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Document and Entity Information	3 Months Ended
Document and Entity Information	Mar. 31, 2017 shares
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	Q1
Trading Symbol	NAVI
Entity Registrant Name	NAVIENT CORP
Entity Central Index Key	0001593538
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding	284,941,056

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Investments
Available-for-sale	$ 3	$ 3
Other	311	347
Total investments	314	350
Cash and cash equivalents	1,364	1,253
Restricted cash and investments	3,720	3,600
Goodwill and acquired intangible assets, net	664	670
Other assets	3,992	4,193
Total assets	117,890	121,136
Liabilities
Short-term borrowings	2,160	2,334
Long-term borrowings	109,586	112,368
Other liabilities	2,472	2,711
Total liabilities	114,218	117,413
Commitments and contingencies
Equity
Common stock, par value $0.01 per share, 1.125 billion shares authorized: 439 million and 436 million shares issued, respectively	4	4
Additional paid-in capital	3,047	3,022
Accumulated other comprehensive income (net of tax expense of $13 and $3, respectively)	22	6
Retained earnings	2,930	2,890
Total Navient Corporation stockholders' equity before treasury stock	6,003	5,922
Less: Common stock held in treasury at cost: 154 million and 145 million shares, respectively	(2,355)	(2,223)
Total Navient Corporation stockholders' equity	3,648	3,699
Noncontrolling interest	24	24
Total equity	3,672	3,723
Total liabilities and equity	117,890	121,136
FFELP Loans [Member]
Assets
Loans, net	85,284	87,730
Private Education Loans [Member]
Assets
Loans, net	22,552	23,340
Assets and Liabilities of Consolidated Variable Interest Entities [Member]
Assets
Loans, net	100,883	104,008
Investments
Restricted cash	3,556	3,434
Other assets, Net	95	(11)
Liabilities
Short-term borrowings	1,177	1,078
Long-term borrowings	92,559	95,492
Net assets of consolidated variable interest entities	10,798	10,861
Assets and Liabilities of Consolidated Variable Interest Entities [Member] \| FFELP Loans [Member]
Assets
Loans, net	80,964	83,429
Assets and Liabilities of Consolidated Variable Interest Entities [Member] \| Private Education Loans [Member]
Assets
Loans, net	19,815	20,500
Assets and Liabilities of Consolidated Variable Interest Entities [Member] \| Other Loans [Member]
Assets
Loans, net	$ 104	$ 79

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Allowance for loans losses	$ 1,391	$ 1,433
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	1,125,000,000	1,125,000,000
Common stock, shares issued	439,000,000	436,000,000
Tax expense for accumulated other comprehensive income	$ 13	$ 3
Common stock held in treasury	154,000,000	145,000,000
FFELP Loans [Member]
Allowance for loans losses	$ 64	$ 67
Private Education Loans [Member]
Allowance for loans losses	$ 1,311	$ 1,351

Consolidated Statements of Income (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Interest income:
Cash and investments	$ 7	$ 5
Total interest income	1,015	1,051
Total interest expense	675	565
Net interest income	340	486
Less: provisions for loan losses	107	111
Net interest income after provisions for loan losses	233	375
Other income (loss):
Servicing revenue	76	82
Asset recovery and business processing revenue	100	90
Other income (loss)	(8)	(13)
Gains (losses) on derivative and hedging activities, net	(16)	1
Total other income	152	160
Expenses:
Salaries and benefits	130	132
Other operating expenses	108	115
Total operating expenses	238	247
Goodwill and acquired intangible asset impairment and amortization expense	6	4
Total expenses	244	251
Income before income tax expense	141	284
Income tax expense	53	103
Net income	88	181
Less: net loss attributable to noncontrolling interest	0	0
Net income attributable to Navient Corporation	$ 88	$ 181
Basic earnings per common share attributable to Navient Corporation	$ 0.31	$ 0.53
Average common shares outstanding	289	339
Diluted earnings per common share attributable to Navient Corporation	$ 0.30	$ 0.53
Average common and common equivalent shares outstanding	296	343
Dividends per common share attributable to Navient Corporation	$ 0.16	$ 0.16
FFELP Loans [Member]
Interest income:
Total interest income	$ 629	$ 634
Less: provisions for loan losses	10	7
Private Education Loans [Member]
Interest income:
Total interest income	374	411
Less: provisions for loan losses	95	104
Other Loans [Member]
Interest income:
Total interest income	$ 5	$ 1

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Statement of Comprehensive Income [Abstract]
Net income	$ 88	$ 181
Other comprehensive income (loss):
Unrealized hedging gains (losses) on derivatives	25	(129)
Reclassification adjustments for derivative (gains) losses included in net income (interest expense)	0	0
Total unrealized gains (losses) on derivatives	25	(129)
Income tax (expense) benefit	(9)	48
Other comprehensive income (loss), net of tax expense (benefit)	16	(81)
Total comprehensive income attributable to Navient Corporation	$ 104	$ 100

Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Millions	Total	Common Stock [Member]	Treasury Stock [Member]	Common Stock Shares Outstanding [Member]	Additional Paid-In Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Retained Earnings [Member]	Total Stockholders' Equity [Member]	Noncontrolling Interest [Member]
Beginning Balance, Value at Dec. 31, 2015	$ 3,933	$ 4	$ (1,425)		$ 2,967	$ (51)	$ 2,414	$ 3,909	$ 24
Beginning Balance, Shares at Dec. 31, 2015		430,561,656	(82,350,868)	348,210,788
Comprehensive income:
Net income	181						181	181
Other comprehensive income (loss), net of tax	(81)					(81)		(81)
Total comprehensive income	100							100
Cash dividends:
Common stock	(54)						(54)	(54)
Dividend equivalent units related to employee stock-based compensation plans	(3)						(3)	(3)
Issuance of common shares	$ 4				4			4
Issuance of common shares, Shares	2,499,585	2,499,585		2,499,585
Tax impact of employee stock-based compensation plans	$ (8)				(8)			(8)
Stock-based compensation expense	12				12			12
Common stock repurchased	(200)		$ (200)					(200)
Common stock repurchased, Shares			(19,210,281)	(19,210,281)
Shares repurchased related to employee stock-based compensation plans	$ (11)		$ (11)					(11)
Shares repurchased related to employee stock-based compensation plans, Shares	(986,273)		(986,273)	(986,273)
Ending Balance, Value at Mar. 31, 2016	$ 3,773	$ 4	$ (1,636)		2,975	(132)	2,538	3,749	24
Ending Balance, Shares at Mar. 31, 2016		433,061,241	(102,547,422)	330,513,819
Beginning Balance, Value at Dec. 31, 2016	3,723	$ 4	$ (2,223)		3,022	6	2,890	3,699	24
Beginning Balance, Shares at Dec. 31, 2016		436,037,666	(145,173,548)	290,864,118
Comprehensive income:
Net income	88						88	88
Other comprehensive income (loss), net of tax	16					16		16
Total comprehensive income	104							104
Cash dividends:
Common stock	(46)						(46)	(46)
Dividend equivalent units related to employee stock-based compensation plans	(2)						(2)	(2)
Issuance of common shares	$ 11				11			11
Issuance of common shares, Shares	2,794,510	2,794,510		2,794,510
Stock-based compensation expense	$ 14				14			14
Common stock repurchased	(110)		$ (110)					(110)
Common stock repurchased, Shares			(7,363,292)	(7,363,292)
Shares repurchased related to employee stock-based compensation plans	$ (22)		$ (22)					(22)
Shares repurchased related to employee stock-based compensation plans, Shares	(1,354,280)		(1,354,280)	(1,354,280)
Ending Balance, Value at Mar. 31, 2017	$ 3,672	$ 4	$ (2,355)		$ 3,047	$ 22	$ 2,930	$ 3,648	$ 24
Ending Balance, Shares at Mar. 31, 2017		438,832,176	(153,891,120)	284,941,056

Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Dividends per common share attributable to Navient Corporation	$ 0.16	$ 0.16
Retained Earnings [Member]
Dividends per common share attributable to Navient Corporation	0.16	0.16
Total Stockholders' Equity [Member]
Dividends per common share attributable to Navient Corporation	$ 0.16	$ 0.16

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Operating activities
Net income	$ 88	$ 181
Adjustments to reconcile net income to net cash provided by operating activities:
Goodwill and acquired intangible asset impairment and amortization expense	6	4
Stock-based compensation expense	14	12
Unrealized (gains) losses on derivative and hedging activities	13	(131)
Provisions for loan losses	107	111
Increase in restricted cash - other	(7)	(5)
Decrease in accrued interest receivable	60	71
Decrease in accrued interest payable	(65)	(145)
Decrease in other assets	84	308
Increase (decrease) in other liabilities	50	(64)
Total net cash provided by operating activities	350	342
Investing activities
Education loans acquired	(798)	(1,537)
Reduction of education loans:
Installment payments, claims and other	3,918	3,734
Other investing activities, net	15	69
Purchases of other securities		(42)
Proceeds from maturities of other securities	8	41
Total net cash provided by investing activities	3,011	2,185
Financing activities
Borrowings collateralized by loans in trust - issued	1,919	1,545
Borrowings collateralized by loans in trust - repaid	(3,203)	(3,228)
Other short-term borrowings repaid	(25)
Other long-term borrowings issued	807
Other long-term borrowings repaid	(542)	(974)
Other financing activities, net	(120)	113
Common stock repurchased	(110)	(200)
Common stock dividends paid	(46)	(54)
Net cash used in financing activities	(3,250)	(2,953)
Net increase (decrease) in cash and cash equivalents	111	(426)
Cash and cash equivalents at beginning of period	1,253	1,594
Cash and cash equivalents at end of period	1,364	1,168
Cash disbursements made (refunds received) for:
Interest	670	515
Income taxes paid	9	20
Income taxes received		(2)
Asset-backed Securities, Securitized Loans and Receivables [Member]
Financing activities
Asset-backed commercial paper conduits, net	(1,930)	(155)
Assets and Liabilities of Consolidated Variable Interest Entities [Member]
Reduction of education loans:
Increase in restricted cash - variable interest entities	$ (132)	$ (80)

