XML 31 R20.htm IDEA: XBRL DOCUMENT
v3.21.2

Fair Value Measurements | 9 Months Ended
--- | ---
Sep. 30, 2021
Fair Value Disclosures [Abstract] |
Fair Value Measurements | Fair Value Measurements We use estimates of fair value in applying various accounting standards for our consolidated 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. For additional information regarding our policies for determining fair value and the hierarchical framework, see Notes to Consolidated Financial Statements, Note 2, “Significant Accounting Policies - Fair Value Measurement” in our 2020 Form 10-K. During the nine months ended September 30, 2021, there were no significant transfers of financial instruments between levels or changes in our methodology or assumptions used to value our financial instruments. The following table summarizes the valuation of our financial instruments that are marked to fair value on a recurring basis.
|  | Fair Value Measurements on a Recurring Basis
|  | September 30, 2021 |  | December 31, 2020
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trading investments |  | $ | — |  |  | $ | — |  |  | $ | 36,792 |  |  | $ | 36,792 |  |  | $ | — |  |  | $ | — |  |  | $ | 16,923 |  |  | $ | 16,923 |
Available-for-sale investments |  | — |  |  | 2,505,372 |  |  | — |  |  | 2,505,372 |  |  | — |  |  | 1,996,634 |  |  | — |  |  | 1,996,634 |
Derivative instruments |  | — |  |  | 527 |  |  | — |  |  | 527 |  |  | — |  |  | 729 |  |  | — |  |  | 729 |
Total |  | $ | — |  |  | $ | 2,505,899 |  |  | $ | 36,792 |  |  | $ | 2,542,691 |  |  | $ | — |  |  | $ | 1,997,363 |  |  | $ | 16,923 |  |  | $ | 2,014,286 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative instruments |  | $ | — |  |  | $ | (909) |  |  | $ | — |  |  | $ | (909) |  |  | $ | — |  |  | $ | (287) |  |  | $ | — |  |  | $ | (287) |
Total |  | $ | — |  |  | $ | (909) |  |  | $ | — |  |  | $ | (909) |  |  | $ | — |  |  | $ | (287) |  |  | $ | — |  |  | $ | (287) |
The following table summarizes the fair values of our financial assets and liabilities, including derivative financial instruments.
|  | September 30, 2021 |  | December 31, 2020
|  | Fair Value |  | Carrying Value |  | Difference |  | Fair Value |  | Carrying Value |  | Difference
Earning assets: |  |  |  |  |  |  |  |  |  |  |  |
Loans held for investment, net: |  |  |  |  |  |  |  |  |  |  |  |
Private Education Loans |  | $ | 24,299,804 |  |  | $ | 20,561,960 |  |  | $ | 3,737,844 |  |  | $ | 22,124,171 |  |  | $ | 18,436,968 |  |  | $ | 3,687,203 |
FFELP Loans |  | 716,277 |  |  | 703,355 |  |  | 12,922 |  |  | 748,657 |  |  | 735,208 |  |  | 13,449 |
Credit Cards |  | 17,791 |  |  | 16,212 |  |  | 1,579 |  |  | 12,249 |  |  | 10,967 |  |  | 1,282 |
Loans held for sale |  | — |  |  | — |  |  | — |  |  | 3,226,029 |  |  | 2,885,640 |  |  | 340,389 |
Cash and cash equivalents |  | 2,717,752 |  |  | 2,717,752 |  |  | — |  |  | 4,455,292 |  |  | 4,455,292 |  |  | — |
Trading investments |  | 36,792 |  |  | 36,792 |  |  | — |  |  | 16,923 |  |  | 16,923 |  |  | — |
Available-for-sale investments |  | 2,505,372 |  |  | 2,505,372 |  |  | — |  |  | 1,996,634 |  |  | 1,996,634 |  |  | — |
Accrued interest receivable |  | 1,542,907 |  |  | 1,403,146 |  |  | 139,761 |  |  | 1,527,816 |  |  | 1,387,305 |  |  | 140,511 |
Tax indemnification receivable |  | 12,486 |  |  | 12,486 |  |  | — |  |  | 18,492 |  |  | 18,492 |  |  | — |
Derivative instruments |  | 527 |  |  | 527 |  |  | — |  |  | 729 |  |  | 729 |  |  | — |
Total earning assets |  | $ | 31,849,708 |  |  | $ | 27,957,602 |  |  | $ | 3,892,106 |  |  | $ | 34,126,992 |  |  | $ | 29,944,158 |  |  | $ | 4,182,834 |
Interest-bearing liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Money-market and savings accounts |  | $ | 11,082,540 |  |  | $ | 11,038,685 |  |  | $ | (43,855) |  |  | $ | 11,136,560 |  |  | $ | 11,067,633 |  |  | $ | (68,927) |
Certificates of deposit |  | 9,944,973 |  |  | 9,851,607 |  |  | (93,366) |  |  | 11,799,223 |  |  | 11,597,266 |  |  | (201,957) |
Short-term borrowings |  | 203,770 |  |  | 199,583 |  |  | (4,187) |  |  | — |  |  | — |  |  | — |
Long-term borrowings |  | 5,387,187 |  |  | 5,219,748 |  |  | (167,439) |  |  | 5,398,309 |  |  | 5,189,217 |  |  | (209,092) |
Accrued interest payable |  | 64,425 |  |  | 64,425 |  |  | — |  |  | 60,272 |  |  | 60,272 |  |  | — |
Derivative instruments |  | 909 |  |  | 909 |  |  | — |  |  | 287 |  |  | 287 |  |  | — |
Total interest-bearing liabilities |  | $ | 26,683,804 |  |  | $ | 26,374,957 |  |  | $ | (308,847) |  |  | $ | 28,394,651 |  |  | $ | 27,914,675 |  |  | $ | (479,976) |
Excess of net asset fair value over carrying value |  |  |  |  |  | $ | 3,583,259 |  |  |  |  |  |  | $ | 3,702,858 |
Please refer to Notes to Consolidated Financial Statements, Note 16, “Fair Value Measurements” in our 2020 Form 10-K for a full discussion of the methods and assumptions used to estimate the fair value of each class of financial instruments.

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration