Document and Entity Information Document - shares	3 Months Ended
Document and Entity Information Document - shares	Mar. 31, 2019	Apr. 30, 2019
Document Information [Line Items]
Entity Registrant Name	NELNET INC
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Entity Central Index Key	0001258602
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Entity Emerging Growth Company	false
Entity Small Business	false
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		28,438,279
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		11,459,641

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Assets:
Loans receivable (net of allowance for loan losses of $61,778 and $60,388, respectively)	$ 21,946,153	$ 22,377,142
Cash and cash equivalents:
Cash and cash equivalents - not held at a related party	11,844	9,472
Cash and cash equivalents - held at a related party	63,037	111,875
Total cash and cash equivalents	74,881	121,347
Investments and notes receivable	230,512	249,370
Restricted cash	760,273	701,366
Restricted cash - due to customers	216,471	369,678
Accrued interest receivable	715,838	679,197
Accounts receivable (net of allowance for doubtful accounts of $3,777 and $3,271, respectively)	76,013	59,531
Goodwill	156,912	156,912
Intangible assets, net	105,795	114,290
Property and equipment, net	335,070	344,784
Other assets	103,841	45,533
Fair value of derivative instruments	168	1,818
Total assets	24,721,927	25,220,968
Liabilities:
Bonds and notes payable	21,835,723	22,218,740
Accrued interest payable	62,158	61,679
Other liabilities	277,281	256,092
Due to customers	216,471	369,678
Total liabilities	22,391,633	22,906,189
Commitments and contingencies
Nelnet, Inc. shareholders' equity:
Preferred stock, $0.01 par value. Authorized 50,000,000 shares; no shares issued or outstanding	0	0
Common stock:
Additional paid-in capital	636	622
Retained earnings	2,321,407	2,299,556
Accumulated other comprehensive earnings	3,552	3,883
Total Nelnet, Inc. shareholders' equity	2,325,996	2,304,464
Noncontrolling interests	4,298	10,315
Total equity	2,330,294	2,314,779
Total liabilities and equity	24,721,927	25,220,968
Common Class A
Common stock:
Common stock	286	288
Common Class B
Common stock:
Common stock	115	115
Supplemental information - assets and liabilities of consolidated education lending variable interest entities:
Assets:
Loans receivable (net of allowance for loan losses of $61,778 and $60,388, respectively)	21,962,743	22,359,655
Cash and cash equivalents:
Restricted cash	732,335	677,611
Other assets	716,820	679,735
Liabilities:
Bonds and notes payable	21,775,724	22,146,374
Other liabilities	189,112	163,327
Common stock:
Net assets of consolidated education lending variable interest entities	$ 1,447,062	$ 1,407,300

CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Allowance for loan losses	$ 61,778	$ 60,388
Allowance for doubtful accounts	$ 3,777	$ 3,271
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized shares (in shares)	50,000,000	50,000,000
Preferred stock, issued shares (in shares)	0	0
Preferred stock, outstanding shares (in shares)	0	0
Common Class A
Par value (in dollars per share)	$ 0.01	$ 0.01
Shares authorized (in shares)	600,000,000	600,000,000
Shares issued (in shares)	28,628,528	28,798,464
Shares outstanding (in shares)	28,628,528	28,798,464
Common Class B
Par value (in dollars per share)	$ 0.01	$ 0.01
Shares authorized (in shares)	60,000,000	60,000,000
Shares issued (in shares)	11,459,641	11,459,641
Shares outstanding (in shares)	11,459,641	11,459,641

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	Mar. 31, 2019	Mar. 31, 2018
Interest income:
Loan interest	$ 242,333	$ 197,723
Investment interest	8,253	5,134
Total interest income	250,586	202,857
Interest expense:
Interest on bonds and notes payable	191,770	135,550
Net interest income	58,816	67,307
Less provision for loan losses	7,000	4,000
Net interest income after provision for loan losses	51,816	63,307
Other income:
Other income	9,067	18,557
Derivative market value adjustments and derivative settlements, net	(11,539)	66,799
Total other income	206,128	254,907
Cost of services:
Cost of services	25,818	17,400
Operating expenses:
Salaries and benefits	111,059	96,643
Depreciation and amortization	24,213	18,457
Loan servicing fees to third parties	2,893	3,136
Other expenses	40,923	33,417
Total operating expenses	179,088	151,653
Income before income taxes	53,038	149,161
Income tax expense	11,391	35,976
Net income	41,647	113,185
Net income attributable to noncontrolling interests	(56)	740
Net income attributable to Nelnet, Inc.	$ 41,591	$ 113,925
Earnings per common share:
Net income attributable to Nelnet, Inc. shareholders - basic and diluted (in dollars per share)	$ 1.03	$ 2.78
Weighted average common shares outstanding - basic and diluted (in shares)	40,373,295	40,950,528
Loan servicing and systems revenue
Other income:
Revenue	$ 114,898	$ 100,141
Education technology, services, and payment processing revenue
Other income:
Revenue	79,159	60,221
Cost of services:
Cost of services	21,059	13,683
Communications Services
Other income:
Revenue	14,543	9,189
Cost of services:
Cost of services	$ 4,759	$ 3,717

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Statement of Comprehensive Income [Abstract]
Net income	$ 41,647	$ 113,185
Available-for-sale securities:
Unrealized holding losses arising during period, net of gains	(436)	(1,061)
Reclassification adjustment for gains recognized in net income, net of losses	0	(47)
Income tax effect	105	256
Total other comprehensive loss	(331)	(852)
Comprehensive income	41,316	112,333
Comprehensive (income) loss attributable to noncontrolling interests	(56)	740
Comprehensive income attributable to Nelnet, Inc.	$ 41,260	$ 113,073

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Preferred stock shares	Common stock shares Common Class A	Common stock shares Common Class B	Additional paid-in capital	Retained earnings	Accumulated other comprehensive (loss) earnings	Noncontrolling interests
Balance (in shares) at Dec. 31, 2017		0	29,341,517	11,468,587
Balance at Dec. 31, 2017	$ 2,165,387	$ 0	$ 293	$ 115	$ 521	$ 2,143,983	$ 4,617	$ 15,858
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of noncontrolling interests	26							26
Net income	113,185					113,925		(740)
Other comprehensive income (loss)	(852)						(852)
Distribution to noncontrolling interests	(19)							(19)
Cash dividend on Class A and Class B common stock	(6,506)					(6,506)
Issuance of common stock, net of forfeitures (in shares)			170,346
Issuance of common stock, net of forfeitures	2,173		$ 2		2,171
Compensation expense for stock based awards	1,087				1,087
Repurchase of common stock (in shares)			(222,174)
Repurchase of common stock	(11,418)		$ (2)		(3,331)	(8,085)
Acquisition of noncontrolling interest	(19,101)					(13,449)		(5,652)
Balance at Mar. 31, 2018	2,245,226	$ 0	$ 293	$ 115	448	2,231,875	3,022	9,473
Balance (in shares) at Mar. 31, 2018		0	29,289,689	11,468,587
Balance (in shares) at Dec. 31, 2018		0	28,798,464	11,459,641
Balance at Dec. 31, 2018	2,314,779	$ 0	$ 288	$ 115	622	2,299,556	3,883	10,315
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of noncontrolling interests	26							26
Net income	41,647					41,591		56
Other comprehensive income (loss)	(331)						(331)
Distribution to noncontrolling interests	(22)							(22)
Cash dividend on Class A and Class B common stock	(7,232)					(7,232)
Issuance of common stock, net of forfeitures (in shares)			131,391
Issuance of common stock, net of forfeitures	2,494		$ 1		2,493
Compensation expense for stock based awards	1,368				1,368
Repurchase of common stock (in shares)			(301,327)
Repurchase of common stock	(16,358)		$ (3)		(3,847)	(12,508)
Balance at Mar. 31, 2019	$ 2,330,294	$ 0	$ 286	$ 115	$ 636	$ 2,321,407	$ 3,552	$ 4,298
Balance (in shares) at Mar. 31, 2019		0	28,628,528	11,459,641

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parentheticals) - $ / shares	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Common Class A
Dividends paid per common share (in dollars per share)	$ 0.18	$ 0.16
Common Class B
Dividends paid per common share (in dollars per share)	$ 0.18	$ 0.16

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Statement of Cash Flows [Abstract]
Net income attributable to Nelnet, Inc.	$ 41,591	$ 113,925
Net income (loss) attributable to noncontrolling interests	56	(740)
Net income	41,647	113,185
Adjustments to reconcile net income to net cash (used in) provided by operating activities, net of acquisition:
Depreciation and amortization, including debt discounts and loan premiums and deferred origination costs	46,948	43,301
Loan discount accretion	(9,693)	(11,691)
Provision for loan losses	7,000	4,000
Derivative market value adjustments	30,574	(60,033)
Proceeds from termination of derivative instruments	2,119	0
(Payments to) proceeds from clearinghouse - initial and variation margin, net	(13,974)	62,689
Gain from debt repurchases	0	(359)
Loss (gain) from investments and notes receivable, net	1,151	(8,249)
Deferred income tax (benefit) expense	(2,807)	16,883
Non-cash compensation expense	1,476	1,161
Other	(20)	(2,891)
Increase in accrued interest receivable	(36,722)	(59,038)
(Increase) decrease in accounts receivable	(16,571)	177
(Increase) decrease in other assets	(32,324)	49,415
Increase in accrued interest payable	479	4,213
Decrease in other liabilities	(5,741)	(36,205)
Decrease in due to customers	(153,207)	(58,606)
Net cash (used in) provided by operating activities	(139,665)	57,952
Cash flows from investing activities, net of acquisitions:
Purchases of loans	(344,631)	(610,855)
Net proceeds from loan repayments, claims, capitalized interest, and other	769,996	863,270
Purchases of available-for-sale securities	0	(28,164)
Proceeds from sales of available-for-sale securities	0	21,951
Purchases of investments and issuance of notes receivable	(15,970)	(16,370)
Proceeds from investments and notes receivable	1,719	9,718
Purchases of property and equipment	(24,813)	(28,068)
Business acquisition, net of cash and restricted cash acquired	0	(109,152)
Net cash provided by investing activities	386,301	102,330
Cash flows from financing activities:
Payments on bonds and notes payable	(932,007)	(901,008)
Proceeds from issuance of bonds and notes payable	570,532	756,700
Payments of debt issuance costs	(2,776)	(1,650)
Dividends paid	(7,232)	(6,506)
Repurchases of common stock	(16,358)	(11,418)
Proceeds from issuance of common stock	461	274
Acquisition of noncontrolling interest	0	(13,449)
Distribution to noncontrolling interests	(22)	(19)
Net cash used in financing activities	(387,402)	(177,076)
Net decrease in cash, cash equivalents, and restricted cash	(140,766)	(16,794)
Cash, cash equivalents, and restricted cash, beginning of period	1,192,391	942,066
Cash, cash equivalents, and restricted cash, end of period	1,051,625	925,272
Supplemental disclosures of cash flow information:
Cash disbursements made for interest	176,876	114,243
Cash refunds received for income taxes, net of payments	9	30,569
Cash and cash equivalents:
Cash, cash equivalents, and restricted cash	$ 1,192,391	$ 942,066

Basis of Financial Reporting

3 Months Ended

Mar. 31, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Financial Reporting

The accompanying unaudited consolidated financial statements of Nelnet, Inc. and subsidiaries (the “Company”) as of March 31, 2019 and for the three months ended March 31, 2019 and 2018 have been prepared on the same basis as the audited consolidated financial statements for the year ended December 31, 2018 and, in the opinion of the Company’s management, the unaudited consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of results of operations for the interim periods presented. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Operating results for the three months ended March 31, 2019 are not necessarily indicative of the results for the year ending December 31, 2019. The unaudited consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 (the "2018 Annual Report").

Accounting Standard Adopted in 2019

In the first quarter of 2019, the Company adopted the following new accounting standard:

Leases

In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Codification Topic 842, Leases ("ASC Topic 842"). The standard requires the identification of arrangements that should be accounted for as leases by lessees and the disclosure of key information about leasing arrangements. The standard establishes a right-of-use ("ROU") model that requires a lessee to recognize a ROU asset and lease liability for all leases with a term longer than twelve months and classify the lease as operating or financing, with the income statement reflecting lease expense for operating leases and amortization/interest expense for financing leases.

The Company adopted the standard effective January 1, 2019, using the effective date as its date of initial application. Consequently, financial information is not updated and the disclosures required under the new standard are not provided for dates and periods before January 1, 2019. The Company elected to utilize the ‘package of practical expedients’, which permitted it to not reassess under the new standard its prior conclusions about lease identification, lease classification, and initial direct costs.

The most significant impact of the standard relates to (1) the recognition of new ROU assets and lease liabilities on the Company's balance sheet; (2) the deconsolidation of assets and liabilities for certain sale-leaseback transactions arising from build-to-suit lease arrangements for which construction was completed and the Company is leasing the constructed assets that did not qualify for sale accounting prior to the adoption of the new standard; and (3) significant new disclosures about the Company’s leasing activities. The build-to-suit lease arrangements have been reassessed as operating leases as of the effective date under ASC Topic 842.

Adoption of the new standard resulted in recognizing lease liabilities of $33.7 million based on the present value of the remaining minimum rental payments. In addition, the Company recognized ROU assets of $32.8 million, which corresponds to the lease liabilities reduced by deferred rent expense as of the effective date. The Company also deconsolidated total assets of $43.8 million and total liabilities of $34.8 million for entities that had been consolidated due to sale-leaseback transactions that failed to qualify for recognition as sales under the prior guidance. Deconsolidation of these entities reduced noncontrolling interests by $6.1 million. The cumulative effect of the changes made to the Company's consolidated balance sheet as of January 1, 2019 for the adoption of the new lease standard was as follows:


	Balances at December 31, 2018		Adjustments from adoption of new lease standard	Balances at January 1, 2019
Assets
Cash and cash equivalents	$	121,347	(646)	120,701
Investments and notes receivable	249,370		(23,134)	226,236
Accounts receivable	59,531		(89)	59,442
Property and equipment, net	344,784		(16,974)	327,810
Other assets	45,533		32,804	78,337
Liabilities
Bonds and notes payable	22,218,740		(33,182)	22,185,558
Other liabilities	256,092		31,220	287,312
Equity
Noncontrolling interests	10,315		(6,077)	4,238

At the inception of an arrangement, the Company determines if the arrangement is, or contains, a lease and records the lease in the consolidated financial statements upon lease commencement, which is the date when the underlying asset is made available by the lessor. The Company primarily leases dark fiber to support its telecommunications operations and office and data center space. Leases with an initial term of 12 months or less are not recorded on the balance sheet. The lease expense for these leases is recognized on a straight-line basis over the lease term. All other lease assets and lease liabilities are recognized based on the present value of lease payments over the lease term at the commencement date. When the discount rate implicit in the lease cannot be readily determined, the Company uses its incremental borrowing rate.

The Company has elected to utilize the practical expedient to account for lease and non-lease components together as a single, combined lease component for its office and data center space. In addition, the Company has identified itself as the lessor in its Communications operating segment for services provided to customers that include customer-premise equipment. The Company has also elected to utilize the practical expedient to account for those services and associated leases as a single, combined component. The non-lease services are 'predominant' in those contracts. Therefore, the combined component is considered a single performance obligation under ASC Topic 606.

Most leases include one or more options to renew, with renewal terms that can be extended. The exercise of lease renewal options for the majority of leases is at the Company's discretion. Renewal options that the Company is reasonably certain to exercise are included in the lease term.

Certain leases include escalating rental payments or rental payments adjusted periodically for inflation. None of the lease agreements include any residual value guarantees, a transfer of title, or a purchase option that is reasonably certain to be exercised.

The following table provides supplemental balance sheet information related to leases:


	As of
	March 31, 2019
Operating lease ROU assets, which is included in "other assets" on the consolidated balance sheet	$	33,928
Operating lease liabilities, which is included in "other liabilities" on the consolidated balance sheet	$	34,891

The following table provides components of lease expense:


	Three months ended March 31, 2019
Rental expense, which is included in "other expenses" on the consolidated statement of income (a)	$	2,795
Rental expense, which is included in "cost to provide communications services" on the consolidated statement of income	79
Total operating rental expense	$	2,874

(a) Includes short-term and variable lease costs, which are immaterial.