Significant Accounting Policies

3 Months Ended

Mar. 31, 2017

Accounting Policies [Abstract]

Significant Accounting Policies

1.	Significant Accounting Policies

Basis of Presentation

The accompanying unaudited, consolidated financial statements of Navient have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by GAAP for complete consolidated financial statements. The consolidated financial statements include the accounts of Navient and its majority-owned and controlled subsidiaries and those Variable Interest Entities (“VIEs”) for which we are the primary beneficiary, after eliminating the effects of intercompany accounts and transactions. In the opinion of management, all adjustments considered necessary for a fair statement of the results for the interim periods have been included. The preparation of financial statements in conformity with GAAP 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-month period ended March 31, 2017 are not necessarily indicative of the results for the year ending December 31, 2017 or for any other period. These unaudited financial statements should be read in conjunction with the audited financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2016 (the “2016 Form 10-K”). Definitions for certain capitalized terms used but not otherwise defined in this Quarterly Report on Form 10-Q can be found in our 2016 Form 10-K.

Reclassifications

Certain reclassifications have been made to the balances as of and for the three months ended March 31, 2016 to be consistent with classifications adopted for 2017, and had no effect on net income, total assets, or total liabilities.

Recently Issued Accounting Pronouncements

Revenue Recognition

On May 28, 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No 2014-09, “Revenue from Contracts with Customers,” which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The new guidance supersedes current U.S. GAAP guidance on revenue recognition and requires the use of more estimates and judgements than the current revenue standards. The new guidance does not apply to revenue associated with financial instruments, including loans, that are accounted for under other U.S. GAAP. Accordingly, we do not expect the new revenue recognition guidance to have a material impact on our consolidated results of operations associated with our loan portfolios including net interest income.

We plan to adopt the new standard as of January 1, 2018, the effective date. The new standard permits the use of either the retrospective or cumulative effect transition method. Our implementation efforts to date include the identification of revenue and review of related contracts within the scope of the new standard. We have not yet identified nor do we anticipate material changes in the timing of revenue recognition. However, our review is ongoing as we continue to evaluate both contract revenue and certain contract costs.

Classification and Measurement

On January 5, 2016, the FASB issued ASU No. 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities,” which reconsiders the classification and measurement of financial instruments. The new standard requires certain equity instruments be measured at fair value, with fair value changes recognized in earnings. In addition, the standard requires a cumulative-effect adjustment to retained earnings as of the beginning of the reporting period of adoption. It will be effective for the Company as of January 1, 2018. We have concluded that adopting this new accounting standard will be immaterial to our consolidated financial statements and footnote disclosures.

Leases

On February 25, 2016, the FASB issued ASU No. 2016-02, “Leases,” which requires the identification of arrangements that should be accounted for as leases by lessees. In general, for lease arrangements exceeding a twelve-month term, these arrangements must be recognized as assets and liabilities on the balance sheet of the lessee. A right-of-use asset and lease obligation will be recorded for all leases, whether operating or financing, while the income statement will reflect lease expense for operating leases and amortization/interest expense for financing leases. The balance sheet amount recorded for existing leases at the date of adoption must be calculated using the applicable incremental borrowing rate at the date of adoption. The standard requires the use of the modified retrospective transition method, which will require adjustment to all comparative periods presented. It will be effective for the Company as of January 1, 2019. Early adoption is permitted. We are currently assessing the impact that adopting this new accounting standard will have on our consolidated financial statements and footnote disclosures, but expect it to be immaterial.

Stock Compensation

On March 30, 2016, the FASB issued ASU No. 2016-09, “Compensation — Stock Compensation,” which identifies areas for simplification involving several aspects of accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, an option to recognize gross stock compensation expense with actual forfeitures recognized as they occur, as well as certain classifications on the statement of cash flows. The new standard also requires that all excess tax benefits and tax deficiencies that pertain to employee stock-based incentive payments be recognized within income tax expense in the consolidated statements of income, rather than as previously reported within additional paid-in capital. The new standard was adopted on January 1, 2017 and is expected to have an immaterial impact on our consolidated financial statements and footnote disclosures. In the first quarter of 2017, this new standard resulted in a $3 million reduction to income tax expense.

