NELNET INC, 10-Q filed on 8/4/2016
Quarterly Report
Document and Entity Information Document (USD $)
6 Months Ended
Jun. 30, 2016
Jul. 31, 2016
Common Class A [Member]
Jul. 31, 2016
Common Class B [Member]
Document Information [Line Items]
 
 
 
Entity Registrant Name
NELNET INC 
 
 
Document Type
10-Q 
 
 
Current Fiscal Year End Date
--12-31 
 
 
Entity Common Stock, Shares Outstanding
 
31,021,028 
11,476,932 
Entity Public Float
$ 1,092,135,927 
 
 
Amendment Flag
false 
 
 
Entity Central Index Key
0001258602 
 
 
Entity Current Reporting Status
Yes 
 
 
Entity Voluntary Filers
No 
 
 
Entity Filer Category
Large Accelerated Filer 
 
 
Entity Well-known Seasoned Issuer
Yes 
 
 
Document Period End Date
Jun. 30, 2016 
 
 
Document Fiscal Year Focus
2016 
 
 
Document Fiscal Period Focus
Q2 
 
 
Consolidated Balance Sheets (unaudited) (USD $)
In Thousands, unless otherwise specified
Jun. 30, 2016
Dec. 31, 2015
Assets:
 
 
Student loans receivable (net of allowance for loan losses)
$ 26,539,604 
$ 28,324,552 
Cash and cash equivalents:
 
 
Cash and cash equivalents - not held at a related party
9,225 
11,379 
Cash and cash equivalents - held at a related party
50,028 
52,150 
Total cash and cash equivalents
59,253 
63,529 
Investments and notes receivable
285,996 
303,681 
Restricted cash and investments
964,799 
832,624 
Restricted cash - due to customers
132,018 
144,771 
Accrued interest receivable
380,140 
383,825 
Accounts receivable (net of allowance for doubtful accounts)
41,964 
51,345 
Goodwill
147,312 
146,000 
Intangible assets, net
54,141 
51,062 
Property and equipment, net
96,079 
80,482 
Other assets
11,084 
8,583 
Fair value of derivative instruments
3,408 
28,690 
Total assets
28,715,798 
30,419,144 
Liabilities:
 
 
Bonds and notes payable
26,399,686 
28,105,921 
Accrued interest payable
39,926 
31,507 
Other liabilities
136,181 
169,906 
Due to customers
132,018 
144,771 
Fair value of derivative instruments
101,771 
74,881 
Total liabilities
26,809,582 
28,526,986 
Nelnet, Inc. shareholders' equity:
 
 
Preferred stock
0 
0 
Additional paid-in capital
4,601 
0 
Retained earnings
1,894,551 
1,881,708 
Accumulated other comprehensive (loss) earnings
(2,277)
2,284 
Total Nelnet, Inc. shareholders' equity
1,897,300 
1,884,432 
Noncontrolling interest
8,916 
7,726 
Total equity
1,906,216 
1,892,158 
Total liabilities and equity
28,715,798 
30,419,144 
Common Class A [Member]
 
 
Nelnet, Inc. shareholders' equity:
 
 
Common stock
310 
325 
Total equity
310 
325 
Common Class B [Member]
 
 
Nelnet, Inc. shareholders' equity:
 
 
Common stock
115 
115 
Total equity
115 
115 
Variable Interest Entity, Primary Beneficiary [Member]
 
 
Assets:
 
 
Student loans receivable (net of allowance for loan losses)
26,735,698 
28,499,180 
Cash and cash equivalents:
 
 
Restricted cash and investments
851,389 
814,294 
Other assets
380,230 
384,230 
Liabilities:
 
 
Bonds and notes payable
26,660,478 
28,405,133 
Other liabilities
405,832 
353,607 
Fair value of derivative instruments
44,602 
64,080 
Equity:
 
 
Net assets of consolidated variable interest entities
$ 856,405 
$ 874,884 
Consolidated Balance Sheets (unaudited) (Parentheticals) (USD $)
In Thousands, except Share data, unless otherwise specified
Jun. 30, 2016
Dec. 31, 2015
Allowance for loan losses
$ 48,753 
$ 50,498 
Allowance for doubtful accounts
$ 1,498 
$ 2,003 
Preferred stock, par value (in dollars per share)
$ 0.01 
$ 0.01 
Preferred stock, authorized shares
50,000,000 
50,000,000 
Preferred stock, issued shares
0 
0 
Preferred stock, outstanding shares
0 
0 
Common Class A [Member]
 
 
Par Value (in dollars per share)
$ 0.01 
$ 0.01 
Shares Authorized
600,000,000 
600,000,000 
Shares Issued
31,024,230 
32,476,528 
Shares Outstanding
31,024,230 
32,476,528 
Common Class B [Member]
 
 
Par Value (in dollars per share)
$ 0.01 
$ 0.01 
Shares Authorized
60,000,000 
60,000,000 
Shares Issued
11,476,932 
11,476,932 
Shares Outstanding
11,476,932 
11,476,932 
Consolidated Statements of Income (unaudited) (USD $)
In Thousands, except Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Interest income:
 
 
 
 
Loan interest
$ 184,067 
$ 175,835 
$ 374,055 
$ 347,779 
Investment interest
2,185 
1,887 
4,214 
4,092 
Total interest income
186,252 
177,722 1
378,269 
351,871 1
Interest expense:
 
 
 
 
Interest on bonds and notes payable
94,052 
72,626 1
184,460 
144,180 1
Net interest income
92,200 
105,096 1
193,809 
207,691 1
Less provision for loan losses
2,000 
2,150 1
4,500 
4,150 1
Net interest income after provision for loan losses
90,200 
102,946 1
189,309 
203,541 1
Other income:
 
 
 
 
Loan and guaranty servicing revenue
54,402 
63,833 1
106,732 
121,644 1
Tuition payment processing, school information, and campus commerce revenue
30,483 
27,686 1
69,140 
62,366 1
Communications revenue
4,478 
0 
8,824 
0 
Enrollment services revenue
0 
12,680 1
4,326 
26,053 1
Other income
9,765 
11,985 1
23,559 
23,393 1
Gain on sale of loans and debt repurchases
0 
1,515 1
101 
4,390 1
Derivative market value and foreign currency adjustments and derivative settlements, net
(40,702)
6,502 
(69,392)
3,424 
Total other income
58,426 
124,201 1
143,290 
241,270 1
Operating expenses:
 
 
 
 
Salaries and benefits
60,923 
58,787 1
124,165 
119,837 1
Depreciation and amortization
8,183 
6,501 1
15,823 
12,163 1
Loan servicing fees
7,216 
7,420 1
14,144 
15,036 1
Cost to provide communications services
1,681 
0 
3,384 
0 
Cost to provide enrollment services
0 
10,395 
3,623 
21,194 
Other expenses
29,409 
32,725 1
57,783 
62,826 1
Total operating expenses
107,412 
115,828 1
218,922 
231,056 1
Income before income taxes
41,214 
111,319 
113,677 
213,755 
Income tax expense
(15,036)
(40,356)1
(39,469)
(77,986)1
Net income
26,178 
70,963 1
74,208 
135,769 1
Net income attributable to noncontrolling interests
28 
54 1
97 
95 1
Net income attributable to Nelnet, Inc.
$ 26,150 
$ 70,909 1
$ 74,111 
$ 135,674 1
Earnings per common share:
 
 
 
 
Net income attributable to Nelnet, Inc. shareholders - basic and diluted
$ 0.61 
$ 1.54 
$ 1.73 
$ 2.94 
Weighted average common shares outstanding - basic and diluted
42,635,700 
45,946,415 
42,861,896 
46,127,207 
Consolidated Statements of Comprehensive Income (unaudited) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Net income
$ 26,178 
$ 70,963 1
$ 74,208 
$ 135,769 1
Available-for-sale securities:
 
 
 
 
Unrealized holding losses arising during period, net
(6,138)
(436)
(7,648)
(649)
Reclassification adjustment for losses (gains) recognized in net income, net
277 
(2,093)
409 
(2,297)
Income tax effect
2,168 
940 
2,678 
1,094 
Total other comprehensive loss
(3,693)
(1,589)
(4,561)
(1,852)
Comprehensive income
22,485 
69,374 
69,647 
133,917 
Comprehensive income attributable to noncontrolling interests
28 
54 
97 
95 
Comprehensive income attributable to Nelnet, Inc.
$ 22,457 
$ 69,320 
$ 69,550 
$ 133,822 
Consolidated Statements of Shareholders' Equity (unaudited) (USD $)
In Thousands, except Share data, unless otherwise specified
Total
Preferred Stock [Member]
Common Class A [Member]
Common Class B [Member]
Additional paid-in capital [Member]
Retained earnings [Member]
Accumulated other comprehensive earnings [Member]
Noncontrolling interest [Member]
Balance at Mar. 31, 2015
$ 1,781,493 
$ 0 
$ 347 
$ 115 
$ 13,177 
$ 1,762,711 
$ 4,872 
$ 271 
Balance (in Shares) at Mar. 31, 2015
 
0 
34,713,065 
11,486,932 
 
 
 
 
Increase (Decrease) in Stockholders' Equity [Roll Forward]
 
 
 
 
 
 
 
 
Issuance of noncontrolling interest
19 
 
 
 
 
 
 
19 
Net income
70,963 1
 
 
 
 
70,909 
 
54 
Other comprehensive loss
(1,589)
 
 
 
 
 
(1,589)
 
Distribution to noncontrolling interests
(44)
 
 
 
 
 
 
(44)
Cash dividend on Class A and Class B common stock
(4,559)
 
 
 
 
(4,559)
 
 
Issuance of common stock, net of forfeitures (in Shares)
 
 
9,616 
0 
 
 
 
 
Issuance of common stock, net of forfeitures
945 
 
0 
0 
945 
 
 
 
Compensation expense for stock based awards
1,353 
 
 
 
1,353 
 
 
 
Repurchase of common stock (in Shares)
 
 
(998,210)
0 
 
 
 
 
Repurchase of common stock
(43,089)
 
(10)
0 
(15,475)
(27,604)
 
 
Balance at Jun. 30, 2015
1,805,492 
0 
337 
115 
0 
1,801,457 
3,283 
300 
Balance (in Shares) at Jun. 30, 2015
 
0 
33,724,471 
11,486,932 
 
 
 
 
Balance at Dec. 31, 2014
1,725,678 
0 
348 
115 
17,290 
1,702,560 
5,135 
230 
Balance (in Shares) at Dec. 31, 2014
 
0 
34,756,384 
11,486,932 
 
 
 
 
Increase (Decrease) in Stockholders' Equity [Roll Forward]
 
 
 
 
 
 
 
 
Issuance of noncontrolling interest
19 
 
 
 
 
 
 
19 
Net income
135,769 1
 
 
 
 
135,674 
 
95 
Other comprehensive loss
(1,852)
 
 
 
 
 
(1,852)
 
Distribution to noncontrolling interests
(44)
 
 
 
 
 
 
(44)
Cash dividend on Class A and Class B common stock
(9,173)
 
 
 
 
(9,173)
 
 
Issuance of common stock, net of forfeitures (in Shares)
 
 
142,095 
0 
 
 
 
 
Issuance of common stock, net of forfeitures
3,412 
 
1 
0 
3,411 
 
 
 
Compensation expense for stock based awards
2,711 
 
 
 
2,711 
 
 
 
Repurchase of common stock (in Shares)
 
 
(1,174,008)
0 
 
 
 
 
Repurchase of common stock
(51,028)
 
(12)
0 
(23,412)
(27,604)
 
 
Balance at Jun. 30, 2015
1,805,492 
0 
337 
115 
0 
1,801,457 
3,283 
300 
Balance (in Shares) at Jun. 30, 2015
 
0 
33,724,471 
11,486,932 
 
 
 
 
Balance at Dec. 31, 2015
1,892,158 
0 
325 
115 
0 
1,881,708 
2,284 
7,726 
Balance (in Shares) at Dec. 31, 2015
 
0 
32,476,528 
11,476,932 
 
 
 
 
Increase (Decrease) in Stockholders' Equity [Roll Forward]
 
 
 
 
 
 
 
 
Issuance of noncontrolling interest
1,312 
 
 
 
 
 
 
1,312 
Net income
74,208 
 
 
 
 
74,111 
 
97 
Other comprehensive loss
(4,561)
 
 
 
 
 
(4,561)
 
Distribution to noncontrolling interests
(219)
 
 
 
 
 
 
(219)
Cash dividend on Class A and Class B common stock
(10,192)
 
 
 
 
(10,192)
 
 
Issuance of common stock, net of forfeitures (in Shares)
 
 
158,743 
0 
 
 
 
 
Issuance of common stock, net of forfeitures
3,662 
 
1 
0 
3,661 
 
 
 
Compensation expense for stock based awards
2,316 
 
 
 
2,316 
 
 
 
Repurchase of common stock (in Shares)
 
 
(1,611,041)
0 
 
 
 
 
Repurchase of common stock
(52,468)
 
(16)
0 
(1,376)
(51,076)
 
 
Balance at Jun. 30, 2016
1,906,216 
0 
310 
115 
4,601 
1,894,551 
(2,277)
8,916 
Balance (in Shares) at Jun. 30, 2016
 
0 
31,024,230 
11,476,932 
 
 
 
 
Balance at Mar. 31, 2016
1,886,926 
0 
310 
115 
2,913 
1,873,500 
1,416 
8,672 
Balance (in Shares) at Mar. 31, 2016
 
0 
31,008,226 
11,476,932 
 
 
 
 
Increase (Decrease) in Stockholders' Equity [Roll Forward]
 
 
 
 
 
 
 
 
Issuance of noncontrolling interest
338 
 
 
 
 
 
 
338 
Net income
26,178 
 
 
 
 
26,150 
 
28 
Other comprehensive loss
(3,693)
 
 
 
 
 
(3,693)
 
Distribution to noncontrolling interests
(122)
 
 
 
 
 
 
(122)
Cash dividend on Class A and Class B common stock
(5,099)
 
 
 
 
(5,099)
 
 
Issuance of common stock, net of forfeitures (in Shares)
 
 
27,946 
0 
 
 
 
 
Issuance of common stock, net of forfeitures
954 
 
0 
0 
954 
 
 
 
Compensation expense for stock based awards
1,133 
 
 
 
1,133 
 
 
 
Repurchase of common stock (in Shares)
 
 
(11,942)
0 
 
 
 
 
Repurchase of common stock
(399)
 
0 
0 
(399)
   
 
 
Balance at Jun. 30, 2016
$ 1,906,216 
$ 0 
$ 310 
$ 115 
$ 4,601 
$ 1,894,551 
$ (2,277)
$ 8,916 
Balance (in Shares) at Jun. 30, 2016
 
0 
31,024,230 
11,476,932 
 
 
 
 
Consolidated Statements of Shareholders' Equity (unaudited) (Parentheticals)
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Common Class A [Member]
 
 
 
 
Dividends paid per common share
$ 0.12 
$ 0.10 
$ 0.24 
$ 0.20 
Common Class B [Member]
 
 
 
 
Dividends paid per common share
$ 0.12 
$ 0.10 
$ 0.24 
$ 0.20 
Consolidated Statements of Cash Flows (unaudited) (USD $)
In Thousands, unless otherwise specified
6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Net income attributable to Nelnet, Inc.
$ 74,111 
$ 135,674 1
Net income attributable to noncontrolling interests
97 
95 1
Net income
74,208 
135,769 1
Adjustments to reconcile net income to net cash provided by operating activities, net of acquisitions:
 
 
Depreciation and amortization, including debt discounts and student loan premiums and deferred origination costs
62,298 
60,191 
Student loan discount accretion
(21,524)
(21,506)
Provision for loan losses
4,500 
4,150 1
Derivative market value adjustment
48,649 
19,457 
Foreign currency transaction adjustment
8,712 
(33,538)
Proceeds from termination of derivative instruments
3,523 
51,947 
Increase (Decrease) in Financial Instruments Used in Operating Activities
0 
585 
Gain on sale of loans
0 
(351)
Gain from debt repurchases
(101)
(4,039)
Loss (gain) from sales of available-for-sale securities, net
409 
(2,297)
(Payments for) proceeds from (purchases) sales of trading securities, net
(235)
(11,697)
Deferred income tax (benefit) expense
(20,260)
3,119 
Other
6,069 
6,376 
Decrease (increase) in accrued interest receivable
3,685 
(743)
Decrease (increase) in accounts receivable
9,462 
(10,341)
(Increase) decrease in other assets
(2,579)
(1,967)
Increase in accrued interest payable
8,419 
2,566 
Decrease in other liabilities
(10,006)
(4,526)
Net cash provided by operating activities
175,229 
191,985 
Cash flows from investing activities, net of acquisitions:
 
 
Purchases of student loans and student loan residual interests
(183,375)
(1,637,650)
Net proceeds from student loan repayments, claims, capitalized interest, participations, and other
1,927,319 
1,953,437 
Proceeds from sale of student loans
44,738 
3,996 
Purchases of available-for-sale securities
(51,735)
(5,550)
Proceeds from sales of available-for-sale securities
58,232 
47,951 
Purchases of investments and issuance of notes receivable
(10,222)
(53,770)
Proceeds from investments and notes receivable
5,360 
8,824 
Purchases of property and equipment, net
(29,577)
(9,519)
(Increase) decrease in restricted cash and investments, net
(131,325)
16,532 
Net cash provided by investing activities
1,629,415 
324,251 
Cash flows from financing activities:
 
 
Payments on bonds and notes payable
(1,972,880)
(2,629,565)
Proceeds from issuance of bonds and notes payable
226,194 
2,233,630 
Payments of debt issuance costs
(1,084)
(8,707)
Dividends paid
(10,192)
(9,173)
Repurchases of common stock
(52,468)
(51,028)
Proceeds from issuance of common stock
417 
431 
Issuance of noncontrolling interests
1,312 
19 
Distribution to noncontrolling interests
(219)
(44)
Net cash used in financing activities
(1,808,920)
(464,437)
Net (decrease) increase in cash and cash equivalents
(4,276)
51,799 
Cash and cash equivalents, beginning of period
63,529 
130,481 
Cash and cash equivalents, end of period
59,253 
182,280 
Cash disbursements made for:
 
 
Interest
142,446 
108,436 
Income taxes paid, net of refunds
55,988 
67,211 
Noncash activity:
 
 
Noncash or Part Noncash Acquisition, Value of Assets Acquired
0 
517,845 
Noncash or Part Noncash Acquisition, Other Liabilities Assumed
$ 0 
$ 451,845 
Basis of Financial Reporting
Basis of Financial Reporting
Basis of Financial Reporting

The accompanying unaudited consolidated financial statements of Nelnet, Inc. and subsidiaries (the “Company”) as of June 30, 2016 and for the three and six months ended June 30, 2016 and 2015 have been prepared on the same basis as the audited consolidated financial statements for the year ended December 31, 2015 and, in the opinion of the Company’s management, the unaudited consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of results of operations for the interim periods presented. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Operating results for the three and six months ended June 30, 2016 are not necessarily indicative of the results for the year ending December 31, 2016. 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, 2015 (the "2015 Annual Report").

Reclassifications

Certain amounts previously reported within the Company's consolidated balance sheet and statements of income have been reclassified to conform to the current period presentation. These reclassifications are summarized below.

•
In April 2015, the Financial Accounting Standards Board ("FASB") issued accounting guidance regarding the presentation of debt issuance costs. The new guidance requires that entities present debt issuance costs related to a debt liability as a direct deduction from that liability on the balance sheet. This guidance became effective for the Company beginning January 1, 2016. As a result of this standard, the Company reclassified its debt issuance costs, which were previously included in "other assets" on the consolidated balance sheet, to "bonds and notes payable."

•
On February 1, 2016, the Company sold 100 percent of the membership interests in Sparkroom LLC, which includes the majority of the Company's inquiry management products and services within Nelnet Enrollment Solutions. The Company retained the digital marketing and content solution products and services under the brand name Peterson's within the Nelnet Enrollment Solutions business, which include test preparation study guides, school directories and databases, career exploration guides, on-line courses, scholarship search and selection data, career planning information and guides, and on-line information about colleges and universities. The Company reclassified the revenue and cost of goods sold attributable to the Peterson's products and services from "enrollment services revenue" and "cost to provide enrollment services" to "other income" and "other expenses," respectively, on the consolidated statements of income. After this reclassification, "enrollment services revenue" and "cost to provide enrollment services" include the operating results of the products and services sold as part of the Sparkroom disposition for all periods presented. These reclassifications had no effect on consolidated net income.

Student Loans Receivable and Allowance for Loan Losses
Financing Receivables [Text Block]
Student Loans Receivable and Allowance for Loan Losses

Student loans receivable consisted of the following:
 
As of
 
As of
 
June 30, 2016
 
December 31, 2015
Federally insured loans:
 
 
 
Stafford and other
$
5,629,034

 
6,202,064

Consolidation
20,837,356

 
22,086,043

Total
26,466,390

 
28,288,107

Private education loans
288,170

 
267,642

 
26,754,560

 
28,555,749

Loan discount, net of unamortized loan premiums and deferred origination costs (a)
(166,203
)
 
(180,699
)
Allowance for loan losses – federally insured loans
(33,224
)
 
(35,490
)
Allowance for loan losses – private education loans
(15,529
)
 
(15,008
)
 
$
26,539,604

 
28,324,552



(a)
As of June 30, 2016 and December 31, 2015, "loan discount, net of unamortized loan premiums and deferred origination costs" included $26.2 million and $33.0 million, respectively, of non-accretable discount associated with purchased loans of $10.1 billion and $10.8 billion, respectively.

Private Education Loans

In February 2015, the Company entered into an agreement with CommonBond, Inc. ("CommonBond"), a student lending company that provides private education loans to graduate students, under which the Company committed to purchase private education loans for a period of 18 months, with the maximum purchase obligation limited to $200.0 million. As of June 30, 2016, the Company had purchased $190.1 million in private education loans from CommonBond and has satisfied its commitment under this agreement.

Activity in the Allowance for Loan Losses

The provision for loan losses represents the periodic expense of maintaining an allowance sufficient to absorb losses, net of recoveries, inherent in the portfolio of student loans. Activity in the allowance for loan losses is shown below.
 