The following table provides supplemental cash flow information related to leases:


	Three months ended March 31, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	2,376
ROU assets obtained in exchange for lease obligations, excluding impact of adoption:
Operating leases	$	3,233

Weighted average remaining lease term and discount rate are shown below:


	As of
	March 31, 2019
Weighted average remaining lease term	6.08 years
Weighted average discount rate	4.00	%

Maturity of lease liabilities are shown below:


2019 (excluding the three months ended March 31, 2019)	$	7,354
2020	8,962
2021	6,356
2022	4,229
2023	3,395
2024 and thereafter	9,187
Total lease payments	39,483
Imputed interest	(4,592)
Total	$	34,891

The Company adopted the new lease standard using the effective date as its date of initial application as noted above, and as required, the following disclosure is provided for periods prior to adoption. Future minimum lease payments as of December 31, 2018 are shown below:


2019	$	9,181
2020	8,261
2021	5,776
2022	3,745
2023	2,904
2024 and thereafter	5,479
Total minimum lease payments	$	35,346

Loans Receivable and Allowance for Loan Losses

3 Months Ended

Mar. 31, 2019

Receivables [Abstract]

Loans Receivable and Allowance for Loan Losses

Loans receivable consisted of the following:


	As of		As of
	March 31, 2019		December 31, 2018
Federally insured student loans:
Stafford and other	$	4,901,934	4,969,667
Consolidation	16,778,679		17,186,229
Total	21,680,613		22,155,896
Private education loans	211,029		225,975
Consumer loans	191,001		138,627
	22,082,643		22,520,498
Loan discount, net of unamortized loan premiums and deferred origination costs	(43,602)		(53,572)
Non-accretable discount	(31,110)		(29,396)
Allowance for loan losses:
Federally insured loans	(40,934)		(42,310)
Private education loans	(10,587)		(10,838)
Consumer loans	(10,257)		(7,240)
	$	21,946,153	22,377,142

Activity in the Allowance for Loan Losses

The provision for loan losses represents the periodic expense of maintaining an allowance sufficient to absorb losses, net of recoveries, inherent in the portfolio of loans. Activity in the allowance for loan losses is shown below.


	Three months ended March 31, 2019
	Balance at beginning of period		Provision for loan losses	Charge-offs	Recoveries	Other	Balance at end of period
Federally insured loans	$	42,310	2,000	(3,376)	—	—	40,934
Private education loans	10,838		—	(482)	231	—	10,587
Consumer loans	7,240		5,000	(2,006)	23	—	10,257
	$	60,388	7,000	(5,864)	254	—	61,778

	Three months ended March 31, 2018
Federally insured loans	$	38,706	2,000	(3,332)	—	1,000	38,374
Private education loans	12,629		—	(539)	165	—	12,255
Consumer loans	3,255		2,000	(595)	5	—	4,665
	$	54,590	4,000	(4,466)	170	1,000	55,294

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, 2019						As of December 31, 2018						As of March 31, 2018
Federally insured loans:
Loans in-school/grace/deferment	$	1,288,011			$	1,298,493			$	1,312,319
Loans in forbearance	1,358,343				1,430,291				1,650,913
Loans in repayment status:
Loans current	16,550,665		87.0	%	16,882,252		86.9	%	16,368,668		88.5	%
Loans delinquent 31-60 days	666,668		3.5		683,084		3.5		669,490		3.6
Loans delinquent 61-90 days	425,098		2.2		427,764		2.2		426,696		2.3
Loans delinquent 91-120 days	296,242		1.6		283,831		1.5		252,659		1.4
Loans delinquent 121-270 days	718,409		3.8		806,692		4.2		570,538		3.1
Loans delinquent 271 days or greater	377,177		1.9		343,489		1.7		210,265		1.1
Total loans in repayment	19,034,259		100.0	%	19,427,112		100.0	%	18,498,316		100.0	%
Total federally insured loans	$	21,680,613			$	22,155,896			$	21,461,548
Private education loans:
Loans in-school/grace/deferment	$	4,208			$	4,320			$	5,532
Loans in forbearance	1,473				1,494				2,574
Loans in repayment status:
Loans current	196,122		95.5	%	208,977		95.0	%	178,976		96.1	%
Loans delinquent 31-60 days	2,292		1.1		3,626		1.6		1,630		0.9
Loans delinquent 61-90 days	1,481		0.7		1,560		0.7		1,110		0.6
Loans delinquent 91 days or greater	5,453		2.7		5,998		2.7		4,488		2.4
Total loans in repayment	205,348		100.0	%	220,161		100.0	%	186,204		100.0	%
Total private education loans	$	211,029			$	225,975			$	194,310
Consumer loans:
Loans in repayment status:
Loans current	$	187,983	98.4	%	$	136,130	98.2	%	$	76,401	98.1	%
Loans delinquent 31-60 days	1,162		0.6		1,012		0.7		748		1.0
Loans delinquent 61-90 days	917		0.5		832		0.6		369		0.5
Loans delinquent 91 days or greater	939		0.5		653		0.5		337		0.4
Total loans in repayment	191,001		100.0	%	138,627		100.0	%	77,855		100.0	%
Total consumer loans	$	191,001			$	138,627			$	77,855

Bonds and Notes Payable

3 Months Ended

Mar. 31, 2019

Debt Disclosure [Abstract]

Bonds and Notes Payable

The following tables summarize the Company’s outstanding debt obligations by type of instrument:


	As of March 31, 2019
	Carrying amount		Interest rate range	Final maturity
Variable-rate bonds and notes issued in FFELP loan asset-backed securitizations:
Bonds and notes based on indices	$	19,969,336	2.69% - 4.30%	11/25/24 - 4/25/67
Bonds and notes based on auction	787,676		3.18% - 3.83%	3/22/32 - 11/26/46
Total FFELP variable-rate bonds and notes	20,757,012
FFELP warehouse facilities	792,658		2.70% / 2.75%	5/20/20 / 5/31/21
Consumer loan warehouse facility	63,732		4.14%	1/10/22
Variable-rate bonds and notes issued in private education loan asset-backed securitization	46,330		4.24%	12/26/40
Fixed-rate bonds and notes issued in private education loan asset-backed securitization	59,609		3.60% / 5.35%	12/26/40 / 12/28/43
Unsecured line of credit	320,000		3.98% - 4.00%	6/22/23
Unsecured debt - Junior Subordinated Hybrid Securities	20,381		5.97%	9/15/61
Other borrowings	81,969		3.19% - 3.99%	4/1/19 - 12/20/19
	22,141,691
Discount on bonds and notes payable and debt issuance costs	(305,968)
Total	$	21,835,723


	As of December 31, 2018
	Carrying amount		Interest rate range	Final maturity
Variable-rate bonds and notes issued in FFELP loan asset-backed securitizations:
Bonds and notes based on indices	$	20,192,123	2.59% - 4.52%	11/25/24 - 2/25/67
Bonds and notes based on auction	793,476		2.84% - 3.55%	3/22/32 - 11/26/46
Total FFELP variable-rate bonds and notes	20,985,599
FFELP warehouse facilities	986,886		2.65% / 2.71%	5/20/20 / 5/31/21
Variable-rate bonds and notes issued in private education loan asset-backed securitization	50,720		4.26%	12/26/40
Fixed-rate bonds and notes issued in private education loan asset-backed securitization	63,171		3.60% / 5.35%	12/26/40 / 12/28/43
Unsecured line of credit	310,000		3.92% - 4.01%	6/22/23
Unsecured debt - Junior Subordinated Hybrid Securities	20,381		6.17%	9/15/61
Other borrowings	120,342		3.05% - 5.22%	1/3/19 - 12/15/45
	22,537,099
Discount on bonds and notes payable and debt issuance costs	(318,359)
Total	$	22,218,740

FFELP Warehouse Facilities

The Company funds the majority of its Federal Family Education Loan Program (the "FFEL Program" or "FFELP") loan acquisitions using its FFELP warehouse facilities. Student loan warehousing allows the Company to buy and manage student loans prior to transferring them into more permanent financing arrangements.

As of March 31, 2019, the Company had two FFELP warehouse facilities as summarized below.


	NFSLW-I (a)		NHELP-II	Total
Maximum financing amount	$	500,000	500,000	1,000,000
Amount outstanding	447,564		345,094	792,658
Amount available	$	52,436	154,906	207,342
Expiration of liquidity provisions	May 20, 2019		May 31, 2019
Final maturity date	May 20, 2020		May 31, 2021


Advanced as equity support	$	24,314	26,255	50,569

(a) On March 8, 2019, the Company decreased the maximum financing amount for this warehouse facility to $500 million.

Asset-Backed Securitizations

The following table summarizes the asset-backed securitization transactions completed during the first three months of 2019.


	2019-1
	Class A-1 Notes		Class A-2 Notes	2019-1 total
Date securities issued	2/27/19		2/27/19	2/27/19

Class A senior notes:
Total principal amount	$	35,700	448,000	483,700


Cost of funds (1-month LIBOR plus:)	0.30%		0.75%
Final maturity date	4/25/67		4/25/67

Class B subordinated notes:
Total principal amount				13,100


Cost of funds (1-month LIBOR plus:)				1.40%
Final maturity date				4/25/67
Total principal amount issued	$	35,700	448,000	496,800

Consumer Loan Warehouse Facility

On January 11, 2019, the Company closed on a consumer loan warehouse facility with an aggregate maximum financing amount available of $100.0 million, an advance rate of 70 or 75 percent depending on type of collateral and subject to certain concentration limits, and a maturity date of January 10, 2022. As of March 31, 2019, $63.7 million was outstanding under this warehouse facility and $36.3 million was available for future funding. Additionally, as of March 31, 2019, the Company had $26.5 million advanced as equity support under this facility.

Unsecured Line of Credit

The Company has a $382.5 million unsecured line of credit that has a maturity date of June 22, 2023. As of March 31, 2019, $320.0 million was outstanding under the line of credit and $62.5 million was available for future use. The line of credit provides that the Company may increase the aggregate financing commitments, through the existing lenders and/or through new lenders, up to a total of $400.0 million, subject to certain conditions.

Other Borrowings

The Company has two repurchase agreements, the proceeds of which are collateralized by FFELP asset-backed security investments and private education loans, respectively. Included in "other borrowings" as of March 31, 2019 and December 31, 2018 was a total of $82.0 million and $86.4 million, respectively, subject to these repurchase agreements.

The Company had other notes payable included in its consolidated financial statements which were issued by partnerships for certain real estate development projects. Although the Company's ownership of these partnerships are 50 percent or less, because the Company was the developer of and is a current tenant in the associated buildings, the operating results of these partnerships were included in the Company's consolidated financial statements. On January 1, 2019, the Company adopted a new accounting standard for leases (see note 1). As a result of the adoption of this new standard, these real estate entities were deconsolidated, including $33.9 million of related debt. Prior to January 1, 2019, this debt was included in "other borrowings."

Derivative Financial Instruments

3 Months Ended

Mar. 31, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

The Company uses derivative financial instruments to manage interest rate risk. Derivative instruments used as part of the Company's risk management strategy are further described in note 5 of the notes to consolidated financial statements included in the 2018 Annual Report. A tabular presentation of such derivatives outstanding as of March 31, 2019 and December 31, 2018 is presented below.

Basis Swaps

The following table summarizes the Company’s outstanding basis swaps in which the Company receives three-month LIBOR set discretely in advance and pays one-month LIBOR plus or minus a spread as defined in the agreements (the "1:3 Basis Swaps").


		As of March 31,		As of December 31,
		2019		2018
Maturity		Notional amount		Notional amount
2019		$	3,250,000	3,500,000
2020	(a)	1,000,000		1,000,000
2021	(a)	250,000		250,000
2022	(b)	2,000,000		2,000,000
2023		750,000		750,000
2024		250,000		250,000
2026		1,150,000		1,150,000
2027		375,000		375,000
2028		325,000		325,000
2029		100,000		100,000
2031		300,000		300,000

		$	9,750,000	10,000,000

(a) These derivatives have a forward effective start date in May 2019.

(b) $250 million and $750 million of the notional amount of these derivatives have forward effective start dates in May 2019 and May 2020, respectively.

The weighted average rate paid by the Company on the 1:3 Basis Swaps as of March 31, 2019 and December 31, 2018 was one-month LIBOR plus 9.5 basis points and 9.4 basis points, respectively.

Interest Rate Swaps – Floor Income Hedges

The following table summarizes the outstanding derivative instruments used by the Company to economically hedge loans earning fixed rate floor income.


	As of March 31, 2019						As of December 31, 2018
Maturity	Notional amount		Weighted average fixed rate paid by the Company (a)		Notional amount		Weighted average fixed rate paid by the Company (a)

2019	$	1,500,000	0.98	%	$	3,250,000	0.97	%
2020	1,500,000		1.01		1,500,000		1.01
2021	100,000		2.95		100,000		2.95
2023	400,000		2.24		400,000		2.24
2024	200,000		2.27		300,000		2.28
2027	—		—		25,000		2.35



	$	3,700,000	1.25	%	$	5,575,000	1.18	%

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

Interest Rate Swap Options – Floor Income Hedges

During 2014 and 2018, the Company paid $9.1 million and $4.6 million, respectively, for interest rate swap options to economically hedge loans earning fixed rate floor income. The interest rate swap options give the Company the right, but not the obligation, to enter into interest rate swaps in which the Company would pay a fixed amount and receive discrete one-month LIBOR. The following table summarizes these derivative instruments as of March 31, 2019.


If exercised effective date	Notional amount		Weighted average fixed rate paid by the Company		If exercised maturity date
August 21, 2019	$	750,000	3.28	%	August 21, 2024
September 25, 2019	250,000		3.00		September 25, 2024
	$	1,000,000	3.21	%

Interest Rate Caps

During 2015, the Company paid $2.9 million for two interest rate cap contracts with a total notional amount of $275.0 million to mitigate a rise in interest rates and its impact on earnings related to its student loan portfolio earning a fixed rate. The first interest rate cap has a notional amount of $125.0 million and a one-month LIBOR strike rate of 2.50%, and the second interest rate cap has 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 rises above the applicable strike rate, the Company would receive monthly payments related to the spread difference. Both interest rate cap contracts have a maturity date of July 15, 2020.

Consolidated Financial Statement Impact Related to Derivatives

Balance Sheet

The following table summarizes the fair value of the Company’s derivatives as reflected in the consolidated balance sheets. There is no difference between the gross amounts of recognized assets presented in the consolidated balance sheets related to the Company's derivative portfolio and the net amount when excluding derivatives subject to enforceable master netting arrangements and cash collateral received.


	Fair value of asset derivatives				Fair value of liability derivatives
	As of March 31, 2019		As of December 31, 2018	As of March 31, 2019	As of December 31, 2018
Interest rate swap options - floor income hedges	$	90	1,465	—	—
Interest rate caps	78		353	—	—
Total	$	168	1,818	—	—

Income Statement Impact

The following table summarizes the components of "derivative market value adjustments and derivative settlements, net" included in the consolidated statements of income.


