Document_and_Entity_Informatio
Document and Entity Information Document (USD $) | 6 Months Ended | ||
Jun. 30, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | |
Common Class A [Member] | Common Class B [Member] | ||
Document Information [Line Items] | ' | ' | ' |
Entity Registrant Name | 'NELNET INC | ' | ' |
Document Type | '10-Q | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 34,807,168 | 11,491,932 |
Entity Public Float | $940,529,760.75 | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Central Index Key | '0001258602 | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Document Period End Date | 30-Jun-14 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'Q2 | ' | ' |
Consolidated_Balance_Sheets_un
Consolidated Balance Sheets (unaudited) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets: | ' | ' |
Student loans receivable (net of allowance for loan losses) | $29,342,430 | $25,907,589 |
Cash and cash equivalents: | ' | ' |
Cash and cash equivalents - not held at a related party | 29,863 | 8,537 |
Cash and cash equivalents - held at a related party | 62,236 | 54,730 |
Total cash and cash equivalents | 92,099 | 63,267 |
Investments | 141,489 | 192,040 |
Restricted cash and investments | 862,034 | 735,123 |
Restricted cash - due to customers | 98,005 | 167,576 |
Accrued interest receivable | 360,075 | 314,553 |
Accounts receivable (net of allowance for doubtful accounts) | 58,321 | 56,072 |
Goodwill | 126,200 | 117,118 |
Intangible assets, net | 44,849 | 6,132 |
Property and equipment, net | 35,498 | 33,829 |
Other assets | 141,989 | 115,043 |
Fair value of derivative instruments | 68,033 | 62,507 |
Total assets | 31,371,022 | 27,770,849 |
Liabilities: | ' | ' |
Bonds and notes payable | 29,492,560 | 25,955,289 |
Accrued interest payable | 24,339 | 21,725 |
Other liabilities | 160,444 | 164,300 |
Due to customers | 98,005 | 167,576 |
Fair value of derivative instruments | 15,546 | 17,969 |
Total liabilities | 29,790,894 | 26,326,859 |
Nelnet, Inc. shareholders' equity: | ' | ' |
Preferred stock | 0 | 0 |
Common stock: | ' | ' |
Additional paid-in capital | 20,721 | 24,887 |
Retained earnings | 1,552,988 | 1,413,492 |
Accumulated other comprehensive earnings | 5,569 | 4,819 |
Total Nelnet, Inc. shareholders' equity | 1,579,742 | 1,443,662 |
Noncontrolling interest | 386 | 328 |
Total equity | 1,580,128 | 1,443,990 |
Commitments and contingencies | ' | ' |
Total liabilities and equity | 31,371,022 | 27,770,849 |
Common Class A [Member] | ' | ' |
Common stock: | ' | ' |
Common stock | 349 | 349 |
Total equity | 349 | 349 |
Common Class B [Member] | ' | ' |
Common stock: | ' | ' |
Common stock | 115 | 115 |
Total equity | 115 | 115 |
Variable Interest Entity, Primary Beneficiary [Member] | ' | ' |
Assets: | ' | ' |
Student loans receivable (net of allowance for loan losses) | 29,479,249 | 26,020,629 |
Cash and cash equivalents: | ' | ' |
Restricted cash and investments | 859,441 | 732,771 |
Other assets | 358,646 | 313,748 |
Fair value of derivative instruments | 33,797 | 36,834 |
Liabilities: | ' | ' |
Bonds and notes payable | 29,778,096 | 26,244,222 |
Other liabilities | 335,992 | 303,142 |
Commitments and contingencies | ' | ' |
Net assets of consolidated variable interest entities | $617,045 | $556,618 |
Consolidated_Balance_Sheets_un1
Consolidated Balance Sheets (unaudited) (Parentheticals) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Allowance for loan losses | $52,467 | $55,122 |
Allowance for doubtful accounts | $1,490 | $3,845 |
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred stock, authorized shares | 50,000,000 | 50,000,000 |
Preferred stock, issued shares | 0 | 0 |
Preferred stock, outstanding shares | 0 | 0 |
Common Class A [Member] | ' | ' |
Par Value (in dollars per share) | $0.01 | $0.01 |
Shares Authorized | 600,000,000 | 600,000,000 |
Shares Issued | 34,859,786 | 34,881,338 |
Shares Outstanding | 34,859,786 | 34,881,338 |
Common Class B [Member] | ' | ' |
Par Value (in dollars per share) | $0.01 | $0.01 |
Shares Authorized | 60,000,000 | 60,000,000 |
Shares Issued | 0 | 11,495,377 |
Shares Outstanding | 0 | 11,495,377 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Interest income: | ' | ' | ' | ' |
Loan interest | $175,466 | $158,063 | $332,362 | $313,602 |
Investment interest | 1,482 | 1,483 | 3,461 | 3,100 |
Total interest income | 176,948 | 159,546 | 335,823 | 316,702 |
Interest expense: | ' | ' | ' | ' |
Interest on bonds and notes payable | 69,235 | 58,127 | 129,239 | 116,485 |
Net interest income | 107,713 | 101,419 | 206,584 | 200,217 |
Less provision for loan losses | 1,500 | 5,000 | 4,000 | 10,000 |
Net interest income after provision for loan losses | 106,213 | 96,419 | 202,584 | 190,217 |
Other income (expense): | ' | ' | ' | ' |
Loan and guaranty servicing revenue | 66,460 | 60,078 | 131,217 | 115,679 |
Tuition payment processing and campus commerce revenue | 21,834 | 18,356 | 47,069 | 41,767 |
Enrollment services revenue | 20,145 | 24,823 | 42,156 | 53,780 |
Other income | 15,315 | 12,288 | 33,446 | 21,704 |
Gain on sale of loans and debt repurchases | 18 | 7,355 | 57 | 8,762 |
Derivative market value and foreign currency adjustments and derivative settlements, net | 1,570 | 40,188 | -2,695 | 41,260 |
Total other income (expense) | 125,342 | 163,088 | 251,250 | 282,952 |
Operating expenses: | ' | ' | ' | ' |
Salaries and benefits | 53,888 | 47,432 | 106,372 | 95,337 |
Cost to provide enrollment services | 13,311 | 16,787 | 27,786 | 36,429 |
Depreciation and amortization | 5,214 | 4,320 | 9,997 | 8,697 |
Other | 40,377 | 34,365 | 76,004 | 69,306 |
Total operating expenses | 112,790 | 102,904 | 220,159 | 209,769 |
Income before income taxes | 118,765 | 156,603 | 233,675 | 263,400 |
Income tax expense | -43,078 | -54,746 | -83,689 | -93,193 |
Net income | 75,687 | 101,857 | 149,986 | 170,207 |
Net income attributable to noncontrolling interest | 693 | 614 | 1,206 | 885 |
Net income attributable to Nelnet, Inc. | $74,994 | $101,243 | $148,780 | $169,322 |
Earnings per common share: | ' | ' | ' | ' |
Net income attributable to Nelnet, Inc. shareholders - basic and diluted | $1.61 | $2.17 | $3.20 | $3.63 |
Weighted average common shares outstanding - basic and diluted | 46,529,377 | 46,626,853 | 46,528,651 | 46,642,356 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Net income | $75,687 | $101,857 | $149,986 | $170,207 |
Available-for-sale securities: | ' | ' | ' | ' |
Unrealized holding gains (losses) arising during period, net | 5,826 | -3,335 | 9,501 | 1,185 |
Less reclassification adjustment for gains recognized in net income, net | -1,238 | -559 | -8,311 | -1,516 |
Income tax effect | -1,698 | 1,441 | -440 | 115 |
Total other comprehensive income (loss) | 2,890 | -2,453 | 750 | -216 |
Comprehensive income | 78,577 | 99,404 | 150,736 | 169,991 |
Comprehensive income attributable to noncontrolling interest | 693 | 614 | 1,206 | 885 |
Comprehensive income attributable to Nelnet, Inc. | $77,884 | $98,790 | $149,530 | $169,106 |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Equity (unaudited) (USD $) | Total | Preferred Stock [Member] | Common Class A [Member] | Common Class B [Member] | Additional paid-in capital [Member] | Retained earnings [Member] | Accumulated other comprehensive earnings [Member] | Noncontrolling interest [Member] |
In Thousands, except Share data, unless otherwise specified | ||||||||
Balance at Mar. 31, 2013 | $1,226,404 | $0 | $350 | $115 | $27,786 | $1,192,822 | $5,050 | $281 |
Balance (in Shares) at Mar. 31, 2013 | ' | 0 | 35,029,341 | 11,495,377 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' |
Net income attributable to Nelnet, Inc. | 101,243 | ' | ' | ' | ' | 101,243 | ' | ' |
Net income attributable to noncontrolling interest | 614 | ' | ' | ' | ' | ' | ' | -614 |
Net income | 101,857 | ' | ' | ' | ' | ' | ' | ' |
Other comprehensive income (loss) | -2,453 | ' | ' | ' | ' | ' | -2,453 | ' |
Distribution to noncontrolling interest | 782 | ' | ' | ' | ' | ' | ' | 782 |
Cash dividend on Class A and Class B common stock | -4,649 | ' | ' | ' | ' | -4,649 | ' | ' |
Issuance of common stock, net of forfeitures | 695 | ' | 1 | 0 | 694 | ' | ' | ' |
Issuance of common stock, net of forfeitures (in Shares) | ' | ' | 24,390 | 0 | ' | ' | ' | ' |
Compensation expense for stock based awards | 808 | ' | ' | ' | 808 | ' | ' | ' |
Repurchase of common stock | -2,285 | ' | -1 | 0 | -2,284 | ' | ' | ' |
Repurchase of common stock (in Shares) | ' | ' | -65,621 | 0 | ' | ' | ' | ' |
Balance at Jun. 30, 2013 | 1,319,595 | 0 | 350 | 115 | 27,004 | 1,289,416 | 2,597 | 113 |
Balance (in Shares) at Jun. 30, 2013 | ' | 0 | 34,988,110 | 11,495,377 | ' | ' | ' | ' |
Balance at Dec. 31, 2012 | 1,165,213 | 0 | 351 | 115 | 32,540 | 1,129,389 | 2,813 | 5 |
Balance (in Shares) at Dec. 31, 2012 | ' | 0 | 35,116,913 | 11,495,377 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' |
Net income attributable to Nelnet, Inc. | 169,322 | ' | ' | ' | ' | 169,322 | ' | ' |
Net income attributable to noncontrolling interest | 885 | ' | ' | ' | ' | ' | ' | 885 |
Noncontrolling Interest, Increase from Sale of Parent Equity Interest | 5 | ' | ' | ' | ' | ' | ' | 5 |
Net income | 170,207 | ' | ' | ' | ' | ' | ' | ' |
Other comprehensive income (loss) | -216 | ' | ' | ' | ' | ' | -216 | ' |
Distribution to noncontrolling interest | -782 | ' | ' | ' | ' | ' | ' | -782 |
Cash dividend on Class A and Class B common stock | -9,295 | ' | ' | ' | ' | -9,295 | ' | ' |
Issuance of common stock, net of forfeitures | 1,969 | ' | 2 | 0 | 1,967 | ' | ' | ' |
Issuance of common stock, net of forfeitures (in Shares) | ' | ' | 150,353 | 0 | ' | ' | ' | ' |
Compensation expense for stock based awards | 1,483 | ' | ' | ' | 1,483 | ' | ' | ' |
Repurchase of common stock | -8,989 | ' | -3 | 0 | -8,986 | ' | ' | ' |
Repurchase of common stock (in Shares) | ' | ' | -279,156 | 0 | ' | ' | ' | ' |
Balance at Jun. 30, 2013 | 1,319,595 | 0 | 350 | 115 | 27,004 | 1,289,416 | 2,597 | 113 |
Balance (in Shares) at Jun. 30, 2013 | ' | 0 | 34,988,110 | 11,495,377 | ' | ' | ' | ' |
Balance at Dec. 31, 2013 | 1,443,990 | 0 | 349 | 115 | 24,887 | 1,413,492 | 4,819 | 328 |
Balance (in Shares) at Dec. 31, 2013 | ' | 0 | 34,881,338 | 11,495,377 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' |
Net income attributable to Nelnet, Inc. | 148,780 | ' | ' | ' | ' | 148,780 | ' | ' |
Net income attributable to noncontrolling interest | 1,206 | ' | ' | ' | ' | ' | ' | -1,206 |
Noncontrolling Interest, Increase from Sale of Parent Equity Interest | 201 | ' | ' | ' | ' | ' | ' | 201 |
Net income | 149,986 | ' | ' | ' | ' | ' | ' | ' |
Other comprehensive income (loss) | 750 | ' | ' | ' | ' | ' | 750 | ' |
Distribution to noncontrolling interest | -1,349 | ' | ' | ' | ' | ' | ' | -1,349 |
Cash dividend on Class A and Class B common stock | -9,284 | ' | ' | ' | ' | -9,284 | ' | ' |
Issuance of common stock, net of forfeitures | 3,128 | ' | 2 | 0 | 3,126 | ' | ' | ' |
Issuance of common stock, net of forfeitures (in Shares) | ' | ' | 205,507 | 0 | ' | ' | ' | ' |
Compensation expense for stock based awards | 2,010 | ' | ' | ' | 2,010 | ' | ' | ' |
Repurchase of common stock | -9,304 | ' | -2 | 0 | -9,302 | ' | ' | ' |
Conversion of Common Stock, Shares Converted | ' | ' | -3,445 | -3,445 | ' | ' | ' | ' |
Conversion of Common Stock, Amount Converted | 0 | ' | 0 | 0 | ' | ' | ' | ' |
Repurchase of common stock (in Shares) | ' | ' | -230,504 | 0 | ' | ' | ' | ' |
Balance at Jun. 30, 2014 | 1,580,128 | 0 | 349 | 115 | 20,721 | 1,552,988 | 5,569 | 386 |
Balance (in Shares) at Jun. 30, 2014 | ' | 0 | 34,859,786 | 11,491,932 | ' | ' | ' | ' |
Balance at Mar. 31, 2014 | 1,513,674 | 0 | 350 | 115 | 27,138 | 1,482,637 | 2,679 | 755 |
Balance (in Shares) at Mar. 31, 2014 | ' | 0 | 35,019,924 | 11,491,932 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' |
Net income attributable to Nelnet, Inc. | 74,994 | ' | ' | ' | ' | 74,994 | ' | ' |
Net income attributable to noncontrolling interest | 693 | ' | ' | ' | ' | ' | ' | -693 |
Net income | 75,687 | ' | ' | ' | ' | ' | ' | ' |
Other comprehensive income (loss) | 2,890 | ' | ' | ' | ' | ' | 2,890 | ' |
Distribution to noncontrolling interest | 1,062 | ' | ' | ' | ' | ' | ' | 1,062 |
Cash dividend on Class A and Class B common stock | -4,643 | ' | ' | ' | ' | -4,643 | ' | ' |
Issuance of common stock, net of forfeitures | 883 | ' | 1 | 0 | 882 | ' | ' | ' |
Issuance of common stock, net of forfeitures (in Shares) | ' | ' | 49,802 | 0 | ' | ' | ' | ' |
Compensation expense for stock based awards | 1,135 | ' | ' | ' | 1,135 | ' | ' | ' |
Repurchase of common stock | -8,436 | ' | -2 | 0 | -8,434 | ' | ' | ' |
Repurchase of common stock (in Shares) | ' | ' | -209,940 | 0 | ' | ' | ' | ' |
Balance at Jun. 30, 2014 | $1,580,128 | $0 | $349 | $115 | $20,721 | $1,552,988 | $5,569 | $386 |
Balance (in Shares) at Jun. 30, 2014 | ' | 0 | 34,859,786 | 11,491,932 | ' | ' | ' | ' |
Consolidated_Statements_of_Sha1
Consolidated Statements of Shareholders' Equity (unaudited) (Parentheticals) (USD $) | 3 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Common Class A [Member] | ' | ' |
Dividends paid per common share | $0.10 | $0.10 |
Common Class B [Member] | ' | ' |
Dividends paid per common share | $0.10 | $0.10 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (unaudited) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Net income attributable to Nelnet, Inc. | $148,780 | $169,322 |
Net income attributable to noncontrolling interest | 1,206 | 885 |
Net income | 149,986 | 170,207 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization, including debt discounts and student loan premiums and deferred origination costs | 49,206 | 39,160 |
Student loan discount accretion | -21,087 | -17,769 |
Provision for loan losses | 4,000 | 10,000 |
Derivative market value adjustment | -7,950 | -43,729 |
Foreign currency transaction adjustment | -1,798 | -14,072 |
Payments to terminate and/or amend derivative instruments, net of proceeds | 0 | -3,819 |
Gain on sale of loans | 0 | -34 |
Gain from debt repurchases | -57 | -8,728 |
Gain from sales of available-for-sale securities, net | -8,311 | -1,516 |
Deferred income tax expense (benefit) | 5,653 | 21,244 |
Non-cash compensation expense | 2,082 | 1,558 |
Other | 2,885 | -27 |
(Increase) decrease in accrued interest receivable | -3,567 | 10,980 |
Increase in accounts receivable | -695 | -2,378 |
(Increase) decrease in other assets | 1,383 | 566 |
Increase (decrease) in accrued interest payable | 1,432 | -10 |
Decrease in other liabilities | -16,690 | -8,447 |
Net cash provided by operating activities | 156,472 | 153,186 |
Cash flows from investing activities, net of acquisitions: | ' | ' |
Purchases of student loans and student loan residual interests | -2,843,061 | -1,158,245 |
Purchases Of Student Loans From Related Party | -175 | 0 |
Net proceeds from student loan repayments, claims, capitalized interest, participations, and other | 1,712,350 | 1,393,949 |
Proceeds from sale of student loans | 6 | 11,287 |
Purchases of available-for-sale securities | -135,890 | -132,496 |
Proceeds from sales of available-for-sale securities | 195,938 | 37,656 |
Purchases of other investments, net | -27,011 | -3,893 |
Repayments of notes and other receivables | 3,821 | 0 |
Purchases of property and equipment, net | -9,022 | -9,558 |
Decrease (increase) in restricted cash | -27,247 | 135,735 |
Business acquisition, net of cash acquired | -45,583 | 0 |
Net cash (used in) provided by investing activities | -1,175,874 | 274,435 |
Cash flows from financing activities, net of borrowings assumed: | ' | ' |
Payments on bonds and notes payable | -1,821,723 | -3,538,437 |
Proceeds from issuance of bonds and notes payable | 2,901,639 | 3,143,612 |
Payments of debt issuance costs | -12,241 | -11,485 |
Dividends paid | -9,284 | -9,295 |
Repurchases of common stock | -9,304 | -8,989 |
Proceeds from issuance of common stock | 295 | 303 |
Issuance of noncontrolling interest | 201 | 5 |
Distribution to noncontrolling interest | -1,349 | -782 |
Net cash (used in) provided by financing activities | 1,048,234 | -425,068 |
Net increase in cash and cash equivalents | 28,832 | 2,553 |
Cash and cash equivalents, beginning of period | 63,267 | 66,031 |
Cash and cash equivalents, end of period | 92,099 | ' |
Supplemental disclosures of cash flow information: | ' | ' |
Interest paid | 97,668 | 100,292 |
Income taxes paid, net of refunds | 83,706 | 69,866 |
Noncash activity: | ' | ' |
Investing activity - student loans and other assets acquired | 2,571,997 | 0 |
Financing activity - borrowings and other liabilities assumed in acquisition of student loans | $2,444,874 | $0 |
Basis_of_Financial_Reporting
Basis of Financial Reporting | 6 Months Ended |
Jun. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of Financial Reporting | ' |
Basis of Financial Reporting | |
The accompanying unaudited consolidated financial statements of Nelnet, Inc. and subsidiaries (the “Company”) as of June 30, 2014 and for the three and six months ended June 30, 2014 and 2013 have been prepared on the same basis as the audited consolidated financial statements for the year ended December 31, 2013 and, in the opinion of the Company’s management, the unaudited consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of results of operations for the interim periods presented. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Operating results for the three and six months ended June 30, 2014 are not necessarily indicative of the results for the year ending December 31, 2014. The unaudited consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2013 (the "2013 Annual Report"). |
Student_Loans_Receivable_and_A
Student Loans Receivable and Allowance for Loan Losses | 6 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||
Financing Receivables [Text Block] | ' | ||||||||||||||||||||
Student Loans Receivable and Allowance for Loan Losses | |||||||||||||||||||||
Student loans receivable consisted of the following: | |||||||||||||||||||||
As of | As of | ||||||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||||||
Federally insured loans | |||||||||||||||||||||
Stafford and other | $ | 6,479,493 | 6,686,626 | ||||||||||||||||||
Consolidation | 23,032,622 | 19,363,577 | |||||||||||||||||||
Total | 29,512,115 | 26,050,203 | |||||||||||||||||||
Non-federally insured loans | 67,670 | 71,103 | |||||||||||||||||||
29,579,785 | 26,121,306 | ||||||||||||||||||||
Loan discount, net of unamortized loan premiums and deferred origination costs (a) | (184,888 | ) | (158,595 | ) | |||||||||||||||||
Allowance for loan losses – federally insured loans | (40,921 | ) | (43,440 | ) | |||||||||||||||||
Allowance for loan losses – non-federally insured loans | (11,546 | ) | (11,682 | ) | |||||||||||||||||
$ | 29,342,430 | 25,907,589 | |||||||||||||||||||
(a) | For loans purchased where there is evidence of credit deterioration since the origination of the loan, the Company records a credit discount, separate from the allowance for loan losses, which is non-accretable to interest income. Remaining discounts and premiums for purchased loans are recognized in interest income over the remaining estimated lives of the loans. The Company continues to evaluate credit losses associated with purchased loans based on current information and changes in expectations to determine the need for any additional allowance for loan losses. At June 30, 2014 and December 31, 2013, "loan discount, net of unamortized loan premiums and deferred origination costs" included $29.9 million and $20.2 million, respectively, of non-accretable discount associated with purchased loans. | ||||||||||||||||||||
Student Loan Residual Interests | |||||||||||||||||||||
On April 25, 2014, the Company acquired the ownership interest in three Federal Family Education Loan Program ("FFEL Program" or "FFELP") student loan securitization trusts giving the Company rights to the residual interest in a total of $2.6 billion of securitized federally insured loans and related assets. The three trusts include loans funded to term with $2.6 billion (par value) of notes payable that carry interest rates on a spread to LIBOR or are set and periodically reset via a "dutch auction". | |||||||||||||||||||||
The Company has consolidated these trusts on its consolidated balance sheet because management has determined the Company is the primary beneficiary of the trusts. Upon acquisition, the Company recorded all assets and liabilities of the trusts at fair value, resulting in the recognition of a student loan discount of $68.7 million and a notes payable discount of $163.7 million. These discounts will be accreted using the effective interest method over the lives of the underlying assets and liabilities. All other assets acquired and liabilities assumed (restricted cash, accrued interest receivable/payable, and other assets/liabilities) were recorded at cost, which approximates fair value. | |||||||||||||||||||||
Activity in the Allowance for Loan Losses | |||||||||||||||||||||
The provision for loan losses represents the periodic expense of maintaining an allowance appropriate to absorb losses, net of recoveries, inherent in the portfolio of student loans. Activity in the allowance for loan losses is shown below. | |||||||||||||||||||||
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Balance at beginning of period | $ | 54,628 | 49,409 | 55,122 | 51,902 | ||||||||||||||||
Provision for loan losses: | |||||||||||||||||||||
Federally insured loans | 2,000 | 5,000 | 5,000 | 11,000 | |||||||||||||||||
Non-federally insured loans | (500 | ) | — | (1,000 | ) | (1,000 | ) | ||||||||||||||
Total provision for loan losses | 1,500 | 5,000 | 4,000 | 10,000 | |||||||||||||||||
Charge-offs: | |||||||||||||||||||||
Federally insured loans | (4,138 | ) | (3,340 | ) | (7,769 | ) | (9,330 | ) | |||||||||||||
Non-federally insured loans | (598 | ) | (592 | ) | (1,019 | ) | (1,364 | ) | |||||||||||||
Total charge-offs | (4,736 | ) | (3,932 | ) | (8,788 | ) | (10,694 | ) | |||||||||||||
Recoveries - non-federally insured loans | 339 | 442 | 710 | 810 | |||||||||||||||||
Purchase (sale) of federally insured loans, net | 150 | 275 | 250 | (1,943 | ) | ||||||||||||||||
Transfer from repurchase obligation related to non-federally insured loans repurchased, net | 586 | 417 | 1,173 | 1,536 | |||||||||||||||||
Balance at end of period | $ | 52,467 | 51,611 | 52,467 | 51,611 | ||||||||||||||||
Allocation of the allowance for loan losses: | |||||||||||||||||||||
Federally insured loans | $ | 40,921 | 39,848 | 40,921 | 39,848 | ||||||||||||||||
Non-federally insured loans | 11,546 | 11,763 | 11,546 | 11,763 | |||||||||||||||||
Total allowance for loan losses | $ | 52,467 | 51,611 | 52,467 | 51,611 | ||||||||||||||||
Repurchase Obligations | |||||||||||||||||||||
As of June 30, 2014, the Company had participated a cumulative amount of $117.1 million (par value) of non-federally insured loans to third parties. Loans participated under these agreements have been accounted for by the Company as loan sales. Accordingly, the participation interests sold are not included in the Company’s consolidated balance sheets. Per the terms of the servicing agreements, the Company’s servicing operations are obligated to repurchase loans subject to the participation interests in the event such loans become 60 days or 90 days delinquent. | |||||||||||||||||||||
In addition, in 2011, the Company sold a portfolio of non-federally insured loans for proceeds of $91.3 million (100% of par value). The Company retained credit risk related to this portfolio and will pay cash to purchase back any loans which become 60 days delinquent. As of June 30, 2014, the balance of this portfolio was $58.9 million (par value). | |||||||||||||||||||||
The Company’s estimate related to its obligation to repurchase these loans is included in “other liabilities” in the Company’s consolidated balance sheets. The activity related to this accrual is detailed below. | |||||||||||||||||||||
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Beginning balance | $ | 15,413 | 15,011 | 16,143 | 16,130 | ||||||||||||||||
Loans repurchased | (586 | ) | (417 | ) | (1,316 | ) | (1,536 | ) | |||||||||||||
Ending balance | $ | 14,827 | 14,594 | 14,827 | 14,594 | ||||||||||||||||
Student Loan Status and Delinquencies | |||||||||||||||||||||
Delinquencies have the potential to adversely impact the Company’s earnings through increased servicing and collection costs and account charge-offs. The percent of non-federally insured loans that were delinquent 31 days or greater as of June 30, 2014, December 31, 2013, and June 30, 2013 was 12.6 percent, 12.7 percent, and 27.1 percent, respectively. The table below shows the Company’s federally insured student loan delinquency amounts. | |||||||||||||||||||||
As of June 30, 2014 | As of December 31, 2013 | As of June 30, 2013 | |||||||||||||||||||
Federally insured loans: | |||||||||||||||||||||
Loans in-school/grace/deferment | $ | 3,095,741 | $ | 2,872,505 | $ | 2,983,795 | |||||||||||||||
Loans in forbearance | 3,593,891 | 3,370,025 | 3,320,101 | ||||||||||||||||||
Loans in repayment status: | |||||||||||||||||||||
Loans current | 19,164,660 | 84 | % | 16,337,922 | 82.5 | % | 15,355,379 | 83.6 | % | ||||||||||||
Loans delinquent 31-60 days | 1,026,046 | 4.5 | 967,318 | 4.9 | 776,577 | 4.2 | |||||||||||||||
Loans delinquent 61-90 days | 674,918 | 3 | 550,333 | 2.8 | 531,339 | 2.9 | |||||||||||||||
Loans delinquent 91-120 days | 376,068 | 1.5 | 390,791 | 2 | 291,732 | 1.6 | |||||||||||||||
Loans delinquent 121-270 days | 1,133,527 | 5 | 1,117,936 | 5.6 | 1,016,571 | 5.5 | |||||||||||||||
