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Segment Reporting

6 Months Ended

Jun. 30, 2016

Segment Reporting [Abstract]

Segment Reporting

11. Segment Reporting

FFELP Loans Segment

In the FFELP Loans segment, we acquire and finance FFELP Loans. Even though FFELP Loans are no longer originated due to changes in federal law that took effect in 2010, we continue to pursue acquisitions of FFELP Loan portfolios that leverage our servicing scale and generate incremental earnings and cash flow. In this segment, we primarily earn net interest income on the FFELP Loan portfolio (after provision for loan losses). This segment is expected to generate significant amounts of earnings and cash flow as the portfolio amortizes.

The following table includes GAAP basis asset information for our FFELP Loans segment.

(Dollars in millions)		June 30, 2016				December 31, 2015
FFELP Loans, net		$	92,618			$	96,498
Cash and investments(1)			3,263				3,572
Other			1,983				2,015
Total assets		$	97,864			$	102,085

⁽¹⁾  Includes restricted cash and investments.

Private Education Loans Segment

In this segment, we acquire, finance and service Private Education Loans. Even though we no longer originate Private Education Loans, we continue to pursue acquisitions of Private Education Loan portfolios that leverage our servicing scale and generate incremental earnings and cash flow. In this segment, we primarily earn net interest income on the Private Education Loan portfolio (after provision for loan losses). This segment is expected to generate significant amounts of earnings and cash flow as the portfolio amortizes.

The following table includes GAAP basis asset information for our Private Education Loans segment.

(Dollars in millions)		June 30, 2016				December 31, 2015
Private Education Loans, net		$	24,741			$	26,394
Cash and investments(1)			787				596
Other			2,140				1,988
Total assets		$	27,668			$	28,978

⁽¹⁾  Includes restricted cash and investments.

Business Services Segment

Our Business Services segment generates revenue from servicing, asset recovery and business processing activities. Within this segment, we primarily generate revenue from servicing our FFELP Loan portfolio as well as servicing education loans for Guarantors of FFELP Loans and other institutions, including ED. We provide asset recovery services for loans and receivables on behalf of Guarantors of FFELP Loans, higher education institutions and federal, state, court and municipal clients. In addition, we provide business processing services on behalf of municipalities, public authorities and hospitals.

At June 30, 2016 and December 31, 2015, the Business Services segment had total assets of $640 million and $657 million, respectively, on a GAAP basis.

Other Segment

Our Other segment primarily consists of activities of our holding company, including the repurchase of debt, our corporate liquidity portfolio, unallocated overhead and regulatory-related costs. We also include results from certain smaller wind-down operations within this segment. Overhead expenses include costs related to executive management, the board of directors, accounting, finance, legal, human resources, stock-based compensation expense and certain information technology costs related to infrastructure and operations. Regulatory-related costs include actual settlement amounts as well as third-party professional fees we incur in connection with regulatory matters.

At June 30, 2016 and December 31, 2015, the Other segment had total assets of $2.2 billion and $2.4 billion, respectively, on a GAAP basis.

Measure of Profitability

We prepare financial statements in accordance with GAAP. However, we also evaluate our business segments 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 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 each business segment because “Core Earnings” reflect adjustments to GAAP financial results for three items, discussed below, that are either related to the Spin-Off or 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 three items we remove to result in our “Core Earnings” presentations are:

1. The financial results attributable to the operations of SLM BankCo prior to the Spin-Off and related restructuring and other reorganization expense incurred in connection with the Spin-Off, including the restructuring expenses related to the restructuring initiative launched in second-quarter 2015 to simplify and streamline the Company’s management structure post-Spin-Off. For GAAP purposes, Navient reflected the deemed distribution of SLM BankCo on April 30, 2014. For “Core Earnings,” we exclude the consumer banking business as if it had never been a part of Navient’s historical results prior to the deemed distribution of SLM BankCo on April 30, 2014;

2. Unrealized 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

3. 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.