Three months ended June 30,
 
Six months ended June 30,
 
2016
 
2015
 
2016
 
2015
Balance at beginning of period
$
50,084

 
51,161

 
50,498

 
48,900

Provision for loan losses:
 
 
 
 
 

 
 

Federally insured loans
2,000

 
2,000

 
4,000

 
4,000

Private education loans
—

 
150

 
500

 
150

Total provision for loan losses
2,000

 
2,150

 
4,500

 
4,150

Charge-offs:
 

 
 

 
 

 
 

Federally insured loans
(3,217
)
 
(3,259
)
 
(6,266
)
 
(6,408
)
Private education loans
(514
)
 
(446
)
 
(915
)
 
(1,122
)
Total charge-offs
(3,731
)
 
(3,705
)
 
(7,181
)
 
(7,530
)
Recoveries - private education loans
250

 
238

 
526

 
492

Purchase (sale) of federally insured and private education loans, net
100

 
—

 
260

 
(230
)
Transfer from repurchase obligation related to private education loans repurchased, net
50

 
180

 
150

 
4,242

Balance at end of period
$
48,753

 
50,024

 
48,753

 
50,024

 
 
 
 
 
 
 
 
Allocation of the allowance for loan losses:
 
 
 

 
 

 
 

Federally insured loans
$
33,224

 
36,762

 
33,224

 
36,762

Private education loans
15,529

 
13,262

 
15,529

 
13,262

Total allowance for loan losses
$
48,753

 
50,024

 
48,753

 
50,024


Student Loan Status and Delinquencies

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

 
As of June 30, 2016
 
As of December 31, 2015
 
As of June 30, 2015
Federally insured loans:
 
 
 
 
 
 
 
 
 
 
 
Loans in-school/grace/deferment
$
1,936,064

 
 
 
$
2,292,941

 
 
 
$
2,634,088

 
 
Loans in forbearance
2,672,241

 
 
 
2,979,357

 
 
 
3,118,774

 
 
Loans in repayment status:
 
 
 
 
 
 
 
 
 
 
 
Loans current
18,957,457

 
86.7
%
 
19,447,541

 
84.4
%
 
19,055,994

 
85.2
%
Loans delinquent 31-60 days
828,885

 
3.8

 
1,028,396

 
4.5

 
950,055

 
4.2

Loans delinquent 61-90 days
482,379

 
2.2

 
566,953

 
2.5

 
612,657

 
2.7

Loans delinquent 91-120 days
320,213

 
1.5

 
415,747

 
1.8

 
355,636

 
1.6

Loans delinquent 121-270 days
918,788

 
4.2

 
1,166,940

 
5.1

 
1,051,843

 
4.7

Loans delinquent 271 days or greater
350,363

 
1.6

 
390,232

 
1.7

 
359,601

 
1.6

Total loans in repayment
21,858,085

 
100.0
%
 
23,015,809

 
100.0
%
 
22,385,786

 
100.0
%
Total federally insured loans
$
26,466,390

 
 

 
$
28,288,107

 
 

 
$
28,138,648

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Private education loans:
 
 
 
 
 
 
 
 
 
 
Loans in-school/grace/deferment
$
54,597

 
 
 
$
30,795

 
 
 
$
5,268

 
 
Loans in forbearance
1,610

 
 
 
350

 
 
 
142

 
 
Loans in repayment status:
 
 
 
 
 
 
 
 
 
 
 
Loans current
225,585

 
97.2
%
 
228,464

 
96.7
%
 
161,355

 
95.0
%
Loans delinquent 31-60 days
1,361

 
0.6

 
1,771

 
0.7

 
1,407

 
0.8

Loans delinquent 61-90 days
929

 
0.4

 
1,283

 
0.5

 
1,647

 
1.0

Loans delinquent 91 days or greater
4,088

 
1.8

 
4,979

 
2.1

 
5,383

 
3.2

Total loans in repayment
231,963

 
100.0
%
 
236,497

 
100.0
%
 
169,792

 
100.0
%
Total private education loans
$
288,170

 
 

 
$
267,642

 
 

 
$
175,202

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

The following tables summarize the Company’s outstanding debt obligations by type of instrument:
 
As of June 30, 2016
 
Carrying
amount
 
Interest rate
range
 
Final maturity
Variable-rate bonds and notes issued in asset-backed securitizations:
 
 
 
 
 
Bonds and notes based on indices
$
23,418,478

 
0.30% - 6.90%
 
8/26/19 - 8/26/52
Bonds and notes based on auction
1,158,415

 
1.26% - 2.21%
 
3/22/32 - 11/26/46
Total variable-rate bonds and notes
24,576,893

 
 
 
 
FFELP warehouse facilities
1,811,708

 
0.46% - 0.80%
 
7/9/18 - 4/26/19
Private education loan warehouse facility
221,114

 
0.81%
 
4/28/17
Unsecured line of credit
105,000

 
1.94% - 1.95%
 
10/30/20
Unsecured debt - Junior Subordinated Hybrid Securities
57,184

 
4.01%
 
9/15/61
Other borrowings
93,355

 
1.97% - 3.38%
 
10/31/16 - 12/15/45
 
26,865,254

 
 
 
 
Discount on bonds and notes payable and debt issuance costs, net
(465,568
)
 
 
 
 
Total
$
26,399,686

 
 
 
 
 
As of December 31, 2015
 
Carrying
amount
 
Interest rate
range
 
Final maturity
Variable-rate bonds and notes issued in asset-backed securitizations:
 
 
 
 
 
Bonds and notes based on indices
$
25,155,336

 
0.05% - 6.90%
 
8/26/19 - 8/26/52
Bonds and notes based on auction
1,160,365

 
0.88% - 2.17%
 
3/22/32 - 11/26/46
Total variable-rate bonds and notes
26,315,701

 
 
 
 
FFELP warehouse facilities
1,855,907

 
0.27% - 0.56%
 
4/29/18 - 12/14/18
Private education loan warehouse facility
181,184

 
0.57%
 
12/26/16
Unsecured line of credit
100,000

 
1.79% - 1.92%
 
10/30/20
Unsecured debt - Junior Subordinated Hybrid Securities
57,184

 
3.99%
 
9/15/61
Other borrowings
93,355

 
1.93% - 3.38%
 
10/31/16 - 12/15/45
 
28,603,331

 
 
 
 
Discount on bonds and notes payable and debt issuance costs, net
(497,410
)
 
 
 
 
Total
$
28,105,921

 
 
 
 


FFELP Warehouse Facilities

The Company funds a portion of its FFELP loan acquisitions using its FFELP warehouse facilities. Student loan warehousing allows the Company to buy and manage student loans prior to transferring them into more permanent financing arrangements.

As of June 30, 2016, the Company had three FFELP warehouse facilities as summarized below.
 
 
NFSLW-I (a)
 
NHELP-II
 
NHELP-III
 
 
Total
Maximum financing amount
 
$
875,000

 
500,000

 
750,000

 
 
2,125,000

Amount outstanding
 
844,087

 
455,049

 
512,572

 
 
1,811,708

Amount available
 
$
30,913

 
44,951

 
237,428

 
 
313,292

Expiration of liquidity provisions
 
July 8, 2016

 
December 16, 2016

 
April 28, 2017

 
 
 
Final maturity date
 
July 9, 2018

 
December 14, 2018

 
April 26, 2019

 
 
 
Maximum advance rates
 
92.0 - 98.0%

 
85.0 - 95.0%

 
92.2 - 95.0%

 
 
 
Minimum advance rates
 
84.0 - 90.0%

 
85.0 - 95.0%

 
92.2 - 95.0%

 
 
 
Advanced as equity support
 
$
36,663

 
38,051

 
30,694

 
 
105,408



(a)
On July 10, 2015, the Company amended the agreement for this warehouse facility to temporarily increase the maximum financing amount to $875.0 million. The maximum financing amount was scheduled to decrease by $125.0 million on March 31, 2016. On January 26, 2016, the Company amended the agreement for this warehouse facility to extend the scheduled decrease of the maximum financing amount by $125.0 million to July 8, 2016. On July 7, 2016, the Company amended the agreement for this warehouse facility to permanently set the maximum financing amount at $875.0 million, and changed the expiration of liquidity provisions to July 10, 2018 and the final maturity date to September 7, 2018.

Private Education Loan Warehouse Facility

On June 26, 2015, the Company entered into a $275.0 million private education loan warehouse facility. As of June 30, 2016, there was $221.1 million outstanding on the facility and $53.9 million was available for future use. The facility has a static advance rate that requires initial equity for loan funding, but does not require increased equity based on market movements. The maximum advance rate on the entire facility is 88 percent and minimum advance rates, depending on loan characteristics and program type, ranged from 64 percent to 99 percent. As of June 30, 2016, $32.0 million was advanced on the facility as equity support. The facility is supported by liquidity provisions, which had an original expiration date of June 24, 2016.
On April 1, 2016, the Company amended the agreement for this facility to change the expiration date for the liquidity provisions to October 28, 2016, and to change the final maturity date to April 28, 2017. In addition, the minimum advance rates, depending on loan characteristics and program type, were changed to a range from 61.75 percent to 95.00 percent, and the maximum advance rate on the entire facility remained at 88 percent. In the event the Company is unable to renew the liquidity provisions by the amended expiration date of October 28, 2016, the facility would become a term facility at a stepped-up cost, with no additional student loans being eligible for financing, and the Company would be required to refinance the existing loans in the facility by the facility's amended final maturity date of April 28, 2017.
Unsecured Line of Credit

The Company has a $350.0 million unsecured line of credit that has a maturity date of October 30, 2020.  As of June 30, 2016, the unsecured line of credit had an outstanding balance of $105.0 million and $245.0 million was available for future use.
Derivative Financial Instruments
Derivative Financial Instruments
Derivative Financial Instruments

The Company uses derivative financial instruments primarily to manage interest rate risk and foreign currency exchange risk. Derivative instruments used as part of the Company's risk management strategy are further described in note 5 of the notes to consolidated financial statements included in the 2015 Annual Report. A tabular presentation of such derivatives outstanding as of June 30, 2016 and December 31, 2015 is presented below.

Basis Swaps

The following table summarizes the Company’s basis swaps outstanding as of June 30, 2016 and December 31, 2015 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 June 30,
 
As of December 31,
 
 
2016
 
2015
Maturity
 
Notional amount
 
Notional amount
2016
 
$
2,000,000

 
$
7,500,000

2028
 
125,000

 
—

The weighted average rate paid by the Company on the 1:3 Basis Swaps as of June 30, 2016 and December 31, 2015 was one-month LIBOR plus 9.3 basis points and 10.0 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 June 30, 2016
 
As of December 31, 2015
Maturity
 
Notional amount
 
Weighted average fixed rate paid by the Company (a)
 
Notional amount
 
Weighted average fixed rate paid by the Company (a)
 
 
 
 
2016
 
$
750,000

 
0.72
%
 
$
1,000,000

 
0.76
%
2017
 
1,000,000

 
0.97

 
2,100,000

 
0.84

2018
 
1,600,000

 
1.08

 
1,600,000

 
1.08

2019
 
3,250,000

 
0.97

 
500,000

 
1.12

2020
 
1,500,000

 
1.01

 
—

 
—

2025
 
100,000

 
2.32

 
100,000

 
2.32

2026
 
50,000

 
1.52

 
—

 
—

 
 
$
8,250,000

 
0.99
%
 
$
5,300,000

 
0.95
%

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

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

Interest Rate Swaps – Unsecured Debt Hedges

The Company had the following derivatives outstanding as of June 30, 2016 and December 31, 2015 that are used to effectively convert the variable interest rate on a portion of the Junior Subordinated Hybrid Securities to a fixed rate of 7.66%.

 
Maturity
 
Notional amount
 
Weighted average fixed rate paid by the Company (a)
2036
 
$
25,000

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

Interest Rate Caps

In June 2015, in conjunction with the entry into the $275.0 million private education loan warehouse facility, the Company paid $2.9 million for two interest rate cap contracts with a total notional amount of $275.0 million. The first interest rate cap 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.

Foreign Currency Exchange Risk

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

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

The following table shows the income statement impact as a result of the re-measurement of the Euro Notes and the change in the fair value of the related derivative instrument.
 
Three months ended June 30,
 
Six months ended June 30,
 
2016
 
2015
 
2016
 
2015
Re-measurement of Euro Notes
$
9,768

 
(14,671
)
 
(8,712
)
 
33,538

Change in fair value of cross-currency interest rate swap
(12,008
)
 
13,933

 
20,693

 
(35,873
)
Total impact to consolidated statements of income - income (expense) (a)
$
(2,240
)
 
(738
)
 
11,981

 
(2,335
)
(a)
The financial statement impact of the above items is included in "Derivative market value and foreign currency adjustments and derivative settlements, net" in the Company's consolidated statements of income.
Management has structured the cross-currency interest rate swap to economically hedge the Euro Notes to effectively convert the Euro Notes to U.S. dollars and pay a spread on these notes based on the LIBOR index. However, the cross-currency interest rate swap does not qualify for hedge accounting. The re-measurement of the Euro-denominated bonds generally correlates with the change in the fair value of the corresponding cross-currency interest rate swap. However, the Company will experience unrealized gains and losses between these financial instruments due to the principal and accrued interest on the Euro Notes being re-measured to U.S. dollars at each reporting date based on the foreign currency exchange rate on that date, while the cross-currency interest rate swap is measured at fair value at each reporting date with the change in fair value recognized in the current period earnings.
Consolidated Financial Statement Impact Related to Derivatives

The following table summarizes the fair value of the Company’s derivatives as reflected in the consolidated balance sheets:
 
Fair value of asset derivatives
 
Fair value of liability derivatives
 
As of
 
As of
 
As of
 
As of
 
June 30,
2016
 
December 31,
2015
 
June 30,
2016
 
December 31,
2015
1:3 basis swaps
$
623

 
724

 
127

 
410

Interest rate swaps - floor income hedges
27

 
21,408

 
42,791

 
1,175

Interest rate swap option - floor income hedge
986

 
3,257

 
—

 
—

Interest rate swaps - hybrid debt hedges
—

 
—

 
11,660

 
7,646

Interest rate caps
355

 
1,570

 
—

 
—

Cross-currency interest rate swap
—


—

 
44,957

 
65,650

Other
1,417

 
1,731

 
2,236

 
—

Total
$
3,408

 
28,690

 
101,771

 
74,881



During the six months ended June 30, 2016, the Company terminated a total notional amount of $3.1 billion of fixed rate floor income hedges for gross proceeds of $3.0 million, and a total notional amount of $300.0 million of other basis swaps for gross proceeds of $0.5 million. During the six months ended June 30, 2015, the Company terminated a total notional amount of $5.5 billion of 1:3 Basis Swaps for gross proceeds of $51.9 million.

Offsetting of Derivative Assets/Liabilities

The Company records derivative instruments in the consolidated balance sheets on a gross basis as either an asset or liability measured at its fair value. Certain of the Company's derivative instruments are subject to right of offset provisions with counterparties. The following tables include the gross amounts related to the Company's derivative portfolio recognized in the consolidated balance sheets, reconciled to the net amount when excluding derivatives subject to enforceable master netting arrangements and cash collateral received/pledged:

 
 
 
 
Gross amounts not offset in the consolidated balance sheets
 
 
Derivative assets
 
Gross amounts of recognized assets presented in the consolidated balance sheets
 
Derivatives subject to enforceable master netting arrangement
 
Cash collateral pledged
 
Net asset (liability)
Balance as of
June 30, 2016
 
$
3,408

 
(3,053
)
 
—

 
355

Balance as of
December 31, 2015
 
28,690

 
(851
)
 
1,632

 
29,471


 
 
 
 
Gross amounts not offset in the consolidated balance sheets
 
 
Derivative liabilities
 
Gross amounts of recognized liabilities presented in the consolidated balance sheets
 
Derivatives subject to enforceable master netting arrangement
 
Cash collateral pledged/received, net
 
Net asset (liability)
Balance as of
June 30, 2016
 
$
(101,771
)
 
3,053

 
90,170

 
(8,548
)
Balance as of
December 31, 2015
 
(74,881
)
 
851

 
13,168

 
(60,862
)


The following table summarizes the effect of derivative instruments in the consolidated statements of income.
 
Three months ended June 30,
 
Six months ended June 30,
 
2016
 
2015
 
2016
 
2015
Settlements:
 

 
 

 
 

 
 

1:3 basis swaps
$
743

 
123

 
414

 
389

Interest rate swaps - floor income hedges
(4,841
)
 
(5,019
)
 
(10,084
)
 
(10,034
)
Interest rate swaps - hybrid debt hedges
(231
)
 
(253
)
 
(463
)
 
(505
)
Cross-currency interest rate swap
(1,166
)
 
(293
)
 
(1,898
)
 
(507
)
Total settlements - expense
(5,495
)
 
(5,442
)
 
(12,031
)
 
(10,657
)
Change in fair value:
 

 
 

 
 

 
 

1:3 basis swaps
(586
)
 
1,428

 
183

 
12,398

Interest rate swaps - floor income hedges
(27,276
)
 
7,534

 
(59,985
)
 
2,662

Interest rate swap option - floor income hedge
(856
)
 
1,381

 
(2,272
)
 
470

Interest rate swaps - hybrid debt hedges
(1,464
)
 
2,540

 
(4,014
)
 
1,087

Interest rate caps
(453
)
 
(201
)
 
(1,215
)
 
(201
)
Cross-currency interest rate swap
(12,008
)
 
13,933

 
20,693

 
(35,873
)
Other
(2,332
)
 
—

 
(2,039
)
 
—

Total change in fair value - (expense) income
(44,975
)
 
26,615

 
(48,649
)
 
(19,457
)
Re-measurement of Euro Notes (foreign currency transaction adjustment) - income (expense)
9,768

 
(14,671
)
 
(8,712
)
 
33,538

Derivative market value and foreign currency adjustments and derivative settlements, net - income (expense)
$
(40,702
)
 
6,502

 
(69,392
)
 
3,424

Investments and Notes Receivable
Investments
Investments and Notes Receivable

A summary of the Company's investments and notes receivable follows:
 
As of June 30, 2016
 
As of December 31, 2015
 
Amortized cost
 
Gross unrealized gains
 
Gross unrealized losses (a)
 
Fair value
 
Amortized cost
 
Gross unrealized gains
 
Gross unrealized losses
 
Fair value
 
 
 
 
 
 
 
 
Investments (at fair value):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Available-for-sale investments:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Student loan asset-backed and other debt securities (b)
$
133,190

 
1,091

 
(6,432
)
 
127,849

 
139,970

 
3,402

 
(1,362
)
 
142,010

Equity securities
720

 
1,797

 
(69
)
 
2,448

 
846

 
1,686

 
(100
)
 
2,432

Total available-for-sale investments
$
133,910

 
2,888

 
(6,501
)
 
130,297

 
140,816

 
5,088

 
(1,462
)
 
144,442

Trading investments:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Student loan asset-backed securities
 
 
 
 
 
 
5,867

 
 
 
 
 
 
 
6,045

Equity securities
 
 
 
 
 
 
5,318

 
 
 
 
 
 
 
4,905

Total trading investments
 
 
 
 
 
 
11,185

 
 
 
 
 
 
 
10,950

Total available-for-sale and trading investments
 
 
 
 
 
 
141,482

 
 
 
 
 
 
 
155,392

Other Investments and Notes Receivable (not measured at fair value):
 
 
 
 
 
 
 
 
 
 
 
 
Venture capital and funds
 
 
 
 
 
 
65,778

 
 
 
 
 
 
 
63,323

Real estate
 
 
 
 
 
 
48,586

 
 
 
 
 
 
 
50,463

Notes receivable
 
 
 
 
 
 
17,206

 
 
 
 
 
 
 
18,473

Tax liens and affordable housing
 
 
 
 
 
 
12,944

 
 
 
 
 
 
 
16,030

Total investments and notes receivable
 
 
 
 
 
 
$
285,996

 
 
 
 
 
 
 
303,681


    
(a)
As of June 30, 2016, the Company considered the decline in market value of its available-for-sale investments to be temporary in nature and did not consider any of its investments other-than-temporarily impaired.

(b)
As of June 30, 2016, the stated maturities of the majority of the Company's student loan asset-backed and other debt securities classified as available-for-sale were greater than 10 years.
Business Combinations Business Combinations (Notes)
Business Combination Disclosure [Text Block]
Business Combination

Allo Communications LLC ("Allo")

On December 31, 2015, the Company purchased 92.5 percent of the ownership interests of Allo for total cash consideration of $46.25 million.  On January 1, 2016, the Company sold a 1.0 percent ownership interest in Allo to a non-related third-party for $0.5 million. The remaining 7.5 percent of the ownership interests of Allo is owned by members of Allo management, who have the opportunity to earn an additional 11.5 percent (up to 19 percent) of the total ownership interests based on the financial performance of Allo.  The additional ownership interest that Allo management has the opportunity to earn are based on their continued employment with Allo. Accordingly, the value associated with the ownership interests issued to these employees of $1.0 million will be recognized by Allo as compensation expense over the performance period.

Allo provides pure fiber optic service to homes and businesses for internet, television, and telephone services.  The acquisition of Allo provides additional diversification of the Company's revenues and cash flows outside of education.  In addition, the acquisition leverages the Company's existing infrastructure, customer service capabilities and call centers, and financial strength and liquidity for continued growth. 

The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date. The fair values of the assets and liabilities related to Allo are subject to refinement as the Company completes its analysis relative to the fair values at the date of acquisition. During the first six months of 2016, the Company recognized certain adjustments to the provisional amounts recorded at December 31, 2015 that were needed to reflect new information obtained about facts and circumstances that existed as of the acquisition date. The net impact of these adjustments was an increase to goodwill, and the adjustments had no impact on operating results.
Cash and cash equivalents
 
$
334

Restricted cash and investments
 
850

Accounts receivable
 
1,935

Property and equipment
 
32,479

Other assets
 
371

Intangible assets
 
11,410

Excess cost over fair value of net assets acquired (goodwill)
 
21,112

Other liabilities
 
(4,587
)
Bonds and notes payable
 
(13,904
)
Net assets acquired
 
50,000

Minority interest
 
(3,750
)
Total consideration paid by the Company
 
$
46,250



The $11.4 million of acquired intangible assets on the date of acquisition had a weighted-average useful life of approximately 12 years. The intangible assets that made up this amount included customer relationships of $6.3 million (10-year useful life) and a trade name of $5.1 million (15-year useful life).

The $21.1 million of goodwill was assigned to the Communications operating segment and is expected to be deductible for tax purposes. The amount allocated to goodwill was primarily attributable to future customers to be generated through the continued expansion of Allo's services in rural markets.

The proforma impacts of the acquisition on the Company's historical results prior to the acquisition were not material.

Allo recognizes revenue when (i) persuasive evidence of an arrangement exists between Allo and the customer, (ii) delivery of the product to the customer has occurred or service has been provided to the customer, (iii) the price to the customer is fixed or determinable, and (iv) collectability of the sales price is reasonably assured. Revenues based on a flat fee, derived principally from internet, television, and telephone services are billed in advance and recognized in subsequent periods when the services are provided. Revenues for usage-based services, such as access charges billed to other telephone carriers for originating and terminating long-distance calls on Allo's network, are billed in arrears. Allo recognizes revenue from these services in the period the services are rendered rather than billed. Earned but unbilled usage-based services are recorded in accounts receivable.
Intangible Assets Intangible Assets
Intangible Assets Disclosure [Text Block]
Intangible Assets and Goodwill

Intangible assets consist of the following:
 
Weighted average remaining useful life as of June 30, 2016 (months)
 
As of
June 30,
2016
 
As of December 31, 2015
 
 
 
Amortizable intangible assets:
 
 
 
Customer relationships (net of accumulated amortization of $5,949 and $4,028, respectively)
171
 
$
30,935

 
27,576

Computer software (net of accumulated amortization of $6,820 and $4,397, respectively)
31
 
12,128

 
11,601

Trade names (net of accumulated amortization of $1,224 and $795, respectively)
195
 
10,348

 
10,687

Content (net of accumulated amortization of $1,350 and $900, respectively)
6
 
450

 
900

Covenants not to compete (net of accumulated amortization of $74 and $56, respectively)
95
 
280

 
298

Total - amortizable intangible assets
143
 
$
54,141

 
51,062



The Company recorded amortization expense on its intangible assets of $2.7 million and $2.4 million during the three months ended June 30, 2016 and 2015, respectively, and $5.2 million and $4.8 million during the six months ended June 30, 2016 and 2015, respectively. The Company will continue to amortize intangible assets over their remaining useful lives. As of June 30, 2016, the Company estimates it will record amortization expense as follows:

2016 (July 1 - December 31)
$
6,328

2017
9,386

2018
8,605

2019
5,147

2020
4,231

2021 and thereafter
20,444

 
$
54,141



The change in the carrying amount of goodwill by reportable operating segment was as follows:
 
Student Loan and Guaranty Servicing
 
Tuition Payment Processing and Campus Commerce
 
Communications
 
Asset Generation and Management
 
Corporate and Other Activities
 
Total
Balance as of December 31, 2015
$
8,596

 
67,168

 
19,800

 
41,883

 
8,553

 
146,000

Allo purchase price adjustment
—

 
—

 
1,312

 
—

 
—

 
1,312

Balance as of March 31, 2016
8,596

 
67,168

 
21,112

 
41,883

 
8,553

 
147,312

Allo purchase price adjustment
—

 
—

 
—

 
—

 
—

 
—

Balance as of June 30, 2016
$
8,596


67,168


21,112


41,883


8,553


147,312

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

Property and equipment consisted of the following:
 
 
 
As of
 
As of
 
Useful life
 
June 30, 2016
 
December 31, 2015
Non-communications:
 
 
 
 
 
Computer equipment and software
1-5 years
 
$
95,113

 
89,093

Office furniture and equipment
3-7 years
 
12,576

 
12,638

Building and building improvements
5-39 years
 
12,244

 
12,239

Transportation equipment
4-10 years
 
3,868

 
3,868

Leasehold improvements
5-20 years
 
3,342

 
3,545

Land
—
 
827

 
700

Construction in progress
—
 
9,986

 
1,210

 
 
 
137,956

 
123,293

Accumulated depreciation - non-communications
 
 
84,583

 
77,188

Non-communications, net property and equipment
 
 
53,373

 
46,105

 
 
 
 
 
 
Communications:
 
 
 
 
 
Network plant and fiber
5-15 years
 
26,382

 
25,669

Central office
5-15 years
 
4,376

 
909

Customer located property
5-10 years
 
3,823

 
6,912

Transportation equipment
4-10 years
 
1,296

 
470

Computer equipment and software
1-5 years
 
752

 
74

Other
1-20 years
 
625

 
343

Land
—
 
70

 
—

Construction in progress
—
 
7,192

 
—

 
 
 
44,516

 
34,377

Accumulated depreciation - communications
 
 
1,810

 
—

Communications, net property and equipment
 
 
42,706

 
34,377

Total property and equipment, net
 
 
$
96,079

 
80,482



Depreciation expense for the three months ended June 30, 2016 and 2015 related to property and equipment was $5.4 million and $4.1 million, respectively
Earnings per Common Share
Earnings Per Common Share
Earnings per Common Share

Presented below is a summary of the components used to calculate basic and diluted earnings per share. The Company applies the two-class method in computing both basic and diluted earnings per share, which requires the calculation of separate earnings per share amounts for common stock and unvested share based awards. Unvested share-based awards that contain nonforfeitable rights to dividends are considered securities which participate in undistributed earnings with common stock.
 
