Consolidated Statements of Cash Flows (Unaudited) $ in Millions	3 Months Ended	6 Months Ended
Jun. 30, 2021 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2020 USD ($)
Operating activities
Net income	$ 185	$ 555	$ 19
Adjustments to reconcile net income to net cash provided by operating activities:
(Gains) on sales of education loans	(2)	(78)
Losses on debt repurchases	12	12
Goodwill and acquired intangible asset impairment and amortization expense	5	10	11
Stock-based compensation expense		13	11
Mark-to-market (gains) losses on derivative and hedging activities, net		(234)	471
Provisions for loan losses	(1)	(88)	139
Decrease (increase) in accrued interest receivable		33	(45)
(Decrease) in accrued interest payable		(27)	(76)
Decrease in other assets		126	161
Increase (decrease) in other liabilities		11	(96)
Total adjustments		(222)	576
Total net cash provided by operating activities		333	595
Investing activities
Education loans acquired and originated		(3,050)	(2,170)
Proceeds from payments on education loans		5,643	5,678
Proceeds from sales of education loans		1,588
Other investing activities, net		38	(116)
Total net cash provided by investing activities		4,219	3,392
Financing activities
Borrowings collateralized by loans in trust - issued		3,971	3,277
Borrowings collateralized by loans in trust - repaid		(5,577)	(5,711)
Long-term unsecured notes issued		495	682
Long-term unsecured notes repaid		(782)	(719)
Other financing activities, net		123	(252)
Common stock repurchased		(300)	(335)
Common dividends paid		(56)	(62)
Total net cash used in financing activities		(4,327)	(3,779)
Net increase in cash, cash equivalents, restricted cash and restricted cash equivalents		225	208
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period		3,537	3,781
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	3,762	3,762	3,989
Cash disbursements made (refunds received) for:
Interest		723	1,214
Income taxes paid		96	3
Reconciliation of the Consolidated Statements of Cash Flows to the Consolidated Balance Sheets:
Cash and cash equivalents	1,453	1,453	1,632
Restricted cash and restricted cash equivalents	2,309	2,309	2,357
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	$ 3,762	3,762	3,989
Noncash activity:
Investing activity - Held-to-maturity asset backed securities retained related to sales of education loans		83
Operating activity - Servicing assets recognized upon sales of education loans		21
Asset-backed Securities, Securitized Loans and Receivables [Member]
Financing activities
Asset-backed commercial paper conduits, net		$ (2,201)	$ (659)

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets. As a noncash expense, this element is added back to net income when calculating cash provided by or used in operations using the indirect method. Also includes the amount of loss from the write-down of an asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

No definition available.