Loans delinquent 271 days or greater | 447,264 | 2 | 443,373 | 2.2 | 413,240 | 2.2 | |||||||||||||||
Total loans in repayment | 22,822,483 | 100 | % | 19,807,673 | 100 | % | 18,384,838 | 100 | % | ||||||||||||
Total federally insured loans | $ | 29,512,115 | $ | 26,050,203 | $ | 24,688,734 | |||||||||||||||
Bonds_and_Notes_Payable
Bonds and Notes Payable | 6 Months Ended | |||||||||||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||||||||
Bonds and Notes Payable | ' | |||||||||||||||||||||||||||||||||||
Bonds and Notes Payable | ||||||||||||||||||||||||||||||||||||
The following tables summarize the Company’s outstanding debt obligations by type of instrument: | ||||||||||||||||||||||||||||||||||||
As of June 30, 2014 | ||||||||||||||||||||||||||||||||||||
Carrying | Interest rate | Final maturity | ||||||||||||||||||||||||||||||||||
amount | range | |||||||||||||||||||||||||||||||||||
Variable-rate bonds and notes issued in asset-backed securitizations: | ||||||||||||||||||||||||||||||||||||
Bonds and notes based on indices | $ | 26,983,517 | 0.24% - 6.90% | 5/25/18 - 8/26/52 | ||||||||||||||||||||||||||||||||
Bonds and notes based on auction or remarketing | 1,562,325 | 0.06% - 2.09% | 5/1/28 - 11/26/46 | |||||||||||||||||||||||||||||||||
Total variable-rate bonds and notes | 28,545,842 | |||||||||||||||||||||||||||||||||||
FFELP warehouse facilities | 1,139,750 | 0.15% - 0.25% | 1/17/16 - 6/11/17 | |||||||||||||||||||||||||||||||||
Unsecured line of credit | 65,000 | 1.65% | 6/30/19 | |||||||||||||||||||||||||||||||||
Unsecured debt - Junior Subordinated Hybrid Securities | 96,457 | 3.61% | 9/15/61 | |||||||||||||||||||||||||||||||||
Other borrowings | 63,068 | 1.66% - 5.10% | 10/31/14 - 11/11/15 | |||||||||||||||||||||||||||||||||
29,910,117 | ||||||||||||||||||||||||||||||||||||
Discount on bonds and notes payable | (417,557 | ) | ||||||||||||||||||||||||||||||||||
Total | $ | 29,492,560 | ||||||||||||||||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||||||||||||||
Carrying | Interest rate | Final maturity | ||||||||||||||||||||||||||||||||||
amount | range | |||||||||||||||||||||||||||||||||||
Variable-rate bonds and notes issued in asset-backed securitizations: | ||||||||||||||||||||||||||||||||||||
Bonds and notes based on indices | $ | 23,479,893 | 0.25% - 6.90% | 5/25/18 - 8/26/52 | ||||||||||||||||||||||||||||||||
Bonds and notes based on auction or remarketing | 1,134,250 | 0.07% - 2.17% | 5/1/28 - 11/26/46 | |||||||||||||||||||||||||||||||||
Total variable-rate bonds and notes | 24,614,143 | |||||||||||||||||||||||||||||||||||
FFELP warehouse facilities | 1,396,344 | 0.17% - 0.25% | 1/17/16 - 6/12/16 | |||||||||||||||||||||||||||||||||
Unsecured line of credit | 45,000 | 1.67% | 3/28/18 | |||||||||||||||||||||||||||||||||
Unsecured debt - Junior Subordinated Hybrid Securities | 96,457 | 3.62% | 9/15/61 | |||||||||||||||||||||||||||||||||
Other borrowings | 61,401 | 1.67% - 5.10% | 4/11/14 - 11/11/15 | |||||||||||||||||||||||||||||||||
26,213,345 | ||||||||||||||||||||||||||||||||||||
Discount on bonds and notes payable | (258,056 | ) | ||||||||||||||||||||||||||||||||||
Total | $ | 25,955,289 | ||||||||||||||||||||||||||||||||||
FFELP Warehouse Facilities | ||||||||||||||||||||||||||||||||||||
The Company funds a portion of its FFELP loan acquisitions using its FFELP warehouse facilities. Student loan warehousing allows the Company to buy and manage student loans prior to transferring them into more permanent financing arrangements. | ||||||||||||||||||||||||||||||||||||
As of June 30, 2014, the Company had three FFELP warehouse facilities as summarized below. | ||||||||||||||||||||||||||||||||||||
NHELP-III | NHELP-II | NFSLW-I (a) | Total | |||||||||||||||||||||||||||||||||
Maximum financing amount | $ | 750,000 | 500,000 | 500,000 | 1,750,000 | |||||||||||||||||||||||||||||||
Amount outstanding | 659,668 | 92,803 | 387,279 | 1,139,750 | ||||||||||||||||||||||||||||||||
Amount available | $ | 90,332 | 407,197 | 112,721 | 610,250 | |||||||||||||||||||||||||||||||
Expiration of liquidity provisions | February 5, 2015 | September 30, 2014 | June 11, 2015 | |||||||||||||||||||||||||||||||||
Final maturity date | January 17, 2016 | September 30, 2016 | June 11, 2017 | |||||||||||||||||||||||||||||||||
Maximum advance rates | 92.2 - 95.0% | 84.5 - 94.5% | 92.0 - 98.0% | |||||||||||||||||||||||||||||||||
Minimum advance rates | 92.2 - 95.0% | 84.5 - 94.5% | 84.0 - 90.0% | |||||||||||||||||||||||||||||||||
Advanced as equity support | $ | 39,496 | 8,264 | 18,870 | 66,630 | |||||||||||||||||||||||||||||||
(a) On April 15, 2014, the Company amended the agreement for this warehouse facility to temporarily increase the maximum financing amount to $1.0 billion, change the expiration date for the liquidity provisions to June 11, 2015, and change the maturity date to June 11, 2017. As a result of the completion of the 2014-3 asset-backed securitization summarized in the table below, on April 30, 2014, the Company determined that it no longer needed the increased capacity on this warehouse facility, and the $500.0 million temporary increase was terminated on May 22, 2014. | ||||||||||||||||||||||||||||||||||||
Asset-backed Securitizations | ||||||||||||||||||||||||||||||||||||
The following table summarizes the asset-backed securitization transactions completed during the six months ended June 30, 2014. | ||||||||||||||||||||||||||||||||||||
2014-1 | 2014-2 | 2014-3 | 2014-4 | 2014-5 | Total | |||||||||||||||||||||||||||||||
Class A-1 notes | Class A-2 notes | Class A-3 notes | 2014-2 total | Class A-1 notes | Class A-2 notes | 2014-4 total | ||||||||||||||||||||||||||||||
Date securities issued | 2/6/14 | 3/12/14 | 3/12/14 | 3/12/14 | 3/12/14 | 4/30/14 | 5/23/14 | 5/23/14 | 5/23/14 | 6/18/14 | ||||||||||||||||||||||||||
Total original principal amount | $ | 458,500 | 509,000 | 719,800 | 384,500 | 603,000 | $ | 2,674,800 | ||||||||||||||||||||||||||||
Class A senior notes: | ||||||||||||||||||||||||||||||||||||
Total original principal amount | $ | 445,000 | 191,000 | 222,000 | 84,000 | 497,000 | 700,700 | 267,500 | 107,500 | 375,000 | 587,000 | 2,604,700 | ||||||||||||||||||||||||
Bond discount | — | — | — | (535 | ) | (535 | ) | — | — | — | — | — | (535 | ) | ||||||||||||||||||||||
Issue price | $ | 445,000 | 191,000 | 222,000 | 83,465 | 496,465 | 700,700 | 267,500 | 107,500 | 375,000 | 587,000 | 2,604,165 | ||||||||||||||||||||||||
Cost of funds (1-month LIBOR plus:) | 0.57 | % | 0.28 | % | 0.6 | % | 0.85 | % | 0.58 | % | 0.54 | % | 0.95 | % | 0.55 | % | ||||||||||||||||||||
Final maturity date | 9/25/41 | 6/25/21 | 3/25/30 | 7/27/37 | 6/25/41 | 11/27/34 | 11/25/43 | 7/25/41 | ||||||||||||||||||||||||||||
Class B subordinated notes: | ||||||||||||||||||||||||||||||||||||
Total original principal amount | $ | 13,500 | 12,000 | 19,100 | 9,500 | 16,000 | 70,100 | |||||||||||||||||||||||||||||
Bond discount | (1,132 | ) | (1,046 | ) | (1,467 | ) | (1,138 | ) | (1,232 | ) | (6,015 | ) | ||||||||||||||||||||||||
Issue price | $ | 12,368 | 10,954 | 17,633 | 8,362 | 14,768 | 64,085 | |||||||||||||||||||||||||||||
Cost of funds (1-month LIBOR plus:) | 1.5 | % | 1.5 | % | 1.5 | % | 1.5 | % | 1.5 | % | ||||||||||||||||||||||||||
Final maturity date | 10/25/47 | 6/25/41 | 10/25/50 | 9/25/51 | 5/25/49 | |||||||||||||||||||||||||||||||
Unsecured Line of Credit | ||||||||||||||||||||||||||||||||||||
On June 30, 2014, the Company's unsecured line of credit was amended to increase the line of credit from $275.0 million to $350.0 million and extend the maturity date from March 28, 2018 to June 30, 2019. In addition, the amendment revised certain covenants related to maintenance of a minimum consolidated net worth, limitations on recourse indebtedness and liens, and a limitation on the amount of non-federally insured student loans in the Company’s portfolio. As of June 30, 2014, the $350.0 million unsecured line of credit had an outstanding balance of $65.0 million and $285.0 million available for future use. | ||||||||||||||||||||||||||||||||||||
Debt Repurchases | ||||||||||||||||||||||||||||||||||||
The Company repurchased $0.2 million (par value) and $56.4 million (par value) of its own asset-backed debt securities during the three months ended June 30, 2014 and 2013, respectively, and recognized gains on such purchases of approximately $18,000 and $7.4 million, respectively. During the six months ended June 30, 2014 and 2013, the Company repurchased $1.6 million (par value) and $69.4 million (par value), respectively, of its own asset-backed debt securities and recognized gains on such purchases of approximately $57,000 and $8.7 million, respectively. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 6 Months Ended | ||||||||||||||
Jun. 30, 2014 | |||||||||||||||
Derivative Financial Instruments [Abstract] | ' | ||||||||||||||
Derivative Financial Instruments | ' | ||||||||||||||
Derivative Financial Instruments | |||||||||||||||
The Company uses derivative financial instruments primarily to manage interest rate risk and foreign currency exchange risk. Derivative instruments used as part of the Company's risk management strategy are further described in note 6 of the notes to consolidated financial statements included in the 2013 Annual Report. A tabular presentation of such derivatives outstanding as of June 30, 2014 and December 31, 2013 is presented below. | |||||||||||||||
Basis Swaps | |||||||||||||||
The following table summarizes the Company’s basis swaps outstanding as of June 30, 2014 and December 31, 2013 in which the Company receives three-month LIBOR set discretely in advance and pays one-month LIBOR plus or minus a spread as defined in the agreements (the "1:3 Basis Swaps"). | |||||||||||||||
Maturity | Notional amount | ||||||||||||||
2021 | $ | 250,000 | |||||||||||||
2022 | 1,900,000 | ||||||||||||||
2023 | 3,650,000 | ||||||||||||||
2024 | 250,000 | ||||||||||||||
2026 | 800,000 | ||||||||||||||
2028 | 100,000 | ||||||||||||||
2036 | 700,000 | ||||||||||||||
2039 | (a) | 150,000 | |||||||||||||
2040 | (b) | 200,000 | |||||||||||||
$ | 8,000,000 | (c) | |||||||||||||
(a)This derivative has a forward effective start date in 2015. | |||||||||||||||
(b)This derivative has a forward effective start date in 2020. | |||||||||||||||
(c) | The weighted average rate paid by the Company on the 1:3 Basis Swaps as of June 30, 2014 and December 31, 2013 was one-month LIBOR plus 3.5 basis points. | ||||||||||||||
Interest Rate Swaps – Floor Income Hedges | |||||||||||||||
The following table summarizes the outstanding derivative instruments used by the Company to economically hedge loans earning fixed rate floor income as of June 30, 2014 and December 31, 2013. | |||||||||||||||
As of June 30, 2014 | As of December 31, 2013 | ||||||||||||||
Maturity | Notional amount | Weighted average fixed rate paid by the Company (a) | Notional amount | Weighted average fixed rate paid by the Company (a) | |||||||||||
2014 | $ | 1,250,000 | 0.67 | % | $ | 1,750,000 | 0.71 | % | |||||||
2015 | 1,100,000 | 0.89 | 1,100,000 | 0.89 | |||||||||||
2016 | 750,000 | 0.85 | 750,000 | 0.85 | |||||||||||
2017 | 1,250,000 | 0.86 | 1,250,000 | 0.86 | |||||||||||
$ | 4,350,000 | 0.81 | % | $ | 4,850,000 | 0.81 | % | ||||||||
(a) | For all interest rate derivatives, the Company receives discrete three-month LIBOR. | ||||||||||||||
Interest Rate Swaps – Unsecured Debt Hedges | |||||||||||||||
The Company had the following derivatives outstanding as of June 30, 2014 and December 31, 2013 that are used to effectively convert the variable interest rate on a portion of the Junior Subordinated Hybrid Securities ("Hybrid Securities") to a fixed rate. | |||||||||||||||
Maturity | Notional amount | Weighted average fixed rate paid by the Company (a) | |||||||||||||
2036 | $ | 25,000 | 4.28 | % | |||||||||||
(a) | For all interest rate derivatives, the Company receives discrete three-month LIBOR. | ||||||||||||||
Foreign Currency Exchange Risk | |||||||||||||||
In 2006, the Company issued €352.7 million of student loan asset-backed Euro Notes (the "Euro Notes") with an interest rate based on a spread to the EURIBOR index. As a result of the Euro Notes, the Company is exposed to market risk related to fluctuations in foreign currency exchange rates between the U.S. dollar and Euro. The principal and accrued interest on these notes are re-measured at each reporting period and recorded in the Company’s consolidated balance sheet in U.S. dollars based on the foreign currency exchange rate on that date. | |||||||||||||||
The Company entered into a cross-currency interest rate swap in connection with the issuance of the Euro Notes. Under the terms of the cross-currency interest rate swap, the Company receives from the counterparty a spread to the EURIBOR index based on a notional amount of €352.7 million and pays a spread to the LIBOR index based on a notional amount of $450.0 million. In addition, under the terms of this agreement, all principal payments on the Euro Notes will effectively be paid at the exchange rate in effect between the U.S. dollar and Euro as of the issuance of the notes. | |||||||||||||||
The following table shows the income statement impact as a result of the re-measurement of the Euro Notes and the change in the fair value of the related derivative instrument. | |||||||||||||||
Three months ended June 30, | Six months ended June 30, | ||||||||||||||
2014 | 2013 (b) | 2014 | 2013 (b) | ||||||||||||
Re-measurement of Euro Notes | $ | 2,751 | (14,691 | ) | 1,798 | 14,072 | |||||||||
Change in fair value of cross-currency interest rate swaps | (2,999 | ) | 14,748 | (3,037 | ) | (20,096 | ) | ||||||||
Total impact to consolidated statements of income - income (expense) (a) | $ | (248 | ) | 57 | (1,239 | ) | (6,024 | ) | |||||||
(a) | The financial statement impact of the above items is included in "Derivative market value and foreign currency adjustments and derivative settlements, net" in the Company's consolidated statements of income. | ||||||||||||||
(b) | The 2013 operating results include the re-measurement of an additional €420.5 million of student loan asset-backed Euro notes and the change in fair value of a related cross-currency interest rate swap entered into in connection with the issuance of such notes. In November 2013, the principal amount outstanding on the notes was changed to U.S. dollars and the cross-currency interest swap was terminated. | ||||||||||||||
The re-measurement of the Euro-denominated bonds generally correlates with the change in fair value of the corresponding cross-currency interest rate swap. However, the Company will experience unrealized gains or losses related to the cross-currency interest rate swap if the two underlying indices (and related forward curve) do not move in parallel. | |||||||||||||||
Consolidated Financial Statement Impact Related to Derivatives | |||||||||||||||
The following table summarizes the fair value of the Company’s derivatives as reflected in the consolidated balance sheets: | |||||||||||||||
Fair value of asset derivatives | Fair value of liability derivatives | ||||||||||||||
As of | As of | As of | As of | ||||||||||||
June 30, | December 31, | June 30, | December 31, | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
1:3 basis swaps | $ | 31,510 | 18,490 | — | — | ||||||||||
Interest rate swaps - floor income hedges | 2,726 | 7,183 | 10,849 | 15,849 | |||||||||||
Interest rate swaps - hybrid debt hedges | — | — | 4,697 | 2,120 | |||||||||||
Cross-currency interest rate swap | 33,797 | 36,834 | — | — | |||||||||||
Total | $ | 68,033 | 62,507 | 15,546 | 17,969 | ||||||||||
During the six months ended June 30, 2013, the Company terminated certain derivatives for gross proceeds and payments of $2.7 million and $6.5 million, respectively. There were no derivative terminations during the first six months of 2014. | |||||||||||||||
Offsetting of Derivative Assets/Liabilities | |||||||||||||||
The Company records derivative instruments in the consolidated balance sheets on a gross basis as either an asset or liability measured at its fair value. Certain of the Company's derivative instruments are subject to right of offset provisions with counterparties. The following tables include the gross amounts related to the Company's derivative portfolio recognized in the consolidated balance sheets, reconciled to the net amount when excluding derivatives subject to enforceable master netting arrangements and cash collateral received/pledged: | |||||||||||||||
Gross amounts not offset in the consolidated balance sheets | |||||||||||||||
Derivative assets | Gross amounts of recognized assets presented in the consolidated balance sheets | Derivatives subject to enforceable master netting arrangement | Cash collateral received | Net asset (liability) | |||||||||||
Balance as of June 30, 2014 | $ | 68,033 | (15,546 | ) | (323 | ) | 52,164 | ||||||||
Balance as of December 31, 2013 | 62,507 | (15,437 | ) | (15,959 | ) | 31,111 | |||||||||
Gross amounts not offset in the consolidated balance sheets | |||||||||||||||
Derivative liabilities | Gross amounts of recognized liabilities presented in the consolidated balance sheets | Derivatives subject to enforceable master netting arrangement | Cash collateral pledged | Net asset (liability) | |||||||||||
Balance as of June 30, 2014 | $ | (15,546 | ) | 15,546 | — | — | |||||||||
Balance as of December 31, 2013 | (17,969 | ) | 15,437 | 3,630 | 1,098 | ||||||||||
The following table summarizes the effect of derivative instruments in the consolidated statements of income. | |||||||||||||||
Three months ended June 30, | Six months ended June 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Settlements: | |||||||||||||||
1:3 basis swaps | $ | 858 | 782 | 1,739 | 1,692 | ||||||||||
Interest rate swaps - floor income hedges | (6,974 | ) | (8,534 | ) | (13,924 | ) | (16,839 | ) | |||||||
Interest rate swaps - hybrid debt hedges | (256 | ) | (512 | ) | (508 | ) | (1,157 | ) | |||||||
Cross-currency interest rate swaps | 158 | (93 | ) | 250 | (237 | ) | |||||||||
Total settlements - expense | (6,214 | ) | (8,357 | ) | (12,443 | ) | (16,541 | ) | |||||||
Change in fair value: | |||||||||||||||
1:3 basis swaps | 11,910 | 9,630 | 13,020 | 11,563 | |||||||||||
Interest rate swaps - floor income hedges | (2,813 | ) | 33,408 | 545 | 42,830 | ||||||||||
Interest rate swaps - hybrid debt hedges | (1,065 | ) | 5,450 | (2,578 | ) | 9,090 | |||||||||
Cross-currency interest rate swaps | (2,999 | ) | 14,748 | (3,037 | ) | (20,096 | ) | ||||||||
Other | — | — | — | 342 | |||||||||||
Total change in fair value - income (expense) | 5,033 | 63,236 | 7,950 | 43,729 | |||||||||||
Re-measurement of Euro Notes (foreign currency transaction adjustment) - income (expense) | 2,751 | (14,691 | ) | 1,798 | 14,072 | ||||||||||
Derivative market value and foreign currency adjustments and derivative settlements, net - income (expense) | $ | 1,570 | 40,188 | (2,695 | ) | 41,260 | |||||||||
Investments
Investments | 6 Months Ended | |||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||
Investments [Abstract] | ' | |||||||||||||||||||||||||
Investments | ' | |||||||||||||||||||||||||
Investments | ||||||||||||||||||||||||||
A summary of the Company's investments and restricted investments follows: | ||||||||||||||||||||||||||
As of June 30, 2014 | As of December 31, 2013 | |||||||||||||||||||||||||
Amortized cost | Gross unrealized gains | Gross unrealized losses (a) | Fair value | Amortized cost | Gross unrealized gains | Gross unrealized losses | Fair value | |||||||||||||||||||
Investments: | ||||||||||||||||||||||||||
Available-for-sale investments: | ||||||||||||||||||||||||||
Student loan asset-backed and other debt securities (b) | $ | 124,556 | 7,090 | (212 | ) | 131,434 | 171,931 | 7,111 | (1,241 | ) | 177,801 | |||||||||||||||
Equity securities | 1,527 | 1,969 | (7 | ) | 3,489 | 1,502 | 1,783 | (3 | ) | 3,282 | ||||||||||||||||
Total available-for-sale investments | $ | 126,083 | 9,059 | (219 | ) | 134,923 | 173,433 | 8,894 | (1,244 | ) | 181,083 | |||||||||||||||
Trading investments: | ||||||||||||||||||||||||||
Student loan asset-backed and other debt securities | 6,566 | 10,957 | ||||||||||||||||||||||||
Total available-for-sale and trading investments | $ | 141,489 | 192,040 | |||||||||||||||||||||||
Restricted Investments (c): | ||||||||||||||||||||||||||
Guaranteed investment contracts - held-to-maturity | $ | 6,921 | 7,285 | |||||||||||||||||||||||
(a) | As of June 30, 2014, the Company considered the decline in market value of its available-for-sale investments to be temporary in nature and did not consider any of its investments other-than-temporarily impaired. | |||||||||||||||||||||||||
(b) | As of June 30, 2014, the stated maturities of the majority of the Company's student loan asset-backed and other debt securities classified as available-for-sale were greater than 10 years. | |||||||||||||||||||||||||
(c) | Restricted investments are included in "restricted cash and investments" in the Company's consolidated balance sheets. | |||||||||||||||||||||||||
The amounts reclassified from accumulated other comprehensive income related to the realized gains and losses on available-for-sale-securities is summarized below. | ||||||||||||||||||||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||
Affected line item in the consolidated statements of income - income (expense): | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Other income | $ | 1,238 | 559 | 8,311 | 1,516 | |||||||||||||||||||||
Income tax expense | (458 | ) | (207 | ) | (3,075 | ) | (561 | ) | ||||||||||||||||||
Net | $ | 780 | 352 | 5,236 | 955 | |||||||||||||||||||||
Business_Combination_Notes
Business Combination (Notes) | 6 Months Ended | ||||
Jun. 30, 2014 | |||||
Business Combination [Abstract] | ' | ||||
Business Combination Disclosure [Text Block] | ' | ||||
Business Combination | |||||
The Company uses the acquisition method in accounting for acquired businesses. Under the acquisition method, the financial statements reflect the operations of an acquired business starting from the completion of the acquisition. The assets acquired and liabilities assumed are recorded at their respective estimated fair values at the date of acquisition. Any excess of the purchase price over the estimated fair values of the identifiable net assets acquired is recorded as goodwill. All contingent consideration is measured at fair value on the acquisition date and included in the consideration transferred in the acquisition. Contingent consideration classified as a liability is remeasured to fair value at each reporting date until the contingency is resolved, and changes in fair value are recognized in earnings. | |||||
Wilcomp Software, L.P. (d.b.a. RenWeb School Management Software) (“RenWeb”) | |||||
On June 3, 2014, the Company purchased 100 percent of the ownership interests of RenWeb. RenWeb provides school information systems for private and faith-based schools that help schools automate administrative processes such as admissions, scheduling, student billing, attendance, and grade book management. The combination of RenWeb’s school administration software and the Company’s tuition management and financial needs assessment services are expected to significantly increase the value of the Company’s offerings in this area, allowing the Company to deliver a comprehensive suite of solutions to schools. | |||||
The initial consideration paid by the Company for RenWeb was $44.0 million. In addition to the initial purchase price, additional payments are to be paid by the Company to the former owners of RenWeb based on certain operating results and other performance measures of RenWeb as defined in the purchase agreement. The contingent payments, if any, are payable when earned and the potential undiscounted amount of all future payments that the Company could be required to make under the contingent consideration arrangement is between $0 and $4.0 million. Such payments, if any, will be paid no later than January 2017. As of the acquisition date, the Company had accrued $2.3 million as additional consideration, which represents the estimated fair value of the contingent consideration arrangement. | |||||
The following table summarizes the initial estimated fair values of the assets acquired and liabilities assumed at the acquisition date. The fair values of the assets and liabilities related to RenWeb are subject to refinement as the Company completes its analysis relative to the fair values at the date of acquisition. | |||||
Cash and cash equivalents | $ | 326 | |||
Accounts receivable | 961 | ||||
Property and equipment | 105 | ||||
Other assets | 22 | ||||
Intangible assets | 37,188 | ||||
Excess cost over fair value of net assets acquired (goodwill) | 9,082 | ||||
Other liabilities | (1,341 | ) | |||
Net assets acquired | $ | 46,343 | |||
The $37.2 million of acquired intangible assets on the date of acquisition had a weighted-average useful life of approximately 18 years. The intangible assets that made up this amount included customer relationships of $25.5 million (20-year useful life), trade name of $6.4 million (20-year useful life), computer software of $4.9 million (5-year useful life), and non-competition agreements of $0.4 million (10-year useful life). | |||||
The $9.1 million of goodwill was assigned to the Tuition Payment Processing and Campus Commerce operating segment and is expected to be deductible for tax purposes. The amount allocated to goodwill was primarily attributable to anticipated synergies as discussed previously. | |||||
The proforma impacts of the acquisition on the Company's historical results prior to the acquisition were not material. |