Three months ended June 30,
 
2016
 
2015
 
Common shareholders
 
Unvested restricted stock shareholders
 
Total
 
Common shareholders
 
Unvested restricted stock shareholders
 
Total
Numerator:
 
 
 
 
 
 
 
 
 
 
 
Net income attributable to Nelnet, Inc.
$
25,879

 
271

 
26,150

 
70,146

 
763

 
70,909

 
 
 
 
 


 
 
 
 
 
 
Denominator:


 


 


 
 
 
 
 
 
Weighted-average common shares outstanding - basic and diluted
42,193,769

 
441,931

 
42,635,700

 
45,451,888

 
494,527

 
45,946,415

Earnings per share - basic and diluted
$
0.61

 
0.61

 
0.61

 
1.54

 
1.54

 
1.54

 
 
 
 
 
 
 
 
 
 
 
 
 
Six months ended June 30,
 
2016
 
2015
 
Common shareholders
 
Unvested restricted stock shareholders
 
Total
 
Common shareholders
 
Unvested restricted stock shareholders
 
Total
Numerator:
 
 
 
 
 
 
 
 
 
 
 
Net income attributable to Nelnet, Inc.
$
73,334

 
777

 
74,111

 
134,227

 
1,447

 
135,674

 
 
 
 
 
 
 
 
 
 
 
 
Denominator:
 
 
 
 
 
 
 
 
 
 
 
Weighted-average common shares outstanding - basic and diluted
42,412,287

 
449,609

 
42,861,896

 
45,635,155

 
492,052

 
46,127,207

Earnings per share - basic and diluted
$
1.73

 
1.73

 
1.73

 
2.94

 
2.94

 
2.94



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

See note 14 of the notes to consolidated financial statements included in the 2015 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.

Prior to January 1, 2016, the Company allocated certain corporate overhead expenses that are incurred within the Corporate and Other Activities segment to the other operating segments. These expenses included certain corporate activities related to executive management, internal audit, enterprise risk management, and other costs incurred by the Company due to corporate-wide initiatives. Effective January 1, 2016, internal reporting to executive management (the "chief operating decision maker") changed to eliminate the allocation of these expenses to the other segments. Management believes the change in its allocation methodology results in a better reflection of the operating results of each of the reportable segments as if they each operated as a standalone business entity, which also reflects how management evaluates the performance of the segments. Prior period segment operating results have been restated to conform to the current period presentation.
 
Three months ended June 30, 2016
 
Student Loan and Guaranty Servicing
 
Tuition Payment Processing and Campus Commerce
 
Communications
 
Asset
Generation and
Management
 
Corporate and Other Activities
 
Eliminations
 
Total
Total interest income
$
22

 
3

 
—

 
184,966

 
2,064

 
(802
)
 
186,252

Interest expense
—

 
—

 
205

 
92,769

 
1,881

 
(802
)
 
94,052

Net interest income
22

 
3

 
(205
)
 
92,197

 
183

 
—

 
92,200

Less provision for loan losses
—

 
—

 
—

 
2,000

 
—

 
—

 
2,000

Net interest income (loss) after provision for loan losses
22


3

 
(205
)
 
90,197

 
183

 
—

 
90,200

Other income:
 

 
 

 
 
 
 

 
 

 
 

 
 

Loan and guaranty servicing revenue
54,402

 
—

 
—

 
—

 
—

 
—

 
54,402

Intersegment servicing revenue
11,408

 
—

 
—

 
—

 
—

 
(11,408
)
 
—

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

 
30,483

 
—

 
—

 
—

 
—

 
30,483

Communications revenue
—

 
—

 
4,478

 
—

 
—

 
—

 
4,478

Enrollment services revenue
—

 
—

 
—

 
—

 
—

 
—

 
—

Other income
—

 
—

 
—

 
3,834

 
5,931

 
—

 
9,765

Gain on sale of loans and debt repurchases
—

 
—

 
—

 
—

 
—

 
—

 
—

Derivative market value and foreign currency adjustments, net
—

 
—

 
—

 
(31,411
)
 
(3,797
)
 
—

 
(35,207
)
Derivative settlements, net
—

 
—

 
—

 
(5,264
)
 
(231
)
 
—

 
(5,495
)
Total other income
65,810

 
30,483

 
4,478

 
(32,841
)
 
1,903

 
(11,408
)
 
58,426

Operating expenses:
 

 
 

 
 
 
 
 
 

 
 
 
 

Salaries and benefits
31,380

 
15,444

 
1,377

 
499

 
12,222

 
—

 
60,923

Depreciation and amortization
445

 
2,511

 
1,378

 
—

 
3,848

 
—

 
8,183

Loan servicing fees
—

 
—

 
—

 
7,216

 
—

 
—

 
7,216

Cost to provide communication services
—

 
—

 
1,681

 
—

 
—

 
—

 
1,681

Cost to provide enrollment services
—

 
—

 
—

 
—

 
—

 
—

 
—

Other expenses
11,380

 
4,815

 
813

 
1,481

 
10,920

 
—

 
29,409

Intersegment expenses, net
6,102

 
1,562

 
187

 
11,539

 
(7,981
)
 
(11,408
)
 
—

Total operating expenses
49,307

 
24,332

 
5,436

 
20,735

 
19,009

 
(11,408
)
 
107,412

Income (loss) before income taxes
16,525

 
6,154

 
(1,163
)
 
36,621

 
(16,923
)
 
—

 
41,214

Income tax (expense) benefit
(6,280
)
 
(2,338
)
 
442

 
(13,916
)
 
7,057

 
—

 
(15,036
)
Net income (loss)
10,245

 
3,816

 
(721
)
 
22,705

 
(9,866
)
 
—

 
26,178

  Net income attributable to noncontrolling interests
—

 
—

 
—

 
—

 
28

 
—

 
28

Net income (loss) attributable to Nelnet, Inc.
$
10,245

 
3,816

 
(721
)
 
22,705

 
(9,894
)
 
—

 
26,150

 
Three months ended June 30, 2015 (a)
 
Student Loan and Guaranty Servicing
 
Tuition Payment Processing and Campus Commerce
 
Asset
Generation and
Management
 
Corporate and Other
Activities
 
Eliminations
 
Total
Total interest income
$
13

 
1

 
176,279

 
1,814

 
(385
)
 
177,722

Interest expense
—

 
—

 
71,441

 
1,570

 
(385
)
 
72,626

Net interest income
13

 
1

 
104,838

 
244

 
—

 
105,096

Less provision for loan losses
—

 
—

 
2,150

 
—

 
—

 
2,150

Net interest income after provision for loan losses
13

 
1

 
102,688

 
244

 
—

 
102,946

Other income:
 

 
 

 
 

 
 

 
 

 
 

Loan and guaranty servicing revenue
63,833

 
—

 
—

 
—

 
—

 
63,833

Intersegment servicing revenue
12,223

 
—

 
—

 
—

 
(12,223
)
 
—

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

 
27,686

 
—

 
—

 
—

 
27,686

Enrollment services revenue
—

 
—

 
—

 
12,680

 
—

 
12,680

Other income
—

 
—

 
3,950

 
8,035

 
—

 
11,985

Gain on sale of loans and debt repurchases
—

 
—

 
1,041

 
474

 
—

 
1,515

Derivative market value and foreign currency adjustments, net
—

 
—

 
9,404

 
2,540

 
—

 
11,944

Derivative settlements, net
—

 
—

 
(5,189
)
 
(253
)
 
—

 
(5,442
)
Total other income
76,056

 
27,686

 
9,206

 
23,476

 
(12,223
)
 
124,201

Operating expenses:
 

 
 

 
 

 
 

 
.

 
 

Salaries and benefits
31,585

 
13,583

 
524

 
13,095

 
—

 
58,787

Depreciation and amortization
527

 
2,195

 
—

 
3,779

 
—

 
6,501

Loan servicing fees
—

 
—

 
7,420

 
—

 
—

 
7,420

Cost to provide enrollment services
—

 
—

 
—

 
10,395

 
—

 
10,395

Other expenses
15,376

 
4,112

 
1,270

 
11,967

 
—

 
32,725

Intersegment expenses, net
8,045

 
2,164

 
12,362

 
(10,348
)
 
(12,223
)
 
—

Total operating expenses
55,533

 
22,054

 
21,576

 
28,888

 
(12,223
)
 
115,828

Income (loss) before income taxes
20,536

 
5,633

 
90,318

 
(5,168
)
 
—

 
111,319

Income tax (expense) benefit
(7,804
)
 
(2,140
)
 
(34,321
)
 
3,910

 
—

 
(40,356
)
Net income (loss)
12,732

 
3,493

 
55,997

 
(1,258
)
 
—

 
70,963

  Net income attributable to noncontrolling interests
—

 
—

 
—

 
54

 
—

 
54

Net income (loss) attributable to Nelnet, Inc.
$
12,732

 
3,493

 
55,997

 
(1,312
)
 
—

 
70,909


(a)
Does not include the Communications segment, which was initiated as a result of the acquisition of Allo on December 31, 2015.

 
Six months ended June 30, 2016
 
Student Loan and Guaranty Servicing
 
Tuition Payment Processing and Campus Commerce
 
Communications
 
Asset
Generation and
Management
 
Corporate and Other
Activities
 
Eliminations
 
Total
Total interest income
$
43

 
5

 
—

 
375,689

 
4,157

 
(1,625
)
 
378,269

Interest expense
—

 
—

 
352

 
182,647

 
3,087

 
(1,625
)
 
184,460

Net interest income
43

 
5

 
(352
)
 
193,042

 
1,070

 
—

 
193,809

Less provision for loan losses
—

 
—

 
—

 
4,500

 
—

 
—

 
4,500

Net interest income (loss) after provision for loan losses
43

 
5

 
(352
)
 
188,542

 
1,070

 
—

 
189,309

Other income:
 

 
 

 
 
 
 

 
 

 
 

 
 

Loan and guaranty servicing revenue
106,732

 
—

 
—

 
—

 
—

 
—

 
106,732

Intersegment servicing revenue
23,415

 
—

 
—

 
—

 
—

 
(23,415
)
 
—

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

 
69,140

 
—

 
—

 
—

 
—

 
69,140

Communications revenue
—

 
—

 
8,824

 
—

 
—

 
—

 
8,824

Enrollment services revenue
—

 
—

 
—

 
—

 
4,326

 
—

 
4,326

Other income
—

 
—

 
—

 
8,097

 
15,462

 
—

 
23,559

Gain on sale of loans and debt repurchases
—

 
—

 
—

 
101

 
—

 
—

 
101

Derivative market value and foreign currency adjustments, net
—

 
—

 
—

 
(51,308
)
 
(6,053
)
 
—

 
(57,361
)
Derivative settlements, net
—

 
—

 
—

 
(11,568
)
 
(463
)
 
—

 
(12,031
)
Total other income
130,147

 
69,140

 
8,824

 
(54,678
)
 
13,272

 
(23,415
)
 
143,290

Operating expenses:
 

 
 

 
 
 
 

 
 

 
 

 
 

Salaries and benefits
64,346

 
29,880

 
2,467

 
1,018

 
26,454

 
—

 
124,165

Depreciation and amortization
883

 
4,782

 
2,507

 
—

 
7,650

 
—

 
15,823

Loan servicing fees
—

 
—

 
—

 
14,144

 
—

 
—

 
14,144

Cost to provide communication services
—

 
—

 
3,384

 
—

 
—

 
—

 
3,384

Cost to provide enrollment services
—

 
—

 
—

 
—

 
3,623

 
—

 
3,623

Other expenses
22,850

 
8,973

 
1,566

 
2,997

 
21,397

 
—

 
57,783

Intersegment expenses, net
12,343

 
3,074

 
331

 
23,646

 
(15,978
)
 
(23,415
)
 
—

Total operating expenses
100,422

 
46,709

 
10,255

 
41,805

 
43,146

 
(23,415
)
 
218,922

Income (loss) before income taxes
29,768

 
22,436

 
(1,783
)
 
92,059

 
(28,804
)
 
—

 
113,677

Income tax (expense) benefit
(11,312
)
 
(8,526
)
 
678

 
(34,983
)
 
14,674

 
—

 
(39,469
)
Net income (loss)
18,456

 
13,910

 
(1,105
)
 
57,076

 
(14,130
)
 
—

 
74,208

  Net income attributable to noncontrolling interests
—

 
—

 
—

 
—

 
97

 
—

 
97

Net income (loss) attributable to Nelnet, Inc.
$
18,456

 
13,910

 
(1,105
)
 
57,076

 
(14,227
)
 
—

 
74,111

 
Six months ended June 30, 2015 (a)
 
Student Loan and Guaranty Servicing
 
Tuition Payment Processing and Campus Commerce
 
Asset
Generation and
Management
 
Corporate and Other
Activities
 
Eliminations
 
Total
Total interest income
$
20

 
3

 
348,702

 
3,967

 
(821
)
 
351,871

Interest expense
—

 
—

 
141,981

 
3,020

 
(821
)
 
144,180

Net interest income
20

 
3

 
206,721

 
947

 
—

 
207,691

Less provision for loan losses
—

 
—

 
4,150

 
—

 
—

 
4,150

Net interest income after provision for loan losses
20

 
3

 
202,571

 
947

 
—

 
203,541

Other income:
 

 
 

 
 

 
 

 
 

 
 

Loan and guaranty servicing revenue
121,644

 
—

 
—

 
—

 
—

 
121,644

Intersegment servicing revenue
25,094

 
—

 
—

 
—

 
(25,094
)
 
—

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

 
62,366

 
—

 
—

 
—

 
62,366

Enrollment services revenue
—

 
—

 
—

 
26,053

 
—

 
26,053

Other income
—

 
—

 
8,526

 
14,867

 
—

 
23,393

 Gain on sale of loans and debt repurchases
—

 
—

 
1,392

 
2,998

 
—

 
4,390

Derivative market value and foreign currency adjustments, net
—

 
—

 
12,994

 
1,087

 
—

 
14,081

Derivative settlements, net
—

 
—

 
(10,152
)
 
(505
)
 
—

 
(10,657
)
Total other income
146,738

 
62,366

 
12,760

 
44,500

 
(25,094
)
 
241,270

Operating expenses:
 

 
 

 
 

 
 

 
 

 
 

Salaries and benefits
65,288

 
26,904

 
1,065

 
26,580

 
—

 
119,837

Depreciation and amortization
973

 
4,390

 
—

 
6,800

 
—

 
12,163

Loan servicing fees
—

 
—

 
15,036

 
—

 
—

 
15,036

Cost to provide enrollment services
—

 
—

 
—

 
21,194

 
—

 
21,194

Other expenses
29,976

 
7,914

 
2,407

 
22,529

 
—

 
62,826

Intersegment expenses, net
14,687

 
4,199

 
25,370

 
(19,162
)
 
(25,094
)
 
—

Total operating expenses
110,924

 
43,407

 
43,878

 
57,941

 
(25,094
)
 
231,056

Income (loss) before income taxes
35,834

 
18,962

 
171,453

 
(12,494
)
 
—

 
213,755

Income tax (expense) benefit
(13,617
)
 
(7,206
)
 
(65,152
)
 
7,989

 
—

 
(77,986
)
Net income (loss)
22,217

 
11,756

 
106,301

 
(4,505
)
 
—

 
135,769

  Net income attributable to noncontrolling interests
—

 
—

 
—

 
95

 
—

 
95

Net income (loss) attributable to Nelnet, Inc.
$
22,217

 
11,756

 
106,301

 
(4,600
)
 
—

 
135,674


(a)
Does not include the Communications segment, which was initiated as a result of the acquisition of Allo on December 31, 2015.
Major Customer
Concentration Risk Disclosure [Text Block]
Major Customer
The Company earns loan servicing revenue from a servicing contract with the U.S. Department of Education (the "Department") that currently expires on June 16, 2019. Revenue earned by the Company's Student Loan and Guaranty Servicing operating segment related to this contract was $37.1 million and $33.6 million for the three months ended June 30, 2016 and 2015, respectively, and $72.3 million and $66.0 million for the six months ended June 30, 2016 and 2015, respectively. In April 2016, the Department's Office of Federal Student Aid released information regarding a new contract procurement process for the Department to acquire a single servicing solution to support the management of federal student financial aid, including the servicing of all student loans owned by the Department.  The contract solicitation process is divided into two phases. Responses for Phase I were due on May 9, 2016. 

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

On June 30, 2016, the Department announced which entities were selected to respond to Phase II of the procurement selection process. GreatNet was one of three entities selected.
Fair Value
Fair Value
Fair Value

The following tables present the Company’s financial assets and liabilities that are measured at fair value on a recurring basis. There were no transfers into or out of level 1, level 2, or level 3 for the six months ended June 30, 2016.
 
As of June 30, 2016
 
As of December 31, 2015
 
Level 1
 
Level 2
 
Total
 
Level 1
 
Level 2
 
Total
Assets:
 
 
 
 
 
 
 
 
 
 
 
Investments (available-for-sale and trading):
 
 
 
 


 
 
 
 
 
 
Student loan asset-backed securities
$
—

 
133,592

 
133,592

 
—

 
147,925

 
147,925

Equity securities
7,766

 
—

 
7,766

 
7,337

 
—

 
7,337

Debt securities
124

 
—

 
124

 
130

 
—

 
130

Total investments (available-for-sale and trading)
7,890

 
133,592

 
141,482

 
7,467

 
147,925

 
155,392

Fair value of derivative instruments
—

 
3,408

 
3,408

 
—

 
28,690

 
28,690

Total assets
$
7,890

 
137,000

 
144,890

 
7,467

 
176,615

 
184,082

Liabilities:
 

 
 

 
 

 
 
 
 
 
 
Fair value of derivative instruments
$
—

 
101,771

 
101,771

 
—

 
74,881

 
74,881

Total liabilities
$
—

 
101,771

 
101,771

 
—

 
74,881

 
74,881



The following table summarizes the fair values of all of the Company’s financial instruments on the consolidated balance sheets:
 
As of June 30, 2016
 
Fair value
 
Carrying value
 
Level 1
 
Level 2
 
Level 3
Financial assets:
 
 
 
 
 
 
 
 
 
Student loans receivable
$
26,875,363

 
26,539,604

 
—

 
—

 
26,875,363

Cash and cash equivalents
59,253

 
59,253

 
59,253

 
—

 
—

Investments (available-for-sale and trading)
141,482

 
141,482

 
7,890

 
133,592

 
—

Notes receivable
17,206

 
17,206

 
—

 
17,206

 
—

Restricted cash
955,689

 
955,689

 
955,689

 
—

 
—

Restricted cash – due to customers
132,018

 
132,018

 
132,018

 
—

 
—

Restricted investments
9,110

 
9,110

 
9,110

 
—

 
—

Accrued interest receivable
380,140

 
380,140

 
—

 
380,140

 
—

Derivative instruments
3,408

 
3,408

 
—

 
3,408

 
—

Financial liabilities:
 

 
 

 
 
 
 
 
 
Bonds and notes payable
25,510,394

 
26,399,686

 
—

 
25,510,394

 
—

Accrued interest payable
39,926

 
39,926

 
—

 
39,926

 
—

Due to customers
132,018

 
132,018

 
132,018

 
—

 
—

Derivative instruments
101,771

 
101,771

 
—

 
101,771

 
—

 
As of December 31, 2015
 
Fair value
 
Carrying value
 
Level 1
 
Level 2
 
Level 3
Financial assets:
 
 
 
 
 
 
 
 
 
Student loans receivable
$
28,611,350

 
28,324,552

 
—

 
—

 
28,611,350

Cash and cash equivalents
63,529

 
63,529

 
63,529

 
—

 
—

Investments (available-for-sale and trading)
155,392

 
155,392

 
7,467

 
147,925

 
—

Notes receivable
18,067

 
18,473

 
—

 
18,067

 
—

Restricted cash
823,450

 
823,450

 
823,450

 
—

 
—

Restricted cash – due to customers
144,771

 
144,771

 
144,771

 
—

 
—

Restricted investments
9,174

 
9,174

 
9,174

 
—

 
—

Accrued interest receivable
383,825

 
383,825

 
—

 
383,825

 
—

Derivative instruments
28,690

 
28,690

 
—

 
28,690

 
—

Financial liabilities:
 

 
 

 
 
 
 
 
 
Bonds and notes payable
27,150,775

 
28,105,921

 
—

 
27,150,775

 
—

Accrued interest payable
31,507

 
31,507

 
—

 
31,507

 
—

Due to customers
144,771

 
144,771

 
144,771

 
—

 
—

Derivative instruments
74,881

 
74,881

 
—

 
74,881

 
—


 
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 2015 Annual Report.
Basis of Financial Reporting Significant Accounting Policies (Policies)
Basis of Financial Reporting
Basis of Financial Reporting

The accompanying unaudited consolidated financial statements of Nelnet, Inc. and subsidiaries (the “Company”) as of June 30, 2016 and for the three and six months ended June 30, 2016 and 2015 have been prepared on the same basis as the audited consolidated financial statements for the year ended December 31, 2015 and, in the opinion of the Company’s management, the unaudited consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of results of operations for the interim periods presented. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Operating results for the three and six months ended June 30, 2016 are not necessarily indicative of the results for the year ending December 31, 2016. 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, 2015 (the "2015 Annual Report").
Business Combinations Revenue Recognition (Policies)
Revenue Recognition, Policy [Policy Text Block]
Allo recognizes revenue when (i) persuasive evidence of an arrangement exists between Allo and the customer, (ii) delivery of the product to the customer has occurred or service has been provided to the customer, (iii) the price to the customer is fixed or determinable, and (iv) collectability of the sales price is reasonably assured. Revenues based on a flat fee, derived principally from internet, television, and telephone services are billed in advance and recognized in subsequent periods when the services are provided. Revenues for usage-based services, such as access charges billed to other telephone carriers for originating and terminating long-distance calls on Allo's network, are billed in arrears. Allo recognizes revenue from these services in the period the services are rendered rather than billed. Earned but unbilled usage-based services are recorded in accounts receivable.
Student Loans Receivable and Allowance for Loan Losses (Tables)
Schedule of Accounts, Notes, Loans and Financing Receivable 
Student loans receivable consisted of the following:
 
As of
 
As of
 
June 30, 2016
 
December 31, 2015
Federally insured loans:
 
 
 
Stafford and other
$
5,629,034

 
6,202,064

Consolidation
20,837,356

 
22,086,043

Total
26,466,390

 
28,288,107

Private education loans
288,170

 
267,642

 
26,754,560

 
28,555,749

Loan discount, net of unamortized loan premiums and deferred origination costs (a)
(166,203
)
 
(180,699
)
Allowance for loan losses – federally insured loans
(33,224
)
 
(35,490
)
Allowance for loan losses – private education loans
(15,529
)
 
(15,008
)
 
$
26,539,604

 
28,324,552



(a)
As of June 30, 2016 and December 31, 2015, "loan discount, net of unamortized loan premiums and deferred origination costs" included $26.2 million and $33.0 million, respectively, of non-accretable discount associated with purchased loans of $10.1 billion and $10.8 billion, respectively.

