
FFELP Warehouse Total [Member] |
Minimum [Member]
 
 
Debt Instrument [Line Items]
 
 
Debt Instrument, Interest Rate, Stated Percentage
0.83% 
0.63% 
Debt Instrument, Maturity Date
Sep. 07, 2018 
Sep. 07, 2018 
Warehouse facilities [Member] |
FFELP Warehouse Total [Member] |
Maximum [Member]
 
 
Debt Instrument [Line Items]
 
 
Debt Instrument, Interest Rate, Stated Percentage
1.17% 
1.09% 
Debt Instrument, Maturity Date
Dec. 13, 2019 
Dec. 13, 2019 
Line of Credit [Member]
 
 
Debt Instrument [Line Items]
 
 
Bonds and notes payable
35,000 
0 
Line of Credit [Member] |
Minimum [Member]
 
 
Debt Instrument [Line Items]
 
 
Debt Instrument, Interest Rate, Stated Percentage
2.29% 
0.00% 
Debt Instrument, Maturity Date
Oct. 30, 2020 
Dec. 12, 2021 
Line of Credit [Member] |
Maximum [Member]
 
 
Debt Instrument [Line Items]
 
 
Debt Instrument, Interest Rate, Stated Percentage
2.29% 
0.00% 
Debt Instrument, Maturity Date
Oct. 30, 2020 
Dec. 12, 2021 
Junior Subordinated Debt [Member]
 
 
Debt Instrument [Line Items]
 
 
Bonds and notes payable
20,526 
50,184 
Junior Subordinated Debt [Member] |
Minimum [Member]
 
 
Debt Instrument [Line Items]
 
 
Debt Instrument, Interest Rate, Stated Percentage
4.52% 
4.37% 
Debt Instrument, Maturity Date
Sep. 15, 2061 
Sep. 15, 2061 
Junior Subordinated Debt [Member] |
Maximum [Member]
 
 
Debt Instrument [Line Items]
 
 
Debt Instrument, Interest Rate, Stated Percentage
4.52% 
4.37% 
Debt Instrument, Maturity Date
Sep. 15, 2061 
Sep. 15, 2061 
Other borrowings [Member]
 
 
Debt Instrument [Line Items]
 
 
Bonds and notes payable
20,871 
18,355 
Other borrowings [Member] |
Minimum [Member]
 
 
Debt Instrument [Line Items]
 
 
Debt Instrument, Interest Rate, Stated Percentage
1.78% 
3.38% 
Debt Instrument, Maturity Date
Apr. 27, 2017 
Mar. 31, 2023 
Other borrowings [Member] |
Maximum [Member]
 
 
Debt Instrument [Line Items]
 
 
Debt Instrument, Interest Rate, Stated Percentage
3.38% 
3.38% 
Debt Instrument, Maturity Date
Dec. 15, 2045 
Dec. 15, 2045 
Bonds and notes payable, gross [Member]
 
 
Debt Instrument [Line Items]
 
 
Bonds and notes payable
24,009,309 
25,100,420 
Federally insured [Member] |
Variable-rate bonds and notes [Member]
 
 
Debt Instrument [Line Items]
 
 
Bonds and notes payable
22,116,494 
23,128,478 
Federally insured [Member] |
Bonds and notes based on indices [Member]
 
 
Debt Instrument [Line Items]
 
 
Bonds and notes payable
21,316,429 
22,130,063 
Federally insured [Member] |
Bonds and notes based on indices [Member] |
Minimum [Member]
 
 
Debt Instrument [Line Items]
 
 
Debt Instrument, Interest Rate, Stated Percentage
0.22% 
0.24% 
Debt Instrument, Maturity Date
Jun. 25, 2021 
Jun. 25, 2021 
Federally insured [Member] |
Bonds and notes based on indices [Member] |
Maximum [Member]
 
 
Debt Instrument [Line Items]
 
 
Debt Instrument, Interest Rate, Stated Percentage
6.90% 
6.90% 
Debt Instrument, Maturity Date
Sep. 25, 2065 
Sep. 25, 2065 
Federally insured [Member] |
Bonds and notes based on auction or remarketing [Member]
 
 
Debt Instrument [Line Items]
 
 
Bonds and notes payable
800,065 
998,415 
Federally insured [Member] |
Bonds and notes based on auction or remarketing [Member] |
Minimum [Member]
 
 
Debt Instrument [Line Items]
 
 
Debt Instrument, Interest Rate, Stated Percentage
1.69% 
1.61% 
Debt Instrument, Maturity Date
Mar. 22, 2032 
Mar. 22, 2032 
Federally insured [Member] |
Bonds and notes based on auction or remarketing [Member] |
Maximum [Member]
 
 
Debt Instrument [Line Items]
 
 
Debt Instrument, Interest Rate, Stated Percentage
2.32% 
2.28% 
Debt Instrument, Maturity Date
Nov. 26, 2046 
Nov. 26, 2046 
Private education [Member] |
Variable-rate bonds and notes [Member]
 
 
Debt Instrument [Line Items]
 
 
Bonds and notes payable
102,585 
 
Private education [Member] |
Variable-rate bonds and notes [Member] |
Minimum [Member]
 
 
Debt Instrument [Line Items]
 
 
Debt Instrument, Interest Rate, Stated Percentage
2.73% 
2.60% 
Debt Instrument, Maturity Date
Dec. 26, 2040 
Dec. 26, 2040 
Private education [Member] |
Variable-rate bonds and notes [Member] |
Maximum [Member]
 
 
Debt Instrument [Line Items]
 
 
Debt Instrument, Interest Rate, Stated Percentage
2.73% 
2.60% 
Debt Instrument, Maturity Date
Dec. 26, 2040 
Dec. 26, 2040 
Private education [Member] |
fixed rate bonds and notes [Member]
 
 
Debt Instrument [Line Items]
 
 
Bonds and notes payable
$ 105,264 
$ 113,378 
Private education [Member] |
fixed rate bonds and notes [Member] |
Minimum [Member]
 
 
Debt Instrument [Line Items]
 
 
Debt Instrument, Interest Rate, Stated Percentage
3.60% 
3.60% 
Debt Instrument, Maturity Date
Dec. 26, 2040 
Dec. 26, 2040 
Private education [Member] |
fixed rate bonds and notes [Member] |
Maximum [Member]
 
 
Debt Instrument [Line Items]
 
