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Borrowings | 9 Months Ended
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Sep. 30, 2016
Debt Disclosure [Abstract] |
Borrowings |
3. | Borrowings
The following table summarizes our borrowings.
|  | September 30, 2016 |  |  | December 31, 2015 |
(Dollars in millions) |  | Short Term |  |  | Long Term |  |  | Total |  |  | Short Term |  |  | Long Term |  |  | Total |
Unsecured borrowings: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Senior unsecured debt |  | $ | 1,456 |  |  | $ | 13,038 |  |  | $ | 14,494 |  |  | $ | 1,120 |  |  | $ | 13,976 |  |  | $ | 15,096 |
Total unsecured borrowings |  |  | 1,456 |  |  |  | 13,038 |  |  |  | 14,494 |  |  |  | 1,120 |  |  |  | 13,976 |  |  |  | 15,096 |
Secured borrowings: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FFELP Loan securitizations |  |  | — |  |  |  | 74,269 |  |  |  | 74,269 |  |  |  | — |  |  |  | 77,764 |  |  |  | 77,764 |
Private Education Loan securitizations(1) |  |  | — |  |  |  | 15,402 |  |  |  | 15,402 |  |  |  | — |  |  |  | 16,900 |  |  |  | 16,900 |
FFELP Loan — other facilities |  |  | — |  |  |  | 13,582 |  |  |  | 13,582 |  |  |  | — |  |  |  | 16,276 |  |  |  | 16,276 |
Private Education Loan — other facilities |  |  | 344 |  |  |  | — |  |  |  | 344 |  |  |  | 710 |  |  |  | — |  |  |  | 710 |
Other(2) |  |  | 837 |  |  |  | — |  |  |  | 837 |  |  |  | 760 |  |  |  | — |  |  |  | 760 |
Total secured borrowings |  |  | 1,181 |  |  |  | 103,253 |  |  |  | 104,434 |  |  |  | 1,470 |  |  |  | 110,940 |  |  |  | 112,410 |
Total before hedge accounting adjustments |  |  | 2,637 |  |  |  | 116,291 |  |  |  | 118,928 |  |  |  | 2,590 |  |  |  | 124,916 |  |  |  | 127,506 |
Hedge accounting adjustments |  |  | — |  |  |  | 249 |  |  |  | 249 |  |  |  | (20 | ) |  |  | (83 | ) |  |  | (103 | )
Total |  | $ | 2,637 |  |  | $ | 116,540 |  |  | $ | 119,177 |  |  | $ | 2,570 |  |  | $ | 124,833 |  |  | $ | 127,403 |
(1) | Includes $1.0 billion and $546 million of long-term debt related to the Private Education Loan asset-backed securitization repurchase facility (“Repurchase Facility”) as of September 30, 2016 and December 31, 2015, respectively.
(2) | “Other” primarily includes the obligation to return cash collateral held related to derivative exposures.
Variable Interest Entities We consolidated the following financing VIEs as of September 30, 2016 and December 31, 2015, as we are the primary beneficiary. As a result, these VIEs are accounted for as secured borrowings.
|  | September 30, 2016 |
|  | Debt Outstanding |  |  | Carrying Amount of Assets Securing Debt Outstanding |
(Dollars in millions) |  | Short Term |  |  | Long Term |  |  | Total |  |  | Loans |  |  | Cash |  |  | Other Assets |  |  | Total |
Secured Borrowings — VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FFELP Loan securitizations |  | $ | — |  |  | $ | 74,269 |  |  | $ | 74,269 |  |  | $ | 74,813 |  |  | $ | 2,723 |  |  | $ | 784 |  |  | $ | 78,320 |
Private Education Loan securitizations(1) |  |  | — |  |  |  | 15,402 |  |  |  | 15,402 |  |  |  | 20,505 |  |  |  | 447 |  |  |  | 282 |  |  |  | 21,234 |
FFELP Loan — other facilities |  |  | — |  |  |  | 10,071 |  |  |  | 10,071 |  |  |  | 10,266 |  |  |  | 258 |  |  |  | 172 |  |  |  | 10,696 |
Private Education Loan — other facilities |  |  | 344 |  |  |  | — |  |  |  | 344 |  |  |  | 520 |  |  |  | 8 |  |  |  | 16 |  |  |  | 544 |
Other |  |  | 37 |  |  |  | — |  |  |  | 37 |  |  |  | 46 |  |  |  | 1 |  |  |  | (1 | ) |  |  | 46 |
Total before hedge accounting adjustments |  |  | 381 |  |  |  | 99,742 |  |  |  | 100,123 |  |  |  | 106,150 |  |  |  | 3,437 |  |  |  | 1,253 |  |  |  | 110,840 |
Hedge accounting adjustments |  |  | — |  |  |  | (715 | ) |  |  | (715 | ) |  |  | — |  |  |  | — |  |  |  | (700 | ) |  |  | (700 | )
Total |  | $ | 381 |  |  | $ | 99,027 |  |  | $ | 99,408 |  |  | $ | 106,150 |  |  | $ | 3,437 |  |  | $ | 553 |  |  | $ | 110,140 |
|  | December 31, 2015 |
|  | Debt Outstanding |  |  | Carrying Amount of Assets Securing Debt Outstanding |
(Dollars in millions) |  | Short Term |  |  | Long Term |  |  | Total |  |  | Loans |  |  | Cash |  |  | Other Assets |  |  | Total |
Secured Borrowings — VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FFELP Loan securitizations |  | $ | — |  |  | $ | 77,764 |  |  | $ | 77,764 |  |  | $ | 78,358 |  |  | $ | 2,760 |  |  | $ | 682 |  |  | $ | 81,800 |
Private Education Loan securitizations(1) |  |  | — |  |  |  | 16,900 |  |  |  | 16,900 |  |  |  | 22,014 |  |  |  | 452 |  |  |  | 323 |  |  |  | 22,789 |
FFELP Loan — other facilities |  |  | — |  |  |  | 12,676 |  |  |  | 12,676 |  |  |  | 13,158 |  |  |  | 324 |  |  |  | 168 |  |  |  | 13,650 |
Private Education Loan — other facilities |  |  | 710 |  |  |  | — |  |  |  | 710 |  |  |  | 1,110 |  |  |  | 17 |  |  |  | 31 |  |  |  | 1,158 |
Total before hedge accounting adjustments |  |  | 710 |  |  |  | 107,340 |  |  |  | 108,050 |  |  |  | 114,640 |  |  |  | 3,553 |  |  |  | 1,204 |  |  |  | 119,397 |
Hedge accounting adjustments |  |  | — |  |  |  | (830 | ) |  |  | (830 | ) |  |  | — |  |  |  | — |  |  |  | (911 | ) |  |  | (911 | )
Total |  | $ | 710 |  |  | $ | 106,510 |  |  | $ | 107,220 |  |  | $ | 114,640 |  |  | $ | 3,553 |  |  | $ | 293 |  |  | $ | 118,486 |
(1) | Includes $1.0 billion and $546 million of long-term debt related to the Repurchase Facility as of September 30, 2016 and December 31, 2015, respectively, and $59 million and $41 million of restricted cash related to the Repurchase Facility as of September 30, 2016 and December 31, 2015, respectively.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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