Document and Entity Information
Document and Entity Information | 3 Months Ended |
Mar. 31, 2022shares | |
Document Information [Line Items] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Period End Date | Mar. 31, 2022 |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | Q1 |
Entity Registrant Name | Navient Corporation |
Entity Central Index Key | 0001593538 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Large Accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Common Stock, Shares Outstanding | 148,744,651 |
Entity Current Reporting Status | Yes |
Entity Shell Company | false |
Entity File Number | 001-36228 |
Entity Tax Identification Number | 46-4054283 |
Entity Address, Address Line One | 123 Justison Street |
Entity Address, City or Town | Wilmington |
Entity Address, State or Province | DE |
Entity Address, Postal Zip Code | 19801 |
City Area Code | (302) |
Local Phone Number | 283-8000 |
Entity Interactive Data Current | Yes |
Entity Incorporation, State or Country Code | DE |
Document Quarterly Report | true |
Document Transition Report | false |
Common Stock Par Value. 01 Per Share [Member] | |
Document Information [Line Items] | |
Title of 12(b) Security | Common stock, par value $.01 per share |
Trading Symbol | NAVI |
Security Exchange Name | NASDAQ |
Senior Notes Due December 15, 2043 [Member] | |
Document Information [Line Items] | |
Title of 12(b) Security | 6% Senior Notes due December 15, 2043 |
Trading Symbol | JSM |
Security Exchange Name | NASDAQ |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Investments | ||
Held-to-maturity | $ 69 | $ 74 |
Other | 141 | 193 |
Total investments | 210 | 267 |
Cash and cash equivalents | 708 | 905 |
Restricted cash and cash equivalents | 2,506 | 2,673 |
Goodwill and acquired intangible assets, net | 722 | 725 |
Other assets | 2,911 | 3,223 |
Total assets | 78,158 | 80,605 |
Liabilities | ||
Short-term borrowings | 3,802 | 2,490 |
Long-term borrowings | 70,825 | 74,488 |
Other liabilities | 701 | 1,019 |
Total liabilities | 75,328 | 77,997 |
Commitments and contingencies | ||
Equity | ||
Series A Junior Participating Preferred Stock, par value $0.20 per share; 2 million shares authorized at December 31, 2021; no shares issued or outstanding | ||
Common stock, par value $0.01 per share, 1.125 billion shares authorized: 461 million and 459 million shares issued, respectively | 4 | 4 |
Additional paid-in capital | 3,302 | 3,282 |
Accumulated other comprehensive loss (net of tax benefit of $7 and $45, respectively) | (19) | (133) |
Retained earnings | 4,167 | 3,939 |
Total Navient Corporation stockholders’ equity before treasury stock | 7,454 | 7,092 |
Less: Common stock held in treasury at cost: 312 million and 305 million shares, respectively | (4,630) | (4,495) |
Total Navient Corporation stockholders’ equity | 2,824 | 2,597 |
Noncontrolling interest | 6 | 11 |
Total equity | 2,830 | 2,608 |
Total liabilities and equity | 78,158 | 80,605 |
Assets and Liabilities of Consolidated Variable Interest Entities [Member] | ||
Assets | ||
Loans, net | 69,003 | 70,649 |
Investments | ||
Total assets | 72,974 | 74,820 |
Investments | ||
Restricted cash | 2,471 | 2,649 |
Other assets, net | 1,500 | 1,522 |
Liabilities | ||
Short-term borrowings | 2,596 | 2,188 |
Long-term borrowings | 64,755 | 67,107 |
Net assets of consolidated variable interest entities | 5,623 | 5,525 |
FFELP Loans [Member] | ||
Assets | ||
Loans, net | 51,013 | 52,641 |
FFELP Loans [Member] | Assets and Liabilities of Consolidated Variable Interest Entities [Member] | ||
Assets | ||
Loans, net | 50,779 | 52,502 |
Private Education Loans [Member] | ||
Assets | ||
Loans, net | 20,088 | 20,171 |
Private Education Loans [Member] | Assets and Liabilities of Consolidated Variable Interest Entities [Member] | ||
Assets | ||
Loans, net | $ 18,224 | $ 18,147 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Allowance for loans losses | $ 1,219 | $ 1,271 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 1,125,000,000 | 1,125,000,000 |
Common stock, shares issued | 461,000,000 | 459,000,000 |
Tax benefit for accumulated other comprehensive loss | $ 7 | $ 45 |
Common stock held in treasury | 312,000,000 | 305,000,000 |
Series A Junior Participate [Member] | ||
Preferred stock, par value | $ 0.20 | |
Preferred stock shares authorized | 2,000,000 | |
Preferred stock shares issued | 0 | |
Preferred stock shares outstanding | 0 | |
FFELP Loans [Member] | ||
Allowance for loans losses | $ 255 | $ 262 |
Private Education Loans [Member] | ||
Allowance for loans losses | $ 964 | $ 1,009 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Interest income: | ||
Cash and investments | $ 1 | |
Total interest income | 626 | $ 692 |
Total interest expense | 289 | 329 |
Net interest income | 337 | 363 |
Less: provisions for loan losses | 16 | (87) |
Net interest income after provisions for loan losses | 321 | 450 |
Other income (loss): | ||
Servicing revenue | 18 | 53 |
Asset recovery and business processing revenue | 97 | 139 |
Other income | 10 | |
Gains on sales of loans | 76 | |
Gains (losses) on derivative and hedging activities, net | 98 | 36 |
Total other income | 223 | 304 |
Expenses: | ||
Salaries and benefits | 120 | 149 |
Other operating expenses | 85 | 110 |
Total operating expenses | 205 | 259 |
Goodwill and acquired intangible asset impairment and amortization expense | 4 | 5 |
Restructuring/other reorganization expenses | 3 | 6 |
Total expenses | 212 | 270 |
Income before income tax expense | 332 | 484 |
Income tax expense | 77 | 114 |
Net income | $ 255 | $ 370 |
Basic earnings per common share | $ 1.69 | $ 2.02 |
Average common shares outstanding | 151 | 183 |
Diluted earnings per common share | $ 1.67 | $ 2 |
Average common and common equivalent shares outstanding | 153 | 185 |
Dividends per common share | $ 0.16 | $ 0.16 |
FFELP Loans [Member] | ||
Interest income: | ||
Total interest income | $ 349 | $ 373 |
Private Education Loans [Member] | ||
Interest income: | ||
Total interest income | 276 | 319 |
Less: provisions for loan losses | $ 16 | $ (87) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | ||
Statement Of Income And Comprehensive Income [Abstract] | |||
Net income | $ 255 | $ 370 | |
Net changes in cash flow hedges, net of taxes | [1] | 114 | 48 |
Total comprehensive income | $ 369 | $ 418 | |
[1] | See “Note 4 – Derivative Financial Instruments.” |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Millions | Total | Open Market Repurchases [Member] | Common Stock [Member] | Treasury Stock [Member] | Treasury Stock [Member]Open Market Repurchases [Member] | Common Stock Shares Outstanding [Member] | Common Stock Shares Outstanding [Member]Open Market Repurchases [Member] | Additional Paid-In Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] | Total Stockholders' Equity [Member] | Total Stockholders' Equity [Member]Open Market Repurchases [Member] | Noncontrolling Interest [Member] |
Beginning Balance, Value at Dec. 31, 2020 | $ 2,447 | $ 4 | $ (3,854) | $ 3,226 | $ (274) | $ 3,331 | $ 2,433 | $ 14 | |||||
Beginning Balance, Shares at Dec. 31, 2020 | 453,778,975 | (267,476,521) | 186,302,454 | ||||||||||
Comprehensive income (loss): | |||||||||||||
Net income | 370 | 370 | 370 | ||||||||||
Other comprehensive income (loss), net of tax | 48 | 48 | 48 | ||||||||||
Total comprehensive income (loss) | 418 | 418 | |||||||||||
Cash dividends: | |||||||||||||
Common stock | (29) | (29) | (29) | ||||||||||
Dividend equivalent units related to employee stock-based compensation plans | (2) | (2) | (2) | ||||||||||
Issuance of common shares | $ 19 | 19 | 19 | ||||||||||
Issuance of common shares, Shares | 3,600,000 | 3,624,586 | 3,624,586 | ||||||||||
Stock-based compensation expense | $ 10 | 10 | 10 | ||||||||||
Common stock repurchased | $ (100) | $ (100) | $ (100) | $ (100) | |||||||||
Common stock repurchased, Shares | (8,178,100) | (8,200,000) | (8,178,100) | ||||||||||
Shares repurchased related to employee stock-based compensation plans | $ (26) | $ (26) | (26) | ||||||||||
Shares repurchased related to employee stock-based compensation plans, Shares | (2,200,000) | (2,235,658) | (2,235,658) | ||||||||||
Ending Balance, Value at Mar. 31, 2021 | $ 2,737 | $ 4 | $ (3,980) | 3,255 | (226) | 3,670 | 2,723 | 14 | |||||
Ending Balance, Shares at Mar. 31, 2021 | 457,403,561 | (277,890,279) | 179,513,282 | ||||||||||
Beginning Balance, Value at Dec. 31, 2021 | 2,608 | $ 4 | $ (4,495) | 3,282 | (133) | 3,939 | 2,597 | 11 | |||||
Beginning Balance, Shares at Dec. 31, 2021 | 458,629,384 | (304,886,613) | 153,742,771 | ||||||||||
Comprehensive income (loss): | |||||||||||||
Net income | 255 | 255 | 255 | ||||||||||
Other comprehensive income (loss), net of tax | 114 | 114 | 114 | ||||||||||
Total comprehensive income (loss) | 369 | 369 | |||||||||||
Cash dividends: | |||||||||||||
Common stock | (24) | (24) | (24) | ||||||||||
Dividend equivalent units related to employee stock-based compensation plans | (3) | (3) | (3) | ||||||||||
Issuance of common shares | $ 11 | 11 | 11 | ||||||||||
Issuance of common shares, Shares | 2,400,000 | 2,359,901 | 2,359,901 | ||||||||||
Stock-based compensation expense | $ 9 | 9 | 9 | ||||||||||
Common stock repurchased | $ (115) | $ (115) | $ (115) | $ (115) | |||||||||
Common stock repurchased, Shares | (6,247,437) | (6,200,000) | (6,247,437) | ||||||||||
Shares repurchased related to employee stock-based compensation plans | $ (20) | $ (20) | (20) | ||||||||||
Shares repurchased related to employee stock-based compensation plans, Shares | (1,100,000) | (1,110,584) | (1,110,584) | ||||||||||
Noncontrolling Interest, Period Increase (Decrease) | $ (5) | (5) | |||||||||||
Ending Balance, Value at Mar. 31, 2022 | $ 2,830 | $ 4 | $ (4,630) | $ 3,302 | $ (19) | $ 4,167 | $ 2,824 | $ 6 | |||||
Ending Balance, Shares at Mar. 31, 2022 | 460,989,285 | (312,244,634) | 148,744,651 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Dividends per common share | $ 0.16 | $ 0.16 |
Retained Earnings [Member] | ||
Dividends per common share | 0.16 | 0.16 |
Total Stockholders' Equity [Member] | ||
Dividends per common share | $ 0.16 | $ 0.16 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash flows from operating activities | ||
Net income | $ 255 | $ 370 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ||
(Gains) on sales of education loans | (76) | |
Goodwill and acquired intangible asset impairment and amortization expense | 4 | 5 |
Stock-based compensation expense | 9 | 10 |
Mark-to-market (gains) losses on derivative and hedging activities, net | (314) | (198) |
Provisions for loan losses | 16 | (87) |
Decrease in accrued interest receivable | 48 | 80 |
(Decrease) in accrued interest payable | (15) | (45) |
Decrease in other assets | 174 | 111 |
(Decrease) increase in other liabilities | (286) | 9 |
Total adjustments | (364) | (191) |
Net cash (used in) provided by operating activities | (109) | 179 |
Cash flows from investing activities | ||
Education loans originated and acquired | (1,091) | (1,734) |
Proceeds from payments on education loans | 2,789 | 3,009 |
Proceeds from sales of education loans | 1,588 | |
Other investing activities, net | 53 | 22 |
Net cash provided by investing activities | 1,751 | 2,885 |
Cash flows from financing activities | ||
Borrowings collateralized by loans in trust - issued | 995 | 1,828 |
Borrowings collateralized by loans in trust - repaid | (3,296) | (2,846) |
Long-term unsecured notes issued | 495 | |
Long-term unsecured notes repaid | (78) | |
Other financing activities, net | 43 | (34) |
Common stock repurchased | (115) | (100) |
Common dividends paid | (24) | (29) |
Net cash used in financing activities | (2,006) | (2,499) |
Net (decrease) increase in cash, cash equivalents, restricted cash and restricted cash equivalents | (364) | 565 |
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period | 3,578 | 3,537 |
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period | 3,214 | 4,102 |
Supplemental disclosure of cash flow information: | ||
Interest paid | 300 | 362 |
Income taxes paid | 5 | 1 |
Income taxes refunds received | (4) | |
Noncash activity: | ||
Investing activity - Held-to-maturity asset backed securities retained related to sales of education loans | 53 | |
Operating activity - Servicing assets recognized upon sales of education loans | 20 | |
Reconciliation of the Consolidated Statements of Cash Flows to the Consolidated Balance Sheets: | ||
Cash and cash equivalents | 708 | 1,497 |
Restricted cash and restricted cash equivalents | 2,506 | 2,605 |
Total cash, cash equivalents, restricted cash and restricted cash equivalents at end of period | 3,214 | 4,102 |
Asset-backed Securities, Securitized Loans and Receivables [Member] | ||
Cash flows from financing activities | ||
Asset-backed commercial paper conduits, net | $ 391 | $ (1,735) |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 1. Basis of Presentation The accompanying unaudited, consolidated financial statements of Navient have been prepared in accordance with generally accepted accounting principles in the United States of America (GAAP) for interim financial information. Accordingly, they do not include all of the information and footnotes required by GAAP for complete consolidated financial statements. The consolidated financial statements include the accounts of Navient and its majority-owned and controlled subsidiaries and those Variable Interest Entities (VIEs) for which we are the primary beneficiary, after eliminating the effects of intercompany accounts and transactions. In the opinion of management, all adjustments considered necessary for a fair statement of the results for the interim periods have been included. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Operating results for the three months ended March 31, 2022 are not necessarily indicative of the results for the year ending December 31, 2021 or for any other period. These unaudited financial statements should be read in conjunction with the audited financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2021 (the 2021 Form 10-K). Definitions for certain capitalized terms used but not otherwise defined in this Quarterly Report on Form 10-Q can be found in our 2021 Form 10-K. Recently Issued Accounting Pronouncements In March 2022, the FASB issued ASU No. 2022-02, “Financial Instruments – Credit Losses: Troubled Debt Restructurings and Vintage Disclosures,” which eliminates the troubled debt restructurings (TDRs) recognition and measurement guidance and instead requires an entity to evaluate whether the modification represents a new loan or a continuation of an existing loan. The ASU also enhances the disclosure requirements for certain modifications of receivables made to borrowers experiencing financial difficulty. This guidance is effective on January 1, 2023. Early adoption is permissible. The Company is currently assessing the potential impact of this amendment. |
Allowance for Loan Losses
Allowance for Loan Losses | 3 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
Allowance for Loan Losses | 2. Allowance for Loan Losses Allowance for Loan Losses Metrics Three Months Ended March 31, 2022 (Dollars in millions) FFELP Loans Private Education Loans Total Allowance at beginning of period $ 262 $ 1,009 $ 1,271 Total provision — 16 16 Charge-offs (1) (7 ) (69 ) (76 ) Decrease in expected future recoveries on charged-off loans (2) — 8 8 Allowance at end of period 255 964 1,219 Plus: expected future recoveries on charged-off loans (2) — 321 321 Allowance at end of period excluding expected future recoveries on charged-off loans (3) $ 255 $ 1,285 $ 1,540 Charge-offs as a percentage of average loans in repayment (annualized) .07 % 1.38 % Allowance coverage of charge-offs (annualized) (3) 8.8 4.6 Allowance as a percentage of the ending total loan balance (3) .5 % 6.1 % Allowance as a percentage of ending loans in repayment (3) .6 % 6.3 % Ending total loans $ 51,268 $ 21,052 Average loans in repayment $ 43,125 $ 20,387 Ending loans in repayment $ 42,724 $ 20,257 (1) Charge-offs are reported net of expected recoveries. For Private Education Loans, at the time of charge-off, the expected recovery amount is transferred from the education loan balance to the allowance for loan loss and is referred to as the expected future recoveries on charged-off loans. For FFELP Loans, the recovery is received at the time of charge-off. ( 2 ) At the end of each month, for Private Education Loans that are 212 or more days past due, we charge off the estimated loss of a defaulted loan balance. Actual recoveries are applied against the remaining loan balance that was not charged off. We refer to this as the “expected future recoveries on charged-off loans.” If actual periodic recoveries are less than expected, the difference is immediately charged off through the allowance for Private Education Loan losses with an offsetting reduction in the expected future recoveries for charged-off loans. If actual periodic recoveries are greater than expected, they will be reflected as a recovery through the allowance for Private Education Loan losses once the cumulative recovery amount exceeds the cumulative amount originally expected to be recovered. The following table summarizes the activity in the expected future recoveries on charged-off loans: Three Months Ended March 31, (Dollars in millions) 2022 Beginning of period expected recoveries $ 329 Expected future recoveries of current period defaults (1) 12 Recoveries (2) (15 ) Charge-offs (3) (5 ) End of period expected recoveries $ 321 Change in balance during period $ (8 ) ( 3 ) The allowance used for these metrics excludes the expected future recoveries on charged-off loans to better reflect the current expected credit losses remaining in the portfolio. 2. Allowance for Loan Losses (Continued) Three Months Ended March 31, 2021 (Dollars in millions) FFELP Loans Private Education Loans Total Allowance at beginning of period $ 288 $ 1,089 $ 1,377 Provision: Reversal of allowance related to loan sales (1) — (102 ) (102 ) Remaining provision — 15 15 Total provision — (87 ) (87 ) Charge-offs (2) (6 ) (35 ) (41 ) Decrease in expected future recoveries on charged-off loans (3) — 25 25 Allowance at end of period 282 992 1,274 Plus: expected future recoveries on charged-off loans (3) — 454 454 Allowance at end of period excluding expected future recoveries on charged-off loans (4) $ 282 $ 1,446 $ 1,728 Charge-offs as a percentage of average loans in repayment (annualized) .06 % .68 % Allowance coverage of charge-offs (4) 10.7 10.2 Allowance as a percentage of the ending total loan balance (4) .5 % 7.0 % Allowance as a percentage of ending loans in repayment (4) .6 % 7.4 % Ending total loans $ 57,155 $ 20,734 Average loans in repayment $ 47,044 $ 20,883 Ending loans in repayment $ 45,922 $ 19,480 (1) In connection with the sale of approximately $1.6 billion of Private Education Loans. ( 2 ) Charge-offs are reported net of expected recoveries. For Private Education Loans, at the time of charge-off, the expected recovery amount is transferred from the education loan balance to the allowance for loan loss and is referred to as the expected future recoveries on charged-off loans. For FFELP Loans, the recovery is received at the time of charge-off. ( 3 ) At the end of each month, for Private Education Loans that are 212 or more days past due, we charge off the estimated loss of a defaulted loan balance. Actual recoveries are applied against the remaining loan balance that was not charged off. We refer to this as the “expected future recoveries on charged-off loans.” If actual periodic recoveries are less than expected, the difference is immediately charged off through the allowance for Private Education Loan losses with an offsetting reduction in the expected future recoveries for charged-off loans. If actual periodic recoveries are greater than expected, they will be reflected as a recovery through the allowance for Private Education Loan losses once the cumulative recovery amount exceeds the cumulative amount originally expected to be recovered. The following table summarizes the activity in the expected future recoveries on charged-off loans: Three Months Ended March 31, (Dollars in millions) 2021 Beginning of period expected recoveries $ 479 Expected future recoveries of current period defaults 5 Recoveries (25 ) Charge-offs (5 ) End of period expected recoveries $ 454 Change in balance during period $ (25 ) ( 4 ) The allowance used for these metrics excludes the expected future recoveries on charged-off loans to better reflect the current expected credit losses remaining in the portfolio. 2. Allowance for Loan Losses (Continued) Troubled Debt Restructurings (“TDRs”) We sometimes modify the terms of loans for customers experiencing financial difficulty. Certain Private Education Loans for which we have granted either a forbearance of greater than three months, an interest rate reduction or an extended repayment plan are classified as TDRs. Approximately 75% of the loans granted forbearance have qualified as a TDR loan at both March 31, 2022 and December 31, 2021. The unpaid principal balance of TDR loans that were in an interest rate reduction program as of March 31, 2022 and December 31, 2021 was $838 million and $831 million, respectively. The following table provides the amount of loans modified in the periods presented that resulted in a TDR. Additionally, the table summarizes charge-offs occurring in the TDR portfolio, as well as TDRs for which a payment default occurred in the current period within 12 months of the loan first being designated as a TDR. We define payment default as 60 days past due for this disclosure. Three Months Ended March 31, (Dollars in millions) 2022 2021 Modified loans $ 55 $ 40 Charge-offs $ 56 $ 26 Payment default $ 9 $ 5 2. Allowance for Loan Losses (Continued) Key Credit Quality Indicators We assess and determine the collectability of our education loan portfolios by evaluating certain risk characteristics we refer to as key credit quality indicators. Key credit quality indicators are incorporated into the allowance for loan losses calculation. FFELP Loans FFELP Loans are substantially insured and guaranteed as to their principal and accrued interest in the event of default. The key credit quality indicators are loan status and loan type. FFELP Loan Delinquencies March 31, 2022 December 31, 2021 March 31, 2021 (Dollars in millions) Balance % Balance % Balance % Loans in-school/grace/deferment (1) $ 2,232 $ 2,220 $ 2,781 Loans in forbearance (2) 6,312 6,292 8,452 Loans in repayment and percentage of each status: Loans current 36,948 86.5 % 39,679 89.4 % 42,127 91.7 % Loans delinquent 31-60 days (3) 1,888 4.4 1,696 3.8 1,377 3.0 Loans delinquent 61-90 days (3) 1,148 2.7 904 2.0 813 1.8 Loans delinquent greater than 90 days (3) 2,740 6.4 2,112 4.8 1,605 3.5 Total FFELP Loans in repayment 42,724 100 % 44,391 100 % 45,922 100 % Total FFELP Loans 51,268 52,903 57,155 FFELP Loan allowance for losses (255 ) (262 ) (282 ) FFELP Loans, net $ 51,013 $ 52,641 $ 56,873 Percentage of FFELP Loans in repayment 83.3 % 83.9 % 80.3 % Delinquencies as a percentage of FFELP Loans in repayment 13.5 % 10.6 % 8.3 % FFELP Loans in forbearance as a percentage of loans in repayment and forbearance 12.9 % 12.4 % 15.5 % (1) Loans for customers who may still be attending school or engaging in other permitted educational activities and are not yet required to make payments on their loans, e.g., residency periods for medical students or a grace period for bar exam preparation, as well as loans for customers who have requested and qualify for other permitted program deferments such as military, unemployment, or economic hardships. (2) Loans for customers who have used their allowable deferment time or do not qualify for deferment, that need additional time to obtain employment or who have temporarily ceased making full payments due to hardship or other factors such as disaster relief, including COVID-19 relief programs, consistent with established loan program servicing policies and procedures. (3) The period of delinquency is based on the number of days scheduled payments are contractually past due. Loan type : (Dollars in millions) March 31, 2022 March 31, 2021 Change Stafford Loans $ 15,975 $ 17,327 $ (1,352 ) Consolidation Loans 30,665 34,961 (4,296 ) Rehab Loans 4,628 4,867 (239 ) Total loans, gross $ 51,268 $ 57,155 $ (5,887 ) 2. Allowance for Loan Losses (Continued) Private Education Loans The key credit quality indicators are credit scores (FICO scores), loan status, loan seasoning, whether a loan is a TDR, the existence of a cosigner and school type. The FICO score is the higher of the borrower or co-borrower score and is updated at least every six months while school type is assessed at origination. The other Private Education Loan key quality indicators are updated quarterly. Private Education Loan Credit Quality Indicators by Origination Year March 31, 2022 (Dollars in millions) March 31, 2022 2021 2020 2019 2018 Prior Total % of Total Credit Quality Indicators FICO Scores: 640 and above $ 948 $ 5,037 $ 1,783 $ 1,683 $ 