Allowance for Credit Losses on Financing Receivables 
Activity in the Allowance for Loan Losses

The provision for loan losses represents the periodic expense of maintaining an allowance sufficient to absorb losses, net of recoveries, inherent in the portfolio of student loans. Activity in the allowance for loan losses is shown below.
 
Three months ended June 30,
 
Six months ended June 30,
 
2016
 
2015
 
2016
 
2015
Balance at beginning of period
$
50,084

 
51,161

 
50,498

 
48,900

Provision for loan losses:
 
 
 
 
 

 
 

Federally insured loans
2,000

 
2,000

 
4,000

 
4,000

Private education loans
—

 
150

 
500

 
150

Total provision for loan losses
2,000

 
2,150

 
4,500

 
4,150

Charge-offs:
 

 
 

 
 

 
 

Federally insured loans
(3,217
)
 
(3,259
)
 
(6,266
)
 
(6,408
)
Private education loans
(514
)
 
(446
)
 
(915
)
 
(1,122
)
Total charge-offs
(3,731
)
 
(3,705
)
 
(7,181
)
 
(7,530
)
Recoveries - private education loans
250

 
238

 
526

 
492

Purchase (sale) of federally insured and private education loans, net
100

 
—

 
260

 
(230
)
Transfer from repurchase obligation related to private education loans repurchased, net
50

 
180

 
150

 
4,242

Balance at end of period
$
48,753

 
50,024

 
48,753

 
50,024

 
 
 
 
 
 
 
 
Allocation of the allowance for loan losses:
 
 
 

 
 

 
 

Federally insured loans
$
33,224

 
36,762

 
33,224

 
36,762

Private education loans
15,529

 
13,262

 
15,529

 
13,262

Total allowance for loan losses
$
48,753

 
50,024

 
48,753

 
50,024


Financing Receivable Credit Quality Indicators 
Student Loan Status and Delinquencies

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

 
As of June 30, 2016
 
As of December 31, 2015
 
As of June 30, 2015
Federally insured loans:
 
 
 
 
 
 
 
 
 
 
 
Loans in-school/grace/deferment
$
1,936,064

 
 
 
$
2,292,941

 
 
 
$
2,634,088

 
 
Loans in forbearance
2,672,241

 
 
 
2,979,357

 
 
 
3,118,774

 
 
Loans in repayment status:
 
 
 
 
 
 
 
 
 
 
 
Loans current
18,957,457

 
86.7
%
 
19,447,541

 
84.4
%
 
19,055,994

 
85.2
%
Loans delinquent 31-60 days
828,885

 
3.8

 
1,028,396

 
4.5

 
950,055

 
4.2

Loans delinquent 61-90 days
482,379

 
2.2

 
566,953

 
2.5

 
612,657

 
2.7

Loans delinquent 91-120 days
320,213

 
1.5

 
415,747

 
1.8

 
355,636

 
1.6

Loans delinquent 121-270 days
918,788

 
4.2

 
1,166,940

 
5.1

 
1,051,843

 
4.7

Loans delinquent 271 days or greater
350,363

 
1.6

 
390,232

 
1.7

 
359,601

 
1.6

Total loans in repayment
21,858,085

 
100.0
%
 
23,015,809

 
100.0
%
 
22,385,786

 
100.0
%
Total federally insured loans
$
26,466,390

 
 

 
$
28,288,107

 
 

 
$
28,138,648

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Private education loans:
 
 
 
 
 
 
 
 
 
 
Loans in-school/grace/deferment
$
54,597

 
 
 
$
30,795

 
 
 
$
5,268

 
 
Loans in forbearance
1,610

 
 
 
350

 
 
 
142

 
 
Loans in repayment status:
 
 
 
 
 
 
 
 
 
 
 
Loans current
225,585

 
97.2
%
 
228,464

 
96.7
%
 
161,355

 
95.0
%
Loans delinquent 31-60 days
1,361

 
0.6

 
1,771

 
0.7

 
1,407

 
0.8

Loans delinquent 61-90 days
929

 
0.4

 
1,283

 
0.5

 
1,647

 
1.0

Loans delinquent 91 days or greater
4,088

 
1.8

 
4,979

 
2.1

 
5,383

 
3.2

Total loans in repayment
231,963

 
100.0
%
 
236,497

 
100.0
%
 
169,792

 
100.0
%
Total private education loans
$
288,170

 
 

 
$
267,642

 
 

 
$
175,202

 
 
Bonds and Notes payable (Tables)
Schedule of Debt 
The following tables summarize the Company’s outstanding debt obligations by type of instrument:
 
As of June 30, 2016
 
Carrying
amount
 
Interest rate
range
 
Final maturity
Variable-rate bonds and notes issued in asset-backed securitizations:
 
 
 
 
 
Bonds and notes based on indices
$
23,418,478

 
0.30% - 6.90%
 
8/26/19 - 8/26/52
Bonds and notes based on auction
1,158,415

 
1.26% - 2.21%
 
3/22/32 - 11/26/46
Total variable-rate bonds and notes
24,576,893

 
 
 
 
FFELP warehouse facilities
1,811,708

 
0.46% - 0.80%
 
7/9/18 - 4/26/19
Private education loan warehouse facility
221,114

 
0.81%
 
4/28/17
Unsecured line of credit
105,000

 
1.94% - 1.95%
 
10/30/20
Unsecured debt - Junior Subordinated Hybrid Securities
57,184

 
4.01%
 
9/15/61
Other borrowings
93,355

 
1.97% - 3.38%
 
10/31/16 - 12/15/45
 
26,865,254

 
 
 
 
Discount on bonds and notes payable and debt issuance costs, net
(465,568
)
 
 
 
 
Total
$
26,399,686

 
 
 
 
 
As of December 31, 2015
 
Carrying
amount
 
Interest rate
range
 
Final maturity
Variable-rate bonds and notes issued in asset-backed securitizations:
 
 
 
 
 
Bonds and notes based on indices
$
25,155,336

 
0.05% - 6.90%
 
8/26/19 - 8/26/52
Bonds and notes based on auction
1,160,365

 
0.88% - 2.17%
 
3/22/32 - 11/26/46
Total variable-rate bonds and notes
26,315,701

 
 
 
 
FFELP warehouse facilities
1,855,907

 
0.27% - 0.56%
 
4/29/18 - 12/14/18
Private education loan warehouse facility
181,184

 
0.57%
 
12/26/16
Unsecured line of credit
100,000

 
1.79% - 1.92%
 
10/30/20
Unsecured debt - Junior Subordinated Hybrid Securities
57,184

 
3.99%
 
9/15/61
Other borrowings
93,355

 
1.93% - 3.38%
 
10/31/16 - 12/15/45
 
28,603,331

 
 
 
 
Discount on bonds and notes payable and debt issuance costs, net
(497,410
)
 
 
 
 
Total
$
28,105,921

 
 
 
 
Schedule of Line of Credit Facilities 
FFELP Warehouse Facilities

The Company funds a portion of its FFELP loan acquisitions using its FFELP warehouse facilities. Student loan warehousing allows the Company to buy and manage student loans prior to transferring them into more permanent financing arrangements.

As of June 30, 2016, the Company had three FFELP warehouse facilities as summarized below.
 
 
NFSLW-I (a)
 
NHELP-II
 
NHELP-III
 
 
Total
Maximum financing amount
 
$
875,000

 
500,000

 
750,000

 
 
2,125,000

Amount outstanding
 
844,087

 
455,049

 
512,572

 
 
1,811,708

Amount available
 
$
30,913

 
44,951

 
237,428

 
 
313,292

Expiration of liquidity provisions
 
July 8, 2016

 
December 16, 2016

 
April 28, 2017

 
 
 
Final maturity date
 
July 9, 2018

 
December 14, 2018

 
April 26, 2019

 
 
 
Maximum advance rates
 
92.0 - 98.0%

 
85.0 - 95.0%

 
92.2 - 95.0%

 
 
 
Minimum advance rates
 
84.0 - 90.0%

 
85.0 - 95.0%

 
92.2 - 95.0%

 
 
 
Advanced as equity support
 
$
36,663

 
38,051

 
30,694

 
 
105,408



(a)
On July 10, 2015, the Company amended the agreement for this warehouse facility to temporarily increase the maximum financing amount to $875.0 million. The maximum financing amount was scheduled to decrease by $125.0 million on March 31, 2016. On January 26, 2016, the Company amended the agreement for this warehouse facility to extend the scheduled decrease of the maximum financing amount by $125.0 million to July 8, 2016
Derivative Financial Instruments (Tables)
Interest Rate Swaps - 1:3 Basis swaps 
Basis Swaps

The following table summarizes the Company’s basis swaps outstanding as of June 30, 2016 and December 31, 2015 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 June 30,
 
As of December 31,
 
 
2016
 
2015
Maturity
 
Notional amount
 
Notional amount
2016
 
$
2,000,000

 
$
7,500,000

2028
 
125,000

 
—

The weighted average rate paid by the Company on the 1:3 Basis Swaps as of June 30, 2016 and December 31, 2015 was one-month LIBOR plus 9.3 basis points and 10.0 basis points, respectively.
Interest Rate Swaps - Floor Income Hedges 
Interest Rate Swaps – Floor Income Hedges

The following table summarizes the outstanding derivative instruments used by the Company to economically hedge loans earning fixed rate floor income.
 
 
As of June 30, 2016
 
As of December 31, 2015
Maturity
 
Notional amount
 
Weighted average fixed rate paid by the Company (a)
 
Notional amount
 
Weighted average fixed rate paid by the Company (a)
 
 
 
 
2016
 
$
750,000

 
0.72
%
 
$
1,000,000

 
0.76
%
2017
 
1,000,000

 
0.97

 
2,100,000

 
0.84

2018
 
1,600,000

 
1.08

 
1,600,000

 
1.08

2019
 
3,250,000

 
0.97

 
500,000

 
1.12

2020
 
1,500,000

 
1.01

 
—

 
—

2025
 
100,000

 
2.32

 
100,000

 
2.32

2026
 
50,000

 
1.52

 
—

 
—

 
 
$
8,250,000

 
0.99
%
 
$
5,300,000

 
0.95
%

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

The Company had the following derivatives outstanding as of June 30, 2016 and December 31, 2015 that are used to effectively convert the variable interest rate on a portion of the Junior Subordinated Hybrid Securities to a fixed rate of 7.66%.

 
Maturity
 
Notional amount
 
Weighted average fixed rate paid by the Company (a)
2036
 
$
25,000

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

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

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

The following table shows the income statement impact as a result of the re-measurement of the Euro Notes and the change in the fair value of the related derivative instrument.
 
Three months ended June 30,
 
Six months ended June 30,
 
2016
 
2015
 
2016
 
2015
Re-measurement of Euro Notes
$
9,768

 
(14,671
)
 
(8,712
)
 
33,538

Change in fair value of cross-currency interest rate swap
(12,008
)
 
13,933

 
20,693

 
(35,873
)
Total impact to consolidated statements of income - income (expense) (a)
$
(2,240
)
 
(738
)
 
11,981

 
(2,335
)
(a)
The financial statement impact of the above items is included in "Derivative market value and foreign currency adjustments and derivative settlements, net" in the Company's consolidated statements of income.
Management has structured the cross-currency interest rate swap to economically hedge the Euro Notes to effectively convert the Euro Notes to U.S. dollars and pay a spread on these notes based on the LIBOR index. However, the cross-currency interest rate swap does not qualify for hedge accounting. The re-measurement of the Euro-denominated bonds generally correlates with the change in the fair value of the corresponding cross-currency interest rate swap. However, the Company will experience unrealized gains and losses between these financial instruments due to the principal and accrued interest on the Euro Notes being re-measured to U.S. dollars at each reporting date based on the foreign currency exchange rate on that date, while the cross-currency interest rate swap is measured at fair value at each reporting date with the change in fair value recognized in the current period earnings.
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value 
Consolidated Financial Statement Impact Related to Derivatives

The following table summarizes the fair value of the Company’s derivatives as reflected in the consolidated balance sheets:
 
Fair value of asset derivatives
 
Fair value of liability derivatives
 
As of
 
As of
 
As of
 
As of
 
June 30,
2016
 
December 31,
2015
 
June 30,
2016
 
December 31,
2015
1:3 basis swaps
$
623

 
724

 
127

 
410

Interest rate swaps - floor income hedges
27

 
21,408

 
42,791

 
1,175

Interest rate swap option - floor income hedge
986

 
3,257

 
—

 
—

Interest rate swaps - hybrid debt hedges
—

 
—

 
11,660

 
7,646

Interest rate caps
355

 
1,570

 
—

 
—

Cross-currency interest rate swap
—


—

 
44,957

 
65,650

Other
1,417

 
1,731

 
2,236

 
—

Total
$
3,408

 
28,690

 
101,771

 
74,881



During the six months ended June 30, 2016, the Company terminated a total notional amount of $3.1 billion of fixed rate floor income hedges for gross proceeds of $3.0 million, and a total notional amount of $300.0 million of other basis swaps for gross proceeds of $0.5 million. During the six months ended June 30, 2015, the Company terminated a total notional amount of $5.5 billion of 1:3 Basis Swaps for gross proceeds of $51.9 million
Schedule of Derivative Instruments [Table Text Block] 
Offsetting of Derivative Assets/Liabilities

The Company records derivative instruments in the consolidated balance sheets on a gross basis as either an asset or liability measured at its fair value. Certain of the Company's derivative instruments are subject to right of offset provisions with counterparties. The following tables include the gross amounts related to the Company's derivative portfolio recognized in the consolidated balance sheets, reconciled to the net amount when excluding derivatives subject to enforceable master netting arrangements and cash collateral received/pledged:

 
 
 
 
Gross amounts not offset in the consolidated balance sheets
 
 
Derivative assets
 
Gross amounts of recognized assets presented in the consolidated balance sheets
 
Derivatives subject to enforceable master netting arrangement
 
Cash collateral pledged
 
Net asset (liability)
Balance as of
June 30, 2016
 
$
3,408

 
(3,053
)
 
—

 
355

Balance as of
December 31, 2015
 
28,690

 
(851
)
 
1,632

 
29,471


 
 
 
 
Gross amounts not offset in the consolidated balance sheets
 
 
Derivative liabilities
 
Gross amounts of recognized liabilities presented in the consolidated balance sheets
 
Derivatives subject to enforceable master netting arrangement
 
Cash collateral pledged/received, net
 
Net asset (liability)
Balance as of
June 30, 2016
 
$
(101,771
)
 
3,053

 
90,170

 
(8,548
)
Balance as of
December 31, 2015
 
(74,881
)
 
851

 
13,168

 
(60,862
)
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance 

The following table summarizes the effect of derivative instruments in the consolidated statements of income.
 
Three months ended June 30,
 
Six months ended June 30,
 
2016
 
2015
 
2016
 
2015
Settlements:
 

 
 

 
 

 
 

1:3 basis swaps
$
743

 
123

 
414

 
389

Interest rate swaps - floor income hedges
(4,841
)
 
(5,019
)
 
(10,084
)
 
(10,034
)
Interest rate swaps - hybrid debt hedges
(231
)
 
(253
)
 
(463
)
 
(505
)
Cross-currency interest rate swap
(1,166
)
 
(293
)
 
(1,898
)
 
(507
)
Total settlements - expense
(5,495
)
 
(5,442
)
 
(12,031
)
 
(10,657
)
Change in fair value:
 

 
 

 
 

 
 

1:3 basis swaps
(586
)
 
1,428

 
183

 
12,398

Interest rate swaps - floor income hedges
(27,276
)
 
7,534

 
(59,985
)
 
2,662

Interest rate swap option - floor income hedge
(856
)
 
1,381

 
(2,272
)
 
470

Interest rate swaps - hybrid debt hedges
(1,464
)
 
2,540

 
(4,014
)
 
1,087

Interest rate caps
(453
)
 
(201
)
 
(1,215
)
 
(201
)
Cross-currency interest rate swap
(12,008
)
 
13,933

 
20,693

 
(35,873
)
Other
(2,332
)
 
—

 
(2,039
)
 
—

Total change in fair value - (expense) income
(44,975
)
 
26,615

 
(48,649
)
 
(19,457
)
Re-measurement of Euro Notes (foreign currency transaction adjustment) - income (expense)
9,768

 
(14,671
)
 
(8,712
)
 
33,538

Derivative market value and foreign currency adjustments and derivative settlements, net - income (expense)
$
(40,702
)
 
6,502

 
(69,392
)
 
3,424

Investments and Notes Receivable (Tables)
Summary Investment Holdings
A summary of the Company's investments and notes receivable follows:
 
As of June 30, 2016
 
As of December 31, 2015
 
Amortized cost
 
Gross unrealized gains
 
Gross unrealized losses (a)
 
Fair value
 
Amortized cost
 
Gross unrealized gains
 
Gross unrealized losses
 
Fair value
 
 
 
 
 
 
 
 
Investments (at fair value):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Available-for-sale investments:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Student loan asset-backed and other debt securities (b)
$
133,190

 
1,091

 
(6,432
)
 
127,849

 
139,970

 
3,402

 
(1,362
)
 
142,010

Equity securities
720

 
1,797

 
(69
)
 
2,448

 
846

 
1,686

 
(100
)
 
2,432

Total available-for-sale investments
$
133,910

 
2,888

 
(6,501
)
 
130,297

 
140,816

 
5,088

 
(1,462
)
 
144,442

Trading investments:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Student loan asset-backed securities
 
 
 
 
 
 
5,867

 
 
 
 
 
 
 
6,045

Equity securities
 
 
 
 
 
 
5,318

 
 
 
 
 
 
 
4,905

Total trading investments
 
 
 
 
 
 
11,185

 
 
 
 
 
 
 
10,950

Total available-for-sale and trading investments
 
 
 
 
 
 
141,482

 
 
 
 
 
 
 
155,392

Other Investments and Notes Receivable (not measured at fair value):
 
 
 
 
 
 
 
 
 
 
 
 
Venture capital and funds
 
 
 
 
 
 
65,778

 
 
 
 
 
 
 
63,323

Real estate
 
 
 
 
 
 
48,586

 
 
 
 
 
 
 
50,463

Notes receivable
 
 
 
 
 
 
17,206

 
 
 
 
 
 
 
18,473

Tax liens and affordable housing
 
 
 
 
 
 
12,944

 
 
 
 
 
 
 
16,030

Total investments and notes receivable
 
 
 
 
 
 
$
285,996

 
 
 
 
 
 
 
303,681


    
(a)
As of June 30, 2016, the Company considered the decline in market value of its available-for-sale investments to be temporary in nature and did not consider any of its investments other-than-temporarily impaired.

(b)
As of June 30, 2016, the stated maturities of the majority of the Company's student loan asset-backed and other debt securities classified as available-for-sale were greater than 10 years.

Business Combinations Business Combinations (Tables)
Fair Value, by Balance Sheet Grouping
Cash and cash equivalents
 
$
334

Restricted cash and investments
 
850

Accounts receivable
 
1,935

Property and equipment
 
32,479

Other assets
 
371

Intangible assets
 
11,410

Excess cost over fair value of net assets acquired (goodwill)
 
21,112

Other liabilities
 
(4,587
)
Bonds and notes payable
 
(13,904
)
Net assets acquired
 
50,000

Minority interest
 
(3,750
)
Total consideration paid by the Company
 
$
46,250

The following table summarizes the fair values of all of the Company’s financial instruments on the consolidated balance sheets:
 
As of June 30, 2016
 
Fair value
 
Carrying value
 
Level 1
 
Level 2
 
Level 3
Financial assets:
 
 
 
 
 
 
 
 
 
Student loans receivable
$
26,875,363

 
26,539,604

 
—

 
—

 
26,875,363

Cash and cash equivalents
59,253

 
59,253

 
59,253

 
—

 
—

Investments (available-for-sale and trading)
141,482

 
141,482

 
7,890

 
133,592

 
—

Notes receivable
17,206

 
17,206

 
—

 
17,206

 
—

Restricted cash
955,689

 
955,689

 
955,689

 
—

 
—

Restricted cash – due to customers
132,018

 
132,018

 
132,018

 
—

 
—

Restricted investments
9,110

 
9,110

 
9,110

 
—

 
—

Accrued interest receivable
380,140

 
380,140

 
—

 
380,140

 
—

Derivative instruments
3,408

 
3,408

 
—

 
3,408

 
—

Financial liabilities:
 

 
 

 
 
 
 
 
 
Bonds and notes payable
25,510,394

 
26,399,686

 
—

 
25,510,394

 
—

Accrued interest payable
39,926

 
39,926

 
—

 
39,926

 
—

Due to customers
132,018

 
132,018

 
132,018

 
—

 
—

Derivative instruments
101,771

 
101,771

 
—

 
101,771

 
—

 
As of December 31, 2015
 
Fair value
 
Carrying value
 
Level 1
 
Level 2
 
Level 3
Financial assets:
 
 
 
 
 
 
 
 
 
Student loans receivable
$
28,611,350

 
28,324,552

 
—

 
—

 
28,611,350

Cash and cash equivalents
63,529

 
63,529

 
63,529

 
—

 
—

Investments (available-for-sale and trading)
155,392

 
155,392

 
7,467

 
147,925

 
—

Notes receivable
18,067

 
18,473

 
—

 
18,067

 
—

Restricted cash
823,450

 
823,450

 
823,450

 
—

 
—

Restricted cash – due to customers
144,771

 
144,771

 
144,771

 
—

 
—

Restricted investments
9,174

 
9,174

 
9,174

 
—

 
—

Accrued interest receivable
383,825

 
383,825

 
—

 
383,825

 
—

Derivative instruments
28,690

 
28,690

 
—

 
28,690

 
—

Financial liabilities:
 

 
 

 
 
 
 
 
 
Bonds and notes payable
27,150,775

 
28,105,921

 
—

 
27,150,775

 
—

Accrued interest payable
31,507

 
31,507

 
—

 
31,507

 
—

Due to customers
144,771

 
144,771

 
144,771

 
—

 
—

Derivative instruments
74,881

 
74,881

 
—

 
74,881

 
—

Intangible Assets Intangible Assets (Tables)
Schedule of Finite-Lived Intangible Assets [Table Text Block] 
Intangible assets consist of the following:
 
Weighted average remaining useful life as of June 30, 2016 (months)
 
As of
June 30,
2016
 
As of December 31, 2015
 
 
 
Amortizable intangible assets:
 
 
 
Customer relationships (net of accumulated amortization of $5,949 and $4,028, respectively)
171
 
$
30,935

 
27,576

Computer software (net of accumulated amortization of $6,820 and $4,397, respectively)
31
 
12,128

 
11,601

Trade names (net of accumulated amortization of $1,224 and $795, respectively)
195
 
10,348

 
10,687

Content (net of accumulated amortization of $1,350 and $900, respectively)
6
 
450

 
900

Covenants not to compete (net of accumulated amortization of $74 and $56, respectively)
95
 
280

 
298

Total - amortizable intangible assets
143
 
$
54,141

 
51,062

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] 
The Company recorded amortization expense on its intangible assets of $2.7 million and $2.4 million during the three months ended June 30, 2016 and 2015, respectively, and $5.2 million and $4.8 million during the six months ended June 30, 2016 and 2015, respectively. The Company will continue to amortize intangible assets over their remaining useful lives. As of June 30, 2016, the Company estimates it will record amortization expense as follows:

2016 (July 1 - December 31)
$
6,328

2017
9,386

2018
8,605

2019
5,147

2020
4,231

2021 and thereafter
20,444

 
$
54,141

Schedule of Goodwill [Table Text Block] 
 
Student Loan and Guaranty Servicing
 
Tuition Payment Processing and Campus Commerce
 
Communications
 
Asset Generation and Management
 
Corporate and Other Activities
 
Total
Balance as of December 31, 2015
$
8,596

 
67,168

 
19,800

 
41,883

 
8,553

 
146,000

Allo purchase price adjustment
—

 
—

 
1,312

 
—

 
—

 
1,312

Balance as of March 31, 2016
8,596

 
67,168

 
21,112

 
41,883

 
8,553

 
147,312

Allo purchase price adjustment
—

 
—

 
—

 
—

 
—

 
—

Balance as of June 30, 2016
$
8,596


67,168


21,112


41,883


8,553


147,312

Property Plant and Equipment Property Plant and Equipment (Tables)
Property, Plant and Equipment [Table Text Block]
Property and equipment consisted of the following:
 
 
 
As of
 
As of
 
Useful life
 
June 30, 2016
 
December 31, 2015
Non-communications:
 
 
 
 
 
Computer equipment and software
1-5 years
 
$
95,113

 
89,093

Office furniture and equipment
3-7 years
 
12,576

 
12,638

Building and building improvements
5-39 years
 
12,244

 
12,239

Transportation equipment
4-10 years
 
3,868

 
3,868

Leasehold improvements
5-20 years
 
3,342

 
3,545

Land
—
 
827

 
700

Construction in progress
—
 
9,986

 
1,210

 
 
 
137,956

 
123,293

Accumulated depreciation - non-communications
 
 
84,583

 
77,188

Non-communications, net property and equipment
 
 
53,373

 
46,105

 
 
 
 
 
 
Communications:
 
 
 
 
 
Network plant and fiber
5-15 years
 
26,382

 
25,669

Central office
5-15 years
 
4,376

 
909

Customer located property
5-10 years
 
3,823

 
6,912

Transportation equipment
4-10 years
 
1,296

 
470

Computer equipment and software
1-5 years
 
752

 
74

Other
1-20 years
 
625

 
343

Land
—
 
70

 
—

Construction in progress
—
 
7,192

 
—

 
 
 
44,516

 
34,377

Accumulated depreciation - communications
 
 
1,810

 
—

Communications, net property and equipment
 
 
42,706

 
34,377

Total property and equipment, net
 
 
$
96,079

 
80,482

Earnings per Common Share (Tables)
Schedule of Earnings Per Share, Basic and Diluted
 
Three months ended June 30,
 
2016
 
2015
 
Common shareholders
 
Unvested restricted stock shareholders
 
Total
 
Common shareholders
 
Unvested restricted stock shareholders
 
Total
Numerator:
 
 
 
 
 
 
 
 
 
 
 
Net income attributable to Nelnet, Inc.
$
25,879

 
271

 
26,150

 
70,146

 
763

 
70,909

 
 
 
 
 


 
 
 
 
 
 
Denominator:


 


 


 
 
 
 
 
 
Weighted-average common shares outstanding - basic and diluted
42,193,769

 
441,931

 
42,635,700

 
45,451,888

 
494,527

 
45,946,415

Earnings per share - basic and diluted
$
0.61

 
0.61

 
0.61

 
1.54

 
1.54

 
1.54

 
 
 
 
 
 
 
 
 
 
 
 
 
Six months ended June 30,
 
2016
 
2015
 
Common shareholders
 
Unvested restricted stock shareholders
 
Total
 
Common shareholders
 
Unvested restricted stock shareholders
 
Total
Numerator:
 
 
 
 
 
 
 
 
 
 
 
Net income attributable to Nelnet, Inc.
$
73,334

 
777

 
74,111

 
134,227

 
1,447

 
135,674

 
 
 
 
 
 
 
 
 
 
 
 
Denominator:
 
 
 
 
 
 
 
 
 
 
 
Weighted-average common shares outstanding - basic and diluted
42,412,287

 
449,609

 
42,861,896

 
45,635,155

 
492,052

 
46,127,207

Earnings per share - basic and diluted
$
1.73

 
1.73

 
1.73

 
2.94

 
2.94

 
2.94

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

See note 14 of the notes to consolidated financial statements included in the 2015 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.