Segment Results and Reconciliations to GAAP

		Three Months Ended June 30, 2016
(Dollars in millions)		FFELP Loans				Private Education Loans				Business Services				Other				Elimina- tions(1)				Total “Core Earnings”				Adjustments												Total GAAP
																										Reclassi- fications				Additions/ (Subtractions)				Total Adjustments(2)
Interest income:
Education loans		$	588			$	402			$	—			$	—			$	—			$	990			$	56			$	(26	)		$	30			$	1,020
Other loans			—				—				—				2				—				2				—				—				—				2
Cash and investments			5				—				—				1				—				6				—				—				—				6
Total interest income			593				402				—				3				—				998				56				(26	)			30				1,028
Total interest expense			388				173				—				29				—				590				9				—				9				599
Net interest income (loss)			205				229				—				(26	)			—				408				47				(26	)			21				429
Less: provisions for loan losses			10				100				—				—				—				110				—				—				—				110
Net interest income (loss) after provisions for loan losses			195				129				—				(26	)			—				298				47				(26	)			21				319
Other income (loss):
Servicing revenue			14				3				153				—				(99	)			71				—				—				—				71
Asset recovery and business processing revenue			—				—				101				—				—				101				—				—				—				101
Other income (loss)			—				—				—				4				—				4				(47	)			(6	)			(53	)			(49	)
Gains on sales of loans and investments			—				—				—				—				—				—				—				—				—				—
Gains on debt repurchases			—				—				—				—				—				—				—				—				—				—
Total other income (loss)			14				3				254				4				(99	)			176				(47	)			(6	)			(53	)			123
Expenses:
Direct operating expenses			101				41				125				7				(99	)			175				—				—				—				175
Overhead expenses			—				—				—				55				—				55				—				—				—				55
Operating expenses			101				41				125				62				(99	)			230				—				—				—				230
Goodwill and acquired intangible asset impairment and amortization			—				—				—				—				—				—				—				6				6				6
Restructuring and other reorganization expenses			—				—				—				—				—				—				—				—				—				—
Total expenses			101				41				125				62				(99	)			230				—				6				6				236
Income (loss) from continuing operations, before income tax expense (benefit)			108				91				129				(84	)			—				244				—				(38	)			(38	)			206
Income tax expense (benefit)(3)			40				34				48				(32	)			—				90				—				(9	)			(9	)			81
Net income (loss) from continuing operations			68				57				81				(52	)			—				154				—				(29	)			(29	)			125
Income (loss) from discontinued operations, net of tax expense (benefit)			—				—				—				—				—				—				—				—				—				—
Net income (loss)		$	68			$	57			$	81			$	(52	)		$	—			$	154			$	—			$	(29	)		$	(29	)		$	125

⁽¹⁾  The eliminations in servicing revenue and direct operating expense represent the elimination of intercompany servicing revenue where the Business Services segment performs the loan servicing function for the FFELP Loans segment.

⁽²⁾  “Core Earnings” adjustments to GAAP:

		Three Months Ended June 30, 2016
(Dollars in millions)		Net Impact from Spin-Off of SLM BankCo				Net Impact of Derivative Accounting				Net Impact of Acquired Intangibles				Total
Net interest income after provisions for loan losses		$	—			$	21			$	—			$	21
Total other income (loss)			—				(53	)			—				(53	)
Operating expenses			—				—				—				—
Goodwill and acquired intangible asset impairment and amortization			—				—				6				6
Restructuring and other reorganization expenses			—				—				—				—
Total “Core Earnings” adjustments to GAAP		$	—			$	(32	)		$	(6	)			(38	)
Income tax expense (benefit)															(9	)
Net income (loss)														$	(29	)

⁽³⁾  Income taxes are based on a percentage of net income before tax for the individual reportable segment.

