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Borrowings

6 Months Ended

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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

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