Prior to January 1, 2016, the Company allocated certain corporate overhead expenses that are incurred within the Corporate and Other Activities segment to the other operating segments. These expenses included certain corporate activities related to executive management, internal audit, enterprise risk management, and other costs incurred by the Company due to corporate-wide initiatives. Effective January 1, 2016, internal reporting to executive management (the "chief operating decision maker") changed to eliminate the allocation of these expenses to the other segments. Management believes the change in its allocation methodology results in a better reflection of the operating results of each of the reportable segments as if they each operated as a standalone business entity, which also reflects how management evaluates the performance of the segments. Prior period segment operating results have been restated to conform to the current period presentation.
 
Three months ended June 30, 2016
 
Student Loan and Guaranty Servicing
 
Tuition Payment Processing and Campus Commerce
 
Communications
 
Asset
Generation and
Management
 
Corporate and Other Activities
 
Eliminations
 
Total
Total interest income
$
22

 
3

 
—

 
184,966

 
2,064

 
(802
)
 
186,252

Interest expense
—

 
—

 
205

 
92,769

 
1,881

 
(802
)
 
94,052

Net interest income
22

 
3

 
(205
)
 
92,197

 
183

 
—

 
92,200

Less provision for loan losses
—

 
—

 
—

 
2,000

 
—

 
—

 
2,000

Net interest income (loss) after provision for loan losses
22


3

 
(205
)
 
90,197

 
183

 
—

 
90,200

Other income:
 

 
 

 
 
 
 

 
 

 
 

 
 

Loan and guaranty servicing revenue
54,402

 
—

 
—

 
—

 
—

 
—

 
54,402

Intersegment servicing revenue
11,408

 
—

 
—

 
—

 
—

 
(11,408
)
 
—

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

 
30,483

 
—

 
—

 
—

 
—

 
30,483

Communications revenue
—

 
—

 
4,478

 
—

 
—

 
—

 
4,478

Enrollment services revenue
—

 
—

 
—

 
—

 
—

 
—

 
—

Other income
—

 
—

 
—

 
3,834

 
5,931

 
—

 
9,765

Gain on sale of loans and debt repurchases
—

 
—

 
—

 
—

 
—

 
—

 
—

Derivative market value and foreign currency adjustments, net
—

 
—

 
—

 
(31,411
)
 
(3,797
)
 
—

 
(35,207
)
Derivative settlements, net
—

 
—

 
—

 
(5,264
)
 
(231
)
 
—

 
(5,495
)
Total other income
65,810

 
30,483

 
4,478

 
(32,841
)
 
1,903

 
(11,408
)
 
58,426

Operating expenses:
 

 
 

 
 
 
 
 
 

 
 
 
 

Salaries and benefits
31,380

 
15,444

 
1,377

 
499

 
12,222

 
—

 
60,923

Depreciation and amortization
445

 
2,511

 
1,378

 
—

 
3,848

 
—

 
8,183

Loan servicing fees
—

 
—

 
—

 
7,216

 
—

 
—

 
7,216

Cost to provide communication services
—

 
—

 
1,681

 
—

 
—

 
—

 
1,681

Cost to provide enrollment services
—

 
—

 
—

 
—

 
—

 
—

 
—

Other expenses
11,380

 
4,815

 
813

 
1,481

 
10,920

 
—

 
29,409

Intersegment expenses, net
6,102

 
1,562

 
187

 
11,539

 
(7,981
)
 
(11,408
)
 
—

Total operating expenses
49,307

 
24,332

 
5,436

 
20,735

 
19,009

 
(11,408
)
 
107,412

Income (loss) before income taxes
16,525

 
6,154

 
(1,163
)
 
36,621

 
(16,923
)
 
—

 
41,214

Income tax (expense) benefit
(6,280
)
 
(2,338
)
 
442

 
(13,916
)
 
7,057

 
—

 
(15,036
)
Net income (loss)
10,245

 
3,816

 
(721
)
 
22,705

 
(9,866
)
 
—

 
26,178

  Net income attributable to noncontrolling interests
—

 
—

 
—

 
—

 
28

 
—

 
28

Net income (loss) attributable to Nelnet, Inc.
$
10,245

 
3,816

 
(721
)
 
22,705

 
(9,894
)
 
—

 
26,150

 
Three months ended June 30, 2015 (a)
 
Student Loan and Guaranty Servicing
 
Tuition Payment Processing and Campus Commerce
 
Asset
Generation and
Management
 
Corporate and Other
Activities
 
Eliminations
 
Total
Total interest income
$
13

 
1

 
176,279

 
1,814

 
(385
)
 
177,722

Interest expense
—

 
—

 
71,441

 
1,570

 
(385
)
 
72,626

Net interest income
13

 
1

 
104,838

 
244

 
—

 
105,096

Less provision for loan losses
—

 
—

 
2,150

 
—

 
—

 
2,150

Net interest income after provision for loan losses
13

 
1

 
102,688

 
244

 
—

 
102,946

Other income:
 

 
 

 
 

 
 

 
 

 
 

Loan and guaranty servicing revenue
63,833

 
—

 
—

 
—

 
—

 
63,833

Intersegment servicing revenue
12,223

 
—

 
—

 
—

 
(12,223
)
 
—

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

 
27,686

 
—

 
—

 
—

 
27,686

Enrollment services revenue
—

 
—

 
—

 
12,680

 
—

 
12,680

Other income
—

 
—

 
3,950

 
8,035

 
—

 
11,985

Gain on sale of loans and debt repurchases
—

 
—

 
1,041

 
474

 
—

 
1,515

Derivative market value and foreign currency adjustments, net
—

 
—

 
9,404

 
2,540

 
—

 
11,944

Derivative settlements, net
—

 
—

 
(5,189
)
 
(253
)
 
—

 
(5,442
)
Total other income
76,056

 
27,686

 
9,206

 
23,476

 
(12,223
)
 
124,201

Operating expenses:
 

 
 

 
 

 
 

 
.

 
 

Salaries and benefits
31,585

 
13,583

 
524

 
13,095

 
—

 
58,787

Depreciation and amortization
527

 
2,195

 
—

 
3,779

 
—

 
6,501

Loan servicing fees
—

 
—

 
7,420

 
—

 
—

 
7,420

Cost to provide enrollment services
—

 
—

 
—

 
10,395

 
—

 
10,395

Other expenses
15,376

 
4,112

 
1,270

 
11,967

 
—

 
32,725

Intersegment expenses, net
8,045

 
2,164

 
12,362

 
(10,348
)
 
(12,223
)
 
—

Total operating expenses
55,533

 
22,054

 
21,576

 
28,888

 
(12,223
)
 
115,828

Income (loss) before income taxes
20,536

 
5,633

 
90,318

 
(5,168
)
 
—

 
111,319

Income tax (expense) benefit
(7,804
)
 
(2,140
)
 
(34,321
)
 
3,910

 
—

 
(40,356
)
Net income (loss)
12,732

 
3,493

 
55,997

 
(1,258
)
 
—

 
70,963

  Net income attributable to noncontrolling interests
—

 
—

 
—

 
54

 
—

 
54

Net income (loss) attributable to Nelnet, Inc.
$
12,732

 
3,493

 
55,997

 
(1,312
)
 
—

 
70,909


(a)
Does not include the Communications segment, which was initiated as a result of the acquisition of Allo on December 31, 2015.

 
Six months ended June 30, 2016
 
Student Loan and Guaranty Servicing
 
Tuition Payment Processing and Campus Commerce
 
Communications
 
Asset
Generation and
Management
 
Corporate and Other
Activities
 
Eliminations
 
Total
Total interest income
$
43

 
5

 
—

 
375,689

 
4,157

 
(1,625
)
 
378,269

Interest expense
—

 
—

 
352

 
182,647

 
3,087

 
(1,625
)
 
184,460

Net interest income
43

 
5

 
(352
)
 
193,042

 
1,070

 
—

 
193,809

Less provision for loan losses
—

 
—

 
—

 
4,500

 
—

 
—

 
4,500

Net interest income (loss) after provision for loan losses
43

 
5

 
(352
)
 
188,542

 
1,070

 
—

 
189,309

Other income:
 

 
 

 
 
 
 

 
 

 
 

 
 

Loan and guaranty servicing revenue
106,732

 
—

 
—

 
—

 
—

 
—

 
106,732

Intersegment servicing revenue
23,415

 
—

 
—

 
—

 
—

 
(23,415
)
 
—

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

 
69,140

 
—

 
—

 
—

 
—

 
69,140

Communications revenue
—

 
—

 
8,824

 
—

 
—

 
—

 
8,824

Enrollment services revenue
—

 
—

 
—

 
—

 
4,326

 
—

 
4,326

Other income
—

 
—

 
—

 
8,097

 
15,462

 
—

 
23,559

Gain on sale of loans and debt repurchases
—

 
—

 
—

 
101

 
—

 
—

 
101

Derivative market value and foreign currency adjustments, net
—

 
—

 
—

 
(51,308
)
 
(6,053
)
 
—

 
(57,361
)
Derivative settlements, net
—

 
—

 
—

 
(11,568
)
 
(463
)
 
—

 
(12,031
)
Total other income
130,147

 
69,140

 
8,824

 
(54,678
)
 
13,272

 
(23,415
)
 
143,290

Operating expenses:
 

 
 

 
 
 
 

 
 

 
 

 
 

Salaries and benefits
64,346

 
29,880

 
2,467

 
1,018

 
26,454

 
—

 
124,165

Depreciation and amortization
883

 
4,782

 
2,507

 
—

 
7,650

 
—

 
15,823

Loan servicing fees
—

 
—

 
—

 
14,144

 
—

 
—

 
14,144

Cost to provide communication services
—

 
—

 
3,384

 
—

 
—

 
—

 
3,384

Cost to provide enrollment services
—

 
—

 
—

 
—

 
3,623

 
—

 
3,623

Other expenses
22,850

 
8,973

 
1,566

 
2,997

 
21,397

 
—

 
57,783

Intersegment expenses, net
12,343

 
3,074

 
331

 
23,646

 
(15,978
)
 
(23,415
)
 
—

Total operating expenses
100,422

 
46,709

 
10,255

 
41,805

 
43,146

 
(23,415
)
 
218,922

Income (loss) before income taxes
29,768

 
22,436

 
(1,783
)
 
92,059

 
(28,804
)
 
—

 
113,677

Income tax (expense) benefit
(11,312
)
 
(8,526
)
 
678

 
(34,983
)
 
14,674

 
—

 
(39,469
)
Net income (loss)
18,456

 
13,910

 
(1,105
)
 
57,076

 
(14,130
)
 
—

 
74,208

  Net income attributable to noncontrolling interests
—

 
—

 
—

 
—

 
97

 
—

 
97

Net income (loss) attributable to Nelnet, Inc.
$
18,456

 
13,910

 
(1,105
)
 
57,076

 
(14,227
)
 
—

 
74,111

 
Six months ended June 30, 2015 (a)
 
Student Loan and Guaranty Servicing
 
Tuition Payment Processing and Campus Commerce
 
Asset
Generation and
Management
 
Corporate and Other
Activities
 
Eliminations
 
Total
Total interest income
$
20

 
3

 
348,702

 
3,967

 
(821
)
 
351,871

Interest expense
—

 
—

 
141,981

 
3,020

 
(821
)
 
144,180

Net interest income
20

 
3

 
206,721

 
947

 
—

 
207,691

Less provision for loan losses
—

 
—

 
4,150

 
—

 
—

 
4,150

Net interest income after provision for loan losses
20

 
3

 
202,571

 
947

 
—

 
203,541

Other income:
 

 
 

 
 

 
 

 
 

 
 

Loan and guaranty servicing revenue
121,644

 
—

 
—

 
—

 
—

 
121,644

Intersegment servicing revenue
25,094

 
—

 
—

 
—

 
(25,094
)
 
—

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

 
62,366

 
—

 
—

 
—

 
62,366

Enrollment services revenue
—

 
—

 
—

 
26,053

 
—

 
26,053

Other income
—

 
—

 
8,526

 
14,867

 
—

 
23,393

 Gain on sale of loans and debt repurchases
—

 
—

 
1,392

 
2,998

 
—

 
4,390

Derivative market value and foreign currency adjustments, net
—

 
—

 
12,994

 
1,087

 
—

 
14,081

Derivative settlements, net
—

 
—

 
(10,152
)
 
(505
)
 
—

 
(10,657
)
Total other income
146,738

 
62,366

 
12,760

 
44,500

 
(25,094
)
 
241,270

Operating expenses:
 

 
 

 
 

 
 

 
 

 
 

Salaries and benefits
65,288

 
26,904

 
1,065

 
26,580

 
—

 
119,837

Depreciation and amortization
973

 
4,390

 
—

 
6,800

 
—

 
12,163

Loan servicing fees
—

 
—

 
15,036

 
—

 
—

 
15,036

Cost to provide enrollment services
—

 
—

 
—

 
21,194

 
—

 
21,194

Other expenses
29,976

 
7,914

 
2,407

 
22,529

 
—

 
62,826

Intersegment expenses, net
14,687

 
4,199

 
25,370

 
(19,162
)
 
(25,094
)
 
—

Total operating expenses
110,924

 
43,407

 
43,878

 
57,941

 
(25,094
)
 
231,056

Income (loss) before income taxes
35,834

 
18,962

 
171,453

 
(12,494
)
 
—

 
213,755

Income tax (expense) benefit
(13,617
)
 
(7,206
)
 
(65,152
)
 
7,989

 
—

 
(77,986
)
Net income (loss)
22,217

 
11,756

 
106,301

 
(4,505
)
 
—

 
135,769

  Net income attributable to noncontrolling interests
—

 
—

 
—

 
95

 
—

 
95

Net income (loss) attributable to Nelnet, Inc.
$
22,217

 
11,756

 
106,301

 
(4,600
)
 
—

 
135,674


(a)
Does not include the Communications segment, which was initiated as a result of the acquisition of Allo on December 31, 2015.
Fair Value (Tables)
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis 
The following tables present the Company’s financial assets and liabilities that are measured at fair value on a recurring basis. There were no transfers into or out of level 1, level 2, or level 3 for the six months ended June 30, 2016.
 
As of June 30, 2016
 
As of December 31, 2015
 
Level 1
 
Level 2
 
Total
 
Level 1
 
Level 2
 
Total
Assets:
 
 
 
 
 
 
 
 
 
 
 
Investments (available-for-sale and trading):
 
 
 
 


 
 
 
 
 
 
Student loan asset-backed securities
$
—

 
133,592

 
133,592

 
—

 
147,925

 
147,925

Equity securities
7,766

 
—

 
7,766

 
7,337

 
—

 
7,337

Debt securities
124

 
—

 
124

 
130

 
—

 
130

Total investments (available-for-sale and trading)
7,890

 
133,592

 
141,482

 
7,467

 
147,925

 
155,392

Fair value of derivative instruments
—

 
3,408

 
3,408

 
—

 
28,690

 
28,690

Total assets
$
7,890

 
137,000

 
144,890

 
7,467

 
176,615

 
184,082

Liabilities:
 

 
 

 
 

 
 
 
 
 
 
Fair value of derivative instruments
$
—

 
101,771

 
101,771

 
—

 
74,881

 
74,881

Total liabilities
$
—

 
101,771

 
101,771

 
—

 
74,881

 
74,881



Fair Value, by Balance Sheet Grouping 
Cash and cash equivalents
 
$
334

Restricted cash and investments
 
850

Accounts receivable
 
1,935

Property and equipment
 
32,479

Other assets
 
371

Intangible assets
 
11,410

Excess cost over fair value of net assets acquired (goodwill)
 
21,112

Other liabilities
 
(4,587
)
Bonds and notes payable
 
(13,904
)
Net assets acquired
 
50,000

Minority interest
 
(3,750
)
Total consideration paid by the Company
 
$
46,250

The following table summarizes the fair values of all of the Company’s financial instruments on the consolidated balance sheets:
 
As of June 30, 2016
 
Fair value
 
Carrying value
 
Level 1
 
Level 2
 
Level 3
Financial assets:
 
 
 
 
 
 
 
 
 
Student loans receivable
$
26,875,363

 
26,539,604

 
—

 
—

 
26,875,363

Cash and cash equivalents
59,253

 
59,253

 
59,253

 
—

 
—

Investments (available-for-sale and trading)
141,482

 
141,482

 
7,890

 
133,592

 
—

Notes receivable
17,206

 
17,206

 
—

 
17,206

 
—

Restricted cash
955,689

 
955,689

 
955,689

 
—

 
—

Restricted cash – due to customers
132,018

 
132,018

 
132,018

 
—

 
—

Restricted investments
9,110

 
9,110

 
9,110

 
—

 
—

Accrued interest receivable
380,140

 
380,140

 
—

 
380,140

 
—

Derivative instruments
3,408

 
3,408

 
—

 
3,408

 
—

Financial liabilities:
 

 
 

 
 
 
 
 
 
Bonds and notes payable
25,510,394

 
26,399,686

 
—

 
25,510,394

 
—

Accrued interest payable
39,926

 
39,926

 
—

 
39,926

 
—

Due to customers
132,018

 
132,018

 
132,018

 
—

 
—

Derivative instruments
101,771

 
101,771

 
—

 
101,771

 
—

 
As of December 31, 2015
 
Fair value
 
Carrying value
 
Level 1
 
Level 2
 
Level 3
Financial assets:
 
 
 
 
 
 
 
 
 
Student loans receivable
$
28,611,350

 
28,324,552

 
—

 
—

 
28,611,350

Cash and cash equivalents
63,529

 
63,529

 
63,529

 
—

 
—

Investments (available-for-sale and trading)
155,392

 
155,392

 
7,467

 
147,925

 
—

Notes receivable
18,067

 
18,473

 
—

 
18,067

 
—

Restricted cash
823,450

 
823,450

 
823,450

 
—

 
—

Restricted cash – due to customers
144,771

 
144,771

 
144,771

 
—

 
—

Restricted investments
9,174

 
9,174

 
9,174

 
—

 
—

Accrued interest receivable
383,825

 
383,825

 
—

 
383,825

 
—

Derivative instruments
28,690

 
28,690

 
—

 
28,690

 
—

Financial liabilities:
 

 
 

 
 
 
 
 
 
Bonds and notes payable
27,150,775

 
28,105,921

 
—

 
27,150,775

 
—

Accrued interest payable
31,507

 
31,507

 
—

 
31,507

 
—

Due to customers
144,771

 
144,771

 
144,771

 
—

 
—

Derivative instruments
74,881

 
74,881

 
—

 
74,881

 
—

Basis of Financial Reporting Reclassifications (Details)
6 Months Ended
Jun. 30, 2016
Sale of subsidiary [Line Items]
 
Percent of membership interest sold
100.00% 
Student Loans Receivable (Details) (USD $)
6 Months Ended
Jun. 30, 2016
Mar. 31, 2016
Dec. 31, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2014
Jun. 30, 2016
Federally insured loans [Member]
Jun. 30, 2015
Federally insured loans [Member]
Jun. 30, 2016
Private education loans [Member]
Jun. 30, 2015
Private education loans [Member]
Jun. 30, 2016
held for investment [Member]
Dec. 31, 2015
held for investment [Member]
Jun. 30, 2016
held for investment [Member]
Federally insured loans [Member]
Dec. 31, 2015
held for investment [Member]
Federally insured loans [Member]
Jun. 30, 2016
held for investment [Member]
Private education loans [Member]
Dec. 31, 2015
held for investment [Member]
Private education loans [Member]
Jun. 30, 2016
held for investment [Member]
Stafford and Other [Member]
Federally insured loans [Member]
Dec. 31, 2015
held for investment [Member]
Stafford and Other [Member]
Federally insured loans [Member]
Jun. 30, 2016
held for investment [Member]
Consolidation Loans [Member]
Federally insured loans [Member]
Dec. 31, 2015
held for investment [Member]
Consolidation Loans [Member]
Federally insured loans [Member]
Jun. 30, 2016
Non-accretable discount [Member]
held for investment [Member]
Dec. 31, 2015
Non-accretable discount [Member]
held for investment [Member]
Jun. 30, 2016
CommonBond Purchase Commitment [Member]
Private education loans [Member]
Jun. 30, 2016
CommonBond Purchase Commitment [Member]
Private education loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Student loans receivable, gross
 
 
 
 
 
 
 
 
 
 
$ 26,754,560,000 
$ 28,555,749,000 
$ 26,466,390,000 
$ 28,288,107,000 
$ 288,170,000 
$ 267,642,000 
$ 5,629,034,000 
$ 6,202,064,000 
$ 20,837,356,000 
$ 22,086,043,000 
$ 10,100,000,000 
$ 10,800,000,000 
 
 
Long-term Purchase Commitment, Period
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
18 months 
Loan discount, net of unamortized loan premiums and deferred origination costs
 
 
 
 
 
 
 
 
 
 
166,203,000 1
180,699,000 1
 
 
 
 
 
 
 
 
26,200,000 
33,000,000 
 
 
Allowance for loan losses
48,753,000 
50,084,000 
50,498,000 
50,024,000 
51,161,000 
48,900,000 
33,224,000 
36,762,000 
15,529,000 
13,262,000 
 