Intangible_Assets_Intangible_A
Intangible Assets Intangible Assets | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ' | ||||||||
Intangible Assets Disclosure [Text Block] | ' | ||||||||
Intangible Assets | |||||||||
Intangible assets consist of the following: | |||||||||
Weighted average remaining useful life as of June 30, 2014 (months) | As of June 30, 2014 | As of December 31, 2013 | |||||||
Amortizable intangible assets: | |||||||||
Customer relationships (net of accumulated amortization of $21,595 and $19,821, respectively) | 223 | $ | 29,884 | 6,132 | |||||
Computer software (net of accumulated amortization of $634 and $0, respectively) | 47 | 8,231 | — | ||||||
Trade names (net of accumulated amortization of $39 and $0, respectively) | 239 | 6,383 | — | ||||||
Covenants not to compete (net of accumulated amortization of $3 and $0, respectively) | 119 | 351 | — | ||||||
Total - amortizable intangible assets | 192 | $ | 44,849 | 6,132 | |||||
The Company recorded amortization expense on its intangible assets of $1.4 million and $0.8 million during the three months ended June 30, 2014 and 2013, respectively, and $2.4 million and $1.7 million during the six months ended June 30, 2014 and 2013, respectively. The Company will continue to amortize intangible assets over their remaining useful lives. As of June 30, 2014 the Company estimates it will record amortization expense as follows: | |||||||||
2014 (Q3 - Q4) | $ | 2,843 | |||||||
2015 | 6,402 | ||||||||
2016 | 5,982 | ||||||||
2017 | 4,406 | ||||||||
2018 | 4,000 | ||||||||
2019 and thereafter | 21,216 | ||||||||
$ | 44,849 | ||||||||
Goodwill_Goodwill
Goodwill Goodwill | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||
Goodwill Disclosure [Text Block] | ' | |||||||||||||||
Goodwill | ||||||||||||||||
The change in the carrying amount of goodwill by operating segment was as follows: | ||||||||||||||||
Student Loan and Guaranty Servicing | Tuition Payment Processing and Campus Commerce | Enrollment Services | Asset Generation and Management | Total | ||||||||||||
Balance as of December 31, 2013 | $ | 8,596 | 58,086 | 8,553 | 41,883 | 117,118 | ||||||||||
Goodwill acquired during the period | — | 9,082 | — | — | 9,082 | |||||||||||
Balance as of June 30, 2014 | $ | 8,596 | 67,168 | 8,553 | 41,883 | 126,200 | ||||||||||
Earnings_per_Common_Share
Earnings per Common Share | 6 Months Ended | ||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||||
Earnings Per Common Share | ' | ||||||||||||||||||
Earnings per Common Share | |||||||||||||||||||
Presented below is a summary of the components used to calculate basic and diluted earnings per share. The Company applies the two-class method in computing both basic and diluted earnings per share, which requires the calculation of separate earnings per share amounts for common stock and unvested share based awards. Unvested share-based awards that contain nonforfeitable rights to dividends are considered securities which participate in undistributed earnings with common stock. | |||||||||||||||||||
Three months ended June 30, | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Common shareholders | Unvested restricted stock shareholders | Total | Common shareholders | Unvested restricted stock shareholders | Total | ||||||||||||||
Numerator: | |||||||||||||||||||
Net income attributable to Nelnet, Inc. | $ | 74,263 | 731 | 74,994 | 100,339 | 904 | 101,243 | ||||||||||||
Denominator: | |||||||||||||||||||
Weighted-average common shares outstanding - basic and diluted | 46,075,869 | 453,508 | 46,529,377 | 46,210,571 | 416,282 | 46,626,853 | |||||||||||||
Earnings per share - basic and diluted | $ | 1.61 | 1.61 | 1.61 | 2.17 | 2.17 | 2.17 | ||||||||||||
Six months ended June 30, | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Common shareholders | Unvested restricted stock shareholders | Total | Common shareholders | Unvested restricted stock shareholders | Total | ||||||||||||||
Numerator: | |||||||||||||||||||
Net income attributable to Nelnet, Inc. | $ | 147,388 | 1,392 | 148,780 | 167,868 | 1,454 | 169,322 | ||||||||||||
Denominator: | |||||||||||||||||||
Weighted-average common shares outstanding - basic and diluted | 46,093,314 | 435,337 | 46,528,651 | 46,241,277 | 401,079 | 46,642,356 | |||||||||||||
Earnings per share - basic and diluted | $ | 3.2 | 3.2 | 3.2 | 3.63 | 3.63 | 3.63 | ||||||||||||
Unvested restricted stock awards are the Company's only potential common shares and, accordingly, there were no awards that were antidilutive and not included in average shares outstanding for the diluted earnings per share calculation. |
Segment_Reporting
Segment Reporting | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||
Segment Reporting | ' | ||||||||||||||||||||||||
Segment Reporting | |||||||||||||||||||||||||
See note 13 of the notes to consolidated financial statements included in the 2013 Annual Report for a description of the Company's operating segments. The following tables include the results of each of the Company's operating segments reconciled to the consolidated financial statements. | |||||||||||||||||||||||||
Three months ended June 30, 2014 | |||||||||||||||||||||||||
Fee-Based | |||||||||||||||||||||||||
Student Loan and Guaranty Servicing | Tuition Payment Processing and Campus Commerce | Enrollment | Total Fee- | Asset | Corporate | Eliminations | Total | ||||||||||||||||||
Services | Based | Generation and | Activity | ||||||||||||||||||||||
Management | and | ||||||||||||||||||||||||
Overhead | |||||||||||||||||||||||||
Total interest income | $ | 9 | 3 | — | 12 | 175,562 | 2,036 | (662 | ) | 176,948 | |||||||||||||||
Interest expense | — | — | — | — | 67,936 | 1,961 | (662 | ) | 69,235 | ||||||||||||||||
Net interest income | 9 | 3 | — | 12 | 107,626 | 75 | — | 107,713 | |||||||||||||||||
Less provision for loan losses | — | — | — | — | 1,500 | — | — | 1,500 | |||||||||||||||||
Net interest income after provision for loan losses | 9 | 3 | — | 12 | 106,126 | 75 | — | 106,213 | |||||||||||||||||
Other income: | |||||||||||||||||||||||||
Loan and guaranty servicing revenue | 66,460 | — | — | 66,460 | — | — | — | 66,460 | |||||||||||||||||
Intersegment servicing revenue | 13,800 | — | — | 13,800 | — | — | (13,800 | ) | — | ||||||||||||||||
Tuition payment processing and campus commerce revenue | — | 21,834 | — | 21,834 | — | — | — | 21,834 | |||||||||||||||||
Enrollment services revenue | — | — | 20,145 | 20,145 | — | — | — | 20,145 | |||||||||||||||||
Other income | — | — | — | — | 4,496 | 10,819 | — | 15,315 | |||||||||||||||||
Gain on sale of loans and debt repurchases | — | — | — | — | 18 | — | — | 18 | |||||||||||||||||
Derivative market value and foreign currency adjustments, net | — | — | — | — | 8,848 | (1,064 | ) | — | 7,784 | ||||||||||||||||
Derivative settlements, net | — | — | — | — | (5,958 | ) | (256 | ) | — | (6,214 | ) | ||||||||||||||
Total other income | 80,260 | 21,834 | 20,145 | 122,239 | 7,404 | 9,499 | (13,800 | ) | 125,342 | ||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||
Salaries and benefits | 33,093 | 11,112 | 4,132 | 48,337 | 570 | 4,981 | — | 53,888 | |||||||||||||||||
Cost to provide enrollment services | — | — | 13,311 | 13,311 | — | — | — | 13,311 | |||||||||||||||||
Depreciation and amortization | 2,819 | 1,845 | 41 | 4,705 | — | 509 | — | 5,214 | |||||||||||||||||
Other | 19,815 | 2,956 | 1,844 | 24,615 | 8,845 | 6,917 | — | 40,377 | |||||||||||||||||
Intersegment expenses, net | 1,124 | 1,404 | 944 | 3,472 | 13,968 | (3,640 | ) | (13,800 | ) | — | |||||||||||||||
Total operating expenses | 56,851 | 17,317 | 20,272 | 94,440 | 23,383 | 8,767 | (13,800 | ) | 112,790 | ||||||||||||||||
Income before income taxes and corporate overhead allocation | 23,418 | 4,520 | (127 | ) | 27,811 | 90,147 | 807 | — | 118,765 | ||||||||||||||||
Corporate overhead allocation | (2,060 | ) | (687 | ) | (687 | ) | (3,434 | ) | (1,249 | ) | 4,683 | — | — | ||||||||||||
Income before income taxes | 21,358 | 3,833 | (814 | ) | 24,377 | 88,898 | 5,490 | — | 118,765 | ||||||||||||||||
Income tax (expense) benefit | (8,116 | ) | (1,456 | ) | 309 | (9,263 | ) | (33,781 | ) | (34 | ) | — | (43,078 | ) | |||||||||||
Net income | 13,242 | 2,377 | (505 | ) | 15,114 | 55,117 | 5,456 | — | 75,687 | ||||||||||||||||
Net income attributable to noncontrolling interest | — | — | — | — | — | 693 | — | 693 | |||||||||||||||||
Net income attributable to Nelnet, Inc. | $ | 13,242 | 2,377 | (505 | ) | 15,114 | 55,117 | 4,763 | — | 74,994 | |||||||||||||||
Three months ended June 30, 2013 | |||||||||||||||||||||||||
Fee-Based | |||||||||||||||||||||||||
Student Loan and Guaranty Servicing | Tuition Payment Processing and Campus Commerce | Enrollment | Total Fee- | Asset | Corporate | Eliminations | Total | ||||||||||||||||||
Services | Based | Generation and | Activity | ||||||||||||||||||||||
Management | and | ||||||||||||||||||||||||
Overhead | |||||||||||||||||||||||||
Total interest income | $ | 9 | — | — | 9 | 158,175 | 2,196 | (834 | ) | 159,546 | |||||||||||||||
Interest expense | — | — | — | — | 56,920 | 2,041 | (834 | ) | 58,127 | ||||||||||||||||
Net interest income | 9 | — | — | 9 | 101,255 | 155 | — | 101,419 | |||||||||||||||||
Less provision for loan losses | — | — | — | — | 5,000 | — | — | 5,000 | |||||||||||||||||
Net interest income after provision for loan losses | 9 | — | — | 9 | 96,255 | 155 | — | 96,419 | |||||||||||||||||
Other income: | |||||||||||||||||||||||||
Loan and guaranty servicing revenue | 60,078 | — | — | 60,078 | — | — | — | 60,078 | |||||||||||||||||
Intersegment servicing revenue | 13,903 | — | — | 13,903 | — | — | (13,903 | ) | — | ||||||||||||||||
Tuition payment processing and campus commerce revenue | — | 18,356 | — | 18,356 | — | — | — | 18,356 | |||||||||||||||||
Enrollment services revenue | — | — | 24,823 | 24,823 | — | — | — | 24,823 | |||||||||||||||||
Other income | — | — | — | — | 3,030 | 9,258 | — | 12,288 | |||||||||||||||||
Gain on sale of loans and debt repurchases | — | — | — | — | 7,355 | — | — | 7,355 | |||||||||||||||||
Derivative market value and foreign currency adjustments, net | — | — | — | — | 43,096 | 5,449 | — | 48,545 | |||||||||||||||||
Derivative settlements, net | — | — | — | — | (7,845 | ) | (512 | ) | — | (8,357 | ) | ||||||||||||||
Total other income | 73,981 | 18,356 | 24,823 | 117,160 | 45,636 | 14,195 | (13,903 | ) | 163,088 | ||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||
Salaries and benefits | 28,091 | 9,427 | 4,809 | 42,327 | 592 | 4,513 | — | 47,432 | |||||||||||||||||
Cost to provide enrollment services | — | — | 16,787 | 16,787 | — | — | — | 16,787 | |||||||||||||||||
Depreciation and amortization | 2,731 | 1,132 | 61 | 3,924 | — | 396 | — | 4,320 | |||||||||||||||||
Other | 18,031 | 2,192 | 1,243 | 21,466 | 7,923 | 4,976 | — | 34,365 | |||||||||||||||||
Intersegment expenses, net | 851 | 1,494 | 1,130 | 3,475 | 14,108 | (3,680 | ) | (13,903 | ) | — | |||||||||||||||
Total operating expenses | 49,704 | 14,245 | 24,030 | 87,979 | 22,623 | 6,205 | (13,903 | ) | 102,904 | ||||||||||||||||
Income before income taxes and corporate overhead allocation | 24,286 | 4,111 | 793 | 29,190 | 119,268 | 8,145 | — | 156,603 | |||||||||||||||||
Corporate overhead allocation | (1,513 | ) | (504 | ) | (504 | ) | (2,521 | ) | (1,081 | ) | 3,602 | — | — | ||||||||||||
Income before income taxes | 22,773 | 3,607 | 289 | 26,669 | 118,187 | 11,747 | — | 156,603 | |||||||||||||||||
Income tax (expense) benefit | (8,655 | ) | (1,370 | ) | (109 | ) | (10,134 | ) | (44,911 | ) | 299 | — | (54,746 | ) | |||||||||||
Net income | 14,118 | 2,237 | 180 | 16,535 | 73,276 | 12,046 | — | 101,857 | |||||||||||||||||
Net income attributable to noncontrolling interest | — | — | — | — | — | 614 | — | 614 | |||||||||||||||||
Net income attributable to Nelnet, Inc. | $ | 14,118 | 2,237 | 180 | 16,535 | 73,276 | 11,432 | — | 101,243 | ||||||||||||||||
Six months ended June 30, 2014 | |||||||||||||||||||||||||
Fee-Based | |||||||||||||||||||||||||
Student Loan and Guaranty Servicing | Tuition Payment Processing and Campus Commerce | Enrollment | Total Fee- | Asset | Corporate | Eliminations | Total | ||||||||||||||||||
Services | Based | Generation and | Activity | ||||||||||||||||||||||
Management | and | ||||||||||||||||||||||||
Overhead | |||||||||||||||||||||||||
Total interest income | $ | 20 | 3 | — | 23 | 332,565 | 4,694 | (1,459 | ) | 335,823 | |||||||||||||||
Interest expense | — | — | — | — | 127,412 | 3,286 | (1,459 | ) | 129,239 | ||||||||||||||||
Net interest income | 20 | 3 | — | 23 | 205,153 | 1,408 | — | 206,584 | |||||||||||||||||
Less provision for loan losses | — | — | — | — | 4,000 | — | — | 4,000 | |||||||||||||||||
Net interest income after provision for loan losses | 20 | 3 | — | 23 | 201,153 | 1,408 | — | 202,584 | |||||||||||||||||
Other income: | |||||||||||||||||||||||||
Loan and guaranty servicing revenue | 131,217 | — | — | 131,217 | — | — | — | 131,217 | |||||||||||||||||
Intersegment servicing revenue | 28,021 | — | — | 28,021 | — | — | (28,021 | ) | — | ||||||||||||||||
Tuition payment processing and campus commerce revenue | — | 47,069 | — | 47,069 | — | — | — | 47,069 | |||||||||||||||||
Enrollment services revenue | — | — | 42,156 | 42,156 | — | — | — | 42,156 | |||||||||||||||||
Other income | — | — | — | — | 8,660 | 24,786 | — | 33,446 | |||||||||||||||||
Gain on sale of loans and debt repurchases | — | — | — | — | 57 | — | — | 57 | |||||||||||||||||
Derivative market value and foreign currency adjustments, net | — | — | — | — | 12,325 | (2,577 | ) | — | 9,748 | ||||||||||||||||
Derivative settlements, net | — | — | — | — | (11,935 | ) | (508 | ) | — | (12,443 | ) | ||||||||||||||
Total other income | 159,238 | 47,069 | 42,156 | 248,463 | 9,107 | 21,701 | (28,021 | ) | 251,250 | ||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||
Salaries and benefits | 65,400 | 21,139 | 8,512 | 95,051 | 1,179 | 10,142 | — | 106,372 | |||||||||||||||||
Cost to provide enrollment services | — | — | 27,786 | 27,786 | — | — | — | 27,786 | |||||||||||||||||
Depreciation and amortization | 5,608 | 3,273 | 88 | 8,969 | — | 1,028 | — | 9,997 | |||||||||||||||||
Other | 38,267 | 5,603 | 3,293 | 47,163 | 15,991 | 12,850 | — | 76,004 | |||||||||||||||||
Intersegment expenses, net | 2,207 | 2,824 | 1,950 | 6,981 | 28,339 | (7,299 | ) | (28,021 | ) | — | |||||||||||||||
Total operating expenses | 111,482 | 32,839 | 41,629 | 185,950 | 45,509 | 16,721 | (28,021 | ) | 220,159 | ||||||||||||||||
Income before income taxes and corporate overhead allocation | 47,776 | 14,233 | 527 | 62,536 | 164,751 | 6,388 | — | 233,675 | |||||||||||||||||
Corporate overhead allocation | (3,920 | ) | (1,307 | ) | (1,307 | ) | (6,534 | ) | (2,578 | ) | 9,112 | — | — | ||||||||||||
Income before income taxes | 43,856 | 12,926 | (780 | ) | 56,002 | 162,173 | 15,500 | — | 233,675 | ||||||||||||||||
Income tax (expense) benefit | (16,665 | ) | (4,911 | ) | 296 | (21,280 | ) | (61,625 | ) | (784 | ) | — | (83,689 | ) | |||||||||||
Net income | 27,191 | 8,015 | (484 | ) | 34,722 | 100,548 | 14,716 | — | 149,986 | ||||||||||||||||
Net income attributable to noncontrolling interest | — | — | — | — | — | 1,206 | — | 1,206 | |||||||||||||||||
Net income attributable to Nelnet, Inc. | $ | 27,191 | 8,015 | (484 | ) | 34,722 | 100,548 | 13,510 | — | 148,780 | |||||||||||||||
Six months ended June 30, 2013 | |||||||||||||||||||||||||
Fee-Based | |||||||||||||||||||||||||
Student Loan and Guaranty Servicing | Tuition Payment Processing and Campus Commerce | Enrollment | Total Fee- | Asset | Corporate | Eliminations | Total | ||||||||||||||||||
Services | Based | Generation and | Activity | ||||||||||||||||||||||
Management | and | ||||||||||||||||||||||||
Overhead | |||||||||||||||||||||||||
Total interest income | $ | 19 | — | — | 19 | 313,829 | 4,507 | (1,653 | ) | 316,702 | |||||||||||||||
Interest expense | — | — | — | — | 114,402 | 3,736 | (1,653 | ) | 116,485 | ||||||||||||||||
Net interest income | 19 | — | — | 19 | 199,427 | 771 | — | 200,217 | |||||||||||||||||
Less provision for loan losses | — | — | — | — | 10,000 | — | — | 10,000 | |||||||||||||||||
Net interest income after provision for loan losses | 19 | — | — | 19 | 189,427 | 771 | — | 190,217 | |||||||||||||||||
Other income: | |||||||||||||||||||||||||
Loan and guaranty servicing revenue | 115,679 | — | — | 115,679 | — | — | — | 115,679 | |||||||||||||||||
Intersegment servicing revenue | 28,856 | — | — | 28,856 | — | — | (28,856 | ) | — | ||||||||||||||||
Tuition payment processing and campus commerce revenue | — | 41,767 | — | 41,767 | — | — | — | 41,767 | |||||||||||||||||
Enrollment services revenue | — | — | 53,780 | 53,780 | — | — | — | 53,780 | |||||||||||||||||
Other income | — | — | — | — | 7,226 | 14,478 | — | 21,704 | |||||||||||||||||
Gain on sale of loans and debt repurchases | — | — | — | — | 8,762 | — | — | 8,762 | |||||||||||||||||
Derivative market value and foreign currency adjustments, net | — | — | — | — | 48,371 | 9,430 | — | 57,801 | |||||||||||||||||
Derivative settlements, net | — | — | — | — | (15,384 | ) | (1,157 | ) | — | (16,541 | ) | ||||||||||||||
Total other income | 144,535 | 41,767 | 53,780 | 240,082 | 48,975 | 22,751 | (28,856 | ) | 282,952 | ||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||
Salaries and benefits | 56,535 | 18,786 | 10,576 | 85,897 | 1,154 | 8,286 | — | 95,337 | |||||||||||||||||
Cost to provide enrollment services | — | — | 36,429 | 36,429 | — | — | — | 36,429 | |||||||||||||||||
Depreciation and amortization | 5,520 | 2,270 | 122 | 7,912 | — | 785 | — | 8,697 | |||||||||||||||||
Other | 36,421 | 4,479 | 2,894 | 43,794 | 15,436 | 10,076 | — | 69,306 | |||||||||||||||||
Intersegment expenses, net | 1,786 | 2,919 | 2,279 | 6,984 | 29,250 | (7,378 | ) | (28,856 | ) | — | |||||||||||||||
Total operating expenses | 100,262 | 28,454 | 52,300 | 181,016 | 45,840 | 11,769 | (28,856 | ) | 209,769 | ||||||||||||||||
Income before income taxes and corporate overhead allocation | 44,292 | 13,313 | 1,480 | 59,085 | 192,562 | 11,753 | — | 263,400 | |||||||||||||||||
Corporate overhead allocation | (2,510 | ) | (836 | ) | (836 | ) | (4,182 | ) | (1,793 | ) | 5,975 | — | — | ||||||||||||
Income before income taxes | 41,782 | 12,477 | 644 | 54,903 | 190,769 | 17,728 | — | 263,400 | |||||||||||||||||
Income tax (expense) benefit | (15,878 | ) | (4,741 | ) | (244 | ) | (20,863 | ) | (72,492 | ) | 162 | — | (93,193 | ) | |||||||||||
Net income | 25,904 | 7,736 | 400 | 34,040 | 118,277 | 17,890 | — | 170,207 | |||||||||||||||||
Net income attributable to noncontrolling interest | — | — | — | — | — | 885 | — | 885 | |||||||||||||||||
Net income attributable to Nelnet, Inc. | $ | 25,904 | 7,736 | 400 | 34,040 | 118,277 | 17,005 | — | 169,322 | ||||||||||||||||
Major_Customer
Major Customer | 6 Months Ended |
Jun. 30, 2014 | |
Risks and Uncertainties [Abstract] | ' |
Concentration Risk Disclosure [Text Block] | ' |
Major Customer | |
The Company is one of four private sector companies awarded a student loan servicing contract by the Department of Education (the "Department") in June 2009 to provide additional servicing capacity for loans owned by the Department, with new loan volume currently being allocated among the four servicers based on certain performance metrics established by the Department. The servicing contract was originally scheduled to expire in June 2014, with a five-year extension at the option of the Department. Effective as of June 17, 2014, the Department exercised its optional ordering period to extend the servicing contract for an additional five years through June 16, 2019, with loan servicing volume under the extended contract remaining subject to task orders issued by the Department. Revenue earned by the Company's Student Loan and Guaranty Servicing operating segment related to this contract was $31.0 million and $22.1 million for the three months ended June 30, 2014 and 2013, respectively, and $60.9 million and $42.5 million for the six months ended June 30, 2014 and 2013, respectively. |
Related_Party_Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2014 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
Related Party Transactions | |
The Company has entered into certain contractual arrangements with related parties as described in note 19 of the notes to consolidated financial statements included in the 2013 Annual Report. The following provides an update for a related party transaction that occurred during the first half of 2014. | |
On January 1, 2014, the Company subparticipated the Company's participation interest in a loan receivable from an unrelated third party to Union Bank and Trust Company ("Union Bank"), an entity under common control with the Company. As of June 30, 2014, the participated portion of the loan was $1.7 million, with an obligation to fund an additional $1.4 million. As part of this agreement, Union Bank will pay the Company monthly servicing fees equal to 40 basis points on the participated portion of the outstanding principal balance of the loan. |
Fair_Value
Fair Value | 6 Months Ended | ||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||
Fair Value | ' | ||||||||||||||||||
Fair Value | |||||||||||||||||||
The following tables present the Company’s financial assets and liabilities that are measured at fair value on a recurring basis. There were no transfers into or out of level 1, level 2, or level 3 for the six months ended June 30, 2014. | |||||||||||||||||||
As of June 30, 2014 | As of December 31, 2013 | ||||||||||||||||||
Level 1 | Level 2 | Total | Level 1 | Level 2 | Total | ||||||||||||||
Assets: | |||||||||||||||||||
Investments: | |||||||||||||||||||
Student loan asset-backed securities | $ | — | 137,567 | 137,567 | — | 188,279 | 188,279 | ||||||||||||
Equity securities | 3,489 | — | 3,489 | 3,282 | — | 3,282 | |||||||||||||
Debt securities | 433 | — | 433 | 479 | — | 479 | |||||||||||||
Total investments | 3,922 | 137,567 | 141,489 | 3,761 | 188,279 | 192,040 | |||||||||||||
Fair value of derivative instruments | — | 68,033 | 68,033 | — | 62,507 | 62,507 | |||||||||||||
Total assets | $ | 3,922 | 205,600 | 209,522 | 3,761 | 250,786 | 254,547 | ||||||||||||
Liabilities: | |||||||||||||||||||
Fair value of derivative instruments | $ | — | 15,546 | 15,546 | — | 17,969 | 17,969 | ||||||||||||
Total liabilities | $ | — | 15,546 | 15,546 | — | 17,969 | 17,969 | ||||||||||||
The following table summarizes the fair values of all of the Company’s financial instruments on the consolidated balance sheets: | |||||||||||||||||||
As of June 30, 2014 | |||||||||||||||||||
Fair value | Carrying value | Level 1 | Level 2 | Level 3 | |||||||||||||||
Financial assets: | |||||||||||||||||||
Student loans receivable | $ | 30,629,142 | 29,342,430 | — | — | 30,629,142 | |||||||||||||
Cash and cash equivalents | 92,099 | 92,099 | 92,099 | — | — | ||||||||||||||
Investments | 141,489 | 141,489 | 3,922 | 137,567 | — | ||||||||||||||
Restricted cash | 855,113 | 855,113 | 855,113 | — | — | ||||||||||||||
Restricted cash – due to customers | 98,005 | 98,005 | 98,005 | — | — | ||||||||||||||
Restricted investments | 6,921 | 6,921 | 6,921 | — | — | ||||||||||||||
Accrued interest receivable | 360,075 | 360,075 | — | 360,075 | — | ||||||||||||||
Derivative instruments | 68,033 | 68,033 | — | 68,033 | — | ||||||||||||||
Financial liabilities: | |||||||||||||||||||
Bonds and notes payable | 29,493,178 | 29,492,560 | — | 29,493,178 | — | ||||||||||||||
Accrued interest payable | 24,339 | 24,339 | — | 24,339 | — | ||||||||||||||
Due to customers | 98,005 | 98,005 | 98,005 | — | — | ||||||||||||||
Derivative instruments | 15,546 | 15,546 | — | 15,546 | — | ||||||||||||||
As of December 31, 2013 | |||||||||||||||||||
Fair value | Carrying value | Level 1 | Level 2 | Level 3 | |||||||||||||||
Financial assets: | |||||||||||||||||||
Student loans receivable | $ | 26,641,383 | 25,907,589 | — | — | 26,641,383 | |||||||||||||
Cash and cash equivalents | 63,267 | 63,267 | 63,267 | — | — | ||||||||||||||
Investments | 192,040 | 192,040 | 3,761 | 188,279 | — | ||||||||||||||
Restricted cash | 727,838 | 727,838 | 727,838 | — | — | ||||||||||||||
Restricted cash – due to customers | 167,576 | 167,576 | 167,576 | — | — | ||||||||||||||
Restricted investments | 7,285 | 7,285 | 7,285 | — | — | ||||||||||||||
Accrued interest receivable | 314,553 | 314,553 | — | 314,553 | — | ||||||||||||||
Derivative instruments | 62,507 | 62,507 | — | 62,507 | — | ||||||||||||||
Financial liabilities: | |||||||||||||||||||
Bonds and notes payable | 25,577,250 | 25,955,289 | — | 25,577,250 | — | ||||||||||||||
Accrued interest payable | 21,725 | 21,725 | — | 21,725 | — | ||||||||||||||
Due to customers | 167,576 | 167,576 | 167,576 | — | — | ||||||||||||||
Derivative instruments | 17,969 | 17,969 | — | 17,969 | — | ||||||||||||||
The methodologies for estimating the fair value of financial assets and liabilities are described in note 20 of the notes to consolidated financial statements included in the 2013 Annual Report. |
Legal_Proceedings
Legal Proceedings | 6 Months Ended |
Jun. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Legal Proceedings | ' |
Legal Proceedings | |
General | |
The Company is subject to various legal proceedings that arise in the normal course of business, including the legal proceedings discussed below. These matters frequently involve claims by student loan borrowers disputing the manner in which their student loans have been serviced or the accuracy of reports to credit bureaus, claims by student loan borrowers or other consumers alleging that state or Federal consumer protection laws have been violated in the process of collecting loans or conducting other business activities, and disputes with other business entities. From time to time, lawsuits may be brought as, or subsequently amended to assert claims in the form of, putative class action cases. | |