 
Debt Instrument, Interest Rate, Stated Percentage
5.35% 
5.35% 
Debt Instrument, Maturity Date
Dec. 28, 2043 
Dec. 28, 2043 
Bonds and Notes Payable Outstanding Lines of Credit (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 3 Months Ended 0 Months Ended 3 Months Ended 12 Months Ended 3 Months Ended 12 Months Ended
Mar. 31, 2017
Unsecured Line of Credit [Member]
Mar. 31, 2017
FFELP Warehouse Total [Member]
Warehouse facilities [Member]
Mar. 31, 2017
FFELP Warehouse Total [Member]
Warehouse facilities [Member]
NHELP-III Warehouse [Member]
Apr. 28, 2017
FFELP Warehouse Total [Member]
Warehouse facilities [Member]
NHELP-III Warehouse [Member]
Subsequent Event [Member]
May 5, 2017
FFELP Warehouse Total [Member]
Warehouse facilities [Member]
NHELP-III Warehouse [Member]
Subsequent Event [Member]
Apr. 3, 2017
FFELP Warehouse Total [Member]
Warehouse facilities [Member]
NHELP-III Warehouse [Member]
Subsequent Event [Member]
Mar. 31, 2017
FFELP Warehouse Total [Member]
Warehouse facilities [Member]
NFSLW-I Warehouse [Member]
Mar. 31, 2017
FFELP Warehouse Total [Member]
Warehouse facilities [Member]
NHELP-II Warehouse [Member]
Mar. 31, 2017
FFELP Warehouse Total [Member]
Minimum [Member]
Warehouse facilities [Member]
Dec. 31, 2016
FFELP Warehouse Total [Member]
Minimum [Member]
Warehouse facilities [Member]
Mar. 31, 2017
FFELP Warehouse Total [Member]
Minimum [Member]
Warehouse facilities [Member]
NHELP-III Warehouse [Member]
Mar. 31, 2017
FFELP Warehouse Total [Member]
Minimum [Member]
Warehouse facilities [Member]
NFSLW-I Warehouse [Member]
Mar. 31, 2017
FFELP Warehouse Total [Member]
Minimum [Member]
Warehouse facilities [Member]
NHELP-II Warehouse [Member]
Mar. 31, 2017
FFELP Warehouse Total [Member]
Maximum [Member]
Warehouse facilities [Member]
Dec. 31, 2016
FFELP Warehouse Total [Member]
Maximum [Member]
Warehouse facilities [Member]
Mar. 31, 2017
FFELP Warehouse Total [Member]
Maximum [Member]
Warehouse facilities [Member]
NHELP-III Warehouse [Member]
Mar. 31, 2017
FFELP Warehouse Total [Member]
Maximum [Member]
Warehouse facilities [Member]
NFSLW-I Warehouse [Member]
Mar. 31, 2017
FFELP Warehouse Total [Member]
Maximum [Member]
Warehouse facilities [Member]
NHELP-II Warehouse [Member]
Line of Credit Facility [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Maximum financing amount
$ 350,000 
$ 2,125,000 
$ 750,000 1
 
$ 400,000 1
$ 600,000 1
$ 875,000 
$ 500,000 
 
 
 
 
 
 
 
 
 
 
Amount outstanding
35,000 
1,608,569 
587,741 1
 
 
 
619,249 
401,579 
 
 
 
 
 
 
 
 
 
 
Amount available
315,000 
516,431 
162,259 1
 
 
 
255,751 
98,421 
 
 
 
 
 
 
 
 
 
 
Expiration of liquidity provisions
 
 
Apr. 28, 2017 1
Apr. 27, 2018 1
 
 
Jul. 10, 2018 
Dec. 15, 2017 
 
 
 
 
 
 
 
 
 
 
Debt Instrument, Maturity Date
Dec. 12, 2021 
 
Apr. 26, 2019 1
Apr. 27, 2020 1
 
 
Sep. 07, 2018 
Dec. 13, 2019 
Sep. 07, 2018 
Sep. 07, 2018 
 
 
 
Dec. 13, 2019 
Dec. 13, 2019 
 
 
 
Advanced as equity support
 
$ 77,918 
$ 30,052 1
 
 
 
$ 18,177 
$ 29,689 
 
 
 
 
 
 
 
 
 
 
Minimum advance rates
 
 
 
 
 
 
 
 
 
 
92.15% 1
84.00% 
85.00% 
 
 
95.00% 1
90.00% 
95.00% 
Maximum advance rates
 
 
 
 
 
 
 
 
 
 
92.15% 1
92.00% 
85.00% 
 
 
95.00% 1
98.00% 
95.00% 
Bonds and Notes Payable Gain on debt repurchases (Details) (USD $)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Dec. 31, 2016
Extinguishment of Debt [Line Items]
 
 
 
Gain (Loss) on Repurchase of Debt Instrument
$ 4,980,000 
$ 101,000 
 
Debt outstanding after extinguishment
23,594,516,000 
 
24,668,490,000 
Junior Subordinated Debt [Member]
 
 
 
Extinguishment of Debt [Line Items]
 
 
 
Extinguishment of Debt, Amount
29,700,000 
 
 
Debt Instrument, Repurchase price
25,300,000 
 
 
Gain (Loss) on Repurchase of Debt Instrument
4,400,000 
 
 
Debt outstanding after extinguishment
20,526,000 
 
50,184,000 
Asset-backed Securities [Member]
 
 
 
Extinguishment of Debt [Line Items]
 
 
 
Gain (Loss) on Repurchase of Debt Instrument
$ 600,000 
 
 
Derivative Financial Instruments Outstanding (Details) (USD $)
3 Months Ended 3 Months Ended 12 Months Ended 3 Months Ended 12 Months Ended 3 Months Ended 12 Months Ended 3 Months Ended 12 Months Ended 3 Months Ended 12 Months Ended 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Dec. 31, 2016
Mar. 31, 2017
1:3 basis swaps [Member]
Dec. 31, 2016
1:3 basis swaps [Member]
Mar. 31, 2017
Interest Rate Swap [Member]
Interest rate swaps - floor income hedges [Member]
Dec. 31, 2016
Interest Rate Swap [Member]
Interest rate swaps - floor income hedges [Member]
Mar. 31, 2017
Interest Rate Swap [Member]
Interest rate swaps - floor income hedges [Member]
Maturity 2017 [Member]
Dec. 31, 2016
Interest Rate Swap [Member]
Interest rate swaps - floor income hedges [Member]
Maturity 2017 [Member]
Mar. 31, 2017
Interest Rate Swap [Member]
Interest rate swaps - floor income hedges [Member]
Maturity 2018 [Member]
Dec. 31, 2016
Interest Rate Swap [Member]
Interest rate swaps - floor income hedges [Member]
Maturity 2018 [Member]
Mar. 31, 2017
Interest Rate Swap [Member]
Interest rate swaps - floor income hedges [Member]
Maturity 2019 [Member]
Dec. 31, 2016
Interest Rate Swap [Member]
Interest rate swaps - floor income hedges [Member]
Maturity 2019 [Member]
Mar. 31, 2017
Interest Rate Swap [Member]
Interest rate swaps - floor income hedges [Member]
Maturity 2020 [Member]
Dec. 31, 2016
Interest Rate Swap [Member]
Interest rate swaps - floor income hedges [Member]
Maturity 2020 [Member]
Mar. 31, 2017
Interest Rate Swap [Member]
Interest rate swaps - floor income hedges [Member]
Maturity 2025 [Member]
Dec. 31, 2016
Interest Rate Swap [Member]
Interest rate swaps - floor income hedges [Member]
Maturity 2025 [Member]
Mar. 31, 2017
Interest Rate Cap [Member]
Dec. 31, 2015
Interest Rate Cap [Member]
Mar. 31, 2017
Swaption [Member]
Dec. 31, 2016
Swaption [Member]
Mar. 31, 2017
Junior Subordinated Debt [Member]
Dec. 31, 2016
Junior Subordinated Debt [Member]
Mar. 31, 2017
Junior Subordinated Debt [Member]
Interest Rate Swap [Member]
unsecured debt hedges [Member]
Maturity 2036 [Member]
Dec. 31, 2016
Junior Subordinated Debt [Member]
Interest Rate Swap [Member]
unsecured debt hedges [Member]
Maturity 2036 [Member]
Mar. 31, 2017
Private Loan Warehouse Total [Member]
Interest Rate Cap [Member]
Mar. 31, 2017
2015 Interest Rate Cap 1 [Member]
Interest Rate Cap [Member]
Mar. 31, 2017
2015 Interest Rate Cap 2 [Member]
Interest Rate Cap [Member]
Mar. 31, 2017
2017 Interest Rate Cap [Member]
Interest Rate Cap [Member]
Mar. 31, 2017
Maturity 2018
1:3 basis swaps [Member]
Mar. 31, 2017
Maturity 2024
1:3 basis swaps [Member]
Mar. 31, 2017
Maturity 2026
1:3 basis swaps [Member]
Dec. 31, 2016
Maturity 2026
1:3 basis swaps [Member]
Mar. 31, 2017
Maturity 2027
1:3 basis swaps [Member]
Mar. 31, 2017
Maturity 2028
1:3 basis swaps [Member]
Dec. 31, 2016
Maturity 2028
1:3 basis swaps [Member]
Mar. 31, 2017
Maturity 2029
1:3 basis swaps [Member]
Mar. 31, 2017
Maturity 2031
1:3 basis swaps [Member]
Dec. 31, 2016
Maturity 2031
1:3 basis swaps [Member]
Derivative [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Payments to enter into derivative instruments
$ 929,000 
$ 0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 2,900,000 
$ 9,100,000 
 