626 $ 9,314 $ 19,391 92 % Below 640 8 44 16 37 21 1,535 $ 1,661 8 Total $ 956 $ 5,081 $ 1,799 $ 1,720 $ 647 $ 10,849 $ 21,052 100 % Loan Status: In-school/grace/ deferment/forbearance $ 5 $ 64 $ 25 $ 34 $ 13 $ 654 $ 795 4 % Current/90 days or less delinquent 951 5,015 1,772 1,684 632 9,889 $ 19,943 95 Greater than 90 days delinquent — 2 2 2 2 306 314 1 Total $ 956 $ 5,081 $ 1,799 $ 1,720 $ 647 $ 10,849 $ 21,052 100 % Seasoning (1) 1-12 payments $ 951 $ 4,740 $ 26 $ 17 $ 3 $ 115 $ 5,852 28 % 13-24 payments — 300 1,555 108 11 134 $ 2,108 10 25-36 payments — — 201 1,507 46 225 $ 1,979 9 37-48 payments — — — 68 545 369 $ 982 5 More than 48 payments — — — — 35 9,719 $ 9,754 46 Loans in-school/ grace/deferment 5 41 17 20 7 287 377 2 Total $ 956 $ 5,081 $ 1,799 $ 1,720 $ 647 $ 10,849 $ 21,052 100 % TDR Status: TDR $ — $ 9 $ 15 $ 43 $ 28 $ 6,998 $ 7,093 34 % Non-TDR 956 5,072 1,784 1,677 619 3,851 13,959 66 Total $ 956 $ 5,081 $ 1,799 $ 1,720 $ 647 $ 10,849 $ 21,052 100 % Cosigners: With cosigner (2) $ 11 $ 97 $ 31 $ 11 $ — $ 6,994 $ 7,144 34 % Without cosigner 945 4,984 1,768 1,709 647 3,855 13,908 66 Total $ 956 $ 5,081 $ 1,799 $ 1,720 $ 647 $ 10,849 $ 21,052 100 % School Type: Not-for-profit $ 893 $ 4,786 $ 1,719 $ 1,602 $ 595 $ 9,048 $ 18,643 89 % For-profit 63 295 80 118 52 1,801 2,409 11 Total $ 956 $ 5,081 $ 1,799 $ 1,720 $ 647 $ 10,849 $ 21,052 100 % Allowance for loan losses (964 ) Total loans, net $ 20,088 (1) Number of months in active repayment for which a scheduled payment was received. (2) Excluding Private Education Refinance Loans, which do not have a cosigner, the cosigner rate was 2. Allowance for Loan Losses (Continued) Private Education Loan Credit Quality Indicators by Origination Year March 31, 2021 (Dollars in millions) March 31, 2021 2020 2019 2018 2017 Prior Total % of Total Credit Quality Indicators FICO Scores: 640 and above $ 1,485 $ 2,835 $ 2,553 $ 929 $ 291 $ 10,736 $ 18,829 91 % Below 640 10 12 35 24 9 1,815 $ 1,905 9 Total $ 1,495 $ 2,847 $ 2,588 $ 953 $ 300 $ 12,551 $ 20,734 100 % Loan Status: In-school/grace/ deferment/forbearance $ 6 $ 29 $ 45 $ 23 $ 8 $ 1,143 $ 1,254 6 % Current/90 days or less delinquent 1,489 2,817 2,541 929 291 11,232 $ 19,299 93 Greater than 90 days delinquent — 1 2 1 1 176 181 1 Total $ 1,495 $ 2,847 $ 2,588 $ 953 $ 300 $ 12,551 $ 20,734 100 % Seasoning (1) 1-12 payments $ 1,491 $ 2,517 $ 131 $ 6 $ 1 $ 159 $ 4,305 21 % 13-24 payments — 314 2,330 54 5 198 $ 2,901 14 25-36 payments — — 105 823 28 327 $ 1,283 6 37-48 payments — — — 58 251 512 $ 821 4 More than 48 payments — — — — 12 10,955 $ 10,967 53 Loans in-school/ grace/deferment 4 16 22 12 3 400 457 2 Total $ 1,495 $ 2,847 $ 2,588 $ 953 $ 300 $ 12,551 $ 20,734 100 % TDR Status: TDR $ — $ 2 $ 18 $ 25 $ 31 $ 7,742 $ 7,818 38 % Non-TDR 1,495 2,845 2,570 928 269 4,809 12,916 62 Total $ 1,495 $ 2,847 $ 2,588 $ 953 $ 300 $ 12,551 $ 20,734 100 % Cosigners: With cosigner (2) $ 3 $ 32 $ 13 $ 1 $ 43 $ 8,249 $ 8,341 40 % Without cosigner 1,492 2,815 2,575 952 257 4,302 12,393 60 Total $ 1,495 $ 2,847 $ 2,588 $ 953 $ 300 $ 12,551 $ 20,734 100 % School Type: Not-for-profit $ 1,408 $ 2,718 $ 2,416 $ 879 $ 287 $ 10,417 $ 18,125 87 % For-profit 87 129 172 74 13 2,134 2,609 13 Total $ 1,495 $ 2,847 $ 2,588 $ 953 $ 300 $ 12,551 $ 20,734 100 % Allowance for loan losses (992 ) Total loans, net $ 19,742 (1) Number of months in active repayment for which a scheduled payment was received. (2) Excluding Private Education Refinance Loans, which do not have a cosigner, the cosigner rate was 2. Allowance for Loan Losses (Continued) Private Education Loan Delinquencies TDRs March 31, 2022 December 31, 2021 March 31, 2021 (Dollars in millions) Balance % Balance % Balance % Loans in-school/grace/deferment (1) $ 191 $ 194 $ 255 Loans in forbearance (2) 338 446 668 Loans in repayment and percentage of each status: Loans current 5,823 88.7 % 6,023 91.0 % 6,477 94.0 % Loans delinquent 31-60 days (3) 259 3.9 199 3.0 160 2.3 Loans delinquent 61-90 days (3) 189 2.9 120 1.8 92 1.3 Loans delinquent greater than 90 days (3) 293 4.5 274 4.2 166 2.4 Total TDR loans in repayment 6,564 100 % 6,616 100 % 6,895 100 % Total TDR loans 7,093 7,256 7,818 TDR loans allowance for losses (785 ) (829 ) (857 ) TDR loans, net $ 6,308 $ 6,427 $ 6,961 Percentage of TDR loans in repayment 92.5 % 91.2 % 88.2 % Delinquencies as a percentage of TDR loans in repayment 11.3 % 9.0 % 6.0 % Loans in forbearance as a percentage of TDR loans in repayment and forbearance 4.9 % 6.3 % 8.8 % (1) Loans for customers who are attending school or are in other permitted educational activities and are not yet required to make payments on their loans, e.g., internship periods, as well as loans for customers who have requested and qualify for other permitted program deferments such as various military eligible deferments. (2) Loans for customers who have requested extension of grace period generally during employment transition or who have temporarily ceased making full payments due to hardship or other factors such as disaster relief, including COVID-19 relief programs, consistent with established loan program servicing policies and procedures. (3) The period of delinquency is based on the number of days scheduled payments are contractually past due. 2. Allowance for Loan Losses (Continued) Private Education Loan Delinquencies Non-TDRs March 31, 2022 December 31, 2021 March 31, 2021 (Dollars in millions) Balance % Balance % Balance % Loans in-school/grace/deferment (1) $ 186 $ 167 $ 202 Loans in forbearance (2) 80 89 129 Loans in repayment and percentage of each status: Loans current 13,624 99.5 % 13,611 99.6 % 12,543 99.7 % Loans delinquent 31-60 days (3) 31 .2 23 .2 19 .1 Loans delinquent 61-90 days (3) 17 .1 11 .1 8 .1 Loans delinquent greater than 90 days (3) 21 .2 23 .1 15 .1 Total non-TDR loans in repayment 13,693 100 % 13,668 100 % 12,585 100 % Total non-TDR loans 13,959 13,924 12,916 Non-TDR loans allowance for losses (179 ) (180 ) (135 ) Non-TDR loans, net $ 13,780 $ 13,744 $ 12,781 Percentage of non-TDR loans in repayment 98.1 % 98.2 % 97.4 % Delinquencies as a percentage of non-TDR loans in repayment .5 % .4 % .3 % Loans in forbearance as a percentage of non-TDR loans in repayment and forbearance .6 % .6 % 1.0 % (1) Loans for customers who are attending school or are in other permitted educational activities and are not yet required to make payments on their loans, e.g., internship periods, as well as loans for customers who have requested and qualify for other permitted program deferments such as various military eligible deferments. (2) Loans for customers who have requested extension of grace period generally during employment transition or who have temporarily ceased making full payments due to hardship or other factors such as disaster relief, including COVID-19 relief programs, consistent with established loan program servicing policies and procedures. (3) The period of delinquency is based on the number of days scheduled payments are contractually past due. |
Borrowings
Borrowings | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Borrowings | 3. Borrowings The following table summarizes our borrowings. March 31, 2022 December 31, 2021 (Dollars in millions) Short Term Long Term Total Short Term Long Term Total Unsecured borrowings: Senior unsecured debt (1) $ 999 $ 6,018 $ 7,017 $ — $ 7,014 $ 7,014 Total unsecured borrowings 999 6,018 7,017 — 7,014 7,014 Secured borrowings: FFELP Loan securitizations (2)(3) — 49,622 49,622 — 51,841 51,841 Private Education Loan securitizations (4) 515 14,038 14,553 543 14,074 14,617 FFELP Loan ABCP facilities 619 145 764 282 150 432 Private Education Loan ABCP facilities 1,462 1,114 2,576 1,363 1,152 2,515 Other (5) 204 — 204 302 — 302 Total secured borrowings 2,800 64,919 67,719 2,490 67,217 69,707 Total before hedge accounting adjustments 3,799 70,937 74,736 2,490 74,231 76,721 Hedge accounting adjustments 3 (112 ) (109 ) — 257 257 Total $ 3,802 $ 70,825 $ 74,627 $ 2,490 $ 74,488 $ 76,978 (1) Includes principal amount of $1.0 billion and $0 of short-term debt as of March 31, 2022 and December 31, 2021, respectively. Includes principal amount of $6.0 billion and $7.0 billion of long-term debt as of March 31, 2022 and December 31, 2021, respectively. (2) Includes $93 million and $49 million of long-term debt related to the FFELP Loan asset-backed securitization repurchase facilities (FFELP Loan Repurchase Facilities) as of March 31, 2022 and December 31, 2021, respectively. ( 3 ) Includes defaulted FFELP secured debt tranches with a remaining principal amount of $683 million as of March 31, 2022 as a result of not maturing by their respective contractual maturity dates. Notices were delivered to the trustee, rating agencies and bondholders alerting them to these maturity date defaults. At this time, it is expected the bonds will be paid in full between 2029 and 2035. There is no impact to the principal amount owed or the coupon at which the bonds accrue, and there is no revised contractual maturity date. ( 4 ) Includes $515 million and $543 million of short-term debt related to the Private Education Loan asset-backed securitization repurchase facilities (Private Education Loan Repurchase Facilities) as of March 31, 2022 and December 31, 2021, respectively. ( 5 ) “Other” primarily includes the obligation to return cash collateral held related to derivative exposures. 3. Borrowings (Continued) Variable Interest Entities We consolidated the following financing VIEs as of March 31, 2022 and December 31, 2021, as we are the primary beneficiary. As a result, these VIEs are accounted for as secured borrowings. March 31, 2022 Debt Outstanding Carrying Amount of Assets Securing Debt Outstanding (Dollars in millions) Short Term Long Term Total Loans Cash Other Assets Total Secured Borrowings — VIEs: FFELP Loan securitizations $ — $ 49,622 $ 49,622 $ 50,024 $ 1,860 $ 1,535 $ 53,419 Private Education Loan securitizations 515 14,038 14,553 15,467 518 138 16,123 FFELP Loan ABCP facilities 619 145 764 755 14 26 795 Private Education Loan ABCP facilities 1,462 1,114 2,576 2,757 79 30 2,866 Total before hedge accounting adjustments 2,596 64,919 67,515 69,003 2,471 1,729 73,203 Hedge accounting adjustments — (164 ) (164 ) — — (229 ) (229 ) Total $ 2,596 $ 64,755 $ 67,351 $ 69,003 $ 2,471 $ 1,500 $ 72,974 December 31, 2021 Debt Outstanding Carrying Amount of Assets Securing Debt Outstanding (Dollars in millions) Short Term Long Term Total Loans Cash Other Assets Total Secured Borrowings — VIEs: FFELP Loan securitizations $ — $ 51,841 $ 51,841 $ 52,066 $ 2,073 $ 1,520 $ 55,659 Private Education Loan securitizations 543 14,074 14,617 15,506 505 150 16,161 FFELP Loan ABCP facilities 282 150 432 436 8 15 459 Private Education Loan ABCP facilities 1,363 1,152 2,515 2,641 63 32 2,736 Total before hedge accounting adjustments 2,188 67,217 69,405 70,649 2,649 1,717 75,015 Hedge accounting adjustments — (110 ) (110 ) — — (195 ) (195 ) Total $ 2,188 $ 67,107 $ 69,295 $ 70,649 $ 2,649 $ 1,522 $ 74,820 |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2022 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | 4. Derivative Financial Instruments Summary of Derivative Financial Statement Impact The following tables summarize the fair values and notional amounts of all derivative instruments and their impact on net income and other comprehensive income. Impact of Derivatives on Balance Sheet Cash Flow Fair Value (3) Trading Total (Dollars in millions) Hedged Risk Exposure Mar 31, 2022 Dec 31, 2021 Mar 31, 2022 Dec 31, 2021 Mar 31, 2022 Dec 31, 2021 Mar 31, 2022 Dec 31, 2021 Fair Values (1) Derivative Assets: Interest rate swaps Interest rate $ — $ — $ 150 $ 222 $ 1 $ 2 $ 151 $ 224 Cross-currency interest rate swaps Foreign currency and interest rate — — — — — — — — Total derivative assets (2) — — 150 222 1 2 151 224 Derivative Liabilities: Interest rate swaps Interest rate — — — — (4 ) (5 ) (4 ) (5 ) Floor Income Contracts Interest rate — — — — (9 ) (65 ) (9 ) (65 ) Cross-currency interest rate swaps Foreign currency and interest rate — — (226 ) (190 ) — — (226 ) (190 ) Total derivative liabilities (2) — — (226 ) (190 ) (13 ) (70 ) (239 ) (260 ) Net total derivatives $ — $ — $ (76 ) $ 32 $ (12 ) $ (68 ) $ (88 ) $ (36 ) (1) Fair values reported are exclusive of collateral held and pledged and accrued interest. Assets and liabilities are presented without consideration of master netting agreements. Derivatives are carried on the balance sheet based on net position by counterparty under master netting agreements and classified in other assets or other liabilities depending on whether in a net positive or negative position. (2) The following table reconciles gross positions without the impact of master netting agreements to the balance sheet classification: Other Assets Other Liabilities (Dollar in millions) March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 Gross position $ 151 $ 224 $ (239 ) $ (260 ) Impact of master netting agreements — (6 ) — 6 Derivative values with impact of master netting agreements (as carried on balance sheet) 151 218 (239 ) (254 ) Cash collateral (held) pledged (152 ) (244 ) 95 147 Net position $ (1 ) $ (26 ) $ (144 ) $ (107 ) ( 3 ) As of March 31, 2022 As of December 31, 2021 (Dollar in millions) Carrying Value Hedge Basis Adjustments Carrying Value Hedge Basis Adjustments Short-term borrowings $ 1,000 $ 3 $ — $ — Long-term borrowings $ 7,076 $ (116 ) $ 8,503 $ 252 4. Derivative Financial Instruments (Continued) The above fair values include adjustments when necessary for counterparty credit risk for both when we are exposed to the counterparty, net of collateral postings, and when the counterparty is exposed to us, net of collateral postings. The net adjustments decreased the asset position at March 31, 2022 and December 31, 2021 by $9 million and $8 million, respectively. In addition, the above fair values reflect adjustments for illiquid derivatives as indicated by a wide bid/ask spread in the interest rate indices to which the derivatives are indexed. These adjustments decreased the overall net asset positions at March 31, 2022 and December 31, 2021 by $2 million and $2 million, respectively. Cash Flow Fair Value Trading Total (Dollars in billions) Mar 31, 2022 Dec 31, 2021 Mar 31, 2022 Dec 31, 2021 Mar 31, 2022 Dec 31, 2021 Mar 31, 2022 Dec 31, 2021 Notional Values: Interest rate swaps $ 11.4 $ 12.1 $ 6.2 $ 6.2 $ 26.8 $ 28.4 $ 44.4 $ 46.7 Floor Income Contracts — — — — 8.1 12.5 8.1 12.5 Cross-currency interest rate swaps — — 2.0 2.1 — — 2.0 2.1 Total derivatives $ 11.4 $ 12.1 $ 8.2 $ 8.3 $ 34.9 $ 40.9 $ 54.5 $ 61.3 Mark-to-Market Total Gains (Losses) Three Months Ended March 31, (Dollars in millions) 2022 2021 Fair Value Hedges: Interest Rate Swaps Gains (losses) recognized in net income on derivatives $ (288 ) $ (197 ) Gains (losses) recognized in net income on hedged items 313 212 Net fair value hedge ineffectiveness gains (losses) 25 15 Cross currency interest rate swaps Gains (losses) recognized in net income on derivatives (36 ) 70 Gains (losses) recognized in net income on hedged items 52 (40 ) Net fair value hedge ineffectiveness gains (losses) 16 30 Total fair value hedges (1)(2) 41 45 Cash Flow Hedges: Total cash flow hedges (2) — — Trading: Interest rate swaps 62 22 Floor income contracts 36 14 Cross currency interest rate swaps — — Other — — Total trading derivatives (3) 98 36 Mark-to-market gains (losses) recognized $ 139 $ 81 (1) Recorded in interest expense in the consolidated statements of income. (2) The accrued interest income (expense) on fair value hedges and cash flow hedges is recorded in interest expense and is excluded from this table. (3) Recorded in “gains (losses) on derivative and hedging activities, net” in the consolidated statements of income. 4. Derivative Financial Instruments (Continued) Impact of Derivatives on Other Comprehensive Income (Equity) Three Months Ended March 31, (Dollars in millions) 2022 2021 Total gains (losses) on cash flow hedges $ 93 $ 27 Reclassification adjustments for derivative (gains) losses included in net income (interest expense) (1) 21 21 Net changes in cash flow hedges, net of tax $ 114 $ 48 (1) Includes net settlement income/expense. Collateral The following table details collateral held and pledged related to derivative exposure between us and our derivative counterparties: (Dollars in millions) March 31, 2022 December 31, 2021 Collateral held: Cash (obligation to return cash collateral is recorded in short-term borrowings) $ 152 $ 244 Securities at fair value — corporate derivatives (not recorded in financial statements) (1) — — Securities at fair value — on-balance sheet securitization derivatives (not recorded in financial statements) (2) — 1 Total collateral held $ 152 $ 245 Derivative asset at fair value including accrued interest $ 159 $ 242 Collateral pledged to others: Cash (right to receive return of cash collateral is recorded in investments) $ 95 $ 147 Total collateral pledged $ 95 $ 147 Derivative liability at fair value including accrued interest and premium receivable $ 256 $ 271 (1) The Company has the ability to sell or re-pledge securities it holds as collateral. (2) The trusts do not have the ability to sell or re-pledge securities they hold as collateral. 4. Derivative Financial Instruments (Continued) Our corporate derivatives contain credit contingent features. At our current unsecured credit rating, we have fully collateralized our corporate derivative liability position (including accrued interest and net of premiums receivable) of $24 million with our counterparties. Downgrades in our unsecured credit rating would not result in any additional collateral requirements. Trust related derivatives do not contain credit contingent features related to our or the trusts’ credit ratings. At March 31, 2022 and December 31, 2021, we had a net positive exposure (derivative gain positions to us less collateral which has been posted by counterparties to us) related to Navient Corporation derivatives of $15 million and $9 million, respectively. The trusts are not required to post collateral to the counterparties. At March 31, 2022 and December 31, 2021, the net positive exposure on swaps in securitization trusts was $0 and $0, respectively The table below highlights credit exposure related to our derivative counterparties at March 31, 2022. (Dollars in millions) Corporate Contracts Securitization Trust Contracts Exposure, net of collateral $ 15 $ — Percent of exposure to counterparties with credit ratings below S&P AA- or Moody’s Aa3 100 % — % Percent of exposure to counterparties with credit ratings below S&P A- or Moody’s A3 32 % — % |
Other Assets
Other Assets | 3 Months Ended |
Mar. 31, 2022 | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | |
Other Assets | 5. Other Assets The following table provides the detail of our other assets. (Dollars in millions) March 31, 2022 December 31, 2021 Accrued interest receivable $ 1,834 $ 1,881 Benefit and insurance-related investments 456 462 Income tax asset, net 255 369 Derivatives at fair value 151 218 Accounts receivable 109 159 Fixed assets 91 95 Other 15 39 Total $ 2,911 $ 3,223 |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Stockholders' Equity | 6. Stockholders’ Equity The following table summarizes common share repurchases, issuances and dividends paid. Three Months Ended March 31, (Dollars and shares in millions, except per share amounts) 2022 2021 Common stock repurchased (1) 6.2 8.2 Common stock repurchased (in dollars) (1) $ 115 $ 100 Average purchase price per share (1) $ 18.41 $ 12.23 Remaining common stock repurchase authority (1) $ 885 $ 500 Shares repurchased related to employee stock- based compensation plans (2) 1.1 2.2 Average purchase price per share (2) $ 17.92 $ 11.91 Common shares issued (3) 2.4 3.6 Dividends paid $ 24 $ 29 Dividends per share $ .16 $ .16 (1) Common shares purchased under our share repurchase program. Our board of directors authorized a $1 billion multi-year share repurchase program in December 2021. (2) Comprises shares withheld from stock option exercises and vesting of restricted stock for employees’ tax withholding obligations and shares tendered by employees to satisfy option exercise costs. (3) Common shares issued under our various compensation and benefit plans. The closing price of our common stock on March 31, 2022 was $17.04. |
Earnings (Loss) per Common Shar
Earnings (Loss) per Common Share | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) per Common Share | 7. Earnings (Loss) per Common Share Basic earnings (loss) per common share (EPS) are calculated using the weighted average number of shares of common stock outstanding during each period. A reconciliation of the numerators and denominators of the basic and diluted EPS calculations on a GAAP basis follows. Three Months Ended March 31, (In millions, except per share data) 2022 2021 Numerator: Net income $ 255 $ 370 Denominator: Weighted average shares used to compute basic EPS 151 183 Effect of dilutive securities: Dilutive effect of stock options, restricted stock, restricted stock units, performance stock units, and Employee Stock Purchase Plan (ESPP) (1) 2 2 Dilutive potential common shares (2) 2 2 Weighted average shares used to compute diluted EPS 153 185 Basic earnings per common share $ 1.69 $ 2.02 Diluted earnings per common share $ 1.67 $ 2.00 (1) Includes the potential dilutive effect of additional common shares that are issuable upon exercise of outstanding stock options, restricted stock, restricted stock units, performance stock units and the outstanding commitment to issue shares under applicable ESPPs, determined by the treasury stock method. (2) For the three months ended March 31, 2022 and 2021, securities covering approximately 0 million and 2 million shares, respectively, were outstanding but not included in the computation of diluted earnings per share because they were anti-dilutive. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 8. Fair Value Measurements We use estimates of fair value in applying various accounting standards in our financial statements. We categorize our fair value estimates based on a hierarchical framework associated with three levels of price transparency utilized in measuring financial instruments at fair value. See “Note 11 – Fair Value Measurements” in our 2021 Form 10-K for a full discussion. During the three months ended March 31, 2022, there were no significant transfers of financial instruments between levels, or changes in our methodology used to value our financial instruments. 8. Fair Value Measurements (Continued) The following table summarizes the valuation of our financial instruments that are marked-to-market on a recurring basis. During the third quarters of 2022 and 2021, there were no significant transfers of financial instruments between levels. Fair Value Measurements on a Recurring Basis March 31, 2022 December 31, 2021 (Dollars in millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Derivative instruments: (1) Interest rate swaps — 150 1 151 — 223 1 224 Cross-currency interest rate swaps — — — — — — — — Total derivative assets (2) — 150 1 151 — 223 1 224 Total $ — $ 150 $ 1 $ 151 $ — $ 223 $ 1 $ 224 Liabilities (3) Derivative instruments (1) Interest rate swaps $ — $ — $ (4 ) $ (4 ) $ — $ — $ (5 ) $ (5 ) Floor Income Contracts — (9 ) — (9 ) — (65 ) — (65 ) Cross-currency interest rate swaps — — (226 ) (226 ) — — (190 ) (190 ) Total derivative liabilities (2) — (9 ) (230 ) (239 ) — (65 ) (195 ) (260 ) Total $ — $ (9 ) $ (230 ) $ (239 ) $ — $ (65 ) $ (195 ) $ (260 ) (1) Fair value of derivative instruments excludes accrued interest and the value of collateral. (2) See "Note 4 – Derivative Financial Instruments" for a reconciliation of gross positions without the impact of master netting agreements to the balance sheet classification. (3) Borrowings which are the hedged item in a fair value hedge relationship and which are adjusted for changes in value due to benchmark interest rates only are not carried at full fair value and not reflected in this table. 8. Fair Value Measurements (Continued) The following tables summarize the change in balance sheet carrying value associated with level 3 financial instruments carried at fair value on a recurring basis. Three Months Ended March 31, 2022 2021 Derivative instruments Derivative instruments (Dollars in millions) Interest Rate Swaps Cross Currency Interest Rate Swaps Other Total Derivative Instruments Interest Rate Swaps Cross Currency Interest Rate Swaps Other Total Derivative Instruments Balance, beginning of period $ (4 ) $ (190 ) $ — $ (194 ) $ (8 ) $ (294 ) $ — $ (302 ) Total gains/(losses): Included in earnings (1) 1 (41 ) — (40 ) 1 62 — 63 Included in other comprehensive income — — — — — — — — Settlements — 5 — 5 — 7 — 7 Transfers in and/or out of level 3 — — — — — — — — Balance, end of period $ (3 ) $ (226 ) $ — $ (229 ) $ (7 ) $ (225 ) $ — $ (232 ) Change in mark-to-market gains/(losses) relating to instruments still held at the reporting date (2) $ 1 $ (36 ) $ — $ (35 ) $ 1 $ (91 ) $ — $ (90 ) (1) “Included in earnings” is comprised of the following amounts recorded in the specified line item in the consolidated statements of income: Three Months Ended March 31, (Dollars in millions) 2022 2021 Gains (losses) on derivative and hedging activities, net $ 1 $ 1 Interest expense (41 ) 62 Total $ (40 ) $ 63 (2) Recorded in “gains (losses) on derivative and hedging activities, net” in the consolidated statements of income. 