 
33,224,000 
35,490,000 
15,529,000 
15,008,000 
 
 
 
 
 
 
 
 
Student loans receivable
26,539,604,000 
 
28,324,552,000 
 
 
 
 
 
 
 
26,539,604,000 
28,324,552,000 
 
 
 
 
 
 
 
 
 
 
 
 
Loans and Leases Receivable, Commitments to Purchase or Sell
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
200,000,000 
 
Financing Receivable, Significant Purchases
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 190,100,000 
Student Loans Receivable and Allowance for Loan Losses Allowance for Loan Losses (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Financing Receivable, Allowance for Credit Losses [Roll Forward]
 
 
 
 
Allowance for loan losses - balance
$ 50,084 
$ 51,161 
$ 50,498 
$ 48,900 
Provision for loan losses
2,000 
2,150 1
4,500 
4,150 1
Charge-offs
(3,731)
(3,705)
(7,181)
(7,530)
Purchase (sale) of federally insured and private education loans, net
100 
0 
260 
(230)
Allowance for loan losses - balance
48,753 
50,024 
48,753 
50,024 
Federally insured loans [Member]
 
 
 
 
Financing Receivable, Allowance for Credit Losses [Roll Forward]
 
 
 
 
Provision for loan losses
2,000 
2,000 
4,000 
4,000 
Charge-offs
(3,217)
(3,259)
(6,266)
(6,408)
Allowance for loan losses - balance
33,224 
36,762 
33,224 
36,762 
Private education loans [Member]
 
 
 
 
Financing Receivable, Allowance for Credit Losses [Roll Forward]
 
 
 
 
Provision for loan losses
0 
150 
500 
150 
Charge-offs
(514)
(446)
(915)
(1,122)
Recoveries - private education loans
250 
238 
526 
492 
Transfer from repurchase obligation related to private education loans repurchased, net
50 
180 
150 
4,242 
Allowance for loan losses - balance
$ 15,529 
$ 13,262 
$ 15,529 
$ 13,262 
Student Loans Receivable and Allowance for Loan Losses Student Loan Status and Delinquency (Details) (USD $)
In Thousands, unless otherwise specified
6 Months Ended 12 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Dec. 31, 2015
Federally insured loans [Member]
 
 
 
Financing Receivable, Recorded Investment [Line Items]
 
 
 
Loans in-school/grace/deferment
$ 1,936,064 
$ 2,634,088 
$ 2,292,941 
Loans in forbearance
2,672,241 
3,118,774 
2,979,357 
Student loans receivable, gross
26,466,390 
28,138,648 
28,288,107 
Loans in repayment status:
 
 
 
Loans current
18,957,457 
19,055,994 
19,447,541 
Loans current, percentage
86.70% 
85.20% 
84.40% 
Total loans in repayment
21,858,085 
22,385,786 
23,015,809 
Total loans in repayment, percentage
100.00% 
100.00% 
100.00% 
Private education loans [Member]
 
 
 
Financing Receivable, Recorded Investment [Line Items]
 
 
 
Loans in-school/grace/deferment
54,597 
5,268 
30,795 
Loans in forbearance
1,610 
142 
350 
Student loans receivable, gross
288,170 
175,202 
267,642 
Loans in repayment status:
 
 
 
Loans current
225,585 
161,355 
228,464 
Loans current, percentage
97.20% 
95.00% 
96.70% 
Total loans in repayment
231,963 
169,792 
236,497 
Total loans in repayment, percentage
100.00% 
100.00% 
100.00% 
Financing Receivables, 31 to 60 Days Past Due [Member] [Member] |
Federally insured loans [Member]
 
 
 
Loans in repayment status:
 
 
 
Financing Receivable, Recorded Investment, Past Due
828,885 
950,055 
1,028,396 
Financing Receivable, Percent Past Due
3.80% 
4.20% 
4.50% 
Financing Receivables, 31 to 60 Days Past Due [Member] [Member] |
Private education loans [Member]
 
 
 
Loans in repayment status:
 
 
 
Financing Receivable, Recorded Investment, Past Due
1,361 
1,407 
1,771 
Financing Receivable, Percent Past Due
0.60% 
0.80% 
0.70% 
Financing Receivables, 61 to 90 Days Past Due [Member] |
Federally insured loans [Member]
 
 
 
Loans in repayment status:
 
 
 
Financing Receivable, Recorded Investment, Past Due
482,379 
612,657 
566,953 
Financing Receivable, Percent Past Due
2.20% 
2.70% 
2.50% 
Financing Receivables, 61 to 90 Days Past Due [Member] |
Private education loans [Member]
 
 
 
Loans in repayment status:
 
 
 
Financing Receivable, Recorded Investment, Past Due
929 
1,647 
1,283 
Financing Receivable, Percent Past Due
0.40% 
1.00% 
0.50% 
Financing receivables, 91-120 days past due [Member] |
Federally insured loans [Member]
 
 
 
Loans in repayment status:
 
 
 
Financing Receivable, Recorded Investment, Past Due
320,213 
355,636 
415,747 
Financing Receivable, Percent Past Due
1.50% 
1.60% 
1.80% 
Financing receivables, 121-270 days past due [Member] |
Federally insured loans [Member]
 
 
 
Loans in repayment status:
 
 
 
Financing Receivable, Recorded Investment, Past Due
918,788 
1,051,843 
1,166,940 
Financing Receivable, Percent Past Due
4.20% 
4.70% 
5.10% 
Financing receivables, 271 days or greater past due [Member] |
Federally insured loans [Member]
 
 
 
Loans in repayment status:
 
 
 
Financing Receivable, Recorded Investment, Past Due
350,363 
359,601 
390,232 
Financing Receivable, Percent Past Due
1.60% 
1.60% 
1.70% 
Financing Receivables, Equal to Greater than 91 Days Past Due [Member] |
Private education loans [Member]
 
 
 
Loans in repayment status:
 
 
 
Financing Receivable, Recorded Investment, Past Due
$ 4,088 
$ 5,383 
$ 4,979 
Financing Receivable, Percent Past Due
1.80% 
3.20% 
2.10% 
Outstanding Debt Obligations (Details) (USD $)
In Thousands, unless otherwise specified
6 Months Ended 12 Months Ended
Jun. 30, 2016
Dec. 31, 2015
Debt Instrument [Line Items]
 
 
Bonds and notes payable
$ 26,399,686 
$ 28,105,921 
Discount on bonds and notes payable and debt issuance costs, net
(465,568)
(497,410)
Variable-rate bonds and notes [Member]
 
 
Debt Instrument [Line Items]
 
 
Bonds and notes payable
24,576,893 
26,315,701 
Bonds and notes based on indices [Member]
 
 
Debt Instrument [Line Items]
 
 
Bonds and notes payable
23,418,478 
25,155,336 
Bonds and notes based on indices [Member] |
Minimum [Member]
 
 
Debt Instrument [Line Items]
 
 
Debt Instrument, Interest Rate, Stated Percentage
0.30% 
0.05% 
Debt Instrument, Maturity Date
Aug. 26, 2019 
Aug. 26, 2019 
Bonds and notes based on indices [Member] |
Maximum [Member]
 
 
Debt Instrument [Line Items]
 
 
Debt Instrument, Interest Rate, Stated Percentage
6.90% 
6.90% 
Debt Instrument, Maturity Date
Aug. 26, 2052 
Aug. 26, 2052 
Bonds and notes based on auction or remarketing [Member]
 
 
Debt Instrument [Line Items]
 
 
Bonds and notes payable
1,158,415 
1,160,365 
Bonds and notes based on auction or remarketing [Member] |
Minimum [Member]
 
 
Debt Instrument [Line Items]
 
 
Debt Instrument, Interest Rate, Stated Percentage
1.26% 
0.88% 
Debt Instrument, Maturity Date
Mar. 22, 2032 
Mar. 22, 2032 
Bonds and notes based on auction or remarketing [Member] |
Maximum [Member]
 
 
Debt Instrument [Line Items]
 
 
Debt Instrument, Interest Rate, Stated Percentage
2.21% 
2.17% 
Debt Instrument, Maturity Date
Nov. 26, 2046 
Nov. 26, 2046 
Warehouse facilities [Member] |
FFELP Warehouse Total [Member]
 
 
Debt Instrument [Line Items]
 
 
Bonds and notes payable
1,811,708 
1,855,907 
Warehouse facilities [Member] |
FFELP Warehouse Total [Member] |
Minimum [Member]
 
 
Debt Instrument [Line Items]
 
 
Debt Instrument, Interest Rate, Stated Percentage
0.46% 
0.27% 
Debt Instrument, Maturity Date
Jul. 09, 2018 
Apr. 29, 2018 
Warehouse facilities [Member] |
FFELP Warehouse Total [Member] |
Maximum [Member]
 
 
Debt Instrument [Line Items]
 
 
Debt Instrument, Interest Rate, Stated Percentage
0.80% 
0.56% 
Debt Instrument, Maturity Date
Apr. 26, 2019 
Dec. 14, 2018 
Warehouse facilities [Member] |
Private education loans [Member]
 
 
Debt Instrument [Line Items]
 
 
Bonds and notes payable
221,114 
181,184 
Warehouse facilities [Member] |
Private education loans [Member] |
Minimum [Member]
 
 
Debt Instrument [Line Items]
 
 
Debt Instrument, Interest Rate, Stated Percentage
0.81% 
0.57% 
Debt Instrument, Maturity Date
Apr. 28, 2017 
Dec. 26, 2016 
Warehouse facilities [Member] |
Private education loans [Member] |
Maximum [Member]
 
 
Debt Instrument [Line Items]
 
 
Debt Instrument, Interest Rate, Stated Percentage
0.81% 
0.57% 
Debt Instrument, Maturity Date
Apr. 28, 2017 
Dec. 26, 2016 
Line of Credit [Member]
 
 
Debt Instrument [Line Items]
 
 
Bonds and notes payable
105,000 
100,000 
Line of Credit [Member] |
Minimum [Member]
 
 
Debt Instrument [Line Items]
 
 
Debt Instrument, Interest Rate, Stated Percentage
1.94% 
1.79% 
Debt Instrument, Maturity Date
Oct. 30, 2020 
Oct. 30, 2020 
Line of Credit [Member] |
Maximum [Member]
 
 
Debt Instrument [Line Items]
 
 
Debt Instrument, Interest Rate, Stated Percentage
1.95% 
1.92% 
Debt Instrument, Maturity Date
Oct. 30, 2020 
Oct. 30, 2020 
Junior Subordinated Debt [Member]
 
 
Debt Instrument [Line Items]
 
 
Bonds and notes payable
57,184 
57,184 
Junior Subordinated Debt [Member] |
Minimum [Member]
 
 
Debt Instrument [Line Items]
 
 
Debt Instrument, Interest Rate, Stated Percentage
4.01% 
3.99% 
Debt Instrument, Maturity Date
Sep. 15, 2061 
Sep. 15, 2061 
Junior Subordinated Debt [Member] |
Maximum [Member]
 
 
Debt Instrument [Line Items]
 
 
Debt Instrument, Interest Rate, Stated Percentage
4.01% 
3.99% 
Debt Instrument, Maturity Date
Sep. 15, 2061 
Sep. 15, 2061 
Other borrowings [Member]
 
 
Debt Instrument [Line Items]
 
 
Bonds and notes payable
93,355 
93,355 
Other borrowings [Member] |
Minimum [Member]
 
 
Debt Instrument [Line Items]
 
 
Debt Instrument, Interest Rate, Stated Percentage
1.97% 
1.93% 
Debt Instrument, Maturity Date
Oct. 31, 2016 
Oct. 31, 2016 
Other borrowings [Member] |
Maximum [Member]
 
 
Debt Instrument [Line Items]
 
 
Debt Instrument, Interest Rate, Stated Percentage
3.38% 
3.38% 
Debt Instrument, Maturity Date
Dec. 15, 2045 
Dec. 25, 2045 
Bonds and notes payable, gross [Member]
 
 
Debt Instrument [Line Items]
 
 
Bonds and notes payable
$ 26,865,254 
$ 28,603,331 
Bonds and Notes Payable Outstanding Lines of Credit (Details) (USD $)
6 Months Ended 6 Months Ended 6 Months Ended 12 Months Ended 6 Months Ended 12 Months Ended 0 Months Ended 3 Months Ended
Jun. 30, 2016
Unsecured Line of Credit [Member]
Jun. 30, 2016
FFELP Warehouse Total [Member]
Warehouse facilities [Member]
Jun. 30, 2016
FFELP Warehouse Total [Member]
Warehouse facilities [Member]
NHELP-III Warehouse [Member]
Jun. 30, 2016
FFELP Warehouse Total [Member]
Warehouse facilities [Member]
NFSLW-I Warehouse [Member]
Mar. 31, 2016
FFELP Warehouse Total [Member]
Warehouse facilities [Member]
NFSLW-I Warehouse [Member]
Jun. 30, 2016
FFELP Warehouse Total [Member]
Warehouse facilities [Member]
NHELP-II Warehouse [Member]
Jun. 30, 2016
FFELP Warehouse Total [Member]
Minimum [Member]
Warehouse facilities [Member]
Dec. 31, 2015
FFELP Warehouse Total [Member]
Minimum [Member]
Warehouse facilities [Member]
Jun. 30, 2016
FFELP Warehouse Total [Member]
Minimum [Member]
Warehouse facilities [Member]
NHELP-III Warehouse [Member]
Jun. 30, 2016
FFELP Warehouse Total [Member]
Minimum [Member]
Warehouse facilities [Member]
NFSLW-I Warehouse [Member]
Jun. 30, 2016
FFELP Warehouse Total [Member]
Minimum [Member]
Warehouse facilities [Member]
NHELP-II Warehouse [Member]
Jun. 30, 2016
FFELP Warehouse Total [Member]
Maximum [Member]
Warehouse facilities [Member]
Dec. 31, 2015
FFELP Warehouse Total [Member]
Maximum [Member]
Warehouse facilities [Member]
Jun. 30, 2016
FFELP Warehouse Total [Member]
Maximum [Member]
Warehouse facilities [Member]
NHELP-III Warehouse [Member]
Jun. 30, 2016
FFELP Warehouse Total [Member]
Maximum [Member]
Warehouse facilities [Member]
NFSLW-I Warehouse [Member]
Jun. 30, 2016
FFELP Warehouse Total [Member]
Maximum [Member]
Warehouse facilities [Member]
NHELP-II Warehouse [Member]
Jul. 7, 2016
FFELP Warehouse Total [Member]
Subsequent Event [Member]
Warehouse facilities [Member]
NFSLW-I Warehouse [Member]
Jun. 30, 2016
Private Loan Warehouse Total [Member]
Warehouse facilities [Member]
Mar. 31, 2016
Private Loan Warehouse Total [Member]
Warehouse facilities [Member]
Jun. 30, 2016
Private Loan Warehouse Total [Member]
Minimum [Member]
Warehouse facilities [Member]
Mar. 31, 2016
Private Loan Warehouse Total [Member]
Minimum [Member]
Warehouse facilities [Member]
Jun. 30, 2016
Private Loan Warehouse Total [Member]
Maximum [Member]
Warehouse facilities [Member]
Mar. 31, 2016
Private Loan Warehouse Total [Member]
Maximum [Member]
Warehouse facilities [Member]
Line of Credit Facility [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Minimum advance rates
 
 
 
 
 
 
 
 
92.15% 
84.00% 
85.00% 
 
 
95.00% 
90.00% 
95.00% 
 
 
 
61.75% 
64.00% 
95.00% 
99.00% 
Maximum financing amount
$ 350,000,000 
$ 2,125,000,000 
$ 750,000,000 
$ 875,000,000 
 
$ 500,000,000 
 
 
 
 
 
 
 
 
 
 
$ 875,000,000 
$ 275,000,000 
 
 
 
 
 
Amount outstanding
105,000,000 
1,811,708,000 
512,572,000 
844,087,000 
 
455,049,000 
 
 
 
 
 
 
 
 
 
 
 
221,100,000 
 
 
 
 
 
Amount available
245,000,000 
313,292,000 
237,428,000 
30,913,000 1
 
44,951,000 
 
 
 
 
 
 
 
 
 
 
 
53,900,000 
 
 
 
 
 
Expiration of liquidity provisions
 
 
Apr. 28, 2017 
Jul. 08, 2016 
 
Dec. 16, 2016 
 
 
 
 
 
 
 
 
 
 
Jul. 10, 2018 
Oct. 28, 2016 
Jun. 24, 2016 
 
 
 
 
Debt Instrument, Maturity Date
Oct. 30, 2020 
 
Apr. 26, 2019 
Jul. 09, 2018 
 
Dec. 14, 2018 
Jul. 09, 2018 
Apr. 29, 2018 
 
 
 
Apr. 26, 2019 
Dec. 14, 2018 
 
 
 
Sep. 07, 2018 
Apr. 28, 2017 
 
 
 
 
 
Expected decrease in financing amount
 
 
 
 
125,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Advanced as equity support
 
$ 105,408,000 
$ 30,694,000 
$ 36,663,000 
 
$ 38,051,000 
 
 
 
 
 
 
 
 
 
 
 
$ 32,000,000 
 
 
 
 
 
Maximum advance rates
 
 
 
 
 
 
 
 
92.15% 
92.00% 
85.00% 
 
 
95.00% 
98.00% 
95.00% 
 
88.00% 
88.00% 
 
 
 
 
Derivative Financial Instruments Outstanding (Details) (USD $)
In Thousands, unless otherwise specified
6 Months Ended 6 Months Ended 12 Months Ended 6 Months Ended 12 Months Ended 6 Months Ended 12 Months Ended 6 Months Ended 12 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Dec. 31, 2015
Jun. 30, 2016
1:3 basis swaps [Member]
Dec. 31, 2015
1:3 basis swaps [Member]
Jun. 30, 2016
Interest Rate Swap [Member]
Interest rate swaps - floor income hedges [Member]
Dec. 31, 2015
Interest Rate Swap [Member]
Interest rate swaps - floor income hedges [Member]
Jun. 30, 2016
Interest Rate Swap [Member]
Interest rate swaps - floor income hedges [Member]
Maturity 2016 [Member]
Dec. 31, 2015
Interest Rate Swap [Member]
Interest rate swaps - floor income hedges [Member]
Maturity 2016 [Member]
Jun. 30, 2016
Interest Rate Swap [Member]
Interest rate swaps - floor income hedges [Member]
Maturity 2017 [Member]
Dec. 31, 2015
Interest Rate Swap [Member]
Interest rate swaps - floor income hedges [Member]
Maturity 2017 [Member]
Jun. 30, 2016
Interest Rate Swap [Member]
Interest rate swaps - floor income hedges [Member]
Maturity 2018 [Member]
Dec. 31, 2015
Interest Rate Swap [Member]
Interest rate swaps - floor income hedges [Member]
Maturity 2018 [Member]
Jun. 30, 2016
Interest Rate Swap [Member]
Interest rate swaps - floor income hedges [Member]
Maturity 2019 [Member]
Dec. 31, 2015
Interest Rate Swap [Member]
Interest rate swaps - floor income hedges [Member]
Maturity 2019 [Member]
Jun. 30, 2016
Interest Rate Swap [Member]
Interest rate swaps - floor income hedges [Member]
Maturity 2020 [Member]
Dec. 31, 2015
Interest Rate Swap [Member]
Interest rate swaps - floor income hedges [Member]
Maturity 2020 [Member]
Jun. 30, 2016
Interest Rate Swap [Member]
Interest rate swaps - floor income hedges [Member]
Maturity 2025 [Member]
Dec. 31, 2015
Interest Rate Swap [Member]
Interest rate swaps - floor income hedges [Member]
Maturity 2025 [Member]
Jun. 30, 2016
Interest Rate Swap [Member]
Interest rate swaps - floor income hedges [Member]
Maturity 2026 [Member]
Dec. 31, 2015
Interest Rate Swap [Member]
Interest rate swaps - floor income hedges [Member]
Maturity 2026 [Member]
Jun. 30, 2016
Interest Rate Cap [Member]
Jun. 30, 2016
Swaption [Member]
Dec. 31, 2015
Swaption [Member]
Jun. 30, 2016
Junior Subordinated Debt [Member]
Dec. 31, 2015
Junior Subordinated Debt [Member]
Jun. 30, 2016
Junior Subordinated Debt [Member]
Interest Rate Swap [Member]
unsecured debt hedges [Member]
Maturity 2036 [Member]
Dec. 31, 2015
Junior Subordinated Debt [Member]
Interest Rate Swap [Member]
unsecured debt hedges [Member]
Maturity 2036 [Member]
Jun. 30, 2016
Private Loan Warehouse Total [Member]
Interest Rate Cap [Member]
Jun. 30, 2016
Interest Rate Cap 1 [Member]
Interest Rate Cap [Member]
Jun. 30, 2016
Interest Rate Cap 2 [Member]
Interest Rate Cap [Member]
Jun. 30, 2016
Maturity 2016 [Member]
1:3 basis swaps [Member]
Dec. 31, 2015
Maturity 2016 [Member]
1:3 basis swaps [Member]
Jun. 30, 2016
Maturity 2028 [Member]
1:3 basis swaps [Member]
Dec. 31, 2015
Maturity 2028 [Member]
1:3 basis swaps [Member]
Derivative [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Increase (Decrease) in Financial Instruments Used in Operating Activities
$ 0 
$ 585 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 2,900 
$ 9,100 
 
 
 
 
 
 
 
 
 
 
 
 
Derivative, Type of Interest Rate Paid on Swap
 
 
 
one-month LIBOR 
one-month LIBOR 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted average basis spread on variable rate paid on swap
 
 
 
0.093% 
0.10% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivative, Notional Amount
 
 
 
 
 
8,250,000 
5,300,000 
750,000 
1,000,000 
1,000,000 
2,100,000 
1,600,000 
1,600,000 
3,250,000 
500,000 
1,500,000 
0 
100,000 
100,000 
50,000 
0 
275,000 
250,000 
 
 
 
25,000 
25,000 
 
125,000 
150,000 
2,000,000 
7,500,000 
125,000 
0 
Derivative, Average Fixed Interest Rate
 
 
 
 
 
0.99% 1
0.95% 1
0.72% 1
0.76% 1
0.97% 1
0.84% 1
1.08% 1
1.08% 1
0.97% 1
1.12% 1
1.01% 1
0.00% 1
2.32% 1
2.32% 1
1.52% 
0.00% 
 
 
 
 
 
4.28% 2
4.28% 2
 
 
 
 
 
 
 
Bonds and notes payable
$ 26,399,686 
 
$ 28,105,921 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 57,184 
$ 57,184 
 
 
$ 275,000 
 
 
 
 
 
 
Derivative, Type of Interest Rate Received on Swap
 
 
 
3-month LIBOR 
3-month LIBOR 
3-month LIBOR 
3-month LIBOR 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1-month LIBOR 
   
 
 
3-month LIBOR 
3-month LIBOR 
 
 
 
 
 
 
 
Derivative, Swaption Interest Rate
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3.30% 
 
 
 
 
 
 
 
 
 
 
 
 
Derivative, Fixed Interest Rate
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
7.66% 
7.66% 
 
 
 
 
 
 
 
Derivative, Description of Terms
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
one-month LIBOR 
one-month LIBOR 
 
 
 
 
Derivative, Cap Interest Rate
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2.50% 
4.99% 
 
 
 
 
Derivative Financial Instruments Cross-currency Interest Rate Swaps (Details)
In Thousands, unless otherwise specified
6 Months Ended 3 Months Ended 6 Months Ended
Jun. 30, 2016
USD ($)
Jun. 30, 2015
USD ($)
Dec. 31, 2015
USD ($)
Jun. 30, 2016
Currency Swap [Member]
USD ($)
Jun. 30, 2015
Currency Swap [Member]
USD ($)
Jun. 30, 2016
Currency Swap [Member]
USD ($)
Jun. 30, 2015
Currency Swap [Member]
USD ($)
Jun. 30, 2016
Currency Swap [Member]
EUR (€)
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
 
 
 
 
 
Bonds and notes payable
$ 26,399,686 
 
$ 28,105,921 
 
 
 
 
€ 352,700 
Derivative, Notional Amount
 
 
 
450,000 
 
450,000 
 
352,700 
Re-measurement of Euro Notes
 
 
 
9,768 
(14,671)
(8,712)
33,538 
 
Change in fair value of cross currency interest rate swaps
(48,649)
(19,457)
 