	Three months ended March 31,
	2019		2018
Settlements:
1:3 basis swaps	$	2,334	(1,664)
Interest rate swaps - floor income hedges	16,701		8,590
Interest rate swaps - hybrid debt hedges	—		(160)
Total settlements - income	19,035		6,766
Change in fair value:
1:3 basis swaps	(2,212)		13,297
Interest rate swaps - floor income hedges	(26,712)		44,201
Interest rate swap options - floor income hedges	(1,376)		747
Interest rate caps	(274)		326
Interest rate swaps - hybrid debt hedges	—		1,462
Total change in fair value - (expense) income	(30,574)		60,033
Derivative market value adjustments and derivative settlements, net - (expense) income	$	(11,539)	66,799

Investments and Notes Receivable

3 Months Ended

Mar. 31, 2019

Investments [Abstract]

Investments and Notes Receivable

A summary of the Company's investments and notes receivable follows:


	As of March 31, 2019									As of December 31, 2018
	Amortized cost		Gross unrealized gains	Gross unrealized losses	Fair value		Amortized cost	Gross unrealized gains	Gross unrealized losses	Fair value

Investments (at fair value):
Student loan asset-backed and other debt securities - available-for-sale	$	47,994	4,673	—	52,667		47,931	5,109	—	53,040
Equity securities	13,405		6,002	(1,037)	18,370		12,909	5,145	(407)	17,647
Total investments (at fair value)	$	61,399	10,675	(1,037)	71,037		60,840	10,254	(407)	70,687

Other Investments and Notes Receivable (not measured at fair value):
Venture capital and funds:
Measurement alternative					71,129					70,939
Equity method					15,714					19,230
Other					800					900
Total venture capital and funds					87,643					91,069
Real estate:
Equity method					39,489					29,168
Other					9,193					34,211
Total real estate					48,682					63,379

Notes receivable					16,183					16,373
Tax liens and affordable housing					6,967					7,862
Total investments and notes receivable (not measured at fair value)					159,475					178,683
Total investments and notes receivable					$	230,512				249,370

Intangible Assets

3 Months Ended

Mar. 31, 2019

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Intangible Assets

Intangible assets consist of the following:


	Weighted average remaining useful life as of March 31, 2019 (months)
						As of	As of
				March 31, 2019		December 31, 2018
Amortizable intangible assets, net:
Customer relationships (net of accumulated amortization of $40,635 and $33,968, respectively)	82	$	91,818		98,484
Trade names (net of accumulated amortization of $6,672 and $5,825, respectively)	88	10,020			10,868
Computer software (net of accumulated amortization of $9,268 and $15,420, respectively)	21	3,957			4,938
Total - amortizable intangible assets, net	81	$	105,795		114,290

The Company recorded amortization expense on its intangible assets of $8.5 million and $6.2 million during the three months ended March 31, 2019 and 2018, respectively. The Company will continue to amortize intangible assets over their remaining useful lives. As of March 31, 2019, the Company estimates it will record amortization expense as follows:


2019 (April 1 - December 31)	$	24,263
2020	29,515
2021	18,761
2022	7,172
2023	6,925
2024 and thereafter	19,159
	$	105,795

Goodwill

3 Months Ended

Mar. 31, 2019

Goodwill [Abstract]

Goodwill

The carrying amount of goodwill as of December 31, 2018 and March 31, 2019 by reportable operating segment was as follows:


	Loan Servicing and Systems		Education Technology, Services, and Payment Processing	Communications	Asset Generation and Management	Corporate and Other Activities	Total
Goodwill balance	$	23,639	70,278	21,112	41,883	—	156,912

Property and Equipment

3 Months Ended

Mar. 31, 2019

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment consisted of the following:


		As of		As of
	Useful life	March 31, 2019		December 31, 2018
Non-communications:
Computer equipment and software	1-5 years	$	145,600	137,705
Building and building improvements	5-48 years	37,526		50,138
Office furniture and equipment	1-10 years	23,169		22,796
Leasehold improvements	1-15 years	8,844		9,327
Transportation equipment	5-10 years	5,067		5,123
Land	—	1,400		3,328
Construction in progress	—	2,568		3,578
		224,174		231,995
Accumulated depreciation - non-communications		(129,747)		(123,003)
Non-communications, net property and equipment		94,427		108,992

Communications:
Network plant and fiber	5-15 years	225,570		215,787
Customer located property	3-7 years	23,470		21,234
Central office	5-15 years	16,443		15,688
Transportation equipment	4-10 years	6,685		6,580
Computer equipment and software	1-5 years	5,035		4,943
Other	1-39 years	3,294		3,219
Land	—	70		70
Construction in progress	—	5,256		6,344
		285,823		273,865
Accumulated depreciation - communications		(45,180)		(38,073)
Communications, net property and equipment		240,643		235,792
Total property and equipment, net		$	335,070	344,784

The Company recorded depreciation expense on its property and equipment of $15.7 million and $12.2 million during the three months ended March 31, 2019 and 2018, respectively.

Earnings per Common Share

3 Months Ended

Mar. 31, 2019

Earnings Per Share [Abstract]

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,
	2019						2018
	Common shareholders		Unvested restricted stock shareholders	Total	Common shareholders	Unvested restricted stock shareholders	Total
Numerator:
Net income attributable to Nelnet, Inc.	$	41,057	534	41,591	112,788	1,137	113,925

Denominator:
Weighted-average common shares outstanding - basic and diluted	39,855,122		518,173	40,373,295	40,541,870	408,658	40,950,528
Earnings per share - basic and diluted	$	1.03	1.03	1.03	2.78	2.78	2.78

Segment Reporting

3 Months Ended

Mar. 31, 2019

Segment Reporting [Abstract]

Segment Reporting

See note 14 of the notes to consolidated financial statements included in the 2018 Annual Report for a description of the Company's operating segments. The following tables include the results of each of the Company's operating segments reconciled to the consolidated financial statements.


	Three months ended March 31, 2019
	Loan Servicing and Systems		Education Technology, Services, and Payment Processing	Communications	Asset Generation and Management	Corporate and Other Activities	Eliminations	Total
Total interest income	$	497	2,017	2	246,867	2,053	(851)	250,586
Interest expense	—		8	—	188,799	3,814	(851)	191,770
Net interest income (expense)	497		2,009	2	58,068	(1,761)	—	58,816
Less provision for loan losses	—		—	—	7,000	—	—	7,000
Net interest income (loss) after provision for loan losses	497		2,009	2	51,068	(1,761)	—	51,816
Other income:
Loan servicing and systems revenue	114,898		—	—	—	—	—	114,898
Intersegment servicing revenue	12,217		—	—	—	—	(12,217)	—
Education technology, services, and payment processing revenue	—		79,159	—	—	—	—	79,159
Communications revenue	—		—	14,543	—	—	—	14,543
Other income	2,074		—	125	3,525	3,344	—	9,067

Derivative settlements, net	—		—	—	19,035	—	—	19,035
Derivative market value adjustments, net	—		—	—	(30,574)	—	—	(30,574)
Total other income	129,189		79,159	14,668	(8,014)	3,344	(12,217)	206,128
Cost of services:
Cost to provide education technology, services, and payment processing services	—		21,059	—	—	—	—	21,059
Cost to provide communications services	—		—	4,759	—	—	—	4,759
Total cost of services	—		21,059	4,759	—	—	—	25,818
Operating expenses:
Salaries and benefits	66,220		23,008	4,737	378	16,716	—	111,059
Depreciation and amortization	8,871		3,510	7,362	—	4,469	—	24,213
Loan servicing fees to third parties	—		—	—	2,893	—	—	2,893
Other expenses	18,928		5,311	3,477	944	12,262	—	40,923
Intersegment expenses, net	13,758		3,299	664	12,287	(17,791)	(12,217)	—
Total operating expenses	107,777		35,128	16,240	16,502	15,656	(12,217)	179,088
Income (loss) before income taxes	21,909		24,981	(6,329)	26,552	(14,073)	—	53,038
Income tax (expense) benefit	(5,258)		(5,995)	1,519	(6,372)	4,716	—	(11,391)
Net income (loss)	16,651		18,986	(4,810)	20,180	(9,357)	—	41,647
Net income attributable to noncontrolling interests	—		—	—	—	(56)	—	(56)
Net income (loss) attributable to Nelnet, Inc.	$	16,651	18,986	(4,810)	20,180	(9,413)	—	41,591

Total assets as of March 31, 2019	$	273,065	294,019	297,196	23,475,113	546,987	(164,453)	24,721,927


	Three months ended March 31, 2018
	Loan Servicing and Systems		Education Technology, Services, and Payment Processing	Communications	Asset Generation and Management	Corporate and Other Activities	Eliminations	Total
Total interest income	$	257	665	1	200,334	4,751	(3,150)	202,857
Interest expense	—		—	2,509	134,233	1,958	(3,150)	135,550
Net interest income (expense)	257		665	(2,508)	66,101	2,793	—	67,307
Less provision for loan losses	—		—	—	4,000	—	—	4,000
Net interest income (loss) after provision for loan losses	257		665	(2,508)	62,101	2,793	—	63,307
Other income:
Loan servicing and systems revenue	100,141		—	—	—	—	—	100,141
Intersegment servicing revenue	10,771		—	—	—	—	(10,771)	—
Education technology, services, and payment processing revenue	—		60,221	—	—	—	—	60,221
Communications revenue	—		—	9,189	—	—	—	9,189
Other income	1,292		—	—	3,351	13,914	—	18,557

Derivative settlements, net	—		—	—	6,926	(160)	—	6,766
Derivative market value adjustments, net	—		—	—	58,571	1,462	—	60,033
Total other income	112,204		60,221	9,189	68,848	15,216	(10,771)	254,907
Cost of services:
Cost to provide education technology, services, and payment processing services	—		13,683	—	—	—	—	13,683
Cost to provide communications services	—		—	3,717	—	—	—	3,717
Total cost of services	—		13,683	3,717	—	—	—	17,400
Operating expenses:
Salaries and benefits	58,537		19,067	4,063	382	14,594	—	96,643
Depreciation and amortization	6,069		3,341	4,921	—	4,126	—	18,457
Loan servicing fees to third parties	—		—	—	3,136	—	—	3,136
Other expenses	14,463		4,624	2,638	848	10,845	—	33,417
Intersegment expenses, net	13,356		2,567	605	10,865	(16,622)	(10,771)	—
Total operating expenses	92,425		29,599	12,227	15,231	12,943	(10,771)	151,653
Income (loss) before income taxes	20,036		17,604	(9,263)	115,718	5,066	—	149,161
Income tax (expense) benefit	(5,003)		(4,225)	2,223	(27,773)	(1,199)	—	(35,976)
Net income (loss)	15,033		13,379	(7,040)	87,945	3,867	—	113,185
Net loss (income) attributable to noncontrolling interests	808		—	—	—	(68)	—	740
Net income (loss) attributable to Nelnet, Inc.	$	15,841	13,379	(7,040)	87,945	3,799	—	113,925

Total assets as of March 31, 2018	$	281,208	193,283	228,750	22,804,734	718,251	(327,824)	23,898,402

Disaggregated Revenue and Deferred Revenue

3 Months Ended

Mar. 31, 2019

Revenue from Contract with Customer [Abstract]

Disaggregated Revenue and Deferred Revenue

The following tables provide disaggregated revenue by service offering and/or customer type for the Company's fee-based reportable operating segments.

Loan Servicing and Systems


	Three months ended March 31,
	2019		2018
Government servicing - Nelnet	$	39,640	39,327
Government servicing - Great Lakes	47,077		30,754
Private education and consumer loan servicing	9,480		13,101
FFELP servicing	6,695		7,691
Software services	9,741		7,589
Outsourced services and other	2,265		1,679
Loan servicing and systems revenue	$	114,898	100,141

Education Technology, Services, and Payment Processing


	Three months ended March 31,
	2019		2018
Tuition payment plan services	$	30,173	23,043
Payment processing	28,979		19,926
Education technology and services	19,709		16,975
Other	298		277
Education technology, services, and payment processing revenue	$	79,159	60,221

Communications


	Three months ended March 31,
	2019		2018
Internet	$	8,449	4,696
Television	3,898		2,784
Telephone	2,167		1,691
Other	29		18
Communications revenue	$	14,543	9,189

Residential revenue	$	11,065	6,747
Business revenue	3,414		2,381
Other	64		61
Communications revenue	$	14,543	9,189

Other Income

The following table provides the components of "other income" on the consolidated statements of income:


	Three months ended March 31,
	2019		2018
Borrower late fee income	$	3,512	2,983
Management fee revenue	1,872		1,161
Investment advisory fees	711		1,593

(Loss) gain on investments and notes receivable, net	(427)		8,688
Other	3,399		4,132
Other income	$	9,067	18,557

Deferred Revenue

Activity in the deferred revenue balance, which is included in "other liabilities" on the consolidated balance sheets, is shown below:


	Three months ended March 31, 2019
	Loan Servicing and Systems		Education Technology, Services, and Payment Processing	Communications	Corporate and Other Activities	Total
Balance, beginning of period	$	4,413	30,556	2,551	1,602	39,122
Deferral of revenue	1,116		13,962	8,266	736	24,080
Recognition of revenue	(1,582)		(26,049)	(8,061)	(784)	(36,476)
Other	—		29	—	(2)	27
Balance, end of period	$	3,947	18,498	2,756	1,552	26,753


	Three months ended March 31, 2018
	Loan Servicing and Systems		Education Technology, Services, and Payment Processing	Communications	Corporate and Other Activities	Total
Balance, beginning of period	$	4,968	24,164	1,665	1,479	32,276
Deferral of revenue	253		10,774	5,375	648	17,050
Recognition of revenue	(1,094)		(19,836)	(5,213)	(659)	(26,802)
Other	45		146	—	—	191
Balance, end of period	$	4,172	15,248	1,827	1,468	22,715

Major Customer	3 Months Ended
Major Customer	Mar. 31, 2019
Risks and Uncertainties [Abstract]
Major Customer	Major Customer Nelnet Servicing, LLC ("Nelnet Servicing"), a subsidiary of the Company, earns loan servicing revenue from a servicing contract with the Department of Education (the "Department") that currently provides for expiration on June 16, 2019. Revenue earned by Nelnet Servicing related to this contract was $39.6 million and $39.3 million for the three months ended March 31, 2019 and 2018, respectively. In addition, Great Lakes Educational Loan Services, Inc. ("Great Lakes"), which was acquired by the Company on February 7, 2018, also earns loan servicing revenue from a similar servicing contract with the Department that currently provides for expiration on June 16, 2019. Revenue earned by Great Lakes related to this contract was $47.1 million for the three months ended March 31, 2019 and $30.8 million for the period from February 7, 2018 to March 31, 2018. On April 24, 2019, Nelnet Servicing and Great Lakes received correspondence from the Department's Office of Federal Student Aid ("FSA") indicating the FSA's intent to exercise a six-month extension of the current servicing contracts, from June 16, 2019 to December 15, 2019. The correspondence served only as a non-binding notice of intent, and any formal extension of the contracts will occur only upon a signed modification to the contracts. In addition, Nelnet Servicing's current Authority to Operate as a loan servicer for the Department expires on May 31, 2019, and is currently under review for renewal. FSA is conducting a contract procurement process entitled Next Generation Financial Services Environment (“NextGen”) for a new framework for the servicing of all student loans owned by the Department. On January 15, 2019, FSA issued solicitations for three NextGen components: •NextGen Enhanced Processing Solution ("EPS") •NextGen Business Process Operations ("BPO") •NextGen Optimal Processing Solution ("OPS") On April 1, 2019, the Company responded to the EPS component. In addition, the Company is part of teams that currently intend to respond to the BPO and OPS components. The Company cannot predict the timing, nature, or outcome of these solicitations.

Fair Value

3 Months Ended

Mar. 31, 2019

Fair Value Disclosures [Abstract]

Fair Value

The following tables present the Company’s financial assets and liabilities that are measured at fair value on a recurring basis.


	As of March 31, 2019						As of December 31, 2018
	Level 1		Level 2	Total	Level 1	Level 2		Total
Assets:
Investments:
Student loan and other asset-backed securities - available-for-sale	$	—	52,563	52,563	—	52,936		52,936
Equity securities	3,089		—	3,089	2,722	—		2,722
Equity securities measured at net asset value (a)				15,281				14,925
Debt securities - available-for-sale	104		—	104	104	—		104
Total investments	3,193		52,563	71,037	2,826	52,936		70,687
Derivative instruments	—		168	168	—	1,818		1,818
Total assets	$	3,193	52,731	71,205	2,826	54,754		72,505

(a) In accordance with the Fair Value Measurements Topic of the FASB Accounting Standards Codification, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.