In evaluating each of its legal proceedings, the Company considers many factors that involve significant risks and uncertainties inherent in the overall litigation process, including (i) the amount of damages and the nature of any other relief sought in the proceeding, if specified; (ii) whether the proceeding is at an early stage; (iii) the impact of discovery; (iv) whether novel or unsettled legal theories are at issue; (v) the outcome of pending motions or appeals; (vi) whether there are significant factual issues to be resolved; (vii) whether class action status is sought and the Company's views of the likelihood of a class being certified by the court and the ultimate size of the class; (viii) the jurisdiction in which the proceeding is pending; (ix) the Company's views of the merits of the claims and of the strength of the Company's defenses; and (x) the progress of any negotiations with opposing parties. In assessing whether a legal proceeding may be material, the Company considers these and other quantitative and qualitative factors, including whether disclosure of the proceeding might be important to a reader of the Company's financial statements in light of all of the information about the Company that is available to the reader. | |
Actions Requesting Certifications of Classes | |
Proceedings or complaints that involve or ask for certifications of classes generally expand the scope of legal defense costs, as well as alleged potential claim amounts. The Company is currently subject to legal proceedings in which the plaintiffs have made allegations that one or more putative classes should be certified by the applicable court. With respect to the three proceedings discussed below, it is significant to note that no putative class has actually been certified in any of these proceedings, the Company's position is that class certification would be inappropriate in each such proceeding, the Company has entered into agreements in principle to resolve two of the matters for immaterial amounts through a court-approved class-wide settlement, and the Company has been granted a motion for a summary judgment dismissing the case and upon any appeal intends to vigorously contest class certification in the remaining matter. The Company has accrued an immaterial amount related to the legal proceedings described below. However, due to the uncertainty and risks inherent in class determination and the overall litigation process, the Company believes that a meaningful estimate of its exposure to any reasonably possible losses or range of reasonably possible losses, in excess of the amount accrued, cannot currently be made. | |
Bais Yaakov of Spring Valley v. Peterson's Nelnet, LLC | |
On January 4, 2011, a complaint against Peterson's Nelnet, LLC (“Peterson's”), a subsidiary of Nelnet, Inc. ("Nelnet"), was filed in the U.S. Federal District Court for the District of New Jersey (the “New Jersey District Court”). The complaint alleges that Peterson's sent six advertising faxes to the named plaintiff in 2008-2009 that were not the result of express invitation or permission granted by the plaintiff and did not include certain opt out language. The complaint also alleges that such faxes violated the Federal Telephone Consumer Protection Act (the “TCPA”), purportedly entitling the plaintiff to $500 per violation, trebled for willful violations for each of the six faxes. The complaint further alleges that Peterson's had sent putative class members more than 10,000 faxes that violated the TCPA, amounting to more than $5 million in statutory penalty damages and more than $15 million if trebled for willful violations. The complaint seeks to establish a class action. On September 13, 2013, the named plaintiff filed a motion for class certification, and on October 7, 2013, Peterson's filed a motion to dismiss the named plaintiff's motion for class certification. As of the filing date of this report, the New Jersey District Court has not established, recognized, or certified a class. On January 23, 2014, Peterson's and the named plaintiff reached an agreement in principle whereby Peterson's would, without admitting any wrongdoing or liability, settle all claims in the lawsuit, including potential class action claims, for payment of an immaterial amount. The settlement agreement in principle is subject to finalization and court approval. | |
Than Zaw v. Nelnet, Inc. | |
On January 18, 2013, a Third Amended Complaint was served on Nelnet in connection with a lawsuit by Than Zaw against Nelnet (erroneously referred to in the lawsuit as Nelnet Business Solutions, Inc.) in the Superior Court of the State of California, Contra Costa County. The case has since been moved to the U.S. Federal District Court for the Northern District of California (the “California District Court”). The lawsuit was originally instituted on December 30, 2010, and alleges that Nelnet violated the California Fair Debt Collection Practices Act in its interactions with the plaintiff, a California resident. The plaintiff's Third Amended Complaint added additional allegations claiming that Nelnet violated Section 632 of the California Penal Code by allegedly recording one or more telephone calls to the plaintiff without the plaintiff's consent, and sought $5,000 in statutory damages per alleged violation. The Third Amended Complaint further alleged that Nelnet improperly recorded telephone calls to other California residents without such persons' consent, and sought to establish a class action with respect to the California Section 632 claim. As of the filing date of this report, the California District Court has not established, recognized, or certified a class. On October 16, 2013, Nelnet and the named plaintiff reached an agreement in principle whereby Nelnet would, without admitting any wrongdoing or liability, settle all claims in the lawsuit, including potential class action claims, for payment of an immaterial amount. The settlement agreement in principle is subject to finalization and court approval. | |
Grant Keating v. Peterson's Nelnet, LLC et al | |
On August 6, 2012, an Amended Complaint was served on Peterson's, CUnet, LLC (“CUnet”), a subsidiary of Nelnet, and on Nelnet (collectively, the "Keating Defendants"), in connection with a lawsuit by Grant Keating in the U.S. Federal District Court for the Northern District of Ohio (the “Ohio District Court”). The lawsuit was originally instituted on August 24, 2011, and alleges that the Keating Defendants sent an advertising text message to the named plaintiff in June 2011 using an automatic telephone dialing system, and without the plaintiff's express consent. The complaint also alleges that this text message violated the TCPA, purportedly entitling the plaintiff to $500, trebled for a willful violation. The complaint further alleges that the Keating Defendants sent putative class members similar text messages using an automatic telephone dialing system, without such purported class members' consent. The complaint seeks to establish a class action. On August 29, 2013, the Keating Defendants filed motions for summary judgment, and the named plaintiff filed a motion for class certification. On May 12, 2014, the Ohio District Court granted the Keating Defendants' motion for summary judgment, dismissing the case. On June 12, 2014, the named plaintiff filed a Notice of Intent to Appeal to the Circuit Court of Appeals. As of the filing date of this report, the Ohio District Court has not established, recognized, or certified a class. The Keating Defendants intend to continue to defend themselves vigorously in this lawsuit. |
Basis_of_Financial_Reporting_S
Basis of Financial Reporting Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of Financial Reporting | ' |
Basis of Financial Reporting | |
The accompanying unaudited consolidated financial statements of Nelnet, Inc. and subsidiaries (the “Company”) as of June 30, 2014 and for the three and six months ended June 30, 2014 and 2013 have been prepared on the same basis as the audited consolidated financial statements for the year ended December 31, 2013 and, in the opinion of the Company’s management, the unaudited consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of results of operations for the interim periods presented. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Operating results for the three and six months ended June 30, 2014 are not necessarily indicative of the results for the year ending December 31, 2014. The unaudited consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2013 (the "2013 Annual Report"). |
Business_Combination_Business_
Business Combination Business Combination Policy (Policies) | 6 Months Ended |
Jun. 30, 2014 | |
Business Combinations [Abstract] | ' |
Business Combinations Policy [Policy Text Block] | ' |
The Company uses the acquisition method in accounting for acquired businesses. Under the acquisition method, the financial statements reflect the operations of an acquired business starting from the completion of the acquisition. The assets acquired and liabilities assumed are recorded at their respective estimated fair values at the date of acquisition. Any excess of the purchase price over the estimated fair values of the identifiable net assets acquired is recorded as goodwill. All contingent consideration is measured at fair value on the acquisition date and included in the consideration transferred in the acquisition. Contingent consideration classified as a liability is remeasured to fair value at each reporting date until the contingency is resolved, and changes in fair value are recognized in earnings. |
Student_Loans_Receivable_and_A1
Student Loans Receivable and Allowance for Loan Losses (Tables) | 6 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable | ' | ||||||||||||||||||||
Student loans receivable consisted of the following: | |||||||||||||||||||||
As of | As of | ||||||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||||||
Federally insured loans | |||||||||||||||||||||
Stafford and other | $ | 6,479,493 | 6,686,626 | ||||||||||||||||||
Consolidation | 23,032,622 | 19,363,577 | |||||||||||||||||||
Total | 29,512,115 | 26,050,203 | |||||||||||||||||||
Non-federally insured loans | 67,670 | 71,103 | |||||||||||||||||||
29,579,785 | 26,121,306 | ||||||||||||||||||||
Loan discount, net of unamortized loan premiums and deferred origination costs (a) | (184,888 | ) | (158,595 | ) | |||||||||||||||||
Allowance for loan losses – federally insured loans | (40,921 | ) | (43,440 | ) | |||||||||||||||||
Allowance for loan losses – non-federally insured loans | (11,546 | ) | (11,682 | ) | |||||||||||||||||
$ | 29,342,430 | 25,907,589 | |||||||||||||||||||
(a) | For loans purchased where there is evidence of credit deterioration since the origination of the loan, the Company records a credit discount, separate from the allowance for loan losses, which is non-accretable to interest income. Remaining discounts and premiums for purchased loans are recognized in interest income over the remaining estimated lives of the loans. The Company continues to evaluate credit losses associated with purchased loans based on current information and changes in expectations to determine the need for any additional allowance for loan losses. At June 30, 2014 and December 31, 2013, "loan discount, net of unamortized loan premiums and deferred origination costs" included $29.9 million and $20.2 million, respectively, of non-accretable discount associated with purchased loans. | ||||||||||||||||||||
Allowance for Credit Losses on Financing Receivables | ' | ||||||||||||||||||||
Activity in the Allowance for Loan Losses | |||||||||||||||||||||
The provision for loan losses represents the periodic expense of maintaining an allowance appropriate to absorb losses, net of recoveries, inherent in the portfolio of student loans. Activity in the allowance for loan losses is shown below. | |||||||||||||||||||||
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Balance at beginning of period | $ | 54,628 | 49,409 | 55,122 | 51,902 | ||||||||||||||||
Provision for loan losses: | |||||||||||||||||||||
Federally insured loans | 2,000 | 5,000 | 5,000 | 11,000 | |||||||||||||||||
Non-federally insured loans | (500 | ) | — | (1,000 | ) | (1,000 | ) | ||||||||||||||
Total provision for loan losses | 1,500 | 5,000 | 4,000 | 10,000 | |||||||||||||||||
Charge-offs: | |||||||||||||||||||||
Federally insured loans | (4,138 | ) | (3,340 | ) | (7,769 | ) | (9,330 | ) | |||||||||||||
Non-federally insured loans | (598 | ) | (592 | ) | (1,019 | ) | (1,364 | ) | |||||||||||||
Total charge-offs | (4,736 | ) | (3,932 | ) | (8,788 | ) | (10,694 | ) | |||||||||||||
Recoveries - non-federally insured loans | 339 | 442 | 710 | 810 | |||||||||||||||||
Purchase (sale) of federally insured loans, net | 150 | 275 | 250 | (1,943 | ) | ||||||||||||||||
Transfer from repurchase obligation related to non-federally insured loans repurchased, net | 586 | 417 | 1,173 | 1,536 | |||||||||||||||||
Balance at end of period | $ | 52,467 | 51,611 | 52,467 | 51,611 | ||||||||||||||||
Allocation of the allowance for loan losses: | |||||||||||||||||||||
Federally insured loans | $ | 40,921 | 39,848 | 40,921 | 39,848 | ||||||||||||||||
Non-federally insured loans | 11,546 | 11,763 | 11,546 | 11,763 | |||||||||||||||||
Total allowance for loan losses | $ | 52,467 | 51,611 | 52,467 | 51,611 | ||||||||||||||||
Accrual Related to Repurchase Obligation Rollforward | ' | ||||||||||||||||||||
Repurchase Obligations | |||||||||||||||||||||
As of June 30, 2014, the Company had participated a cumulative amount of $117.1 million (par value) of non-federally insured loans to third parties. Loans participated under these agreements have been accounted for by the Company as loan sales. Accordingly, the participation interests sold are not included in the Company’s consolidated balance sheets. Per the terms of the servicing agreements, the Company’s servicing operations are obligated to repurchase loans subject to the participation interests in the event such loans become 60 days or 90 days delinquent. | |||||||||||||||||||||
In addition, in 2011, the Company sold a portfolio of non-federally insured loans for proceeds of $91.3 million (100% of par value). The Company retained credit risk related to this portfolio and will pay cash to purchase back any loans which become 60 days delinquent. As of June 30, 2014, the balance of this portfolio was $58.9 million (par value). | |||||||||||||||||||||
The Company’s estimate related to its obligation to repurchase these loans is included in “other liabilities” in the Company’s consolidated balance sheets. The activity related to this accrual is detailed below. | |||||||||||||||||||||
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Beginning balance | $ | 15,413 | 15,011 | 16,143 | 16,130 | ||||||||||||||||
Loans repurchased | (586 | ) | (417 | ) | (1,316 | ) | (1,536 | ) | |||||||||||||
Ending balance | $ | 14,827 | 14,594 | 14,827 | 14,594 | ||||||||||||||||
Financing Receivable Credit Quality Indicators | ' | ||||||||||||||||||||
Student Loan Status and Delinquencies | |||||||||||||||||||||
Delinquencies have the potential to adversely impact the Company’s earnings through increased servicing and collection costs and account charge-offs. The percent of non-federally insured loans that were delinquent 31 days or greater as of June 30, 2014, December 31, 2013, and June 30, 2013 was 12.6 percent, 12.7 percent, and 27.1 percent, respectively. The table below shows the Company’s federally insured student loan delinquency amounts. | |||||||||||||||||||||
As of June 30, 2014 | As of December 31, 2013 | As of June 30, 2013 | |||||||||||||||||||
Federally insured loans: | |||||||||||||||||||||
Loans in-school/grace/deferment | $ | 3,095,741 | $ | 2,872,505 | $ | 2,983,795 | |||||||||||||||
Loans in forbearance | 3,593,891 | 3,370,025 | 3,320,101 | ||||||||||||||||||
Loans in repayment status: | |||||||||||||||||||||
Loans current | 19,164,660 | 84 | % | 16,337,922 | 82.5 | % | 15,355,379 | 83.6 | % | ||||||||||||
Loans delinquent 31-60 days | 1,026,046 | 4.5 | 967,318 | 4.9 | 776,577 | 4.2 | |||||||||||||||
Loans delinquent 61-90 days | 674,918 | 3 | 550,333 | 2.8 | 531,339 | 2.9 | |||||||||||||||
Loans delinquent 91-120 days | 376,068 | 1.5 | 390,791 | 2 | 291,732 | 1.6 | |||||||||||||||
Loans delinquent 121-270 days | 1,133,527 | 5 | 1,117,936 | 5.6 | 1,016,571 | 5.5 | |||||||||||||||
Loans delinquent 271 days or greater | 447,264 | 2 | 443,373 | 2.2 | 413,240 | 2.2 | |||||||||||||||
Total loans in repayment | 22,822,483 | 100 | % | 19,807,673 | 100 | % | 18,384,838 | 100 | % | ||||||||||||
Total federally insured loans | $ | 29,512,115 | $ | 26,050,203 | $ | 24,688,734 | |||||||||||||||
Bonds_and_Notes_payable_Tables
Bonds and Notes payable (Tables) | 6 Months Ended | |||||||||||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||||||||||
Bonds and Notes Payable [Abstract] | ' | |||||||||||||||||||||||||||||||||||
Schedule of Debt | ' | |||||||||||||||||||||||||||||||||||
The following tables summarize the Company’s outstanding debt obligations by type of instrument: | ||||||||||||||||||||||||||||||||||||
As of June 30, 2014 | ||||||||||||||||||||||||||||||||||||
Carrying | Interest rate | Final maturity | ||||||||||||||||||||||||||||||||||
amount | range | |||||||||||||||||||||||||||||||||||
Variable-rate bonds and notes issued in asset-backed securitizations: | ||||||||||||||||||||||||||||||||||||
Bonds and notes based on indices | $ | 26,983,517 | 0.24% - 6.90% | 5/25/18 - 8/26/52 | ||||||||||||||||||||||||||||||||
Bonds and notes based on auction or remarketing | 1,562,325 | 0.06% - 2.09% | 5/1/28 - 11/26/46 | |||||||||||||||||||||||||||||||||
Total variable-rate bonds and notes | 28,545,842 | |||||||||||||||||||||||||||||||||||
FFELP warehouse facilities | 1,139,750 | 0.15% - 0.25% | 1/17/16 - 6/11/17 | |||||||||||||||||||||||||||||||||
Unsecured line of credit | 65,000 | 1.65% | 6/30/19 | |||||||||||||||||||||||||||||||||
Unsecured debt - Junior Subordinated Hybrid Securities | 96,457 | 3.61% | 9/15/61 | |||||||||||||||||||||||||||||||||
Other borrowings | 63,068 | 1.66% - 5.10% | 10/31/14 - 11/11/15 | |||||||||||||||||||||||||||||||||
29,910,117 | ||||||||||||||||||||||||||||||||||||
Discount on bonds and notes payable | (417,557 | ) | ||||||||||||||||||||||||||||||||||
Total | $ | 29,492,560 | ||||||||||||||||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||||||||||||||
Carrying | Interest rate | Final maturity | ||||||||||||||||||||||||||||||||||
amount | range | |||||||||||||||||||||||||||||||||||
Variable-rate bonds and notes issued in asset-backed securitizations: | ||||||||||||||||||||||||||||||||||||
Bonds and notes based on indices | $ | 23,479,893 | 0.25% - 6.90% | 5/25/18 - 8/26/52 | ||||||||||||||||||||||||||||||||
Bonds and notes based on auction or remarketing | 1,134,250 | 0.07% - 2.17% | 5/1/28 - 11/26/46 | |||||||||||||||||||||||||||||||||
Total variable-rate bonds and notes | 24,614,143 | |||||||||||||||||||||||||||||||||||
FFELP warehouse facilities | 1,396,344 | 0.17% - 0.25% | 1/17/16 - 6/12/16 | |||||||||||||||||||||||||||||||||
Unsecured line of credit | 45,000 | 1.67% | 3/28/18 | |||||||||||||||||||||||||||||||||
Unsecured debt - Junior Subordinated Hybrid Securities | 96,457 | 3.62% | 9/15/61 | |||||||||||||||||||||||||||||||||
Other borrowings | 61,401 | 1.67% - 5.10% | 4/11/14 - 11/11/15 | |||||||||||||||||||||||||||||||||
26,213,345 | ||||||||||||||||||||||||||||||||||||
Discount on bonds and notes payable | (258,056 | ) | ||||||||||||||||||||||||||||||||||
Total | $ | 25,955,289 | ||||||||||||||||||||||||||||||||||
Schedule of Line of Credit Facilities | ' | |||||||||||||||||||||||||||||||||||
FFELP Warehouse Facilities | ||||||||||||||||||||||||||||||||||||
The Company funds a portion of its FFELP loan acquisitions using its FFELP warehouse facilities. Student loan warehousing allows the Company to buy and manage student loans prior to transferring them into more permanent financing arrangements. | ||||||||||||||||||||||||||||||||||||
As of June 30, 2014, the Company had three FFELP warehouse facilities as summarized below. | ||||||||||||||||||||||||||||||||||||
NHELP-III | NHELP-II | NFSLW-I (a) | Total | |||||||||||||||||||||||||||||||||
Maximum financing amount | $ | 750,000 | 500,000 | 500,000 | 1,750,000 | |||||||||||||||||||||||||||||||
Amount outstanding | 659,668 | 92,803 | 387,279 | 1,139,750 | ||||||||||||||||||||||||||||||||
Amount available | $ | 90,332 | 407,197 | 112,721 | 610,250 | |||||||||||||||||||||||||||||||
Expiration of liquidity provisions | February 5, 2015 | September 30, 2014 | June 11, 2015 | |||||||||||||||||||||||||||||||||
Final maturity date | January 17, 2016 | September 30, 2016 | June 11, 2017 | |||||||||||||||||||||||||||||||||
Maximum advance rates | 92.2 - 95.0% | 84.5 - 94.5% | 92.0 - 98.0% | |||||||||||||||||||||||||||||||||
Minimum advance rates | 92.2 - 95.0% | 84.5 - 94.5% | 84.0 - 90.0% | |||||||||||||||||||||||||||||||||
Advanced as equity support | $ | 39,496 | 8,264 | 18,870 | 66,630 | |||||||||||||||||||||||||||||||
(a) On April 15, 2014, the Company amended the agreement for this warehouse facility to temporarily increase the maximum financing amount to $1.0 billion, change the expiration date for the liquidity provisions to June 11, 2015, and change the maturity date to June 11, 2017. As a result of the completion of the 2014-3 asset-backed securitization summarized in the table below, on April 30, 2014, the Company determined that it no longer needed the increased capacity on this warehouse facility, and the $500.0 million temporary increase was terminated on May 22, 2014. | ||||||||||||||||||||||||||||||||||||
Schedule of asset-backed securitizations [Table Text Block] | ' | |||||||||||||||||||||||||||||||||||
Asset-backed Securitizations | ||||||||||||||||||||||||||||||||||||
The following table summarizes the asset-backed securitization transactions completed during the six months ended June 30, 2014. | ||||||||||||||||||||||||||||||||||||
2014-1 | 2014-2 | 2014-3 | 2014-4 | 2014-5 | Total | |||||||||||||||||||||||||||||||
Class A-1 notes | Class A-2 notes | Class A-3 notes | 2014-2 total | Class A-1 notes | Class A-2 notes | 2014-4 total | ||||||||||||||||||||||||||||||
Date securities issued | 2/6/14 | 3/12/14 | 3/12/14 | 3/12/14 | 3/12/14 | 4/30/14 | 5/23/14 | 5/23/14 | 5/23/14 | 6/18/14 | ||||||||||||||||||||||||||
Total original principal amount | $ | 458,500 | 509,000 | 719,800 | 384,500 | 603,000 | $ | 2,674,800 | ||||||||||||||||||||||||||||
Class A senior notes: | ||||||||||||||||||||||||||||||||||||
Total original principal amount | $ | 445,000 | 191,000 | 222,000 | 84,000 | 497,000 | 700,700 | 267,500 | 107,500 | 375,000 | 587,000 | 2,604,700 | ||||||||||||||||||||||||
Bond discount | — | — | — | (535 | ) | (535 | ) | — | — | — | — | — | (535 | ) | ||||||||||||||||||||||
Issue price | $ | 445,000 | 191,000 | 222,000 | 83,465 | 496,465 | 700,700 | 267,500 | 107,500 | 375,000 | 587,000 | 2,604,165 | ||||||||||||||||||||||||
Cost of funds (1-month LIBOR plus:) | 0.57 | % | 0.28 | % | 0.6 | % | 0.85 | % | 0.58 | % | 0.54 | % | 0.95 | % | 0.55 | % | ||||||||||||||||||||
Final maturity date | 9/25/41 | 6/25/21 | 3/25/30 | 7/27/37 | 6/25/41 | 11/27/34 | 11/25/43 | 7/25/41 | ||||||||||||||||||||||||||||
Class B subordinated notes: | ||||||||||||||||||||||||||||||||||||
Total original principal amount | $ | 13,500 | 12,000 | 19,100 | 9,500 | 16,000 | 70,100 | |||||||||||||||||||||||||||||
Bond discount | (1,132 | ) | (1,046 | ) | (1,467 | ) | (1,138 | ) | (1,232 | ) | (6,015 | ) | ||||||||||||||||||||||||
Issue price | $ | 12,368 | 10,954 | 17,633 | 8,362 | 14,768 | 64,085 | |||||||||||||||||||||||||||||
Cost of funds (1-month LIBOR plus:) | 1.5 | % | 1.5 | % | 1.5 | % | 1.5 | % | 1.5 | % | ||||||||||||||||||||||||||
Final maturity date | 10/25/47 | 6/25/41 | 10/25/50 | 9/25/51 | 5/25/49 | |||||||||||||||||||||||||||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 6 Months Ended | ||||||||||||||
Jun. 30, 2014 | |||||||||||||||
Derivative Financial Instruments [Abstract] | ' | ||||||||||||||
Interest Rate Swaps - 1:3 Basis swaps | ' | ||||||||||||||
The following table summarizes the Company’s basis swaps outstanding as of June 30, 2014 and December 31, 2013 in which the Company receives three-month LIBOR set discretely in advance and pays one-month LIBOR plus or minus a spread as defined in the agreements (the "1:3 Basis Swaps"). | |||||||||||||||
Maturity | Notional amount | ||||||||||||||
2021 | $ | 250,000 | |||||||||||||
2022 | 1,900,000 | ||||||||||||||
2023 | 3,650,000 | ||||||||||||||
2024 | 250,000 | ||||||||||||||
2026 | 800,000 | ||||||||||||||
2028 | 100,000 | ||||||||||||||
2036 | 700,000 | ||||||||||||||
2039 | (a) | 150,000 | |||||||||||||
2040 | (b) | 200,000 | |||||||||||||
$ | 8,000,000 | (c) | |||||||||||||
(a)This derivative has a forward effective start date in 2015. | |||||||||||||||
(b)This derivative has a forward effective start date in 2020. | |||||||||||||||
(c) | The weighted average rate paid by the Company on the 1:3 Basis Swaps as of June 30, 2014 and December 31, 2013 was one-month LIBOR plus 3.5 basis points | ||||||||||||||
Interest Rate Swaps - Floor Income Hedges | ' | ||||||||||||||
nterest Rate Swaps – Floor Income Hedges | |||||||||||||||
