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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Reconciliations of statutory U.S. federal income tax rates to our effective tax rate

Reconciliations of the statutory U.S. federal income tax rates to our effective tax rate for continuing operations follow:

						Years Ended December 31,
						2020						2019						2018
Statutory rate						21.0		%				21.0		%				21.0		%
State tax, net of federal benefit						2.9						3.9						3.8
Business tax credits						(2.2)						(3.5)						(0.5)
Reverse federal impact of indemnification adjustments						0.2						0.3						3.5
Unrecognized tax benefits, U.S. federal and state, net of federal benefit						0.7						(0.1)						(15.9)
Other, net						1.1						0.7						1.0
Effective tax rate						23.7		%				22.3		%				12.9		%

Components of provision for income tax expense (benefit)

Income tax expense consists of:

						December 31,
						2020						2019						2018
Current provision:
Federal						$	172,153					$	150,800					$	102,516
State						28,387						24,378						32,638
Total current provision						200,540						175,178						135,154
Deferred benefit:
Federal						58,003						(8,240)						(57,076)
State						14,773						(1,474)						(6,225)
Total deferred benefit						72,776						(9,714)						(63,301)
Provision for income tax expense						$	273,316					$	165,464					$	71,853

Schedule of deferred tax assets and liabilities

The tax effect of temporary differences that give rise to deferred tax assets and liabilities is summarized below.

						December 31,
						2020						2019
Deferred tax assets:
Loan reserves						$	356,296					$	109,369
Stock-based compensation plans						10,914						10,022
Deferred revenue						1,441						1,017
Operating loss carryovers						83						—
Accrued expenses not currently deductible						13,139						12,599
Net unrealized losses						9,047						2,124
Unrecorded tax benefits						6,997						6,049
Market value adjustments on student loans, investments and derivatives						—						—
Other						1,003						874
Total deferred tax assets						398,920						142,054
Deferred tax liabilities:
Fixed assets						11,098						10,475
Acquired intangible assets						7,767						5,453
Market value adjustments on student loans, investments and derivatives						5,651						3,175
Net unrealized gains						—						—
Federal deferred for state receivable						7,456						5,368
Student loan premiums and discounts, net						11,336						3,398
Other						307						285
Total deferred tax liabilities						43,615						28,154
Net deferred tax assets						$	355,305					$	113,900

Summary of changes in unrecognized tax benefits

The following table summarizes changes in unrecognized tax benefits: 

						December 31,
						2020						2019						2018
Unrecognized tax benefits at beginning of year						$	53,509					$	52,159					$	131,608
Increases resulting from tax positions taken during a prior period						12,723						12,333						4,121
Decreases resulting from tax positions taken during a prior period						(817)						(851)						—
Increases resulting from tax positions taken during the current period						7,815						4,572						3,169
Decreases related to settlements with taxing authorities						(148)						(8,670)						(601)
Reductions related to the lapse of statute of limitations						(9,948)						(6,034)						(86,138)
Unrecognized tax benefits at end of year						$	63,134					$	53,509					$	52,159

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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