 
 
 
 
 
 
 
$ 929,000 
 
 
 
 
 
 
 
 
 
 
Derivative, Type of Interest Rate Paid on Swap
 
 
 
one-month LIBOR 
one-month LIBOR 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivative, Basis Spread on Variable Rate
 
 
 
0.153% 
0.101% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted average basis spread on variable rate paid on swap
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3.375% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivative, Notional Amount
 
 
 
6,500,000,000 
1,775,000,000 
6,950,000,000 
6,950,000,000 
750,000,000 
750,000,000 
1,350,000,000 
1,350,000,000 
3,250,000,000 
3,250,000,000 
1,500,000,000 
1,500,000,000 
100,000,000 
100,000,000 
275,000,000 
 
250,000,000 
 
 
 
25,000,000 
25,000,000 
 
125,000,000 
150,000,000 
 
4,000,000,000 
250,000,000 
1,150,000,000 
1,150,000,000 
375,000,000 
325,000,000 
325,000,000 
100,000,000 
300,000,000 
300,000,000 
Derivative, Average Fixed Interest Rate
 
 
 
 
 
1.02% 1
1.02% 1
0.99% 1
0.99% 1
1.07% 1
1.07% 1
0.97% 1
0.97% 1
1.01% 1
1.01% 1
2.32% 1
2.32% 1
 
 
 
 
 
 
4.28% 1
4.28% 1
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Bonds and notes payable
23,594,516,000 
 
24,668,490,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
20,526,000 
50,184,000 
20,500,000 
50,200,000 
275,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivative, Type of Interest Rate Received on Swap
 
 
 
3-month LIBOR 
3-month LIBOR 
3-month LIBOR 
3-month LIBOR 
 
 
 
 
 
 
 
 
 
 
 
 
1-month LIBOR 
1-month LIBOR 
 
 
3-month LIBOR 
3-month LIBOR 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivative, Swaption Interest Rate
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3.30% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed interest rate on derivatives and debt, net
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
7.66% 
7.66% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivative, Description of Terms
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
one-month LIBOR 
one-month LIBOR 
 
 
 
 
 
 
 
 
 
 
 
Derivative, Cap Interest Rate
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2.50% 
4.99% 
 
 
 
 
 
 
 
 
 
 
 
Unsecured Debt Scheduled Interest Rate Change Date
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Sep. 29, 2036 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt Instrument, Description of Variable Rate Basis
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
three-month LIBOR 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Proceeds (payments) to terminate and or amend derivative instruments
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 913,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivative Financial Instruments Cross-currency Interest Rate Swaps (Details)
In Thousands, unless otherwise specified
3 Months Ended 3 Months Ended
Mar. 31, 2017
USD ($)
Mar. 31, 2016
USD ($)
Dec. 31, 2016
USD ($)
Mar. 31, 2017
Currency Swap [Member]
USD ($)
Mar. 31, 2016
Currency Swap [Member]
USD ($)
Mar. 31, 2017
Currency Swap [Member]
EUR (€)
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
 
 
 
Bonds and notes payable
$ 23,594,516 
 
$ 24,668,490 
 
 
€ 352,700 
Derivative, Notional Amount
 
 
 
450,000 
 
352,700 
Re-measurement of Euro Notes
 
 
 
(4,690)
(18,480)
 
Change in fair value of cross currency interest rate swaps
1,238 
(3,674)
 
935 
32,701 
 
Total impact to statements of income - income (expense)
 
 
 
$ (3,755)1
$ 14,221 1
 
Derivative Financial Instruments Fair Value of Derivative Instruments (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 12 Months Ended
Mar. 31, 2017
Dec. 31, 2016
Derivatives, Fair Value [Line Items]
 
 
Derivative Instruments not Designated as Hedging instruments, Asset, at Fair Value
$ 39,652 
$ 87,531 
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value
79,095 
77,826 
Centrally cleared variation margin
50,401 
 
Derivative Financial Instruments, Assets [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative Instruments not Designated as Hedging instruments, Asset, at Fair Value
39,652 
87,531 
Derivative Financial Instruments, Assets [Member] |
1:3 basis swaps [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative Instruments not Designated as Hedging instruments, Asset, at Fair Value
0 
0 
Derivative Financial Instruments, Assets [Member] |
Interest rate swaps - floor income hedges [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative Instruments not Designated as Hedging instruments, Asset, at Fair Value
85,533 
81,159 
Derivative Financial Instruments, Assets [Member] |
Swaption [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative Instruments not Designated as Hedging instruments, Asset, at Fair Value
2,092 
2,977 
Derivative Financial Instruments, Assets [Member] |
Interest rate swaps - hybrid debt hedges [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative Instruments not Designated as Hedging instruments, Asset, at Fair Value
0 
0 
Derivative Financial Instruments, Assets [Member] |
Interest Rate Cap [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative Instruments not Designated as Hedging instruments, Asset, at Fair Value
646 
1,152 
Derivative Financial Instruments, Assets [Member] |
Cross-currency interest rate swap [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative Instruments not Designated as Hedging instruments, Asset, at Fair Value
0 
0 
Derivative Financial Instruments, Assets [Member] |
Other Contract [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative Instruments not Designated as Hedging instruments, Asset, at Fair Value
1,782 
2,243 
Derivative Financial Instruments, Assets [Member] |
Centrally cleared variation margin [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Centrally cleared variation margin
(50,401)
0 
Derivative Financial Instruments, Liabilities [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value
79,095 
77,826 
Derivative Financial Instruments, Liabilities [Member] |
1:3 basis swaps [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value
5,198 
2,624 
Derivative Financial Instruments, Liabilities [Member] |
Interest rate swaps - floor income hedges [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value
304 
256 
Derivative Financial Instruments, Liabilities [Member] |
Swaption [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value
0 
0 
Derivative Financial Instruments, Liabilities [Member] |
Interest rate swaps - hybrid debt hedges [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value
6,923 
7,341 
Derivative Financial Instruments, Liabilities [Member] |
Interest Rate Cap [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value
0 
0 
Derivative Financial Instruments, Liabilities [Member] |
Cross-currency interest rate swap [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value
66,670 
67,605 
Derivative Financial Instruments, Liabilities [Member] |
Other Contract [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value
0 
0 
Derivative Financial Instruments, Liabilities [Member] |
Centrally cleared variation margin [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Centrally cleared variation margin
0 
0 
Other Assets [Member] |
Centrally cleared variation margin [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative Instruments not Designated as Hedging instruments, Asset, at Fair Value
$ 50,400 
 