Allowance for Loan Losses

On June 16, 2016, the FASB issued ASU No. 2016-13, “Financial Instruments — Credit Losses,” which requires measurement and recognition of an allowance for loan loss that estimates remaining expected credit losses for financial assets held at the reporting date. Our current allowance for loan loss is an incurred loss model. As a result, we expect the new guidance will result in an increase to our allowance for loan losses. The standard is to be applied through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. The standard is effective for the Company as of January 1, 2020, and will primarily impact the allowance for loan losses related to our Private Education Loans and FFELP Loans. Early adoption is permitted on January 1, 2019. This standard represents a significant departure from existing GAAP, and may result in material changes to the Company’s accounting for the allowance for loan losses. We are currently evaluating the impact of adopting this accounting standard on our consolidated financial statements and footnote disclosures.

Intra-Entity Transfer of Assets

On October 24, 2016, the FASB issued ASU No. 2016-16, “Income Taxes — Intra-Entity Transfer of Assets Other and Inventory,” which requires recognition of the income tax consequences of an intra-entity transfer of non-inventory assets when the transfer occurs. The new standard is effective for the Company as of January 1, 2018. We are currently assessing the impact that adopting this new accounting standard will have on our consolidated financial statements and footnote disclosures, but expect it to be immaterial.

Goodwill Impairment

On January 26, 2017, the FASB issued ASU No. 2017-04, “Intangibles — Goodwill and Other,” which eliminates the two-step process that required identification of potential impairment and a separate measure of the actual impairment. The annual assessment of goodwill impairment will be determined by using the difference between the carrying amount and the fair value of the reporting unit. The new standard will be effective for the Company as of January 1, 2020. Early adoption is permitted. We are currently assessing the impact that adopting this new standard will have on our consolidated financial statements and footnote disclosures.

Allowance for Loan Losses

3 Months Ended

Mar. 31, 2017

Receivables [Abstract]

Allowance for Loan Losses

2.	Allowance for Loan Losses

Our provisions for loan losses represent the periodic expense of maintaining an allowance sufficient to absorb incurred probable losses, net of expected recoveries, in the held-for-investment loan portfolios. The evaluation of the provisions for loan losses is inherently subjective, as it requires material estimates that may be susceptible to significant changes. We believe that the allowance for loan losses is appropriate to cover probable losses incurred in the loan portfolios.

We segregate our Private Education Loan portfolio into two classes of loans — traditional and non-traditional. Non-traditional loans are loans to (i) customers attending for-profit schools with an original Fair Isaac and Company (“FICO”) score of less than 670 and (ii) customers attending not-for-profit schools with an original FICO score of less than 640. The FICO score used in determining whether a loan is non-traditional is the greater of the customer or cosigner FICO score at or near origination. Traditional loans are defined as all other Private Education Loans that are not classified as non-traditional.

Allowance for Loan Losses Metrics


	Three Months Ended March 31, 2017
(Dollars in millions)	FFELP Loans			Private Education Loans			Other Loans			Total
Allowance for Loan Losses
Beginning balance	$	67		$	1,351		$	15		$	1,433
Provision for loan losses		10			95			2			107
Charge-offs⁽¹⁾		(13	)		(137	)		(1	)		(151	)
Reclassification of interest reserve⁽²⁾		—			2			—			2

Ending balance	$	64		$	1,311		$	16		$	1,391

Allowance:
Ending balance: individually evaluated for impairment	$	—		$	1,176		$	10		$	1,186
Ending balance: collectively evaluated for impairment	$	64		$	135		$	6		$	205
Loans:
Ending balance: individually evaluated for impairment⁽³⁾	$	—		$	11,096		$	31		$	11,127
Ending balance: collectively evaluated for impairment⁽³⁾	$	84,513		$	13,201		$	152		$	97,866
Charge-offs as a percentage of average loans in repayment (annualized)		.07	%		2.56	%		2.06	%
Allowance coverage of charge-offs (annualized)		1.2			2.4			4.6
Allowance as a percentage of the ending total loan balance		.08	%		5.39	%		9.00	%
Allowance as a percentage of the ending loans in repayment		.09	%		6.13	%		9.00	%
Ending total loans⁽³⁾	$	84,513		$	24,297		$	183
Average loans in repayment	$	69,302		$	21,791		$	173
Ending loans in repayment	$	68,095		$	21,367		$	183

⁽¹⁾

Charge-offs are reported net of expected recoveries. For Private Education Loans, the expected recovery amount is transferred to the receivable for partially charged-off loan balance. Charge-offs include charge-offs against the receivable for partially charged-off loans which represents the difference between what was expected to be recovered and any shortfalls in what was actually recovered in the period. See “Receivable for Partially Charged-Off Private Education Loans” for further discussion.

