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Borrowings | 6 Months Ended
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Jun. 30, 2021
Debt Disclosure [Abstract] |
Borrowings | 3. Borrowings The following table summarizes our borrowings.
|  | June 30, 2021 |  |  | December 31, 2020 |
(Dollars in millions) |  | Short Term |  |  | Long Term |  |  | Total |  |  | Short Term |  |  | Long Term |  |  | Total |
Unsecured borrowings: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Senior unsecured debt(1) |  | $ | 1,658 |  |  | $ | 6,465 |  |  | $ | 8,123 |  |  | $ | 677 |  |  | $ | 7,714 |  |  | $ | 8,391 |
Total unsecured borrowings |  |  | 1,658 |  |  |  | 6,465 |  |  |  | 8,123 |  |  |  | 677 |  |  |  | 7,714 |  |  |  | 8,391 |
Secured borrowings: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FFELP Loan securitizations(2) |  |  | — |  |  |  | 54,000 |  |  |  | 54,000 |  |  |  | — |  |  |  | 54,697 |  |  |  | 54,697 |
Private Education Loan securitizations(3) |  |  | 832 |  |  |  | 13,154 |  |  |  | 13,986 |  |  |  | 960 |  |  |  | 13,891 |  |  |  | 14,851 |
FFELP Loan ABCP facilities |  |  | — |  |  |  | 462 |  |  |  | 462 |  |  |  | 2,053 |  |  |  | 479 |  |  |  | 2,532 |
Private Education Loan ABCP facilities |  |  | 1,194 |  |  |  | 1,259 |  |  |  | 2,453 |  |  |  | 2,582 |  |  |  | — |  |  |  | 2,582 |
Other(4) |  |  | 354 |  |  |  | — |  |  |  | 354 |  |  |  | 337 |  |  |  | — |  |  |  | 337 |
Total secured borrowings |  |  | 2,380 |  |  |  | 68,875 |  |  |  | 71,255 |  |  |  | 5,932 |  |  |  | 69,067 |  |  |  | 74,999 |
Total before hedge accounting adjustments |  |  | 4,038 |  |  |  | 75,340 |  |  |  | 79,378 |  |  |  | 6,609 |  |  |  | 76,781 |  |  |  | 83,390 |
Hedge accounting adjustments |  |  | 30 |  |  |  | 474 |  |  |  | 504 |  |  |  | 4 |  |  |  | 551 |  |  |  | 555 |
Total |  | $ | 4,068 |  |  | $ | 75,814 |  |  | $ | 79,882 |  |  | $ | 6,613 |  |  | $ | 77,332 |  |  | $ | 83,945 |
(1) | Includes principal amount of $1.7 billion and $678 million of short-term debt as of June 30, 2021 and December 31, 2020, respectively. Includes principal amount of $6.5 billion and $7.8 billion of long-term debt as of June 30, 2021 and December 31, 2020, respectively.
(2) | Includes $155 million and $157 million of long-term debt related to the FFELP Loan asset-backed securitization repurchase facilities (“FFELP Loan Repurchase Facilities”) as of June 30, 2021 and December 31, 2020, respectively.
(3) | Includes $832 million and $960 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, 2021 and December 31, 2020, respectively. Includes $0 and $260 million of long-term debt related to the Private Education Loan Repurchase Facilities as of June 30, 2021 and December 31, 2020, respectively.
(4) | “Other” primarily includes the obligation to return cash collateral held related to derivative exposures.
3. Borrowings (Continued) Variable Interest Entities We consolidated the following financing VIEs as of June 30, 2021 and December 31, 2020, as we are the primary beneficiary. As a result, these VIEs are accounted for as secured borrowings.
|  | June 30, 2021 |
|  | 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 |  | $ | — |  |  | $ | 54,000 |  |  | $ | 54,000 |  |  | $ | 54,773 |  |  | $ | 1,641 |  |  | $ | 1,479 |  |  | $ | 57,893 |
Private Education Loan securitizations |  |  | 832 |  |  |  | 13,154 |  |  |  | 13,986 |  |  |  | 14,830 |  |  |  | 551 |  |  |  | 172 |  |  |  | 15,553 |
FFELP Loan ABCP facilities |  |  | — |  |  |  | 462 |  |  |  | 462 |  |  |  | 455 |  |  |  | 9 |  |  |  | 17 |  |  |  | 481 |
Private Education Loan ABCP facilities |  |  | 1,194 |  |  |  | 1,259 |  |  |  | 2,453 |  |  |  | 2,494 |  |  |  | 74 |  |  |  | 27 |  |  |  | 2,595 |
Total before hedge accounting adjustments |  |  | 2,026 |  |  |  | 68,875 |  |  |  | 70,901 |  |  |  | 72,552 |  |  |  | 2,275 |  |  |  | 1,695 |  |  |  | 76,522 |
Hedge accounting adjustments |  |  | — |  |  |  | (25 | ) |  |  | (25 | ) |  |  | — |  |  |  | — |  |  |  | (116 | ) |  |  | (116 | )
Total |  | $ | 2,026 |  |  | $ | 68,850 |  |  | $ | 70,876 |  |  | $ | 72,552 |  |  | $ | 2,275 |  |  | $ | 1,579 |  |  | $ | 76,406 |
|  | December 31, 2020 |
|  | 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 |  | $ | — |  |  | $ | 54,697 |  |  | $ | 54,697 |  |  | $ | 55,535 |  |  | $ | 1,606 |  |  | $ | 1,438 |  |  | $ | 58,579 |
Private Education Loan securitizations |  |  | 960 |  |  |  | 13,891 |  |  |  | 14,851 |  |  |  | 15,823 |  |  |  | 606 |  |  |  | 187 |  |  |  | 16,616 |
FFELP Loan ABCP facilities |  |  | 2,053 |  |  |  | 479 |  |  |  | 2,532 |  |  |  | 2,533 |  |  |  | 36 |  |  |  | 76 |  |  |  | 2,645 |
Private Education Loan ABCP facilities |  |  | 2,582 |  |  |  | — |  |  |  | 2,582 |  |  |  | 2,835 |  |  |  | 74 |  |  |  | 27 |  |  |  | 2,936 |
Total before hedge accounting adjustments |  |  | 5,595 |  |  |  | 69,067 |  |  |  | 74,662 |  |  |  | 76,726 |  |  |  | 2,322 |  |  |  | 1,728 |  |  |  | 80,776 |
Hedge accounting adjustments |  |  | — |  |  |  | (167 | ) |  |  | (167 | ) |  |  | — |  |  |  | — |  |  |  | (308 | ) |  |  | (308 | )
Total |  | $ | 5,595 |  |  | $ | 68,900 |  |  | $ | 74,495 |  |  | $ | 76,726 |  |  | $ | 2,322 |  |  | $ | 1,420 |  |  | $ | 80,468 |

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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