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Borrowings (Tables) | 6 Months Ended
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Jun. 30, 2019
Debt Disclosure [Abstract] |
Company's Borrowings | The following table summarizes our borrowings.
|  | June 30, 2019 |  |  | December 31, 2018 |
(Dollars in millions) |  | Short Term |  |  | Long Term |  |  | Total |  |  | Short Term |  |  | Long Term |  |  | Total |
Unsecured borrowings: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Senior unsecured debt(1) |  | $ | 1,496 |  |  | $ | 9,005 |  |  | $ | 10,501 |  |  | $ | 817 |  |  | $ | 10,674 |  |  | $ | 11,491 |
Total unsecured borrowings |  |  | 1,496 |  |  |  | 9,005 |  |  |  | 10,501 |  |  |  | 817 |  |  |  | 10,674 |  |  |  | 11,491 |
Secured borrowings: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FFELP Loan securitizations(2) |  |  | 72 |  |  |  | 62,405 |  |  |  | 62,477 |  |  |  | — |  |  |  | 66,318 |  |  |  | 66,318 |
Private Education Loan securitizations(3) |  |  | 1,867 |  |  |  | 12,541 |  |  |  | 14,408 |  |  |  | 300 |  |  |  | 12,985 |  |  |  | 13,285 |
FFELP Loan — other facilities |  |  | 2,270 |  |  |  | 1,836 |  |  |  | 4,106 |  |  |  | 2,927 |  |  |  | 2,625 |  |  |  | 5,552 |
Private Education Loan — other facilities |  |  | 695 |  |  |  | 1,053 |  |  |  | 1,748 |  |  |  | 1,114 |  |  |  | 1,266 |  |  |  | 2,380 |
Other(4) |  |  | 362 |  |  |  | — |  |  |  | 362 |  |  |  | 267 |  |  |  | — |  |  |  | 267 |
Total secured borrowings |  |  | 5,266 |  |  |  | 77,835 |  |  |  | 83,101 |  |  |  | 4,608 |  |  |  | 83,194 |  |  |  | 87,802 |
Total before hedge accounting adjustments |  |  | 6,762 |  |  |  | 86,840 |  |  |  | 93,602 |  |  |  | 5,425 |  |  |  | 93,868 |  |  |  | 99,293 |
Hedge accounting adjustments |  |  | 23 |  |  |  | (64 | ) |  |  | (41 | ) |  |  | (3 | ) |  |  | (349 | ) |  |  | (352 | )
Total |  | $ | 6,785 |  |  | $ | 86,776 |  |  | $ | 93,561 |  |  | $ | 5,422 |  |  | $ | 93,519 |  |  | $ | 98,941 |
(1) | Includes principal amount of $1.5 billion and $817 million of short-term debt as of June 30, 2019 and December 31, 2018, respectively. Includes principal amount of $9.1 billion and $10.8 billion of long-term debt as of June 30, 2019 and December 31, 2018, respectively.
(2) | Includes $72 million and $0 of short-term debt related to the FFELP asset-backed securitization repurchase facilities (“FFELP Loan Repurchase Facilities”) as of June 30, 2019 and December 31, 2018, respectively. Includes $214 million and $244 million of long-term debt related to the FFELP Loan Repurchase Facilities as of June 30, 2019 and December 31, 2018, respectively.
(3) | Includes $1.9 billion and $300 million of short-term debt related to the Private Education Loan asset-backed securitization repurchase facilities (“Private Education Loan Repurchase Facilities”) as of June 30, 2019 and December 31, 2018, respectively. Includes $921 million and $2.0 billion of long-term debt related to the Private Education Loan Repurchase Facilities as of June 30, 2019 and December 31, 2018, respectively.
(4) | “Other” primarily includes the obligation to return cash collateral held related to derivative exposures.