⁽²⁾	Represents the additional allowance related to the amount of uncollectible interest reserved within interest income that is transferred in the period to the allowance for loan losses when interest is capitalized to a loan’s principal balance.

⁽³⁾	Ending total loans for Private Education Loans includes the receivable for partially charged-off loans.


	Three Months Ended March 31, 2016
(Dollars in millions)	FFELP Loans			Private Education Loans			Other Loans			Total
Allowance for Loan Losses
Beginning balance	$	78		$	1,471		$	15		$	1,564
Provision for loan losses		7			104			—			111
Charge-offs⁽¹⁾		(16	)		(144	)		—			(160	)
Reclassification of interest reserve⁽²⁾		—			3			—			3

Ending balance	$	69		$	1,434		$	15		$	1,518

Allowance:
Ending balance: individually evaluated for impairment	$	—		$	1,185		$	11		$	1,196
Ending balance: collectively evaluated for impairment	$	69		$	249		$	4		$	322
Loans:
Ending balance: individually evaluated for impairment	$	—		$	11,088		$	33		$	11,121
Ending balance: collectively evaluated for impairment	$	93,977		$	16,408		$	50		$	110,435
Charge-offs as a percentage of average loans in repayment (annualized)		.09	%		2.39	%		2.04	%
Allowance coverage of charge-offs (annualized)		1.1			2.5			8.6
Allowance as a percentage of the ending total loan balance		.07	%		5.22	%		17.91	%
Allowance as a percentage of the ending loans in repayment		.09	%		6.03	%		17.91	%
Ending total loans⁽³⁾	$	93,977		$	27,496		$	83
Average loans in repayment	$	73,697		$	24,180		$	85
Ending loans in repayment	$	73,630		$	23,786		$	83

⁽¹⁾

Charge-offs are reported net of expected recoveries. For Private Education Loans, the expected recovery amount is transferred to the receivable for partially charged-off loan balance. Charge-offs include charge-offs against the receivable for partially charged-off loans which represents the difference between what was expected to be collected and any shortfalls in what was actually collected in the period. See “Receivable for Partially Charged-Off Private Education Loans” for further discussion.

⁽²⁾	Represents the additional allowance related to the amount of uncollectible interest reserved within interest income that is transferred in the period to the allowance for loan losses when interest is capitalized to a loan’s principal balance.

⁽³⁾	Ending total loans for Private Education Loans includes the receivable for partially charged-off loans.

Key Credit Quality Indicators

FFELP Loans are substantially insured and guaranteed as to their principal and accrued interest in the event of default; therefore, the key credit quality indicator for this portfolio is loan status. The impact of changes in loan status is incorporated quarterly into the allowance for loan losses calculation.

For Private Education Loans, the key credit quality indicators are school type, FICO scores, the existence of a cosigner, the loan status and loan seasoning. The school type/FICO score are assessed at origination and maintained through the traditional/non-traditional loan designation. The other Private Education Loan key quality indicators can change and are incorporated quarterly into the allowance for loan losses calculation. The following table highlights the principal balance (excluding the receivable for partially charged-off loans) of our Private Education Loan portfolio stratified by the key credit quality indicators.


	Private Education Loans Credit Quality Indicators
	March 31, 2017					December 31, 2016
(Dollars in millions)	Balance⁽³⁾		% of Balance			Balance⁽³⁾		% of Balance
Credit Quality Indicators
School Type/FICO Scores:
Traditional	$	21,601		92	%	$	22,367		92	%
Non-Traditional⁽¹⁾		1,896		8			1,966		8

Total	$	23,497		100	%	$	24,333		100	%

Cosigners:
With cosigner	$	15,024		64	%	$	15,610		64	%
Without cosigner		8,473		36			8,723		36

Total	$	23,497		100	%	$	24,333		100	%

Seasoning⁽²⁾:
1-12 payments	$	1,276		5	%	$	1,340		5	%
13-24 payments		1,130		5			1,271		5
25-36 payments		1,684		7			1,908		8
37-48 payments		2,440		10			2,723		11
More than 48 payments		15,630		67			15,698		65
Not yet in repayment		1,337		6			1,393		6

Total	$	23,497		100	%	$	24,333		100	%

⁽¹⁾	Defined as loans to customers attending for-profit schools (with a FICO score of less than 670 at origination) and customers attending not-for-profit schools (with a FICO score of less than 640 at origination).

