XML 16 R4.htm IDEA: XBRL DOCUMENT v3.5.0.2
Consolidated Statements of Income (Unaudited) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Interest income:        
Education loans $ 1,020 $ 1,060 $ 2,065 $ 2,153
Other loans 2 2 3 4
Cash and investments 6 2 12 4
Total interest income 1,028 1,064 2,080 2,161
Total interest expense 599 515 1,165 1,029
Net interest income 429 549 915 1,132
Less: provisions for loan losses 110 198 221 323
Net interest income after provisions for loan losses 319 351 694 809
Other income (loss):        
Servicing revenue 71 106 154 182
Asset recovery and business processing revenue 101 99 191 188
Other income (loss) (21) 7 (35) 15
Gains on sales of loans and investments   7   12
Gains on debt repurchases 0 0 0 0
Gains (losses) on derivative and hedging activities, net (28) (18) (27) 53
Total other income 123 201 283 450
Expenses:        
Salaries and benefits 124 115 256 238
Other operating expenses 106 110 222 218
Total operating expenses 230 225 478 456
Goodwill and acquired intangible asset impairment and amortization expense 6 3 10 4
Restructuring and other reorganization expenses   29   32
Total expenses 236 257 488 492
Income from continuing operations, before income tax expense 206 295 489 767
Income tax expense 81 113 184 293
Net income from continuing operations 125 182 305 474
Income (loss) from discontinued operations, net of tax expense (benefit) 0 0 0 0
Net income 125 182 305 474
Less: net income (loss) attributable to noncontrolling interest 0 0 0 0
Net income attributable to Navient Corporation $ 125 $ 182 $ 305 $ 474
Basic earnings per common share attributable to Navient Corporation:        
Continuing operations $ 0.39 $ 0.48 $ 0.92 $ 1.22
Discontinued operations 0 0 0 0
Total $ 0.39 $ 0.48 $ 0.92 $ 1.22
Average common shares outstanding 322 381 331 389
Diluted earnings per common share attributable to Navient Corporation:        
Continuing operations $ 0.38 $ 0.47 $ 0.91 $ 1.20
Discontinued operations 0 0 0 0
Total $ 0.38 $ 0.47 $ 0.91 $ 1.20
Average common and common equivalent shares outstanding 328 387 335 396
Dividends per common share attributable to Navient Corporation $ 0.16 $ 0.16 $ 0.32 $ 0.32
FFELP Loans [Member]        
Interest income:        
Education loans $ 618 $ 626 $ 1,252 $ 1,262
Less: provisions for loan losses 10 7 17 12
Private Education Loans [Member]        
Interest income:        
Education loans 402 434 813 891
Less: provisions for loan losses $ 100 $ 191 $ 204 $ 311