Derivative Financial Instruments Gross/Net (Details) (USD $)
In Thousands, unless otherwise specified
Mar. 31, 2017
Dec. 31, 2016
Derivatives, Fair Value [Line Items]
 
 
Fair value of derivative instruments, asset, net
$ 39,652 
$ 85,126 
Fair value of derivative instruments, liability, net
(71,203)
(67,654)
Derivative Financial Instruments, Liabilities [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement
(79,095)
(77,826)
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset
0 
2,880 
Cash collateral pledged
7,892 
7,292 
Derivative Financial Instruments, Assets [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement
39,652 
87,531 
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset
0 
(2,880)
Cash collateral received
0 
(475)
Non-centrally cleared [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement
3,058 
 
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset
0 
 
Cash collateral received
0 
 
Fair value of derivative instruments, asset, net
3,058 
 
Fair value of derivative instruments, liability, net
(65,701)
 
Non-centrally cleared [Member] |
Derivative Financial Instruments, Liabilities [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement
(73,593)
 
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset
0 
 
Cash collateral pledged
7,892 
 
Centrally cleared [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement
36,594 
 
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset
0 
 
Cash collateral received
0 
 
Fair value of derivative instruments, asset, net
36,594 
 
Fair value of derivative instruments, liability, net
(5,502)
 
Centrally cleared [Member] |
Derivative Financial Instruments, Liabilities [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement
(5,502)
 
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset
0 
 
Cash collateral pledged
$ 0 
 
Derivative Financial Instruments Income Statement Effect of Derivative Instruments (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Derivative Instruments, Gain (Loss) [Line Items]
 
 
Derivative settlements, net
$ (1,378)
$ (6,537)
Other Income [Member]
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
Derivative settlements, net
49,023 
(6,537)
Change in fair value
(49,163)
(3,674)
Re-measurement of Euro Notes (foreign currency transaction adjustment) - income (expense)
(4,690)
(18,480)
Derivative market value and foreign currency adjustments and derivative settlements - income (expense)
(4,830)
(28,691)
1:3 basis swaps [Member] |
Other Income [Member]
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
Derivative settlements, net
698 
(329)
Change in fair value
(2,574)
768 
Interest rate swaps - floor income hedges [Member] |
Other Income [Member]
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
Derivative settlements, net
(120)
(5,243)
Change in fair value
4,324 
(32,709)
Interest rate swap option - floor income hedges [Member] |
Other Income [Member]
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
Change in fair value
(884)
(1,415)
Interest rate swaps - hybrid debt hedges [Member] |
Other Income [Member]
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
Derivative settlements, net
(205)
(232)
Change in fair value
419 
(2,549)
Interest Rate Cap [Member] |
Other Income [Member]
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
Change in fair value
(522)
(763)
Cross-currency interest rate swap [Member] |
Other Income [Member]
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
Derivative settlements, net
(1,751)
(733)
Change in fair value
935 
32,701 
Centrally cleared variation margin [Member] |
Other Income [Member]
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
Derivative settlements, net
50,401 
0 
Change in fair value
(50,401)
0 
Other Contract [Member] |
Other Income [Member]
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
Change in fair value
$ (460)
$ 293 
Investments and Notes Receivable Summary (Details) (USD $)
In Thousands, unless otherwise specified
Mar. 31, 2017
Dec. 31, 2016
Investment Holdings [Line Items]
 
 
Investments and notes receivable
$ 273,818 
$ 254,144 
Investments [Member]
 
 
Investment Holdings [Line Items]
 
 
Investments, Fair Value Disclosure
123,566 
106,593 
Investments [Member] |
Available-for-sale investments [Member]
 
 
Investment Holdings [Line Items]
 
 
Amortized cost
115,035 
98,980 
Gross Unrealized Gain
9,109 
8,210 
Gross Unrealized Loss
(676)1
(702)
Investments, Fair Value Disclosure
123,468 
106,488 
Investments [Member] |
Available-for-sale investments [Member] |
aggregate fair value of available-for-sale investments with unrealized losses [Member]
 
 
Investment Holdings [Line Items]
 
 
Investments, Fair Value Disclosure
34,800 
 
Investments [Member] |
Available-for-sale investments [Member] |
aggregate fair value of available-for-sale investments with unrealized losses in a continuous unrealized loss position for greater than 12 months [Member]
 
 
Investment Holdings [Line Items]
 
 
Investments, Fair Value Disclosure
11,000 
 
Investments [Member] |
Available-for-sale investments [Member] |
Student Loan Asset-Backed and Other Debt Securities [Member]
 
 
Investment Holdings [Line Items]
 
 
Amortized cost
114,315 2
98,260 2
Gross Unrealized Gain
7,028 2
6,280 2
Gross Unrealized Loss
(622)1 2
(641)2
Investments, Fair Value Disclosure
120,721 2
103,899 2
Investments [Member] |
Available-for-sale investments [Member] |
Equity securities [Member]
 
 
Investment Holdings [Line Items]
 
 
Amortized cost
720 
720 
Gross Unrealized Gain
2,081 
1,930 
Gross Unrealized Loss
(54)1
(61)
Investments, Fair Value Disclosure
2,747 
2,589 
Investments [Member] |
Trading investments [Member] |
Equity securities [Member]
 
 
Investment Holdings [Line Items]
 
 
Investments, Fair Value Disclosure
98 
105 
Other Investments and Notes Receivable (not measured at fair value) [Member] |
Venture Capital and Funds [Member]
 
 
Investment Holdings [Line Items]
 
 
Other Investments
73,800 
69,789 
Other Investments and Notes Receivable (not measured at fair value) [Member] |
Real Estate Investment [Member]
 
 
Investment Holdings [Line Items]
 
 
Other Investments
48,480 
48,379 
Other Investments and Notes Receivable (not measured at fair value) [Member] |
Notes Receivable [Member]
 
 
Investment Holdings [Line Items]
 
 
Other Investments
16,563 
17,031 
Other Investments and Notes Receivable (not measured at fair value) [Member] |
Tax liens and affordable housing investments [Member]
 
 
Investment Holdings [Line Items]
 
 
Other Investments
$ 11,409 
$ 12,352 
Intangible Assets Intangible Assets (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2017
Dec. 31, 2016
Finite-Lived Intangible Assets [Line Items]
 
 
Weighted average remaining useful life (months)
144 months 
 
Finite-Lived Intangible Assets, Net
$ 45,434 
$ 47,813 
Customer Relationships [Member]
 
 
Finite-Lived Intangible Assets [Line Items]
 
 
Finite-Lived Intangible Assets, Accumulated Amortization
9,623 
8,548 
Weighted average remaining useful life (months)
166 months 
 
Finite-Lived Intangible Assets, Net
27,261 
28,335 
Trade Names [Member]
 
 
Finite-Lived Intangible Assets [Line Items]
 
 
Finite-Lived Intangible Assets, Accumulated Amortization
1,864 
1,653 
Weighted average remaining useful life (months)
186 months 
 
Finite-Lived Intangible Assets, Net
9,708 
9,919 
Computer Software, Intangible Asset [Member]
 
 
Finite-Lived Intangible Assets [Line Items]
 
 
Finite-Lived Intangible Assets, Accumulated Amortization
6,760 
5,675 
Weighted average remaining useful life (months)
23 months 
 
Finite-Lived Intangible Assets, Net
8,211 
9,296 
Covenants not to compete [Member]
 
 
Finite-Lived Intangible Assets [Line Items]
 
 
Finite-Lived Intangible Assets, Accumulated Amortization
100 
91 
Weighted average remaining useful life (months)
86 months 
 
Finite-Lived Intangible Assets, Net
$ 254 
$ 263 
Intangible Assets Amortization Expense (Details) (USD $)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Dec. 31, 2016
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
 
 
 
Amortization of Intangible Assets
$ 2,400,000 
$ 2,500,000 
 
Finite-Lived Intangible Assets, Amortization Expense, Remainder of Fiscal Year
7,007,000 
 
 
Finite-Lived Intangible Assets, Amortization Expense, Year Two
8,605,000 
 
 
Finite-Lived Intangible Assets, Amortization Expense, Year Three
5,147,000 
 
 
Finite-Lived Intangible Assets, Amortization Expense, Year Four
4,231,000 
 
 
Finite-Lived Intangible Assets, Amortization Expense, Year Five
3,480,000 
 
 
Finite-Lived Intangible Assets, Amortization Expense, after Year Five
16,964,000 
 
 
Finite-Lived Intangible Assets, Net
$ 45,434,000 
 
$ 47,813,000 
Goodwill Goodwill (Details) (USD $)
In Thousands, unless otherwise specified
Mar. 31, 2017
Dec. 31, 2016
Goodwill [Line Items]
 
 
Goodwill
$ 147,312 
$ 147,312 
Loan Systems and Servicing [Member]
 
 
Goodwill [Line Items]
 
 
Goodwill
8,596 
8,596 
Tuition Payment Processing and Campus Commerce [Member]
 
 
Goodwill [Line Items]
 
 
Goodwill
67,168 
67,168 
Communications [Member]
 
 
Goodwill [Line Items]
 
 
Goodwill
21,112 
21,112 
Asset Generation and Management [Member]
 
 
Goodwill [Line Items]
 
 
Goodwill
41,883 
41,883 
Corporate and Other Activities [Member]
 
 
Goodwill [Line Items]
 
 
Goodwill
$ 8,553 
$ 8,553 
Property Plant and Equipment Property Plant and Equipment (Details) (USD $)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Dec. 31, 2016
Property, Plant and Equipment [Line Items]
 
 
 
Depreciation
$ 6,200,000 
$ 5,100,000 
 
Property and equipment, net
143,062,000 
 
123,786,000 
non-communications [Member]
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
Property, Plant and Equipment, Gross
157,252,000 
 
148,440,000 
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment
95,575,000 
 
91,285,000 
Property and equipment, net
61,677,000 
 
57,155,000 
non-communications [Member] |
Computer Equipment and Software [Member]
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
Property, Plant and Equipment, Gross
103,109,000 
 
97,317,000 
non-communications [Member] |
Computer Equipment and Software [Member] |
Minimum [Member]
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
Property, Plant and Equipment, Useful Life
1 year 
 
 
non-communications [Member] |
Computer Equipment and Software [Member] |
Maximum [Member]
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
Property, Plant and Equipment, Useful Life
5 years 
 
 
non-communications [Member] |
Furniture and Fixtures [Member]
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
Property, Plant and Equipment, Gross
12,376,000 
 
12,344,000 
non-communications [Member] |
Furniture and Fixtures [Member] |
Minimum [Member]
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
Property, Plant and Equipment, Useful Life
3 years 
 
 
non-communications [Member] |
Furniture and Fixtures [Member] |
Maximum [Member]
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
Property, Plant and Equipment, Useful Life
7 years 
 
 
non-communications [Member] |
Building [Member]
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
Property, Plant and Equipment, Gross
13,383,000 
 
13,363,000 
non-communications [Member] |
Building [Member] |
Minimum [Member]
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
Property, Plant and Equipment, Useful Life
5 years 
 
 
non-communications [Member] |
Building [Member] |
Maximum [Member]
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
Property, Plant and Equipment, Useful Life
39 years 
 
 
non-communications [Member] |
Transportation Equipment [Member]
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
Property, Plant and Equipment, Gross
3,813,000 
 
3,809,000 
non-communications [Member] |
Transportation Equipment [Member] |
Minimum [Member]
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
Property, Plant and Equipment, Useful Life
4 years 
 
 
non-communications [Member] |
Transportation Equipment [Member] |
Maximum [Member]
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
Property, Plant and Equipment, Useful Life
10 years 
 
 
non-communications [Member] |
Leasehold Improvements [Member]
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
Property, Plant and Equipment, Gross
3,605,000 
 
3,579,000 
non-communications [Member] |
Leasehold Improvements [Member] |
Minimum [Member]
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
Property, Plant and Equipment, Useful Life
5 years 
 
 
non-communications [Member] |
Leasehold Improvements [Member] |
Maximum [Member]
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
Property, Plant and Equipment, Useful Life
20 years 
 
 
non-communications [Member] |
Land [Member]
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
Property, Plant and Equipment, Gross
1,682,000 
 
1,682,000 
non-communications [Member] |
Construction in Progress [Member]
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
Property, Plant and Equipment, Gross
19,284,000 
 
16,346,000 
Communications [Member]
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
Property, Plant and Equipment, Gross
87,966,000 
 
71,297,000 
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment
6,581,000 
 
4,666,000 
Property and equipment, net
81,385,000 
 
66,631,000 
Communications [Member] |
Computer Equipment and Software [Member]
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
Property, Plant and Equipment, Gross
2,344,000 
 
2,026,000 
Communications [Member] |
Computer Equipment and Software [Member] |
Minimum [Member]
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
Property, Plant and Equipment, Useful Life
1 year 
 
 
Communications [Member] |
Computer Equipment and Software [Member] |
Maximum [Member]
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
Property, Plant and Equipment, Useful Life
5 years 
 
 
Communications [Member] |
Transportation Equipment [Member]
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
Property, Plant and Equipment, Gross
3,805,000 
 
2,966,000 
Communications [Member] |
Transportation Equipment [Member] |
Minimum [Member]
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
Property, Plant and Equipment, Useful Life
4 years 
 
 
Communications [Member] |
Transportation Equipment [Member] |
Maximum [Member]
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
Property, Plant and Equipment, Useful Life
10 years 
 
 
Communications [Member] |
Land [Member]
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
Property, Plant and Equipment, Gross
70,000 
 
70,000 
Communications [Member] |
Construction in Progress [Member]
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
Property, Plant and Equipment, Gross
13,695,000 
 
12,537,000 
Communications [Member] |
network plant and fiber [Member]
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
Property, Plant and Equipment, Gross
51,868,000 
 
40,844,000 
Communications [Member] |
network plant and fiber [Member] |
Minimum [Member]
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
Property, Plant and Equipment, Useful Life
5 years 
 
 
Communications [Member] |
network plant and fiber [Member] |
Maximum [Member]
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
Property, Plant and Equipment, Useful Life
15 years 
 