The following table summarizes the fair values of all of the Company’s financial instruments on the consolidated balance sheets:


	As of March 31, 2019
	Fair value		Carrying value	Level 1	Level 2	Level 3
Financial assets:
Loans receivable	$	23,064,973	21,946,153	—	—	23,064,973
Cash and cash equivalents	74,881		74,881	74,881	—	—
Investments (at fair value)	71,037		71,037	3,193	52,563	—
Notes receivable	16,183		16,183	—	16,183	—
Restricted cash	760,273		760,273	760,273	—	—
Restricted cash – due to customers	216,471		216,471	216,471	—	—

Accrued interest receivable	715,838		715,838	—	715,838	—
Derivative instruments	168		168	—	168	—
Financial liabilities:
Bonds and notes payable	21,939,779		21,835,723	—	21,939,779	—
Accrued interest payable	62,158		62,158	—	62,158	—
Due to customers	216,471		216,471	216,471	—	—


	As of December 31, 2018
	Fair value		Carrying value	Level 1	Level 2	Level 3
Financial assets:
Loans receivable	$	23,521,171	22,377,142	—	—	23,521,171
Cash and cash equivalents	121,347		121,347	121,347	—	—
Investments (at fair value)	70,687		70,687	2,826	52,936	—
Notes receivable	16,373		16,373	—	16,373	—
Restricted cash	701,366		701,366	701,366	—	—
Restricted cash – due to customers	369,678		369,678	369,678	—	—

Accrued interest receivable	679,197		679,197	—	679,197	—
Derivative instruments	1,818		1,818	—	1,818	—
Financial liabilities:
Bonds and notes payable	22,270,462		22,218,740	—	22,270,462	—
Accrued interest payable	61,679		61,679	—	61,679	—
Due to customers	369,678		369,678	369,678	—	—

The methodologies for estimating the fair value of financial assets and liabilities are described in note 20 of the notes to consolidated financial statements included in the 2018 Annual Report.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Basis of Financial Reporting - Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Financial Reporting	Basis of Financial ReportingThe accompanying unaudited consolidated financial statements of Nelnet, Inc. and subsidiaries (the “Company”) as of March 31, 2019 and for the three months ended March 31, 2019 and 2018 have been prepared on the same basis as the audited consolidated financial statements for the year ended December 31, 2018 and, in the opinion of the Company’s management, the unaudited consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of results of operations for the interim periods presented. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Operating results for the three months ended March 31, 2019 are not necessarily indicative of the results for the year ending December 31, 2019. The unaudited consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 (the "2018 Annual Report").
Accounting Standards Adopted in 2019	Accounting Standard Adopted in 2019 In the first quarter of 2019, the Company adopted the following new accounting standard: Leases In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Codification Topic 842, Leases ("ASC Topic 842"). The standard requires the identification of arrangements that should be accounted for as leases by lessees and the disclosure of key information about leasing arrangements. The standard establishes a right-of-use ("ROU") model that requires a lessee to recognize a ROU asset and lease liability for all leases with a term longer than twelve months and classify the lease as operating or financing, with the income statement reflecting lease expense for operating leases and amortization/interest expense for financing leases. The Company adopted the standard effective January 1, 2019, using the effective date as its date of initial application. Consequently, financial information is not updated and the disclosures required under the new standard are not provided for dates and periods before January 1, 2019. The Company elected to utilize the ‘package of practical expedients’, which permitted it to not reassess under the new standard its prior conclusions about lease identification, lease classification, and initial direct costs. The most significant impact of the standard relates to (1) the recognition of new ROU assets and lease liabilities on the Company's balance sheet; (2) the deconsolidation of assets and liabilities for certain sale-leaseback transactions arising from build-to-suit lease arrangements for which construction was completed and the Company is leasing the constructed assets that did not qualify for sale accounting prior to the adoption of the new standard; and (3) significant new disclosures about the Company’s leasing activities. The build-to-suit lease arrangements have been reassessed as operating leases as of the effective date under ASC Topic 842.

Basis of Financial Reporting - Basis of Financial Reporting (Tables)

3 Months Ended

Mar. 31, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Impact on Previous Reporting

The cumulative effect of the changes made to the Company's consolidated balance sheet as of January 1, 2019 for the adoption of the new lease standard was as follows:


	Balances at December 31, 2018		Adjustments from adoption of new lease standard	Balances at January 1, 2019
Assets
Cash and cash equivalents	$	121,347	(646)	120,701
Investments and notes receivable	249,370		(23,134)	226,236
Accounts receivable	59,531		(89)	59,442
Property and equipment, net	344,784		(16,974)	327,810
Other assets	45,533		32,804	78,337
Liabilities
Bonds and notes payable	22,218,740		(33,182)	22,185,558
Other liabilities	256,092		31,220	287,312
Equity
Noncontrolling interests	10,315		(6,077)	4,238

Lessee, Assets and Liabilities

The following table provides supplemental balance sheet information related to leases:


	As of
	March 31, 2019
Operating lease ROU assets, which is included in "other assets" on the consolidated balance sheet	$	33,928
Operating lease liabilities, which is included in "other liabilities" on the consolidated balance sheet	$	34,891

Lease Costs, Cash Flows and Weighted Average Remaining Lease Term

The following table provides components of lease expense:


	Three months ended March 31, 2019
Rental expense, which is included in "other expenses" on the consolidated statement of income (a)	$	2,795
Rental expense, which is included in "cost to provide communications services" on the consolidated statement of income	79
Total operating rental expense	$	2,874

(a) Includes short-term and variable lease costs, which are immaterial.

The following table provides supplemental cash flow information related to leases:


	Three months ended March 31, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	2,376
ROU assets obtained in exchange for lease obligations, excluding impact of adoption:
Operating leases	$	3,233

Weighted average remaining lease term and discount rate are shown below:


	As of
	March 31, 2019
Weighted average remaining lease term	6.08 years
Weighted average discount rate	4.00	%

Lease Liability Maturity

Maturity of lease liabilities are shown below:


2019 (excluding the three months ended March 31, 2019)	$	7,354
2020	8,962
2021	6,356
2022	4,229
2023	3,395
2024 and thereafter	9,187
Total lease payments	39,483
Imputed interest	(4,592)
Total	$	34,891

Future Minimum Lease Payments

Future minimum lease payments as of December 31, 2018 are shown below:


2019	$	9,181
2020	8,261
2021	5,776
2022	3,745
2023	2,904
2024 and thereafter	5,479
Total minimum lease payments	$	35,346

Loans Receivable and Allowance for Loan Losses (Tables)

3 Months Ended

Mar. 31, 2019

Receivables [Abstract]

Schedule of Accounts, Notes, Loans and Financing Receivable

Loans receivable consisted of the following:


	As of		As of
	March 31, 2019		December 31, 2018
Federally insured student loans:
Stafford and other	$	4,901,934	4,969,667
Consolidation	16,778,679		17,186,229
Total	21,680,613		22,155,896
Private education loans	211,029		225,975
Consumer loans	191,001		138,627
	22,082,643		22,520,498
Loan discount, net of unamortized loan premiums and deferred origination costs	(43,602)		(53,572)
Non-accretable discount	(31,110)		(29,396)
Allowance for loan losses:
Federally insured loans	(40,934)		(42,310)
Private education loans	(10,587)		(10,838)
Consumer loans	(10,257)		(7,240)
	$	21,946,153	22,377,142

Allowance for Credit Losses on Financing Receivables

The provision for loan losses represents the periodic expense of maintaining an allowance sufficient to absorb losses, net of recoveries, inherent in the portfolio of loans. Activity in the allowance for loan losses is shown below.


	Three months ended March 31, 2019
	Balance at beginning of period		Provision for loan losses	Charge-offs	Recoveries	Other	Balance at end of period
Federally insured loans	$	42,310	2,000	(3,376)	—	—	40,934
Private education loans	10,838		—	(482)	231	—	10,587
Consumer loans	7,240		5,000	(2,006)	23	—	10,257
	$	60,388	7,000	(5,864)	254	—	61,778

	Three months ended March 31, 2018
Federally insured loans	$	38,706	2,000	(3,332)	—	1,000	38,374
Private education loans	12,629		—	(539)	165	—	12,255
Consumer loans	3,255		2,000	(595)	5	—	4,665
	$	54,590	4,000	(4,466)	170	1,000	55,294

Financing Receivable Loan Delinquencies

The table below shows the Company’s loan delinquency amounts.


	As of March 31, 2019						As of December 31, 2018						As of March 31, 2018
Federally insured loans:
Loans in-school/grace/deferment	$	1,288,011			$	1,298,493			$	1,312,319
Loans in forbearance	1,358,343				1,430,291				1,650,913
Loans in repayment status:
Loans current	16,550,665		87.0	%	16,882,252		86.9	%	16,368,668		88.5	%
Loans delinquent 31-60 days	666,668		3.5		683,084		3.5		669,490		3.6
Loans delinquent 61-90 days	425,098		2.2		427,764		2.2		426,696		2.3
Loans delinquent 91-120 days	296,242		1.6		283,831		1.5		252,659		1.4
Loans delinquent 121-270 days	718,409		3.8		806,692		4.2		570,538		3.1
Loans delinquent 271 days or greater	377,177		1.9		343,489		1.7		210,265		1.1
Total loans in repayment	19,034,259		100.0	%	19,427,112		100.0	%	18,498,316		100.0	%
Total federally insured loans	$	21,680,613			$	22,155,896			$	21,461,548
Private education loans:
Loans in-school/grace/deferment	$	4,208			$	4,320			$	5,532
Loans in forbearance	1,473				1,494				2,574
Loans in repayment status:
Loans current	196,122		95.5	%	208,977		95.0	%	178,976		96.1	%
Loans delinquent 31-60 days	2,292		1.1		3,626		1.6		1,630		0.9
Loans delinquent 61-90 days	1,481		0.7		1,560		0.7		1,110		0.6
Loans delinquent 91 days or greater	5,453		2.7		5,998		2.7		4,488		2.4
Total loans in repayment	205,348		100.0	%	220,161		100.0	%	186,204		100.0	%
Total private education loans	$	211,029			$	225,975			$	194,310
Consumer loans:
Loans in repayment status:
Loans current	$	187,983	98.4	%	$	136,130	98.2	%	$	76,401	98.1	%
Loans delinquent 31-60 days	1,162		0.6		1,012		0.7		748		1.0
Loans delinquent 61-90 days	917		0.5		832		0.6		369		0.5
Loans delinquent 91 days or greater	939		0.5		653		0.5		337		0.4
Total loans in repayment	191,001		100.0	%	138,627		100.0	%	77,855		100.0	%
Total consumer loans	$	191,001			$	138,627			$	77,855

Bonds and Notes payable (Tables)

3 Months Ended

Mar. 31, 2019

Debt Disclosure [Abstract]

Schedule of Debt

The following tables summarize the Company’s outstanding debt obligations by type of instrument:


	As of March 31, 2019
	Carrying amount		Interest rate range	Final maturity
Variable-rate bonds and notes issued in FFELP loan asset-backed securitizations:
Bonds and notes based on indices	$	19,969,336	2.69% - 4.30%	11/25/24 - 4/25/67
Bonds and notes based on auction	787,676		3.18% - 3.83%	3/22/32 - 11/26/46
Total FFELP variable-rate bonds and notes	20,757,012
FFELP warehouse facilities	792,658		2.70% / 2.75%	5/20/20 / 5/31/21
Consumer loan warehouse facility	63,732		4.14%	1/10/22
Variable-rate bonds and notes issued in private education loan asset-backed securitization	46,330		4.24%	12/26/40
Fixed-rate bonds and notes issued in private education loan asset-backed securitization	59,609		3.60% / 5.35%	12/26/40 / 12/28/43
Unsecured line of credit	320,000		3.98% - 4.00%	6/22/23
Unsecured debt - Junior Subordinated Hybrid Securities	20,381		5.97%	9/15/61
Other borrowings	81,969		3.19% - 3.99%	4/1/19 - 12/20/19
	22,141,691
Discount on bonds and notes payable and debt issuance costs	(305,968)
Total	$	21,835,723


	As of December 31, 2018
	Carrying amount		Interest rate range	Final maturity
Variable-rate bonds and notes issued in FFELP loan asset-backed securitizations:
Bonds and notes based on indices	$	20,192,123	2.59% - 4.52%	11/25/24 - 2/25/67
Bonds and notes based on auction	793,476		2.84% - 3.55%	3/22/32 - 11/26/46
Total FFELP variable-rate bonds and notes	20,985,599
FFELP warehouse facilities	986,886		2.65% / 2.71%	5/20/20 / 5/31/21
Variable-rate bonds and notes issued in private education loan asset-backed securitization	50,720		4.26%	12/26/40
Fixed-rate bonds and notes issued in private education loan asset-backed securitization	63,171		3.60% / 5.35%	12/26/40 / 12/28/43
Unsecured line of credit	310,000		3.92% - 4.01%	6/22/23
Unsecured debt - Junior Subordinated Hybrid Securities	20,381		6.17%	9/15/61
Other borrowings	120,342		3.05% - 5.22%	1/3/19 - 12/15/45
	22,537,099
Discount on bonds and notes payable and debt issuance costs	(318,359)
Total	$	22,218,740

Schedule of Line of Credit Facilities

As of March 31, 2019, the Company had two FFELP warehouse facilities as summarized below.


	NFSLW-I (a)		NHELP-II	Total
Maximum financing amount	$	500,000	500,000	1,000,000
Amount outstanding	447,564		345,094	792,658
Amount available	$	52,436	154,906	207,342
Expiration of liquidity provisions	May 20, 2019		May 31, 2019
Final maturity date	May 20, 2020		May 31, 2021


Advanced as equity support	$	24,314	26,255	50,569

(a) On March 8, 2019, the Company decreased the maximum financing amount for this warehouse facility to $500 million.

Schedule of Asset-Backed Securitization

The following table summarizes the asset-backed securitization transactions completed during the first three months of 2019.


	2019-1
	Class A-1 Notes		Class A-2 Notes	2019-1 total
Date securities issued	2/27/19		2/27/19	2/27/19

Class A senior notes:
Total principal amount	$	35,700	448,000	483,700


Cost of funds (1-month LIBOR plus:)	0.30%		0.75%
Final maturity date	4/25/67		4/25/67

Class B subordinated notes:
Total principal amount				13,100


Cost of funds (1-month LIBOR plus:)				1.40%
Final maturity date				4/25/67
Total principal amount issued	$	35,700	448,000	496,800

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 210
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+ Details

Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Basis Swap

The following table summarizes the Company’s outstanding basis swaps in which the Company receives three-month LIBOR set discretely in advance and pays one-month LIBOR plus or minus a spread as defined in the agreements (the "1:3 Basis Swaps").


		As of March 31,		As of December 31,
		2019		2018
Maturity		Notional amount		Notional amount
2019		$	3,250,000	3,500,000
2020	(a)	1,000,000		1,000,000
2021	(a)	250,000		250,000
2022	(b)	2,000,000		2,000,000
2023		750,000		750,000
2024		250,000		250,000
2026		1,150,000		1,150,000
2027		375,000		375,000
2028		325,000		325,000
2029		100,000		100,000
2031		300,000		300,000

		$	9,750,000	10,000,000

(a) These derivatives have a forward effective start date in May 2019.

(b) $250 million and $750 million of the notional amount of these derivatives have forward effective start dates in May 2019 and May 2020, respectively.

Schedule of Interest Rate Swaps, Floor Income Hedge

The following table summarizes the outstanding derivative instruments used by the Company to economically hedge loans earning fixed rate floor income.


	As of March 31, 2019						As of December 31, 2018
Maturity	Notional amount		Weighted average fixed rate paid by the Company (a)		Notional amount		Weighted average fixed rate paid by the Company (a)

2019	$	1,500,000	0.98	%	$	3,250,000	0.97	%
2020	1,500,000		1.01		1,500,000		1.01
2021	100,000		2.95		100,000		2.95
2023	400,000		2.24		400,000		2.24
2024	200,000		2.27		300,000		2.28
2027	—		—		25,000		2.35



	$	3,700,000	1.25	%	$	5,575,000	1.18	%

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

Schedule Of Derivative Swaptions

The interest rate swap options give the Company the right, but not the obligation, to enter into interest rate swaps in which the Company would pay a fixed amount and receive discrete one-month LIBOR. The following table summarizes these derivative instruments as of March 31, 2019.


If exercised effective date	Notional amount		Weighted average fixed rate paid by the Company		If exercised maturity date
August 21, 2019	$	750,000	3.28	%	August 21, 2024
September 25, 2019	250,000		3.00		September 25, 2024
	$	1,000,000	3.21	%

Schedule of Derivatives as Reflected on Balance Sheet

The following table summarizes the fair value of the Company’s derivatives as reflected in the consolidated balance sheets. There is no difference between the gross amounts of recognized assets presented in the consolidated balance sheets related to the Company's derivative portfolio and the net amount when excluding derivatives subject to enforceable master netting arrangements and cash collateral received.


	Fair value of asset derivatives				Fair value of liability derivatives
	As of March 31, 2019		As of December 31, 2018	As of March 31, 2019	As of December 31, 2018
Interest rate swap options - floor income hedges	$	90	1,465	—	—
Interest rate caps	78		353	—	—
Total	$	168	1,818	—	—

Schedule of Income Statement Impact

The following table summarizes the components of "derivative market value adjustments and derivative settlements, net" included in the consolidated statements of income.


