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v3.22.2.2

Borrowings (Tables) | 9 Months Ended
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Sep. 30, 2022
Debt Disclosure [Abstract] |
Company's Borrowings | The following table summarizes our borrowings.
|  | September 30, 2022 |  |  | December 31, 2021 |
(Dollars in millions) |  | Short Term |  |  | Long Term |  |  | Total |  |  | Short Term |  |  | Long Term |  |  | Total |
Unsecured borrowings: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Senior unsecured debt(1) |  | $ | 1,299 |  |  | $ | 5,709 |  |  | $ | 7,008 |  |  | $ | — |  |  | $ | 7,014 |  |  | $ | 7,014 |
Total unsecured borrowings |  |  | 1,299 |  |  |  | 5,709 |  |  |  | 7,008 |  |  |  | — |  |  |  | 7,014 |  |  |  | 7,014 |
Secured borrowings: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FFELP Loan securitizations(2)(3) |  |  | 83 |  |  |  | 45,358 |  |  |  | 45,441 |  |  |  | — |  |  |  | 51,841 |  |  |  | 51,841 |
Private Education Loan securitizations(4) |  |  | 813 |  |  |  | 13,300 |  |  |  | 14,113 |  |  |  | 543 |  |  |  | 14,074 |  |  |  | 14,617 |
FFELP Loan ABCP facilities |  |  | 974 |  |  |  | 291 |  |  |  | 1,265 |  |  |  | 282 |  |  |  | 150 |  |  |  | 432 |
Private Education Loan ABCP facilities |  |  | 2,418 |  |  |  | — |  |  |  | 2,418 |  |  |  | 1,363 |  |  |  | 1,152 |  |  |  | 2,515 |
Other(5) |  |  | 105 |  |  |  | — |  |  |  | 105 |  |  |  | 302 |  |  |  | — |  |  |  | 302 |
Total secured borrowings |  |  | 4,393 |  |  |  | 58,949 |  |  |  | 63,342 |  |  |  | 2,490 |  |  |  | 67,217 |  |  |  | 69,707 |
Total before hedge accounting adjustments |  |  | 5,692 |  |  |  | 64,658 |  |  |  | 70,350 |  |  |  | 2,490 |  |  |  | 74,231 |  |  |  | 76,721 |
Hedge accounting adjustments |  |  | (15 | ) |  |  | (660 | ) |  |  | (675 | ) |  |  | — |  |  |  | 257 |  |  |  | 257 |
Total |  | $ | 5,677 |  |  | $ | 63,998 |  |  | $ | 69,675 |  |  | $ | 2,490 |  |  | $ | 74,488 |  |  | $ | 76,978 |
(1) | Includes principal amount of $1.3 billion and $0 of short-term debt as of September 30, 2022 and December 31, 2021, respectively. Includes principal amount of $5.7 billion and $7 billion of long-term debt as of September 30, 2022 and December 31, 2021, respectively.
(2) | Includes $83 million and $0 of short-term debt related to the FFELP Loan asset-backed securitization repurchase facilities (FFELP Loan Repurchase Facilities) as of September 30, 2022 and December 31, 2021, respectively. Includes $0 and $49 million of long-term debt related to the FFELP Loan Repurchase Facilities as of September 30, 2022 and December 31, 2021, respectively.
(3) | Includes defaulted FFELP secured debt tranches with a remaining principal amount of $778 million as of September 30, 2022 as a result of not maturing by their respective contractual maturity dates. Notices were delivered to the trustee, rating agencies and bondholders alerting them to these maturity date defaults. At this time, it is expected the bonds will be paid in full between 2030 and 2035. There is no impact to the principal amount owed or the coupon at which the bonds accrue, and there is no revised contractual maturity date.
(4) | Includes $813 million and $543 million of short-term debt related to the Private Education Loan asset-backed securitization repurchase facilities (Private Education Loan Repurchase Facilities) as of September 30, 2022 and December 31, 2021, respectively.
(5) | “Other” primarily includes the obligation to return cash collateral held related to derivative exposures.
Financing VIEs | We consolidated the following financing VIEs as of September 30, 2022 and December 31, 2021, as we are the primary beneficiary. As a result, these VIEs are accounted for as secured borrowings.
|  | September 30, 2022 |
|  | 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 |  | $ | 83 |  |  | $ | 45,358 |  |  | $ | 45,441 |  |  | $ | 45,484 |  |  | $ | 2,029 |  |  | $ | 1,636 |  |  | $ | 49,149 |
Private Education Loan securitizations |  |  | 813 |  |  |  | 13,300 |  |  |  | 14,113 |  |  |  | 14,739 |  |  |  | 371 |  |  |  | 100 |  |  |  | 15,210 |
FFELP Loan ABCP facilities |  |  | 974 |  |  |  | 291 |  |  |  | 1,265 |  |  |  | 1,269 |  |  |  | 27 |  |  |  | 43 |  |  |  | 1,339 |
Private Education Loan ABCP facilities |  |  | 2,418 |  |  |  | — |  |  |  | 2,418 |  |  |  | 2,619 |  |  |  | 84 |  |  |  | 26 |  |  |  | 2,729 |
Total before hedge accounting adjustments |  |  | 4,288 |  |  |  | 58,949 |  |  |  | 63,237 |  |  |  | 64,111 |  |  |  | 2,511 |  |  |  | 1,805 |  |  |  | 68,427 |
Hedge accounting adjustments |  |  | — |  |  |  | (362 | ) |  |  | (362 | ) |  |  | — |  |  |  | — |  |  |  | (409 | ) |  |  | (409 | )
Total |  | $ | 4,288 |  |  | $ | 58,587 |  |  | $ | 62,875 |  |  | $ | 64,111 |  |  | $ | 2,511 |  |  | $ | 1,396 |  |  | $ | 68,018 |
|  | December 31, 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 |  | $ | — |  |  | $ | 51,841 |  |  | $ | 51,841 |  |  | $ | 52,066 |  |  | $ | 2,073 |  |  | $ | 1,520 |  |  | $ | 55,659 |
Private Education Loan securitizations |  |  | 543 |  |  |  | 14,074 |  |  |  | 14,617 |  |  |  | 15,506 |  |  |  | 505 |  |  |  | 150 |  |  |  | 16,161 |
FFELP Loan ABCP facilities |  |  | 282 |  |  |  | 150 |  |  |  | 432 |  |  |  | 436 |  |  |  | 8 |  |  |  | 15 |  |  |  | 459 |
Private Education Loan ABCP facilities |  |  | 1,363 |  |  |  | 1,152 |  |  |  | 2,515 |  |  |  | 2,641 |  |  |  | 63 |  |  |  | 32 |  |  |  | 2,736 |
Total before hedge accounting adjustments |  |  | 2,188 |  |  |  | 67,217 |  |  |  | 69,405 |  |  |  | 70,649 |  |  |  | 2,649 |  |  |  | 1,717 |  |  |  | 75,015 |
Hedge accounting adjustments |  |  | — |  |  |  | (110 | ) |  |  | (110 | ) |  |  | — |  |  |  | — |  |  |  | (195 | ) |  |  | (195 | )
Total |  | $ | 2,188 |  |  | $ | 67,107 |  |  | $ | 69,295 |  |  | $ | 70,649 |  |  | $ | 2,649 |  |  | $ | 1,522 |  |  | $ | 74,820 |

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