8. Fair Value Measurements (Continued) The following table presents the significant inputs that are unobservable or from inactive markets used in the recurring valuations of the level 3 financial instruments detailed above. (Dollars in millions) Fair Value at March 31, 2022 Valuation Technique Input Range and Weighted Average Derivatives Prime/LIBOR basis swaps $ (3 ) Discounted cash flow Constant Prepayment Rate 9% Bid/ask adjustment to discount rate .08% Cross-currency interest rate swaps (226 ) Discounted cash flow Constant Prepayment Rate 5% Other — Total $ (229 ) The following table summarizes the fair values of our financial assets and liabilities, including derivative financial instruments. March 31, 2022 December 31, 2021 (Dollars in millions) Fair Value Carrying Value Difference Fair Value Carrying Value Difference Earning assets FFELP Loans $ 50,375 $ 51,013 $ (638 ) $ 53,632 $ 52,641 $ 991 Private Education Loans 20,213 20,088 125 21,140 20,171 969 Cash and investments 3,424 3,424 — 3,845 3,845 — Total earning assets 74,012 74,525 (513 ) 78,617 76,657 1,960 Interest-bearing liabilities Short-term borrowings 3,813 3,802 (11 ) 2,492 2,490 (2 ) Long-term borrowings 69,515 70,825 1,310 74,548 74,488 (60 ) Total interest-bearing liabilities 73,328 74,627 1,299 77,040 76,978 (62 ) Derivative financial instruments Floor Income Contracts (9 ) (9 ) — (65 ) (65 ) — Interest rate swaps 147 147 — 219 219 — Cross-currency interest rate swaps (226 ) (226 ) — (190 ) (190 ) — Other — — — — — — Excess of net asset fair value over carrying value $ 786 $ 1,898 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 9. Commitments and Contingencies Legal Proceedings We and our subsidiaries and affiliates are subject to various claims, lawsuits and other actions that arise in the normal course of business. We believe that these claims, lawsuits and other actions will not, individually or in the aggregate, have a material adverse effect on our business, financial condition or results of operations, except as otherwise disclosed. Most of these matters are claims including individual and class action lawsuits against our servicing or business processing subsidiaries alleging the violation of state or federal laws in connection with servicing or collection activities on their education loans and other debts. In the ordinary course of our business, the Company and our subsidiaries and affiliates receive information and document requests and investigative demands from various entities including State Attorneys General, U.S. Attorneys, legislative committees, individual members of Congress and administrative agencies. These requests may be informational, regulatory or enforcement in nature and may relate to our business practices, the industries in which we operate, or companies with whom we conduct business. Generally, our practice has been and continues to be to cooperate with these bodies and to be responsive to any such requests. The number of these inquiries and the volume of related information demands continue to increase and therefore continue to increase the time, costs and resources we must dedicate to timely respond to these requests and may, depending on their outcome, result in payments of restitution, fines and penalties. Certain Cases During the first quarter of 2016, Navient Corporation, certain Navient officers and directors, and the underwriters of certain Navient securities offerings were sued in three putative securities class action lawsuits filed on behalf of certain investors in Navient stock or Navient unsecured debt. These three cases, which were filed in the U.S. District Court for the District of Delaware, were consolidated by the District Court, with Lord Abbett Funds appointed as Lead Plaintiff. The caption of the consolidated case is Lord Abbett Affiliated Fund, Inc., et al. v. Navient Corporation, et al. Eli Pope v. Navient Corporation, John F. Remondi, Somsak Chivavibul and Christian Lown, Melvin Gross v. Navient Corporation, John F. Remondi, Somsak Chivavibul and Christian M. Lown, In Re Navient Corporation Securities Litigation The Company has been named as defendant in a number of putative class action cases alleging violations of various state and federal consumer protection laws including the Telephone Consumer Protection Act (TCPA), the Consumer Financial Protection Act of 2010 (CFPA), the Fair Credit Reporting Act (FCRA), the Fair Debt Collection Practices Act (FDCPA), in adversarial proceedings under the U.S. Bankruptcy Code, and various state consumer protection laws. At this point in time, the Company is unable to anticipate the timing of a resolution or the impact that these legal proceedings may have on the Company’s consolidated financial position, liquidity, results of operation or cash flows. As a result, it is not possible at this time to estimate a range of potential exposure, if any, for amounts that may be payable in connection with these matters and reserves have not been established. It is possible that an adverse ruling or rulings may have a material adverse impact on the Company. 9. Commitments and Cont ingencies (Continued) In January 2017, the Consumer Financial Protection Bureau (the CFPB) and Attorneys General for the State of Illinois and the State of Washington initiated civil actions naming Navient Corporation and several of its subsidiaries as defendants alleging violations of certain Federal and State consumer protection statutes, including the CFPA, FCRA, FDCPA and various state consumer protection laws. The Attorneys General for the States of Pennsylvania, California, Mississippi, and New Jersey also initiated actions against the Company and certain subsidiaries alleging violations of various state and federal consumer protection laws based upon similar alleged acts or failures to act. In addition to these matters, a number of lawsuits have been filed by nongovernmental parties or, in the future, may be filed by additional governmental or nongovernmental parties seeking damages or other remedies related to similar issues raised by the CFPB and the State Attorneys General. In January 2022, we entered into a series of Consent Judgment and Orders (the “Agreements”) with 40 State Attorneys General to resolve all matters in dispute related to the State Attorneys General cases as well as the related investigations, subpoenas, civil investigative demands and inquiries from various other state regulators. These Agreements do not resolve the litigation involving the Company and the CFPB. The Company will cancel the loan balance of approximately 66,000 borrowers with qualifying private education loans that were originated largely between 2002 and 2010 and later defaulted and charged off. The loans to be cancelled have aggregate outstanding balances of approximately $1.7 billion. The expense to the Company to cancel these loans is approximately $50 million which represents the amount of expected future recoveries of these charged-off loans on the balance sheet. In addition, the Company agreed to make a one-time payment of approximately $145 million to the states. In the fourth quarter of 2021 when such loss became probable, the Company recognized total regulatory expenses of approximately $205 million related to this matter. As the Company has previously stated, we believe the allegations in the CFPB suit are false and that they improperly seek to impose penalties on Navient based on new, previously unannounced servicing standards applied retroactively against only one servicer. We therefore have denied these allegations and are vigorously defending against the allegations in that case. At this point in time, it is reasonably possible that a loss contingency exists; however, the Company is unable to anticipate the timing of a resolution or the impact that an adverse ruling in the CFPB case may have on the Company’s consolidated financial position, liquidity, results of operation or cash flows. As a result, it is not possible at this time to estimate a range of potential exposure, if any, for amounts that may be payable in connection with this matter and reserves have not been established. It is possible that an adverse ruling or rulings may have a material adverse impact on the Company. Regulatory Matters In addition, Navient and its subsidiaries are subject to examination or regulation by various federal regulatory, state licensing or other regulatory agencies as part of its ordinary course of business including the SEC, CFPB, FFIEC and ED. Items or matters similar to or different from those described above may arise during the course of those examinations. We also routinely receive inquiries or requests from various regulatory entities or bodies or government agencies concerning our business or our assets. Generally, the Company endeavors to cooperate with each such inquiry or request. The Company has received separate CIDs or subpoenas from multiple State Attorneys General, including for the District of Columbia, Kansas, Oregon, Colorado, New Jersey, New York and Indiana that are similar to the CIDs or subpoenas that preceded the lawsuits referenced above. Those CIDs and subpoenas have been resolved as part of the Company’s settlement with the State Attorneys General. Nevertheless, we have and, in the future, may receive additional CIDs or subpoenas and other inquiries from these or other Attorneys General with respect to similar or different matters. Under the terms of the Separation and Distribution Agreement between the Company and SLM BankCo, Navient agreed to indemnify SLM BankCo for claims, actions, damages, losses or expenses that may arise from the conduct of activities of pre-Spin-Off SLM BankCo occurring prior to the Spin-Off other than those specifically excluded in that agreement. Also, as part of the Separation and Distribution Agreement, SLM BankCo agreed to indemnify Navient for certain claims, actions, damages, losses or expenses subject to the terms, conditions and limitations set forth in that agreement. As a result, subject to the terms, conditions and limitations set forth in that agreement, Navient agreed to indemnify and hold harmless Sallie Mae and its subsidiaries, including Sallie Mae Bank from liabilities arising out of the regulatory matters and CFPB and State Attorneys General lawsuits mentioned above. In addition, we asserted various claims for indemnification against Sallie Mae and Sallie Mae Bank for such specifically excluded items arising out of the CFPB and the State Attorneys General lawsuits if and to the extent any indemnified liabilities exist now or in the future toward conclusion. Navient has no reserves related to indemnification matters with SLM BankCo as of March 31, 2022. 9. OIG Audit The Office of the Inspector General (the OIG) of ED commenced an audit regarding Special Allowance Payments (SAP) on September 10, 2007. In September 2013, we received the final audit determination of Federal Student Aid (the Final Audit Determination) on the final audit report issued by the OIG in August 2009 related to this audit. The Final Audit Determination concurred with the final audit report issued by the OIG and instructed us to make adjustment to our government billing to reflect the policy determination. In August 2016, we filed our notice of appeal to the Administrative Actions and Appeals Service Group of ED, and a hearing was held in April 2017. In March 2019, the administrative law judge hearing the appeal affirmed the audit’s findings, holding the then-existing Dear Colleague letter relied upon by the Company and other industry participants was inconsistent with the statutory framework creating the SAP rules applicable to loans funded by certain types of debt obligations at issue. We appealed the administrative law judge’s decision to the Secretary of Education given Navient’s adherence to ED-issued guidance and the potential impact on participants in any ED program student loan servicers if such guidance is deemed unreliable and may not be relied upon. In January 2021, the Acting Secretary of Education upheld the decision of the administrative law judge. In March 2021, we filed a complaint for declaratory judgment in federal court seeking to set aside the Acting Secretary’s decision. We continue to believe that our SAP billing practices were proper, considering then-existing ED guidance and lack of applicable regulations. We filed a lawsuit in federal court challenging the Acting Secretary’s decision. That case is pending. The Company first established a reserve for this matter in 2014 and increased the reserve in 2020 in response to the decision by the Acting Secretary. We do not believe, at this time, that an adverse ruling will have a material effect on the Company as a whole. Contingencies In the ordinary course of business, we and our subsidiaries are defendants in or parties to pending and threatened legal actions and proceedings including actions brought on behalf of various classes of claimants. These actions and proceedings may be based on alleged violations of consumer protection, securities, employment and other laws. In certain of these actions and proceedings, claims for substantial monetary damage are asserted against us and our subsidiaries. We and our subsidiaries are also subject to potential unasserted claims by third parties. In the ordinary course of business, we and our subsidiaries are subject to regulatory examinations, information gathering requests, inquiries and investigations. In connection with formal and informal inquiries in these cases, we and our subsidiaries receive requests, subpoenas and orders for documents, testimony and information in connection with various aspects of our regulated activities. We are required to establish reserves for litigation and regulatory matters where those matters present loss contingencies that are both probable and estimable. When loss contingencies are not both probable and estimable, we do not establish reserves. In view of the inherent difficulty of predicting the outcome of litigation and regulatory matters, we may not be able to predict what the eventual outcome of the pending matters will be, what the timing or the ultimate resolution of these matters will be, or what the eventual loss, fines or penalties, if any, related to each pending matter may be. Based on current knowledge, reserves have been established for certain litigation, regulatory matters, and unasserted contract claims where the loss is both probable and estimable. Based on current knowledge, management does not believe that loss contingencies, if any, arising from pending investigations, litigation or regulatory matters will have a material adverse effect on our consolidated financial position, liquidity, results of operations or cash flows, except as otherwise disclosed. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers Accounted for in Accordance with ASC 606 | 3 Months Ended |
Mar. 31, 2022 | |
Revenue From Contract With Customer [Abstract] | |
Revenue from Contracts with Customers Accounted for in Accordance with ASC 606 | 10. Revenue from Contracts with Customers Accounted for in Accordance with ASC 606 The following tables illustrate the disaggregation of revenue from contracts accounted for under ASC 606 with customers according to service type and client type by reportable operating segment. Revenue by Service Type Three Months Ended March 31, 2022 2021 (Dollars in millions) Federal Education Loans Business Processing Total Revenue Federal Education Loans Business Processing Total Revenue Federal Education Loan asset recovery services $ 1 $ — $ 1 $ 5 $ — $ 5 Government services — 49 49 — 63 63 Healthcare services — 45 45 — 62 62 Total $ 1 $ 94 $ 95 $ 5 $ 125 $ 130 Revenue by Client Type Three Months Ended March 31, 2022 2021 (Dollars in millions) Federal Education Loans Business Processing Total Revenue Federal Education Loans Business Processing Total Revenue Federal government $ — $ 2 $ 2 $ 1 $ 8 $ 9 Guarantor agencies 1 — 1 4 — 4 Other institutions — — — — — — State and local government — 33 33 — 42 42 Tolling authorities — 14 14 — 13 13 Hospitals and other healthcare providers — 45 45 — 62 62 Total $ 1 $ 94 $ 95 $ 5 $ 125 $ 130 As of March 31, 2022 and March 31, 2021, there was $90 million and $113 million respectively, of net accounts receivable related to these contracts. Navient had no material contract assets or contract liabilities. |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Segment Reporting | 11. Segment Reporting We monitor and assess our ongoing operations and results based on the following four reportable operating segments: Federal Education Loans, Consumer Lending, Business Processing and Other. These segments meet the quantitative thresholds for reportable operating segments. Accordingly, the results of operations of these reportable operating segments are presented separately. The underlying operating segments are used by the Company’s chief operating decision maker to manage the business, review operating performance and allocate resources, and qualify to be aggregated as part of the primary reportable operating segments. As discussed further below, we measure the profitability of our operating segments based on Core Earnings net income. Accordingly, information regarding our reportable operating segments net income is provided on a Core Earnings basis. Federal Education Loans Segment In this segment, Navient owns FFELP Loans and performs servicing and asset recovery services on this portfolio. We also service and perform asset recovery services on FFELP Loans owned by other institutions. Our servicing quality, data-driven strategies and omnichannel education about federal repayment options translate into positive results for the millions of borrowers we serve. We generate revenue primarily through net interest income on the FFELP Loan portfolio as well as servicing and asset recovery services revenue. This segment is expected to generate significant earnings and cash flow over the remaining life of the portfolio. The following table includes asset information for our Federal Education Loans segment. (Dollars in millions) March 31, 2022 December 31, 2021 FFELP Loans, net $ 51,013 $ 52,641 Cash and investments (1) 1,879 2,071 Other 2,008 2,183 Total assets $ 54,900 $ 56,895 (1) Includes restricted cash and investments. Consumer Lending Segment In this segment, Navient owns, originates, acquires and services high-quality refinance and in-school Private Education Loans. We believe our more than 45 years of experience, product design, digital marketing strategies, and origination and servicing platform provide a unique competitive advantage. We see meaningful growth opportunities in originating Private Education Loans to financially responsible consumers, generating attractive long-term, risk-adjusted returns. We generate revenue primarily through net interest income on our Private Education Loan portfolio. The following table includes asset information for our Consumer Lending segment (Dollars in millions) March 31, 2022 December 31, 2021 Private Education Loans, net $ 20,088 $ 20,171 Cash and investments (1) 774 824 Other 720 815 Total assets $ 21,582 $ 21,810 (1) Includes restricted cash and investments. 11. Segment Reporting (Continued) Business Processing Segment In this segment, Navient performs business processing services for over 600 government and healthcare clients. • Government services : We provide state governments, agencies, court systems, municipalities, and parking and tolling authorities with leveraging our scale, integrated technology solutions, decades of differentiated customer experience expertise and evidence-based approach. Our support enables our clients to better serve their constituents, meet rapidly changing needs, improve technology, reduce operating expenses, manage risk and optimize revenue opportunities. • Healthcare services : We perform revenue cycle outsourcing, accounts receivable management, extended business office support, consulting engagements and public health programs. We offer customizable solutions for our clients that include hospitals, hospital systems, medical centers, large physician groups, other healthcare providers and public health departments. At March 31, 2022 and December 31, 2021, the Business Processing segment had total assets of $402 million and $397 million, respectively. Other Segment This segment consists of our corporate liquidity portfolio, gains and losses incurred on the repurchase of debt, unallocated expenses of shared services (which includes regulatory expenses) and restructuring/other reorganization expenses. Unallocated shared services expenses are comprised of costs primarily related to information technology costs related to infrastructure and operations, stock-based compensation expense, accounting, finance, legal, compliance and risk management, regulatory-related expenses, human resources, certain executive management and the board of directors. Regulatory-related expenses include actual settlement amounts as well as third-party professional fees we incur in connection with such regulatory matters and are presented net of any insurance reimbursements for covered costs related to such matters. At March 31, 2022 and December 31, 2021, the Other segment had total assets of $1.3 11. Segment Reporting (Continued) Measure of Profitability We prepare financial statements and present financial results in accordance with GAAP. However, we also evaluate our business segments and present financial results on a basis that differs from GAAP. We refer to this different basis of presentation as Core Earnings. We provide this Core Earnings basis of presentation on a consolidated basis and for each business segment because this is what we review internally when making management decisions regarding our performance and how we allocate resources. We also refer to this information in our presentations with credit rating agencies, lenders and investors. Because our Core Earnings basis of presentation corresponds to our segment financial presentations, we are required by GAAP to provide Core Earnings disclosure in the notes to our consolidated financial statements for our business segments. Core Earnings are not a substitute for reported results under GAAP. We use Core Earnings to manage our business segments because Core Earnings reflect adjustments to GAAP financial results for two items, discussed below, that can create significant volatility mostly due to timing factors generally beyond the control of management. Accordingly, we believe that Core Earnings provide management with a useful basis from which to better evaluate results from ongoing operations against the business plan or against results from prior periods. Consequently, we disclose this information because we believe it provides investors with additional information regarding the operational and performance indicators that are most closely assessed by management. When compared to GAAP results, the two items we remove to result in our Core Earnings presentations are: 1. Mark-to-market gains/losses resulting from our use of derivative instruments to hedge our economic risks that do not qualify for hedge accounting treatment or do qualify for hedge accounting treatment but result in ineffectiveness; and 2. The accounting for goodwill and acquired intangible assets. While GAAP provides a uniform, comprehensive basis of accounting, for the reasons described above, our Core Earnings basis of presentation does not. Core Earnings are subject to certain general and specific limitations that investors should carefully consider. For example, there is no comprehensive, authoritative guidance for management reporting. Our Core Earnings are not defined terms within GAAP and may not be comparable to similarly titled measures reported by other companies. Accordingly, our Core Earnings presentation does not represent a comprehensive basis of accounting. Investors, therefore, may not be able to compare our performance with that of other financial services companies based upon Core Earnings. Core Earnings results are only meant to supplement GAAP results by providing additional information regarding the operational and performance indicators that are most closely used by management, our board of directors, credit rating agencies, lenders and investors to assess performance. 