The following table summarizes the outstanding derivative instruments used by the Company to economically hedge loans earning fixed rate floor income as of June 30, 2014 and December 31, 2013. | |||||||||||||||
As of June 30, 2014 | As of December 31, 2013 | ||||||||||||||
Maturity | Notional amount | Weighted average fixed rate paid by the Company (a) | Notional amount | Weighted average fixed rate paid by the Company (a) | |||||||||||
2014 | $ | 1,250,000 | 0.67 | % | $ | 1,750,000 | 0.71 | % | |||||||
2015 | 1,100,000 | 0.89 | 1,100,000 | 0.89 | |||||||||||
2016 | 750,000 | 0.85 | 750,000 | 0.85 | |||||||||||
2017 | 1,250,000 | 0.86 | 1,250,000 | 0.86 | |||||||||||
$ | 4,350,000 | 0.81 | % | $ | 4,850,000 | 0.81 | % | ||||||||
(a) | For all interest rate derivatives, the Company receives discrete three-month LIBOR. | ||||||||||||||
Interest Rate Swaps - Unsecured Debt Hedges | ' | ||||||||||||||
The Company had the following derivatives outstanding as of June 30, 2014 and December 31, 2013 that are used to effectively convert the variable interest rate on a portion of the Junior Subordinated Hybrid Securities ("Hybrid Securities") to a fixed rate. | |||||||||||||||
Maturity | Notional amount | Weighted average fixed rate paid by the Company (a) | |||||||||||||
2036 | $ | 25,000 | 4.28 | % | |||||||||||
(a) | For all interest rate derivatives, the Company receives discrete three-month LIBOR. | ||||||||||||||
Impact of Foreign Exchange Contracts on the Statement of Income | ' | ||||||||||||||
Foreign Currency Exchange Risk | |||||||||||||||
In 2006, the Company issued €352.7 million of student loan asset-backed Euro Notes (the "Euro Notes") with an interest rate based on a spread to the EURIBOR index. As a result of the Euro Notes, the Company is exposed to market risk related to fluctuations in foreign currency exchange rates between the U.S. dollar and Euro. The principal and accrued interest on these notes are re-measured at each reporting period and recorded in the Company’s consolidated balance sheet in U.S. dollars based on the foreign currency exchange rate on that date. | |||||||||||||||
The Company entered into a cross-currency interest rate swap in connection with the issuance of the Euro Notes. Under the terms of the cross-currency interest rate swap, the Company receives from the counterparty a spread to the EURIBOR index based on a notional amount of €352.7 million and pays a spread to the LIBOR index based on a notional amount of $450.0 million. In addition, under the terms of this agreement, all principal payments on the Euro Notes will effectively be paid at the exchange rate in effect between the U.S. dollar and Euro as of the issuance of the notes. | |||||||||||||||
The following table shows the income statement impact as a result of the re-measurement of the Euro Notes and the change in the fair value of the related derivative instrument. | |||||||||||||||
Three months ended June 30, | Six months ended June 30, | ||||||||||||||
2014 | 2013 (b) | 2014 | 2013 (b) | ||||||||||||
Re-measurement of Euro Notes | $ | 2,751 | (14,691 | ) | 1,798 | 14,072 | |||||||||
Change in fair value of cross-currency interest rate swaps | (2,999 | ) | 14,748 | (3,037 | ) | (20,096 | ) | ||||||||
Total impact to consolidated statements of income - income (expense) (a) | $ | (248 | ) | 57 | (1,239 | ) | (6,024 | ) | |||||||
(a) | The financial statement impact of the above items is included in "Derivative market value and foreign currency adjustments and derivative settlements, net" in the Company's consolidated statements of income. | ||||||||||||||
(b) | The 2013 operating results include the re-measurement of an additional €420.5 million of student loan asset-backed Euro notes and the change in fair value of a related cross-currency interest rate swap entered into in connection with the issuance of such notes. In November 2013, the principal amount outstanding on the notes was changed to U.S. dollars and the cross-currency interest swap was terminated. | ||||||||||||||
The re-measurement of the Euro-denominated bonds generally correlates with the change in fair value of the corresponding cross-currency interest rate swap. However, the Company will experience unrealized gains or losses related to the cross-currency interest rate swap if the two underlying indices (and related forward curve) do not move in parallel. | |||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | ' | ||||||||||||||
Consolidated Financial Statement Impact Related to Derivatives | |||||||||||||||
The following table summarizes the fair value of the Company’s derivatives as reflected in the consolidated balance sheets: | |||||||||||||||
Fair value of asset derivatives | Fair value of liability derivatives | ||||||||||||||
As of | As of | As of | As of | ||||||||||||
June 30, | December 31, | June 30, | December 31, | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
1:3 basis swaps | $ | 31,510 | 18,490 | — | — | ||||||||||
Interest rate swaps - floor income hedges | 2,726 | 7,183 | 10,849 | 15,849 | |||||||||||
Interest rate swaps - hybrid debt hedges | — | — | 4,697 | 2,120 | |||||||||||
Cross-currency interest rate swap | 33,797 | 36,834 | — | — | |||||||||||
Total | $ | 68,033 | 62,507 | 15,546 | 17,969 | ||||||||||
During the six months ended June 30, 2013, the Company terminated certain derivatives for gross proceeds and payments of $2.7 million and $6.5 million, respectively. There were no derivative terminations during the first six months of 2014. | |||||||||||||||
Schedule of Derivative Instruments [Table Text Block] | ' | ||||||||||||||
Offsetting of Derivative Assets/Liabilities | |||||||||||||||
The Company records derivative instruments in the consolidated balance sheets on a gross basis as either an asset or liability measured at its fair value. Certain of the Company's derivative instruments are subject to right of offset provisions with counterparties. The following tables include the gross amounts related to the Company's derivative portfolio recognized in the consolidated balance sheets, reconciled to the net amount when excluding derivatives subject to enforceable master netting arrangements and cash collateral received/pledged: | |||||||||||||||
Gross amounts not offset in the consolidated balance sheets | |||||||||||||||
Derivative assets | Gross amounts of recognized assets presented in the consolidated balance sheets | Derivatives subject to enforceable master netting arrangement | Cash collateral received | Net asset (liability) | |||||||||||
Balance as of June 30, 2014 | $ | 68,033 | (15,546 | ) | (323 | ) | 52,164 | ||||||||
Balance as of December 31, 2013 | 62,507 | (15,437 | ) | (15,959 | ) | 31,111 | |||||||||
Gross amounts not offset in the consolidated balance sheets | |||||||||||||||
Derivative liabilities | Gross amounts of recognized liabilities presented in the consolidated balance sheets | Derivatives subject to enforceable master netting arrangement | Cash collateral pledged | Net asset (liability) | |||||||||||
Balance as of June 30, 2014 | $ | (15,546 | ) | 15,546 | — | — | |||||||||
Balance as of December 31, 2013 | (17,969 | ) | 15,437 | 3,630 | 1,098 | ||||||||||
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | ' | ||||||||||||||
The following table summarizes the effect of derivative instruments in the consolidated statements of income. | |||||||||||||||
Three months ended June 30, | Six months ended June 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Settlements: | |||||||||||||||
1:3 basis swaps | $ | 858 | 782 | 1,739 | 1,692 | ||||||||||
Interest rate swaps - floor income hedges | (6,974 | ) | (8,534 | ) | (13,924 | ) | (16,839 | ) | |||||||
Interest rate swaps - hybrid debt hedges | (256 | ) | (512 | ) | (508 | ) | (1,157 | ) | |||||||
Cross-currency interest rate swaps | 158 | (93 | ) | 250 | (237 | ) | |||||||||
Total settlements - expense | (6,214 | ) | (8,357 | ) | (12,443 | ) | (16,541 | ) | |||||||
Change in fair value: | |||||||||||||||
1:3 basis swaps | 11,910 | 9,630 | 13,020 | 11,563 | |||||||||||
Interest rate swaps - floor income hedges | (2,813 | ) | 33,408 | 545 | 42,830 | ||||||||||
Interest rate swaps - hybrid debt hedges | (1,065 | ) | 5,450 | (2,578 | ) | 9,090 | |||||||||
Cross-currency interest rate swaps | (2,999 | ) | 14,748 | (3,037 | ) | (20,096 | ) | ||||||||
Other | — | — | — | 342 | |||||||||||
Total change in fair value - income (expense) | 5,033 | 63,236 | 7,950 | 43,729 | |||||||||||
Re-measurement of Euro Notes (foreign currency transaction adjustment) - income (expense) | 2,751 | (14,691 | ) | 1,798 | 14,072 | ||||||||||
Derivative market value and foreign currency adjustments and derivative settlements, net - income (expense) | $ | 1,570 | 40,188 | (2,695 | ) | 41,260 | |||||||||
Investments_Tables
Investments (Tables) | 6 Months Ended | |||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||
Investments [Abstract] | ' | |||||||||||||||||||||||||
Summary Investment Holdings | ' | |||||||||||||||||||||||||
A summary of the Company's investments and restricted investments follows: | ||||||||||||||||||||||||||
As of June 30, 2014 | As of December 31, 2013 | |||||||||||||||||||||||||
Amortized cost | Gross unrealized gains | Gross unrealized losses (a) | Fair value | Amortized cost | Gross unrealized gains | Gross unrealized losses | Fair value | |||||||||||||||||||
Investments: | ||||||||||||||||||||||||||
Available-for-sale investments: | ||||||||||||||||||||||||||
Student loan asset-backed and other debt securities (b) | $ | 124,556 | 7,090 | (212 | ) | 131,434 | 171,931 | 7,111 | (1,241 | ) | 177,801 | |||||||||||||||
Equity securities | 1,527 | 1,969 | (7 | ) | 3,489 | 1,502 | 1,783 | (3 | ) | 3,282 | ||||||||||||||||
Total available-for-sale investments | $ | 126,083 | 9,059 | (219 | ) | 134,923 | 173,433 | 8,894 | (1,244 | ) | 181,083 | |||||||||||||||
Trading investments: | ||||||||||||||||||||||||||
Student loan asset-backed and other debt securities | 6,566 | 10,957 | ||||||||||||||||||||||||
Total available-for-sale and trading investments | $ | 141,489 | 192,040 | |||||||||||||||||||||||
Restricted Investments (c): | ||||||||||||||||||||||||||
Guaranteed investment contracts - held-to-maturity | $ | 6,921 | 7,285 | |||||||||||||||||||||||
(a) | As of June 30, 2014, the Company considered the decline in market value of its available-for-sale investments to be temporary in nature and did not consider any of its investments other-than-temporarily impaired. | |||||||||||||||||||||||||
(b) | As of June 30, 2014, the stated maturities of the majority of the Company's student loan asset-backed and other debt securities classified as available-for-sale were greater than 10 years. | |||||||||||||||||||||||||
(c) | Restricted investments are included in "restricted cash and investments" in the Company's consolidated balance sheets. | |||||||||||||||||||||||||
Realized Gain (Loss) on Investments [Table Text Block] | ' | |||||||||||||||||||||||||
The amounts reclassified from accumulated other comprehensive income related to the realized gains and losses on available-for-sale-securities is summarized below. | ||||||||||||||||||||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||
Affected line item in the consolidated statements of income - income (expense): | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Other income | $ | 1,238 | 559 | 8,311 | 1,516 | |||||||||||||||||||||
Income tax expense | (458 | ) | (207 | ) | (3,075 | ) | (561 | ) | ||||||||||||||||||
Net | $ | 780 | 352 | 5,236 | 955 | |||||||||||||||||||||
Business_Combination_Estimated
Business Combination Estimated Fair Value of Assets (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Business Combinations [Abstract] | ' | |||||||||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | ' | |||||||||||||||
The following table summarizes the initial estimated fair values of the assets acquired and liabilities assumed at the acquisition date. The fair values of the assets and liabilities related to RenWeb are subject to refinement as the Company completes its analysis relative to the fair values at the date of acquisition. | ||||||||||||||||
Cash and cash equivalents | $ | 326 | ||||||||||||||
Accounts receivable | 961 | |||||||||||||||
Property and equipment | 105 | |||||||||||||||
Other assets | 22 | |||||||||||||||
Intangible assets | 37,188 | |||||||||||||||
Excess cost over fair value of net assets acquired (goodwill) | 9,082 | |||||||||||||||
Other liabilities | (1,341 | ) | ||||||||||||||
Net assets acquired | $ | 46,343 | ||||||||||||||
The following table summarizes the fair values of all of the Company’s financial instruments on the consolidated balance sheets: | ||||||||||||||||
As of June 30, 2014 | ||||||||||||||||
Fair value | Carrying value | Level 1 | Level 2 | Level 3 | ||||||||||||
Financial assets: | ||||||||||||||||
Student loans receivable | $ | 30,629,142 | 29,342,430 | — | — | 30,629,142 | ||||||||||
Cash and cash equivalents | 92,099 | 92,099 | 92,099 | — | — | |||||||||||
Investments | 141,489 | 141,489 | 3,922 | 137,567 | — | |||||||||||
Restricted cash | 855,113 | 855,113 | 855,113 | — | — | |||||||||||
Restricted cash – due to customers | 98,005 | 98,005 | 98,005 | — | — | |||||||||||
Restricted investments | 6,921 | 6,921 | 6,921 | — | — | |||||||||||
Accrued interest receivable | 360,075 | 360,075 | — | 360,075 | — | |||||||||||
Derivative instruments | 68,033 | 68,033 | — | 68,033 | — | |||||||||||
Financial liabilities: | ||||||||||||||||
Bonds and notes payable | 29,493,178 | 29,492,560 | — | 29,493,178 | — | |||||||||||
Accrued interest payable | 24,339 | 24,339 | — | 24,339 | — | |||||||||||
Due to customers | 98,005 | 98,005 | 98,005 | — | — | |||||||||||
Derivative instruments | 15,546 | 15,546 | — | 15,546 | — | |||||||||||
As of December 31, 2013 | ||||||||||||||||
Fair value | Carrying value | Level 1 | Level 2 | Level 3 | ||||||||||||
Financial assets: | ||||||||||||||||
Student loans receivable | $ | 26,641,383 | 25,907,589 | — | — | 26,641,383 | ||||||||||
Cash and cash equivalents | 63,267 | 63,267 | 63,267 | — | — | |||||||||||
Investments | 192,040 | 192,040 | 3,761 | 188,279 | — | |||||||||||
Restricted cash | 727,838 | 727,838 | 727,838 | — | — | |||||||||||
Restricted cash – due to customers | 167,576 | 167,576 | 167,576 | — | — | |||||||||||
Restricted investments | 7,285 | 7,285 | 7,285 | — | — | |||||||||||
Accrued interest receivable | 314,553 | 314,553 | — | 314,553 | — | |||||||||||
Derivative instruments | 62,507 | 62,507 | — | 62,507 | — | |||||||||||
Financial liabilities: | ||||||||||||||||
Bonds and notes payable | 25,577,250 | 25,955,289 | — | 25,577,250 | — | |||||||||||
Accrued interest payable | 21,725 | 21,725 | — | 21,725 | — | |||||||||||
Due to customers | 167,576 | 167,576 | 167,576 | — | — | |||||||||||
Derivative instruments | 17,969 | 17,969 | — | 17,969 | — | |||||||||||
Intangible_Assets_Intangible_A1
Intangible Assets Intangible Assets (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Finite-Lived Intangible Assets, Net [Abstract] | ' | ||||||||
Schedule of Finite-Lived Intangible Assets [Table Text Block] | ' | ||||||||
Intangible assets consist of the following: | |||||||||
Weighted average remaining useful life as of June 30, 2014 (months) | As of June 30, 2014 | As of December 31, 2013 | |||||||
Amortizable intangible assets: | |||||||||
Customer relationships (net of accumulated amortization of $21,595 and $19,821, respectively) | 223 | $ | 29,884 | 6,132 | |||||
Computer software (net of accumulated amortization of $634 and $0, respectively) | 47 | 8,231 | — | ||||||
Trade names (net of accumulated amortization of $39 and $0, respectively) | 239 | 6,383 | — | ||||||
Covenants not to compete (net of accumulated amortization of $3 and $0, respectively) | 119 | 351 | — | ||||||
Total - amortizable intangible assets | 192 | $ | 44,849 | 6,132 | |||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | ' | ||||||||
2014 (Q3 - Q4) | $ | 2,843 | |||||||
2015 | 6,402 | ||||||||
2016 | 5,982 | ||||||||
2017 | 4,406 | ||||||||
2018 | 4,000 | ||||||||
2019 and thereafter | 21,216 | ||||||||
$ | 44,849 | ||||||||
Goodwill_Goodwill_Tables
Goodwill Goodwill (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||
Schedule of Goodwill [Table Text Block] | ' | |||||||||||||||
The change in the carrying amount of goodwill by operating segment was as follows: | ||||||||||||||||
Student Loan and Guaranty Servicing | Tuition Payment Processing and Campus Commerce | Enrollment Services | Asset Generation and Management | Total | ||||||||||||
Balance as of December 31, 2013 | $ | 8,596 | 58,086 | 8,553 | 41,883 | 117,118 | ||||||||||
Goodwill acquired during the period | — | 9,082 | — | — | 9,082 | |||||||||||
Balance as of June 30, 2014 | $ | 8,596 | 67,168 | 8,553 | 41,883 | 126,200 | ||||||||||
Earnings_per_Common_Share_Tabl
Earnings per Common Share (Tables) | 6 Months Ended | ||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | ' | ||||||||||||||||||
Three months ended June 30, | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Common shareholders | Unvested restricted stock shareholders | Total | Common shareholders | Unvested restricted stock shareholders | Total | ||||||||||||||
Numerator: | |||||||||||||||||||
Net income attributable to Nelnet, Inc. | $ | 74,263 | 731 | 74,994 | 100,339 | 904 | 101,243 | ||||||||||||
Denominator: | |||||||||||||||||||
Weighted-average common shares outstanding - basic and diluted | 46,075,869 | 453,508 | 46,529,377 | 46,210,571 | 416,282 | 46,626,853 | |||||||||||||
Earnings per share - basic and diluted | $ | 1.61 | 1.61 | 1.61 | 2.17 | 2.17 | 2.17 | ||||||||||||
Six months ended June 30, | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Common shareholders | Unvested restricted stock shareholders | Total | Common shareholders | Unvested restricted stock shareholders | Total | ||||||||||||||
Numerator: | |||||||||||||||||||
Net income attributable to Nelnet, Inc. | $ | 147,388 | 1,392 | 148,780 | 167,868 | 1,454 | 169,322 | ||||||||||||
Denominator: | |||||||||||||||||||
Weighted-average common shares outstanding - basic and diluted | 46,093,314 | 435,337 | 46,528,651 | 46,241,277 | 401,079 | 46,642,356 | |||||||||||||
Earnings per share - basic and diluted | $ | 3.2 | 3.2 | 3.2 | 3.63 | 3.63 | 3.63 | ||||||||||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment | ' | ||||||||||||||||||||||||
See note 13 of the notes to consolidated financial statements included in the 2013 Annual Report for a description of the Company's operating segments. The following tables include the results of each of the Company's operating segments reconciled to the consolidated financial statements. | |||||||||||||||||||||||||
Three months ended June 30, 2014 | |||||||||||||||||||||||||
Fee-Based | |||||||||||||||||||||||||
Student Loan and Guaranty Servicing | Tuition Payment Processing and Campus Commerce | Enrollment | Total Fee- | Asset | Corporate | Eliminations | Total | ||||||||||||||||||
Services | Based | Generation and | Activity | ||||||||||||||||||||||
Management | and | ||||||||||||||||||||||||
Overhead | |||||||||||||||||||||||||
Total interest income | $ | 9 | 3 | — | 12 | 175,562 | 2,036 | (662 | ) | 176,948 | |||||||||||||||
Interest expense | — | — | — | — | 67,936 | 1,961 | (662 | ) | 69,235 | ||||||||||||||||
Net interest income | 9 | 3 | — | 12 | 107,626 | 75 | — | 107,713 | |||||||||||||||||
Less provision for loan losses | — | — | — | — | 1,500 | — | — | 1,500 | |||||||||||||||||
Net interest income after provision for loan losses | 9 | 3 | — | 12 | 106,126 | 75 | — | 106,213 | |||||||||||||||||
Other income: | |||||||||||||||||||||||||
Loan and guaranty servicing revenue | 66,460 | — | — | 66,460 | — | — | — | 66,460 | |||||||||||||||||
Intersegment servicing revenue | 13,800 | — | — | 13,800 | — | — | (13,800 | ) | — | ||||||||||||||||
Tuition payment processing and campus commerce revenue | — | 21,834 | — | 21,834 | — | — | — | 21,834 | |||||||||||||||||
Enrollment services revenue | — | — | 20,145 | 20,145 | — | — | — | 20,145 | |||||||||||||||||
Other income | — | — | — | — | 4,496 | 10,819 | — | 15,315 | |||||||||||||||||
Gain on sale of loans and debt repurchases | — | — | — | — | 18 | — | — | 18 | |||||||||||||||||
Derivative market value and foreign currency adjustments, net | — | — | — | — | 8,848 | (1,064 | ) | — | 7,784 | ||||||||||||||||
Derivative settlements, net | — | — | — | — | (5,958 | ) | (256 | ) | — | (6,214 | ) | ||||||||||||||
Total other income | 80,260 | 21,834 | 20,145 | 122,239 | 7,404 | 9,499 | (13,800 | ) | 125,342 | ||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||
Salaries and benefits | 33,093 | 11,112 | 4,132 | 48,337 | 570 | 4,981 | — | 53,888 | |||||||||||||||||
Cost to provide enrollment services | — | — | 13,311 | 13,311 | — | — | — | 13,311 | |||||||||||||||||
Depreciation and amortization | 2,819 | 1,845 | 41 | 4,705 | — | 509 | — | 5,214 | |||||||||||||||||
Other | 19,815 | 2,956 | 1,844 | 24,615 | 8,845 | 6,917 | — | 40,377 | |||||||||||||||||
Intersegment expenses, net | 1,124 | 1,404 | 944 | 3,472 | 13,968 | (3,640 | ) | (13,800 | ) | — | |||||||||||||||
Total operating expenses | 56,851 | 17,317 | 20,272 | 94,440 | 23,383 | 8,767 | (13,800 | ) | 112,790 | ||||||||||||||||
Income before income taxes and corporate overhead allocation | 23,418 | 4,520 | (127 | ) | 27,811 | 90,147 | 807 | — | 118,765 | ||||||||||||||||
Corporate overhead allocation | (2,060 | ) | (687 | ) | (687 | ) | (3,434 | ) | (1,249 | ) | 4,683 | — | — | ||||||||||||
Income before income taxes | 21,358 | 3,833 | (814 | ) | 24,377 | 88,898 | 5,490 | — | 118,765 | ||||||||||||||||
Income tax (expense) benefit | (8,116 | ) | (1,456 | ) | 309 | (9,263 | ) | (33,781 | ) | (34 | ) | — | (43,078 | ) | |||||||||||
Net income | 13,242 | 2,377 | (505 | ) | 15,114 | 55,117 | 5,456 | — | 75,687 | ||||||||||||||||
Net income attributable to noncontrolling interest | — | — | — | — | — | 693 | — | 693 | |||||||||||||||||
Net income attributable to Nelnet, Inc. | $ | 13,242 | 2,377 | (505 | ) | 15,114 | 55,117 | 4,763 | — | 74,994 | |||||||||||||||
Three months ended June 30, 2013 | |||||||||||||||||||||||||
Fee-Based | |||||||||||||||||||||||||
Student Loan and Guaranty Servicing | Tuition Payment Processing and Campus Commerce | Enrollment | Total Fee- | Asset | Corporate | Eliminations | Total | ||||||||||||||||||
Services | Based | Generation and | Activity | ||||||||||||||||||||||
Management | and | ||||||||||||||||||||||||
Overhead | |||||||||||||||||||||||||
Total interest income | $ | 9 | — | — | 9 | 158,175 | 2,196 | (834 | ) | 159,546 | |||||||||||||||
Interest expense | — | — | — | — | 56,920 | 2,041 | (834 | ) | 58,127 | ||||||||||||||||
Net interest income | 9 | — | — | 9 | 101,255 | 155 | — | 101,419 | |||||||||||||||||
Less provision for loan losses | — | — | — | — | 5,000 | — | — | 5,000 | |||||||||||||||||
Net interest income after provision for loan losses | 9 | — | — | 9 | 96,255 | 155 | — | 96,419 | |||||||||||||||||
Other income: | |||||||||||||||||||||||||
Loan and guaranty servicing revenue | 60,078 | — | — | 60,078 | — | — | — | 60,078 | |||||||||||||||||
Intersegment servicing revenue | 13,903 | — | — | 13,903 | — | — | (13,903 | ) | — | ||||||||||||||||
Tuition payment processing and campus commerce revenue | — | 18,356 | — | 18,356 | — | — | — | 18,356 | |||||||||||||||||
Enrollment services revenue | — | — | 24,823 | 24,823 | — | — | — | 24,823 | |||||||||||||||||
Other income | — | — | — | — | 3,030 | 9,258 | — | 12,288 | |||||||||||||||||
Gain on sale of loans and debt repurchases | — | — | — | — | 7,355 | — | — | 7,355 | |||||||||||||||||
Derivative market value and foreign currency adjustments, net | — | — | — | — | 43,096 | 5,449 | — | 48,545 | |||||||||||||||||
Derivative settlements, net | — | — | — | — | (7,845 | ) | (512 | ) | — | (8,357 | ) | ||||||||||||||
Total other income | 73,981 | 18,356 | 24,823 | 117,160 | 45,636 | 14,195 | (13,903 | ) | 163,088 | ||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||
Salaries and benefits | 28,091 | 9,427 | 4,809 | 42,327 | 592 | 4,513 | — | 47,432 | |||||||||||||||||
Cost to provide enrollment services | — | — | 16,787 | 16,787 | — | — | — | 16,787 | |||||||||||||||||
Depreciation and amortization | 2,731 | 1,132 | 61 | 3,924 | — | 396 | — | 4,320 | |||||||||||||||||
Other | 18,031 | 2,192 | 1,243 | 21,466 | 7,923 | 4,976 | — | 34,365 | |||||||||||||||||
Intersegment expenses, net | 851 | 1,494 | 1,130 | 3,475 | 14,108 | (3,680 | ) | (13,903 | ) | — | |||||||||||||||
Total operating expenses | 49,704 | 14,245 | 24,030 | 87,979 | 22,623 | 6,205 | (13,903 | ) | 102,904 | ||||||||||||||||
Income before income taxes and corporate overhead allocation | 24,286 | 4,111 | 793 | 29,190 | 119,268 | 8,145 | — | 156,603 | |||||||||||||||||
Corporate overhead allocation | (1,513 | ) | (504 | ) | (504 | ) | (2,521 | ) | (1,081 | ) | 3,602 | — | — | ||||||||||||
Income before income taxes | 22,773 | 3,607 | 289 | 26,669 | 118,187 | 11,747 | — | 156,603 | |||||||||||||||||
Income tax (expense) benefit | (8,655 | ) | (1,370 | ) | (109 | ) | (10,134 | ) | (44,911 | ) | 299 | — | (54,746 | ) | |||||||||||
Net income | 14,118 | 2,237 | 180 | 16,535 | 73,276 | 12,046 | — | 101,857 | |||||||||||||||||
Net income attributable to noncontrolling interest | — | — | — | — | — | 614 | — | 614 | |||||||||||||||||
Net income attributable to Nelnet, Inc. | $ | 14,118 | 2,237 | 180 | 16,535 | 73,276 | 11,432 | — | 101,243 | ||||||||||||||||
Six months ended June 30, 2014 | |||||||||||||||||||||||||
Fee-Based | |||||||||||||||||||||||||
Student Loan and Guaranty Servicing | Tuition Payment Processing and Campus Commerce | Enrollment | Total Fee- | Asset | Corporate | Eliminations | Total | ||||||||||||||||||