⁽²⁾	Number of months in active repayment for which a scheduled payment was received.

⁽³⁾	Balance represents gross Private Education Loans.

The following tables provide information regarding the loan status and aging of past due loans.


	FFELP Loan Delinquencies
	March 31, 2017						December 31, 2016
(Dollars in millions)	Balance			%			Balance			%
Loans in-school/grace/deferment⁽¹⁾	$	5,791					$	5,871
Loans in forbearance⁽²⁾		10,627						10,490
Loans in repayment and percentage of each status:
Loans current		60,310			88.6	%		61,977			87.8	%
Loans delinquent 31-60 days⁽³⁾		2,300			3.4			2,820			4.0
Loans delinquent 61-90 days⁽³⁾		1,204			1.8			1,325			1.9
Loans delinquent greater than 90 days⁽³⁾		4,281			6.2			4,435			6.3

Total FFELP Loans in repayment		68,095			100	%		70,557			100	%

Total FFELP Loans, gross		84,513						86,918
FFELP Loan unamortized premium		835						879

Total FFELP Loans		85,348						87,797
FFELP Loan allowance for losses		(64	)					(67	)

FFELP Loans, net	$	85,284					$	87,730

Percentage of FFELP Loans in repayment					80.6	%					81.2	%

Delinquencies as a percentage of FFELP Loans in repayment					11.4	%					12.2	%

FFELP Loans in forbearance as a percentage of loans in repayment and forbearance					13.5	%					12.9	%

⁽¹⁾

Loans for customers who may still be attending school or engaging in other permitted educational activities and are not yet required to make payments on their loans, e.g., residency periods for medical students or a grace period for bar exam preparation, as well as loans for customers who have requested and qualify for other permitted program deferments such as military, unemployment, or economic hardships.

⁽²⁾	Loans for customers who have used their allowable deferment time or do not qualify for deferment, that need additional time to obtain employment or who have temporarily ceased making full payments due to hardship or other factors.

⁽³⁾	The period of delinquency is based on the number of days scheduled payments are contractually past due.


	Traditional Private Education Loan Delinquencies
	March 31, 2017						December 31, 2016
(Dollars in millions)	Balance			%			Balance			%
Loans in-school/grace/deferment⁽¹⁾	$	1,218					$	1,271
Loans in forbearance⁽²⁾		702						700
Loans in repayment and percentage of each status:
Loans current		18,471			93.9	%		19,020			93.3	%
Loans delinquent 31-60 days⁽³⁾		362			1.8			444			2.2
Loans delinquent 61-90 days⁽³⁾		236			1.2			269			1.3
Loans delinquent greater than 90 days⁽³⁾		612			3.1			663			3.2

Total traditional loans in repayment		19,681			100	%		20,396			100	%

Total traditional loans, gross		21,601						22,367
Traditional loans unamortized discount		(381	)					(402	)

Total traditional loans		21,220						21,965
Traditional loans receivable for partially charged-off loans		518						526
Traditional loans allowance for losses		(1,107	)					(1,138	)

Traditional loans, net	$	20,631					$	21,353

Percentage of traditional loans in repayment					91.1	%					91.2	%

Delinquencies as a percentage of traditional loans in repayment					6.1	%					6.7	%

Loans in forbearance as a percentage of loans in repayment and forbearance					3.4	%					3.3	%

⁽¹⁾	Deferment includes customers who have returned to school or are engaged in other permitted educational activities and are not yet required to make payments on their loans, e.g., residency periods for medical students or a grace period for bar exam preparation.

⁽²⁾	Loans for customers who have requested extension of grace period generally during employment transition or who have temporarily ceased making full payments due to hardship or other factors, consistent with established loan program servicing policies and procedures.

⁽³⁾	The period of delinquency is based on the number of days scheduled payments are contractually past due.


	Non-Traditional Private Education Loan Delinquencies
	March 31, 2017						December 31, 2016
(Dollars in millions)	Balance			%			Balance			%
Loans in-school/grace/deferment⁽¹⁾	$	119					$	122
Loans in forbearance⁽²⁾		91						90
Loans in repayment and percentage of each status:
Loans current		1,447			85.9	%		1,486			84.8	%
Loans delinquent 31-60 days⁽³⁾		62			3.6			78			4.5
Loans delinquent 61-90 days⁽³⁾		43			2.5			52			2.9
Loans delinquent greater than 90 days⁽³⁾		134			8.0			138			7.8

Total non-traditional loans in repayment		1,686			100	%		1,754			100	%

Total non-traditional loans, gross		1,896						1,966
Non-traditional loans unamortized discount		(53	)					(55	)

Total non-traditional loans		1,843						1,911
Non-traditional loans receivable for partially charged-off loans		282						289
Non-traditional loans allowance for losses		(204	)					(213	)

Non-traditional loans, net	$	1,921					$	1,987

Percentage of non-traditional loans in repayment					88.9	%					89.2	%

Delinquencies as a percentage of non-traditional loans in repayment					14.1	%					15.2	%

Loans in forbearance as a percentage of loans in repayment and forbearance					5.1	%					4.9	%

⁽¹⁾	Deferment includes customers who have returned to school or are engaged in other permitted educational activities and are not yet required to make payments on their loans, e.g., residency periods for medical students or a grace period for bar exam preparation.