11. Segment Reporting (Continued) Segment Results and Reconciliations to GAAP Three Months Ended March 31, 2022 Adjustments (Dollars in millions) Federal Education Loans Consumer Lending Business Processing Other Total Core Earnings Reclassi- fications Additions/ (Subtractions) Total Adjustments (1) Total GAAP Interest income: Education loans $ 334 $ 276 $ — $ — $ 610 $ 19 $ (4 ) $ 15 $ 625 Cash and investments — 1 — — 1 — — — 1 Total interest income 334 277 — — 611 19 (4 ) 15 626 Total interest expense 195 125 — 15 335 — (46 ) (46 ) 289 Net interest income (loss) 139 152 — (15 ) 276 19 42 61 337 Less: provisions for loan losses — 16 — — 16 — — — 16 Net interest income (loss) after provisions for loan losses 139 136 — (15 ) 260 19 42 61 321 Other income (loss): Servicing revenue 15 3 — — 18 — — — 18 Asset recovery and business processing revenue 3 — 94 — 97 — — — 97 Other income (loss) 11 — — (1 ) 10 (19 ) 117 98 108 Total other income (loss) 29 3 94 (1 ) 125 (19 ) 117 98 223 Expenses: Direct operating expenses 28 35 76 — 139 — — — 139 Unallocated shared services expenses — — — 66 66 — — — 66 Operating expenses 28 35 76 66 205 — — — 205 Goodwill and acquired intangible asset impairment and amortization — — — — — — 4 4 4 Restructuring/other reorganization expenses — — — 3 3 — — — 3 Total expenses 28 35 76 69 208 — 4 4 212 Income (loss) before income tax expense (benefit) 140 104 18 (85 ) 177 — 155 155 332 Income tax expense (benefit) ( 2) 33 25 4 (20 ) 42 — 35 35 77 Net income (loss) $ 107 $ 79 $ 14 $ (65 ) $ 135 $ — $ 120 $ 120 $ 255 (1) Core Earnings adjustments to GAAP: Three Months Ended March 31, 2022 (Dollars in millions) Net Impact of Derivative Accounting Net Impact of Goodwill and Acquired Intangibles Total Net interest income (loss) after provisions for loan losses $ 61 $ — $ 61 Total other income (loss) 98 — 98 Goodwill and acquired intangible asset impairment and amortization — 4 4 Total Core Earnings adjustments to GAAP $ 159 $ (4 ) 155 Income tax expense (benefit) 35 Net income (loss) $ 120 (2) Income taxes are based on a percentage of net income before tax for the individual reportable segment. 11. Segment Reporting (Continued) Three Months Ended March 31, 2021 Adjustments (Dollars in millions) Federal Education Loans Consumer Lending Business Processing Other Total Core Earnings Reclassi- fications Additions/ (Subtractions) Total Adjustments (1) Total GAAP Interest income: Education loans $ 359 $ 319 $ — $ — $ 678 $ 23 $ (9 ) $ 14 $ 692 Cash and investments — — — — — — — — — Total interest income 359 319 — — 678 23 (9 ) 14 692 Total interest expense 215 150 — 18 383 (1 ) (53 ) (54 ) 329 Net interest income (loss) 144 169 — (18 ) 295 24 44 68 363 Less: provisions for loan losses — (87 ) — — (87 ) — — — (87 ) Net interest income (loss) after provisions for loan losses 144 256 — (18 ) 382 24 44 68 450 Other income (loss): Servicing revenue 52 1 — — 53 — — — 53 Asset recovery and business processing revenue 14 — 125 — 139 — — — 139 Other income (loss) — — — — — (11 ) 47 36 36 Gains on sales of loans — 89 — — 89 (13 ) — (13 ) 76 Total other income (loss) 66 90 125 — 281 (24 ) 47 23 304 Expenses: Direct operating expenses 63 41 91 — 195 — — — 195 Unallocated shared services expenses — — — 64 64 — — — 64 Operating expenses 63 41 91 64 259 — — — 259 Goodwill and acquired intangible asset impairment and amortization — — — — — — 5 5 5 Restructuring/other reorganization expenses — — — 6 6 — — — 6 Total expenses 63 41 91 70 265 — 5 5 270 Income (loss) before income tax expense (benefit) 147 305 34 (88 ) 398 — 86 86 484 Income tax expense (benefit) ( 2) 35 71 8 (21 ) 93 — 21 21 114 Net income (loss) $ 112 $ 234 $ 26 $ (67 ) $ 305 $ — $ 65 $ 65 $ 370 (1) Core Earnings adjustments to GAAP: Three Months Ended March 31, 2021 (Dollars in millions) Net Impact of Derivative Accounting Net Impact of Goodwill and Acquired Intangibles Total Net interest income (loss) after provisions for loan losses $ 68 $ — $ 68 Total other income (loss) 23 — 23 Goodwill and acquired intangible asset impairment and amortization — 5 5 Total Core Earnings adjustments to GAAP $ 91 $ (5 ) 86 Income tax expense (benefit) 21 Net income (loss) $ 65 (2) Income taxes are based on a percentage of net income before tax for the individual reportable segment. 11. Segment Reporting (Continued) Summary of Core Earnings Adjustments to GAAP Three Months Ended March 31, (Dollars in millions) 2022 2021 Core Earnings net income $ 135 $ 305 Core Earnings adjustments to GAAP: Net impact of derivative accounting (1) 159 91 Net impact of goodwill and acquired intangible assets (2) (4 ) (5 ) Net tax effect (3) (35 ) (21 ) Total Core Earnings adjustments to GAAP 120 65 GAAP net income $ 255 $ 370 (1) Derivative accounting: (2) Goodwill and acquired intangible assets: (3) Net tax effect: |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited, consolidated financial statements of Navient have been prepared in accordance with generally accepted accounting principles in the United States of America (GAAP) for interim financial information. Accordingly, they do not include all of the information and footnotes required by GAAP for complete consolidated financial statements. The consolidated financial statements include the accounts of Navient and its majority-owned and controlled subsidiaries and those Variable Interest Entities (VIEs) for which we are the primary beneficiary, after eliminating the effects of intercompany accounts and transactions. In the opinion of management, all adjustments considered necessary for a fair statement of the results for the interim periods have been included. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Operating results for the three months ended March 31, 2022 are not necessarily indicative of the results for the year ending December 31, 2021 or for any other period. These unaudited financial statements should be read in conjunction with the audited financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2021 (the 2021 Form 10-K). Definitions for certain capitalized terms used but not otherwise defined in this Quarterly Report on Form 10-Q can be found in our 2021 Form 10-K. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In March 2022, the FASB issued ASU No. 2022-02, “Financial Instruments – Credit Losses: Troubled Debt Restructurings and Vintage Disclosures,” which eliminates the troubled debt restructurings (TDRs) recognition and measurement guidance and instead requires an entity to evaluate whether the modification represents a new loan or a continuation of an existing loan. The ASU also enhances the disclosure requirements for certain modifications of receivables made to borrowers experiencing financial difficulty. This guidance is effective on January 1, 2023. Early adoption is permissible. The Company is currently assessing the potential impact of this amendment. |
Allowance for Loan Losses (Tabl
Allowance for Loan Losses (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Financing Receivable Allowance For Credit Losses [Line Items] | |
Allowance for Credit Losses and Recorded Investments in Loans | Allowance for Loan Losses Metrics Three Months Ended March 31, 2022 (Dollars in millions) FFELP Loans Private Education Loans Total Allowance at beginning of period $ 262 $ 1,009 $ 1,271 Total provision — 16 16 Charge-offs (1) (7 ) (69 ) (76 ) Decrease in expected future recoveries on charged-off loans (2) — 8 8 Allowance at end of period 255 964 1,219 Plus: expected future recoveries on charged-off loans (2) — 321 321 Allowance at end of period excluding expected future recoveries on charged-off loans (3) $ 255 $ 1,285 $ 1,540 Charge-offs as a percentage of average loans in repayment (annualized) .07 % 1.38 % Allowance coverage of charge-offs (annualized) (3) 8.8 4.6 Allowance as a percentage of the ending total loan balance (3) .5 % 6.1 % Allowance as a percentage of ending loans in repayment (3) .6 % 6.3 % Ending total loans $ 51,268 $ 21,052 Average loans in repayment $ 43,125 $ 20,387 Ending loans in repayment $ 42,724 $ 20,257 (1) Charge-offs are reported net of expected recoveries. For Private Education Loans, at the time of charge-off, the expected recovery amount is transferred from the education loan balance to the allowance for loan loss and is referred to as the expected future recoveries on charged-off loans. For FFELP Loans, the recovery is received at the time of charge-off. ( 2 ) At the end of each month, for Private Education Loans that are 212 or more days past due, we charge off the estimated loss of a defaulted loan balance. Actual recoveries are applied against the remaining loan balance that was not charged off. We refer to this as the “expected future recoveries on charged-off loans.” If actual periodic recoveries are less than expected, the difference is immediately charged off through the allowance for Private Education Loan losses with an offsetting reduction in the expected future recoveries for charged-off loans. If actual periodic recoveries are greater than expected, they will be reflected as a recovery through the allowance for Private Education Loan losses once the cumulative recovery amount exceeds the cumulative amount originally expected to be recovered. The following table summarizes the activity in the expected future recoveries on charged-off loans: Three Months Ended March 31, (Dollars in millions) 2022 Beginning of period expected recoveries $ 329 Expected future recoveries of current period defaults (1) 12 Recoveries (2) (15 ) Charge-offs (3) (5 ) End of period expected recoveries $ 321 Change in balance during period $ (8 ) ( 3 ) The allowance used for these metrics excludes the expected future recoveries on charged-off loans to better reflect the current expected credit losses remaining in the portfolio. 2. Allowance for Loan Losses (Continued) Three Months Ended March 31, 2021 (Dollars in millions) FFELP Loans Private Education Loans Total Allowance at beginning of period $ 288 $ 1,089 $ 1,377 Provision: Reversal of allowance related to loan sales (1) — (102 ) (102 ) Remaining provision — 15 15 Total provision — (87 ) (87 ) Charge-offs (2) (6 ) (35 ) (41 ) Decrease in expected future recoveries on charged-off loans (3) — 25 25 Allowance at end of period 282 992 1,274 Plus: expected future recoveries on charged-off loans (3) — 454 454 Allowance at end of period excluding expected future recoveries on charged-off loans (4) $ 282 $ 1,446 $ 1,728 Charge-offs as a percentage of average loans in repayment (annualized) .06 % .68 % Allowance coverage of charge-offs (4) 10.7 10.2 Allowance as a percentage of the ending total loan balance (4) .5 % 7.0 % Allowance as a percentage of ending loans in repayment (4) .6 % 7.4 % Ending total loans $ 57,155 $ 20,734 Average loans in repayment $ 47,044 $ 20,883 Ending loans in repayment $ 45,922 $ 19,480 (1) In connection with the sale of approximately $1.6 billion of Private Education Loans. ( 2 ) Charge-offs are reported net of expected recoveries. For Private Education Loans, at the time of charge-off, the expected recovery amount is transferred from the education loan balance to the allowance for loan loss and is referred to as the expected future recoveries on charged-off loans. For FFELP Loans, the recovery is received at the time of charge-off. ( 3 ) At the end of each month, for Private Education Loans that are 212 or more days past due, we charge off the estimated loss of a defaulted loan balance. Actual recoveries are applied against the remaining loan balance that was not charged off. We refer to this as the “expected future recoveries on charged-off loans.” If actual periodic recoveries are less than expected, the difference is immediately charged off through the allowance for Private Education Loan losses with an offsetting reduction in the expected future recoveries for charged-off loans. If actual periodic recoveries are greater than expected, they will be reflected as a recovery through the allowance for Private Education Loan losses once the cumulative recovery amount exceeds the cumulative amount originally expected to be recovered. The following table summarizes the activity in the expected future recoveries on charged-off loans: Three Months Ended March 31, (Dollars in millions) 2021 Beginning of period expected recoveries $ 479 Expected future recoveries of current period defaults 5 Recoveries (25 ) Charge-offs (5 ) End of period expected recoveries $ 454 Change in balance during period $ (25 ) ( 4 ) The allowance used for these metrics excludes the expected future recoveries on charged-off loans to better reflect the current expected credit losses remaining in the portfolio. |
Loans Modified Accounts for TDR | The following table provides the amount of loans modified in the periods presented that resulted in a TDR. Additionally, the table summarizes charge-offs occurring in the TDR portfolio, as well as TDRs for which a payment default occurred in the current period within 12 months of the loan first being designated as a TDR. We define payment default as 60 days past due for this disclosure. Three Months Ended March 31, (Dollars in millions) 2022 2021 Modified loans $ 55 $ 40 Charge-offs $ 56 $ 26 Payment default $ 9 $ 5 |
Age Analysis of Past Due Loans Delinquencies | FFELP Loan Delinquencies March 31, 2022 December 31, 2021 March 31, 2021 (Dollars in millions) Balance % Balance % Balance % Loans in-school/grace/deferment (1) $ 2,232 $ 2,220 $ 2,781 Loans in forbearance (2) 6,312 6,292 8,452 Loans in repayment and percentage of each status: Loans current 36,948 86.5 % 39,679 89.4 % 42,127 91.7 % Loans delinquent 31-60 days (3) 1,888 4.4 1,696 3.8 1,377 3.0 Loans delinquent 61-90 days (3) 1,148 2.7 904 2.0 813 1.8 Loans delinquent greater than 90 days (3) 2,740 6.4 2,112 4.8 1,605 3.5 Total FFELP Loans in repayment 42,724 100 % 44,391 100 % 45,922 100 % Total FFELP Loans 51,268 52,903 57,155 FFELP Loan allowance for losses (255 ) (262 ) (282 ) FFELP Loans, net $ 51,013 $ 52,641 $ 56,873 Percentage of FFELP Loans in repayment 83.3 % 83.9 % 80.3 % Delinquencies as a percentage of FFELP Loans in repayment 13.5 % 10.6 % 8.3 % FFELP Loans in forbearance as a percentage of loans in repayment and forbearance 12.9 % 12.4 % 15.5 % (1) Loans for customers who may still be attending school or engaging in other permitted educational activities and are not yet required to make payments on their loans, e.g., residency periods for medical students or a grace period for bar exam preparation, as well as loans for customers who have requested and qualify for other permitted program deferments such as military, unemployment, or economic hardships. (2) Loans for customers who have used their allowable deferment time or do not qualify for deferment, that need additional time to obtain employment or who have temporarily ceased making full payments due to hardship or other factors such as disaster relief, including COVID-19 relief programs, consistent with established loan program servicing policies and procedures. (3) The period of delinquency is based on the number of days scheduled payments are contractually past due. Private Education Loan Delinquencies TDRs March 31, 2022 December 31, 2021 March 31, 2021 (Dollars in millions) Balance % Balance % Balance % Loans in-school/grace/deferment (1) $ 191 $ 194 $ 255 Loans in forbearance (2) 338 446 668 Loans in repayment and percentage of each status: Loans current 5,823 88.7 % 6,023 91.0 % 6,477 94.0 % Loans delinquent 31-60 days (3) 259 3.9 199 3.0 160 2.3 Loans delinquent 61-90 days (3) 189 2.9 120 1.8 92 1.3 Loans delinquent greater than 90 days (3) 293 4.5 274 4.2 166 2.4 Total TDR loans in repayment 6,564 100 % 6,616 100 % 6,895 100 % Total TDR loans 7,093 7,256 7,818 TDR loans allowance for losses (785 ) (829 ) (857 ) TDR loans, net $ 6,308 $ 6,427 $ 6,961 Percentage of TDR loans in repayment 92.5 % 91.2 % 88.2 % Delinquencies as a percentage of TDR loans in repayment 11.3 % 9.0 % 6.0 % Loans in forbearance as a percentage of TDR loans in repayment and forbearance 4.9 % 6.3 % 8.8 % (1) Loans for customers who are attending school or are in other permitted educational activities and are not yet required to make payments on their loans, e.g., internship periods, as well as loans for customers who have requested and qualify for other permitted program deferments such as various military eligible deferments. (2) Loans for customers who have requested extension of grace period generally during employment transition or who have temporarily ceased making full payments due to hardship or other factors such as disaster relief, including COVID-19 relief programs, consistent with established loan program servicing policies and procedures. (3) The period of delinquency is based on the number of days scheduled payments are contractually past due. 2. Allowance for Loan Losses (Continued) Private Education Loan Delinquencies Non-TDRs March 31, 2022 December 31, 2021 March 31, 2021 (Dollars in millions) Balance % Balance % Balance % Loans in-school/grace/deferment (1) $ 186 $ 167 $ 202 Loans in forbearance (2) 80 89 129 Loans in repayment and percentage of each status: Loans current 13,624 99.5 % 13,611 99.6 % 12,543 99.7 % Loans delinquent 31-60 days (3) 31 .2 23 .2 19 .1 Loans delinquent 61-90 days (3) 17 .1 11 .1 8 .1 Loans delinquent greater than 90 days (3) 21 .2 23 .1 15 .1 Total non-TDR loans in repayment 13,693 100 % 13,668 100 % 12,585 100 % Total non-TDR loans 13,959 13,924 12,916 Non-TDR loans allowance for losses (179 ) (180 ) (135 ) Non-TDR loans, net $ 13,780 $ 13,744 $ 12,781 Percentage of non-TDR loans in repayment 98.1 % 98.2 % 97.4 % Delinquencies as a percentage of non-TDR loans in repayment .5 % .4 % .3 % Loans in forbearance as a percentage of non-TDR loans in repayment and forbearance .6 % .6 % 1.0 % (1) Loans for customers who are attending school or are in other permitted educational activities and are not yet required to make payments on their loans, e.g., internship periods, as well as loans for customers who have requested and qualify for other permitted program deferments such as various military eligible deferments. (2) Loans for customers who have requested extension of grace period generally during employment transition or who have temporarily ceased making full payments due to hardship or other factors such as disaster relief, including COVID-19 relief programs, consistent with established loan program servicing policies and procedures. (3) The period of delinquency is based on the number of days scheduled payments are contractually past due. |
Loans Type | Loan type : (Dollars in millions) March 31, 2022 March 31, 2021 Change Stafford Loans $ 15,975 $ 17,327 $ (1,352 ) Consolidation Loans 30,665 34,961 (4,296 ) Rehab Loans 4,628 4,867 (239 ) Total loans, gross $ 51,268 $ 57,155 $ (5,887 ) |
Private Education Loans [Member] | |
Financing Receivable Allowance For Credit Losses [Line Items] | |
Private Education Loan Portfolio Stratified by Key Credit Quality Indicators | Private Education Loan Credit Quality Indicators by Origination Year March 31, 2022 (Dollars in millions) March 31, 2022 2021 2020 2019 2018 Prior Total % of Total Credit Quality Indicators FICO Scores: 640 and above $ 948 $ 5,037 $ 1,783 $ 1,683 $ 626 $ 9,314 $ 19,391 92 % Below 640 8 44 16 37 21 1,535 $ 1,661 8 Total $ 956 $ 5,081 $ 1,799 $ 1,720 $ 647 $ 10,849 $ 21,052 100 % Loan Status: In-school/grace/ deferment/forbearance $ 5 $ 64 $ 25 $ 34 $ 13 $ 654 $ 795 4 % Current/90 days or less delinquent 951 5,015 1,772 1,684 632 9,889 $ 19,943 95 Greater than 90 days delinquent — 2 2 2 2 306 314 1 Total $ 956 $ 5,081 $ 1,799 $ 1,720 $ 647 $ 10,849 $ 21,052 100 % Seasoning (1) 1-12 payments $ 951 $ 4,740 $ 26 $ 17 $ 3 $ 115 $ 5,852 28 % 13-24 payments — 300 1,555 108 11 134 $ 2,108 10 25-36 payments — — 201 1,507 46 225 $ 1,979 9 37-48 payments — — — 68 545 369 $ 982 5 More than 48 payments — — — — 35 9,719 $ 9,754 46 Loans in-school/ grace/deferment 5 41 17 20 7 287 377 2 Total $ 956 $ 5,081 $ 1,799 $ 1,720 $ 647 $ 10,849 $ 21,052 100 % TDR Status: TDR $ — $ 9 $ 15 $ 43 $ 28 $ 6,998 $ 7,093 34 % Non-TDR 956 5,072 1,784 1,677 619 3,851 13,959 66 Total $ 956 $ 5,081 $ 1,799 $ 1,720 $ 647 $ 10,849 $ 21,052 100 % Cosigners: With cosigner (2) $ 11 $ 97 $ 31 $ 11 $ — $ 6,994 $ 7,144 34 % Without cosigner 945 4,984 1,768 1,709 647 3,855 13,908 66 Total $ 956 $ 5,081 $ 1,799 $ 1,720 $ 647 $ 10,849 $ 21,052 100 % School Type: Not-for-profit $ 893 $ 4,786 $ 1,719 $ 1,602 $ 595 $ 9,048 $ 18,643 89 % For-profit 63 295 80 118 52 1,801 2,409 11 Total $ 956 $ 5,081 $ 1,799 $ 1,720 $ 647 $ 10,849 $ 21,052 100 % Allowance for loan losses (964 ) Total loans, net $ 20,088 (1) Number of months in active repayment for which a scheduled payment was received. (2) Excluding Private Education Refinance Loans, which do not have a cosigner, the cosigner rate was 2. Allowance for Loan Losses (Continued) Private Education Loan Credit Quality Indicators by Origination Year March 31, 2021 (Dollars in millions) March 31, 2021 2020 2019 2018 2017 Prior Total % of Total Credit Quality Indicators FICO Scores: 640 and above $ 1,485 $ 2,835 $ 2,553 $ 929 $ 291 $ 10,736 $ 18,829 91 % Below 640 10 12 35 24 9 1,815 $ 1,905 9 Total $ 1,495 $ 2,847 $ 2,588 $ 953 $ 300 $ 12,551 $ 20,734 100 % Loan Status: In-school/grace/ deferment/forbearance $ 6 $ 29 $ 45 $ 23 $ 8 $ 1,143 $ 1,254 6 % Current/90 days or less delinquent 1,489 2,817 2,541 929 291 11,232 $ 19,299 93 Greater than 90 days delinquent — 1 2 1 1 176 181 1 Total $ 1,495 $ 2,847 $ 2,588 $ 953 $ 300 $ 12,551 $ 20,734 100 % Seasoning (1) 1-12 payments $ 1,491 $ 2,517 $ 131 $ 6 $ 1 $ 159 $ 4,305 21 % 13-24 payments — 314 2,330 54 5 198 $ 2,901 14 25-36 payments — — 105 823 28 327 $ 1,283 6 37-48 payments — — — 58 251 512 $ 821 4 More than 48 payments — — — — 12 10,955 $ 10,967 53 Loans in-school/ grace/deferment 4 16 22 12 3 400 457 2 Total $ 1,495 $ 2,847 $ 2,588 $ 953 $ 300 $ 12,551 $ 20,734 100 % TDR Status: TDR $ — $ 2 $ 18 $ 25 $ 31 $ 7,742 $ 7,818 38 % Non-TDR 1,495 2,845 2,570 928 269 4,809 12,916 62 Total $ 1,495 $ 2,847 $ 2,588 $ 953 $ 300 $ 12,551 $ 20,734 100 % Cosigners: With cosigner (2) $ 3 $ 32 $ 13 $ 1 $ 43 $ 8,249 $ 8,341 40 % Without cosigner 1,492 2,815 2,575 952 257 4,302 12,393 60 Total $ 1,495 $ 2,847 $ 2,588 $ 953 $ 300 $ 12,551 $ 20,734 100 % School Type: Not-for-profit $ 1,408 $ 2,718 $ 2,416 $ 879 $ 287 $ 10,417 $ 18,125 87 % For-profit 87 129 172 74 13 2,134 2,609 13 Total $ 1,495 $ 2,847 $ 2,588 $ 953 $ 300 $ 12,551 $ 20,734 100 % Allowance for loan losses (992 ) Total loans, net $ 19,742 (1) Number of months in active repayment for which a scheduled payment was received. (2) Excluding Private Education Refinance Loans, which do not have a cosigner, the cosigner rate was |
Borrowings (Tables)
Borrowings (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Company's Borrowings | The following table summarizes our borrowings. March 31, 2022 December 31, 2021 (Dollars in millions) Short Term Long Term Total Short Term Long Term Total Unsecured borrowings: Senior unsecured debt (1) $ 999 $ 6,018 $ 7,017 $ — $ 7,014 $ 7,014 Total unsecured borrowings 999 6,018 7,017 — 7,014 7,014 Secured borrowings: FFELP Loan securitizations (2)(3) — 49,622 49,622 — 51,841 51,841 Private Education Loan securitizations (4) 515 14,038 14,553 543 14,074 14,617 FFELP Loan ABCP facilities 619 145 764 282 150 432 Private Education Loan ABCP facilities 1,462 1,114 2,576 1,363 1,152 2,515 Other (5) 204 — 204 302 — 302 Total secured borrowings 2,800 64,919 67,719 2,490 67,217 69,707 Total before hedge accounting adjustments 3,799 70,937 74,736 2,490 74,231 76,721 Hedge accounting adjustments 3 (112 ) (109 ) — 257 257 Total $ 3,802 $ 70,825 $ 74,627 $ 2,490 $ 74,488 $ 76,978 (1) Includes principal amount of $1.0 billion and $0 of short-term debt as of March 31, 2022 and December 31, 2021, respectively. Includes principal amount of $6.0 billion and $7.0 billion of long-term debt as of March 31, 2022 and December 31, 2021, respectively. (2) Includes $93 million and $49 million of long-term debt related to the FFELP Loan asset-backed securitization repurchase facilities (FFELP Loan Repurchase Facilities) as of March 31, 2022 and December 31, 2021, respectively. ( 3 ) Includes defaulted FFELP secured debt tranches with a remaining principal amount of $683 million as of March 31, 2022 as a result of not maturing by their respective contractual maturity dates. Notices were delivered to the trustee, rating agencies and bondholders alerting them to these maturity date defaults. At this time, it is expected the bonds will be paid in full between 2029 and 2035. There is no impact to the principal amount owed or the coupon at which the bonds accrue, and there is no revised contractual maturity date. ( 4 ) Includes $515 million and $543 million of short-term debt related to the Private Education Loan asset-backed securitization repurchase facilities (Private Education Loan Repurchase Facilities) as of March 31, 2022 and December 31, 2021, respectively. ( 5 ) “Other” primarily includes the obligation to return cash collateral held related to derivative exposures. |
