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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Income Tax Disclosure [Abstract]

Reconciliations of Statutory U.S. Federal Income Tax Rates to Our Effective Tax Rate for Continuing Operations

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

		Years Ended December 31,
		2013				2012				2011
Statutory rate			35.0	%			35.0	%			35.0	%
State tax, net of federal benefit			2.0				0.1				.8
Other, net			.1				(0.5	)			(.5	)
Effective tax rate			37.1	%			34.6	%			35.3	%

Components of Provision for Income Tax Expense (Benefit)

Income tax expense consists of:

		December 31,
(Dollars in millions)		2013				2012				2011
Continuing operations current provision/(benefit):
Federal		$	567			$	474			$	436
State			47				27				38
Foreign			—				—				—
Total continuing operations current provision/(benefit)			614				501				474
Continuing operations deferred provision/(benefit):
Federal			142				23				(121	)
State			20				(26	)			(25	)
Foreign			—				—				—
Total continuing operations deferred provision/(benefit)			162				(3	)			(146	)
Continuing operations provision for income tax expense/(benefit)			776				498				328
Discontinued operations current provision/(benefit):
Federal		$	32			$	1			$	(49	)
State			1				—				(5	)
Foreign			—				—				—
Total discontinued operations current provision/(benefit)			33				1				(54	)
Discontinued operations deferred provision/(benefit):
Federal			(12	)			(2	)			68
State			(1	)			—				6
Foreign			—				—				—
Total discontinued operations deferred provision/(benefit)			(13	)			(2	)			74
Discontinued operations provision for income tax expense/(benefit)			20				(1	)			20
Provision for income tax expense/(benefit)		$	796			$	497			$	348

Schedule of Deferred Tax Assets and Liabilities

The tax effect of temporary differences that give rise to deferred tax assets and liabilities include the following:

		December 31,
(Dollars in millions)		2013				2012
Deferred tax assets:
Loan reserves		$	893			$	940
Market value adjustments on student loans, investments and derivatives			572				671
Stock-based compensation plans			66				77
Accrued expenses not currently deductible			61				34
Deferred revenue			57				60
Other			55				42
Total deferred tax assets			1,704				1,824
Deferred tax liabilities:
Gains/(losses) on repurchased debt			304				306
Other			81				65
Total deferred tax liabilities			385				371
Net deferred tax assets		$	1,319			$	1,453

Summary of Changes in Unrecognized Tax Benefits

The following table summarizes changes in unrecognized tax benefits:

		December 31,
(Dollars in millions)		2013				2012				2011
Unrecognized tax benefits at beginning of year		$	41.2			$	45.9			$	41.7
Increases resulting from tax positions taken during a prior period			5.8				20.0				20.5
Decreases resulting from tax positions taken during a prior period			(7.7	)			(18.0	)			(2.1	)
Increases/(decreases) resulting from tax positions taken during the current period			28.1				11.3				(9.1	)
Decreases related to settlements with taxing authorities			(7.7	)			(14.7	)			—
Increases related to settlements with taxing authorities			—				—				0.4
Reductions related to the lapse of statute of limitations			(3.7	)			(3.3	)			(5.5	)
Unrecognized tax benefits at end of year		$	56.0			$	41.2			$	45.9

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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 components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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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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Tabular disclosure of the change in unrecognized tax benefits.

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