	Three months ended March 31,
	2019		2018
Settlements:
1:3 basis swaps	$	2,334	(1,664)
Interest rate swaps - floor income hedges	16,701		8,590
Interest rate swaps - hybrid debt hedges	—		(160)
Total settlements - income	19,035		6,766
Change in fair value:
1:3 basis swaps	(2,212)		13,297
Interest rate swaps - floor income hedges	(26,712)		44,201
Interest rate swap options - floor income hedges	(1,376)		747
Interest rate caps	(274)		326
Interest rate swaps - hybrid debt hedges	—		1,462
Total change in fair value - (expense) income	(30,574)		60,033
Derivative market value adjustments and derivative settlements, net - (expense) income	$	(11,539)	66,799

Investments and Notes Receivable (Tables)

3 Months Ended

Mar. 31, 2019

Investments [Abstract]

Summary Investment Holdings

A summary of the Company's investments and notes receivable follows:


	As of March 31, 2019									As of December 31, 2018
	Amortized cost		Gross unrealized gains	Gross unrealized losses	Fair value		Amortized cost	Gross unrealized gains	Gross unrealized losses	Fair value

Investments (at fair value):
Student loan asset-backed and other debt securities - available-for-sale	$	47,994	4,673	—	52,667		47,931	5,109	—	53,040
Equity securities	13,405		6,002	(1,037)	18,370		12,909	5,145	(407)	17,647
Total investments (at fair value)	$	61,399	10,675	(1,037)	71,037		60,840	10,254	(407)	70,687

Other Investments and Notes Receivable (not measured at fair value):
Venture capital and funds:
Measurement alternative					71,129					70,939
Equity method					15,714					19,230
Other					800					900
Total venture capital and funds					87,643					91,069
Real estate:
Equity method					39,489					29,168
Other					9,193					34,211
Total real estate					48,682					63,379

Notes receivable					16,183					16,373
Tax liens and affordable housing					6,967					7,862
Total investments and notes receivable (not measured at fair value)					159,475					178,683
Total investments and notes receivable					$	230,512				249,370

Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2019

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Schedule of Intangible Assets

Intangible assets consist of the following:


	Weighted average remaining useful life as of March 31, 2019 (months)
						As of	As of
				March 31, 2019		December 31, 2018
Amortizable intangible assets, net:
Customer relationships (net of accumulated amortization of $40,635 and $33,968, respectively)	82	$	91,818		98,484
Trade names (net of accumulated amortization of $6,672 and $5,825, respectively)	88	10,020			10,868
Computer software (net of accumulated amortization of $9,268 and $15,420, respectively)	21	3,957			4,938
Total - amortizable intangible assets, net	81	$	105,795		114,290

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

The Company will continue to amortize intangible assets over their remaining useful lives. As of March 31, 2019, the Company estimates it will record amortization expense as follows:


2019 (April 1 - December 31)	$	24,263
2020	29,515
2021	18,761
2022	7,172
2023	6,925
2024 and thereafter	19,159
	$	105,795

Goodwill (Tables)

3 Months Ended

Mar. 31, 2019

Goodwill [Abstract]

Schedule of Goodwill

The carrying amount of goodwill as of December 31, 2018 and March 31, 2019 by reportable operating segment was as follows:


	Loan Servicing and Systems		Education Technology, Services, and Payment Processing	Communications	Asset Generation and Management	Corporate and Other Activities	Total
Goodwill balance	$	23,639	70,278	21,112	41,883	—	156,912

Property and Equipment (Tables)

3 Months Ended

Mar. 31, 2019

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment consisted of the following:


		As of		As of
	Useful life	March 31, 2019		December 31, 2018
Non-communications:
Computer equipment and software	1-5 years	$	145,600	137,705
Building and building improvements	5-48 years	37,526		50,138
Office furniture and equipment	1-10 years	23,169		22,796
Leasehold improvements	1-15 years	8,844		9,327
Transportation equipment	5-10 years	5,067		5,123
Land	—	1,400		3,328
Construction in progress	—	2,568		3,578
		224,174		231,995
Accumulated depreciation - non-communications		(129,747)		(123,003)
Non-communications, net property and equipment		94,427		108,992

Communications:
Network plant and fiber	5-15 years	225,570		215,787
Customer located property	3-7 years	23,470		21,234
Central office	5-15 years	16,443		15,688
Transportation equipment	4-10 years	6,685		6,580
Computer equipment and software	1-5 years	5,035		4,943
Other	1-39 years	3,294		3,219
Land	—	70		70
Construction in progress	—	5,256		6,344
		285,823		273,865
Accumulated depreciation - communications		(45,180)		(38,073)
Communications, net property and equipment		240,643		235,792
Total property and equipment, net		$	335,070	344,784

Earnings per Common Share (Tables)

3 Months Ended

Mar. 31, 2019

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

Presented below is a summary of the components used to calculate basic and diluted earnings per share. The Company applies the two-class method in computing both basic and diluted earnings per share, which requires the calculation of separate earnings per share amounts for common stock and unvested share-based awards. Unvested share-based awards that contain nonforfeitable rights to dividends are considered securities which participate in undistributed earnings with common stock.


	Three months ended March 31,
	2019						2018
	Common shareholders		Unvested restricted stock shareholders	Total	Common shareholders	Unvested restricted stock shareholders	Total
Numerator:
Net income attributable to Nelnet, Inc.	$	41,057	534	41,591	112,788	1,137	113,925

Denominator:
Weighted-average common shares outstanding - basic and diluted	39,855,122		518,173	40,373,295	40,541,870	408,658	40,950,528
Earnings per share - basic and diluted	$	1.03	1.03	1.03	2.78	2.78	2.78

Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2019

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following tables include the results of each of the Company's operating segments reconciled to the consolidated financial statements.


	Three months ended March 31, 2019
	Loan Servicing and Systems		Education Technology, Services, and Payment Processing	Communications	Asset Generation and Management	Corporate and Other Activities	Eliminations	Total
Total interest income	$	497	2,017	2	246,867	2,053	(851)	250,586
Interest expense	—		8	—	188,799	3,814	(851)	191,770
Net interest income (expense)	497		2,009	2	58,068	(1,761)	—	58,816
Less provision for loan losses	—		—	—	7,000	—	—	7,000
Net interest income (loss) after provision for loan losses	497		2,009	2	51,068	(1,761)	—	51,816
Other income:
Loan servicing and systems revenue	114,898		—	—	—	—	—	114,898
Intersegment servicing revenue	12,217		—	—	—	—	(12,217)	—
Education technology, services, and payment processing revenue	—		79,159	—	—	—	—	79,159
Communications revenue	—		—	14,543	—	—	—	14,543
Other income	2,074		—	125	3,525	3,344	—	9,067

Derivative settlements, net	—		—	—	19,035	—	—	19,035
Derivative market value adjustments, net	—		—	—	(30,574)	—	—	(30,574)
Total other income	129,189		79,159	14,668	(8,014)	3,344	(12,217)	206,128
Cost of services:
Cost to provide education technology, services, and payment processing services	—		21,059	—	—	—	—	21,059
Cost to provide communications services	—		—	4,759	—	—	—	4,759
Total cost of services	—		21,059	4,759	—	—	—	25,818
Operating expenses:
Salaries and benefits	66,220		23,008	4,737	378	16,716	—	111,059
Depreciation and amortization	8,871		3,510	7,362	—	4,469	—	24,213
Loan servicing fees to third parties	—		—	—	2,893	—	—	2,893
Other expenses	18,928		5,311	3,477	944	12,262	—	40,923
Intersegment expenses, net	13,758		3,299	664	12,287	(17,791)	(12,217)	—
Total operating expenses	107,777		35,128	16,240	16,502	15,656	(12,217)	179,088
Income (loss) before income taxes	21,909		24,981	(6,329)	26,552	(14,073)	—	53,038
Income tax (expense) benefit	(5,258)		(5,995)	1,519	(6,372)	4,716	—	(11,391)
Net income (loss)	16,651		18,986	(4,810)	20,180	(9,357)	—	41,647
Net income attributable to noncontrolling interests	—		—	—	—	(56)	—	(56)
Net income (loss) attributable to Nelnet, Inc.	$	16,651	18,986	(4,810)	20,180	(9,413)	—	41,591

Total assets as of March 31, 2019	$	273,065	294,019	297,196	23,475,113	546,987	(164,453)	24,721,927


	Three months ended March 31, 2018
	Loan Servicing and Systems		Education Technology, Services, and Payment Processing	Communications	Asset Generation and Management	Corporate and Other Activities	Eliminations	Total
Total interest income	$	257	665	1	200,334	4,751	(3,150)	202,857
Interest expense	—		—	2,509	134,233	1,958	(3,150)	135,550
Net interest income (expense)	257		665	(2,508)	66,101	2,793	—	67,307
Less provision for loan losses	—		—	—	4,000	—	—	4,000
Net interest income (loss) after provision for loan losses	257		665	(2,508)	62,101	2,793	—	63,307
Other income:
Loan servicing and systems revenue	100,141		—	—	—	—	—	100,141
Intersegment servicing revenue	10,771		—	—	—	—	(10,771)	—
Education technology, services, and payment processing revenue	—		60,221	—	—	—	—	60,221
Communications revenue	—		—	9,189	—	—	—	9,189
Other income	1,292		—	—	3,351	13,914	—	18,557

Derivative settlements, net	—		—	—	6,926	(160)	—	6,766
Derivative market value adjustments, net	—		—	—	58,571	1,462	—	60,033
Total other income	112,204		60,221	9,189	68,848	15,216	(10,771)	254,907
Cost of services:
Cost to provide education technology, services, and payment processing services	—		13,683	—	—	—	—	13,683
Cost to provide communications services	—		—	3,717	—	—	—	3,717
Total cost of services	—		13,683	3,717	—	—	—	17,400
Operating expenses:
Salaries and benefits	58,537		19,067	4,063	382	14,594	—	96,643
Depreciation and amortization	6,069		3,341	4,921	—	4,126	—	18,457
Loan servicing fees to third parties	—		—	—	3,136	—	—	3,136
Other expenses	14,463		4,624	2,638	848	10,845	—	33,417
Intersegment expenses, net	13,356		2,567	605	10,865	(16,622)	(10,771)	—
Total operating expenses	92,425		29,599	12,227	15,231	12,943	(10,771)	151,653
Income (loss) before income taxes	20,036		17,604	(9,263)	115,718	5,066	—	149,161
Income tax (expense) benefit	(5,003)		(4,225)	2,223	(27,773)	(1,199)	—	(35,976)
Net income (loss)	15,033		13,379	(7,040)	87,945	3,867	—	113,185
Net loss (income) attributable to noncontrolling interests	808		—	—	—	(68)	—	740
Net income (loss) attributable to Nelnet, Inc.	$	15,841	13,379	(7,040)	87,945	3,799	—	113,925

Total assets as of March 31, 2018	$	281,208	193,283	228,750	22,804,734	718,251	(327,824)	23,898,402

Disaggregated Revenue and Deferred Revenue (Tables)

3 Months Ended

Mar. 31, 2019

Disaggregation of Revenue [Line Items]

Schedule of Other Income, by Component

The following table provides the components of "other income" on the consolidated statements of income:


	Three months ended March 31,
	2019		2018
Borrower late fee income	$	3,512	2,983
Management fee revenue	1,872		1,161
Investment advisory fees	711		1,593

(Loss) gain on investments and notes receivable, net	(427)		8,688
Other	3,399		4,132
Other income	$	9,067	18,557

Schedule of Liabilities from Contracts with Customers

Activity in the deferred revenue balance, which is included in "other liabilities" on the consolidated balance sheets, is shown below:


	Three months ended March 31, 2019
	Loan Servicing and Systems		Education Technology, Services, and Payment Processing	Communications	Corporate and Other Activities	Total
Balance, beginning of period	$	4,413	30,556	2,551	1,602	39,122
Deferral of revenue	1,116		13,962	8,266	736	24,080
Recognition of revenue	(1,582)		(26,049)	(8,061)	(784)	(36,476)
Other	—		29	—	(2)	27
Balance, end of period	$	3,947	18,498	2,756	1,552	26,753


	Three months ended March 31, 2018
	Loan Servicing and Systems		Education Technology, Services, and Payment Processing	Communications	Corporate and Other Activities	Total
Balance, beginning of period	$	4,968	24,164	1,665	1,479	32,276
Deferral of revenue	253		10,774	5,375	648	17,050
Recognition of revenue	(1,094)		(19,836)	(5,213)	(659)	(26,802)
Other	45		146	—	—	191
Balance, end of period	$	4,172	15,248	1,827	1,468	22,715

Service Offering Other

Disaggregation of Revenue [Line Items]

Disaggregation of Revenue

Loan Servicing and Systems


	Three months ended March 31,
	2019		2018
Government servicing - Nelnet	$	39,640	39,327
Government servicing - Great Lakes	47,077		30,754
Private education and consumer loan servicing	9,480		13,101
FFELP servicing	6,695		7,691
Software services	9,741		7,589
Outsourced services and other	2,265		1,679
Loan servicing and systems revenue	$	114,898	100,141

Service Offering

Disaggregation of Revenue [Line Items]

Disaggregation of Revenue

Education Technology, Services, and Payment Processing


	Three months ended March 31,
	2019		2018
Tuition payment plan services	$	30,173	23,043
Payment processing	28,979		19,926
Education technology and services	19,709		16,975
Other	298		277
Education technology, services, and payment processing revenue	$	79,159	60,221

Service Offering And Customer

Disaggregation of Revenue [Line Items]

Disaggregation of Revenue

Communications


	Three months ended March 31,
	2019		2018
Internet	$	8,449	4,696
Television	3,898		2,784
Telephone	2,167		1,691
Other	29		18
Communications revenue	$	14,543	9,189

Residential revenue	$	11,065	6,747
Business revenue	3,414		2,381
Other	64		61
Communications revenue	$	14,543	9,189

Fair Value (Tables)

3 Months Ended

Mar. 31, 2019

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following tables present the Company’s financial assets and liabilities that are measured at fair value on a recurring basis.


	As of March 31, 2019						As of December 31, 2018
	Level 1		Level 2	Total	Level 1	Level 2		Total
Assets:
Investments:
Student loan and other asset-backed securities - available-for-sale	$	—	52,563	52,563	—	52,936		52,936
Equity securities	3,089		—	3,089	2,722	—		2,722
Equity securities measured at net asset value (a)				15,281				14,925
Debt securities - available-for-sale	104		—	104	104	—		104
Total investments	3,193		52,563	71,037	2,826	52,936		70,687
Derivative instruments	—		168	168	—	1,818		1,818
Total assets	$	3,193	52,731	71,205	2,826	54,754		72,505

(a) In accordance with the Fair Value Measurements Topic of the FASB Accounting Standards Codification, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.