Financing VIEs | We consolidated the following financing VIEs as of March 31, 2022 and December 31, 2021, as we are the primary beneficiary. As a result, these VIEs are accounted for as secured borrowings. March 31, 2022 Debt Outstanding Carrying Amount of Assets Securing Debt Outstanding (Dollars in millions) Short Term Long Term Total Loans Cash Other Assets Total Secured Borrowings — VIEs: FFELP Loan securitizations $ — $ 49,622 $ 49,622 $ 50,024 $ 1,860 $ 1,535 $ 53,419 Private Education Loan securitizations 515 14,038 14,553 15,467 518 138 16,123 FFELP Loan ABCP facilities 619 145 764 755 14 26 795 Private Education Loan ABCP facilities 1,462 1,114 2,576 2,757 79 30 2,866 Total before hedge accounting adjustments 2,596 64,919 67,515 69,003 2,471 1,729 73,203 Hedge accounting adjustments — (164 ) (164 ) — — (229 ) (229 ) Total $ 2,596 $ 64,755 $ 67,351 $ 69,003 $ 2,471 $ 1,500 $ 72,974 December 31, 2021 Debt Outstanding Carrying Amount of Assets Securing Debt Outstanding (Dollars in millions) Short Term Long Term Total Loans Cash Other Assets Total Secured Borrowings — VIEs: FFELP Loan securitizations $ — $ 51,841 $ 51,841 $ 52,066 $ 2,073 $ 1,520 $ 55,659 Private Education Loan securitizations 543 14,074 14,617 15,506 505 150 16,161 FFELP Loan ABCP facilities 282 150 432 436 8 15 459 Private Education Loan ABCP facilities 1,363 1,152 2,515 2,641 63 32 2,736 Total before hedge accounting adjustments 2,188 67,217 69,405 70,649 2,649 1,717 75,015 Hedge accounting adjustments — (110 ) (110 ) — — (195 ) (195 ) Total $ 2,188 $ 67,107 $ 69,295 $ 70,649 $ 2,649 $ 1,522 $ 74,820 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Impact of Derivatives on Balance Sheet | Summary of Derivative Financial Statement Impact The following tables summarize the fair values and notional amounts of all derivative instruments and their impact on net income and other comprehensive income. Impact of Derivatives on Balance Sheet Cash Flow Fair Value (3) Trading Total (Dollars in millions) Hedged Risk Exposure Mar 31, 2022 Dec 31, 2021 Mar 31, 2022 Dec 31, 2021 Mar 31, 2022 Dec 31, 2021 Mar 31, 2022 Dec 31, 2021 Fair Values (1) Derivative Assets: Interest rate swaps Interest rate $ — $ — $ 150 $ 222 $ 1 $ 2 $ 151 $ 224 Cross-currency interest rate swaps Foreign currency and interest rate — — — — — — — — Total derivative assets (2) — — 150 222 1 2 151 224 Derivative Liabilities: Interest rate swaps Interest rate — — — — (4 ) (5 ) (4 ) (5 ) Floor Income Contracts Interest rate — — — — (9 ) (65 ) (9 ) (65 ) Cross-currency interest rate swaps Foreign currency and interest rate — — (226 ) (190 ) — — (226 ) (190 ) Total derivative liabilities (2) — — (226 ) (190 ) (13 ) (70 ) (239 ) (260 ) Net total derivatives $ — $ — $ (76 ) $ 32 $ (12 ) $ (68 ) $ (88 ) $ (36 ) (1) Fair values reported are exclusive of collateral held and pledged and accrued interest. Assets and liabilities are presented without consideration of master netting agreements. Derivatives are carried on the balance sheet based on net position by counterparty under master netting agreements and classified in other assets or other liabilities depending on whether in a net positive or negative position. (2) The following table reconciles gross positions without the impact of master netting agreements to the balance sheet classification: Other Assets Other Liabilities (Dollar in millions) March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 Gross position $ 151 $ 224 $ (239 ) $ (260 ) Impact of master netting agreements — (6 ) — 6 Derivative values with impact of master netting agreements (as carried on balance sheet) 151 218 (239 ) (254 ) Cash collateral (held) pledged (152 ) (244 ) 95 147 Net position $ (1 ) $ (26 ) $ (144 ) $ (107 ) ( 3 ) As of March 31, 2022 As of December 31, 2021 (Dollar in millions) Carrying Value Hedge Basis Adjustments Carrying Value Hedge Basis Adjustments Short-term borrowings $ 1,000 $ 3 $ — $ — Long-term borrowings $ 7,076 $ (116 ) $ 8,503 $ 252 |
Gross Positions with Impact of Master Netting Agreements | The following table reconciles gross positions without the impact of master netting agreements to the balance sheet classification: Other Assets Other Liabilities (Dollar in millions) March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 Gross position $ 151 $ 224 $ (239 ) $ (260 ) Impact of master netting agreements — (6 ) — 6 Derivative values with impact of master netting agreements (as carried on balance sheet) 151 218 (239 ) (254 ) Cash collateral (held) pledged (152 ) (244 ) 95 147 Net position $ (1 ) $ (26 ) $ (144 ) $ (107 ) ( 3 ) |
Carrying Value and Related Fair Value Hedging Adjustments of Liabilities | The following table shows the carrying value of liabilities in fair value hedges and the related fair value hedging adjustments to these liabilities: As of March 31, 2022 As of December 31, 2021 (Dollar in millions) Carrying Value Hedge Basis Adjustments Carrying Value Hedge Basis Adjustments Short-term borrowings $ 1,000 $ 3 $ — $ — Long-term borrowings $ 7,076 $ (116 ) $ 8,503 $ 252 |
Derivative Notional Values | Cash Flow Fair Value Trading Total (Dollars in billions) Mar 31, 2022 Dec 31, 2021 Mar 31, 2022 Dec 31, 2021 Mar 31, 2022 Dec 31, 2021 Mar 31, 2022 Dec 31, 2021 Notional Values: Interest rate swaps $ 11.4 $ 12.1 $ 6.2 $ 6.2 $ 26.8 $ 28.4 $ 44.4 $ 46.7 Floor Income Contracts — — — — 8.1 12.5 8.1 12.5 Cross-currency interest rate swaps — — 2.0 2.1 — — 2.0 2.1 Total derivatives $ 11.4 $ 12.1 $ 8.2 $ 8.3 $ 34.9 $ 40.9 $ 54.5 $ 61.3 |
Mark-to-Market Impact of Derivatives on Statements of Income | Mark-to-Market Total Gains (Losses) Three Months Ended March 31, (Dollars in millions) 2022 2021 Fair Value Hedges: Interest Rate Swaps Gains (losses) recognized in net income on derivatives $ (288 ) $ (197 ) Gains (losses) recognized in net income on hedged items 313 212 Net fair value hedge ineffectiveness gains (losses) 25 15 Cross currency interest rate swaps Gains (losses) recognized in net income on derivatives (36 ) 70 Gains (losses) recognized in net income on hedged items 52 (40 ) Net fair value hedge ineffectiveness gains (losses) 16 30 Total fair value hedges (1)(2) 41 45 Cash Flow Hedges: Total cash flow hedges (2) — — Trading: Interest rate swaps 62 22 Floor income contracts 36 14 Cross currency interest rate swaps — — Other — — Total trading derivatives (3) 98 36 Mark-to-market gains (losses) recognized $ 139 $ 81 (1) Recorded in interest expense in the consolidated statements of income. (2) The accrued interest income (expense) on fair value hedges and cash flow hedges is recorded in interest expense and is excluded from this table. (3) Recorded in “gains (losses) on derivative and hedging activities, net” in the consolidated statements of income. |
Impact of Derivatives on Other Comprehensive Income (Equity) | Impact of Derivatives on Other Comprehensive Income (Equity) Three Months Ended March 31, (Dollars in millions) 2022 2021 Total gains (losses) on cash flow hedges $ 93 $ 27 Reclassification adjustments for derivative (gains) losses included in net income (interest expense) (1) 21 21 Net changes in cash flow hedges, net of tax $ 114 $ 48 (1) Includes net settlement income/expense. |
Collateral Held and Pledged | The following table details collateral held and pledged related to derivative exposure between us and our derivative counterparties: (Dollars in millions) March 31, 2022 December 31, 2021 Collateral held: Cash (obligation to return cash collateral is recorded in short-term borrowings) $ 152 $ 244 Securities at fair value — corporate derivatives (not recorded in financial statements) (1) — — Securities at fair value — on-balance sheet securitization derivatives (not recorded in financial statements) (2) — 1 Total collateral held $ 152 $ 245 Derivative asset at fair value including accrued interest $ 159 $ 242 Collateral pledged to others: Cash (right to receive return of cash collateral is recorded in investments) $ 95 $ 147 Total collateral pledged $ 95 $ 147 Derivative liability at fair value including accrued interest and premium receivable $ 256 $ 271 (1) The Company has the ability to sell or re-pledge securities it holds as collateral. (2) The trusts do not have the ability to sell or re-pledge securities they hold as collateral. |
Schedule of Credit Exposure Related to Our Derivative Counterparties | The table below highlights credit exposure related to our derivative counterparties at March 31, 2022. (Dollars in millions) Corporate Contracts Securitization Trust Contracts Exposure, net of collateral $ 15 $ — Percent of exposure to counterparties with credit ratings below S&P AA- or Moody’s Aa3 100 % — % Percent of exposure to counterparties with credit ratings below S&P A- or Moody’s A3 32 % — % |
Other Assets (Tables)
Other Assets (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | |
Schedule of Other Assets | The following table provides the detail of our other assets. (Dollars in millions) March 31, 2022 December 31, 2021 Accrued interest receivable $ 1,834 $ 1,881 Benefit and insurance-related investments 456 462 Income tax asset, net 255 369 Derivatives at fair value 151 218 Accounts receivable 109 159 Fixed assets 91 95 Other 15 39 Total $ 2,911 $ 3,223 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Common Share Repurchases, Issuances and Dividends Paid | The following table summarizes common share repurchases, issuances and dividends paid. Three Months Ended March 31, (Dollars and shares in millions, except per share amounts) 2022 2021 Common stock repurchased (1) 6.2 8.2 Common stock repurchased (in dollars) (1) $ 115 $ 100 Average purchase price per share (1) $ 18.41 $ 12.23 Remaining common stock repurchase authority (1) $ 885 $ 500 Shares repurchased related to employee stock- based compensation plans (2) 1.1 2.2 Average purchase price per share (2) $ 17.92 $ 11.91 Common shares issued (3) 2.4 3.6 Dividends paid $ 24 $ 29 Dividends per share $ .16 $ .16 (1) Common shares purchased under our share repurchase program. Our board of directors authorized a $1 billion multi-year share repurchase program in December 2021. (2) Comprises shares withheld from stock option exercises and vesting of restricted stock for employees’ tax withholding obligations and shares tendered by employees to satisfy option exercise costs. (3) Common shares issued under our various compensation and benefit plans. |
Earnings (Loss) per Common Sh_2
Earnings (Loss) per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings (Loss) per Common Share | Basic earnings (loss) per common share (EPS) are calculated using the weighted average number of shares of common stock outstanding during each period. A reconciliation of the numerators and denominators of the basic and diluted EPS calculations on a GAAP basis follows. Three Months Ended March 31, (In millions, except per share data) 2022 2021 Numerator: Net income $ 255 $ 370 Denominator: Weighted average shares used to compute basic EPS 151 183 Effect of dilutive securities: Dilutive effect of stock options, restricted stock, restricted stock units, performance stock units, and Employee Stock Purchase Plan (ESPP) (1) 2 2 Dilutive potential common shares (2) 2 2 Weighted average shares used to compute diluted EPS 153 185 Basic earnings per common share $ 1.69 $ 2.02 Diluted earnings per common share $ 1.67 $ 2.00 (1) Includes the potential dilutive effect of additional common shares that are issuable upon exercise of outstanding stock options, restricted stock, restricted stock units, performance stock units and the outstanding commitment to issue shares under applicable ESPPs, determined by the treasury stock method. (2) For the three months ended March 31, 2022 and 2021, securities covering approximately 0 million and 2 million shares, respectively, were outstanding but not included in the computation of diluted earnings per share because they were anti-dilutive. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Valuation of Financial Instruments that are Marked-to-Market on Recurring Basis | The following table summarizes the valuation of our financial instruments that are marked-to-market on a recurring basis. During the third quarters of 2022 and 2021, there were no significant transfers of financial instruments between levels. Fair Value Measurements on a Recurring Basis March 31, 2022 December 31, 2021 (Dollars in millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Derivative instruments: (1) Interest rate swaps — 150 1 151 — 223 1 224 Cross-currency interest rate swaps — — — — — — — — Total derivative assets (2) — 150 1 151 — 223 1 224 Total $ — $ 150 $ 1 $ 151 $ — $ 223 $ 1 $ 224 Liabilities (3) Derivative instruments (1) Interest rate swaps $ — $ — $ (4 ) $ (4 ) $ — $ — $ (5 ) $ (5 ) Floor Income Contracts — (9 ) — (9 ) — (65 ) — (65 ) Cross-currency interest rate swaps — — (226 ) (226 ) — — (190 ) (190 ) Total derivative liabilities (2) — (9 ) (230 ) (239 ) — (65 ) (195 ) (260 ) Total $ — $ (9 ) $ (230 ) $ (239 ) $ — $ (65 ) $ (195 ) $ (260 ) (1) Fair value of derivative instruments excludes accrued interest and the value of collateral. (2) See "Note 4 – Derivative Financial Instruments" for a reconciliation of gross positions without the impact of master netting agreements to the balance sheet classification. (3) Borrowings which are the hedged item in a fair value hedge relationship and which are adjusted for changes in value due to benchmark interest rates only are not carried at full fair value and not reflected in this table. |
Change in Balance Sheet Carrying Value Associated with Level 3 Financial Instruments Carried at Fair Value on Recurring Basis | The following tables summarize the change in balance sheet carrying value associated with level 3 financial instruments carried at fair value on a recurring basis. Three Months Ended March 31, 2022 2021 Derivative instruments Derivative instruments (Dollars in millions) Interest Rate Swaps Cross Currency Interest Rate Swaps Other Total Derivative Instruments Interest Rate Swaps Cross Currency Interest Rate Swaps Other Total Derivative Instruments Balance, beginning of period $ (4 ) $ (190 ) $ — $ (194 ) $ (8 ) $ (294 ) $ — $ (302 ) Total gains/(losses): Included in earnings (1) 1 (41 ) — (40 ) 1 62 — 63 Included in other comprehensive income — — — — — — — — Settlements — 5 — 5 — 7 — 7 Transfers in and/or out of level 3 — — — — — — — — Balance, end of period $ (3 ) $ (226 ) $ — $ (229 ) $ (7 ) $ (225 ) $ — $ (232 ) Change in mark-to-market gains/(losses) relating to instruments still held at the reporting date (2) $ 1 $ (36 ) $ — $ (35 ) $ 1 $ (91 ) $ — $ (90 ) (1) “Included in earnings” is comprised of the following amounts recorded in the specified line item in the consolidated statements of income: Three Months Ended March 31, (Dollars in millions) 2022 2021 Gains (losses) on derivative and hedging activities, net $ 1 $ 1 Interest expense (41 ) 62 Total $ (40 ) $ 63 (2) Recorded in “gains (losses) on derivative and hedging activities, net” in the consolidated statements of income. |
Included in Earnings | (1) “Included in earnings” is comprised of the following amounts recorded in the specified line item in the consolidated statements of income: Three Months Ended March 31, (Dollars in millions) 2022 2021 Gains (losses) on derivative and hedging activities, net $ 1 $ 1 Interest expense (41 ) 62 Total $ (40 ) $ 63 |
Unobservable Data Used in Recurring Valuations of Level 3 | The following table presents the significant inputs that are unobservable or from inactive markets used in the recurring valuations of the level 3 financial instruments detailed above. (Dollars in millions) Fair Value at March 31, 2022 Valuation Technique Input Range and Weighted Average Derivatives Prime/LIBOR basis swaps $ (3 ) Discounted cash flow Constant Prepayment Rate 9% Bid/ask adjustment to discount rate .08% Cross-currency interest rate swaps (226 ) Discounted cash flow Constant Prepayment Rate 5% Other — Total $ (229 ) |
Fair Values of Financial Assets and Liabilities, Including Derivative Financial Instruments | The following table summarizes the fair values of our financial assets and liabilities, including derivative financial instruments. March 31, 2022 December 31, 2021 (Dollars in millions) Fair Value Carrying Value Difference Fair Value Carrying Value Difference Earning assets FFELP Loans $ 50,375 $ 51,013 $ (638 ) $ 53,632 $ 52,641 $ 991 Private Education Loans 20,213 20,088 125 21,140 20,171 969 Cash and investments 3,424 3,424 — 3,845 3,845 — Total earning assets 74,012 74,525 (513 ) 78,617 76,657 1,960 Interest-bearing liabilities Short-term borrowings 3,813 3,802 (11 ) 2,492 2,490 (2 ) Long-term borrowings 69,515 70,825 1,310 74,548 74,488 (60 ) Total interest-bearing liabilities 73,328 74,627 1,299 77,040 76,978 (62 ) Derivative financial instruments Floor Income Contracts (9 ) (9 ) — (65 ) (65 ) — Interest rate swaps 147 147 — 219 219 — Cross-currency interest rate swaps (226 ) (226 ) — (190 ) (190 ) — Other — — — — — — Excess of net asset fair value over carrying value $ 786 $ 1,898 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers Accounted for in Accordance with ASC 606 (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Revenue From Contract With Customer [Abstract] | |
Summary of Disaggregation of Revenue from Contracts with Customers Accounted Under ASC 606 | The following tables illustrate the disaggregation of revenue from contracts accounted for under ASC 606 with customers according to service type and client type by reportable operating segment. Revenue by Service Type Three Months Ended March 31, 2022 2021 (Dollars in millions) Federal Education Loans Business Processing Total Revenue Federal Education Loans Business Processing Total Revenue Federal Education Loan asset recovery services $ 1 $ — $ 1 $ 5 $ — $ 5 Government services — 49 49 — 63 63 Healthcare services — 45 45 — 62 62 Total $ 1 $ 94 $ 95 $ 5 $ 125 $ 130 Revenue by Client Type Three Months Ended March 31, 2022 2021 (Dollars in millions) Federal Education Loans Business Processing Total Revenue Federal Education Loans Business Processing Total Revenue Federal government $ — $ 2 $ 2 $ 1 $ 8 $ 9 Guarantor agencies 1 — 1 4 — 4 Other institutions — — — — — — State and local government — 33 33 — 42 42 Tolling authorities — 14 14 — 13 13 Hospitals and other healthcare providers — 45 45 — 62 62 Total $ 1 $ 94 $ 95 $ 5 $ 125 $ 130 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Segment Results and Reconciliations to GAAP | Three Months Ended March 31, 2022 Adjustments (Dollars in millions) Federal Education Loans Consumer Lending Business Processing Other Total Core Earnings Reclassi- fications Additions/ (Subtractions) Total Adjustments (1) Total GAAP Interest income: Education loans $ 334 $ 276 $ — $ — $ 610 $ 19 $ (4 ) $ 15 $ 625 Cash and investments — 1 — — 1 — — — 1 Total interest income 334 277 — — 611 19 (4 ) 15 626 Total interest expense 195 125 — 15 335 — (46 ) (46 ) 289 Net interest income (loss) 139 152 — (15 ) 276 19 42 61 337 Less: provisions for loan losses — 16 — — 16 — — — 16 Net interest income (loss) after provisions for loan losses 139 136 — (15 ) 260 19 42 61 321 Other income (loss): Servicing revenue 15 3 — — 18 — — — 18 Asset recovery and business processing revenue 3 — 94 — 97 — — — 97 Other income (loss) 11 — — (1 ) 10 (19 ) 117 98 108 Total other income (loss) 29 3 94 (1 ) 125 (19 ) 117 98 223 Expenses: Direct operating expenses 28 35 76 — 139 — — — 139 Unallocated shared services expenses — — — 66 66 — — — 66 Operating expenses 28 35 76 66 205 — — — 205 Goodwill and acquired intangible asset impairment and amortization — — — — — — 4 4 4 Restructuring/other reorganization expenses — — — 3 3 — — — 3 Total expenses 28 35 76 69 208 — 4 4 212 Income (loss) before income tax expense (benefit) 140 104 18 (85 ) 177 — 155 155 332 Income tax expense (benefit) ( 2) 33 25 4 (20 ) 42 — 35 35 77 Net income (loss) $ 107 $ 79 $ 14 $ (65 ) $ 135 $ — $ 120 $ 120 $ 255 (1) Core Earnings adjustments to GAAP: Three Months Ended March 31, 2022 (Dollars in millions) Net Impact of Derivative Accounting Net Impact of Goodwill and Acquired Intangibles Total Net interest income (loss) after provisions for loan losses $ 61 $ — $ 61 Total other income (loss) 98 — 98 Goodwill and acquired intangible asset impairment and amortization — 4 4 Total Core Earnings adjustments to GAAP $ 159 $ (4 ) 155 Income tax expense (benefit) 35 Net income (loss) $ 120 (2) Income taxes are based on a percentage of net income before tax for the individual reportable segment. Three Months Ended March 31, 2021 Adjustments (Dollars in millions) Federal Education Loans Consumer Lending Business Processing Other Total Core Earnings Reclassi- fications Additions/ (Subtractions) Total Adjustments (1) Total GAAP Interest income: Education loans $ 359 $ 319 $ — $ — $ 678 $ 23 $ (9 ) $ 14 $ 692 Cash and investments — — — — — — — — — Total interest income 359 319 — — 678 23 (9 ) 14 692 Total interest expense 215 150 — 18 383 (1 ) (53 ) (54 ) 329 Net interest income (loss) 144 169 — (18 ) 295 24 44 68 363 Less: provisions for loan losses — (87 ) — — (87 ) — — — (87 ) Net interest income (loss) after provisions for loan losses 144 256 — (18 ) 382 24 44 68 450 Other income (loss): Servicing revenue 52 1 — — 53 — — — 53 Asset recovery and business processing revenue 14 — 125 — 139 — — — 139 Other income (loss) — — — — — (11 ) 47 36 36 Gains on sales of loans — 89 — — 89 (13 ) — (13 ) 76 Total other income (loss) 66 90 125 — 281 (24 ) 47 23 304 Expenses: Direct operating expenses 63 41 91 — 195 — — — 195 Unallocated shared services expenses — — — 64 64 — — — 64 Operating expenses 63 41 91 64 259 — — — 259 Goodwill and acquired intangible asset impairment and amortization — — — — — — 5 5 5 Restructuring/other reorganization expenses — — — 6 6 — — — 6 Total expenses 63 41 91 70 265 — 5 5 270 Income (loss) before income tax expense (benefit) 147 305 34 (88 ) 398 — 86 86 484 Income tax expense (benefit) ( 2) 35 71 8 (21 ) 93 — 21 21 114 Net income (loss) $ 112 $ 234 $ 26 $ (67 ) $ 305 $ — $ 65 $ 65 $ 370 (1) Core Earnings adjustments to GAAP: Three Months Ended March 31, 2021 (Dollars in millions) Net Impact of Derivative Accounting Net Impact of Goodwill and Acquired Intangibles Total Net interest income (loss) after provisions for loan losses $ 68 $ — $ 68 Total other income (loss) 23 — 23 Goodwill and acquired intangible asset impairment and amortization — 5 5 Total Core Earnings adjustments to GAAP $ 91 $ (5 ) 86 Income tax expense (benefit) 21 Net income (loss) $ 65 (2) Income taxes are based on a percentage of net income before tax for the individual reportable segment. |
Core Earnings Adjustments to GAAP | Summary of Core Earnings Adjustments to GAAP Three Months Ended March 31, (Dollars in millions) 2022 2021 Core Earnings net income $ 135 $ 305 Core Earnings adjustments to GAAP: Net impact of derivative accounting (1) 159 91 Net impact of goodwill and acquired intangible assets (2) (4 ) (5 ) Net tax effect (3) (35 ) (21 ) Total Core Earnings adjustments to GAAP 120 65 GAAP net income $ 255 $ 370 (1) Derivative accounting: (2) Goodwill and acquired intangible assets: (3) Net tax effect: |
Federal Education Loans [Member] | |
Asset Information for Loans Segment | . (Dollars in millions) March 31, 2022 December 31, 2021 FFELP Loans, net $ 51,013 $ 52,641 Cash and investments (1) 1,879 2,071 Other 2,008 2,183 Total assets $ 54,900 $ 56,895 (1) Includes restricted cash and investments. |
Consumer Lending [Member] | |
Asset Information for Loans Segment | (Dollars in millions) March 31, 2022 December 31, 2021 Private Education Loans, net $ 20,088 $ 20,171 Cash and investments (1) 774 824 Other 720 815 Total assets $ 21,582 $ 21,810 (1) Includes restricted cash and investments. |
Allowance for Loan Losses - All
Allowance for Loan Losses - Allowance for Credit Losses and Recorded Investments in Loans (Detail) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Allowance for Loan Losses | ||||
Allowance at beginning of period | $ 1,271 | $ 1,377 | ||
Provision: | ||||
Reversal of allowance related to loan sales | (102) | |||
Remaining provision | 15 | |||
Total provision | 16 | (87) | ||
Charge-offs | (76) | (41) | ||
Decrease in expected future recoveries on charged-off loans | 8 | 25 | ||
Allowance at end of period | 1,219 | 1,274 | ||
Plus: expected future recoveries on charged-off loans | 321 | 454 | ||
Allowance at end of period excluding expected future recoveries on charged-off loans | 1,540 | 1,728 | ||
FFELP Loans [Member] | ||||
Allowance for Loan Losses | ||||
Allowance at beginning of period | 262 | 288 | ||
Provision: | ||||
Charge-offs | (7) | (6) | ||
Allowance at end of period | 255 | 282 | ||
Allowance at end of period excluding expected future recoveries on charged-off loans | $ 255 | $ 282 | ||
Charge-offs as a percentage of average loans in repayment (annualized) | 0.07% | 0.06% | ||
Allowance coverage of charge-offs (annualized) | 8.8 | 10.7 | ||
Allowance as a percentage of the ending total loan balance | 0.50% | 0.50% | ||
Allowance as a percentage of ending loans in repayment | 0.60% | 0.60% | ||
Ending total loans | $ 51,268 | $ 57,155 | ||
Average loans in repayment | 43,125 | 47,044 | ||
Ending loans in repayment | 42,724 | 45,922 | ||
Private Education Loans [Member] | ||||
Allowance for Loan Losses | ||||
Allowance at beginning of period | 1,009 | 1,089 | ||
Provision: | ||||
Reversal of allowance related to loan sales | (102) | |||
Remaining provision | 15 | |||
Total provision | 16 | (87) | ||
Charge-offs | (69) | (35) | ||
Decrease in expected future recoveries on charged-off loans | 8 | 25 | ||