(12,008)
13,933 
20,693 
(35,873)
 
Total impact to statements of income - income (expense)
 
 
 
$ (2,240)1
$ (738)1
$ 11,981 1
$ (2,335)1
 
Derivative Financial Instruments Fair Value of Derivative Instruments (Details) (USD $)
6 Months Ended 6 Months Ended 6 Months Ended
Jun. 30, 2016
Dec. 31, 2015
Jun. 30, 2015
1:3 basis swaps [Member]
Jun. 30, 2016
1:3 basis swaps [Member]
Dec. 31, 2015
1:3 basis swaps [Member]
Jun. 30, 2016
Interest rate swaps - floor income hedges [Member]
Dec. 31, 2015
Interest rate swaps - floor income hedges [Member]
Jun. 30, 2016
Swaption [Member]
Dec. 31, 2015
Swaption [Member]
Jun. 30, 2016
Interest rate swaps - hybrid debt hedges [Member]
Dec. 31, 2015
Interest rate swaps - hybrid debt hedges [Member]
Jun. 30, 2016
Interest Rate Cap [Member]
Dec. 31, 2015
Interest Rate Cap [Member]
Jun. 30, 2016
Cross-currency interest rate swaps [Member]
Dec. 31, 2015
Cross-currency interest rate swaps [Member]
Jun. 30, 2016
Other Contract [Member]
Dec. 31, 2015
Other Contract [Member]
Derivatives, Fair Value [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fair value of derivative instruments, asset
$ 3,408,000 
$ 28,690,000 
 
$ 623,000 
$ 724,000 
$ 27,000 
$ 21,408,000 
$ 986,000 
$ 3,257,000 
$ 0 
$ 0 
$ 355,000 
$ 1,570,000 
$ 0 
$ 0 
$ 1,417,000 
$ 1,731,000 
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value
101,771,000 
74,881,000 
 
127,000 
410,000 
42,791,000 
1,175,000 
0 
0 
11,660,000 
7,646,000 
0 
0 
44,957,000 
65,650,000 
2,236,000 
0 
notional amount of terminated derivatives
 
 
5,500,000,000 
 
 
3,100,000,000 
 
 
 
 
 
 
 
 
 
300,000,000 
 
Proceeds to terminate and or amend derivative instruments
 
 
$ 51,900,000 
 
 
$ 3,000,000 
 
 
 
 
 
 
 
 
 
$ 500,000 
 
Derivative Financial Instruments Gross/Net (Details) (USD $)
In Thousands, unless otherwise specified
Jun. 30, 2016
Dec. 31, 2015
Derivatives, Fair Value [Line Items]
 
 
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement
$ 3,408 
$ 28,690 
Fair value of derivative instruments, liability
101,771 
74,881 
Fair value of derivative instruments, asset, net
355 
29,471 
Fair value of derivative instruments, liability, net
8,548 
60,862 
Derivative Financial Instruments, Liabilities [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement
101,771 
74,881 
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset
3,053 
851 
Cash collateral pledged
90,170 
13,168 
Derivative Financial Instruments, Assets [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset
(3,053)
(851)
Cash collateral pledged
$ 0 
$ 1,632 
Derivative Financial Instruments Income Statement Effect of Derivative Instruments (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
 
Derivative settlements, net
$ (5,495)
$ (5,442)1
$ (12,031)
$ (10,657)1
Other Income [Member]
 
 
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
 
Derivative settlements, net
(5,495)
(5,442)
(12,031)
(10,657)
Change in fair value
(44,975)
26,615 
(48,649)
(19,457)
Re-measurement of Euro Notes (foreign currency transaction adjustment) - income (expense)
9,768 
(14,671)
(8,712)
33,538 
Derivative market value and foreign currency adjustments and derivative settlements - income (expense)
(40,702)
6,502 
(69,392)
3,424 
1:3 basis swaps [Member] |
Other Income [Member]
 
 
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
 
Derivative settlements, net
743 
123 
414 
389 
Change in fair value
(586)
1,428 
183 
12,398 
Interest rate swaps - floor income hedges [Member] |
Other Income [Member]
 
 
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
 
Derivative settlements, net
(4,841)
(5,019)
(10,084)
(10,034)
Change in fair value
(27,276)
7,534 
(59,985)
2,662 
Interest rate swap option - floor income hedges [Member] |
Other Income [Member]
 
 
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
 
Change in fair value
(856)
1,381 
(2,272)
470 
Interest rate swaps - hybrid debt hedges [Member] |
Other Income [Member]
 
 
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
 
Derivative settlements, net
(231)
(253)
(463)
(505)
Change in fair value
(1,464)
2,540 
(4,014)
1,087 
Interest Rate Cap [Member] |
Other Income [Member]
 
 
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
 
Change in fair value
(453)
(201)
(1,215)
(201)
Cross-currency interest rate swaps [Member] |
Other Income [Member]
 
 
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
 
Derivative settlements, net
(1,166)
(293)
(1,898)
(507)
Change in fair value
(12,008)
13,933 
20,693 
(35,873)
Other Contract [Member] |
Other Income [Member]
 
 
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
 
Change in fair value
$ (2,332)
$ 0 
$ (2,039)
$ 0 
Investments and Notes Receivable Summary (Details) (USD $)
In Thousands, unless otherwise specified
Jun. 30, 2016
Dec. 31, 2015
Investment Holdings [Line Items]
 
 
Investments and notes receivable
$ 285,996 
$ 303,681 
Investments [Member]
 
 
Investment Holdings [Line Items]
 
 
Investments, Fair Value Disclosure
141,482 
155,392 
Investments [Member] |
Available-for-sale investments [Member]
 
 
Investment Holdings [Line Items]
 
 
Amortized cost
133,910 
140,816 
Gross Unrealized Gain
2,888 
5,088 
Gross Unrealized Loss
6,501 1
1,462 
Investments, Fair Value Disclosure
130,297 
144,442 
Investments [Member] |
Available-for-sale investments [Member] |
Student Loan Asset-Backed and Other Debt Securities [Member]
 
 
Investment Holdings [Line Items]
 
 
Amortized cost
133,190 2
139,970 2
Gross Unrealized Gain
1,091 2
3,402 2
Gross Unrealized Loss
6,432 1 2
1,362 2
Investments, Fair Value Disclosure
127,849 2
142,010 2
Investments [Member] |
Available-for-sale investments [Member] |
Equity securities [Member]
 
 
Investment Holdings [Line Items]
 
 
Amortized cost
720 
846 
Gross Unrealized Gain
1,797 
1,686 
Gross Unrealized Loss
69 1
100 
Investments, Fair Value Disclosure
2,448 
2,432 
Investments [Member] |
Trading investments [Member]
 
 
Investment Holdings [Line Items]
 
 
Investments, Fair Value Disclosure
11,185 
10,950 
Investments [Member] |
Trading investments [Member] |
Student Loan Asset-Backed and Other Debt Securities [Member]
 
 
Investment Holdings [Line Items]
 
 
Investments, Fair Value Disclosure
5,867 
6,045 
Investments [Member] |
Trading investments [Member] |
Equity securities [Member]
 
 
Investment Holdings [Line Items]
 
 
Investments, Fair Value Disclosure
5,318 
4,905 
Other Investments and Notes Receivable (not measured at fair value) [Member] |
Venture Capital Funds [Member]
 
 
Investment Holdings [Line Items]
 
 
Other Investments
65,778 
63,323 
Other Investments and Notes Receivable (not measured at fair value) [Member] |
Real Estate Investment [Member]
 
 
Investment Holdings [Line Items]
 
 
Other Investments
48,586 
50,463 
Other Investments and Notes Receivable (not measured at fair value) [Member] |
Notes Receivable [Member]
 
 
Investment Holdings [Line Items]
 
 
Other Investments
17,206 
18,473 
Other Investments and Notes Receivable (not measured at fair value) [Member] |
Tax liens and affordable housing investments [Member]
 
 
Investment Holdings [Line Items]
 
 
Other Investments
$ 12,944 
$ 16,030 
Business Combinations Schedule of Assets Acquired, Fair Value (Details) (USD $)
Jun. 30, 2016
Mar. 31, 2016
Dec. 31, 2015
Business Acquisition [Line Items]
 
 
 
Goodwill
$ 147,312,000 
$ 147,312,000 
$ 146,000,000 
Communications [Member]
 
 
 
Business Acquisition [Line Items]
 
 
 
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents
334,000 
 
 
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedRestrictedCashAndEquivalents
850,000 
 
 
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables
1,935,000 
 
 
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment
32,479,000 
 
 
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets
371,000 
 
 
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill
11,400,000 
 
 
Goodwill
21,112,000 
 
 
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other
(4,587,000)
 
 
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Financial Liabilities
(13,904,000)
 
 
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net
50,000,000 
 
 
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value
(3,750,000)
 
 
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Less Noncontrolling Interest
$ 46,250,000 
 
 
Business Combinations Acquisition Details (Details) (Communications [Member], USD $)
In Millions, unless otherwise specified
6 Months Ended 12 Months Ended
Jun. 30, 2016
Dec. 31, 2015
Business Acquisition [Line Items]
 
 
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill
$ 11.4 
 
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life
12 years 
 
Business Acquisition, Percentage of Voting Interests Acquired
 
92.50% 
Business Combination, Consideration Transferred
 
46.25 
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners
 
7.50% 
Noncontrolling Interest, Minimum earn up percentage by noncontrolling owners
 
11.50% 
Noncontrolling Interest, Maximum earn up percentage by noncontrolling owners
 
19.00% 
Business Acquisition, Goodwill, Expected Tax Deductible Amount
21.1 
 
ConsolidationLessThanWhollyOwnedSubsidiaryParentOwnershipInterestChangesSaleOfInterestByParentPercentage
1.00% 
 
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Changes, Sale of Interest by Parent
0.5 
 
Contingent Consideration Classified as Equity, Fair Value Disclosure
 
1.0 
Customer Relationships [Member]
 
 
Business Acquisition [Line Items]
 
 
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life
10 years 
 
Finite-lived Intangible Assets Acquired
6.3 
 
Trade Names [Member]
 
 
Business Acquisition [Line Items]
 
 
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life
15 years 
 
Finite-lived Intangible Assets Acquired
$ 5.1 
 
Intangible Assets Intangible Assets (Details) (USD $)
In Thousands, unless otherwise specified
6 Months Ended
Jun. 30, 2016
Dec. 31, 2015
Finite-Lived Intangible Assets [Line Items]
 
 
Weighted average remaining useful life (months)
143 months 
 
Finite-Lived Intangible Assets, Net
$ 54,141 
$ 51,062 
Customer Relationships [Member]
 
 
Finite-Lived Intangible Assets [Line Items]
 
 
Finite-Lived Intangible Assets, Accumulated Amortization
5,949 
4,028 
Weighted average remaining useful life (months)
171 months 
 
Finite-Lived Intangible Assets, Net
30,935 
27,576 
Computer Software, Intangible Asset [Member]
 
 
Finite-Lived Intangible Assets [Line Items]
 
 
Finite-Lived Intangible Assets, Accumulated Amortization
6,820 
4,397 
Weighted average remaining useful life (months)
31 months 
 
Finite-Lived Intangible Assets, Net
12,128 
11,601 
Trade Names [Member]
 
 
Finite-Lived Intangible Assets [Line Items]
 
 
Finite-Lived Intangible Assets, Accumulated Amortization
1,224 
795 
Weighted average remaining useful life (months)
195 months 
 
Finite-Lived Intangible Assets, Net
10,348 
10,687 
Media Content [Member]
 
 
Finite-Lived Intangible Assets [Line Items]
 
 
Finite-Lived Intangible Assets, Accumulated Amortization
1,350 
900 
Weighted average remaining useful life (months)
6 months 
 
Finite-Lived Intangible Assets, Net
450 
900 
Covenants not to compete [Member]
 
 
Finite-Lived Intangible Assets [Line Items]
 
 
Finite-Lived Intangible Assets, Accumulated Amortization
74 
56 
Weighted average remaining useful life (months)
95 months 
 
Finite-Lived Intangible Assets, Net
$ 280 
$ 298 
Intangible Assets Amortization Expense (Details) (USD $)
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Dec. 31, 2015
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
 
 
 
 
 
Amortization of Intangible Assets
$ 2,700,000 
$ 2,400,000 
$ 5,200,000 
$ 4,800,000 
 
Finite-Lived Intangible Assets, Amortization Expense, Remainder of Fiscal Year
6,328,000 
 
6,328,000 
 
 
Finite-Lived Intangible Assets, Amortization Expense, Year Two
9,386,000 
 
9,386,000 
 
 
Finite-Lived Intangible Assets, Amortization Expense, Year Three
8,605,000 
 
8,605,000 
 
 
Finite-Lived Intangible Assets, Amortization Expense, Year Four
5,147,000 
 
5,147,000 
 
 
Finite-Lived Intangible Assets, Amortization Expense, Year Five
4,231,000 
 
4,231,000 
 
 
Finite-Lived Intangible Assets, Amortization Expense, after Year Five
20,444,000 
 
20,444,000 
 
 
Amortization of Intangible Assets
$ 54,141,000 
 
$ 54,141,000 
 
$ 51,062,000 
Intangible Assets Goodwill (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Jun. 30, 2016
Mar. 31, 2016
Goodwill [Line Items]
 
 
Goodwill
$ 147,312 
$ 146,000 
Allo purchase price adjustment
0 
1,312 
Goodwill
147,312 
147,312 
Student Loan and Guaranty Servicing [Member]
 
 
Goodwill [Line Items]
 
 
Goodwill
8,596 
8,596 
Allo purchase price adjustment
0 
0 
Goodwill
8,596 
8,596 
Tuition Payment Processing and Campus Commerce [Member]
 
 
Goodwill [Line Items]
 
 
Goodwill
67,168 
67,168 
Allo purchase price adjustment
0 
0 
Goodwill
67,168 
67,168 
Communications [Member]
 
 
Goodwill [Line Items]
 
 
Goodwill
21,112 
19,800 
Allo purchase price adjustment
0 
1,312 
Goodwill
21,112 
21,112 
Asset Generation and Management [Member]
 
 
Goodwill [Line Items]
 
 
Goodwill
41,883 
41,883 
Allo purchase price adjustment
0 
0 
Goodwill
41,883 
41,883 
Corporate and Other Activities [Member]
 
 
Goodwill [Line Items]
 
 
Goodwill
8,553 
8,553 
Allo purchase price adjustment
0 
0 
Goodwill
$ 8,553 
$ 8,553 
Property Plant and Equipment Property Plant and Equipment (Details) (USD $)
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Dec. 31, 2015
Property, Plant and Equipment [Line Items]
 
 
 
 
 
Depreciation
$ 5,400,000 
$ 4,100,000 
$ 10,600,000 
$ 7,400,000 
 
Property and equipment, net
96,079,000 
 
96,079,000 
 
80,482,000 
non-communications [Member]
 
 
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
 
 
Property, Plant and Equipment, Gross
137,956,000 
 
137,956,000 
 
123,293,000 
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment
84,583,000 
 
84,583,000 
 
77,188,000 
Property and equipment, net
53,373,000 
 
53,373,000 
 
46,105,000 
Communications [Member]
 
 
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
 
 
Property, Plant and Equipment, Gross
44,516,000 
 
44,516,000 
 
34,377,000 
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment
1,810,000 
 
1,810,000 
 
0 
Property and equipment, net
42,706,000 
 
42,706,000 
 
34,377,000 
Computer Equipment and Software [Member] |
non-communications [Member]
 
 
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
 
 
Property, Plant and Equipment, Gross
95,113,000 
 
95,113,000 
 
89,093,000 
Computer Equipment and Software [Member] |
Communications [Member]
 
 
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
 
 
Property, Plant and Equipment, Gross
752,000 
 
752,000 
 
74,000 
Computer Equipment and Software [Member] |
Minimum [Member] |
non-communications [Member]
 
 
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
 
 
Property, Plant and Equipment, Useful Life
 
 
1 year 
 
 
Computer Equipment and Software [Member] |
Minimum [Member] |
Communications [Member]
 
 
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
 
 
Property, Plant and Equipment, Useful Life
 
 
1 year 
 
 
Computer Equipment and Software [Member] |
Maximum [Member] |
non-communications [Member]
 
 
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
 
 
Property, Plant and Equipment, Useful Life
 
 
5 years 
 
 
Computer Equipment and Software [Member] |
Maximum [Member] |
Communications [Member]
 
 
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
 
 
Property, Plant and Equipment, Useful Life
 
 
5 years 
 
 
Furniture and Fixtures [Member] |
non-communications [Member]
 
 
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
 
 
Property, Plant and Equipment, Gross
12,576,000 
 
12,576,000 
 
12,638,000 
Furniture and Fixtures [Member] |
Minimum [Member] |
non-communications [Member]
 
 
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
 
 
Property, Plant and Equipment, Useful Life
 
 
3 years 
 
 
Furniture and Fixtures [Member] |
Maximum [Member] |
non-communications [Member]
 
 
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
 
 
Property, Plant and Equipment, Useful Life
 
 
7 years 
 
 
Building [Member] |
non-communications [Member]
 
 
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
 
 
Property, Plant and Equipment, Gross
12,244,000 
 
12,244,000 
 
12,239,000 
Building [Member] |
Minimum [Member] |
non-communications [Member]
 
 
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
 
 
Property, Plant and Equipment, Useful Life
 
 
5 years 
 
 
Building [Member] |
Maximum [Member] |
non-communications [Member]
 
 
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
 
 
Property, Plant and Equipment, Useful Life
 
 
39 years 
 
 
Transportation Equipment [Member] |
non-communications [Member]
 
 
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
 
 
Property, Plant and Equipment, Gross
3,868,000 
 
3,868,000 
 
3,868,000 
Transportation Equipment [Member] |
Communications [Member]
 
 
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
 
 
Property, Plant and Equipment, Gross
1,296,000 
 
1,296,000 
 
470,000 
Transportation Equipment [Member] |
Minimum [Member] |
non-communications [Member]
 
 
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
 
 
Property, Plant and Equipment, Useful Life
 
 
4 years 
 
 
Transportation Equipment [Member] |
Minimum [Member] |
Communications [Member]
 
 
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
 
 
Property, Plant and Equipment, Useful Life
 
 
4 years 
 
 
Transportation Equipment [Member] |
Maximum [Member] |
non-communications [Member]
 
 
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
 
 
Property, Plant and Equipment, Useful Life
 
 
10 years 
 
 
Transportation Equipment [Member] |
Maximum [Member] |
Communications [Member]
 
 
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
 
 
Property, Plant and Equipment, Useful Life
 
 
10 years 
 
 
Leasehold Improvements [Member] |
non-communications [Member]
 
 
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
 
 
Property, Plant and Equipment, Gross
3,342,000 
 
3,342,000 
 
3,545,000 
Leasehold Improvements [Member] |
Minimum [Member] |
non-communications [Member]
 
 
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
 
 
Property, Plant and Equipment, Useful Life
 
 
5 years 
 
 
Leasehold Improvements [Member] |
Maximum [Member] |
non-communications [Member]
 
 
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
 
 
Property, Plant and Equipment, Useful Life
 
 
20 years 
 
 
Land [Member] |
non-communications [Member]
 
 
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
 
 
Property, Plant and Equipment, Gross
827,000 
 
827,000 
 
700,000 
Land [Member] |
Communications [Member]
 
 
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
 
 
Property, Plant and Equipment, Gross
70,000 
 
70,000 
 
0 
Land [Member] |
Minimum [Member] |
non-communications [Member]
 
 
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
 
 
Property, Plant and Equipment, Useful Life
 
 
0 years 
 
 
Land [Member] |
Minimum [Member] |
Communications [Member]
 
 
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
 
 
Property, Plant and Equipment, Useful Life
 
 
0 years 
 
 
Land [Member] |
Maximum [Member] |
non-communications [Member]
 
 
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
 
 
Property, Plant and Equipment, Useful Life
 
 
0 years 
 
 
Land [Member] |
Maximum [Member] |
Communications [Member]
 
 
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
 
 
Property, Plant and Equipment, Useful Life
 
 
0 years 
 
 
Construction in Progress [Member] |
non-communications [Member]
 
 
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
 
 
Property, Plant and Equipment, Gross
9,986,000 
 
9,986,000 
 
1,210,000 
Construction in Progress [Member] |
Communications [Member]
 
 
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
 
 
Property, Plant and Equipment, Gross
7,192,000 
 
7,192,000 
 
0 
Construction in Progress [Member] |
Minimum [Member] |
non-communications [Member]
 
 
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
 
 
Property, Plant and Equipment, Useful Life
 
 
0 years 
 
 
Construction in Progress [Member] |
Minimum [Member] |
Communications [Member]
 
 
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
 
 
Property, Plant and Equipment, Useful Life
 
 
0 years 
 
 
Construction in Progress [Member] |
Maximum [Member] |
non-communications [Member]
 
 
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
 
 
Property, Plant and Equipment, Useful Life
 
 
0 years 
 
 
Construction in Progress [Member] |
Maximum [Member] |
Communications [Member]
 
 
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
 
 
Property, Plant and Equipment, Useful Life
 
 
0 years 
 
 
network plant and fiber [Member] |
Communications [Member]
 
 
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
 
 
Property, Plant and Equipment, Gross
26,382,000 
 
26,382,000 
 
25,669,000 
network plant and fiber [Member] |
Minimum [Member] |
Communications [Member]
 
 
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
 
 
Property, Plant and Equipment, Useful Life
 
 
5 years 
 
 
network plant and fiber [Member] |
Maximum [Member] |
Communications [Member]
 
 
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
 
 
Property, Plant and Equipment, Useful Life
 
 
15 years 
 
 
central office [Member] |
Communications [Member]
 
 
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
 
 
Property, Plant and Equipment, Gross
4,376,000 
 
4,376,000 
 
909,000 
central office [Member] |
Minimum [Member] |
Communications [Member]
 
 
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
 
 
Property, Plant and Equipment, Useful Life
 
 
5 years 
 
 
central office [Member] |
Maximum [Member] |
Communications [Member]
 
 
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
 
 
Property, Plant and Equipment, Useful Life
 
 
15 years 
 
 
Equipment Leased to Other Party [Member] |
Communications [Member]
 
 
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
 
 
Property, Plant and Equipment, Gross
3,823,000 
 
3,823,000 
 
6,912,000 
Equipment Leased to Other Party [Member] |
Minimum [Member] |
Communications [Member]
 
 
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
 
 
Property, Plant and Equipment, Useful Life
 
 
5 years 
 
 
Equipment Leased to Other Party [Member] |
Maximum [Member] |
Communications [Member]
 
 
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
 
 
Property, Plant and Equipment, Useful Life
 
 
10 years 
 
 
Other Capitalized Property Plant and Equipment [Member] |
Communications [Member]
 
 
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
 
 
Property, Plant and Equipment, Gross
$ 625,000 
 
$ 625,000 
 
$ 343,000 
Other Capitalized Property Plant and Equipment [Member] |
Minimum [Member] |
Communications [Member]
 
 
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
 
 
Property, Plant and Equipment, Useful Life
 
 
1 year 
 
 
Other Capitalized Property Plant and Equipment [Member] |
Maximum [Member] |
Communications [Member]
 
 
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
 
 
Property, Plant and Equipment, Useful Life
 
 
20 years 
 
 
Earnings per Common Share (Details) (USD $)
In Thousands, except Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
 
 
 
 
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount
0 
0 
0 
0 
Net income attributable to Nelnet, Inc.
$ 26,150 
$ 70,909 1
$ 74,111 
$ 135,674 1
Weighted average common shares outstanding - basic and diluted
42,635,700 
45,946,415 
42,861,896 
46,127,207 
Earnings per share - basic and diluted
$ 0.61 
$ 1.54 
$ 1.73 
$ 2.94 
Common shareholders [Member]
 
 
 
 
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
 
 
 
 
Net income attributable to Nelnet, Inc.
25,879 
70,146 
73,334 
134,227 
Weighted average common shares outstanding - basic and diluted
42,193,769 
45,451,888 
42,412,287 
45,635,155 
Earnings per share - basic and diluted
$ 0.61 
$ 1.54 
$ 1.73 
$ 2.94 
Unvested restricted stock shareholders [Member]
 
 
 