 
Communications [Member] |
central office [Member]
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
Property, Plant and Equipment, Gross
7,388,000 
 
6,448,000 
Communications [Member] |
central office [Member] |
Minimum [Member]
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
Property, Plant and Equipment, Useful Life
5 years 
 
 
Communications [Member] |
central office [Member] |
Maximum [Member]
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
Property, Plant and Equipment, Useful Life
15 years 
 
 
Communications [Member] |
Customer located property [Member]
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
Property, Plant and Equipment, Gross
7,385,000 
 
5,138,000 
Communications [Member] |
Customer located property [Member] |
Minimum [Member]
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
Property, Plant and Equipment, Useful Life
5 years 
 
 
Communications [Member] |
Customer located property [Member] |
Maximum [Member]
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
Property, Plant and Equipment, Useful Life
10 years 
 
 
Communications [Member] |
Other Capitalized Property Plant and Equipment [Member]
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
Property, Plant and Equipment, Gross
$ 1,411,000 
 
$ 1,268,000 
Communications [Member] |
Other Capitalized Property Plant and Equipment [Member] |
Minimum [Member]
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
Property, Plant and Equipment, Useful Life
1 year 
 
 
Communications [Member] |
Other Capitalized Property Plant and Equipment [Member] |
Maximum [Member]
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
Property, Plant and Equipment, Useful Life
39 years 
 
 
Earnings per Common Share (Details) (USD $)
In Thousands, except Share data, unless otherwise specified
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
 
 
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount
0 
0 
Net income attributable to Nelnet, Inc.
$ 50,026 
$ 47,961 
Weighted average common shares outstanding - basic and diluted
42,291,857 
43,088,092 
Earnings per share - basic and diluted
$ 1.18 
$ 1.11 
Common shareholders [Member]
 
 
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
 
 
Net income attributable to Nelnet, Inc.
49,505 
47,452 
Weighted average common shares outstanding - basic and diluted
41,851,064 
42,630,806 
Earnings per share - basic and diluted
$ 1.18 
$ 1.11 
Unvested restricted stock shareholders [Member]
 
 
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
 
 
Net income attributable to Nelnet, Inc.
$ 521 
$ 509 
Weighted average common shares outstanding - basic and diluted
440,793 
457,286 
Earnings per share - basic and diluted
$ 1.18 
$ 1.11 
Segment Reporting (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Segment Reporting Information [Line Items]
 
 
Total interest income
$ 183,824 
$ 192,017 
Interest expense
106,899 
90,408 
Net interest income
76,925 
101,609 
Less provision for loan losses
1,000 
2,500 
Net interest income (loss) after provision for loan losses
75,925 
99,109 
Other income:
 
 
Loan systems and servicing revenue
54,229 
52,330 
Intersegment servicing revenue
0 
0 
Tuition payment processing, school information, and campus commerce revenue
43,620 
38,657 
Communications revenue
5,106 
4,346 
Enrollment services revenue
0 
4,326 
Other income
12,632 
13,796 
Gain from debt repurchases
4,980 
101 
Derivative market value and foreign currency transaction adjustments, net
(53,853)
(22,154)
Derivative settlements, net
(1,378)
(6,537)
Centrally cleared variation margin settlements, net
50,401 
 
Total other income
115,737 
84,865 
Operating expenses:
 
 
Salaries and benefits
71,863 
63,242 
Depreciation and amortization
8,598 
7,640 
Loan servicing fees
6,025 
6,928 
Cost to provide communications services
1,954 
1,703 
Cost to provide enrollment services
 
3,623 
Other expenses
26,547 
28,376 
Intersegment expenses, net
0 
0 
Total operating expenses
114,987 
111,512 
Income (loss) before income taxes
76,675 
72,462 
Income tax (expense) benefit
(28,755)
(24,433)
Net income (loss)
47,920 
48,029 
Net Income (Loss) Attributable to noncontrolling interests
2,106 
(68)
Net income (loss) attributable to Nelnet, Inc.
50,026 
47,961 
Loan Systems and Servicing [Member]
 
 
Segment Reporting Information [Line Items]
 
 
Total interest income
94 
21 
Interest expense
0 
0 
Net interest income
94 
21 
Less provision for loan losses
0 
0 
Net interest income (loss) after provision for loan losses
94 
21 
Other income:
 
 
Loan systems and servicing revenue
54,229 
52,330 
Intersegment servicing revenue
10,323 
12,007 
Tuition payment processing, school information, and campus commerce revenue
0 
0 
Communications revenue
0 
0 
Enrollment services revenue
 
0 
Other income
0 
0 
Gain from debt repurchases
0 
0 
Derivative market value and foreign currency transaction adjustments, net
0 
0 
Derivative settlements, net
0 
0 
Centrally cleared variation margin settlements, net
0 
 
Total other income
64,552 
64,337 
Operating expenses:
 
 
Salaries and benefits
37,992 
32,967 
Depreciation and amortization
549 
438 
Loan servicing fees
0 
0 
Cost to provide communications services
0 
0 
Cost to provide enrollment services
 
0 
Other expenses
9,136 
11,470 
Intersegment expenses, net
7,398 
6,241 
Total operating expenses
55,075 
51,116 
Income (loss) before income taxes
9,571 
13,242 
Income tax (expense) benefit
(4,555)
(5,032)
Net income (loss)
5,016 
8,210 
Net Income (Loss) Attributable to noncontrolling interests
2,415 
0 
Net income (loss) attributable to Nelnet, Inc.
7,431 
8,210 
Tuition Payment Processing and Campus Commerce [Member]
 
 
Segment Reporting Information [Line Items]
 
 
Total interest income
2 
3 
Interest expense
0 
0 
Net interest income
2 
3 
Less provision for loan losses
0 
0 
Net interest income (loss) after provision for loan losses
2 
3 
Other income:
 
 
Loan systems and servicing revenue
0 
0 
Intersegment servicing revenue
0 
0 
Tuition payment processing, school information, and campus commerce revenue
43,620 
38,657 
Communications revenue
0 
0 
Enrollment services revenue
 
0 
Other income
0 
0 
Gain from debt repurchases
0 
0 
Derivative market value and foreign currency transaction adjustments, net
0 
0 
Derivative settlements, net
0 
0 
Centrally cleared variation margin settlements, net
0 
 
Total other income
43,620 
38,657 
Operating expenses:
 
 
Salaries and benefits
16,652 
14,435 
Depreciation and amortization
2,391 
2,271 
Loan servicing fees
0 
0 
Cost to provide communications services
0 
0 
Cost to provide enrollment services
 
0 
Other expenses
4,995 
4,159 
Intersegment expenses, net
2,075 
1,512 
Total operating expenses
26,113 
22,377 
Income (loss) before income taxes
17,509 
16,283 
Income tax (expense) benefit
(6,653)
(6,188)
Net income (loss)
10,856 
10,095 
Net Income (Loss) Attributable to noncontrolling interests
0 
0 
Net income (loss) attributable to Nelnet, Inc.
10,856 
10,095 
Communications [Member]
 
 
Segment Reporting Information [Line Items]
 
 
Total interest income
1 
0 
Interest expense
712 
147 
Net interest income
(711)
(147)
Less provision for loan losses
0 
0 
Net interest income (loss) after provision for loan losses
(711)
(147)
Other income:
 