Fair Value, by Balance Sheet Grouping

The following table summarizes the fair values of all of the Company’s financial instruments on the consolidated balance sheets:


	As of March 31, 2019
	Fair value		Carrying value	Level 1	Level 2	Level 3
Financial assets:
Loans receivable	$	23,064,973	21,946,153	—	—	23,064,973
Cash and cash equivalents	74,881		74,881	74,881	—	—
Investments (at fair value)	71,037		71,037	3,193	52,563	—
Notes receivable	16,183		16,183	—	16,183	—
Restricted cash	760,273		760,273	760,273	—	—
Restricted cash – due to customers	216,471		216,471	216,471	—	—

Accrued interest receivable	715,838		715,838	—	715,838	—
Derivative instruments	168		168	—	168	—
Financial liabilities:
Bonds and notes payable	21,939,779		21,835,723	—	21,939,779	—
Accrued interest payable	62,158		62,158	—	62,158	—
Due to customers	216,471		216,471	216,471	—	—


	As of December 31, 2018
	Fair value		Carrying value	Level 1	Level 2	Level 3
Financial assets:
Loans receivable	$	23,521,171	22,377,142	—	—	23,521,171
Cash and cash equivalents	121,347		121,347	121,347	—	—
Investments (at fair value)	70,687		70,687	2,826	52,936	—
Notes receivable	16,373		16,373	—	16,373	—
Restricted cash	701,366		701,366	701,366	—	—
Restricted cash – due to customers	369,678		369,678	369,678	—	—

Accrued interest receivable	679,197		679,197	—	679,197	—
Derivative instruments	1,818		1,818	—	1,818	—
Financial liabilities:
Bonds and notes payable	22,270,462		22,218,740	—	22,270,462	—
Accrued interest payable	61,679		61,679	—	61,679	—
Due to customers	369,678		369,678	369,678	—	—

Basis of Financial Reporting - Narrative (Details) - USD ($) $ in Thousands	Jan. 01, 2019	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease liability		$ 34,891
Right of use asset		33,928
Total assets deconsolidated		24,721,927	$ 25,220,968	$ 23,898,402
Total liabilities deconsolidated		$ 22,391,633	$ 22,906,189
Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease liability	$ 33,700
Right of use asset	32,800
Reduction to noncontrolling interest	6,100
Failed Sale-Leaseback Transaction \| Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total assets deconsolidated	43,800
Total liabilities deconsolidated	$ 34,800

Basis of Presentation - Schedule of ASU 842 Adoption Impact (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Jan. 01, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Assets:
Cash and cash equivalents	$ 74,881	$ 120,701	$ 121,347	$ 69,286	$ 66,752
Investments and notes receivable	230,512	226,236	249,370
Accounts receivable	76,013	59,442	59,531
Property and equipment, net	335,070	327,810	344,784
Other assets	103,841	78,337	45,533
Liabilities:
Bonds and notes payable	21,835,723	22,185,558	22,218,740
Other liabilities	277,281	287,312	256,092
Equity:
Noncontrolling interests	$ 4,298	4,238	$ 10,315
Accounting Standards Update 2016-02
Assets:
Cash and cash equivalents		(646)
Investments and notes receivable		(23,134)
Accounts receivable		(89)
Property and equipment, net		(16,974)
Other assets		32,804
Liabilities:
Bonds and notes payable		(33,182)
Other liabilities		31,220
Equity:
Noncontrolling interests		$ (6,077)

Basis of Financial Reporting - Lease Assets and Liabilities (Details) $ in Thousands	Mar. 31, 2019 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Operating lease ROU assets, which is included in "other assets" on the consolidated balance sheet	$ 33,928
Operating lease liabilities, which is included in "other liabilities" on the consolidated balance sheet	$ 34,891

Basis of Financial Reporting - Lease Costs, Cash Flows and Weighted Average Remaining Lease Term (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019 USD ($)
Lessee, Lease, Description [Line Items]
Total operating rental expense	$ 2,874
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	2,376
ROU assets obtained in exchange for lease obligations, excluding impact of adoption:
Operating leases	$ 3,233
Weighted average remaining lease term	6 years 29 days
Weighted average discount rate	4.00%
Rental expense, which is included in "other expenses" on the consolidated statement of incom
Lessee, Lease, Description [Line Items]
Total operating rental expense	$ 2,795
Rental expense, which is included in "cost to provide communications services" on the consolidated statement of income
Lessee, Lease, Description [Line Items]
Total operating rental expense	$ 79

Basis of Financial Reporting - Lease Liability Maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Operating Lease Liabilities, Payments Due [Abstract]
2019 (excluding the three months ended March 31, 2019)	$ 7,354
2020	8,962
2021	6,356
2022	4,229
2023	3,395
2024 and thereafter	9,187
Total lease payments	39,483
Imputed interest	(4,592)
Operating lease liability	$ 34,891
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2019		$ 9,181
2020		8,261
2021		5,776
2022		3,745
2023		2,904
2024 and thereafter		5,479
Total minimum lease payments		$ 35,346

Loans Receivable and Allowance for Loan Losses - Loans Receivable (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Accounts, Notes, Loans and Financing Receivable [Line Items]
Student loans receivable, gross	$ 22,082,643	$ 22,520,498
Loan discount, net of unamortized loan premiums and deferred origination costs	(43,602)	(53,572)
Allowance for loan losses	(61,778)	(60,388)	$ (55,294)	$ (54,590)
Student loans receivable	21,946,153	22,377,142
Non-accretable discount
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan discount, net of unamortized loan premiums and deferred origination costs	(31,110)	(29,396)
Federally insured loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Student loans receivable, gross	21,680,613	22,155,896
Allowance for loan losses	(40,934)	(42,310)	(38,374)	(38,706)
Federally insured loans \| Stafford and other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Student loans receivable, gross	4,901,934	4,969,667
Federally insured loans \| Consolidation
Accounts, Notes, Loans and Financing Receivable [Line Items]
Student loans receivable, gross	16,778,679	17,186,229
Private education loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Student loans receivable, gross	211,029	225,975
Allowance for loan losses	(10,587)	(10,838)	(12,255)	(12,629)
Consumer loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Student loans receivable, gross	191,001	138,627
Allowance for loan losses	$ (10,257)	$ (7,240)	$ (4,665)	$ (3,255)

Loans Receivable and Allowance for Loan Losses - Activity in the Allowance for Loan Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Balance at beginning of period	$ 60,388	$ 54,590
Provision for loan losses	7,000	4,000
Charge-offs	(5,864)	(4,466)
Recoveries	254	170
Other	0	1,000
Balance at end of period	61,778	55,294
Federally insured loans
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Balance at beginning of period	42,310	38,706
Provision for loan losses	2,000	2,000
Charge-offs	(3,376)	(3,332)
Recoveries	0	0
Other	0	1,000
Balance at end of period	40,934	38,374
Private education loans
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Balance at beginning of period	10,838	12,629
Provision for loan losses	0	0
Charge-offs	(482)	(539)
Recoveries	231	165
Other	0	0
Balance at end of period	10,587	12,255
Consumer loans
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Balance at beginning of period	7,240	3,255
Provision for loan losses	5,000	2,000
Charge-offs	(2,006)	(595)
Recoveries	23	5
Other	0	0
Balance at end of period	$ 10,257	$ 4,665

Loans Receivable and Allowance for Loan Losses - Student Loan Status and Delinquency (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018
Loans in repayment status:
Total loans	$ 22,082,643	$ 22,520,498
Federally insured loans
Loans in repayment status:
Total loans	21,680,613	22,155,896
Federally insured loans \| Federally insured loans:
Financing Receivable, Recorded Investment [Line Items]
Loans in-school/grace/deferment	1,288,011	1,298,493	$ 1,312,319
Loans in forbearance	1,358,343	1,430,291	1,650,913
Loans in repayment status:
Loans current	16,550,665	16,882,252	16,368,668
Total loans in repayment	$ 19,034,259	$ 19,427,112	$ 18,498,316
Loans current, percentage	87.00%	86.90%	88.50%
Total loans in repayment, percentage	100.00%	100.00%	100.00%
Total loans	$ 21,680,613	$ 22,155,896	$ 21,461,548
Federally insured loans \| Loans delinquent 31-60 days \| Federally insured loans:
Loans in repayment status:
Loans past due	$ 666,668	$ 683,084	$ 669,490
Loans past due, percentage	3.50%	3.50%	3.60%
Federally insured loans \| Loans delinquent 61-90 days \| Federally insured loans:
Loans in repayment status:
Loans past due	$ 425,098	$ 427,764	$ 426,696
Loans past due, percentage	2.20%	2.20%	2.30%
Federally insured loans \| Loans delinquent 91-120 days \| Federally insured loans:
Loans in repayment status:
Loans past due	$ 296,242	$ 283,831	$ 252,659
Loans past due, percentage	1.60%	1.50%	1.40%
Federally insured loans \| Loans delinquent 121-270 days \| Federally insured loans:
Loans in repayment status:
Loans past due	$ 718,409	$ 806,692	$ 570,538
Loans past due, percentage	3.80%	4.20%	3.10%
Federally insured loans \| Loans delinquent 271 days or greater \| Federally insured loans:
Loans in repayment status:
Loans past due	$ 377,177	$ 343,489	$ 210,265
Loans past due, percentage	1.90%	1.70%	1.10%
Private education loans
Loans in repayment status:
Total loans	$ 211,029	$ 225,975
Private education loans \| Private education loans:
Financing Receivable, Recorded Investment [Line Items]
Loans in-school/grace/deferment	4,208	4,320	$ 5,532
Loans in forbearance	1,473	1,494	2,574
Loans in repayment status:
Loans current	196,122	208,977	178,976
Total loans in repayment	$ 205,348	$ 220,161	$ 186,204
Loans current, percentage	95.50%	95.00%	96.10%
Total loans in repayment, percentage	100.00%	100.00%	100.00%
Total loans	$ 211,029	$ 225,975	$ 194,310
Private education loans \| Loans delinquent 31-60 days \| Private education loans:
Loans in repayment status:
Loans past due	$ 2,292	$ 3,626	$ 1,630
Loans past due, percentage	1.10%	1.60%	0.90%
Private education loans \| Loans delinquent 61-90 days \| Private education loans:
Loans in repayment status:
Loans past due	$ 1,481	$ 1,560	$ 1,110
Loans past due, percentage	0.70%	0.70%	0.60%
Private education loans \| Loans delinquent 91 days or greater \| Private education loans:
Loans in repayment status:
Loans past due	$ 5,453	$ 5,998	$ 4,488
Loans past due, percentage	2.70%	2.70%	2.40%
Consumer loans
Loans in repayment status:
Total loans	$ 191,001	$ 138,627
Consumer loans \| Consumer loans:
Loans in repayment status:
Loans current	187,983	136,130	$ 76,401
Total loans in repayment	$ 191,001	$ 138,627	$ 77,855
Loans current, percentage	98.40%	98.20%	98.10%
Total loans in repayment, percentage	100.00%	100.00%	100.00%
Total loans	$ 191,001	$ 138,627	$ 77,855
Consumer loans \| Loans delinquent 31-60 days \| Consumer loans:
Loans in repayment status:
Loans past due	$ 1,162	$ 1,012	$ 748
Loans past due, percentage	0.60%	0.70%	1.00%
Consumer loans \| Loans delinquent 61-90 days \| Consumer loans:
Loans in repayment status:
Loans past due	$ 917	$ 832	$ 369
Loans past due, percentage	0.50%	0.60%	0.50%
Consumer loans \| Loans delinquent 91-120 days \| Consumer loans:
Loans in repayment status:
Loans past due	$ 939	$ 653	$ 337
Loans past due, percentage	0.50%	0.50%	0.40%

Bonds and Notes Payable - Outstanding Debt Obligations (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Bonds and notes payable	$ 21,835,723	$ 22,185,558	$ 22,218,740
Discount on bonds and notes payable and debt issuance costs	(305,968)		(318,359)
Warehouse facilities \| FFELP warehouse facilities
Debt Instrument [Line Items]
Bonds and notes payable	792,658		986,886
Unsecured line of credit
Debt Instrument [Line Items]
Bonds and notes payable	320,000		310,000
Unsecured debt - Junior Subordinated Hybrid Securities
Debt Instrument [Line Items]
Bonds and notes payable	$ 20,381		$ 20,381
Interest rate range	5.97%		6.17%
Other borrowings
Debt Instrument [Line Items]
Bonds and notes payable	$ 81,969		$ 120,342
Bonds and notes payable, gross
Debt Instrument [Line Items]
Bonds and notes payable	22,141,691		22,537,099
Federally insured \| Bonds and notes based on indices
Debt Instrument [Line Items]
Bonds and notes payable	19,969,336		20,192,123
Federally insured \| Bonds and notes based on auction
Debt Instrument [Line Items]
Bonds and notes payable	787,676		793,476
Federally insured \| Variable-rate bonds and notes
Debt Instrument [Line Items]
Bonds and notes payable	20,757,012		20,985,599
Consumer loan \| Warehouse facilities
Debt Instrument [Line Items]
Bonds and notes payable	$ 63,732
Interest rate range	4.14%
Private education \| Variable-rate bonds and notes
Debt Instrument [Line Items]
Bonds and notes payable	$ 46,330		$ 50,720
Interest rate range	4.24%		4.26%
Private education \| Fixed-rate bonds and notes issued in private education loan asset-backed securitization
Debt Instrument [Line Items]
Bonds and notes payable	$ 59,609		$ 63,171
Minimum \| Warehouse facilities \| FFELP warehouse facilities
Debt Instrument [Line Items]
Interest rate range	2.70%		2.65%
Minimum \| Unsecured line of credit
Debt Instrument [Line Items]
Interest rate range	3.98%		3.92%
Minimum \| Other borrowings
Debt Instrument [Line Items]
Interest rate range	3.19%		3.05%
Minimum \| Federally insured \| Bonds and notes based on indices
Debt Instrument [Line Items]
Interest rate range	2.69%		2.59%
Minimum \| Federally insured \| Bonds and notes based on auction
Debt Instrument [Line Items]
Interest rate range	3.18%		2.84%
Minimum \| Private education \| Fixed-rate bonds and notes issued in private education loan asset-backed securitization
Debt Instrument [Line Items]
Interest rate range	3.60%		3.60%
Maximum \| Warehouse facilities \| FFELP warehouse facilities
Debt Instrument [Line Items]
Interest rate range	2.75%		2.71%
Maximum \| Unsecured line of credit
Debt Instrument [Line Items]
Interest rate range	4.00%		4.01%
Maximum \| Other borrowings
Debt Instrument [Line Items]
Interest rate range	3.99%		5.22%
Maximum \| Federally insured \| Bonds and notes based on indices
Debt Instrument [Line Items]
Interest rate range	4.30%		4.52%
Maximum \| Federally insured \| Bonds and notes based on auction
Debt Instrument [Line Items]
Interest rate range	3.83%		3.55%
Maximum \| Private education \| Fixed-rate bonds and notes issued in private education loan asset-backed securitization
Debt Instrument [Line Items]
Interest rate range	5.35%		5.35%

Bonds and Notes Payable - Outstanding Lines of Credit (Details) - FFELP warehouse facilities - Warehouse facilities - USD ($) $ in Thousands	Mar. 31, 2019	Mar. 08, 2019
Line of Credit Facility [Line Items]
Maximum financing amount	$ 1,000,000
Amount outstanding	792,658
Amount available	207,342
Advanced as equity support	50,569
NFSLW-I Warehouse
Line of Credit Facility [Line Items]
Maximum financing amount	500,000	$ 500,000
Amount outstanding	447,564
Amount available	52,436
Advanced as equity support	24,314
NHELP-II
Line of Credit Facility [Line Items]
Maximum financing amount	500,000
Amount outstanding	345,094
Amount available	154,906
Advanced as equity support	$ 26,255

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

Bonds and Notes Payable - Schedule of Asset-Backed Securitizations (Details) - Asset-backed securities	Feb. 27, 2019 USD ($)
2019-1
Debt Instrument [Line Items]
Total principal amount issued	$ 496,800,000
NSLT 2019 Class A Notes [Member]
Debt Instrument [Line Items]
Total principal amount issued	483,700,000
Class A-1 Notes
Debt Instrument [Line Items]
Total principal amount issued	$ 35,700,000
Class A-1 Notes \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Cost of funds	0.30%
Class A-2 Notes
Debt Instrument [Line Items]
Total principal amount issued	$ 448,000,000
Class A-2 Notes \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Cost of funds	0.75%
Class B subordinated notes:
Debt Instrument [Line Items]
Total principal amount issued	$ 13,100,000
Class B subordinated notes: \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Cost of funds	1.40%

Bonds and Notes Payable - Narrative (Details)		3 Months Ended
Bonds and Notes Payable - Narrative (Details)	Jan. 11, 2019 USD ($)	Mar. 31, 2019 USD ($) agreement	Jan. 01, 2019 USD ($)	Dec. 31, 2018 USD ($)
Debt Instrument [Line Items]
Number of repurchase agreements \| agreement		2
Unsecured Line of Credit
Debt Instrument [Line Items]
Maximum financing amount		$ 382,500,000
Amount outstanding		320,000,000.0
Amount available		62,500,000
Higher borrowing capacity option		400,000,000.0
Private Education Loan And FFELP Asset-Backed Security Investment
Debt Instrument [Line Items]
Other borrowings subject to repurchase agreement		82,000,000.0		$ 86,400,000
Warehouse facilities \| Consumer loan \| Consumer Loan Warehouse Facility
Debt Instrument [Line Items]
Maximum financing amount	$ 100,000,000.0
Amount outstanding		63,700,000
Amount available		36,300,000
Advanced as equity support		$ 26,500,000
Minimum \| Warehouse facilities \| Consumer loan \| Consumer Loan Warehouse Facility
Debt Instrument [Line Items]
Advance rate	70.00%
Maximum \| Warehouse facilities \| Consumer loan \| Consumer Loan Warehouse Facility
Debt Instrument [Line Items]
Advance rate	75.00%
Accounting Standards Update 2016-02
Debt Instrument [Line Items]
Debt unconsolidated			$ 33,900,000
Partnerships For Certain Real Estate Development Projects
Debt Instrument [Line Items]
Noncontrolling interest ownership percentage		50.00%