⁽²⁾	Loans for customers who have requested extension of grace period generally during employment transition or who have temporarily ceased making full payments due to hardship or other factors, consistent with established loan program servicing policies and procedures.

⁽³⁾	The period of delinquency is based on the number of days scheduled payments are contractually past due.

Receivable for Partially Charged-Off Private Education Loans

At the end of each month, for loans that are 212 or more days past due, we charge off the estimated loss of a defaulted loan balance. Actual recoveries are applied against the remaining loan balance that was not charged off. We refer to this remaining loan balance as the “receivable for partially charged-off loans.” If actual periodic recoveries are less than expected, the difference is immediately charged off through the allowance for Private Education Loan losses with an offsetting reduction in the receivable for partially charged-off Private Education Loans. If actual periodic recoveries are greater than expected, they will be reflected as a recovery through the allowance for Private Education Loan losses once the cumulative recovery amount exceeds the cumulative amount originally expected to be recovered.

The following table summarizes the activity in the receivable for partially charged-off Private Education Loans.


	Three Months Ended March 31,
(Dollars in millions)	2017			2016
Receivable at beginning of period	$	815		$	881
Expected future recoveries of current period defaults⁽¹⁾		34			36
Recoveries⁽²⁾		(44	)		(47	)
Charge-offs⁽³⁾		(5	)		(3	)

Receivable at end of period	$	800		$	867

⁽¹⁾	Represents our estimate of the amount to be collected in the future.

⁽²⁾	Current period cash collections.

⁽³⁾	Represents the current period recovery shortfall – the difference between what was expected to be collected and what was actually collected. These amounts are included in total charge-offs as reported in the “Allowance for Private Education Loan Losses” table.

Troubled Debt Restructurings (“TDRs”)

We sometimes modify the terms of loans for certain customers when we believe such modifications may increase the ability and willingness of a customer to make payments and thus increase the ultimate overall amount collected on a loan. These modifications generally take the form of a forbearance, a temporary interest rate reduction or an extended repayment plan. For customers experiencing financial difficulty, certain Private Education Loans for which we have granted either a forbearance of greater than three months, an interest rate reduction or an extended repayment plan are classified as TDRs. Approximately 62 percent and 61 percent of the loans granted forbearance have qualified as a TDR loan at March 31, 2017 and December 31, 2016, respectively. The unpaid principal balance of TDR loans that were in an interest rate reduction plan as of March 31, 2017 and December 31, 2016 was $2.5 billion and $2.6 billion, respectively.

At March 31, 2017 and December 31, 2016, all of our TDR loans had a related allowance recorded. The following table provides the recorded investment, unpaid principal balance and related allowance for our TDR loans.


	TDR Loans
(Dollars in millions)	Recorded Investment⁽¹⁾		Unpaid Principal Balance		Related Allowance
March 31, 2017
Private Education Loans — Traditional	$	9,336	$	9,376	$	994
Private Education Loans — Non-Traditional		1,348		1,351		182

Total	$	10,684	$	10,727	$	1,176

December 31, 2016
Private Education Loans — Traditional	$	9,386	$	9,429	$	1,003
Private Education Loans — Non-Traditional		1,373		1,376		187

Total	$	10,759	$	10,805	$	1,190

⁽¹⁾	The recorded investment is equal to the unpaid principal balance and accrued interest receivable net of unamortized deferred fees and costs.

The following table provides the average recorded investment and interest income recognized for our TDR loans.


	Three Months Ended March 31,
	2017				2016
(Dollars in millions)	Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized
Private Education Loans — Traditional	$	9,367	$	145	$	9,221	$	138
Private Education Loans — Non-Traditional		1,361		27		1,434		27

Total	$	10,728	$	172	$	10,655	$	165

The following table provides information regarding the loan status and aging of TDR loans that are past due.