 
Loan systems and servicing revenue
0 
0 
Intersegment servicing revenue
0 
0 
Tuition payment processing, school information, and campus commerce revenue
0 
0 
Communications revenue
5,106 
4,346 
Enrollment services revenue
 
0 
Other income
0 
0 
Gain from debt repurchases
0 
0 
Derivative market value and foreign currency transaction adjustments, net
0 
0 
Derivative settlements, net
0 
0 
Centrally cleared variation margin settlements, net
0 
 
Total other income
5,106 
4,346 
Operating expenses:
 
 
Salaries and benefits
2,979 
1,089 
Depreciation and amortization
2,135 
1,129 
Loan servicing fees
0 
0 
Cost to provide communications services
1,954 
1,703 
Cost to provide enrollment services
 
0 
Other expenses
1,372 
753 
Intersegment expenses, net
506 
144 
Total operating expenses
8,946 
4,818 
Income (loss) before income taxes
(4,551)
(619)
Income tax (expense) benefit
1,730 
235 
Net income (loss)
(2,821)
(384)
Net Income (Loss) Attributable to noncontrolling interests
0 
0 
Net income (loss) attributable to Nelnet, Inc.
(2,821)
(384)
Asset Generation and Management [Member]
 
 
Segment Reporting Information [Line Items]
 
 
Total interest income
182,326 
190,723 
Interest expense
106,751 
89,877 
Net interest income
75,575 
100,846 
Less provision for loan losses
1,000 
2,500 
Net interest income (loss) after provision for loan losses
74,575 
98,346 
Other income:
 
 
Loan systems and servicing revenue
0 
0 
Intersegment servicing revenue
0 
0 
Tuition payment processing, school information, and campus commerce revenue
0 
0 
Communications revenue
0 
0 
Enrollment services revenue
 
0 
Other income
3,342 
4,263 
Gain from debt repurchases
540 
101 
Derivative market value and foreign currency transaction adjustments, net
(53,811)
(19,897)
Derivative settlements, net
(1,173)
(6,304)
Centrally cleared variation margin settlements, net
50,401 
 
Total other income
(701)
(21,837)
Operating expenses:
 
 
Salaries and benefits
400 
519 
Depreciation and amortization
0 
0 
Loan servicing fees
6,025 
6,928 
Cost to provide communications services
0 
0 
Cost to provide enrollment services
 
0 
Other expenses
991 
1,516 
Intersegment expenses, net
10,412 
12,107 
Total operating expenses
17,828 
21,070 
Income (loss) before income taxes
56,046 
55,439 
Income tax (expense) benefit
(21,297)
(21,066)
Net income (loss)
34,749 
34,373 
Net Income (Loss) Attributable to noncontrolling interests
0 
0 
Net income (loss) attributable to Nelnet, Inc.
34,749 
34,373 
Corporate and Other Activities [Member]
 
 
Segment Reporting Information [Line Items]
 
 
Total interest income
2,761 
2,093 
Interest expense
795 
1,206 
Net interest income
1,966 
887 
Less provision for loan losses
0 
0 
Net interest income (loss) after provision for loan losses
1,966 
887 
Other income:
 
 
Loan systems and servicing revenue
0 
0 
Intersegment servicing revenue
0 
0 
Tuition payment processing, school information, and campus commerce revenue
0 
0 
Communications revenue
0 
0 
Enrollment services revenue
 
4,326 
Other income
9,290 
9,532 
Gain from debt repurchases
4,440 
0 
Derivative market value and foreign currency transaction adjustments, net
(42)
(2,256)
Derivative settlements, net
(205)
(232)
Centrally cleared variation margin settlements, net
0 
 
Total other income
13,483 
11,370 
Operating expenses:
 
 
Salaries and benefits
13,839 
14,231 
Depreciation and amortization
3,523 
3,802 
Loan servicing fees
0 
0 
Cost to provide communications services
0 
0 
Cost to provide enrollment services
 
3,623 
Other expenses
10,054 
10,477 
Intersegment expenses, net
(10,068)
(7,997)
Total operating expenses
17,348 
24,136 
Income (loss) before income taxes
(1,899)
(11,879)
Income tax (expense) benefit
2,021 
7,617 
Net income (loss)
122 
(4,262)
Net Income (Loss) Attributable to noncontrolling interests
(309)
(68)
Net income (loss) attributable to Nelnet, Inc.
(187)
(4,330)
Intersegment Eliminations [Member]
 
 
Segment Reporting Information [Line Items]
 
 
Total interest income
(1,359)
(823)
Interest expense
(1,359)
(823)
Net interest income
0 
0 
Less provision for loan losses
0 
0 
Net interest income (loss) after provision for loan losses
0 
0 
Other income:
 
 
Loan systems and servicing revenue
0 
0 
Intersegment servicing revenue
(10,323)
(12,007)
Tuition payment processing, school information, and campus commerce revenue
0 
0 
Communications revenue
0 
0 
Enrollment services revenue
 
0 
Other income
0 
0 
Gain from debt repurchases
0 
0 
Derivative market value and foreign currency transaction adjustments, net
0 
0 
Derivative settlements, net
0 
0 
Centrally cleared variation margin settlements, net
0 
 
Total other income
(10,323)
(12,007)
Operating expenses:
 
 
Salaries and benefits
0 
0 
Depreciation and amortization
0 
0 
Loan servicing fees
0 
0 
Cost to provide communications services
0 
0 
Cost to provide enrollment services
 
0 
Other expenses
0 
0 
Intersegment expenses, net
(10,323)
(12,007)
Total operating expenses
(10,323)
(12,007)
Income (loss) before income taxes
0 
0 
Income tax (expense) benefit
0 
0 
Net income (loss)
0 
0 
Net Income (Loss) Attributable to noncontrolling interests
0 
0 
Net income (loss) attributable to Nelnet, Inc.
$ 0 
$ 0 
Major Customer (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Concentration Risk [Line Items]
 
 
Concentration Risk, Customer
Department of Education 
Department of Education 
Concentration Risk Dollar Value [Member]
 
 
Concentration Risk [Line Items]
 
 
Loan systems and servicing revenue
$ 39.0 
$ 35.2 
GreatNet [Member]
 
 
Concentration Risk [Line Items]
 
 
Noncontrolling Interest, Ownership Percentage by Parent
50.00% 
 
Assets and Liabilities that are Measured at Fair Value (Details) (Fair Value, Measurements, Recurring [Member], USD $)
In Thousands, unless otherwise specified
Mar. 31, 2017
Dec. 31, 2016
Assets, Fair Value Disclosure [Abstract]
 
 
Investments, Fair Value Disclosure
$ 123,566 
$ 106,593 
Fair value of derivative instruments
39,652 
87,531 
Total assets
163,218 
194,124 
Liabilities, Fair Value Disclosure [Abstract]
 
 
Fair value of derivative instruments
79,095 
77,826 
Total liabilities
79,095 
77,826 
Student loan asset-backed securities [Member]
 
 
Assets, Fair Value Disclosure [Abstract]
 
 
Investments, Fair Value Disclosure
120,506 
103,780 
Equity securities [Member]
 
 
Assets, Fair Value Disclosure [Abstract]
 
 
Investments, Fair Value Disclosure
2,845 
2,694 
Debt securities [Member]
 
 
Assets, Fair Value Disclosure [Abstract]
 
 
Investments, Fair Value Disclosure
215 
119 
Level 1 [Member]
 