Derivative Financial Instruments - Schedule of Basis Swap (Details) - 1:3 basis swaps - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Derivative [Line Items]
Notional amount	$ 9,750,000,000	$ 10,000,000,000
2019
Derivative [Line Items]
Notional amount	3,250,000,000	3,500,000,000
2020
Derivative [Line Items]
Notional amount	1,000,000,000	1,000,000,000
2021
Derivative [Line Items]
Notional amount	250,000,000	250,000,000
2022
Derivative [Line Items]
Notional amount	2,000,000,000	2,000,000,000
Effective Start Date May 2019
Derivative [Line Items]
Notional amount	250
Effective Start Date May 2020
Derivative [Line Items]
Notional amount	750
2023
Derivative [Line Items]
Notional amount	750,000,000	750,000,000
2024
Derivative [Line Items]
Notional amount	250,000,000	250,000,000
2026
Derivative [Line Items]
Notional amount	1,150,000,000	1,150,000,000
2027
Derivative [Line Items]
Notional amount	375,000,000	375,000,000
2028
Derivative [Line Items]
Notional amount	325,000,000	325,000,000
2029
Derivative [Line Items]
Notional amount	100,000,000	100,000,000
2031
Derivative [Line Items]
Notional amount	$ 300,000,000	$ 300,000,000

Derivative Financial Instruments - Narrative (Details)	12 Months Ended
Derivative Financial Instruments - Narrative (Details)	Dec. 31, 2018 USD ($)	Dec. 31, 2015 USD ($) agreement	Dec. 31, 2014 USD ($)	Mar. 31, 2019 USD ($)
Derivative [Line Items]
Number of interest rate cap contracts purchased \| agreement		2
1:3 basis swaps
Derivative [Line Items]
Weighted average basis point paid	0.094%			0.095%
Notional amount	$ 10,000,000,000			$ 9,750,000,000
Swaption
Derivative [Line Items]
Payments to enter into derivative instruments	$ 4,600,000		$ 9,100,000
Notional amount				$ 1,000,000
Interest rate caps
Derivative [Line Items]
Payments to enter into derivative instruments		$ 2,900,000
Notional amount		275,000,000.0
Interest Rate Cap 1 \| Interest rate caps
Derivative [Line Items]
Notional amount		$ 125,000,000.0
Interest rate cap strike rate		2.50%
Interest Rate Cap 2 \| Interest rate caps
Derivative [Line Items]
Notional amount		$ 150,000,000.0
Interest rate cap strike rate		4.99%

Derivative Financial Instruments - Schedule of Interest Rate Swaps, Floor Income Hedge (Details) - Interest rate swaps - floor income hedges - Interest Rate Swap [Member] - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Derivative [Line Items]
Notional amount	$ 3,700,000,000	$ 5,575,000,000
Weighted average fixed rate paid by the Company	1.25%	1.18%
2019
Derivative [Line Items]
Notional amount	$ 1,500,000,000	$ 3,250,000,000
Weighted average fixed rate paid by the Company	0.98%	0.97%
2020
Derivative [Line Items]
Notional amount	$ 1,500,000,000	$ 1,500,000,000
Weighted average fixed rate paid by the Company	1.01%	1.01%
2021
Derivative [Line Items]
Notional amount	$ 100,000,000	$ 100,000,000
Weighted average fixed rate paid by the Company	2.95%	2.95%
2023
Derivative [Line Items]
Notional amount	$ 400,000,000	$ 400,000,000
Weighted average fixed rate paid by the Company	2.24%	2.24%
2024
Derivative [Line Items]
Notional amount	$ 200,000,000	$ 300,000,000
Weighted average fixed rate paid by the Company	2.27%	2.28%
2027
Derivative [Line Items]
Notional amount	$ 0	$ 25,000,000
Weighted average fixed rate paid by the Company	0.00%	2.35%

Derivative Financial Instruments - Schedule of Interest Rate Swaps, Floor Income Hedges (Details)	Mar. 31, 2019 USD ($)
Swaption
Derivative [Line Items]
Notional amount	$ 1,000,000
Weighted average fixed rate paid by the Company	3.21%
Swaption August 2024
Derivative [Line Items]
Notional amount	$ 750,000
Weighted average fixed rate paid by the Company	3.28%
Swaption September 2024
Derivative [Line Items]
Notional amount	$ 250,000
Weighted average fixed rate paid by the Company	3.00%

Derivative Financial Instruments - Schedule of Derivatives as Reflected on Balance Sheet (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Derivatives, Fair Value [Line Items]
Fair value of asset derivatives	$ 168	$ 1,818
Fair value of asset derivatives
Derivatives, Fair Value [Line Items]
Fair value of asset derivatives	168	1,818
Fair value of asset derivatives \| Swaption
Derivatives, Fair Value [Line Items]
Fair value of asset derivatives	90	1,465
Fair value of asset derivatives \| Interest rate caps
Derivatives, Fair Value [Line Items]
Fair value of asset derivatives	78	353
Fair value of liability derivatives
Derivatives, Fair Value [Line Items]
Fair value of derivative instruments	0	0
Fair value of liability derivatives \| Swaption
Derivatives, Fair Value [Line Items]
Fair value of derivative instruments	0	0
Fair value of liability derivatives \| Interest rate caps
Derivatives, Fair Value [Line Items]
Fair value of derivative instruments	$ 0	$ 0

Derivative Financial Instruments - Schedule of Income Statement Impact (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Derivative Instruments, Gain (Loss) [Line Items]
Derivative settlements, net	$ 19,035	$ 6,766
Other Income
Derivative Instruments, Gain (Loss) [Line Items]
Derivative settlements, net	19,035	6,766
Change in fair value	(30,574)	60,033
Derivative market value adjustments and derivative settlements, net - (expense) income	(11,539)	66,799
1:3 basis swaps \| Other Income
Derivative Instruments, Gain (Loss) [Line Items]
Derivative settlements, net	2,334	(1,664)
Change in fair value	(2,212)	13,297
Interest rate swaps - floor income hedges \| Other Income
Derivative Instruments, Gain (Loss) [Line Items]
Derivative settlements, net	16,701	8,590
Change in fair value	(26,712)	44,201
Interest rate swaps - hybrid debt hedges \| Other Income
Derivative Instruments, Gain (Loss) [Line Items]
Derivative settlements, net	0	(160)
Change in fair value	0	1,462
Interest rate swap options - floor income hedges \| Other Income
Derivative Instruments, Gain (Loss) [Line Items]
Change in fair value	(1,376)	747
Interest rate caps \| Other Income
Derivative Instruments, Gain (Loss) [Line Items]
Change in fair value	$ (274)	$ 326

Investments and Notes Receivable (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018	Jan. 01, 2019
Investments (at fair value):
Amortized cost	$ 47,994	$ 47,931
Gross unrealized gains	4,673	5,109
Gross unrealized losses	0	0
Fair value	52,667	53,040
Equity securities
Amortized cost	13,405	12,909
Gross unrealized gains	6,002	5,145
Gross unrealized losses	(1,037)	(407)
Fair value	18,370	17,647
Total investments (at fair value)
Marketable Securities, Amortized Cost	61,399	60,840
Gross unrealized gains	10,675	10,254
Gross unrealized losses	(1,037)	(407)
Fair value	71,037	70,687
Other Investments and Notes Receivable (not measured at fair value):
Other Investments, Total	159,475	178,683
Investments And Notes Receivables	230,512	249,370	$ 226,236
Other Investments and Notes Receivable (not measured at fair value): \| Venture capital and funds:
Other Investments and Notes Receivable (not measured at fair value):
Measurement alternative	71,129	70,939
Equity method	15,714	19,230
Other	800	900
Other Investments, Total	87,643	91,069
Other Investments and Notes Receivable (not measured at fair value): \| Real estate:
Other Investments and Notes Receivable (not measured at fair value):
Equity method	39,489	29,168
Other	9,193	34,211
Other Investments, Total	48,682	63,379
Other Investments and Notes Receivable (not measured at fair value): \| Notes receivable
Other Investments and Notes Receivable (not measured at fair value):
Other Investments, Total	16,183	16,373
Other Investments and Notes Receivable (not measured at fair value): \| Tax liens and affordable housing
Other Investments and Notes Receivable (not measured at fair value):
Other Investments, Total	$ 6,967	$ 7,862

Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Weighted average remaining useful life	81 months
Amortizable intangible assets, net	$ 105,795		$ 114,290
Amortization of intangible assets	$ 8,500	$ 6,200
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Weighted average remaining useful life	82 months
Amortizable intangible assets, net	$ 91,818		98,484
Accumulated amortization of intangible assets	$ 40,635		33,968
Trade names
Finite-Lived Intangible Assets [Line Items]
Weighted average remaining useful life	88 months
Amortizable intangible assets, net	$ 10,020		10,868
Accumulated amortization of intangible assets	$ 6,672		5,825
Computer software
Finite-Lived Intangible Assets [Line Items]
Weighted average remaining useful life	21 months
Amortizable intangible assets, net	$ 3,957		4,938
Accumulated amortization of intangible assets	$ 9,268		$ 15,420

Intangible Assets - Amortization Expense (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Intangible Assets, Net (Excluding Goodwill) [Abstract]
2019 (April 1 - December 31)	$ 24,263
2020	29,515
2021	18,761
2022	7,172
2023	6,925
2024 and thereafter	19,159
Amortizable intangible assets, net	$ 105,795	$ 114,290

Goodwill (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Goodwill [Line Items]
Goodwill	$ 156,912	$ 156,912
Loan servicing and systems revenue
Goodwill [Line Items]
Goodwill	23,639	23,639
Education technology, services, and payment processing revenue
Goodwill [Line Items]
Goodwill	70,278	70,278
Communications
Goodwill [Line Items]
Goodwill	21,112	21,112
Asset Generation and Management
Goodwill [Line Items]
Goodwill	41,883	41,883
Corporate and Other Activities
Goodwill [Line Items]
Goodwill	$ 0	$ 0

Property and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
Property and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Jan. 01, 2019
Property, Plant and Equipment [Line Items]
Property and equipment, net	$ 335,070		$ 344,784	$ 327,810
Depreciation	$ 15,700	$ 12,200
Computer equipment and software \| Minimum
Property, Plant and Equipment [Line Items]
Useful life	1 year		1 year
Computer equipment and software \| Maximum
Property, Plant and Equipment [Line Items]
Useful life	5 years		5 years
Building and building improvements \| Minimum
Property, Plant and Equipment [Line Items]
Useful life	5 years
Building and building improvements \| Maximum
Property, Plant and Equipment [Line Items]
Useful life	48 years
Office furniture and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Useful life	1 year
Office furniture and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Useful life	10 years
Leasehold improvements \| Minimum
Property, Plant and Equipment [Line Items]
Useful life	1 year
Leasehold improvements \| Maximum
Property, Plant and Equipment [Line Items]
Useful life	15 years
Transportation equipment \| Minimum
Property, Plant and Equipment [Line Items]
Useful life	5 years		4 years
Transportation equipment \| Maximum
Property, Plant and Equipment [Line Items]
Useful life	10 years		10 years
Network plant and fiber \| Minimum
Property, Plant and Equipment [Line Items]
Useful life			5 years
Network plant and fiber \| Maximum
Property, Plant and Equipment [Line Items]
Useful life			15 years
Customer located property \| Minimum
Property, Plant and Equipment [Line Items]
Useful life			3 years
Customer located property \| Maximum
Property, Plant and Equipment [Line Items]
Useful life			7 years
Central office \| Minimum
Property, Plant and Equipment [Line Items]
Useful life			5 years
Central office \| Maximum
Property, Plant and Equipment [Line Items]
Useful life			15 years
Other \| Minimum
Property, Plant and Equipment [Line Items]
Useful life			1 year
Other \| Maximum
Property, Plant and Equipment [Line Items]
Useful life			39 years
Non-communications
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 224,174		$ 231,995
Accumulated depreciation	(129,747)		(123,003)
Property and equipment, net	94,427		108,992
Non-communications \| Computer equipment and software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	145,600		137,705
Non-communications \| Building and building improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	37,526		50,138
Non-communications \| Office furniture and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	23,169		22,796
Non-communications \| Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	8,844		9,327
Non-communications \| Transportation equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	5,067		5,123
Non-communications \| Land
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,400		3,328
Non-communications \| Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	2,568		3,578
Communications
Property, Plant and Equipment [Line Items]
Property and equipment, gross	285,823		273,865
Accumulated depreciation	(45,180)		(38,073)
Property and equipment, net	240,643		235,792
Communications \| Computer equipment and software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	5,035		4,943
Communications \| Transportation equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	6,685		6,580
Communications \| Land
Property, Plant and Equipment [Line Items]
Property and equipment, gross	70		70
Communications \| Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	5,256		6,344
Communications \| Network plant and fiber
Property, Plant and Equipment [Line Items]
Property and equipment, gross	225,570		215,787
Communications \| Customer located property
Property, Plant and Equipment [Line Items]
Property and equipment, gross	23,470		21,234
Communications \| Central office
Property, Plant and Equipment [Line Items]
Property and equipment, gross	16,443		15,688
Communications \| Other
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 3,294		$ 3,219

Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income attributable to Nelnet, Inc.	$ 41,591	$ 113,925
Weighted average common shares outstanding - basic and diluted (in shares)	40,373,295	40,950,528
Earnings per share - basic and diluted (in dollars per share)	$ 1.03	$ 2.78
Common shareholders
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income attributable to Nelnet, Inc.	$ 41,057	$ 112,788
Weighted average common shares outstanding - basic and diluted (in shares)	39,855,122	40,541,870
Earnings per share - basic and diluted (in dollars per share)	$ 1.03	$ 2.78
Unvested restricted stock shareholders
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income attributable to Nelnet, Inc.	$ 534	$ 1,137
Weighted average common shares outstanding - basic and diluted (in shares)	518,173	408,658
Earnings per share - basic and diluted (in dollars per share)	$ 1.03	$ 2.78