		Three Months Ended June 30, 2015
(Dollars in millions)		FFELP Loans				Private Education Loans				Business Services				Other				Elimina- tions(1)				Total “Core Earnings”				Adjustments												Total GAAP
																										Reclassi- fications				Additions/ (Subtractions)				Total Adjustments(2)
Interest income:
Education loans		$	522			$	434			$	—			$	—			$	—			$	956			$	163			$	(59	)		$	104			$	1,060
Other loans			—				—				—				2				—				2				—				—				—				2
Cash and investments			1				—				—				1				—				2				—				—				—				2
Total interest income			523				434				—				3				—				960				163				(59	)			104				1,064
Total interest expense			309				171				—				28				—				508				7				—				7				515
Net interest income (loss)			214				263				—				(25	)			—				452				156				(59	)			97				549
Less: provisions for loan losses			7				191				—				—				—				198				—				—				—				198
Net interest income (loss) after provisions for loan losses			207				72				—				(25	)			—				254				156				(59	)			97				351
Other income (loss):
Servicing revenue			45				6				163				—				(108	)			106				—				—				—				106
Asset recovery and business processing revenue			—				—				99				—				—				99				—				—				—				99
Other income (loss)			—				—				—				3				—				3				(156	)			142				(14	)			(11	)
Gains on sales of loans and investments			7				—				—				—				—				7				—				—				—				7
Gains on debt repurchases			—				—				—				—				—				—				—				—				—				—
Total other income (loss)			52				6				262				3				(108	)			215				(156	)			142				(14	)			201
Expenses:
Direct operating expenses			112				43				117				6				(108	)			170				—				—				—				170
Overhead expenses			—				—				—				55				—				55				—				—				—				55
Operating expenses			112				43				117				61				(108	)			225				—				—				—				225
Goodwill and acquired intangible asset impairment and amortization			—				—				—				—				—				—				—				3				3				3
Restructuring and other reorganization expenses			—				—				—				—				—				—				—				29				29				29
Total expenses			112				43				117				61				(108	)			225				—				32				32				257
Income (loss) from continuing operations, before income tax expense (benefit)			147				35				145				(83	)			—				244				—				51				51				295
Income tax expense (benefit)(3)			54				13				54				(31	)			—				90				—				23				23				113
Net income (loss) from continuing operations		$	93			$	22			$	91			$	(52	)		$	—			$	154			$	—			$	28			$	28			$	182
Income (loss) from discontinued operations, net of tax expense (benefit)			—				—				—				—				—				—				—				—				—				—
Net income (loss)		$	93			$	22			$	91			$	(52	)		$	—			$	154			$	—			$	28			$	28			$	182

⁽¹⁾  The eliminations in servicing revenue and direct operating expense represent the elimination of intercompany servicing revenue where the Business Services segment performs the loan servicing function for the FFELP Loans segment.

⁽²⁾  “Core Earnings” adjustments to GAAP:

		Three Months Ended June 30, 2015
(Dollars in millions)		Net Impact from Spin-Off of SLM BankCo				Net Impact of Derivative Accounting				Net Impact of Acquired Intangibles				Total
Net interest income after provisions for loan losses		$	—			$	97			$	—			$	97
Total other income (loss)			—				(14	)			—				(14	)
Operating expenses			—				—				—				—
Goodwill and acquired intangible asset impairment and amortization			—				—				3				3
Restructuring and other reorganization expenses			29				—				—				29
Total “Core Earnings” adjustments to GAAP		$	(29	)		$	83			$	(3	)			51
Income tax expense (benefit)															23
Net income (loss)														$	28

⁽³⁾  Income taxes are based on a percentage of net income before tax for the individual reportable segment.

		Six Months Ended June 30, 2016
(Dollars in millions)		FFELP Loans				Private Education Loans				Business Services				Other				Elimina- tions(1)				Total “Core Earnings”				Adjustments												Total GAAP
																										Reclassi- fications				Additions/ (Subtractions)				Total Adjustments(2)
Interest income:
Education loans		$	1,143			$	813			$	—			$	—			$	—			$	1,956			$	195			$	(86	)		$	109			$	2,065
Other loans			—				—				—				3				—				3				—				—				—				3
Cash and investments			8				1				—				3				—				12				—				—				—				12
Total interest income			1,151				814				—				6				—				1,971				195				(86	)			109				2,080
Total interest expense			746				345				—				56				—				1,147				18				—				18				1,165
Net interest income (loss)			405				469				—				(50	)			—				824				177				(86	)			91				915
Less: provisions for loan losses			17				204				—				—				—				221				—				—				—				221
Net interest income (loss) after provisions for loan losses			388				265				—				(50	)			—				603				177				(86	)			91				694
Other income (loss):
Servicing revenue			31				8				315				—				(200	)			154				—				—				—				154
Asset recovery and business processing revenue			—				—				191				—				—				191				—				—				—				191
Other income (loss)			—				—				—				7				—				7				(177	)			108				(69	)			(62	)
Gains on sales of loans and investments			—				—				—				—				—				—				—				—				—				—
Gains on debt repurchases			—				—				—				—				—				—				—				—				—				—
Total other income (loss)			31				8				506				7				(200	)			352				(177	)			108				(69	)			283
Expenses:
Direct operating expenses			206				84				258				14				(200	)			362				—				—				—				362
Overhead expenses			—				—				—				116				—				116				—				—				—				116
Operating expenses			206				84				258				130				(200	)			478				—				—				—				478
Goodwill and acquired intangible asset impairment and amortization			—				—				—				—				—				—				—				10				10				10
Restructuring and other reorganization expenses			—				—				—				—				—				—				—				—				—				—
Total expenses			206				84				258				130				(200	)			478				—				10				10				488
Income (loss) from continuing operations, before income tax expense (benefit)			213				189				248				(173	)			—				477				—				12				12				489
Income tax expense (benefit)(3)			79				70				91				(64	)			—				176				—				8				8				184
Net income (loss) from continuing operations			134				119				157				(109	)			—				301				—				4				4				305
Income (loss) from discontinued operations, net of tax expense (benefit)			—				—				—				—				—				—				—				—				—				—
Net income (loss)		$	134			$	119			$	157			$	(109	)		$	—			$	301			$	—			$	4			$	4			$	305