Services | Based | Generation and | Activity | ||||||||||||||||||||||
Management | and | ||||||||||||||||||||||||
Overhead | |||||||||||||||||||||||||
Total interest income | $ | 20 | 3 | — | 23 | 332,565 | 4,694 | (1,459 | ) | 335,823 | |||||||||||||||
Interest expense | — | — | — | — | 127,412 | 3,286 | (1,459 | ) | 129,239 | ||||||||||||||||
Net interest income | 20 | 3 | — | 23 | 205,153 | 1,408 | — | 206,584 | |||||||||||||||||
Less provision for loan losses | — | — | — | — | 4,000 | — | — | 4,000 | |||||||||||||||||
Net interest income after provision for loan losses | 20 | 3 | — | 23 | 201,153 | 1,408 | — | 202,584 | |||||||||||||||||
Other income: | |||||||||||||||||||||||||
Loan and guaranty servicing revenue | 131,217 | — | — | 131,217 | — | — | — | 131,217 | |||||||||||||||||
Intersegment servicing revenue | 28,021 | — | — | 28,021 | — | — | (28,021 | ) | — | ||||||||||||||||
Tuition payment processing and campus commerce revenue | — | 47,069 | — | 47,069 | — | — | — | 47,069 | |||||||||||||||||
Enrollment services revenue | — | — | 42,156 | 42,156 | — | — | — | 42,156 | |||||||||||||||||
Other income | — | — | — | — | 8,660 | 24,786 | — | 33,446 | |||||||||||||||||
Gain on sale of loans and debt repurchases | — | — | — | — | 57 | — | — | 57 | |||||||||||||||||
Derivative market value and foreign currency adjustments, net | — | — | — | — | 12,325 | (2,577 | ) | — | 9,748 | ||||||||||||||||
Derivative settlements, net | — | — | — | — | (11,935 | ) | (508 | ) | — | (12,443 | ) | ||||||||||||||
Total other income | 159,238 | 47,069 | 42,156 | 248,463 | 9,107 | 21,701 | (28,021 | ) | 251,250 | ||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||
Salaries and benefits | 65,400 | 21,139 | 8,512 | 95,051 | 1,179 | 10,142 | — | 106,372 | |||||||||||||||||
Cost to provide enrollment services | — | — | 27,786 | 27,786 | — | — | — | 27,786 | |||||||||||||||||
Depreciation and amortization | 5,608 | 3,273 | 88 | 8,969 | — | 1,028 | — | 9,997 | |||||||||||||||||
Other | 38,267 | 5,603 | 3,293 | 47,163 | 15,991 | 12,850 | — | 76,004 | |||||||||||||||||
Intersegment expenses, net | 2,207 | 2,824 | 1,950 | 6,981 | 28,339 | (7,299 | ) | (28,021 | ) | — | |||||||||||||||
Total operating expenses | 111,482 | 32,839 | 41,629 | 185,950 | 45,509 | 16,721 | (28,021 | ) | 220,159 | ||||||||||||||||
Income before income taxes and corporate overhead allocation | 47,776 | 14,233 | 527 | 62,536 | 164,751 | 6,388 | — | 233,675 | |||||||||||||||||
Corporate overhead allocation | (3,920 | ) | (1,307 | ) | (1,307 | ) | (6,534 | ) | (2,578 | ) | 9,112 | — | — | ||||||||||||
Income before income taxes | 43,856 | 12,926 | (780 | ) | 56,002 | 162,173 | 15,500 | — | 233,675 | ||||||||||||||||
Income tax (expense) benefit | (16,665 | ) | (4,911 | ) | 296 | (21,280 | ) | (61,625 | ) | (784 | ) | — | (83,689 | ) | |||||||||||
Net income | 27,191 | 8,015 | (484 | ) | 34,722 | 100,548 | 14,716 | — | 149,986 | ||||||||||||||||
Net income attributable to noncontrolling interest | — | — | — | — | — | 1,206 | — | 1,206 | |||||||||||||||||
Net income attributable to Nelnet, Inc. | $ | 27,191 | 8,015 | (484 | ) | 34,722 | 100,548 | 13,510 | — | 148,780 | |||||||||||||||
Six months ended June 30, 2013 | |||||||||||||||||||||||||
Fee-Based | |||||||||||||||||||||||||
Student Loan and Guaranty Servicing | Tuition Payment Processing and Campus Commerce | Enrollment | Total Fee- | Asset | Corporate | Eliminations | Total | ||||||||||||||||||
Services | Based | Generation and | Activity | ||||||||||||||||||||||
Management | and | ||||||||||||||||||||||||
Overhead | |||||||||||||||||||||||||
Total interest income | $ | 19 | — | — | 19 | 313,829 | 4,507 | (1,653 | ) | 316,702 | |||||||||||||||
Interest expense | — | — | — | — | 114,402 | 3,736 | (1,653 | ) | 116,485 | ||||||||||||||||
Net interest income | 19 | — | — | 19 | 199,427 | 771 | — | 200,217 | |||||||||||||||||
Less provision for loan losses | — | — | — | — | 10,000 | — | — | 10,000 | |||||||||||||||||
Net interest income after provision for loan losses | 19 | — | — | 19 | 189,427 | 771 | — | 190,217 | |||||||||||||||||
Other income: | |||||||||||||||||||||||||
Loan and guaranty servicing revenue | 115,679 | — | — | 115,679 | — | — | — | 115,679 | |||||||||||||||||
Intersegment servicing revenue | 28,856 | — | — | 28,856 | — | — | (28,856 | ) | — | ||||||||||||||||
Tuition payment processing and campus commerce revenue | — | 41,767 | — | 41,767 | — | — | — | 41,767 | |||||||||||||||||
Enrollment services revenue | — | — | 53,780 | 53,780 | — | — | — | 53,780 | |||||||||||||||||
Other income | — | — | — | — | 7,226 | 14,478 | — | 21,704 | |||||||||||||||||
Gain on sale of loans and debt repurchases | — | — | — | — | 8,762 | — | — | 8,762 | |||||||||||||||||
Derivative market value and foreign currency adjustments, net | — | — | — | — | 48,371 | 9,430 | — | 57,801 | |||||||||||||||||
Derivative settlements, net | — | — | — | — | (15,384 | ) | (1,157 | ) | — | (16,541 | ) | ||||||||||||||
Total other income | 144,535 | 41,767 | 53,780 | 240,082 | 48,975 | 22,751 | (28,856 | ) | 282,952 | ||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||
Salaries and benefits | 56,535 | 18,786 | 10,576 | 85,897 | 1,154 | 8,286 | — | 95,337 | |||||||||||||||||
Cost to provide enrollment services | — | — | 36,429 | 36,429 | — | — | — | 36,429 | |||||||||||||||||
Depreciation and amortization | 5,520 | 2,270 | 122 | 7,912 | — | 785 | — | 8,697 | |||||||||||||||||
Other | 36,421 | 4,479 | 2,894 | 43,794 | 15,436 | 10,076 | — | 69,306 | |||||||||||||||||
Intersegment expenses, net | 1,786 | 2,919 | 2,279 | 6,984 | 29,250 | (7,378 | ) | (28,856 | ) | — | |||||||||||||||
Total operating expenses | 100,262 | 28,454 | 52,300 | 181,016 | 45,840 | 11,769 | (28,856 | ) | 209,769 | ||||||||||||||||
Income before income taxes and corporate overhead allocation | 44,292 | 13,313 | 1,480 | 59,085 | 192,562 | 11,753 | — | 263,400 | |||||||||||||||||
Corporate overhead allocation | (2,510 | ) | (836 | ) | (836 | ) | (4,182 | ) | (1,793 | ) | 5,975 | — | — | ||||||||||||
Income before income taxes | 41,782 | 12,477 | 644 | 54,903 | 190,769 | 17,728 | — | 263,400 | |||||||||||||||||
Income tax (expense) benefit | (15,878 | ) | (4,741 | ) | (244 | ) | (20,863 | ) | (72,492 | ) | 162 | — | (93,193 | ) | |||||||||||
Net income | 25,904 | 7,736 | 400 | 34,040 | 118,277 | 17,890 | — | 170,207 | |||||||||||||||||
Net income attributable to noncontrolling interest | — | — | — | — | — | 885 | — | 885 | |||||||||||||||||
Net income attributable to Nelnet, Inc. | $ | 25,904 | 7,736 | 400 | 34,040 | 118,277 | 17,005 | — | 169,322 | ||||||||||||||||
Fair_Value_Tables
Fair Value (Tables) | 6 Months Ended | ||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | ' | ||||||||||||||||||
The following tables present the Company’s financial assets and liabilities that are measured at fair value on a recurring basis. There were no transfers into or out of level 1, level 2, or level 3 for the six months ended June 30, 2014. | |||||||||||||||||||
As of June 30, 2014 | As of December 31, 2013 | ||||||||||||||||||
Level 1 | Level 2 | Total | Level 1 | Level 2 | Total | ||||||||||||||
Assets: | |||||||||||||||||||
Investments: | |||||||||||||||||||
Student loan asset-backed securities | $ | — | 137,567 | 137,567 | — | 188,279 | 188,279 | ||||||||||||
Equity securities | 3,489 | — | 3,489 | 3,282 | — | 3,282 | |||||||||||||
Debt securities | 433 | — | 433 | 479 | — | 479 | |||||||||||||
Total investments | 3,922 | 137,567 | 141,489 | 3,761 | 188,279 | 192,040 | |||||||||||||
Fair value of derivative instruments | — | 68,033 | 68,033 | — | 62,507 | 62,507 | |||||||||||||
Total assets | $ | 3,922 | 205,600 | 209,522 | 3,761 | 250,786 | 254,547 | ||||||||||||
Liabilities: | |||||||||||||||||||
Fair value of derivative instruments | $ | — | 15,546 | 15,546 | — | 17,969 | 17,969 | ||||||||||||
Total liabilities | $ | — | 15,546 | 15,546 | — | 17,969 | 17,969 | ||||||||||||
Fair Value, by Balance Sheet Grouping | ' | ||||||||||||||||||
The following table summarizes the initial estimated fair values of the assets acquired and liabilities assumed at the acquisition date. The fair values of the assets and liabilities related to RenWeb are subject to refinement as the Company completes its analysis relative to the fair values at the date of acquisition. | |||||||||||||||||||
Cash and cash equivalents | $ | 326 | |||||||||||||||||
Accounts receivable | 961 | ||||||||||||||||||
Property and equipment | 105 | ||||||||||||||||||
Other assets | 22 | ||||||||||||||||||
Intangible assets | 37,188 | ||||||||||||||||||
Excess cost over fair value of net assets acquired (goodwill) | 9,082 | ||||||||||||||||||
Other liabilities | (1,341 | ) | |||||||||||||||||
Net assets acquired | $ | 46,343 | |||||||||||||||||
The following table summarizes the fair values of all of the Company’s financial instruments on the consolidated balance sheets: | |||||||||||||||||||
As of June 30, 2014 | |||||||||||||||||||
Fair value | Carrying value | Level 1 | Level 2 | Level 3 | |||||||||||||||
Financial assets: | |||||||||||||||||||
Student loans receivable | $ | 30,629,142 | 29,342,430 | — | — | 30,629,142 | |||||||||||||
Cash and cash equivalents | 92,099 | 92,099 | 92,099 | — | — | ||||||||||||||
Investments | 141,489 | 141,489 | 3,922 | 137,567 | — | ||||||||||||||
Restricted cash | 855,113 | 855,113 | 855,113 | — | — | ||||||||||||||
Restricted cash – due to customers | 98,005 | 98,005 | 98,005 | — | — | ||||||||||||||
Restricted investments | 6,921 | 6,921 | 6,921 | — | — | ||||||||||||||
Accrued interest receivable | 360,075 | 360,075 | — | 360,075 | — | ||||||||||||||
Derivative instruments | 68,033 | 68,033 | — | 68,033 | — | ||||||||||||||
Financial liabilities: | |||||||||||||||||||
Bonds and notes payable | 29,493,178 | 29,492,560 | — | 29,493,178 | — | ||||||||||||||
Accrued interest payable | 24,339 | 24,339 | — | 24,339 | — | ||||||||||||||
Due to customers | 98,005 | 98,005 | 98,005 | — | — | ||||||||||||||
Derivative instruments | 15,546 | 15,546 | — | 15,546 | — | ||||||||||||||
As of December 31, 2013 | |||||||||||||||||||
Fair value | Carrying value | Level 1 | Level 2 | Level 3 | |||||||||||||||
Financial assets: | |||||||||||||||||||
Student loans receivable | $ | 26,641,383 | 25,907,589 | — | — | 26,641,383 | |||||||||||||
Cash and cash equivalents | 63,267 | 63,267 | 63,267 | — | — | ||||||||||||||
Investments | 192,040 | 192,040 | 3,761 | 188,279 | — | ||||||||||||||
Restricted cash | 727,838 | 727,838 | 727,838 | — | — | ||||||||||||||
Restricted cash – due to customers | 167,576 | 167,576 | 167,576 | — | — | ||||||||||||||
Restricted investments | 7,285 | 7,285 | 7,285 | — | — | ||||||||||||||
Accrued interest receivable | 314,553 | 314,553 | — | 314,553 | — | ||||||||||||||
Derivative instruments | 62,507 | 62,507 | — | 62,507 | — | ||||||||||||||
Financial liabilities: | |||||||||||||||||||
Bonds and notes payable | 25,577,250 | 25,955,289 | — | 25,577,250 | — | ||||||||||||||
Accrued interest payable | 21,725 | 21,725 | — | 21,725 | — | ||||||||||||||
Due to customers | 167,576 | 167,576 | 167,576 | — | — | ||||||||||||||
Derivative instruments | 17,969 | 17,969 | — | 17,969 | — | ||||||||||||||
Student_Loans_Receivable_Detai
Student Loans Receivable (Details) (USD $) | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Allowance for loan losses | $52,467 | $54,628 | $55,122 | $51,611 | $49,409 | $51,902 |
Student loans receivable | 29,342,430 | ' | 25,907,589 | ' | ' | ' |
Federally insured loans [Member] | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Allowance for loan losses | 40,921 | ' | ' | 39,848 | ' | ' |
Non-federally insured loans [Member] | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Allowance for loan losses | 11,546 | ' | ' | 11,763 | ' | ' |
held for investment [Member] | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Student loans receivable, gross | 29,579,785 | ' | 26,121,306 | ' | ' | ' |
Loan discount, net of unamortized loan premiums and deferred origination costs | 184,888 | ' | 158,595 | ' | ' | ' |
Student loans receivable | 29,342,430 | ' | 25,907,589 | ' | ' | ' |
held for investment [Member] | Federally insured loans [Member] | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Student loans receivable, gross | 29,512,115 | ' | 26,050,203 | ' | ' | ' |
Allowance for loan losses | 40,921 | ' | 43,440 | ' | ' | ' |
held for investment [Member] | Non-federally insured loans [Member] | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Student loans receivable, gross | 67,670 | ' | 71,103 | ' | ' | ' |
Allowance for loan losses | 11,546 | ' | 11,682 | ' | ' | ' |
held for investment [Member] | Stafford and Other [Member] | Federally insured loans [Member] | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Student loans receivable, gross | 6,479,493 | ' | 6,686,626 | ' | ' | ' |
held for investment [Member] | Consolidation Loans [Member] | Federally insured loans [Member] | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Student loans receivable, gross | 23,032,622 | ' | 19,363,577 | ' | ' | ' |
Non-accretable discount [Member] | held for investment [Member] | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Loan discount, net of unamortized loan premiums and deferred origination costs | $30,000 | ' | $20,200 | ' | ' | ' |
Student_Loans_Receivable_and_A2
Student Loans Receivable and Allowance for Loan Losses Residual Interests (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 |
Purchase of residual interest [Member] | Discount on bonds and notes payable [Member] | Discount on bonds and notes payable [Member] | Discount on bonds and notes payable [Member] | |||
Purchase of residual interest [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Financing Receivable, Significant Purchases | ' | ' | $2,600,000,000 | ' | ' | ' |
Debt and Capital Lease Obligations | 29,492,560,000 | 25,955,289,000 | 2,600,000,000 | -417,557,000 | -258,056,000 | 163,700,000 |
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums, Other | ' | ' | $68,700,000 | ' | ' | ' |
Student_Loans_Receivable_and_A3
Student Loans Receivable and Allowance for Loan Losses Allowance for Loan Losses (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' | ' |
Allowance for loan losses - balance | $54,628 | $49,409 | $55,122 | $51,902 |
Provision for loan losses | 1,500 | 5,000 | 4,000 | 10,000 |
Charge-offs | -4,736 | -3,932 | -8,788 | -10,694 |
Recoveries - non-federally insured loans | 339 | 442 | 710 | 810 |
Purchase (sale) of federally insured loans and other, net | 150 | 275 | 250 | -1,943 |
Transfer from repurchase obligation related to non-federally insured loans purchased, net | 586 | 417 | 1,173 | 1,536 |
Allowance for loan losses - balance | 52,467 | 51,611 | 52,467 | 51,611 |
Federally insured loans [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' | ' |
Provision for loan losses | 2,000 | 5,000 | 5,000 | 11,000 |
Charge-offs | -4,138 | -3,340 | -7,769 | -9,330 |
Allowance for loan losses - balance | 40,921 | 39,848 | 40,921 | 39,848 |
Non-federally insured loans [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' | ' |
Provision for loan losses | -500 | 0 | -1,000 | -1,000 |
Charge-offs | -598 | -592 | -1,019 | -1,364 |
Allowance for loan losses - balance | $11,546 | $11,763 | $11,546 | $11,763 |
Student_Loans_Receivable_and_A4
Student Loans Receivable and Allowance for Loan Losses Repurchase Obligations (Details) (USD $) | 3 Months Ended | 6 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2011 | Jun. 30, 2014 | |
Cumulative non-federally insured loans participated subject to repurchase agreement [Member] | Non-federally insured loans sold subject to repurchase agreement [Member] | Non-federally insured loans sold subject to repurchase agreement [Member] | ||||||
Repurchase Obligation [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Cumulative amount of participated non-federally insured student loans | ' | ' | ' | ' | ' | $117,100,000 | ' | ' |
Days delinquent to trigger repurchase range, minimum | ' | ' | ' | ' | ' | '60 days | ' | ' |
Days delinquent to trigger repurchase range, maximum | ' | ' | ' | ' | ' | '90 days | ' | ' |
Proceeds from sale of non-federally insured student loans subject to repurchase agreements | ' | ' | ' | ' | ' | ' | 91,300,000 | ' |
Percent of par value of non-federally insured student loans subject to repurchase agreements | ' | ' | ' | ' | ' | ' | 100.00% | ' |
Days delinquent to trigger repurchase | ' | ' | ' | ' | ' | ' | '60 days | ' |
Change in Repurchase Obligation [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning balance | 15,413,000 | 15,011,000 | 16,143,000 | 16,130,000 | ' | ' | ' | ' |
Transfer to the Allowance for Loan Losses Related to Loans Sold or Purchased and other, net | 586,000 | 417,000 | 1,316,000 | 1,536,000 | ' | ' | ' | ' |
Ending balance | 14,827,000 | 14,594,000 | 14,827,000 | 14,594,000 | ' | ' | ' | ' |
Student loans receivable | $29,342,430,000 | ' | $29,342,430,000 | ' | $25,907,589,000 | ' | ' | $58,900,000 |
Student_Loans_Receivable_and_A5
Student Loans Receivable and Allowance for Loan Losses Student Loan Status and Delinquency (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | |||
Federally insured loans, excluding rehabiliation loans [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Loans in-school/grace/deferment | $3,095,741 | $2,872,505 | $2,983,795 |
Loans in forbearance | 3,593,891 | 3,370,025 | 3,320,101 |
Student loans receivable, gross | 29,512,115 | 26,050,203 | 24,688,734 |
Loans in repayment status: | ' | ' | ' |
Loans current | 19,164,660 | 16,337,922 | 15,355,379 |
Loans current, percentage | 84.00% | 82.50% | 83.60% |
Loans delinquent 31-60 days | 1,026,046 | 967,318 | 776,577 |
Loans delinquent 31-60 days, percentage | 4.50% | 4.90% | 4.20% |
Loans delinquent 61-90 days | 674,918 | 550,333 | 531,339 |
Loans delinquent 61-90 days, percentage | 3.00% | 2.80% | 2.90% |
Loans delinquent 91-120 days | 376,068 | 390,791 | 291,732 |
Loans delinquent 91-120 days, percentage | 1.50% | 2.00% | 1.60% |
Loans delinquent 121-270 days | 1,133,527 | 1,117,936 | 1,016,571 |
Loans delinquent 121-270 days, percentage | 5.00% | 5.60% | 5.50% |
Loans Delinquent Greater than 271 Days Past Due | 447,264 | 443,373 | 413,240 |
Loans delinquent 271 days or greater, percentage | 2.00% | 2.20% | 2.20% |
Total loans in repayment | $22,822,483 | $19,807,673 | $18,384,838 |
Total loans in repayment, percentage | 100.00% | 100.00% | 100.00% |
Non-federally insured loans [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Loans Delinquent 31 Days or Greater in Percentage | 12.60% | 12.70% | 27.10% |
Outstanding_Debt_Obligations_D
Outstanding Debt Obligations (Details) (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Debt Instrument [Line Items] | ' | ' |
Bonds and notes payable | $29,492,560 | $25,955,289 |
Variable-rate bonds and notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Bonds and notes payable | 28,545,842 | 24,614,143 |
Bonds and notes based on indices [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Bonds and notes payable | 26,983,517 | 23,479,893 |
Debt Instrument, Maturity Date Range, Start | 25-May-18 | 25-May-18 |
Debt Instrument, Maturity Date Range, End | 26-Aug-52 | 26-Aug-52 |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 0.24% | 0.25% |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 6.90% | 6.90% |
Bonds and notes based on auction or remarketing [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Bonds and notes payable | 1,562,325 | 1,134,250 |
Debt Instrument, Maturity Date Range, Start | 1-May-28 | 1-May-28 |
Debt Instrument, Maturity Date Range, End | 25-May-46 | 26-Nov-46 |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 0.06% | 0.07% |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 2.10% | 2.17% |
FFELP warehouse facilities [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Bonds and notes payable | 1,139,750 | 1,396,344 |
Debt Instrument, Maturity Date Range, Start | 17-Jan-16 | 17-Jan-16 |
Debt Instrument, Maturity Date Range, End | 11-Jun-17 | 12-Jun-16 |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 0.15% | 0.17% |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 0.25% | 0.25% |
Line of Credit [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Bonds and notes payable | 65,000 | 45,000 |
Debt Instrument, Maturity Date Range, Start | 30-Jun-19 | 28-Mar-18 |
Debt Instrument, Maturity Date Range, End | 30-Jun-19 | 28-Mar-18 |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 1.65% | 1.67% |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 1.65% | 1.67% |
Junior Subordinated Debt [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Bonds and notes payable | 96,457 | 96,457 |
Debt Instrument, Maturity Date Range, Start | 15-Sep-61 | 15-Sep-61 |
Debt Instrument, Maturity Date Range, End | 15-Sep-61 | 15-Sep-61 |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 3.61% | 3.62% |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 3.61% | 3.62% |
Other borrowings [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Bonds and notes payable | 63,068 | 61,401 |
Debt Instrument, Maturity Date Range, Start | 31-Oct-14 | 11-Apr-14 |
Debt Instrument, Maturity Date Range, End | 11-Nov-15 | 11-Nov-15 |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 1.66% | 1.67% |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 5.10% | 5.10% |
Bonds and notes payable, gross [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Bonds and notes payable | 29,910,117 | 26,213,345 |
Discount on bonds and notes payable [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Bonds and notes payable | ($417,557) | ($258,056) |
Bonds_and_Notes_Payable_Outsta
Bonds and Notes Payable Outstanding Lines of Credit (Details) (USD $) | 3 Months Ended | 1 Months Ended | 3 Months Ended | 3 Months Ended | 6 Months Ended | 0 Months Ended | |||||||||
Jun. 30, 2014 | 22-May-14 | Jun. 30, 2014 | Apr. 15, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 29, 2014 | Apr. 15, 2014 | Apr. 15, 2014 | ||||||
NHELP-II Warehouse [Member] | NFSLW-I Warehouse [Member] | NFSLW-I Warehouse [Member] | NFSLW-I Warehouse [Member] | NHELP-III Warehouse [Member] | FFELP Warehouse Total [Member] | Line of Credit [Member] | Line of Credit [Member] | amendment to maturity date of liquidity provisions [Member] | amendment to maturity date [Member] | ||||||
NFSLW-I Warehouse [Member] | NFSLW-I Warehouse [Member] | ||||||||||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Maximum financing amount | $500,000,000 | ' | $500,000,000 | [1] | $1,000,000,000 | [1] | $750,000,000 | $1,750,000,000 | $350,000,000 | $275,000,000 | ' | ' | |||
Amount outstanding | 92,803,000 | ' | 387,279,000 | [1] | ' | 659,668,000 | 1,139,750,000 | 65,000,000 | ' | ' | ' | ||||
Amount available | 407,197,000 | ' | 112,721,000 | [1] | ' | 90,332,000 | 610,250,000 | 285,000,000 | ' | ' | ' | ||||
Expiration of liquidity provisions | 30-Sep-14 | ' | 11-Jun-15 | [1] | ' | 5-Feb-15 | ' | ' | ' | 11-Jun-15 | [1] | ' | |||
Debt Instrument, Maturity Date Range, End | 30-Sep-16 | ' | 11-Jun-17 | [1] | ' | 17-Jan-16 | ' | ' | ' | ' | 11-Jun-17 | [1] | |||
Line of credit facility, termination date | ' | ' | ' | ' | ' | ' | 30-Jun-19 | ' | ' | ' | |||||
Maximum Advance Rates - range minimum | 84.50% | ' | 92.00% | [1] | ' | 92.15% | ' | ' | ' | ' | ' | ||||
Maximum advance rates - range maximum | 94.50% | ' | 98.00% | [1] | ' | 95.00% | ' | ' | ' | ' | ' | ||||
Minimum Advance Rates - range minimum | 84.50% | ' | 84.00% | [1] | ' | 92.15% | ' | ' | ' | ' | ' | ||||
Minimum advance rates - range maximum | 94.50% | ' | 90.00% | [1] | ' | 95.00% | ' | ' | ' | ' | ' | ||||
Advanced as equity support | 8,264,000 | ' | 18,870,000 | [1] | ' | 39,496,000 | 66,630,000 | ' | ' | ' | ' | ||||
Line of Credit Facility, Increase (Decrease), Net | ' | ($500,000,000) | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ||||
[1] | (a) On April 15, 2014, the Company amended the agreement for this warehouse facility to temporarily increase the maximum financing amount to $1.0 billion, change the expiration date for the liquidity provisions to JuneB 11, 2015, and change the maturity date to JuneB 11, 2017. As a result of the completion of the 2014-3 asset-backed securitization summarized in the table below, on April 30, 2014, the Company determined that it no longer needed the increased capacity on this warehouse facility, and the $500.0 million temporary increase was terminated on May 22, 2014. |
Bonds_and_Notes_Payable_Assetb
Bonds and Notes Payable Asset-backed Securitizations (Details) (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 |
Debt Instrument [Line Items] | ' |
Debt Instrument, Variable Rate Basis | '1-month LIBOR |
Asset-backed securitization issuance, Face Amount | $2,674,800 |
2014-1 Securitization [Member] | ' |
Debt Instrument [Line Items] | ' |
Asset-backed securitization, issuance date | 6-Feb-14 |
Asset-backed securitization issuance, Face Amount | 458,500 |
2014-2 Securitization [Member] | ' |
Debt Instrument [Line Items] | ' |
Asset-backed securitization, issuance date | 12-Mar-14 |
Asset-backed securitization issuance, Face Amount | 509,000 |
2014-2 Securitization [Member] | 2014-2 Securitization Class A-1 [Member] | ' |
Debt Instrument [Line Items] | ' |
Asset-backed securitization, issuance date | 12-Mar-14 |
2014-2 Securitization [Member] | 2014-2 Securitization Class A-2 [Member] | ' |
Debt Instrument [Line Items] | ' |
Asset-backed securitization, issuance date | 12-Mar-14 |
2014-2 Securitization [Member] | 2014-2 Securitization Class A-3 [Member] | ' |
Debt Instrument [Line Items] | ' |
Asset-backed securitization, issuance date | 12-Mar-14 |