Financing VIEs | We consolidated the following financing VIEs as of June 30, 2019 and December 31, 2018, as we are the primary beneficiary. As a result, these VIEs are accounted for as secured borrowings.
|  | June 30, 2019 |
|  | 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(1) |  | $ | 72 |  |  | $ | 62,405 |  |  | $ | 62,477 |  |  | $ | 63,494 |  |  | $ | 1,969 |  |  | $ | 1,316 |  |  | $ | 66,779 |
Private Education Loan securitizations(2) |  |  | 1,867 |  |  |  | 12,541 |  |  |  | 14,408 |  |  |  | 16,433 |  |  |  | 541 |  |  |  | 173 |  |  |  | 17,147 |
FFELP Loan — other facilities |  |  | 2,270 |  |  |  | 1,836 |  |  |  | 4,106 |  |  |  | 4,206 |  |  |  | 66 |  |  |  | 124 |  |  |  | 4,396 |
Private Education Loan — other facilities |  |  | 695 |  |  |  | 1,053 |  |  |  | 1,748 |  |  |  | 2,602 |  |  |  | 64 |  |  |  | 18 |  |  |  | 2,684 |
Total before hedge accounting adjustments |  |  | 4,904 |  |  |  | 77,835 |  |  |  | 82,739 |  |  |  | 86,735 |  |  |  | 2,640 |  |  |  | 1,631 |  |  |  | 91,006 |
Hedge accounting adjustments |  |  | — |  |  |  | (462 | ) |  |  | (462 | ) |  |  | — |  |  |  | — |  |  |  | (622 | ) |  |  | (622 | )
Total |  | $ | 4,904 |  |  | $ | 77,373 |  |  | $ | 82,277 |  |  | $ | 86,735 |  |  | $ | 2,640 |  |  | $ | 1,009 |  |  | $ | 90,384 |
|  | December 31, 2018 |
|  | 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(1) |  | $ | — |  |  | $ | 66,318 |  |  | $ | 66,318 |  |  | $ | 66,266 |  |  | $ | 3,181 |  |  | $ | 1,211 |  |  | $ | 70,658 |
Private Education Loan securitizations(2) |  |  | 300 |  |  |  | 12,985 |  |  |  | 13,285 |  |  |  | 16,336 |  |  |  | 536 |  |  |  | 198 |  |  |  | 17,070 |
FFELP Loan — other facilities |  |  | 2,927 |  |  |  | 2,625 |  |  |  | 5,552 |  |  |  | 5,656 |  |  |  | 132 |  |  |  | 162 |  |  |  | 5,950 |
Private Education Loan — other facilities |  |  | 1,114 |  |  |  | 1,266 |  |  |  | 2,380 |  |  |  | 3,361 |  |  |  | 79 |  |  |  | 27 |  |  |  | 3,467 |
Total before hedge accounting adjustments |  |  | 4,341 |  |  |  | 83,194 |  |  |  | 87,535 |  |  |  | 91,619 |  |  |  | 3,928 |  |  |  | 1,598 |  |  |  | 97,145 |
Hedge accounting adjustments |  |  | — |  |  |  | (456 | ) |  |  | (456 | ) |  |  | — |  |  |  | — |  |  |  | (642 | ) |  |  | (642 | )
Total |  | $ | 4,341 |  |  | $ | 82,738 |  |  | $ | 87,079 |  |  | $ | 91,619 |  |  | $ | 3,928 |  |  | $ | 956 |  |  | $ | 96,503 |
(1) | Includes $72 million of short-term debt, $214 million of long-term debt and $9 million of restricted cash related to the FFELP Loan Repurchase Facilities as of June 30, 2019. Includes $244 million of long-term debt and $9 million of restricted cash related to the FFELP Loan Repurchase Facilities as of December 31, 2018.
(2) | Includes $1.9 billion of short-term debt, $921 million of long-term debt and $65 million of restricted cash related to the Private Education Loan Repurchase Facilities as of June 30, 2019. Includes $300 million of short-term debt, $2.0 billion of long-term debt and $115 million of restricted cash related to the Private Education Loan Repurchase Facilities as of December 31, 2018.

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