XML 24 R11.htm IDEA: XBRL DOCUMENT v3.22.2.2
Borrowings
 9 Months Ended
Sep. 30, 2022
Debt Disclosure [Abstract]  
Borrowings

3.   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.

 

 

3.   Borrowings (Continued)

Variable Interest Entities

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