Allowance at end of period | 964 | 992 | ||
Plus: expected future recoveries on charged-off loans | 321 | 454 | $ 329 | $ 479 |
Allowance at end of period excluding expected future recoveries on charged-off loans | $ 1,285 | $ 1,446 | ||
Charge-offs as a percentage of average loans in repayment (annualized) | 1.38% | 0.68% | ||
Allowance coverage of charge-offs (annualized) | 4.6 | 10.2 | ||
Allowance as a percentage of the ending total loan balance | 6.10% | 7.00% | ||
Allowance as a percentage of ending loans in repayment | 6.30% | 7.40% | ||
Ending total loans | $ 21,052 | $ 20,734 | ||
Average loans in repayment | 20,387 | 20,883 | ||
Ending loans in repayment | $ 20,257 | $ 19,480 |
Allowance for Loan Losses - A_2
Allowance for Loan Losses - Allowance for Credit Losses and Recorded Investments in Loans (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Accounts Notes And Loans Receivable [Line Items] | ||
End of period expected recoveries | $ 321 | $ 454 |
Change in balance during period | (8) | (25) |
Sale of private education loan | 1,600 | |
Private Education Loans [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Beginning of period expected recoveries | 329 | 479 |
Expected future recoveries of current period defaults | 12 | 5 |
Recoveries | (15) | (25) |
Charge-offs | (5) | (5) |
End of period expected recoveries | 321 | 454 |
Change in balance during period | $ (8) | $ (25) |
Allowance for Loan Losses - Add
Allowance for Loan Losses - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Percentage of loans granted forbearance that migrated to TDR classification | 75.00% | 75.00% |
Payment default period for TDRs | 60 days past due | |
Interest Rate Reduction [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
TDR loans, Unpaid Principal Balance | $ 838 | $ 831 |
Allowance for Loan Losses - Loa
Allowance for Loan Losses - Loans Modified Accounts for TDR (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Receivables [Abstract] | ||
Modified loans | $ 55 | $ 40 |
Charge-offs | 56 | 26 |
Payment-default | $ 9 | $ 5 |
Allowance for Loan Losses - Age
Allowance for Loan Losses - Age Analysis of Past Due Loans Delinquencies (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Loans in repayment and percentage of each status: | ||||
Loan allowance for losses | $ (1,219) | $ (1,274) | $ (1,271) | $ (1,377) |
FFELP Loans [Member] | ||||
Loans in repayment and percentage of each status: | ||||
Total Loans, gross | 51,268 | 57,155 | ||
Loan allowance for losses | (255) | (282) | (262) | $ (288) |
Loans, net | 51,013 | 52,641 | ||
Credit Concentration Risk [Member] | Accounts Receivable [Member] | Private Education Loans - TDRs [Member] | ||||
Loans in repayment and percentage of each status: | ||||
Total Loans, gross | 7,093 | 7,818 | 7,256 | |
Loan allowance for losses | (785) | (857) | (829) | |
Loans, net | $ 6,308 | $ 6,961 | $ 6,427 | |
Dimensions of concentration risk | 100.00% | 100.00% | 100.00% | |
Credit Concentration Risk [Member] | Accounts Receivable [Member] | Private Education Loans - Non-TDRs [Member] | ||||
Loans in repayment and percentage of each status: | ||||
Total Loans, gross | $ 13,959 | $ 12,916 | $ 13,924 | |
Loan allowance for losses | (179) | (135) | (180) | |
Loans, net | $ 13,780 | $ 12,781 | $ 13,744 | |
Dimensions of concentration risk | 100.00% | 100.00% | 100.00% | |
Credit Concentration Risk [Member] | Accounts Receivable [Member] | FFELP Loans [Member] | ||||
Loans in repayment and percentage of each status: | ||||
Total Loans, gross | $ 51,268 | $ 57,155 | $ 52,903 | |
Loan allowance for losses | (255) | (282) | (262) | |
Loans, net | $ 51,013 | $ 56,873 | $ 52,641 | |
Dimensions of concentration risk | 100.00% | 100.00% | 100.00% | |
Credit Concentration Risk [Member] | Financing Receivables, Current [Member] | Accounts Receivable [Member] | Private Education Loans - TDRs [Member] | ||||
Loans in repayment and percentage of each status: | ||||
Dimensions of concentration risk | 88.70% | 94.00% | 91.00% | |
Credit Concentration Risk [Member] | Financing Receivables, Current [Member] | Accounts Receivable [Member] | Private Education Loans - Non-TDRs [Member] | ||||
Loans in repayment and percentage of each status: | ||||
Dimensions of concentration risk | 99.50% | 99.70% | 99.60% | |
Credit Concentration Risk [Member] | Financing Receivables, Current [Member] | Accounts Receivable [Member] | FFELP Loans [Member] | ||||
Loans in repayment and percentage of each status: | ||||
Dimensions of concentration risk | 86.50% | 91.70% | 89.40% | |
Credit Concentration Risk [Member] | Financing Receivables, 31 to 60 Days Past Due [Member] | Accounts Receivable [Member] | Private Education Loans - TDRs [Member] | ||||
Loans in repayment and percentage of each status: | ||||
Loans delinquent, percentage | 3.90% | 2.30% | 3.00% | |
Credit Concentration Risk [Member] | Financing Receivables, 31 to 60 Days Past Due [Member] | Accounts Receivable [Member] | Private Education Loans - Non-TDRs [Member] | ||||
Loans in repayment and percentage of each status: | ||||
Loans delinquent, percentage | 0.20% | 0.10% | 0.20% | |
Credit Concentration Risk [Member] | Financing Receivables, 31 to 60 Days Past Due [Member] | Accounts Receivable [Member] | FFELP Loans [Member] | ||||
Loans in repayment and percentage of each status: | ||||
Loans delinquent, percentage | 4.40% | 3.00% | 3.80% | |
Credit Concentration Risk [Member] | Financing Receivables, 61 to 90 Days Past Due [Member] | Accounts Receivable [Member] | Private Education Loans - TDRs [Member] | ||||
Loans in repayment and percentage of each status: | ||||
Loans delinquent, percentage | 2.90% | 1.30% | 1.80% | |
Credit Concentration Risk [Member] | Financing Receivables, 61 to 90 Days Past Due [Member] | Accounts Receivable [Member] | Private Education Loans - Non-TDRs [Member] | ||||
Loans in repayment and percentage of each status: | ||||
Loans delinquent, percentage | 0.10% | 0.10% | 0.10% | |
Credit Concentration Risk [Member] | Financing Receivables, 61 to 90 Days Past Due [Member] | Accounts Receivable [Member] | FFELP Loans [Member] | ||||
Loans in repayment and percentage of each status: | ||||
Loans delinquent, percentage | 2.70% | 1.80% | 2.00% | |
Credit Concentration Risk [Member] | Financing Receivables, 90 Days Past Due [Member] | Accounts Receivable [Member] | Private Education Loans - TDRs [Member] | ||||
Loans in repayment and percentage of each status: | ||||
Loans delinquent, percentage | 4.50% | 2.40% | 4.20% | |
Credit Concentration Risk [Member] | Financing Receivables, 90 Days Past Due [Member] | Accounts Receivable [Member] | Private Education Loans - Non-TDRs [Member] | ||||
Loans in repayment and percentage of each status: | ||||
Loans delinquent, percentage | 0.20% | 0.10% | 0.10% | |
Credit Concentration Risk [Member] | Financing Receivables, 90 Days Past Due [Member] | Accounts Receivable [Member] | FFELP Loans [Member] | ||||
Loans in repayment and percentage of each status: | ||||
Loans delinquent, percentage | 6.40% | 3.50% | 4.80% | |
Credit Concentration Risk [Member] | Financing Receivables, Loans In Repayment [Member] | Accounts Receivable [Member] | Private Education Loans - TDRs [Member] | ||||
Loans in repayment and percentage of each status: | ||||
Dimensions of concentration risk | 92.50% | 88.20% | 91.20% | |
Credit Concentration Risk [Member] | Financing Receivables, Loans In Repayment [Member] | Accounts Receivable [Member] | Private Education Loans - Non-TDRs [Member] | ||||
Loans in repayment and percentage of each status: | ||||
Dimensions of concentration risk | 98.10% | 97.40% | 98.20% | |
Credit Concentration Risk [Member] | Financing Receivables, Loans In Repayment [Member] | Accounts Receivable [Member] | FFELP Loans [Member] | ||||
Loans in repayment and percentage of each status: | ||||
Dimensions of concentration risk | 83.30% | 80.30% | 83.90% | |
Credit Concentration Risk [Member] | Financing Receivables, Delinquent Loans in Repayment [Member] | Accounts Receivable [Member] | Private Education Loans - TDRs [Member] | ||||
Loans in repayment and percentage of each status: | ||||
Dimensions of concentration risk | 11.30% | 6.00% | 9.00% | |
Credit Concentration Risk [Member] | Financing Receivables, Delinquent Loans in Repayment [Member] | Accounts Receivable [Member] | Private Education Loans - Non-TDRs [Member] | ||||
Loans in repayment and percentage of each status: | ||||
Dimensions of concentration risk | 0.50% | 0.30% | 0.40% | |
Credit Concentration Risk [Member] | Financing Receivables, Delinquent Loans in Repayment [Member] | Accounts Receivable [Member] | FFELP Loans [Member] | ||||
Loans in repayment and percentage of each status: | ||||
Dimensions of concentration risk | 13.50% | 8.30% | 10.60% | |
Credit Concentration Risk [Member] | Financing Receivables, Forbearance, Loans In Repayment [Member] | Accounts Receivable [Member] | Private Education Loans - TDRs [Member] | ||||
Loans in repayment and percentage of each status: | ||||
Dimensions of concentration risk | 4.90% | 8.80% | 6.30% | |
Credit Concentration Risk [Member] | Financing Receivables, Forbearance, Loans In Repayment [Member] | Accounts Receivable [Member] | Private Education Loans - Non-TDRs [Member] | ||||
Loans in repayment and percentage of each status: | ||||
Dimensions of concentration risk | 0.60% | 1.00% | 0.60% | |
Credit Concentration Risk [Member] | Financing Receivables, Forbearance, Loans In Repayment [Member] | Accounts Receivable [Member] | FFELP Loans [Member] | ||||
Loans in repayment and percentage of each status: | ||||
Dimensions of concentration risk | 12.90% | 15.50% | 12.40% | |
School/Grace/Deferment [Member] | Credit Concentration Risk [Member] | Accounts Receivable [Member] | Private Education Loans - TDRs [Member] | ||||
Loans in repayment and percentage of each status: | ||||
Total Loans, gross | $ 191 | $ 255 | $ 194 | |
School/Grace/Deferment [Member] | Credit Concentration Risk [Member] | Accounts Receivable [Member] | Private Education Loans - Non-TDRs [Member] | ||||
Loans in repayment and percentage of each status: | ||||
Total Loans, gross | 186 | 202 | 167 | |
School/Grace/Deferment [Member] | Credit Concentration Risk [Member] | Accounts Receivable [Member] | FFELP Loans [Member] | ||||
Loans in repayment and percentage of each status: | ||||
Total Loans, gross | 2,232 | 2,781 | 2,220 | |
Forbearance [Member] | Credit Concentration Risk [Member] | Accounts Receivable [Member] | Private Education Loans - TDRs [Member] | ||||
Loans in repayment and percentage of each status: | ||||
Total Loans, gross | 338 | 668 | 446 | |
Forbearance [Member] | Credit Concentration Risk [Member] | Accounts Receivable [Member] | Private Education Loans - Non-TDRs [Member] | ||||
Loans in repayment and percentage of each status: | ||||
Total Loans, gross | 80 | 129 | 89 | |
Forbearance [Member] | Credit Concentration Risk [Member] | Accounts Receivable [Member] | FFELP Loans [Member] | ||||
Loans in repayment and percentage of each status: | ||||
Total Loans, gross | 6,312 | 8,452 | 6,292 | |
Repayment [Member] | Credit Concentration Risk [Member] | Accounts Receivable [Member] | Private Education Loans - TDRs [Member] | ||||
Loans in repayment and percentage of each status: | ||||
Total Loans, gross | 6,564 | 6,895 | 6,616 | |
Repayment [Member] | Credit Concentration Risk [Member] | Accounts Receivable [Member] | Private Education Loans - Non-TDRs [Member] | ||||
Loans in repayment and percentage of each status: | ||||
Total Loans, gross | 13,693 | 12,585 | 13,668 | |
Repayment [Member] | Credit Concentration Risk [Member] | Accounts Receivable [Member] | FFELP Loans [Member] | ||||
Loans in repayment and percentage of each status: | ||||
Total Loans, gross | 42,724 | 45,922 | 44,391 | |
Repayment [Member] | Credit Concentration Risk [Member] | Financing Asset, Not Past Due [Member] | Accounts Receivable [Member] | Private Education Loans - TDRs [Member] | ||||
Loans in repayment and percentage of each status: | ||||
Total Loans, gross | 5,823 | 6,477 | 6,023 | |
Repayment [Member] | Credit Concentration Risk [Member] | Financing Asset, Not Past Due [Member] | Accounts Receivable [Member] | Private Education Loans - Non-TDRs [Member] | ||||
Loans in repayment and percentage of each status: | ||||
Total Loans, gross | 13,624 | 12,543 | 13,611 | |
Repayment [Member] | Credit Concentration Risk [Member] | Financing Asset, Not Past Due [Member] | Accounts Receivable [Member] | FFELP Loans [Member] | ||||
Loans in repayment and percentage of each status: | ||||
Total Loans, gross | 36,948 | 42,127 | 39,679 | |
Repayment [Member] | Credit Concentration Risk [Member] | Financial Asset, 31 to 60 Days Past Due [Member] | Accounts Receivable [Member] | Private Education Loans - TDRs [Member] | ||||
Loans in repayment and percentage of each status: | ||||
Total Loans, gross | 259 | 160 | 199 | |
Repayment [Member] | Credit Concentration Risk [Member] | Financial Asset, 31 to 60 Days Past Due [Member] | Accounts Receivable [Member] | Private Education Loans - Non-TDRs [Member] | ||||
Loans in repayment and percentage of each status: | ||||
Total Loans, gross | 31 | 19 | 23 | |
Repayment [Member] | Credit Concentration Risk [Member] | Financial Asset, 31 to 60 Days Past Due [Member] | Accounts Receivable [Member] | FFELP Loans [Member] | ||||
Loans in repayment and percentage of each status: | ||||
Total Loans, gross | 1,888 | 1,377 | 1,696 | |
Repayment [Member] | Credit Concentration Risk [Member] | Financial Asset, 61 to 90 Days Past Due [Member] | Accounts Receivable [Member] | Private Education Loans - TDRs [Member] | ||||
Loans in repayment and percentage of each status: | ||||
Total Loans, gross | 189 | 92 | 120 | |
Repayment [Member] | Credit Concentration Risk [Member] | Financial Asset, 61 to 90 Days Past Due [Member] | Accounts Receivable [Member] | Private Education Loans - Non-TDRs [Member] | ||||
Loans in repayment and percentage of each status: | ||||
Total Loans, gross | 17 | 8 | 11 | |
Repayment [Member] | Credit Concentration Risk [Member] | Financial Asset, 61 to 90 Days Past Due [Member] | Accounts Receivable [Member] | FFELP Loans [Member] | ||||
Loans in repayment and percentage of each status: | ||||
Total Loans, gross | 1,148 | 813 | 904 | |
Repayment [Member] | Credit Concentration Risk [Member] | Financial Asset, 90 Days Past Due [Member] | Accounts Receivable [Member] | Private Education Loans - TDRs [Member] | ||||
Loans in repayment and percentage of each status: | ||||
Total Loans, gross | 293 | 166 | 274 | |
Repayment [Member] | Credit Concentration Risk [Member] | Financial Asset, 90 Days Past Due [Member] | Accounts Receivable [Member] | Private Education Loans - Non-TDRs [Member] | ||||
Loans in repayment and percentage of each status: | ||||
Total Loans, gross | 21 | 15 | 23 | |
Repayment [Member] | Credit Concentration Risk [Member] | Financial Asset, 90 Days Past Due [Member] | Accounts Receivable [Member] | FFELP Loans [Member] | ||||
Loans in repayment and percentage of each status: | ||||
Total Loans, gross | $ 2,740 | $ 1,605 | $ 2,112 |
Allowance for Loan Losses - L_2
Allowance for Loan Losses - Loan Type (Detail) - FFELP Loans [Member] - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total loans, gross | $ 51,268 | $ 57,155 |
Change | (5,887) | |
Stafford Loans [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total loans, gross | 15,975 | 17,327 |
Change | (1,352) | |
Consolidation Loans [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total loans, gross | 30,665 | 34,961 |
Change | (4,296) | |
Rehab Loans [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total loans, gross | 4,628 | $ 4,867 |
Change | $ (239) |
Allowance for Loan Losses - Pri
Allowance for Loan Losses - Private Education Loan Portfolio Stratified by Key Credit Quality Indicators (Detail) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Accounts Notes And Loans Receivable [Line Items] | ||||
Loan allowance for losses | $ (1,219) | $ (1,271) | $ (1,274) | $ (1,377) |
Private Education Loans [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total Private Education Loan Credit Quality Indicators by Origination Year | 21,052 | 20,734 | ||
Loan allowance for losses | (964) | (1,009) | (992) | $ (1,089) |
Loans, net | 20,088 | $ 20,171 | 19,742 | |
FICO Scores [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total Private Education Loan Credit Quality Indicators by Origination Year 2022 | 956 | 1,495 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year 2021 | 5,081 | 2,847 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year 2020 | 1,799 | 2,588 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year 2019 | 1,720 | 953 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year 2018 | 647 | 300 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year Prior | 10,849 | 12,551 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year | $ 21,052 | $ 20,734 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent | 100.00% | 100.00% | ||
FICO Scores [Member] | 640 and Above [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total Private Education Loan Credit Quality Indicators by Origination Year 2022 | $ 948 | $ 1,485 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year 2021 | 5,037 | 2,835 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year 2020 | 1,783 | 2,553 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year 2019 | 1,683 | 929 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year 2018 | 626 | 291 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year Prior | 9,314 | 10,736 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year | $ 19,391 | $ 18,829 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent | 92.00% | 91.00% | ||
FICO Scores [Member] | Below 640 [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total Private Education Loan Credit Quality Indicators by Origination Year 2022 | $ 8 | $ 10 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year 2021 | 44 | 12 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year 2020 | 16 | 35 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year 2019 | 37 | 24 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year 2018 | 21 | 9 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year Prior | 1,535 | 1,815 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year | $ 1,661 | $ 1,905 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent | 8.00% | 9.00% | ||
Loan Status [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total Private Education Loan Credit Quality Indicators by Origination Year 2022 | $ 956 | $ 1,495 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year 2021 | 5,081 | 2,847 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year 2020 | 1,799 | 2,588 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year 2019 | 1,720 | 953 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year 2018 | 647 | 300 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year Prior | 10,849 | 12,551 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year | $ 21,052 | $ 20,734 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent | 100.00% | 100.00% | ||
Loan Status [Member] | School/Grace/Deferment [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total Private Education Loan Credit Quality Indicators by Origination Year 2022 | $ 5 | $ 6 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year 2021 | 64 | 29 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year 2020 | 25 | 45 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year 2019 | 34 | 23 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year 2018 | 13 | 8 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year Prior | 654 | 1,143 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year | $ 795 | $ 1,254 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent | 4.00% | 6.00% | ||
Loan Status [Member] | Current/90 Days or Less Delinquent [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total Private Education Loan Credit Quality Indicators by Origination Year 2022 | $ 951 | $ 1,489 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year 2021 | 5,015 | 2,817 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year 2020 | 1,772 | 2,541 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year 2019 | 1,684 | 929 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year 2018 | 632 | 291 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year Prior | 9,889 | 11,232 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year | $ 19,943 | $ 19,299 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent | 95.00% | 93.00% | ||
Loan Status [Member] | Greater than 90 days Delinquent [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total Private Education Loan Credit Quality Indicators by Origination Year 2021 | $ 2 | $ 1 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year 2020 | 2 | 2 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year 2019 | 2 | 1 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year 2018 | 2 | 1 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year Prior | 306 | 176 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year | $ 314 | $ 181 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent | 1.00% | 1.00% | ||
School Type [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total Private Education Loan Credit Quality Indicators by Origination Year 2022 | $ 956 | $ 1,495 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year 2021 | 5,081 | 2,847 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year 2020 | 1,799 | 2,588 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year 2019 | 1,720 | 953 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year 2018 | 647 | 300 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year Prior | 10,849 | 12,551 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year | $ 21,052 | $ 20,734 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent | 100.00% | 100.00% | ||
School Type [Member] | Not For Profit [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total Private Education Loan Credit Quality Indicators by Origination Year 2022 | $ 893 | $ 1,408 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year 2021 | 4,786 | 2,718 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year 2020 | 1,719 | 2,416 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year 2019 | 1,602 | 879 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year 2018 | 595 | 287 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year Prior | 9,048 | 10,417 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year | $ 18,643 | $ 18,125 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent | 89.00% | 87.00% | ||
School Type [Member] | For Profit [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total Private Education Loan Credit Quality Indicators by Origination Year 2022 | $ 63 | $ 87 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year 2021 | 295 | 129 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year 2020 | 80 | 172 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year 2019 | 118 | 74 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year 2018 | 52 | 13 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year Prior | 1,801 | 2,134 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year | $ 2,409 | $ 2,609 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent | 11.00% | 13.00% | ||
Cosigners [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total Private Education Loan Credit Quality Indicators by Origination Year 2022 | $ 956 | $ 1,495 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year 2021 | 5,081 | 2,847 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year 2020 | 1,799 | 2,588 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year 2019 | 1,720 | 953 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year 2018 | 647 | 300 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year Prior | 10,849 | 12,551 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year | $ 21,052 | $ 20,734 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent | 100.00% | 100.00% | ||
Cosigners [Member] | With Cosigner [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total Private Education Loan Credit Quality Indicators by Origination Year 2022 | $ 11 | $ 3 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year 2021 | 97 | 32 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year 2020 | 31 | 13 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year 2019 | 11 | 1 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year 2018 | 43 | |||
Total Private Education Loan Credit Quality Indicators by Origination Year Prior | 6,994 | 8,249 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year | $ 7,144 | $ 8,341 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent | 34.00% | 40.00% | ||