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Segment Reporting (Details) - USD ($) $ in Thousands	3 Months Ended
Segment Reporting (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Segment Reporting Information [Line Items]
Total interest income	$ 250,586	$ 202,857
Interest expense	191,770	135,550
Net interest income	58,816	67,307
Less provision for loan losses	7,000	4,000
Net interest income after provision for loan losses	51,816	63,307
Other income:
Intersegment servicing revenue	0	0
Other income	9,067	18,557
Derivative settlements, net	19,035	6,766
Derivative market value and foreign currency transaction adjustments, net	(30,574)	60,033
Total other income	206,128	254,907
Cost of services:
Cost of services	25,818	17,400
Operating expenses:
Salaries and benefits	111,059	96,643
Depreciation and amortization	24,213	18,457
Loan servicing fees to third parties	2,893	3,136
Other expenses	40,923	33,417
Intersegment expenses, net	0	0
Total operating expenses	179,088	151,653
Income before income taxes	53,038	149,161
Income tax (expense) benefit	(11,391)	(35,976)
Net income	41,647	113,185
Net income attributable to noncontrolling interests	(56)	740
Net income attributable to Nelnet, Inc.	41,591	113,925
Total assets	24,721,927	23,898,402	$ 25,220,968
Operating Segments \| Loan Servicing and Systems
Segment Reporting Information [Line Items]
Total interest income	497	257
Interest expense	0	0
Net interest income	497	257
Less provision for loan losses	0	0
Net interest income after provision for loan losses	497	257
Other income:
Intersegment servicing revenue	12,217	10,771
Other income	2,074	1,292
Derivative settlements, net	0	0
Derivative market value and foreign currency transaction adjustments, net	0	0
Total other income	129,189	112,204
Cost of services:
Cost of services	0	0
Operating expenses:
Salaries and benefits	66,220	58,537
Depreciation and amortization	8,871	6,069
Loan servicing fees to third parties	0	0
Other expenses	18,928	14,463
Intersegment expenses, net	13,758	13,356
Total operating expenses	107,777	92,425
Income before income taxes	21,909	20,036
Income tax (expense) benefit	(5,258)	(5,003)
Net income	16,651	15,033
Net income attributable to noncontrolling interests	0	808
Net income attributable to Nelnet, Inc.	16,651	15,841
Total assets	273,065	281,208
Operating Segments \| Education Technology, Services, and Payment Processing
Segment Reporting Information [Line Items]
Total interest income	2,017	665
Interest expense	8	0
Net interest income	2,009	665
Less provision for loan losses	0	0
Net interest income after provision for loan losses	2,009	665
Other income:
Intersegment servicing revenue	0	0
Other income	0	0
Derivative settlements, net	0	0
Derivative market value and foreign currency transaction adjustments, net	0	0
Total other income	79,159	60,221
Cost of services:
Cost of services	21,059	13,683
Operating expenses:
Salaries and benefits	23,008	19,067
Depreciation and amortization	3,510	3,341
Loan servicing fees to third parties	0	0
Other expenses	5,311	4,624
Intersegment expenses, net	3,299	2,567
Total operating expenses	35,128	29,599
Income before income taxes	24,981	17,604
Income tax (expense) benefit	(5,995)	(4,225)
Net income	18,986	13,379
Net income attributable to noncontrolling interests	0	0
Net income attributable to Nelnet, Inc.	18,986	13,379
Total assets	294,019	193,283
Operating Segments \| Communications
Segment Reporting Information [Line Items]
Total interest income	2	1
Interest expense	0	2,509
Net interest income	2	(2,508)
Less provision for loan losses	0	0
Net interest income after provision for loan losses	2	(2,508)
Other income:
Intersegment servicing revenue	0	0
Other income	125	0
Derivative settlements, net	0	0
Derivative market value and foreign currency transaction adjustments, net	0	0
Total other income	14,668	9,189
Cost of services:
Cost of services	4,759	3,717
Operating expenses:
Salaries and benefits	4,737	4,063
Depreciation and amortization	7,362	4,921
Loan servicing fees to third parties	0	0
Other expenses	3,477	2,638
Intersegment expenses, net	664	605
Total operating expenses	16,240	12,227
Income before income taxes	(6,329)	(9,263)
Income tax (expense) benefit	1,519	2,223
Net income	(4,810)	(7,040)
Net income attributable to noncontrolling interests	0	0
Net income attributable to Nelnet, Inc.	(4,810)	(7,040)
Total assets	297,196	228,750
Operating Segments \| Asset Generation and Management
Segment Reporting Information [Line Items]
Total interest income	246,867	200,334
Interest expense	188,799	134,233
Net interest income	58,068	66,101
Less provision for loan losses	7,000	4,000
Net interest income after provision for loan losses	51,068	62,101
Other income:
Intersegment servicing revenue	0	0
Other income	3,525	3,351
Derivative settlements, net	19,035	6,926
Derivative market value and foreign currency transaction adjustments, net	(30,574)	58,571
Total other income	(8,014)	68,848
Cost of services:
Cost of services	0	0
Operating expenses:
Salaries and benefits	378	382
Depreciation and amortization	0	0
Loan servicing fees to third parties	2,893	3,136
Other expenses	944	848
Intersegment expenses, net	12,287	10,865
Total operating expenses	16,502	15,231
Income before income taxes	26,552	115,718
Income tax (expense) benefit	(6,372)	(27,773)
Net income	20,180	87,945
Net income attributable to noncontrolling interests	0	0
Net income attributable to Nelnet, Inc.	20,180	87,945
Total assets	23,475,113	22,804,734
Operating Segments \| Corporate and Other Activities
Segment Reporting Information [Line Items]
Total interest income	2,053	4,751
Interest expense	3,814	1,958
Net interest income	(1,761)	2,793
Less provision for loan losses	0	0
Net interest income after provision for loan losses	(1,761)	2,793
Other income:
Intersegment servicing revenue	0	0
Other income	3,344	13,914
Derivative settlements, net	0	(160)
Derivative market value and foreign currency transaction adjustments, net	0	1,462
Total other income	3,344	15,216
Cost of services:
Cost of services	0	0
Operating expenses:
Salaries and benefits	16,716	14,594
Depreciation and amortization	4,469	4,126
Loan servicing fees to third parties	0	0
Other expenses	12,262	10,845
Intersegment expenses, net	(17,791)	(16,622)
Total operating expenses	15,656	12,943
Income before income taxes	(14,073)	5,066
Income tax (expense) benefit	4,716	(1,199)
Net income	(9,357)	3,867
Net income attributable to noncontrolling interests	(56)	(68)
Net income attributable to Nelnet, Inc.	(9,413)	3,799
Total assets	546,987	718,251
Eliminations
Segment Reporting Information [Line Items]
Total interest income	(851)	(3,150)
Interest expense	(851)	(3,150)
Net interest income	0	0
Less provision for loan losses	0	0
Net interest income after provision for loan losses	0	0
Other income:
Intersegment servicing revenue	(12,217)	(10,771)
Other income	0	0
Derivative settlements, net	0	0
Derivative market value and foreign currency transaction adjustments, net	0	0
Total other income	(12,217)	(10,771)
Cost of services:
Cost of services	0	0
Operating expenses:
Salaries and benefits	0	0
Depreciation and amortization	0	0
Loan servicing fees to third parties	0	0
Other expenses	0	0
Intersegment expenses, net	(12,217)	(10,771)
Total operating expenses	(12,217)	(10,771)
Income before income taxes	0	0
Income tax (expense) benefit	0	0
Net income	0	0
Net income attributable to noncontrolling interests	0	0
Net income attributable to Nelnet, Inc.	0	0
Total assets	(164,453)	(327,824)
Loan servicing and systems revenue
Other income:
Revenue	114,898	100,141
Loan servicing and systems revenue \| Operating Segments \| Loan Servicing and Systems
Other income:
Revenue	114,898	100,141
Loan servicing and systems revenue \| Operating Segments \| Education Technology, Services, and Payment Processing
Other income:
Revenue	0	0
Loan servicing and systems revenue \| Operating Segments \| Communications
Other income:
Revenue	0	0
Loan servicing and systems revenue \| Operating Segments \| Asset Generation and Management
Other income:
Revenue	0	0
Loan servicing and systems revenue \| Operating Segments \| Corporate and Other Activities
Other income:
Revenue	0	0
Loan servicing and systems revenue \| Eliminations
Other income:
Revenue	0	0
Education technology, services, and payment processing revenue
Other income:
Revenue	79,159	60,221
Cost of services:
Cost of services	21,059	13,683
Education technology, services, and payment processing revenue \| Operating Segments \| Loan Servicing and Systems
Other income:
Revenue	0	0
Cost of services:
Cost of services	0	0
Education technology, services, and payment processing revenue \| Operating Segments \| Education Technology, Services, and Payment Processing
Other income:
Revenue	79,159	60,221
Cost of services:
Cost of services	21,059	13,683
Education technology, services, and payment processing revenue \| Operating Segments \| Communications
Other income:
Revenue	0	0
Cost of services:
Cost of services	0	0
Education technology, services, and payment processing revenue \| Operating Segments \| Asset Generation and Management
Other income:
Revenue	0	0
Cost of services:
Cost of services	0	0
Education technology, services, and payment processing revenue \| Operating Segments \| Corporate and Other Activities
Other income:
Revenue	0	0
Cost of services:
Cost of services	0	0
Education technology, services, and payment processing revenue \| Eliminations
Other income:
Revenue	0	0
Cost of services:
Cost of services	0	0
Communications Services
Other income:
Revenue	14,543	9,189
Cost of services:
Cost of services	4,759	3,717
Communications Services \| Operating Segments \| Loan Servicing and Systems
Other income:
Revenue	0	0
Cost of services:
Cost of services	0	0
Communications Services \| Operating Segments \| Education Technology, Services, and Payment Processing
Other income:
Revenue	0	0
Cost of services:
Cost of services	0	0
Communications Services \| Operating Segments \| Communications
Other income:
Revenue	14,543	9,189
Cost of services:
Cost of services	4,759	3,717
Communications Services \| Operating Segments \| Asset Generation and Management
Other income:
Revenue	0	0
Cost of services:
Cost of services	0	0
Communications Services \| Operating Segments \| Corporate and Other Activities
Other income:
Revenue	0	0
Cost of services:
Cost of services	0	0
Communications Services \| Eliminations
Other income:
Revenue	0	0
Cost of services:
Cost of services	$ 0	$ 0

Disaggregated Revenue and Deferred Revenue - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Communications revenue
Disaggregation of Revenue [Line Items]
Revenue	$ 14,543	$ 9,189
Residential revenue
Disaggregation of Revenue [Line Items]
Revenue	11,065	6,747
Business revenue
Disaggregation of Revenue [Line Items]
Revenue	3,414	2,381
Other
Disaggregation of Revenue [Line Items]
Revenue	64	61
Loan servicing and systems revenue
Disaggregation of Revenue [Line Items]
Revenue	114,898	100,141
Government servicing - Nelnet
Disaggregation of Revenue [Line Items]
Revenue	39,640	39,327
Government servicing - Great Lakes
Disaggregation of Revenue [Line Items]
Revenue	47,077	30,754
Private education and consumer loan servicing
Disaggregation of Revenue [Line Items]
Revenue	9,480	13,101
FFELP servicing
Disaggregation of Revenue [Line Items]
Revenue	6,695	7,691
Software services
Disaggregation of Revenue [Line Items]
Revenue	9,741	7,589
Outsourced services and other
Disaggregation of Revenue [Line Items]
Revenue	2,265	1,679
Education technology, services, and payment processing revenue
Disaggregation of Revenue [Line Items]
Revenue	79,159	60,221
Tuition payment plan services
Disaggregation of Revenue [Line Items]
Revenue	30,173	23,043
Payment processing
Disaggregation of Revenue [Line Items]
Revenue	28,979	19,926
Education technology and services
Disaggregation of Revenue [Line Items]
Revenue	19,709	16,975
Other
Disaggregation of Revenue [Line Items]
Revenue	298	277
Communications revenue
Disaggregation of Revenue [Line Items]
Revenue	14,543	9,189
Internet
Disaggregation of Revenue [Line Items]
Revenue	8,449	4,696
Television
Disaggregation of Revenue [Line Items]
Revenue	3,898	2,784
Telephone
Disaggregation of Revenue [Line Items]
Revenue	2,167	1,691
Other
Disaggregation of Revenue [Line Items]
Revenue	$ 29	$ 18

Disaggregated Revenue and Deferred Revenue - Schedule of Other Income by Component (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Disaggregation of Revenue [Line Items]
Borrower late fee income	$ 3,512	$ 2,983
(Loss) gain on investments and notes receivable, net	(427)	8,688
Other	3,399	4,132
Other income	9,067	18,557
Management fee revenue
Disaggregation of Revenue [Line Items]
Revenue	1,872	1,161
Investment advisory fees
Disaggregation of Revenue [Line Items]
Revenue	$ 711	$ 1,593

Disaggregated Revenue and Deferred Revenue - Schedule of Changes in Liabilities from Contract with Customers (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Contract With Customer Liability [Heading Roll Forward]
Balance, beginning of period	$ 39,122	$ 32,276
Deferral of revenue	24,080	17,050
Recognition of revenue	(36,476)	(26,802)
Other	27	191
Balance, end of period	26,753	22,715
Loan Servicing and Systems
Contract With Customer Liability [Heading Roll Forward]
Balance, beginning of period	4,413	4,968
Deferral of revenue	1,116	253
Recognition of revenue	(1,582)	(1,094)
Other	0	45
Balance, end of period	3,947	4,172
Education Technology, Services, and Payment Processing
Contract With Customer Liability [Heading Roll Forward]
Balance, beginning of period	30,556	24,164
Deferral of revenue	13,962	10,774
Recognition of revenue	(26,049)	(19,836)
Other	29	146
Balance, end of period	18,498	15,248
Communications
Contract With Customer Liability [Heading Roll Forward]
Balance, beginning of period	2,551	1,665
Deferral of revenue	8,266	5,375
Recognition of revenue	(8,061)	(5,213)
Other	0	0
Balance, end of period	2,756	1,827
Corporate and Other Activities
Contract With Customer Liability [Heading Roll Forward]
Balance, beginning of period	1,602	1,479
Deferral of revenue	736	648
Recognition of revenue	(784)	(659)
Other	(2)	0
Balance, end of period	$ 1,552	$ 1,468

Major Customer (Details) - USD ($) $ in Thousands	2 Months Ended	3 Months Ended
Major Customer (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Mar. 31, 2019	Mar. 31, 2018
Great Lakes Educational Loan Service
Concentration Risk [Line Items]
Acquiree revenue since acquisition	$ 30,800	$ 47,100
Government servicing - Nelnet
Concentration Risk [Line Items]
Revenue		39,640	$ 39,327
Government servicing - Nelnet \| Concentration Risk Dollar Value
Concentration Risk [Line Items]
Revenue		$ 39,600	$ 39,300

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Jan. 01, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value	$ 71,037		$ 70,687
Derivative instruments	168		1,818
Total assets	71,205		72,505
Financial assets:
Loans receivable	21,946,153		22,377,142
Total cash and cash equivalents	74,881	$ 120,701	121,347	$ 69,286	$ 66,752
Restricted cash - due to customers	216,471		369,678	$ 128,515	$ 187,121
Accrued interest receivable	715,838		679,197
Derivative instruments	168		1,818
Financial liabilities:
Bonds and notes payable	21,835,723	$ 22,185,558	22,218,740
Accrued interest payable	62,158		61,679
Due to customers	216,471		369,678
Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value	3,193		2,826
Derivative instruments	0		0
Total assets	3,193		2,826
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value	52,563		52,936
Derivative instruments	168		1,818
Total assets	52,731		54,754
Fair value
Financial assets:
Loans receivable	23,064,973		23,521,171
Total cash and cash equivalents	74,881		121,347
Investments (at fair value)	71,037		70,687
Notes receivable	16,183		16,373
Restricted cash	760,273		701,366
Restricted cash - due to customers	216,471		369,678
Accrued interest receivable	715,838		679,197
Derivative instruments	168		1,818
Financial liabilities:
Bonds and notes payable	21,939,779		22,270,462
Accrued interest payable	62,158		61,679
Due to customers	216,471		369,678
Fair value \| Level 1
Financial assets:
Loans receivable	0		0
Total cash and cash equivalents	74,881		121,347
Investments (at fair value)	3,193		2,826
Notes receivable	0		0
Restricted cash	760,273		701,366
Restricted cash - due to customers	216,471		369,678
Accrued interest receivable	0		0
Derivative instruments	0		0
Financial liabilities:
Bonds and notes payable	0		0
Accrued interest payable	0		0
Due to customers	216,471		369,678
Fair value \| Level 2
Financial assets:
Loans receivable	0		0
Total cash and cash equivalents	0		0
Investments (at fair value)	52,563		52,936
Notes receivable	16,183		16,373
Restricted cash	0		0
Restricted cash - due to customers	0		0
Accrued interest receivable	715,838		679,197
Derivative instruments	168		1,818
Financial liabilities:
Bonds and notes payable	21,939,779		22,270,462
Accrued interest payable	62,158		61,679
Due to customers	0		0
Fair value \| Level 3
Financial assets:
Loans receivable	23,064,973		23,521,171
Total cash and cash equivalents	0		0
Investments (at fair value)	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
Financial liabilities:
Bonds and notes payable	0		0
Accrued interest payable	0		0
Due to customers	0		0
Carrying value
Financial assets:
Loans receivable	21,946,153		22,377,142
Total cash and cash equivalents	74,881		121,347
Investments (at fair value)	71,037		70,687
Notes receivable	16,183		16,373
Restricted cash	760,273		701,366
Restricted cash - due to customers	216,471		369,678
Accrued interest receivable	715,838		679,197
Derivative instruments	168		1,818
Financial liabilities:
Bonds and notes payable	21,835,723		22,218,740
Accrued interest payable	62,158		61,679
Due to customers	216,471		369,678
Student loan and other asset-backed securities - available-for-sale
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value	52,563		52,936
Student loan and other asset-backed securities - available-for-sale \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value	0		0
Student loan and other asset-backed securities - available-for-sale \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value	52,563		52,936
Equity securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value	3,089		2,722
Equity securities \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value	3,089		2,722
Equity securities \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value	0		0
Equity securities measured at net asset value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value	15,281		14,925
Debt securities - available-for-sale
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value	104		104
Debt securities - available-for-sale \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value	104		104
Debt securities - available-for-sale \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value	$ 0		$ 0

Label	Element	Value
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (6,077,000)
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	1,264,000
Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	2,007,000
AOCI Attributable to Parent [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (743,000)