⁽¹⁾  The eliminations in servicing revenue and direct operating expense represent the elimination of intercompany servicing revenue where the Business Services segment performs the loan servicing function for the FFELP Loans segment.

⁽²⁾  “Core Earnings” adjustments to GAAP:

		Six Months Ended June 30, 2016
(Dollars in millions)		Net Impact from Spin-Off of SLM BankCo				Net Impact of Derivative Accounting				Net Impact of Acquired Intangibles				Total
Net interest income after provisions for loan losses		$	—			$	91			$	—			$	91
Total other income (loss)			—				(69	)			—				(69	)
Operating expenses			—				—				—				—
Goodwill and acquired intangible asset impairment and amortization			—				—				10				10
Restructuring and other reorganization expenses			—				—				—				—
Total “Core Earnings” adjustments to GAAP		$	—			$	22			$	(10	)			12
Income tax expense (benefit)															8
Net income (loss)														$	4

⁽³⁾  Income taxes are based on a percentage of net income before tax for the individual reportable segment.

		Six Months Ended June 30, 2015
(Dollars in millions)		FFELP Loans				Private Education Loans				Business Services				Other				Elimina- tions(1)				Total “Core Earnings”				Adjustments												Total GAAP
																										Reclassi- fications				Additions/ (Subtractions)				Total Adjustments(2)
Interest income:
Education loans		$	1,055			$	891			$	—			$	—			$	—			$	1,946			$	325			$	(118	)		$	207			$	2,153
Other loans			—				—				—				4				—				4				—				—				—				4
Cash and investments			3				—				—				1				—				4				—				—				—				4
Total interest income			1,058				891				—				5				—				1,954				325				(118	)			207				2,161
Total interest expense			611				345				—				57				—				1,013				16				—				16				1,029
Net interest income (loss)			447				546				—				(52	)			—				941				309				(118	)			191				1,132
Less: provisions for loan losses			12				311				—				—				—				323				—				—				—				323
Net interest income (loss) after provisions for loan losses			435				235				—				(52	)			—				618				309				(118	)			191				809
Other income (loss):
Servicing revenue			63				12				326				—				(219	)			182				—				—				—				182
Asset recovery and business processing revenue			—				—				188				—				—				188				—				—				—				188
Other income (loss)			—				—				2				8				—				10				(309	)			367				58				68
Gains on sales of loans and investments			12				—				—				—				—				12				—				—				—				12
Gains on debt repurchases			—				—				—				—				—				—				—				—				—				—
Total other income (loss)			75				12				516				8				(219	)			392				(309	)			367				58				450
Expenses:
Direct operating expenses			227				89				233				8				(219	)			338				—				—				—				338
Overhead expenses			—				—				—				118				—				118				—				—				—				118
Operating expenses			227				89				233				126				(219	)			456				—				—				—				456
Goodwill and acquired intangible asset impairment and amortization			—				—				—				—				—				—				—				4				4				4
Restructuring and other reorganization expenses			—				—				—				—				—				—				—				32				32				32
Total expenses			227				89				233				126				(219	)			456				—				36				36				492
Income (loss) from continuing operations, before income tax expense (benefit)			283				158				283				(170	)			—				554				—				213				213				767
Income tax expense (benefit)(3)			106				58				106				(64	)			—				206				—				87				87				293
Net income (loss) from continuing operations		$	177			$	100			$	177			$	(106	)		$	—			$	348			$	—			$	126			$	126			$	474
Income (loss) from discontinued operations, net of tax expense (benefit)			—				—				—				—				—				—				—				—				—				—
Net income (loss)		$	177			$	100			$	177			$	(106	)		$	—			$	348			$	—			$	126			$	126			$	474

⁽¹⁾  The eliminations in servicing revenue and direct operating expense represent the elimination of intercompany servicing revenue where the Business Services segment performs the loan servicing function for the FFELP Loans segment.