Cosigners [Member] | Without Cosigner [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total Private Education Loan Credit Quality Indicators by Origination Year 2022 | $ 945 | $ 1,492 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year 2021 | 4,984 | 2,815 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year 2020 | 1,768 | 2,575 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year 2019 | 1,709 | 952 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year 2018 | 647 | 257 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year Prior | 3,855 | 4,302 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year | $ 13,908 | $ 12,393 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent | 66.00% | 60.00% | ||
Private Education Loans Troubled Debt Restructuring Status | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total Private Education Loan Credit Quality Indicators by Origination Year 2022 | $ 956 | $ 1,495 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year 2021 | 5,081 | 2,847 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year 2020 | 1,799 | 2,588 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year 2019 | 1,720 | 953 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year 2018 | 647 | 300 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year Prior | 10,849 | 12,551 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year | $ 21,052 | $ 20,734 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent | 100.00% | 100.00% | ||
Private Education Loans Troubled Debt Restructuring Status | Private Education Loans - TDRs [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total Private Education Loan Credit Quality Indicators by Origination Year 2021 | $ 9 | $ 2 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year 2020 | 15 | 18 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year 2019 | 43 | 25 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year 2018 | 28 | 31 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year Prior | 6,998 | 7,742 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year | $ 7,093 | $ 7,818 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent | 34.00% | 38.00% | ||
Private Education Loans Troubled Debt Restructuring Status | Private Education Loans - Non-TDRs [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total Private Education Loan Credit Quality Indicators by Origination Year 2022 | $ 956 | $ 1,495 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year 2021 | 5,072 | 2,845 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year 2020 | 1,784 | 2,570 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year 2019 | 1,677 | 928 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year 2018 | 619 | 269 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year Prior | 3,851 | 4,809 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year | $ 13,959 | $ 12,916 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent | 66.00% | 62.00% | ||
Seasoning [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total Private Education Loan Credit Quality Indicators by Origination Year 2022 | $ 956 | $ 1,495 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year 2021 | 5,081 | 2,847 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year 2020 | 1,799 | 2,588 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year 2019 | 1,720 | 953 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year 2018 | 647 | 300 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year Prior | 10,849 | 12,551 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year | $ 21,052 | $ 20,734 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent | 100.00% | 100.00% | ||
Seasoning [Member] | 1-12 Payments [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total Private Education Loan Credit Quality Indicators by Origination Year 2022 | $ 951 | $ 1,491 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year 2021 | 4,740 | 2,517 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year 2020 | 26 | 131 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year 2019 | 17 | 6 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year 2018 | 3 | 1 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year Prior | 115 | 159 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year | $ 5,852 | $ 4,305 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent | 28.00% | 21.00% | ||
Seasoning [Member] | 13-24 Payments [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total Private Education Loan Credit Quality Indicators by Origination Year 2021 | $ 300 | $ 314 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year 2020 | 1,555 | 2,330 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year 2019 | 108 | 54 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year 2018 | 11 | 5 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year Prior | 134 | 198 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year | $ 2,108 | $ 2,901 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent | 10.00% | 14.00% | ||
Seasoning [Member] | 25-36 Payments [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total Private Education Loan Credit Quality Indicators by Origination Year 2020 | $ 201 | $ 105 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year 2019 | 1,507 | 823 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year 2018 | 46 | 28 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year Prior | 225 | 327 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year | $ 1,979 | $ 1,283 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent | 9.00% | 6.00% | ||
Seasoning [Member] | 37-48 Payments [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total Private Education Loan Credit Quality Indicators by Origination Year 2019 | $ 68 | $ 58 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year 2018 | 545 | 251 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year Prior | 369 | 512 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year | $ 982 | $ 821 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent | 5.00% | 4.00% | ||
Seasoning [Member] | More than 48 Payments [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total Private Education Loan Credit Quality Indicators by Origination Year 2018 | $ 35 | $ 12 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year Prior | 9,719 | 10,955 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year | $ 9,754 | $ 10,967 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent | 46.00% | 53.00% | ||
Seasoning [Member] | School/Grace/Deferment [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total Private Education Loan Credit Quality Indicators by Origination Year 2022 | $ 5 | $ 4 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year 2021 | 41 | 16 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year 2020 | 17 | 22 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year 2019 | 20 | 12 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year 2018 | 7 | 3 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year Prior | 287 | 400 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year | $ 377 | $ 457 | ||
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent | 2.00% | 2.00% |
Allowance for Loan Losses - P_2
Allowance for Loan Losses - Private Education Loan Portfolio Stratified by Key Credit Quality Indicators (Parenthetical) (Detail) | Mar. 31, 2022 | Mar. 31, 2021 |
With Cosigner [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total Private Education Loan Credit Quality Indicators, Excluding Refinance Loans, Percent | 65.00% | 65.00% |
Borrowings - Company's Borrowin
Borrowings - Company's Borrowings (Detail) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Short-term borrowings | $ 3,802 | $ 2,490 |
Long-term borrowings | 70,825 | 74,488 |
Total | 74,627 | 76,978 |
Total Before Hedge Accounting Adjustments [Member] | ||
Debt Instrument [Line Items] | ||
Short-term borrowings | 3,799 | 2,490 |
Long-term borrowings | 70,937 | 74,231 |
Total | 74,736 | 76,721 |
Total Before Hedge Accounting Adjustments [Member] | Senior Unsecured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Short-term borrowings | 999 | |
Long-term borrowings | 6,018 | 7,014 |
Total | 7,017 | 7,014 |
Total Before Hedge Accounting Adjustments [Member] | Total Unsecured Borrowings [Member] | ||
Debt Instrument [Line Items] | ||
Short-term borrowings | 999 | |
Long-term borrowings | 6,018 | 7,014 |
Total | 7,017 | 7,014 |
Total Before Hedge Accounting Adjustments [Member] | FFELP Loan Securitizations [Member] | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | 49,622 | 51,841 |
Total | 49,622 | 51,841 |
Total Before Hedge Accounting Adjustments [Member] | Private Education Loan Securitizations [Member] | ||
Debt Instrument [Line Items] | ||
Short-term borrowings | 515 | 543 |
Long-term borrowings | 14,038 | 14,074 |
Total | 14,553 | 14,617 |
Total Before Hedge Accounting Adjustments [Member] | FFELP Loan ABCP Facilities [Member] | ||
Debt Instrument [Line Items] | ||
Short-term borrowings | 619 | 282 |
Long-term borrowings | 145 | 150 |
Total | 764 | 432 |
Total Before Hedge Accounting Adjustments [Member] | Private Education Loan ABCP Facilities [Member] | ||
Debt Instrument [Line Items] | ||
Short-term borrowings | 1,462 | 1,363 |
Long-term borrowings | 1,114 | 1,152 |
Total | 2,576 | 2,515 |
Total Before Hedge Accounting Adjustments [Member] | Other [Member] | ||
Debt Instrument [Line Items] | ||
Short-term borrowings | 204 | 302 |
Total | 204 | 302 |
Total Before Hedge Accounting Adjustments [Member] | Secured Borrowings [Member] | ||
Debt Instrument [Line Items] | ||
Short-term borrowings | 2,800 | 2,490 |
Long-term borrowings | 64,919 | 67,217 |
Total | 67,719 | 69,707 |
Hedge Accounting Adjustments [Member] | ||
Debt Instrument [Line Items] | ||
Short-term borrowings | 3 | |
Long-term borrowings | (112) | 257 |
Total | $ (109) | $ 257 |
Borrowings - Company's Borrow_2
Borrowings - Company's Borrowings (Parenthetical) (Detail) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Long-term debt | $ 70,825 | $ 74,488 |
Short-term Debt | 3,802 | 2,490 |
FFELP Loan Asset-backed Securitization Repurchase Facilities [Member] | ||
Debt Instrument [Line Items] | ||
Debt tranches default amount | 683 | |
Total Before Hedge Accounting Adjustments [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 70,937 | 74,231 |
Short-term Debt | 3,799 | 2,490 |
Total Before Hedge Accounting Adjustments [Member] | FFELP Loan Asset-backed Securitization Repurchase Facilities [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 93 | 49 |
Total Before Hedge Accounting Adjustments [Member] | Private Education Loan Asset-backed Securitization Repurchase Facilities [Member] | ||
Debt Instrument [Line Items] | ||
Short-term Debt | 515 | 543 |
Total Before Hedge Accounting Adjustments [Member] | Short Term Senior Unsecured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Debt principal amount | 1,000 | 0 |
Total Before Hedge Accounting Adjustments [Member] | Long Term Senior Unsecured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Debt principal amount | $ 6,000 | $ 7,000 |
Borrowings - Financing VIEs (De
Borrowings - Financing VIEs (Detail) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Securities Financing Transaction [Line Items] | ||
Short-term borrowings | $ 3,802 | $ 2,490 |
Long-term borrowings | 70,825 | 74,488 |
Total | 74,627 | 76,978 |
Total assets | 78,158 | 80,605 |
Total Before Hedge Accounting Adjustments [Member] | ||
Securities Financing Transaction [Line Items] | ||
Short-term borrowings | 3,799 | 2,490 |
Long-term borrowings | 70,937 | 74,231 |
Total | 74,736 | 76,721 |
Hedge Accounting Adjustments [Member] | ||
Securities Financing Transaction [Line Items] | ||
Short-term borrowings | 3 | |
Long-term borrowings | (112) | 257 |
Total | (109) | 257 |
Assets and Liabilities of Consolidated Variable Interest Entities [Member] | ||
Securities Financing Transaction [Line Items] | ||
Short-term borrowings | 2,596 | 2,188 |
Long-term borrowings | 64,755 | 67,107 |
Total | 67,351 | 69,295 |
Loans | 69,003 | 70,649 |
Cash | 2,471 | 2,649 |
Other assets | 1,500 | 1,522 |
Total assets | 72,974 | 74,820 |
Assets and Liabilities of Consolidated Variable Interest Entities [Member] | FFELP Loan Securitizations [Member] | ||
Securities Financing Transaction [Line Items] | ||
Long-term borrowings | 49,622 | 51,841 |
Total | 49,622 | 51,841 |
Loans | 50,024 | 52,066 |
Cash | 1,860 | 2,073 |
Other assets | 1,535 | 1,520 |
Total assets | 53,419 | 55,659 |
Assets and Liabilities of Consolidated Variable Interest Entities [Member] | Private Education Loan Securitizations [Member] | ||
Securities Financing Transaction [Line Items] | ||
Short-term borrowings | 515 | 543 |
Long-term borrowings | 14,038 | 14,074 |
Total | 14,553 | 14,617 |
Loans | 15,467 | 15,506 |
Cash | 518 | 505 |
Other assets | 138 | 150 |
Total assets | 16,123 | 16,161 |
Assets and Liabilities of Consolidated Variable Interest Entities [Member] | FFELP Loan ABCP Facilities [Member] | ||
Securities Financing Transaction [Line Items] | ||
Short-term borrowings | 619 | 282 |
Long-term borrowings | 145 | 150 |
Total | 764 | 432 |
Loans | 755 | 436 |
Cash | 14 | 8 |
Other assets | 26 | 15 |
Total assets | 795 | 459 |
Assets and Liabilities of Consolidated Variable Interest Entities [Member] | Private Education Loan ABCP Facilities [Member] | ||
Securities Financing Transaction [Line Items] | ||
Short-term borrowings | 1,462 | 1,363 |
Long-term borrowings | 1,114 | 1,152 |
Total | 2,576 | 2,515 |
Loans | 2,757 | 2,641 |
Cash | 79 | 63 |
Other assets | 30 | 32 |
Total assets | 2,866 | 2,736 |
Assets and Liabilities of Consolidated Variable Interest Entities [Member] | Total Before Hedge Accounting Adjustments [Member] | ||
Securities Financing Transaction [Line Items] | ||
Short-term borrowings | 2,596 | 2,188 |
Long-term borrowings | 64,919 | 67,217 |
Total | 67,515 | 69,405 |
Loans | 69,003 | 70,649 |
Cash | 2,471 | 2,649 |
Other assets | 1,729 | 1,717 |
Total assets | 73,203 | 75,015 |
Assets and Liabilities of Consolidated Variable Interest Entities [Member] | Hedge Accounting Adjustments [Member] | ||
Securities Financing Transaction [Line Items] | ||
Long-term borrowings | (164) | (110) |
Total | (164) | (110) |
Other assets | (229) | (195) |
Total assets | $ (229) | $ (195) |
Derivative Financial Instrume_3
Derivative Financial Instruments - Impact of Derivatives on Balance Sheet (Detail) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Derivative Assets: | ||
Derivative assets | $ 151 | $ 224 |
Derivative Liabilities: | ||
Derivative liabilities | (239) | (260) |
Net total derivatives | (88) | (36) |
Designated as Hedging Instrument [Member] | Fair Value [Member] | ||
Derivative Assets: | ||
Derivative assets | 150 | 222 |
Derivative Liabilities: | ||
Derivative liabilities | (226) | (190) |
Net total derivatives | (76) | 32 |
Trading [Member] | ||
Derivative Assets: | ||
Derivative assets | 1 | 2 |
Derivative Liabilities: | ||
Derivative liabilities | (13) | (70) |
Net total derivatives | (12) | (68) |
Interest Rate Swaps [Member] | ||
Derivative Assets: | ||
Derivative assets | 151 | 224 |
Derivative Liabilities: | ||
Derivative liabilities | (4) | (5) |
Interest Rate Swaps [Member] | Designated as Hedging Instrument [Member] | Fair Value [Member] | ||
Derivative Assets: | ||
Derivative assets | 150 | 222 |
Interest Rate Swaps [Member] | Trading [Member] | ||
Derivative Assets: | ||
Derivative assets | 1 | 2 |
Derivative Liabilities: | ||
Derivative liabilities | (4) | (5) |
Cross-Currency Interest Rate Swaps [Member] | ||
Derivative Liabilities: | ||
Derivative liabilities | (226) | (190) |
Cross-Currency Interest Rate Swaps [Member] | Designated as Hedging Instrument [Member] | Fair Value [Member] | ||
Derivative Liabilities: | ||
Derivative liabilities | (226) | (190) |
Floor Income Contracts [Member] | ||
Derivative Liabilities: | ||
Derivative liabilities | (9) | (65) |
Floor Income Contracts [Member] | Trading [Member] | ||
Derivative Liabilities: | ||
Derivative liabilities | $ (9) | $ (65) |
Derivative Financial Instrume_4
Derivative Financial Instruments - Gross Positions without Impact of Master Netting Agreements (Detail) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Derivatives Fair Value [Line Items] | ||
Derivative assets | $ 151 | $ 224 |
Derivative values with impact of master netting agreements (as carried on balance sheet), Assets | 151 | 218 |
Cash collateral (held) pledged, Assets | (152) | (244) |
Derivative liabilities | (239) | (260) |
Cash collateral (held) pledged, Liabilities | 95 | 147 |
Other Assets [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative assets | 151 | 224 |
Impact of master netting agreements, Assets | (6) | |
Derivative values with impact of master netting agreements (as carried on balance sheet), Assets | 151 | 218 |
Cash collateral (held) pledged, Assets | (152) | (244) |
Net position, Assets | (1) | (26) |
Other Liabilities [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative liabilities | (239) | (260) |
Impact of master netting agreements, Liabilities | 6 | |
Derivative values with impact of master netting agreements (as carried on balance sheet), Liabilities | (239) | (254) |
Cash collateral (held) pledged, Liabilities | 95 | 147 |
Net position, Liabilities | $ (144) | $ (107) |
Derivative Financial Instrume_5
Derivative Financial Instruments - Carrying Value and Related Fair Value Hedging Adjustments of Liabilities (Detail) - Designated as Hedging Instrument [Member] - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Short-term borrowings [Member] | ||
Derivatives Fair Value [Line Items] | ||
Carrying Value | $ 1,000 | |
Hedge Basis Adjustments | 3 | |
Long-term borrowings [Member] | ||
Derivatives Fair Value [Line Items] | ||
Carrying Value | 7,076 | $ 8,503 |
Hedge Basis Adjustments | $ (116) | $ 252 |
Derivative Financial Instrume_6
Derivative Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Decrease in valuation due to net credit risk adjustments | $ 9 | $ 8 |
Decrease in valuation due to liquidity adjustments | 2 | 2 |
Derivative liability at fair value including accrued interest and premium receivable | 256 | 271 |
Net positive exposure related to corporate derivatives | 15 | 9 |
Net positive exposure on foreign currency swaps | 0 | $ 0 |
Counterparty [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative liability at fair value including accrued interest and premium receivable | $ 24 |
Derivative Financial Instrume_7
Derivative Financial Instruments - Derivative Notional Values (Detail) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Derivative [Line Items] | ||
Total Derivative Notional Values | $ 54,500,000,000 | $ 61,300,000,000 |
Designated as Hedging Instrument [Member] | Cash Flow [Member] | ||
Derivative [Line Items] | ||
Total Derivative Notional Values | 11,400,000,000 | 12,100,000,000 |
Designated as Hedging Instrument [Member] | Fair Value [Member] | ||
Derivative [Line Items] | ||
Total Derivative Notional Values | 8,200,000,000 | 8,300,000,000 |
Trading [Member] | ||
Derivative [Line Items] | ||
Total Derivative Notional Values | 34,900,000,000 | 40,900,000,000 |
Interest Rate Swaps [Member] | ||
Derivative [Line Items] | ||
Total Derivative Notional Values | 44,400,000,000 | 46,700,000,000 |
Interest Rate Swaps [Member] | Designated as Hedging Instrument [Member] | Cash Flow [Member] | ||
Derivative [Line Items] | ||
Total Derivative Notional Values | 11,400,000,000 | 12,100,000,000 |
Interest Rate Swaps [Member] | Designated as Hedging Instrument [Member] | Fair Value [Member] | ||
Derivative [Line Items] | ||
Total Derivative Notional Values | 6,200,000,000 | 6,200,000,000 |
Interest Rate Swaps [Member] | Trading [Member] | ||
Derivative [Line Items] | ||
Total Derivative Notional Values | 26,800,000,000 | 28,400,000,000 |
Floor Income Contracts [Member] | ||
Derivative [Line Items] | ||
Total Derivative Notional Values | 8,100,000,000 | 12,500,000,000 |
Floor Income Contracts [Member] | Trading [Member] | ||
Derivative [Line Items] | ||
Total Derivative Notional Values | 8,100,000,000 | 12,500,000,000 |
Cross-Currency Interest Rate Swaps [Member] | ||
Derivative [Line Items] | ||
Total Derivative Notional Values | 2,000,000,000 | 2,100,000,000 |
Cross-Currency Interest Rate Swaps [Member] | Designated as Hedging Instrument [Member] | Fair Value [Member] | ||
Derivative [Line Items] | ||
Total Derivative Notional Values | $ 2,000,000,000 | $ 2,100,000,000 |
Derivative Financial Instrume_8
Derivative Financial Instruments - Mark-to-Market Impact of Derivatives on Statements of Income (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Mark-to-market gains (losses) recognized | $ 98 | $ 36 |
Interest Expense and Derivative Instruments Hedging Activities [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Mark-to-market gains (losses) recognized | 139 | 81 |
Designated as Hedging Instrument [Member] | Fair Value [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Mark-to-market gains (losses) recognized | 41 | 45 |
Designated as Hedging Instrument [Member] | Fair Value [Member] | Interest Rate Swaps [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gains (losses) recognized in net income on derivatives | (288) | (197) |
Gains (losses) recognized in net income on hedged items | 313 | 212 |
Net fair value hedge ineffectiveness gains (losses) | 25 | 15 |
Designated as Hedging Instrument [Member] | Fair Value [Member] | Cross-Currency Interest Rate Swaps [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gains (losses) recognized in net income on derivatives | (36) | 70 |
Gains (losses) recognized in net income on hedged items | 52 | (40) |
Net fair value hedge ineffectiveness gains (losses) | 16 | 30 |
Trading [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Mark-to-market gains (losses) recognized | 98 | 36 |
Trading [Member] | Interest Rate Swaps [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Mark-to-market gains (losses) recognized | 62 | 22 |
Trading [Member] | Floor Income Contracts [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Mark-to-market gains (losses) recognized | $ 36 | $ 14 |
Derivative Financial Instrume_9
Derivative Financial Instruments - Impact of Derivatives on Other Comprehensive Income (Equity) (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | ||
Derivative Instruments Gain Loss [Line Items] | |||
Total gains (losses) on cash flow hedges | $ 93 | $ 27 | |
Net changes in cash flow hedges, net of tax | [1] | 114 | 48 |
Interest Expense [Member] | |||
Derivative Instruments Gain Loss [Line Items] | |||
Reclassification adjustments for derivative (gains) losses included in net income (interest expense) | $ 21 | $ 21 | |
[1] | See “Note 4 – Derivative Financial Instruments.” |
Derivative Financial Instrum_10
Derivative Financial Instruments - Collateral Held and Pledged (Detail) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Collateral held: | ||
Cash (obligation to return cash collateral is recorded in short-term borrowings) | $ 152 | $ 244 |
Securities at fair value - on-balance sheet securitization derivatives (not recorded in financial statements) | 1 | |
Total collateral held | 152 | 245 |
Derivative asset at fair value including accrued interest | 159 | 242 |
Collateral pledged to others: | ||
Cash (right to receive return of cash collateral is recorded in investments) | 95 | 147 |
Total collateral pledged | 95 | 147 |
Derivative liability at fair value including accrued interest and premium receivable | $ 256 | $ 271 |
Derivative Financial Instrum_11
Derivative Financial Instruments - Credit Exposure Related Counterparties (Detail) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Derivative Instruments Gain Loss [Line Items] | ||
Exposure, net of collateral | $ 15 | $ 9 |
Exposure, net of collateral | 0 | $ 0 |
Corporate Contracts [Member] | ||
Derivative Instruments Gain Loss [Line Items] | ||
Exposure, net of collateral | $ 15 | |
Percent of exposure to counterparties with credit ratings below S&P AA- or Moody’s Aa3 | 100.00% | |
Percent of exposure to counterparties with credit ratings below S&P A- or Moody’s A3 | 32.00% |
Other Assets - Schedule of Othe
Other Assets - Schedule of Other Assets (Detail) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | ||
Accrued interest receivable | $ 1,834 | $ 1,881 |
Benefit and insurance-related investments | 456 | 462 |
Income tax asset, net | 255 | 369 |
Derivatives at fair value | 151 | 218 |
Accounts receivable | 109 | 159 |
Fixed assets | 91 | 95 |
Other | 15 | 39 |
Total | $ 2,911 | $ 3,223 |
Stockholders' Equity - Common S
Stockholders' Equity - Common Share Repurchases, Issuances and Dividends Paid (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Equity, Class of Treasury Stock [Line Items] | ||
Average purchase price per share | $ 18.41 | $ 12.23 |
Remaining common stock repurchase authority | $ 885 | $ 500 |
Shares repurchased related to employee stock-based compensation plans | 1,100,000 | 2,200,000 |
Average purchase price per share | $ 17.92 | $ 11.91 |
Common shares issued | 2,400,000 | 3,600,000 |
Dividends paid | $ 24 | $ 29 |
Dividends per common share | $ 0.16 | $ 0.16 |
Common Stock Shares Outstanding [Member] | ||
Equity, Class of Treasury Stock [Line Items] | ||
Common stock repurchased, shares | 6,200,000 | 8,200,000 |