2014-3 Securitization [Member] | ' |
Debt Instrument [Line Items] | ' |
Asset-backed securitization, issuance date | 30-Apr-14 |
Asset-backed securitization issuance, Face Amount | 719,800 |
2014-4 Securitization [Member] [Domain] | ' |
Debt Instrument [Line Items] | ' |
Asset-backed securitization, issuance date | 23-May-14 |
Asset-backed securitization issuance, Face Amount | 384,500 |
2014-4 Securitization [Member] [Domain] | 2014-4 Securitization Class A-1 [Member] | ' |
Debt Instrument [Line Items] | ' |
Asset-backed securitization, issuance date | 23-May-14 |
2014-4 Securitization [Member] [Domain] | 2014-4 Securitization Class A-2 [Member] | ' |
Debt Instrument [Line Items] | ' |
Asset-backed securitization, issuance date | 23-May-14 |
2014-5 Securitization [Member] [Domain] | ' |
Debt Instrument [Line Items] | ' |
Asset-backed securitization, issuance date | 18-Jun-14 |
Asset-backed securitization issuance, Face Amount | 603,000 |
Class A [Member] | ' |
Debt Instrument [Line Items] | ' |
Asset-backed securitization issuance, Unamortized Discount | -535 |
Asset-backed securitization issuance, Face Amount | 2,604,700 |
Long-term Debt, Fair Value | 2,604,165 |
Class A [Member] | 2014-1 Securitization [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Basis Spread on Variable Rate Basis | 0.57% |
Asset-backed securitization issuance, Unamortized Discount | 0 |
Asset-backed securitization issuance, Face Amount | 445,000 |
Long-term Debt, Fair Value | 445,000 |
Debt Instrument, Maturity Date Range, End | 25-Sep-41 |
Class A [Member] | 2014-2 Securitization [Member] | ' |
Debt Instrument [Line Items] | ' |
Asset-backed securitization issuance, Unamortized Discount | -535 |
Asset-backed securitization issuance, Face Amount | 497,000 |
Long-term Debt, Fair Value | 496,465 |
Class A [Member] | 2014-2 Securitization [Member] | 2014-2 Securitization Class A-1 [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Basis Spread on Variable Rate Basis | 0.28% |
Asset-backed securitization issuance, Unamortized Discount | 0 |
Asset-backed securitization issuance, Face Amount | 191,000 |
Long-term Debt, Fair Value | 191,000 |
Debt Instrument, Maturity Date Range, End | 25-Jun-21 |
Class A [Member] | 2014-2 Securitization [Member] | 2014-2 Securitization Class A-2 [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Basis Spread on Variable Rate Basis | 0.60% |
Asset-backed securitization issuance, Unamortized Discount | 0 |
Asset-backed securitization issuance, Face Amount | 222,000 |
Long-term Debt, Fair Value | 222,000 |
Debt Instrument, Maturity Date Range, End | 25-Mar-30 |
Class A [Member] | 2014-2 Securitization [Member] | 2014-2 Securitization Class A-3 [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Basis Spread on Variable Rate Basis | 0.85% |
Asset-backed securitization issuance, Unamortized Discount | -535 |
Asset-backed securitization issuance, Face Amount | 84,000 |
Long-term Debt, Fair Value | 83,465 |
Debt Instrument, Maturity Date Range, End | 27-Jul-37 |
Class A [Member] | 2014-3 Securitization [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Basis Spread on Variable Rate Basis | 0.58% |
Asset-backed securitization issuance, Unamortized Discount | 0 |
Asset-backed securitization issuance, Face Amount | 700,700 |
Long-term Debt, Fair Value | 700,700 |
Debt Instrument, Maturity Date Range, End | 25-Jun-41 |
Class A [Member] | 2014-4 Securitization [Member] [Domain] | ' |
Debt Instrument [Line Items] | ' |
Asset-backed securitization issuance, Unamortized Discount | 0 |
Asset-backed securitization issuance, Face Amount | 375,000 |
Long-term Debt, Fair Value | 375,000 |
Class A [Member] | 2014-4 Securitization [Member] [Domain] | 2014-4 Securitization Class A-1 [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Basis Spread on Variable Rate Basis | 0.54% |
Asset-backed securitization issuance, Unamortized Discount | 0 |
Asset-backed securitization issuance, Face Amount | 267,500 |
Long-term Debt, Fair Value | 267,500 |
Debt Instrument, Maturity Date Range, End | 27-Nov-34 |
Class A [Member] | 2014-4 Securitization [Member] [Domain] | 2014-4 Securitization Class A-2 [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Basis Spread on Variable Rate Basis | 0.95% |
Asset-backed securitization issuance, Unamortized Discount | 0 |
Asset-backed securitization issuance, Face Amount | 107,500 |
Long-term Debt, Fair Value | 107,500 |
Debt Instrument, Maturity Date Range, End | 25-Nov-43 |
Class A [Member] | 2014-5 Securitization [Member] [Domain] | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Basis Spread on Variable Rate Basis | 0.55% |
Asset-backed securitization issuance, Unamortized Discount | 0 |
Asset-backed securitization issuance, Face Amount | 587,000 |
Long-term Debt, Fair Value | 587,000 |
Debt Instrument, Maturity Date Range, End | 25-Jul-41 |
Class B [Member] | ' |
Debt Instrument [Line Items] | ' |
Asset-backed securitization issuance, Unamortized Discount | -6,015 |
Asset-backed securitization issuance, Face Amount | 70,100 |
Long-term Debt, Fair Value | 64,085 |
Class B [Member] | 2014-1 Securitization [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Basis Spread on Variable Rate Basis | 1.50% |
Asset-backed securitization issuance, Unamortized Discount | -1,132 |
Asset-backed securitization issuance, Face Amount | 13,500 |
Long-term Debt, Fair Value | 12,368 |
Debt Instrument, Maturity Date Range, End | 25-Oct-47 |
Class B [Member] | 2014-2 Securitization [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Basis Spread on Variable Rate Basis | 1.50% |
Asset-backed securitization issuance, Unamortized Discount | -1,046 |
Asset-backed securitization issuance, Face Amount | 12,000 |
Long-term Debt, Fair Value | 10,954 |
Debt Instrument, Maturity Date Range, End | 25-Jun-41 |
Class B [Member] | 2014-3 Securitization [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Basis Spread on Variable Rate Basis | 1.50% |
Asset-backed securitization issuance, Unamortized Discount | -1,467 |
Asset-backed securitization issuance, Face Amount | 19,100 |
Long-term Debt, Fair Value | 17,633 |
Debt Instrument, Maturity Date Range, End | 25-Oct-50 |
Class B [Member] | 2014-4 Securitization [Member] [Domain] | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Basis Spread on Variable Rate Basis | 1.50% |
Asset-backed securitization issuance, Unamortized Discount | -1,138 |
Asset-backed securitization issuance, Face Amount | 9,500 |
Long-term Debt, Fair Value | 8,362 |
Debt Instrument, Maturity Date Range, End | 25-Sep-51 |
Class B [Member] | 2014-5 Securitization [Member] [Domain] | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Basis Spread on Variable Rate Basis | 1.50% |
Asset-backed securitization issuance, Unamortized Discount | -1,232 |
Asset-backed securitization issuance, Face Amount | 16,000 |
Long-term Debt, Fair Value | $14,768 |
Debt Instrument, Maturity Date Range, End | 25-May-49 |
Bonds_and_Notes_Payable_Debt_R
Bonds and Notes Payable Debt Repurchases (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Gain from debt repurchases | ' | ' | $57,000 | $8,728,000 |
Asset-backed Securities [Member] | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Extinguishment of Debt, Amount | 200,000 | 56,400,000 | 1,600,000 | 69,400,000 |
Gain from debt repurchases | $18,000 | $7,400,000 | $57,000 | $8,700,000 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments Outstanding (Details) (USD $) | 6 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 | ||
Derivative [Line Items] | ' | ' | ||
Bonds and notes payable | $29,492,560 | $25,955,289 | ||
Junior Subordinated Hybrid Securities [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Bonds and notes payable | 96,457 | 96,457 | ||
Derivative, Type of Interest Rate Paid on Swap | '3-month LIBOR | '3-month LIBOR | ||
Junior Subordinated Hybrid Securities [Member] | Unsecured Debt Interest Rate Swaps 1 [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative, Notional Amount | 25,000 | 25,000 | ||
Derivative, Average Fixed Interest Rate | 4.28% | [1] | 4.28% | |
1:3 basis swaps [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative, Notional Amount | 8,000,000 | [2] | 8,000,000 | [2] |
Derivative, Type of Interest Rate Paid on Swap | 'one-month LIBOR | 'one-month LIBOR | ||
Weighted average basis spread on variable rate | 3.50% | 3.50% | ||
1:3 basis swaps [Member] | Maturity 2021 [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative, Notional Amount | 250,000 | 250,000 | ||
1:3 basis swaps [Member] | Maturity 2022 [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative, Notional Amount | 1,900,000 | 1,900,000 | ||
1:3 basis swaps [Member] | Maturity 2023 [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative, Notional Amount | 3,650,000 | 3,650,000 | ||
1:3 basis swaps [Member] | Maturity 2024 [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative, Notional Amount | 250,000 | 250,000 | ||
1:3 basis swaps [Member] | Maturity 2026 [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative, Notional Amount | 800,000 | 800,000 | ||
1:3 basis swaps [Member] | Maturity 2028 [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative, Notional Amount | 100,000 | 100,000 | ||
1:3 basis swaps [Member] | Maturity 2036 [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative, Notional Amount | 700,000 | 700,000 | ||
1:3 basis swaps [Member] | Maturity 2039 [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative, Notional Amount | 150,000 | [3] | 150,000 | |
1:3 basis swaps [Member] | Maturity 2040 [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative, Notional Amount | 200,000 | [4] | 200,000 | |
Fixed Rate Floor Income Interest Rate Swap [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative, Notional Amount | 4,350,000 | 4,850,000 | ||
Derivative, Average Fixed Interest Rate | 0.81% | [1] | 0.81% | [1] |
Derivative, Type of Interest Rate Paid on Swap | '3-month LIBOR | '3-month LIBOR | ||
Fixed Rate Floor Income Interest Rate Swap [Member] | Maturity 2014 [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative, Notional Amount | 1,250,000 | 1,750,000 | ||
Derivative, Average Fixed Interest Rate | 0.67% | [1] | 0.71% | [1] |
Fixed Rate Floor Income Interest Rate Swap [Member] | Maturity 2015 [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative, Notional Amount | 1,100,000 | 1,100,000 | ||
Derivative, Average Fixed Interest Rate | 0.89% | [1] | 0.89% | [1] |
Fixed Rate Floor Income Interest Rate Swap [Member] | Maturity 2016 [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative, Notional Amount | 750,000 | 750,000 | ||
Derivative, Average Fixed Interest Rate | 0.85% | [1] | 0.85% | [1] |
Fixed Rate Floor Income Interest Rate Swap [Member] | Maturity 2017 [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative, Notional Amount | $1,250,000 | $1,250,000 | ||
Derivative, Average Fixed Interest Rate | 0.86% | [1] | 0.86% | [1] |
[1] | For all interest rate derivatives, the Company receives discrete three-month LIBOR. | |||
[2] | The weighted average rate paid by the Company on the 1:3 Basis Swaps as of JuneB 30, 2014 and DecemberB 31, 2013 was one-month LIBOR plus 3.5 basis points | |||
[3] | This derivative has a forward effective start date in 2015. | |||
[4] | This derivative has a forward effective start date in 2020. |
Derivative_Financial_Instrumen3
Derivative Financial Instruments Cross-currency Interest Rate Swaps (Details) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | ||||||||||||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | ||||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Currency Swap [Member] | Currency Swap [Member] | Currency Swap [Member] | Currency Swap [Member] | Cross-currency interest rate swap 1 [Member] | Cross currency interest rate swap 2 [Member] | Cross currency interest rate swap 2 [Member] | Fixed Rate Floor Income Interest Rate Swap [Member] | Fixed Rate Floor Income Interest Rate Swap [Member] | |||||||
USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | USD ($) | ||||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Derivative, Average Fixed Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.81% | [1] | 0.81% | [1] | ||||
Bonds and notes payable | $29,492,560 | ' | $29,492,560 | ' | $25,955,289 | ' | ' | ' | ' | € 420,500 | ' | € 352,700 | ' | ' | ||||||
Re-measurement of Euro Notes | 2,751 | -14,691 | 1,798 | 14,072 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Change in fair value of cross currency interest rate swaps | -2,999 | 14,748 | ' | ' | ' | ' | ' | -3,037 | -20,096 | ' | ' | ' | ' | ' | ||||||
Total impact to statements of income - income (expense) | 5,033 | 63,236 | 7,950 | 43,729 | ' | -248 | [2] | 57 | [2],[3] | -1,239 | [2] | -6,024 | [2],[3] | ' | ' | ' | ' | ' | ||
Derivative, Notional Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $450,000 | € 352,700 | $4,350,000 | $4,850,000 | ||||||
[1] | For all interest rate derivatives, the Company receives discrete three-month LIBOR. | |||||||||||||||||||
[2] | The financial statement impact of the above items is included in "Derivative market value and foreign currency adjustments and derivative settlements, net" in the Company's consolidated statements of income. | |||||||||||||||||||
[3] | The 2013 operating results include the re-measurement of an additional €420.5 million of student loan asset-backed Euro notes and the change in fair value of a related cross-currency interest rate swap entered into in connection with the issuance of such notes. In November 2013, the principal amount outstanding on the notes was changed to U.S. dollars and the cross-currency interest swap was terminated. |
Derivative_Financial_Instrumen4
Derivative Financial Instruments Fair Value of Derivative Instruments (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' |
Proceeds to terminate and or amend derivative instruments | ($2,700) | $0 | ' | ' |
Fair value of derivative instruments, asset | ' | 68,033 | ' | 62,507 |
Fair value of derivative instruments, liability | ' | 15,546 | ' | 17,969 |
Cash collateral received | ' | 323 | ' | 15,959 |
Cash collateral pledged | ' | 0 | ' | 3,630 |
Payments to terminate and/or amend derivative instruments | 6,500 | 0 | 3,819 | ' |
1:3 basis swaps [Member] | ' | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' |
Fair value of derivative instruments, asset | ' | 31,510 | ' | 18,490 |
Fair value of derivative instruments, liability | ' | 0 | ' | 0 |
Interest rate swaps - floor income hedges [Member] | ' | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' |
Fair value of derivative instruments, asset | ' | 2,726 | ' | 7,183 |
Fair value of derivative instruments, liability | ' | 10,849 | ' | 15,849 |
Interest rate swaps - hybrid debt hedges [Member] | ' | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' |
Fair value of derivative instruments, asset | ' | 0 | ' | 0 |
Fair value of derivative instruments, liability | ' | 4,697 | ' | 2,120 |
Cross-currency interest rate swaps [Member] | ' | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' |
Fair value of derivative instruments, asset | ' | 33,797 | ' | 36,834 |
Fair value of derivative instruments, liability | ' | $0 | ' | $0 |
Derivative_Financial_Instrumen5
Derivative Financial Instruments Gross/Net (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Fair value of derivative instruments, asset | $68,033 | $62,507 |
Fair value of derivative instruments, liability | -15,546 | -17,969 |
Derivatives subject to enforceable master netting arrangement, asset | -15,546 | -15,437 |
Derivatives subject to enforceable master netting arrangement, liability | 15,546 | 15,437 |
Cash collateral received | -323 | -15,959 |
Cash collateral pledged | 0 | 3,630 |
Fair value of derivative instruments, asset, net | 52,164 | 31,111 |
Fair value of derivative instruments, liability, net | $0 | ($1,098) |
Derivative_Financial_Instrumen6
Derivative Financial Instruments Income Statement Effect of Derivative Instruments (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Derivative settlements, net | ($6,214) | ($8,357) | ($12,443) | ($16,541) |
Change in fair value | 5,033 | 63,236 | 7,950 | 43,729 |
Re-measurement of Euro Notes (foreign currency transaction adjustment) - income (expense) | 2,751 | -14,691 | 1,798 | 14,072 |
Derivative market value and foreign currency adjustments and derivative settlements - income (expense) | 1,570 | 40,188 | -2,695 | 41,260 |
1:3 basis swaps [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Derivative settlements, net | 858 | 782 | 1,739 | 1,692 |
Change in fair value | 11,910 | 9,630 | 13,020 | 11,563 |
Interest rate swaps - floor income hedges [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Derivative settlements, net | -6,974 | -8,534 | -13,924 | -16,839 |
Change in fair value | -2,813 | 33,408 | 545 | 42,830 |
Interest rate swaps - hybrid debt hedges [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Derivative settlements, net | -256 | -512 | -508 | -1,157 |
Change in fair value | -1,065 | 5,450 | -2,578 | 9,090 |
Cross-currency interest rate swaps [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Derivative settlements, net | 158 | -93 | 250 | -237 |
Change in fair value | -2,999 | 14,748 | -3,037 | -20,096 |
Other [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Change in fair value | $0 | $0 | $0 | $342 |
Investments_and_Restricted_Inv
Investments and Restricted Investments Summary (Details) (USD $) | 6 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 | ||
Investments [Member] | ' | ' | ||
Investment Holdings [Line Items] | ' | ' | ||
Investments, Fair Value Disclosure | $141,489 | $192,040 | ||
Investments [Member] | Available-for-sale investments [Member] | ' | ' | ||
Investment Holdings [Line Items] | ' | ' | ||
Amortized cost | 126,083 | 173,433 | ||
Gross unrealized gains | 9,059 | 8,894 | ||
Gross unrealized losses | -219 | [1] | -1,244 | |
Investments, Fair Value Disclosure | 134,923 | 181,083 | ||
Investments [Member] | Available-for-sale investments [Member] | Student Loan Asset-Backed and Other Debt Securities [Member] | ' | ' | ||
Investment Holdings [Line Items] | ' | ' | ||
Amortized cost | 124,556 | [2] | 171,931 | [2] |
Gross unrealized gains | 7,090 | [2] | 7,111 | [2] |
Gross unrealized losses | -212 | [1],[2] | -1,241 | [2] |
Investments, Fair Value Disclosure | 131,434 | [2] | 177,801 | [2] |
Investments [Member] | Available-for-sale investments [Member] | Equity securities [Member] | ' | ' | ||
Investment Holdings [Line Items] | ' | ' | ||
Amortized cost | 1,527 | 1,502 | ||
Gross unrealized gains | 1,969 | 1,783 | ||
Gross unrealized losses | -7 | [1] | -3 | |
Investments, Fair Value Disclosure | ' | 3,282 | ||
Investments [Member] | Trading investments [Member] | Student Loan Asset-Backed and Other Debt Securities [Member] | ' | ' | ||
Investment Holdings [Line Items] | ' | ' | ||
Investments, Fair Value Disclosure | 6,566 | 10,957 | ||
Estimate of Fair Value Measurement [Member] | ' | ' | ||
Investment Holdings [Line Items] | ' | ' | ||
Restricted Investments | 6,921 | 7,285 | ||
Guaranteed investment contracts - held-to-maturity | ' | $7,285 | [3] | |
[1] | As of JuneB 30, 2014, the Company considered the decline in market value of its available-for-sale investments to be temporary in nature and did not consider any of its investments other-than-temporarily impaired. | |||
[2] | As of JuneB 30, 2014, the stated maturities of the majority of the Company's student loan asset-backed and other debt securities classified as available-for-sale were greater than 10 years. | |||
[3] | Restricted investments are included in "restricted cash and investments" in the Company's consolidated balance sheets. |
Investments_Realized_Gains_Los
Investments Realized Gains (Losses) on Available-for-Sale Securities (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Gain (Loss) on Investments [Line Items] | ' | ' | ' | ' |
Other income | $1,238 | $559 | $8,311 | $1,516 |
Available-for-sale Securities [Member] | ' | ' | ' | ' |
Gain (Loss) on Investments [Line Items] | ' | ' | ' | ' |
Other income | 1,238 | 559 | -8,311 | -1,516 |
Income tax expense | -458 | -207 | -3,075 | -561 |
Net | $780 | $352 | $5,236 | $955 |
Business_Combination_Details
Business Combination (Details) (USD $) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2014 | Jun. 30, 2014 | |
Business Combinations [Abstract] | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | $326,000 | $326,000 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 961,000 | 961,000 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 105,000 | 105,000 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets | 22,000 | 22,000 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 37,200,000 | 37,200,000 |
Goodwill, Acquired During Period | 9,082,000 | 9,082,000 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other | -1,341,000 | -1,341,000 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $46,343,000 | $46,343,000 |
Business_Combination_Acquisiti
Business Combination Acquisition Details (Details) (USD $) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2014 | Jun. 30, 2014 | |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | 100.00% |
Business Acquisition, Goodwill, Expected Tax Deductible Amount | $9,100,000 | $9,100,000 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | '18 years | ' |
Business Combination, Consideration Transferred | ' | 44,000,000 |
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, Low | 0 | 0 |
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 4,000,000 | 4,000,000 |
Business Combination, Contingent Consideration, Liability | 2,300,000 | 2,300,000 |
Trade Names [Member] | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | '20 years | ' |
Finite-lived Intangible Assets Acquired | 6,400,000 | ' |
Computer Software, Intangible Asset [Member] | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | '5 years | ' |
Finite-lived Intangible Assets Acquired | 4,900,000 | ' |
Covenants not to compete [Member] | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | '10 years | ' |
Finite-lived Intangible Assets Acquired | 400,000 | ' |
Customer Relationships [Member] | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | '20 years | ' |
Finite-lived Intangible Assets Acquired | $25,500,000 | ' |
Intangible_Assets_Intangible_A2
Intangible Assets Intangible Assets (Details) (USD $) | 6 Months Ended | |
Jun. 30, 2014 | Dec. 31, 2013 | |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '192 months | ' |
Finite-Lived Intangible Assets, Net | $44,849,000 | $6,132,000 |
Covenants not to compete [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '119 months | ' |
Finite-Lived Intangible Assets, Net | 351,000 | 0 |
Finite-Lived Intangible Assets, Accumulated Amortization | 3,000 | 0 |
Trade Names [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '239 months | ' |
Finite-Lived Intangible Assets, Net | 6,383,000 | 0 |
Finite-Lived Intangible Assets, Accumulated Amortization | 39,000 | 0 |
Computer Software, Intangible Asset [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '47 months | ' |
Finite-Lived Intangible Assets, Net | 8,231,000 | 0 |
Finite-Lived Intangible Assets, Accumulated Amortization | 634,000 | 0 |
Customer Relationships [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '223 months | ' |
Finite-Lived Intangible Assets, Net | 29,884,000 | 6,132,000 |
Finite-Lived Intangible Assets, Accumulated Amortization | $21,595,000 | $19,821,000 |
Intangible_Assets_Amortization
Intangible Assets Amortization Expense (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | ' | ' | ' | ' | ' |
Amortization of Intangible Assets | $1,400,000 | $800,000 | $2,400,000 | $1,700,000 | ' |
Finite-Lived Intangible Assets, Amortization Expense, Remainder of Fiscal Year | 2,843,000 | ' | 2,843,000 | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 6,402,000 | ' | 6,402,000 | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 5,982,000 | ' | 5,982,000 | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 4,406,000 | ' | 4,406,000 | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 4,000,000 | ' | 4,000,000 | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | 21,216,000 | ' | 21,216,000 | ' | ' |
Amortization of Intangible Assets | $44,849,000 | ' | $44,849,000 | ' | $6,132,000 |
Goodwill_Goodwill_Details
Goodwill Goodwill (Details) (USD $) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2014 | Jun. 30, 2014 | |
Goodwill [Line Items] | ' | ' |
Goodwill, Period Start | ' | $117,118,000 |
Goodwill, Acquired During Period | 9,082,000 | 9,082,000 |
Goodwill, Period End | 126,200,000 | 126,200,000 |
Student Loan and Guaranty Servicing [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill, Period Start | ' | 8,596,000 |
Goodwill, Acquired During Period | ' | 0 |
Goodwill, Period End | 8,596,000 | 8,596,000 |
Tuition Payment Processing and Campus Commerce [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill, Period Start | ' | 58,086,000 |
Goodwill, Acquired During Period | ' | 9,082,000 |
Goodwill, Period End | 67,168,000 | 67,168,000 |
Enrollment Services [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill, Period Start | ' | 8,553,000 |
Goodwill, Acquired During Period | ' | 0 |
Goodwill, Period End | 8,553,000 | 8,553,000 |
Asset Generation and Management [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill, Period Start | ' | 41,883,000 |
Goodwill, Acquired During Period | ' | 0 |
Goodwill, Period End | $41,883,000 | $41,883,000 |
Earnings_per_Common_Share_Deta
Earnings per Common Share (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' |
Net income attributable to Nelnet, Inc. | $74,994 | $101,243 | $148,780 | $169,322 |