 
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
 
 
 
 
Net income attributable to Nelnet, Inc.
$ 271 
$ 763 
$ 777 
$ 1,447 
Weighted average common shares outstanding - basic and diluted
441,931 
494,527 
449,609 
492,052 
Earnings per share - basic and diluted
$ 0.61 
$ 1.54 
$ 1.73 
$ 2.94 
Segment Reporting (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Segment Reporting Information [Line Items]
 
 
 
 
Total interest income
$ 186,252 
$ 177,722 1
$ 378,269 
$ 351,871 1
Interest expense
94,052 
72,626 1
184,460 
144,180 1
Net interest income
92,200 
105,096 1
193,809 
207,691 1
Less provision for loan losses
(2,000)
(2,150)1
(4,500)
(4,150)1
Net interest income (loss) after provision for loan losses
90,200 
102,946 1
189,309 
203,541 1
Other income:
 
 
 
 
Loan and guaranty servicing revenue
54,402 
63,833 1
106,732 
121,644 1
Intersegment servicing revenue
0 
0 1
0 
0 1
Tuition payment processing, school information, and campus commerce revenue
30,483 
27,686 1
69,140 
62,366 1
Communications revenue
4,478 
0 
8,824 
0 
Enrollment services revenue
0 
12,680 1
4,326 
26,053 1
Other income
9,765 
11,985 1
23,559 
23,393 1
Gain on sale of loans and debt repurchases
0 
1,515 1
101 
4,390 1
Derivative market value and foreign currency adjustments, net
(35,207)
11,944 1
(57,361)
14,081 1
Derivative settlements, net
(5,495)
(5,442)1
(12,031)
(10,657)1
Total other income
58,426 
124,201 1
143,290 
241,270 1
Operating expenses:
 
 
 
 
Salaries and benefits
60,923 
58,787 1
124,165 
119,837 1
Depreciation and amortization
8,183 
6,501 1
15,823 
12,163 1
Loan servicing fees
7,216 
7,420 1
14,144 
15,036 1
Cost to provide communications services
1,681 
0 
3,384 
0 
Cost to provide enrollment services
0 
10,395 1
3,623 
21,194 1
Other expenses
29,409 
32,725 1
57,783 
62,826 1
Intersegment expenses, net
0 
0 1
0 
0 1
Total operating expenses
107,412 
115,828 1
218,922 
231,056 1
Income (loss) before income taxes
41,214 
111,319 1
113,677 
213,755 1
Income tax (expense) benefit
(15,036)
(40,356)1
(39,469)
(77,986)1
Net income (loss)
26,178 
70,963 1
74,208 
135,769 1
Net income attributable to noncontrolling interests
28 
54 1
97 
95 1
Net income (loss) attributable to Nelnet, Inc.
26,150 
70,909 1
74,111 
135,674 1
Student Loan and Guaranty Servicing [Member]
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Total interest income
22 
13 1
43 
20 1
Interest expense
0 
0 1
0 
0 1
Net interest income
22 
13 1
43 
20 1
Less provision for loan losses
0 
0 1
0 
0 1
Net interest income (loss) after provision for loan losses
22 
13 1
43 
20 1
Other income:
 
 
 
 
Loan and guaranty servicing revenue
54,402 
63,833 1
106,732 
121,644 1
Intersegment servicing revenue
11,408 
12,223 1
23,415 
25,094 1
Tuition payment processing, school information, and campus commerce revenue
0 
0 1
0 
0 1
Communications revenue
0 
 
0 
 
Enrollment services revenue
0 
0 1
0 
0 1
Other income
0 
0 1
0 
0 1
Gain on sale of loans and debt repurchases
0 
0 1
0 
0 1
Derivative market value and foreign currency adjustments, net
0 
0 1
0 
0 1
Derivative settlements, net
0 
0 1
0 
0 1
Total other income
65,810 
76,056 1
130,147 
146,738 1
Operating expenses:
 
 
 
 
Salaries and benefits
31,380 
31,585 1
64,346 
65,288 1
Depreciation and amortization
445 
527 1
883 
973 1
Loan servicing fees
0 
0 1
0 
0 1
Cost to provide communications services
0 
 
0 
 
Cost to provide enrollment services
0 
0 1
0 
0 1
Other expenses
11,380 
15,376 1
22,850 
29,976 1
Intersegment expenses, net
6,102 
8,045 1
12,343 
14,687 1
Total operating expenses
49,307 
55,533 1
100,422 
110,924 1
Income (loss) before income taxes
16,525 
20,536 1
29,768 
35,834 1
Income tax (expense) benefit
(6,280)
(7,804)1
(11,312)
(13,617)1
Net income (loss)
10,245 
12,732 1
18,456 
22,217 1
Net income attributable to noncontrolling interests
0 
0 1
0 
0 1
Net income (loss) attributable to Nelnet, Inc.
10,245 
12,732 1
18,456 
22,217 1
Tuition Payment Processing and Campus Commerce [Member]
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Total interest income
3 
1 1
5 
3 1
Interest expense
0 
0 1
0 
0 1
Net interest income
3 
1 1
5 
3 1
Less provision for loan losses
0 
0 1
0 
0 1
Net interest income (loss) after provision for loan losses
3 
1 1
5 
3 1
Other income:
 
 
 
 
Loan and guaranty servicing revenue
0 
0 1
0 
0 1
Intersegment servicing revenue
0 
0 1
0 
0 1
Tuition payment processing, school information, and campus commerce revenue
30,483 
27,686 1
69,140 
62,366 1
Communications revenue
0 
 
0 
 
Enrollment services revenue
0 
0 1
0 
0 1
Other income
0 
0 1
0 
0 1
Gain on sale of loans and debt repurchases
0 
0 1
0 
0 1
Derivative market value and foreign currency adjustments, net
0 
0 1
0 
0 1
Derivative settlements, net
0 
0 1
0 
0 1
Total other income
30,483 
27,686 1
69,140 
62,366 1
Operating expenses:
 
 
 
 
Salaries and benefits
15,444 
13,583 1
29,880 
26,904 1
Depreciation and amortization
2,511 
2,195 1
4,782 
4,390 1
Loan servicing fees
0 
0 1
0 
0 1
Cost to provide communications services
0 
 
0 
 
Cost to provide enrollment services
0 
0 1
0 
0 1
Other expenses
4,815 
4,112 1
8,973 
7,914 1
Intersegment expenses, net
1,562 
2,164 1
3,074 
4,199 1
Total operating expenses
24,332 
22,054 1
46,709 
43,407 1
Income (loss) before income taxes
6,154 
5,633 1
22,436 
18,962 1
Income tax (expense) benefit
(2,338)
(2,140)1
(8,526)
(7,206)1
Net income (loss)
3,816 
3,493 1
13,910 
11,756 1
Net income attributable to noncontrolling interests
0 
0 1
0 
0 1
Net income (loss) attributable to Nelnet, Inc.
3,816 
3,493 1
13,910 
11,756 1
Communications [Member]
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Total interest income
0 
 
0 
 
Interest expense
205 
 
352 
 
Net interest income
(205)
 
(352)
 
Less provision for loan losses
0 
 
0 
 
Net interest income (loss) after provision for loan losses
(205)
 
(352)
 
Other income:
 
 
 
 
Loan and guaranty servicing revenue
0 
 
0 
 
Intersegment servicing revenue
0 
 
0 
 
Tuition payment processing, school information, and campus commerce revenue
0 
 
0 
 
Communications revenue
4,478 
 
8,824 
 
Enrollment services revenue
0 
 
0 
 
Other income
0 
 
0 
 
Gain on sale of loans and debt repurchases
0 
 
0 
 
Derivative market value and foreign currency adjustments, net
0 
 
0 
 
Derivative settlements, net
0 
 
0 
 
Total other income
4,478 
 
8,824 
 
Operating expenses:
 
 
 
 
Salaries and benefits
1,377 
 
2,467 
 
Depreciation and amortization
1,378 
 
2,507 
 
Loan servicing fees
0 
 
0 
 
Cost to provide communications services
1,681 
 
3,384 
 
Cost to provide enrollment services
0 
 
0 
 
Other expenses
813 
 
1,566 
 
Intersegment expenses, net
187 
 
331 
 
Total operating expenses
5,436 
 
10,255 
 
Income (loss) before income taxes
(1,163)
 
(1,783)
 
Income tax (expense) benefit
442 
 
678 
 
Net income (loss)
(721)
 
(1,105)
 
Net income attributable to noncontrolling interests
0 
 
0 
 
Net income (loss) attributable to Nelnet, Inc.
(721)
 
(1,105)
 
Asset Generation and Management [Member]
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Total interest income
184,966 
176,279 1
375,689 
348,702 1
Interest expense
92,769 
71,441 1
182,647 
141,981 1
Net interest income
92,197 
104,838 1
193,042 
206,721 1
Less provision for loan losses
(2,000)
(2,150)1
(4,500)
(4,150)1
Net interest income (loss) after provision for loan losses
90,197 
102,688 1
188,542 
202,571 1
Other income:
 
 
 
 
Loan and guaranty servicing revenue
0 
0 1
0 
0 1
Intersegment servicing revenue
0 
0 1
0 
0 1
Tuition payment processing, school information, and campus commerce revenue
0 
0 1
0 
0 1
Communications revenue
0 
 
0 
 
Enrollment services revenue
0 
0 1
0 
0 1
Other income
3,834 
3,950 1
8,097 
8,526 1
Gain on sale of loans and debt repurchases
0 
1,041 1
101 
1,392 1
Derivative market value and foreign currency adjustments, net
(31,411)
9,404 1
(51,308)
12,994 1
Derivative settlements, net
(5,264)
(5,189)1
(11,568)
(10,152)1
Total other income
(32,841)
9,206 1
(54,678)
12,760 1
Operating expenses:
 
 
 
 
Salaries and benefits
499 
524 1
1,018 
1,065 1
Depreciation and amortization
0 
0 1
0 
0 1
Loan servicing fees
7,216 
7,420 1
14,144 
15,036 1
Cost to provide communications services
0 
 
0 
 
Cost to provide enrollment services
0 
0 1
0 
0 1
Other expenses
1,481 
1,270 1
2,997 
2,407 1
Intersegment expenses, net
11,539 
12,362 1
23,646 
25,370 1
Total operating expenses
20,735 
21,576 1
41,805 
43,878 1
Income (loss) before income taxes
36,621 
90,318 1
92,059 
171,453 1
Income tax (expense) benefit
(13,916)
(34,321)1
(34,983)
(65,152)1
Net income (loss)
22,705 
55,997 1
57,076 
106,301 1
Net income attributable to noncontrolling interests
0 
0 1
0 
0 1
Net income (loss) attributable to Nelnet, Inc.
22,705 
55,997 1
57,076 
106,301 1
Corporate and Other Activities [Member]
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Total interest income
2,064 
1,814 1
4,157 
3,967 1
Interest expense
1,881 
1,570 1
3,087 
3,020 1
Net interest income
183 
244 1
1,070 
947 1
Less provision for loan losses
0 
0 1
0 
0 1
Net interest income (loss) after provision for loan losses
183 
244 1
1,070 
947 1
Other income:
 
 
 
 
Loan and guaranty servicing revenue
0 
0 1
0 
0 1
Intersegment servicing revenue
0 
0 1
0 
0 1
Tuition payment processing, school information, and campus commerce revenue
0 
0 1
0 
0 1
Communications revenue
0 
 
0 
 
Enrollment services revenue
0 
12,680 1
4,326 
26,053 1
Other income
5,931 
8,035 1
15,462 
14,867 1
Gain on sale of loans and debt repurchases
0 
474 1
0 
2,998 1
Derivative market value and foreign currency adjustments, net
(3,797)
2,540 1
(6,053)
1,087 1
Derivative settlements, net
(231)
(253)1
(463)
(505)1
Total other income
1,903 
23,476 1
13,272 
44,500 1
Operating expenses:
 
 
 
 
Salaries and benefits
12,222 
13,095 1
26,454 
26,580 1
Depreciation and amortization
3,848 
3,779 1
7,650 
6,800 1
Loan servicing fees
0 
0 1
0 
0 1
Cost to provide communications services
0 
 
0 
 
Cost to provide enrollment services
0 
10,395 1
3,623 
21,194 1
Other expenses
10,920 
11,967 1
21,397 
22,529 1
Intersegment expenses, net
(7,981)
(10,348)1
(15,978)
(19,162)1
Total operating expenses
19,009 
28,888 1
43,146 
57,941 1
Income (loss) before income taxes
(16,923)
(5,168)1
(28,804)
(12,494)1
Income tax (expense) benefit
7,057 
3,910 1
14,674 
7,989 1
Net income (loss)
(9,866)
(1,258)1
(14,130)
(4,505)1
Net income attributable to noncontrolling interests
28 
54 1
97 
95 1
Net income (loss) attributable to Nelnet, Inc.
(9,894)
(1,312)1
(14,227)
(4,600)1
Intersegment Eliminations [Member]
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Total interest income
(802)
(385)1
(1,625)
(821)1
Interest expense
(802)
(385)1
(1,625)
(821)1
Net interest income
0 
0 1
0 
0 1
Less provision for loan losses
0 
0 1
0 
0 1
Net interest income (loss) after provision for loan losses
0 
0 1
0 
0 1
Other income:
 
 
 
 
Loan and guaranty servicing revenue
0 
0 1
0 
0 1
Intersegment servicing revenue
(11,408)
(12,223)1
(23,415)
(25,094)1
Tuition payment processing, school information, and campus commerce revenue
0 
0 1
0 
0 1
Communications revenue
0 
 
0 
 
Enrollment services revenue
0 
0 1
0 
0 1
Other income
0 
0 1
0 
0 1
Gain on sale of loans and debt repurchases
0 
0 1
0 
0 1
Derivative market value and foreign currency adjustments, net
0 
0 1
0 
0 1
Derivative settlements, net
0 
0 1
0 
0 1
Total other income
(11,408)
(12,223)1
(23,415)
(25,094)1
Operating expenses:
 
 
 
 
Salaries and benefits
0 
0 1
0 
0 1
Depreciation and amortization
0 
0 1
0 
0 1
Loan servicing fees
0 
0 1
0 
0 1
Cost to provide communications services
0 
 
0 
 
Cost to provide enrollment services
0 
0 1
0 
0 1
Other expenses
0 
0 1
0 
0 1
Intersegment expenses, net
(11,408)
(12,223)1
(23,415)
(25,094)1
Total operating expenses
(11,408)
(12,223)1
(23,415)
(25,094)1
Income (loss) before income taxes
0 
0 1
0 
0 1
Income tax (expense) benefit
0 
0 1
0 
0 1
Net income (loss)
0 
0 1
0 
0 1
Net income attributable to noncontrolling interests
0 
0 1
0 
0 1
Net income (loss) attributable to Nelnet, Inc.
$ 0 
$ 0 1
$ 0 
$ 0 1
Major Customer (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Concentration Risk [Line Items]
 
 
 
 
Concentration Risk, Customer
Department of Education 
Department of Education 
Department of Education 
Department of Education 
Concentration Risk Dollar Value [Member]
 
 
 
 
Concentration Risk [Line Items]
 
 
 
 
Loan and guaranty servicing revenue
$ 37.1 
$ 33.6 
$ 72.3 
$ 66.0 
GreatNet [Member]
 
 
 
 
Concentration Risk [Line Items]
 
 
 
 
Noncontrolling Interest, Ownership Percentage by Parent
50.00% 
 
50.00% 
 
Assets and Liabilities that are Measured at Fair Value (Details) (Fair Value, Measurements, Recurring [Member], USD $)
In Thousands, unless otherwise specified
Jun. 30, 2016
Dec. 31, 2015
Assets, Fair Value Disclosure [Abstract]
 
 
Investments, Fair Value Disclosure
$ 141,482 
$ 155,392 
Fair value of derivative instruments
3,408 
28,690 
Total assets
144,890 
184,082 
Liabilities, Fair Value Disclosure [Abstract]
 
 
Fair value of derivative instruments
101,771 
74,881 
Total liabilities
101,771 
74,881 
Student loan asset-backed securities [Member]
 
 
Assets, Fair Value Disclosure [Abstract]
 
 
Investments, Fair Value Disclosure
133,592 
147,925 
Equity securities [Member]
 
 
Assets, Fair Value Disclosure [Abstract]
 
 
Investments, Fair Value Disclosure
7,766 
7,337 
Debt securities [Member]
 
 
Assets, Fair Value Disclosure [Abstract]
 
 
Investments, Fair Value Disclosure
124 
130 
Level 1 [Member]
 
 
Assets, Fair Value Disclosure [Abstract]
 
 
Investments, Fair Value Disclosure
7,890 
7,467 
Fair value of derivative instruments
0 
0 
Total assets
7,890 
7,467 
Liabilities, Fair Value Disclosure [Abstract]
 
 
Fair value of derivative instruments
0 
0 
Total liabilities
0 
0 
Level 1 [Member] |
Student loan asset-backed securities [Member]
 
 
Assets, Fair Value Disclosure [Abstract]
 
 
Investments, Fair Value Disclosure
0 
0 
Level 1 [Member] |
Equity securities [Member]
 
 
Assets, Fair Value Disclosure [Abstract]
 
 
Investments, Fair Value Disclosure
7,766 
7,337 
Level 1 [Member] |
Debt securities [Member]
 
 
Assets, Fair Value Disclosure [Abstract]
 
 
Investments, Fair Value Disclosure
124 
130 
Level 2 [Member]
 
 
Assets, Fair Value Disclosure [Abstract]
 
 
Investments, Fair Value Disclosure
133,592 
147,925 
Fair value of derivative instruments
3,408 
28,690 
Total assets
137,000 
176,615 
Liabilities, Fair Value Disclosure [Abstract]
 
 
Fair value of derivative instruments
101,771 
74,881 
Total liabilities
101,771 
74,881 
Level 2 [Member] |
Student loan asset-backed securities [Member]
 
 
Assets, Fair Value Disclosure [Abstract]
 
 
Investments, Fair Value Disclosure
133,592 
147,925 
Level 2 [Member] |
Equity securities [Member]
 
 
Assets, Fair Value Disclosure [Abstract]
 
 
Investments, Fair Value Disclosure
0 
0 
Level 2 [Member] |
Debt securities [Member]
 
 
Assets, Fair Value Disclosure [Abstract]
 
 
Investments, Fair Value Disclosure
$ 0 
$ 0 
Fair Value of Financial Instruments (Details) (USD $)
Jun. 30, 2016
Dec. 31, 2015
Jun. 30, 2015
Dec. 31, 2014
Assets, Fair Value Disclosure [Abstract]
 
 
 
 
Student loans receivable
$ 26,539,604,000 
$ 28,324,552,000 
 
 
Cash and cash equivalents
59,253,000 
63,529,000 
182,280,000 
130,481,000 
Investments (available-for-sale and trading)
285,996,000 
303,681,000 
 
 
Restricted cash - due to customers
132,018,000 
144,771,000 
 
 
Accrued interest receivable
380,140,000 
383,825,000 
 
 
Derivative instruments
3,408,000 
28,690,000 
 
 
Liabilities, Fair Value Disclosure [Abstract]
 
 
 
 
Bonds and notes payable
26,399,686,000 
28,105,921,000 
 
 
Accrued interest payable
39,926,000 
31,507,000 
 
 
Due to customers
132,018,000 
144,771,000 
 
 
Fair value of derivative instruments
101,771,000 
74,881,000 
 
 
Fair value [Member]
 
 
 
 
Assets, Fair Value Disclosure [Abstract]
 
 
 
 
Student loans receivable
26,875,363,000 
28,611,350,000 
 
 
Cash and cash equivalents
59,253,000 
63,529,000 
 
 
Investments (available-for-sale and trading)
141,482,000 
155,392,000 
 
 
Notes Receivable
17,206,000 
18,067,000 
 
 
Restricted cash
955,689,000 
823,450,000 
 
 
Restricted cash - due to customers
132,018,000 
144,771,000 
 
 
Restricted investments
9,110,000 
9,174,000 
 
 
Accrued interest receivable
380,140,000 
383,825,000 
 
 
Derivative instruments
3,408,000 
28,690,000 
 
 
Liabilities, Fair Value Disclosure [Abstract]
 
 
 
 
Bonds and notes payable
25,510,394,000 
27,150,775,000 
 
 
Accrued interest payable
39,926,000 
31,507,000 
 
 
Due to customers
132,018,000 
144,771,000 
 
 
Fair value of derivative instruments
101,771,000 
74,881,000 
 
 
Fair value [Member] |
Level 1 [Member]
 
 
 
 
Assets, Fair Value Disclosure [Abstract]
 
 
 
 
Student loans receivable
0 
0 
 
 
Cash and cash equivalents
59,253,000 
63,529,000 
 
 
Investments (available-for-sale and trading)
7,890,000 
7,467,000 
 
 
Notes Receivable
0 
0 
 
 
Restricted cash
955,689,000 
823,450,000 
 
 
Restricted cash - due to customers
132,018,000 
144,771,000 
 
 
Restricted investments
9,110,000 
9,174,000 
 
 
Accrued interest receivable
0 
0 
 
 
Derivative instruments
0 
0 
 
 
Liabilities, Fair Value Disclosure [Abstract]
 
 
 
 
Bonds and notes payable
0 
0 
 
 
Accrued interest payable
0 
0 
 
 
Due to customers
132,018,000 
144,771,000 
 
 
Fair value of derivative instruments
0 
0 
 
 
Fair value [Member] |
Level 2 [Member]
 
 
 
 
Assets, Fair Value Disclosure [Abstract]
 
 
 
 
Student loans receivable
0 
0 
 
 
Cash and cash equivalents
0 
0 
 
 
Investments (available-for-sale and trading)
133,592,000 
147,925,000 
 
 
Notes Receivable
17,206,000 
18,067,000 
 
 
Restricted cash
0 
0 
 
 
Restricted cash - due to customers
0 
0 
 
 
Restricted investments
0 
0 
 
 
Accrued interest receivable
380,140,000 
383,825,000 
 
 
Derivative instruments
3,408,000 
28,690,000 
 
 
Liabilities, Fair Value Disclosure [Abstract]
 
 
 
 
Bonds and notes payable
25,510,394,000 
27,150,775,000 
 
 
Accrued interest payable
39,926,000 
31,507,000 
 
 
Due to customers
0 
0 
 
 
Fair value of derivative instruments
101,771,000 
74,881,000 
 
 
Fair value [Member] |
Level 3 [Member]
 
 
 
 
Assets, Fair Value Disclosure [Abstract]
 
 
 
 
Student loans receivable
26,875,363,000 
28,611,350,000 
 
 
Cash and cash equivalents
0 
0 
 
 
Investments (available-for-sale and trading)
0 
0 
 
 
Notes Receivable
0 
0 
 
 
Restricted cash
0 
0 
 
 
Restricted cash - due to customers
0 
0 
 
 
Restricted investments
0 
0 
 
 
Accrued interest receivable
0 
0 
 
 
Derivative instruments
0 
0 
 
 
Liabilities, Fair Value Disclosure [Abstract]
 
 
 
 
Bonds and notes payable
0 
0 
 
 
Accrued interest payable
0 
0 
 
 
Due to customers
0 
0 
 
 
Fair value of derivative instruments
0 
0 
 
 
Carrying value [Member]
 
 
 
 
Assets, Fair Value Disclosure [Abstract]
 
 
 
 
Student loans receivable
26,539,604,000 
28,324,552,000 
 
 
Cash and cash equivalents
59,253,000 
63,529,000 
 
 
Investments (available-for-sale and trading)
141,482,000 
155,392,000 
 
 
Notes Receivable
17,206,000 
18,473,000 
 
 
Restricted cash
955,689,000 
823,450,000 
 
 
Restricted cash - due to customers
132,018,000 
144,771,000 
 
 
Restricted investments
9,110,000 
9,174,000 
 
 
Accrued interest receivable
380,140,000 
383,825,000 
 
 
Derivative instruments
3,408,000 
28,690,000 
 
 
Liabilities, Fair Value Disclosure [Abstract]
 
 
 
 
Bonds and notes payable
26,399,686,000 
28,105,921,000 
 
 
Accrued interest payable
39,926,000 
31,507,000 
 
 
Due to customers
132,018,000 
144,771,000 
 
 
Fair value of derivative instruments
$ 101,771,000 
$ 74,881,000