Common stock repurchased, value | $ 115 | $ 100 |
Shares repurchased related to employee stock-based compensation plans | 1,110,584 | 2,235,658 |
Common shares issued | 2,359,901 | 3,624,586 |
Stockholders' Equity - Common_2
Stockholders' Equity - Common Share Repurchases, Issuances and Dividends Paid (Parenthetical) (Detail) $ in Billions | Dec. 31, 2021USD ($) |
Equity [Abstract] | |
Authorized multi-year share repurchased program amount | $ 1 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) | Mar. 31, 2022$ / shares |
Common Stock [Member] | |
Class of Stock [Line Items] | |
Closing price of common stock | $ 17.04 |
Earnings (Loss) per Common Sh_3
Earnings (Loss) per Common Share - Schedule of Earnings (Loss) per Common Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Numerator: | ||
Net income | $ 255 | $ 370 |
Denominator: | ||
Weighted average shares used to compute basic EPS | 151 | 183 |
Effect of dilutive securities: | ||
Dilutive effect of stock options, restricted stock, restricted stock units, performance stock units, and Employee Stock Purchase Plan ("ESPP") | 2 | 2 |
Dilutive potential common shares | 2 | 2 |
Weighted average shares used to compute diluted EPS | 153 | 185 |
Basic earnings per common share | $ 1.69 | $ 2.02 |
Diluted earnings per common share | $ 1.67 | $ 2 |
Earnings (Loss) per Common Sh_4
Earnings (Loss) per Common Share - Schedule of Earnings (Loss) per Common Share (Parenthetical) (Detail) - shares shares in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Earnings Per Share [Abstract] | ||
Securities not included in the computation of diluted earnings per share | 0 | 2 |
Fair Value Measurements - Valua
Fair Value Measurements - Valuation of Financial Instruments that are Marked-to-Market on Recurring Basis (Detail) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | $ 151 | $ 224 |
Derivative liabilities | (239) | (260) |
Interest Rate Swaps [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 151 | 224 |
Derivative liabilities | (4) | (5) |
Cross-Currency Interest Rate Swaps [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | (226) | (190) |
Floor Income Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | (9) | (65) |
Fair Value Measurements Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 151 | 224 |
Total | 151 | 224 |
Derivative liabilities | (239) | (260) |
Total | (239) | (260) |
Fair Value Measurements Recurring [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 150 | 223 |
Total | 150 | 223 |
Derivative liabilities | (9) | (65) |
Total | (9) | (65) |
Fair Value Measurements Recurring [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 1 | 1 |
Total | 1 | 1 |
Derivative liabilities | (230) | (195) |
Total | (230) | (195) |
Fair Value Measurements Recurring [Member] | Interest Rate Swaps [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 151 | 224 |
Derivative liabilities | (4) | (5) |
Fair Value Measurements Recurring [Member] | Interest Rate Swaps [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 150 | 223 |
Fair Value Measurements Recurring [Member] | Interest Rate Swaps [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 1 | 1 |
Derivative liabilities | (4) | (5) |
Fair Value Measurements Recurring [Member] | Cross-Currency Interest Rate Swaps [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | (226) | (190) |
Fair Value Measurements Recurring [Member] | Cross-Currency Interest Rate Swaps [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | (226) | (190) |
Fair Value Measurements Recurring [Member] | Floor Income Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | (9) | (65) |
Fair Value Measurements Recurring [Member] | Floor Income Contracts [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | $ (9) | $ (65) |
Fair Value Measurements - Chang
Fair Value Measurements - Change in Balance Sheet Carrying Value Associated with Level 3 Financial Instruments Carried at Fair Value on Recurring Basis (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Balance, beginning of period | $ (194) | $ (302) |
Total gains/(losses): | ||
Included in earnings | (40) | 63 |
Included in other comprehensive income | 0 | 0 |
Settlements | 5 | 7 |
Transfers in and/or out of level 3 | 0 | 0 |
Balance, end of period | (229) | (232) |
Change in mark-to-market gains/(losses) relating to instruments still held at the reporting date | (35) | (90) |
Interest Rate Swaps [Member] | ||
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Balance, beginning of period | (4) | (8) |
Total gains/(losses): | ||
Included in earnings | 1 | 1 |
Included in other comprehensive income | 0 | 0 |
Settlements | 0 | |
Transfers in and/or out of level 3 | 0 | 0 |
Balance, end of period | (3) | (7) |
Change in mark-to-market gains/(losses) relating to instruments still held at the reporting date | 1 | 1 |
Cross-Currency Interest Rate Swaps [Member] | ||
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Balance, beginning of period | (190) | (294) |
Total gains/(losses): | ||
Included in earnings | (41) | 62 |
Included in other comprehensive income | 0 | 0 |
Settlements | 5 | 7 |
Transfers in and/or out of level 3 | 0 | 0 |
Balance, end of period | (226) | (225) |
Change in mark-to-market gains/(losses) relating to instruments still held at the reporting date | (36) | (91) |
Other [Member] | ||
Total gains/(losses): | ||
Included in earnings | 0 | |
Included in other comprehensive income | 0 | 0 |
Settlements | 0 | |
Transfers in and/or out of level 3 | 0 | $ 0 |
Balance, end of period | 0 | |
Change in mark-to-market gains/(losses) relating to instruments still held at the reporting date | $ 0 |
Fair Value Measurements - Inclu
Fair Value Measurements - Included in Earnings (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Gains (losses) on derivative and hedging activities, net | $ (40) | $ 63 |
Gain (Losses) on Derivative Instruments [Member] | ||
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Gains (losses) on derivative and hedging activities, net | 1 | 1 |
Interest Expense [Member] | ||
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Gains (losses) on derivative and hedging activities, net | $ (41) | $ 62 |
Fair Value Measurements - Unobs
Fair Value Measurements - Unobservable Data Used in Recurring Valuations of Level 3 (Detail) $ in Millions | Mar. 31, 2022USD ($) | Dec. 31, 2021USD ($) |
Interest Rate Swaps [Member] | ||
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Derivative financial instruments, Fair Value | $ 147 | $ 219 |
Cross-Currency Interest Rate Swaps [Member] | ||
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Derivative financial instruments, Fair Value | (226) | $ (190) |
Level 3 [Member] | ||
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Derivative financial instruments, Fair Value | (229) | |
Level 3 [Member] | Cross-Currency Interest Rate Swaps [Member] | ||
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Derivative financial instruments, Fair Value | $ (226) | |
Derivative Asset (Liability) Net, Valuation Technique [Extensible List] | us-gaap:ValuationTechniqueDiscountedCashFlowMember | |
Derivatives | 0.05 | |
Derivative Asset (Liability) Net, Measurement Input [Extensible Enumeration] | Constant Prepayment Rate [Member] | |
Level 3 [Member] | Prime/LIBOR Basis Swaps [Member] | Interest Rate Swaps [Member] | ||
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Derivative financial instruments, Fair Value | $ (3) | |
Derivative Asset (Liability) Net, Valuation Technique [Extensible List] | us-gaap:ValuationTechniqueDiscountedCashFlowMember | |
Level 3 [Member] | Prime/LIBOR Basis Swaps [Member] | Interest Rate Swaps [Member] | Constant Prepayment Rate [Member] | ||
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Derivatives | 0.09 | |
Level 3 [Member] | Prime/LIBOR Basis Swaps [Member] | Interest Rate Swaps [Member] | Bid/ask adjustment to discount rate [Member] | ||
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Derivatives | 0.0008 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Values of Financial Assets and Liabilities, Including Derivative Financial Instruments (Detail) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total earning assets, Carrying Value | $ 74,525 | $ 76,657 | |
Short-term borrowings, Carrying Value | 3,802 | 2,490 | |
Long-term borrowings, Carrying Value | 70,825 | 74,488 | |
Total | 74,627 | 76,978 | |
Total earning assets, Fair Value | 74,012 | 78,617 | |
Short-term borrowings, Fair Value | 3,813 | 2,492 | |
Long-term borrowings, Fair Value | 69,515 | 74,548 | |
Total interest-bearing liabilities, Fair Value | 73,328 | 77,040 | |
FFELP Loans [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Loans, Carrying Value | 51,013 | 52,641 | |
Loans receivable, Fair Value | 50,375 | 53,632 | |
Floor Income Contracts [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative financial instruments, Carrying Value | (9) | (65) | |
Derivative financial instruments, Fair Value | (9) | (65) | |
Interest Rate Swaps [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative financial instruments, Carrying Value | 147 | 219 | |
Derivative financial instruments, Fair Value | 147 | 219 | |
Cross-Currency Interest Rate Swaps [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative financial instruments, Carrying Value | (226) | (190) | |
Derivative financial instruments, Fair Value | (226) | (190) | |
Private Education Loans [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Loans, Carrying Value | 20,088 | 20,171 | $ 19,742 |
Loans receivable, Fair Value | 20,213 | 21,140 | |
Difference [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total earning assets, Fair Value | (513) | 1,960 | |
Short-term borrowings, Fair Value | (11) | (2) | |
Long-term borrowings, Fair Value | 1,310 | (60) | |
Total interest-bearing liabilities, Fair Value | 1,299 | (62) | |
Excess of net asset fair value over carrying value | 786 | 1,898 | |
Difference [Member] | FFELP Loans [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Loans receivable, Fair Value | (638) | 991 | |
Difference [Member] | Private Education Loans [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Loans receivable, Fair Value | 125 | 969 | |
Carrying Value [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and investments | 3,424 | 3,845 | |
Fair Value [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and investments | $ 3,424 | $ 3,845 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | 1 Months Ended | 3 Months Ended | ||
Jan. 31, 2022USD ($)StateAttorneysGeneralBorrower | Dec. 31, 2021USD ($) | Mar. 31, 2016Case | Mar. 31, 2022USD ($) | |
Loss Contingencies [Line Items] | ||||
Number of cases filed | Case | 3 | |||
Number of State Attorneys General under Agreement | StateAttorneysGeneral | 40 | |||
Number of borrowers involved in cancellation of loan balance | Borrower | 66,000 | |||
Aggregate outstanding balance of loans cancelled | $ 1,700,000,000 | |||
Expense on cancellation of loans | 50,000,000 | |||
One-time payment | $ 145,000,000 | |||
Regulatory expenses | $ 205,000,000 | |||
SLM BankCo [Member] | Indemnification Matters [Member] | ||||
Loss Contingencies [Line Items] | ||||
Reserve for estimated amounts and costs incurred | $ 0 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers Accounted for in Accordance with ASC 606 - Summary of Disaggregation of Revenue from Contracts with Customers Accounted Under ASC 606 (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Disaggregation Of Revenue [Line Items] | ||
Total Revenue | $ 95 | $ 130 |
Federal Government [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total Revenue | 2 | 9 |
Guarantor Agencies [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total Revenue | 1 | 4 |
State and Local Government [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total Revenue | 33 | 42 |
Tolling Authorities [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total Revenue | 14 | 13 |
Hospitals and Other Healthcare Providers [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total Revenue | 45 | 62 |
Federal Education Loans [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total Revenue | 1 | 5 |
Federal Education Loans [Member] | Federal Government [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total Revenue | 1 | |
Federal Education Loans [Member] | Guarantor Agencies [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total Revenue | 1 | 4 |
Business Processing [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total Revenue | 94 | 125 |
Business Processing [Member] | Federal Government [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total Revenue | 2 | 8 |
Business Processing [Member] | State and Local Government [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total Revenue | 33 | 42 |
Business Processing [Member] | Tolling Authorities [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total Revenue | 14 | 13 |
Business Processing [Member] | Hospitals and Other Healthcare Providers [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total Revenue | 45 | 62 |
Federal Education Loan Asset Recovery Services [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total Revenue | 1 | 5 |
Federal Education Loan Asset Recovery Services [Member] | Federal Education Loans [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total Revenue | 1 | 5 |
Government Services [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total Revenue | 49 | 63 |
Government Services [Member] | Business Processing [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total Revenue | 49 | 63 |
Healthcare Services [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total Revenue | 45 | 62 |
Healthcare Services [Member] | Business Processing [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total Revenue | $ 45 | $ 62 |
Revenue from Contracts with C_4
Revenue from Contracts with Customers Accounted for in Accordance with ASC 606 - Additional Information (Detail) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 |
Disaggregation Of Revenue [Line Items] | |||
Accounts receivable | $ 109,000,000 | $ 159,000,000 | |
ASU 2014-09 [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Accounts receivable | 90,000,000 | $ 113,000,000 | |
Contract assets | 0 | ||
Contract liability | $ 0 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) $ in Millions | 3 Months Ended | |
Mar. 31, 2022USD ($)SegmentClient | Dec. 31, 2021USD ($) | |
Segment Reporting Information [Line Items] | ||
Number of reportable operating segments | Segment | 4 | |
Total assets | $ 78,158 | $ 80,605 |
Business Processing [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ 402 | 397 |
Business Processing [Member] | Minimum [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of clients for business processing services | Client | 600 | |
Other Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ 1,300 | $ 1,500 |
Segment Reporting - Asset Infor
Segment Reporting - Asset Information for Loans Segment (Detail) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Segment Reporting Information [Line Items] | ||
Other | $ 2,911 | $ 3,223 |
Total assets | 78,158 | 80,605 |
Federal Education Loans [Member] | ||
Segment Reporting Information [Line Items] | ||
Loans, net | 51,013 | 52,641 |
Cash and investments | 1,879 | 2,071 |
Other | 2,008 | 2,183 |
Total assets | 54,900 | 56,895 |
Consumer Lending [Member] | ||
Segment Reporting Information [Line Items] | ||
Loans, net | 20,088 | 20,171 |
Cash and investments | 774 | 824 |
Other | 720 | 815 |
Total assets | $ 21,582 | $ 21,810 |
Segment Reporting - Segment Res
Segment Reporting - Segment Results and Reconciliations to GAAP (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Interest income: | ||
Cash and investments | $ 1 | |
Total interest income | 626 | $ 692 |
Total interest expense | 289 | 329 |
Net interest income | 337 | 363 |
Less: provisions for loan losses | 16 | (87) |
Net interest income after provisions for loan losses | 321 | 450 |
Other income (loss): | ||
Servicing revenue | 18 | 53 |
Asset recovery and business processing revenue | 97 | 139 |
Other income (loss) | 108 | 36 |
Gains on sales of loans | 76 | |
Total other income | 223 | 304 |
Expenses: | ||
Direct operating expenses | 139 | 195 |
Unallocated shared services expenses | 66 | 64 |
Total operating expenses | 205 | 259 |
Goodwill and acquired intangible asset impairment and amortization | 4 | 5 |
Restructuring/other reorganization expenses | 3 | 6 |
Total expenses | 212 | 270 |
Income before income tax expense | 332 | 484 |
Income tax expense (benefit) | 77 | 114 |
Net income | 255 | 370 |
Operating Segments [Member] | ||
Interest income: | ||
Cash and investments | 1 | |
Total interest income | 611 | 678 |
Total interest expense | 335 | 383 |
Net interest income | 276 | 295 |
Less: provisions for loan losses | 16 | (87) |
Net interest income after provisions for loan losses | 260 | 382 |
Other income (loss): | ||
Servicing revenue | 18 | 53 |
Asset recovery and business processing revenue | 97 | 139 |
Other income (loss) | 10 | |
Gains on sales of loans | 89 | |
Total other income | 125 | 281 |
Expenses: | ||
Direct operating expenses | 139 | 195 |
Unallocated shared services expenses | 66 | 64 |
Total operating expenses | 205 | 259 |
Restructuring/other reorganization expenses | 3 | 6 |
Total expenses | 208 | 265 |
Income before income tax expense | 177 | 398 |
Income tax expense (benefit) | 42 | 93 |
Net income | 135 | 305 |
Operating Segments [Member] | Federal Education Loans [Member] | ||
Interest income: | ||
Total interest income | 334 | 359 |
Total interest expense | 195 | 215 |
Net interest income | 139 | 144 |
Net interest income after provisions for loan losses | 139 | 144 |
Other income (loss): | ||
Servicing revenue | 15 | 52 |
Asset recovery and business processing revenue | 3 | 14 |
Other income (loss) | 11 | |
Total other income | 29 | 66 |
Expenses: | ||
Direct operating expenses | 28 | 63 |
Total operating expenses | 28 | 63 |
Total expenses | 28 | 63 |
Income before income tax expense | 140 | 147 |
Income tax expense (benefit) | 33 | 35 |
Net income | 107 | 112 |
Operating Segments [Member] | Consumer Lending [Member] | ||
Interest income: | ||
Cash and investments | 1 | |
Total interest income | 277 | 319 |
Total interest expense | 125 | 150 |
Net interest income | 152 | 169 |
Less: provisions for loan losses | 16 | (87) |
Net interest income after provisions for loan losses | 136 | 256 |
Other income (loss): | ||
Servicing revenue | 3 | 1 |
Gains on sales of loans | 89 | |
Total other income | 3 | 90 |
Expenses: | ||
Direct operating expenses | 35 | 41 |
Total operating expenses | 35 | 41 |
Total expenses | 35 | 41 |
Income before income tax expense | 104 | 305 |
Income tax expense (benefit) | 25 | 71 |
Net income | 79 | 234 |
Operating Segments [Member] | Business Processing [Member] | ||
Other income (loss): | ||
Asset recovery and business processing revenue | 94 | 125 |
Total other income | 94 | 125 |
Expenses: | ||
Direct operating expenses | 76 | 91 |
Total operating expenses | 76 | 91 |
Total expenses | 76 | 91 |
Income before income tax expense | 18 | 34 |
Income tax expense (benefit) | 4 | 8 |
Net income | 14 | 26 |
Operating Segments [Member] | Other Segment [Member] | ||
Interest income: | ||
Total interest expense | 15 | 18 |
Net interest income | (15) | (18) |
Net interest income after provisions for loan losses | (15) | (18) |
Other income (loss): | ||
Other income (loss) | (1) | |
Total other income | (1) | |
Expenses: | ||
Unallocated shared services expenses | 66 | 64 |
Total operating expenses | 66 | 64 |
Restructuring/other reorganization expenses | 3 | 6 |
Total expenses | 69 | 70 |
Income before income tax expense | (85) | (88) |
Income tax expense (benefit) | (20) | (21) |
Net income | (65) | (67) |
Adjustments [Member] | Reclassifications [Member] | ||
Interest income: | ||
Total interest income | 19 | 23 |
Total interest expense | (1) | |
Net interest income | 19 | 24 |
Net interest income after provisions for loan losses | 19 | 24 |
Other income (loss): | ||
Other income (loss) | (19) | (11) |
Gains on sales of loans | (13) | |
Total other income | (19) | (24) |
Adjustments [Member] | Additions (Subtractions) [Member] | ||
Interest income: | ||
Total interest income | (4) | (9) |
Total interest expense | (46) | (53) |
Net interest income | 42 | 44 |
Net interest income after provisions for loan losses | 42 | 44 |
Other income (loss): | ||
Other income (loss) | 117 | 47 |
Total other income | 117 | 47 |
Expenses: | ||
Goodwill and acquired intangible asset impairment and amortization | 4 | 5 |
Total expenses | 4 | 5 |
Income before income tax expense | 155 | 86 |
Income tax expense (benefit) | 35 | 21 |
Net income | 120 | 65 |
Adjustments [Member] | Total Adjustments [Member] | ||
Interest income: | ||
Total interest income | 15 | 14 |
Total interest expense | (46) | (54) |
Net interest income | 61 | 68 |
Net interest income after provisions for loan losses | 61 | 68 |
Other income (loss): | ||
Other income (loss) | 98 | 36 |
Gains on sales of loans | (13) | |
Total other income | 98 | 23 |
Expenses: | ||
Goodwill and acquired intangible asset impairment and amortization | 4 | 5 |
Total expenses | 4 | 5 |
Income before income tax expense | 155 | 86 |
Income tax expense (benefit) | 35 | 21 |
Net income | 120 | 65 |
Education Loan Portfolio [Member] | ||
Interest income: | ||
Total interest income | 625 | 692 |
Education Loan Portfolio [Member] | Operating Segments [Member] | ||
Interest income: | ||
Total interest income | 610 | 678 |
Education Loan Portfolio [Member] | Operating Segments [Member] | Federal Education Loans [Member] | ||
Interest income: | ||
Total interest income | 334 | 359 |
Education Loan Portfolio [Member] | Operating Segments [Member] | Consumer Lending [Member] | ||
Interest income: | ||
Total interest income | 276 | 319 |
Education Loan Portfolio [Member] | Adjustments [Member] | Reclassifications [Member] | ||
Interest income: | ||
Total interest income | 19 | 23 |
Education Loan Portfolio [Member] | Adjustments [Member] | Additions (Subtractions) [Member] | ||
Interest income: | ||
Total interest income | (4) | (9) |
Education Loan Portfolio [Member] | Adjustments [Member] | Total Adjustments [Member] | ||
Interest income: | ||
Total interest income | $ 15 | $ 14 |
Segment Reporting - Segment R_2
Segment Reporting - Segment Result and Reconciliations to GAAP - Core Earnings Adjustments (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Net interest income (loss) after provisions for loan losses | $ 321 | $ 450 |
Total other income (loss) | 223 | 304 |
Goodwill and acquired intangible asset impairment and amortization | 4 | 5 |
Income tax expense (benefit) | 77 | 114 |
Net income | 255 | 370 |
Total Adjustments [Member] | Adjustments [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Net interest income (loss) after provisions for loan losses | 61 | 68 |
Total other income (loss) | 98 | 23 |
Goodwill and acquired intangible asset impairment and amortization | 4 | 5 |
Total Core Earnings adjustments to GAAP | 155 | 86 |
Income tax expense (benefit) | 35 | 21 |
Net income | 120 | 65 |
Net Impact of Goodwill and Acquired Intangible Assets [Member] | Total Adjustments [Member] | Adjustments [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Goodwill and acquired intangible asset impairment and amortization | 4 | 5 |
Total Core Earnings adjustments to GAAP | (4) | (5) |
Net Impact of Derivative Accounting [Member] | Total Adjustments [Member] | Adjustments [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Net interest income (loss) after provisions for loan losses | 61 | 68 |
Total other income (loss) | 98 | 23 |
Total Core Earnings adjustments to GAAP | $ 159 | $ 91 |
Segment Reporting - Core Earnin
Segment Reporting - Core Earnings Adjustments to GAAP (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Adjustments Required To Reconcile Core Earnings [Line Items] | ||
Net income | $ 255 | $ 370 |
Net tax effect | (77) | (114) |
Operating Segments [Member] | ||
Adjustments Required To Reconcile Core Earnings [Line Items] | ||
Net income | 135 | 305 |
Net tax effect | (42) | (93) |
Total Adjustments [Member] | Adjustments [Member] | ||
Adjustments Required To Reconcile Core Earnings [Line Items] | ||
Net income | 120 | 65 |
Core Earnings adjustments to GAAP | 155 | 86 |
Net tax effect | (35) | (21) |
Net Impact of Derivative Accounting [Member] | Total Adjustments [Member] | Adjustments [Member] | ||
Adjustments Required To Reconcile Core Earnings [Line Items] | ||
Core Earnings adjustments to GAAP | 159 | 91 |
Net Impact of Goodwill and Acquired Intangible Assets [Member] | Total Adjustments [Member] | Adjustments [Member] | ||
Adjustments Required To Reconcile Core Earnings [Line Items] | ||
Core Earnings adjustments to GAAP | $ (4) | $ (5) |
Segment Reporting - Core Earn_2
Segment Reporting - Core Earnings Adjustments to GAAP (Parenthetical) (Detail) | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Segment Reporting [Abstract] | |
Amount that will be equal to mark-to-market gain or loss over the life of the contract | $ 0 |