 
Assets, Fair Value Disclosure [Abstract]
 
 
Investments, Fair Value Disclosure
3,060 
2,813 
Fair value of derivative instruments
0 
0 
Total assets
3,060 
2,813 
Liabilities, Fair Value Disclosure [Abstract]
 
 
Fair value of derivative instruments
0 
0 
Total liabilities
0 
0 
Level 1 [Member] |
Student loan asset-backed securities [Member]
 
 
Assets, Fair Value Disclosure [Abstract]
 
 
Investments, Fair Value Disclosure
0 
0 
Level 1 [Member] |
Equity securities [Member]
 
 
Assets, Fair Value Disclosure [Abstract]
 
 
Investments, Fair Value Disclosure
2,845 
2,694 
Level 1 [Member] |
Debt securities [Member]
 
 
Assets, Fair Value Disclosure [Abstract]
 
 
Investments, Fair Value Disclosure
215 
119 
Level 2 [Member]
 
 
Assets, Fair Value Disclosure [Abstract]
 
 
Investments, Fair Value Disclosure
120,506 
103,780 
Fair value of derivative instruments
39,652 
87,531 
Total assets
160,158 
191,311 
Liabilities, Fair Value Disclosure [Abstract]
 
 
Fair value of derivative instruments
79,095 
77,826 
Total liabilities
79,095 
77,826 
Level 2 [Member] |
Student loan asset-backed securities [Member]
 
 
Assets, Fair Value Disclosure [Abstract]
 
 
Investments, Fair Value Disclosure
120,506 
103,780 
Level 2 [Member] |
Equity securities [Member]
 
 
Assets, Fair Value Disclosure [Abstract]
 
 
Investments, Fair Value Disclosure
0 
0 
Level 2 [Member] |
Debt securities [Member]
 
 
Assets, Fair Value Disclosure [Abstract]
 
 
Investments, Fair Value Disclosure
$ 0 
$ 0 
Fair Value of Financial Instruments (Details) (USD $)
In Thousands, unless otherwise specified
Mar. 31, 2017
Dec. 31, 2016
Mar. 31, 2016
Dec. 31, 2015
Assets, Fair Value Disclosure [Abstract]
 
 
 
 
Student loans receivable
$ 24,003,386 
$ 24,903,724 
 
 
Cash and cash equivalents
108,160 
69,654 
51,034 
63,529 
Investments (available-for-sale and trading)
273,818 
254,144 
 
 
Restricted cash
787,635 
980,961 
 
 
Restricted cash - due to customers
93,699 
119,702 
 
 
Accrued interest receivable
392,754 
391,264 
 
 
Derivative instruments
39,652 
87,531 
 
 
Liabilities, Fair Value Disclosure [Abstract]
 
 
 
 
Bonds and notes payable
23,594,516 
24,668,490 
 
 
Accrued interest payable
46,427 
45,677 
 
 
Due to customers
93,699 
119,702 
 
 
Fair value of derivative instruments
79,095 
77,826 
 
 
Fair value [Member]
 
 
 
 
Assets, Fair Value Disclosure [Abstract]
 
 
 
 
Student loans receivable
25,036,613 
25,653,581 
 
 
Cash and cash equivalents
108,160 
69,654 
 
 
Investments (available-for-sale and trading)
123,566 
106,593 
 
 
Notes Receivable
16,563 
17,031 
 
 
Restricted cash
 
980,961 
 
 
Restricted cash - due to customers
93,699 
119,702 
 
 
Accrued interest receivable
392,754 
391,264 
 
 
Derivative instruments
39,652 
87,531 
 
 
Liabilities, Fair Value Disclosure [Abstract]
 
 
 
 
Bonds and notes payable
23,526,104 
24,220,996 
 
 
Accrued interest payable
46,427 
45,677 
 
 
Due to customers
93,699 
119,702 
 
 
Fair value of derivative instruments
79,095 
77,826 
 
 
Fair value [Member] |
Level 1 [Member]
 
 
 
 
Assets, Fair Value Disclosure [Abstract]
 
 
 
 
Student loans receivable
0 
0 
 
 
Cash and cash equivalents
108,160 
69,654 
 
 
Investments (available-for-sale and trading)
3,060 
2,813 
 
 
Notes Receivable
0 
0 
 
 
Restricted cash
787,635 
980,961 
 
 
Restricted cash - due to customers
93,699 
119,702 
 
 
Accrued interest receivable
0 
0 
 
 
Derivative instruments
0 
0 
 
 
Liabilities, Fair Value Disclosure [Abstract]
 
 
 
 
Bonds and notes payable
0 
0 
 
 
Accrued interest payable
0 
0 
 
 
Due to customers
93,699 
119,702 
 
 
Fair value of derivative instruments
0 
0 
 
 
Fair value [Member] |
Level 2 [Member]
 
 
 
 
Assets, Fair Value Disclosure [Abstract]
 
 
 
 
Student loans receivable
0 
0 
 
 
Cash and cash equivalents
0 
0 
 
 
Investments (available-for-sale and trading)
120,506 
103,780 
 
 
Notes Receivable
16,563 
17,031 
 
 
Restricted cash
0 
0 
 
 
Restricted cash - due to customers
0 
0 
 
 
Accrued interest receivable
392,754 
391,264 
 
 
Derivative instruments
39,652 
87,531 
 
 
Liabilities, Fair Value Disclosure [Abstract]
 
 
 
 
Bonds and notes payable
23,526,104 
24,220,996 
 
 
Accrued interest payable
46,427 
45,677 
 
 
Due to customers
0 
0 
 
 
Fair value of derivative instruments
79,095 
77,826 
 
 
Fair value [Member] |
Level 3 [Member]
 
 
 
 
Assets, Fair Value Disclosure [Abstract]
 
 
 
 
Student loans receivable
25,036,613 
25,653,581 
 
 
Cash and cash equivalents
0 
0 
 
 
Investments (available-for-sale and trading)
0 
0 
 
 
Notes Receivable
0 
0 
 
 
Restricted cash
0 
0 
 
 
Restricted cash - due to customers
0 
0 
 
 
Accrued interest receivable
0 
0 
 
 
Derivative instruments
0 
0 
 
 
Liabilities, Fair Value Disclosure [Abstract]
 
 
 
 
Bonds and notes payable
0 
0 
 
 
Accrued interest payable
0 
0 
 
 
Due to customers
0 
0 
 
 
Fair value of derivative instruments
0 
0 
 
 
Carrying value [Member]
 
 
 
 
Assets, Fair Value Disclosure [Abstract]
 
 
 
 
Student loans receivable
24,003,386 
24,903,724 
 
 
Cash and cash equivalents
108,160 
69,654 
 
 
Investments (available-for-sale and trading)
123,566 
106,593 
 
 
Notes Receivable
16,563 
17,031 
 
 
Restricted cash
787,635 
980,961 
 
 
Restricted cash - due to customers
93,699 
119,702 
 
 
Accrued interest receivable
392,754 
391,264 
 
 
Derivative instruments
39,652 
87,531 
 
 
Liabilities, Fair Value Disclosure [Abstract]
 
 
 
 
Bonds and notes payable
23,594,516 
24,668,490 
 
 
Accrued interest payable
46,427 
45,677 
 
 
Due to customers
93,699 
119,702 
 
 
Fair value of derivative instruments
$ 79,095 
$ 77,826