⁽²⁾  “Core Earnings” adjustments to GAAP:

		Six Months Ended June 30, 2015
(Dollars in millions)		Net Impact from Spin-Off of SLM BankCo				Net Impact of Derivative Accounting				Net Impact of Acquired Intangibles				Total
Net interest income after provisions for loan losses		$	—			$	191			$	—			$	191
Total other income (loss)			—				58				—				58
Operating expenses			—				—				—				—
Goodwill and acquired intangible asset impairment and amortization			—				—				4				4
Restructuring and other reorganization expenses			32				—				—				32
Total “Core Earnings” adjustments to GAAP		$	(32	)		$	249			$	(4	)			213
Income tax expense (benefit)															87
Net income (loss)														$	126

⁽³⁾  Income taxes are based on a percentage of net income before tax for the individual reportable segment.

Summary of “Core Earnings” Adjustments to GAAP

		Three Months Ended June 30,								Six Months Ended June 30,
(Dollars in millions)		2016				2015				2016				2015
“Core Earnings” adjustments to GAAP:
Net impact of the removal of SLM BankCo’s operations and restructuring and reorganization expense in connection with the Spin-Off(1)		$	—			$	(29	)		$	—			$	(32	)
Net impact of derivative accounting(2)			(32	)			83				22				249
Net impact of goodwill and acquired intangibles assets(3)			(6	)			(3	)			(10	)			(4	)
Net tax effect(4)			9				(23	)			(8	)			(87	)
Total “Core Earnings” adjustments to GAAP		$	(29	)		$	28			$	4			$	126

⁽¹⁾  SLM BankCo’s operations and restructuring and other reorganization expense in connection with the Spin-Off: For “Core Earnings,” we have assumed the consumer banking business (SLM BankCo) was never a part of Navient’s historical results prior to the deemed distribution of SLM BankCo on April 30, 2014 and we have removed the restructuring and other reorganization expense incurred in connection with the Spin-Off, including the restructuring expenses related to the restructuring initiative launched in second-quarter 2015 to simplify and streamline the Company’s management structure post-Spin-Off. Excluding these items provides management with a useful basis from which to better evaluate results from ongoing operations against results from prior periods. The adjustment relates to the exclusion of the consumer banking business and represents the operations, assets, liabilities and equity of SLM BankCo, which is comprised of Sallie Mae Bank, Upromise Rewards, the Insurance Business, and the Private Education Loan origination functions. Included in these amounts are also certain general corporate overhead expenses related to the consumer banking business. General corporate overhead consists of costs primarily associated with accounting, finance, legal, human resources, certain information technology costs, stock compensation, and executive management and the board of directors. These costs were generally allocated to the consumer banking business based on the proportionate level of effort provided to the consumer banking business relative to SLM Corporation using a relevant allocation driver (e.g., in proportion to the number of employees by function that were being transferred to SLM BankCo as opposed to remaining at Navient). All intercompany transactions between SLM BankCo and Navient have been eliminated. In addition, all preferred stock dividends have been removed as SLM BankCo succeeded SLM Corporation as the issuer of the preferred stock in connection with the Spin-Off. The restructuring and other reorganization expense incurred in connection with the Spin-Off includes the restructuring expenses related to the restructuring initiative launched in second-quarter 2015 to simplify and streamline the Company’s management structure post-Spin-Off.

⁽²⁾  Derivative accounting: “Core Earnings” exclude periodic unrealized gains and losses that are caused by the mark-to-market valuations on derivatives that do not qualify for hedge accounting treatment under GAAP as well as the periodic unrealized gains and losses that are a result of ineffectiveness recognized related to effective hedges under GAAP. These unrealized gains and losses occur in our FFELP Loans, Private Education Loans and Other business segments. Under GAAP, for our derivatives that are held to maturity, the cumulative net unrealized gain or loss over the life of the contract will equal $0 except for Floor Income Contracts where the cumulative unrealized gain will equal the amount for which we sold the contract. In our “Core Earnings” presentation, we recognize the economic effect of these hedges, which generally results in any net settlement cash paid or received being recognized ratably as an interest expense or revenue over the hedged item’s life.

⁽³⁾  Goodwill and acquired intangible assets: Our “Core Earnings” exclude goodwill and intangible asset impairment and amortization of acquired intangible assets.

⁽⁴⁾  Net tax effect: Such tax effect is based upon our “Core Earnings” effective tax rate for the year.

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