Weighted average common shares outstanding - basic and diluted | 46,529,377 | 46,626,853 | 46,528,651 | 46,642,356 |
Earnings per share - basic and diluted | $1.61 | $2.17 | $3.20 | $3.63 |
Antidilutive securities excluded from computation of earnings per share | 0 | 0 | 0 | 0 |
Common shareholders [Member] | ' | ' | ' | ' |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' |
Net income attributable to Nelnet, Inc. | 74,263 | 100,339 | 147,388 | 167,868 |
Weighted average common shares outstanding - basic and diluted | 46,075,869 | 46,210,571 | 46,093,314 | 46,241,277 |
Earnings per share - basic and diluted | $1.61 | $2.17 | $3.20 | $3.63 |
Unvested restricted stock shareholders [Member] | ' | ' | ' | ' |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' |
Net income attributable to Nelnet, Inc. | $731 | $904 | $1,392 | $1,454 |
Weighted average common shares outstanding - basic and diluted | 453,508 | 416,282 | 435,337 | 401,079 |
Earnings per share - basic and diluted | $1.61 | $2.17 | $3.20 | $3.63 |
Segment_Reporting_Details
Segment Reporting (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total interest income | $176,948 | $159,546 | $335,823 | $316,702 |
Interest expense | 69,235 | 58,127 | 129,239 | 116,485 |
Net interest income | 107,713 | 101,419 | 206,584 | 200,217 |
Less provision for loan losses | -1,500 | -5,000 | -4,000 | -10,000 |
Net interest income after provision for loan losses | 106,213 | 96,419 | 202,584 | 190,217 |
Other income (expense): | ' | ' | ' | ' |
Loan and guaranty servicing revenue | 66,460 | 60,078 | 131,217 | 115,679 |
Intersegment servicing revenue | 0 | 0 | 0 | 0 |
Tuition payment processing and campus commerce revenue | 21,834 | 18,356 | 47,069 | 41,767 |
Enrollment services revenue | 20,145 | 24,823 | 42,156 | 53,780 |
Other income | 15,315 | 12,288 | 33,446 | 21,704 |
Gain on sale of loans and debt repurchases | 18 | 7,355 | 57 | 8,762 |
Derivative market value and foreign currency adjustments, net | 7,784 | 48,545 | 9,748 | 57,801 |
Derivative settlements, net | -6,214 | -8,357 | -12,443 | -16,541 |
Total other income (expense) | 125,342 | 163,088 | 251,250 | 282,952 |
Operating expenses: | ' | ' | ' | ' |
Salaries and benefits | 53,888 | 47,432 | 106,372 | 95,337 |
Cost to provide enrollment services | 13,311 | 16,787 | 27,786 | 36,429 |
Depreciation and amortization | 5,214 | 4,320 | 9,997 | 8,697 |
Other | 40,377 | 34,365 | 76,004 | 69,306 |
Intersegment expenses, net | 0 | 0 | 0 | 0 |
Total operating expenses | 112,790 | 102,904 | 220,159 | 209,769 |
Income (loss) before income taxes and corporate overhead allocation | 118,765 | 156,603 | 233,675 | 263,400 |
Corporate overhead allocation | 0 | 0 | 0 | 0 |
Income (loss) before income taxes | 118,765 | 156,603 | 233,675 | 263,400 |
Income tax (expense) benefit | -43,078 | -54,746 | -83,689 | -93,193 |
Net income (loss) | 75,687 | 101,857 | 149,986 | 170,207 |
Net income attributable to noncontrolling interest | 693 | 614 | 1,206 | 885 |
Net income (loss) attributable to Nelnet, Inc. | 74,994 | 101,243 | 148,780 | 169,322 |
Student Loan and Guaranty Servicing [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total interest income | 9 | 9 | 20 | 19 |
Interest expense | 0 | 0 | 0 | 0 |
Net interest income | 9 | 9 | 20 | 19 |
Less provision for loan losses | 0 | 0 | 0 | 0 |
Net interest income after provision for loan losses | 9 | 9 | 20 | 19 |
Other income (expense): | ' | ' | ' | ' |
Loan and guaranty servicing revenue | 66,460 | 60,078 | 131,217 | 115,679 |
Intersegment servicing revenue | 13,800 | 13,903 | 28,021 | 28,856 |
Tuition payment processing and campus commerce revenue | 0 | 0 | 0 | 0 |
Enrollment services revenue | 0 | 0 | 0 | 0 |
Other income | 0 | 0 | 0 | 0 |
Gain on sale of loans and debt repurchases | 0 | 0 | 0 | 0 |
Derivative market value and foreign currency adjustments, net | 0 | 0 | 0 | 0 |
Derivative settlements, net | 0 | 0 | 0 | 0 |
Total other income (expense) | 80,260 | 73,981 | 159,238 | 144,535 |
Operating expenses: | ' | ' | ' | ' |
Salaries and benefits | 33,093 | 28,091 | 65,400 | 56,535 |
Cost to provide enrollment services | 0 | 0 | 0 | 0 |
Depreciation and amortization | 2,819 | 2,731 | 5,608 | 5,520 |
Other | 19,815 | 18,031 | 38,267 | 36,421 |
Intersegment expenses, net | 1,124 | 851 | 2,207 | 1,786 |
Total operating expenses | 56,851 | 49,704 | 111,482 | 100,262 |
Income (loss) before income taxes and corporate overhead allocation | 23,418 | 24,286 | 47,776 | 44,292 |
Corporate overhead allocation | -2,060 | -1,513 | -3,920 | -2,510 |
Income (loss) before income taxes | 21,358 | 22,773 | 43,856 | 41,782 |
Income tax (expense) benefit | -8,116 | -8,655 | -16,665 | -15,878 |
Net income (loss) | 13,242 | 14,118 | 27,191 | 25,904 |
Net income attributable to noncontrolling interest | 0 | 0 | 0 | 0 |
Net income (loss) attributable to Nelnet, Inc. | 13,242 | 14,118 | 27,191 | 25,904 |
Tuition Payment Processing and Campus Commerce [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total interest income | 3 | 0 | 3 | 0 |
Interest expense | 0 | 0 | 0 | 0 |
Net interest income | 3 | 0 | 3 | 0 |
Less provision for loan losses | 0 | 0 | 0 | 0 |
Net interest income after provision for loan losses | 3 | 0 | 3 | 0 |
Other income (expense): | ' | ' | ' | ' |
Loan and guaranty servicing revenue | 0 | 0 | 0 | 0 |
Intersegment servicing revenue | 0 | 0 | 0 | 0 |
Tuition payment processing and campus commerce revenue | 21,834 | 18,356 | 47,069 | 41,767 |
Enrollment services revenue | 0 | 0 | 0 | 0 |
Other income | 0 | 0 | 0 | 0 |
Gain on sale of loans and debt repurchases | 0 | 0 | 0 | 0 |
Derivative market value and foreign currency adjustments, net | 0 | 0 | 0 | 0 |
Derivative settlements, net | 0 | 0 | 0 | 0 |
Total other income (expense) | 21,834 | 18,356 | 47,069 | 41,767 |
Operating expenses: | ' | ' | ' | ' |
Salaries and benefits | 11,112 | 9,427 | 21,139 | 18,786 |
Cost to provide enrollment services | 0 | 0 | 0 | 0 |
Depreciation and amortization | 1,845 | 1,132 | 3,273 | 2,270 |
Other | 2,956 | 2,192 | 5,603 | 4,479 |
Intersegment expenses, net | 1,404 | 1,494 | 2,824 | 2,919 |
Total operating expenses | 17,317 | 14,245 | 32,839 | 28,454 |
Income (loss) before income taxes and corporate overhead allocation | 4,520 | 4,111 | 14,233 | 13,313 |
Corporate overhead allocation | -687 | -504 | -1,307 | -836 |
Income (loss) before income taxes | 3,833 | 3,607 | 12,926 | 12,477 |
Income tax (expense) benefit | -1,456 | -1,370 | -4,911 | -4,741 |
Net income (loss) | 2,377 | 2,237 | 8,015 | 7,736 |
Net income attributable to noncontrolling interest | 0 | 0 | 0 | 0 |
Net income (loss) attributable to Nelnet, Inc. | 2,377 | 2,237 | 8,015 | 7,736 |
Enrollment Services [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total interest income | 0 | 0 | 0 | 0 |
Interest expense | 0 | 0 | 0 | 0 |
Net interest income | 0 | 0 | 0 | 0 |
Less provision for loan losses | 0 | 0 | 0 | 0 |
Net interest income after provision for loan losses | 0 | 0 | 0 | 0 |
Other income (expense): | ' | ' | ' | ' |
Loan and guaranty servicing revenue | 0 | 0 | 0 | 0 |
Intersegment servicing revenue | 0 | 0 | 0 | 0 |
Tuition payment processing and campus commerce revenue | 0 | 0 | 0 | 0 |
Enrollment services revenue | 20,145 | 24,823 | 42,156 | 53,780 |
Other income | 0 | 0 | 0 | 0 |
Gain on sale of loans and debt repurchases | 0 | 0 | 0 | 0 |
Derivative market value and foreign currency adjustments, net | 0 | 0 | 0 | 0 |
Derivative settlements, net | 0 | 0 | 0 | 0 |
Total other income (expense) | 20,145 | 24,823 | 42,156 | 53,780 |
Operating expenses: | ' | ' | ' | ' |
Salaries and benefits | 4,132 | 4,809 | 8,512 | 10,576 |
Cost to provide enrollment services | 13,311 | 16,787 | 27,786 | 36,429 |
Depreciation and amortization | 41 | 61 | 88 | 122 |
Other | 1,844 | 1,243 | 3,293 | 2,894 |
Intersegment expenses, net | 944 | 1,130 | 1,950 | 2,279 |
Total operating expenses | 20,272 | 24,030 | 41,629 | 52,300 |
Income (loss) before income taxes and corporate overhead allocation | -127 | 793 | 527 | 1,480 |
Corporate overhead allocation | -687 | -504 | -1,307 | -836 |
Income (loss) before income taxes | -814 | 289 | -780 | 644 |
Income tax (expense) benefit | 309 | -109 | 296 | -244 |
Net income (loss) | -505 | 180 | -484 | 400 |
Net income attributable to noncontrolling interest | 0 | 0 | 0 | 0 |
Net income (loss) attributable to Nelnet, Inc. | -505 | 180 | -484 | 400 |
Total Fee-Based [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total interest income | 12 | 9 | 23 | 19 |
Interest expense | 0 | 0 | 0 | 0 |
Net interest income | 12 | 9 | 23 | 19 |
Less provision for loan losses | 0 | 0 | 0 | 0 |
Net interest income after provision for loan losses | 12 | 9 | 23 | 19 |
Other income (expense): | ' | ' | ' | ' |
Loan and guaranty servicing revenue | 66,460 | 60,078 | 131,217 | 115,679 |
Intersegment servicing revenue | 13,800 | 13,903 | 28,021 | 28,856 |
Tuition payment processing and campus commerce revenue | 21,834 | 18,356 | 47,069 | 41,767 |
Enrollment services revenue | 20,145 | 24,823 | 42,156 | 53,780 |
Other income | 0 | 0 | 0 | 0 |
Gain on sale of loans and debt repurchases | 0 | 0 | 0 | 0 |
Derivative market value and foreign currency adjustments, net | 0 | 0 | 0 | 0 |
Derivative settlements, net | 0 | 0 | 0 | 0 |
Total other income (expense) | 122,239 | 117,160 | 248,463 | 240,082 |
Operating expenses: | ' | ' | ' | ' |
Salaries and benefits | 48,337 | 42,327 | 95,051 | 85,897 |
Cost to provide enrollment services | 13,311 | 16,787 | 27,786 | 36,429 |
Depreciation and amortization | 4,705 | 3,924 | 8,969 | 7,912 |
Other | 24,615 | 21,466 | 47,163 | 43,794 |
Intersegment expenses, net | 3,472 | 3,475 | 6,981 | 6,984 |
Total operating expenses | 94,440 | 87,979 | 185,950 | 181,016 |
Income (loss) before income taxes and corporate overhead allocation | 27,811 | 29,190 | 62,536 | 59,085 |
Corporate overhead allocation | -3,434 | -2,521 | -6,534 | -4,182 |
Income (loss) before income taxes | 24,377 | 26,669 | 56,002 | 54,903 |
Income tax (expense) benefit | -9,263 | -10,134 | -21,280 | -20,863 |
Net income (loss) | 15,114 | 16,535 | 34,722 | 34,040 |
Net income attributable to noncontrolling interest | 0 | 0 | 0 | 0 |
Net income (loss) attributable to Nelnet, Inc. | 15,114 | 16,535 | 34,722 | 34,040 |
Asset Generation and Management [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total interest income | 175,562 | 158,175 | 332,565 | 313,829 |
Interest expense | 67,936 | 56,920 | 127,412 | 114,402 |
Net interest income | 107,626 | 101,255 | 205,153 | 199,427 |
Less provision for loan losses | -1,500 | -5,000 | -4,000 | -10,000 |
Net interest income after provision for loan losses | 106,126 | 96,255 | 201,153 | 189,427 |
Other income (expense): | ' | ' | ' | ' |
Loan and guaranty servicing revenue | 0 | 0 | 0 | 0 |
Intersegment servicing revenue | 0 | 0 | 0 | 0 |
Tuition payment processing and campus commerce revenue | 0 | 0 | 0 | 0 |
Enrollment services revenue | 0 | 0 | 0 | 0 |
Other income | 4,496 | 3,030 | 8,660 | 7,226 |
Gain on sale of loans and debt repurchases | 18 | 7,355 | 57 | 8,762 |
Derivative market value and foreign currency adjustments, net | 8,848 | 43,096 | 12,325 | 48,371 |
Derivative settlements, net | -5,958 | -7,845 | -11,935 | -15,384 |
Total other income (expense) | 7,404 | 45,636 | 9,107 | 48,975 |
Operating expenses: | ' | ' | ' | ' |
Salaries and benefits | 570 | 592 | 1,179 | 1,154 |
Cost to provide enrollment services | 0 | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 | 0 |
Other | 8,845 | 7,923 | 15,991 | 15,436 |
Intersegment expenses, net | 13,968 | 14,108 | 28,339 | 29,250 |
Total operating expenses | 23,383 | 22,623 | 45,509 | 45,840 |
Income (loss) before income taxes and corporate overhead allocation | 90,147 | 119,268 | 164,751 | 192,562 |
Corporate overhead allocation | -1,249 | -1,081 | -2,578 | -1,793 |
Income (loss) before income taxes | 88,898 | 118,187 | 162,173 | 190,769 |
Income tax (expense) benefit | -33,781 | -44,911 | -61,625 | -72,492 |
Net income (loss) | 55,117 | 73,276 | 100,548 | 118,277 |
Net income attributable to noncontrolling interest | 0 | 0 | 0 | 0 |
Net income (loss) attributable to Nelnet, Inc. | 55,117 | 73,276 | 100,548 | 118,277 |
Corporate and Other [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total interest income | 2,036 | 2,196 | 4,694 | 4,507 |
Interest expense | 1,961 | 2,041 | 3,286 | 3,736 |
Net interest income | 75 | 155 | 1,408 | 771 |
Less provision for loan losses | 0 | 0 | 0 | 0 |
Net interest income after provision for loan losses | 75 | 155 | 1,408 | 771 |
Other income (expense): | ' | ' | ' | ' |
Loan and guaranty servicing revenue | 0 | 0 | 0 | 0 |
Intersegment servicing revenue | 0 | 0 | 0 | 0 |
Tuition payment processing and campus commerce revenue | 0 | 0 | 0 | 0 |
Enrollment services revenue | 0 | 0 | 0 | 0 |
Other income | 10,819 | 9,258 | 24,786 | 14,478 |
Gain on sale of loans and debt repurchases | 0 | 0 | 0 | 0 |
Derivative market value and foreign currency adjustments, net | -1,064 | 5,449 | -2,577 | 9,430 |
Derivative settlements, net | -256 | -512 | -508 | -1,157 |
Total other income (expense) | 9,499 | 14,195 | 21,701 | 22,751 |
Operating expenses: | ' | ' | ' | ' |
Salaries and benefits | 4,981 | 4,513 | 10,142 | 8,286 |
Cost to provide enrollment services | 0 | 0 | 0 | 0 |
Depreciation and amortization | 509 | 396 | 1,028 | 785 |
Other | 6,917 | 4,976 | 12,850 | 10,076 |
Intersegment expenses, net | -3,640 | -3,680 | -7,299 | -7,378 |
Total operating expenses | 8,767 | 6,205 | 16,721 | 11,769 |
Income (loss) before income taxes and corporate overhead allocation | 807 | 8,145 | 6,388 | 11,753 |
Corporate overhead allocation | 4,683 | 3,602 | 9,112 | 5,975 |
Income (loss) before income taxes | 5,490 | 11,747 | 15,500 | 17,728 |
Income tax (expense) benefit | -34 | 299 | -784 | 162 |
Net income (loss) | 5,456 | 12,046 | 14,716 | 17,890 |
Net income attributable to noncontrolling interest | 693 | 614 | 1,206 | 885 |
Net income (loss) attributable to Nelnet, Inc. | 4,763 | 11,432 | 13,510 | 17,005 |
Intersegment Eliminations [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total interest income | -662 | -834 | -1,459 | -1,653 |
Interest expense | -662 | -834 | -1,459 | -1,653 |
Net interest income | 0 | 0 | 0 | 0 |
Less provision for loan losses | 0 | 0 | 0 | 0 |
Net interest income after provision for loan losses | 0 | 0 | 0 | 0 |
Other income (expense): | ' | ' | ' | ' |
Loan and guaranty servicing revenue | 0 | 0 | 0 | 0 |
Intersegment servicing revenue | -13,800 | -13,903 | -28,021 | -28,856 |
Tuition payment processing and campus commerce revenue | 0 | 0 | 0 | 0 |
Enrollment services revenue | 0 | 0 | 0 | 0 |
Other income | 0 | 0 | 0 | 0 |
Gain on sale of loans and debt repurchases | 0 | 0 | 0 | 0 |
Derivative market value and foreign currency adjustments, net | 0 | 0 | 0 | 0 |
Derivative settlements, net | 0 | 0 | 0 | 0 |
Total other income (expense) | -13,800 | -13,903 | -28,021 | -28,856 |
Operating expenses: | ' | ' | ' | ' |
Salaries and benefits | 0 | 0 | 0 | 0 |
Cost to provide enrollment services | 0 | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 | 0 |
Other | 0 | 0 | 0 | 0 |
Intersegment expenses, net | -13,800 | -13,903 | -28,021 | -28,856 |
Total operating expenses | -13,800 | -13,903 | -28,021 | -28,856 |
Income (loss) before income taxes and corporate overhead allocation | 0 | 0 | 0 | 0 |
Corporate overhead allocation | 0 | 0 | 0 | 0 |
Income (loss) before income taxes | 0 | 0 | 0 | 0 |
Income tax (expense) benefit | 0 | 0 | 0 | 0 |
Net income (loss) | 0 | 0 | 0 | 0 |
Net income attributable to noncontrolling interest | 0 | 0 | 0 | 0 |
Net income (loss) attributable to Nelnet, Inc. | $0 | $0 | $0 | $0 |
Major_Customer_Details
Major Customer (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Concentration Risk [Line Items] | ' | ' | ' | ' |
Concentration Risk, Customer | 'Department of Education | 'Department of Education | 'Department of Education | 'Department of Education |
Concentration Risk Dollar Value [Member] | ' | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' | ' |
Loan and guaranty servicing revenue | 31 | 22.1 | 60.9 | 42.5 |
Related_Party_Transactions_Tra
Related Party Transactions Transactions with Union Bank and Trust (Details) (Union Bank and Trust Company [Member], USD $) | Jun. 30, 2014 |
BasisPoints | |
Union Bank and Trust Company [Member] | ' |
Related Party Transaction [Line Items] | ' |
Amount of Participation | $1,720,000 |
Contractual Obligation | $1,400,000 |
basis points earned on outstanding balance | 40 |
Assets_and_Liabilities_that_ar
Assets and Liabilities that are Measured at Fair Value (Details) (Fair Value, Measurements, Recurring [Member], USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Investments | $141,489 | $192,040 |
Fair value of derivative instruments | 68,033 | 62,507 |
Total assets | 209,522 | 254,547 |
Liabilities, Fair Value Disclosure [Abstract] | ' | ' |
Fair value of derivative instruments | 15,546 | 17,969 |
Total liabilities | 15,546 | 17,969 |
Student loan asset-backed securities [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Investments | 137,567 | 188,279 |
Equity securities [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Investments | 3,489 | 3,282 |
Debt securities [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Investments | 433 | 479 |
Level 1 [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Investments | 3,922 | 3,761 |
Fair value of derivative instruments | 0 | 0 |
Total assets | 3,922 | 3,761 |
Liabilities, Fair Value Disclosure [Abstract] | ' | ' |
Fair value of derivative instruments | 0 | 0 |
Total liabilities | 0 | 0 |
Level 1 [Member] | Student loan asset-backed securities [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Investments | 0 | 0 |
Level 1 [Member] | Equity securities [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Investments | 3,489 | 3,282 |
Level 1 [Member] | Debt securities [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Investments | 433 | 479 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Investments | 137,567 | 188,279 |
Fair value of derivative instruments | 68,033 | 62,507 |
Total assets | 205,600 | 250,786 |
Liabilities, Fair Value Disclosure [Abstract] | ' | ' |
Fair value of derivative instruments | 15,546 | 17,969 |
Total liabilities | 15,546 | 17,969 |
Fair Value, Inputs, Level 2 [Member] | Student loan asset-backed securities [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Investments | 137,567 | 188,279 |
Fair Value, Inputs, Level 2 [Member] | Equity securities [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Investments | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Debt securities [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Investments | $0 | $0 |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' | ' |
Student loans receivable | $29,342,430 | $25,907,589 | ' | ' |
Cash and cash equivalents | 92,099 | 63,267 | 68,584 | 66,031 |
Investments | 141,489 | 192,040 | ' | ' |
Restricted cash - due to customers | 98,005 | 167,576 | ' | ' |
Accrued interest receivable | 360,075 | 314,553 | ' | ' |
Derivative instruments | 68,033 | 62,507 | ' | ' |
Liabilities, Fair Value Disclosure [Abstract] | ' | ' | ' | ' |
Bonds and notes payable | 29,492,560 | 25,955,289 | ' | ' |
Accrued interest payable | 24,339 | 21,725 | ' | ' |
Due to customers | 98,005 | 167,576 | ' | ' |
Derivative instruments | 15,546 | 17,969 | ' | ' |
Fair value [Member] | ' | ' | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' | ' |
Student loans receivable | 30,629,142 | 26,641,383 | ' | ' |
Cash and cash equivalents | 92,099 | 63,267 | ' | ' |
Investments | 141,489 | 192,040 | ' | ' |
Restricted cash | 855,113 | 727,838 | ' | ' |
Restricted cash - due to customers | 98,005 | 167,576 | ' | ' |
Restricted investments | -6,921 | -7,285 | ' | ' |
Accrued interest receivable | 360,075 | 314,553 | ' | ' |
Derivative instruments | 68,033 | 62,507 | ' | ' |
Liabilities, Fair Value Disclosure [Abstract] | ' | ' | ' | ' |
Bonds and notes payable | 29,493,178 | 25,577,250 | ' | ' |
Accrued interest payable | 24,339 | 21,725 | ' | ' |
Due to customers | 98,005 | 167,576 | ' | ' |
Derivative instruments | 15,546 | 17,969 | ' | ' |
Fair value [Member] | Level 1 [Member] | ' | ' | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' | ' |
Student loans receivable | 0 | 0 | ' | ' |
Cash and cash equivalents | 92,099 | 63,267 | ' | ' |
Investments | 3,922 | 3,761 | ' | ' |
Restricted cash | 855,113 | 727,838 | ' | ' |
Restricted cash - due to customers | 98,005 | 167,576 | ' | ' |
Restricted investments | -6,921 | -7,285 | ' | ' |
Accrued interest receivable | 0 | 0 | ' | ' |
Derivative instruments | 0 | 0 | ' | ' |
Liabilities, Fair Value Disclosure [Abstract] | ' | ' | ' | ' |
Bonds and notes payable | 0 | 0 | ' | ' |
Accrued interest payable | 0 | 0 | ' | ' |
Due to customers | 98,005 | 167,576 | ' | ' |
Derivative instruments | 0 | 0 | ' | ' |
Fair value [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' | ' |
Student loans receivable | 0 | 0 | ' | ' |
Cash and cash equivalents | 0 | 0 | ' | ' |
Investments | 137,567 | 188,279 | ' | ' |
Restricted cash | 0 | 0 | ' | ' |
Restricted cash - due to customers | 0 | 0 | ' | ' |
Restricted investments | 0 | 0 | ' | ' |
Accrued interest receivable | 360,075 | 314,553 | ' | ' |
Derivative instruments | 68,033 | 62,507 | ' | ' |
Liabilities, Fair Value Disclosure [Abstract] | ' | ' | ' | ' |
Bonds and notes payable | 29,493,178 | 25,577,250 | ' | ' |
Accrued interest payable | 24,339 | 21,725 | ' | ' |
Due to customers | 0 | 0 | ' | ' |
Derivative instruments | 15,546 | 17,969 | ' | ' |
Fair value [Member] | Level 3 [Member] | ' | ' | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' | ' |
Student loans receivable | 30,629,142 | 26,641,383 | ' | ' |
Cash and cash equivalents | 0 | 0 | ' | ' |
Investments | 0 | 0 | ' | ' |
Restricted cash | 0 | 0 | ' | ' |
Restricted cash - due to customers | 0 | 0 | ' | ' |
Restricted investments | 0 | 0 | ' | ' |
Accrued interest receivable | 0 | 0 | ' | ' |
Derivative instruments | 0 | 0 | ' | ' |
Liabilities, Fair Value Disclosure [Abstract] | ' | ' | ' | ' |
Bonds and notes payable | 0 | 0 | ' | ' |
Accrued interest payable | 0 | 0 | ' | ' |
Due to customers | 0 | 0 | ' | ' |
Derivative instruments | 0 | 0 | ' | ' |
Carrying value [Member] | ' | ' | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' | ' |
Student loans receivable | 29,342,430 | 25,907,589 | ' | ' |
Cash and cash equivalents | 92,099 | 63,267 | ' | ' |
Investments | 141,489 | 192,040 | ' | ' |
Restricted cash | 855,113 | 727,838 | ' | ' |
Restricted cash - due to customers | 98,005 | 167,576 | ' | ' |
Restricted investments | -6,921 | -7,285 | ' | ' |
Accrued interest receivable | ' | 314,553 | ' | ' |
Derivative instruments | 68,033 | 62,507 | ' | ' |
Liabilities, Fair Value Disclosure [Abstract] | ' | ' | ' | ' |
Bonds and notes payable | 29,492,560 | 25,955,289 | ' | ' |
Accrued interest payable | 24,339 | 21,725 | ' | ' |
Due to customers | 98,005 | 167,576 | ' | ' |
Derivative instruments | $15,546 | $17,969 | ' | ' |
Legal_Proceedings_Details
Legal Proceedings (Details) (Pending or Threatened Litigation [Member], USD $) | 6 Months Ended |
Jun. 30, 2014 | |
Loss Contingencies [Line Items] | ' |
Loss contingency, inestimable loss | 'The Company has accrued an immaterial amount related to the legal proceedings described below. However, due to the uncertainty and risks inherent in class determination and the overall litigation process, the Company believes that a meaningful estimate of its exposure to any reasonably possible losses or range of reasonably possible losses, in excess of the amount accrued, cannot currently be made. |
Bais Yaakov of Spring Valley v. Peterson's Nelnet, LLC [Member] | ' |
Loss Contingencies [Line Items] | ' |
Loss contingency, actions taken by court, arbitrator or mediator | 'As of the filing date of this report, the New Jersey District Court has not established, recognized, or certified a class. |
Bais Yaakov of Spring Valley v. Peterson's Nelnet, LLC [Member] | Named plaintiff [Member] | ' |
Loss Contingencies [Line Items] | ' |
Advertising faxes | 6 |
Loss Contingency, Damages Sought, Value, Per Violation | 500 |
Bais Yaakov of Spring Valley v. Peterson's Nelnet, LLC [Member] | Class action members [Member] | ' |
Loss Contingencies [Line Items] | ' |
Advertising faxes | 10,000 |
Loss contingency, damages sought, value | 5,000,000 |
Loss contingency, damages sought, value if trebled | 15,000,000 |
Than Zaw v. Nelnet, Inc. [Member] | ' |
Loss Contingencies [Line Items] | ' |
Loss contingency, actions taken by court, arbitrator or mediator | 'As of the filing date of this report, the California District Court has not established, recognized, or certified a class. |
Than Zaw v. Nelnet, Inc. [Member] | Named plaintiff [Member] | ' |
Loss Contingencies [Line Items] | ' |
Loss Contingency, Damages Sought, Value, Per Violation | 5,000 |
Grant Keating v. Peterson's Nelnet, LLC et al [Member] | ' |
Loss Contingencies [Line Items] | ' |
Loss contingency, actions taken by court, arbitrator or mediator | 'As of the filing date of this report, the Ohio District Court has not established, recognized, or certified a class. |
Grant Keating v. Peterson's Nelnet, LLC et al [Member] | Named plaintiff [Member] | ' |
Loss Contingencies [Line Items] | ' |
Loss Contingency, Damages Sought, Value, Per Violation | 500 |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Subsequent Event [Line Items] | ' | ' |
Debt and Capital Lease Obligations | $29,492,560 | $25,955,289 |
Class A [Member] | ' | ' |
Subsequent Event [Line Items] | ' | ' |
Long-term Debt, Fair Value | $2,604,165 | ' |