	TDR Loan Delinquencies
	March 31, 2017					December 31, 2016
(Dollars in millions)	Balance		%			Balance		%
Loans in deferment⁽¹⁾	$	580				$	579
Loans in forbearance⁽²⁾		598					588
Loans in repayment and percentage of each status:
Loans current		8,309		87.0	%		8,273		85.8	%
Loans delinquent 31-60 days⁽³⁾		346		3.6			412		4.3
Loans delinquent 61-90 days⁽³⁾		237		2.5			267		2.8
Loans delinquent greater than 90 days⁽³⁾		657		6.9			686		7.1

Total TDR loans in repayment		9,549		100	%		9,638		100	%

Total TDR loans, gross	$	10,727				$	10,805

⁽¹⁾	Deferment includes customers who have returned to school or are engaged in other permitted educational activities and are not yet required to make payments on their loans, e.g., residency periods for medical students or a grace period for bar exam preparation.

⁽²⁾	Loans for customers who have requested extension of grace period generally during employment transition or who have temporarily ceased making full payments due to hardship or other factors, consistent with established loan program servicing policies and procedures.

⁽³⁾	The period of delinquency is based on the number of days scheduled payments are contractually past due.

The following table provides the amount of loans modified in the periods presented that resulted in a TDR. Additionally, the table summarizes charge-offs occurring in the TDR portfolio, as well as TDRs for which a payment default occurred in the current period within 12 months of the loan first being designated as a TDR. We define payment default as 60 days past due for this disclosure.


	Three Months Ended March 31,
	2017						2016
(Dollars in millions)	Modified Loans⁽¹⁾		Charge- Offs⁽²⁾		Payment Default		Modified Loans⁽¹⁾		Charge- Offs⁽²⁾		Payment Default
Private Education Loans — Traditional	$	199	$	86	$	47	$	341	$	80	$	62
Private Education Loans — Non-Traditional		16		20		7		27		22		11

Total	$	215	$	106	$	54	$	368	$	102	$	73

⁽¹⁾	Represents period ending balance of loans that have been modified during the period and resulted in a TDR.

⁽²⁾	Represents loans that charged off that were classified as TDRs.

Accrued Interest Receivable

The following table provides information regarding accrued interest receivable on our Private Education Loans.


(Dollars in millions)	Accrued Interest Receivable		Greater Than 90 Days Past Due		Allowance for Uncollectible Interest
March 31, 2017
Private Education Loans — Traditional	$	326	$	23	$	20
Private Education Loans — Non-Traditional		45		7		6

Total	$	371	$	30	$	26

December 31, 2016
Private Education Loans — Traditional	$	344	$	26	$	23
Private Education Loans — Non-Traditional		47		7		7

Total	$	391	$	33	$	30

Borrowings

3 Months Ended

Mar. 31, 2017

Debt Disclosure [Abstract]

Borrowings

3. Borrowings

The following table summarizes our borrowings.


	March 31, 2017									December 31, 2016
(Dollars in millions)	Short Term			Long Term			Total			Short Term			Long Term			Total
Unsecured borrowings:
Senior unsecured debt	$	571		$	13,424		$	13,995		$	717		$	13,029		$	13,746

Total unsecured borrowings		571			13,424			13,995			717			13,029			13,746
Secured borrowings:
FFELP Loan securitizations		—			73,047			73,047			—			73,522			73,522
Private Education Loan securitizations⁽¹⁾		548			13,343			13,891			548			14,125			14,673
FFELP Loan — other facilities		—			10,409			10,409			—			12,443			12,443
Private Education Loan — other facilities		540			—			540			464			—			464
Other⁽²⁾		502			—			502			606			—			606

Total secured borrowings		1,590			96,799			98,389			1,618			100,090			101,708

Total before hedge accounting adjustments		2,161			110,223			112,384			2,335			113,119			115,454
Hedge accounting adjustments		(1	)		(637	)		(638	)		(1	)		(751	)		(752	)

Total	$	2,160		$	109,586		$	111,746		$	2,334		$	112,368		$	114,702

⁽¹⁾

Includes $548 million and $548 million of short-term debt related to the Private Education Loan asset-backed securitization repurchase facility (“Repurchase Facility”) as of March 31, 2017 and December 31, 2016, respectively. Includes $476 million and $475 million of long-term debt related to the Repurchase Facility as of March 31, 2017 and December 31, 2016, respectively.

⁽²⁾	“Other” primarily includes the obligation to return cash collateral held related to derivative exposures, which includes $95 million and $193 million of securities re-pledged subject to an overnight repurchase transaction as of March 31, 2017 and December 31, 2016, respectively.

Variable Interest Entities

We consolidated the following financing VIEs as of March 31, 2017 and December 31, 2016, as we are the primary beneficiary. As a result, these VIEs are accounted for as secured borrowings.


	March 31, 2017
	Debt Outstanding								Carrying Amount of Assets Securing Debt Outstanding
(Dollars in millions)	Short Term		Long Term			Total			Loans		Cash		Other Assets			Total
Secured Borrowings — VIEs:
FFELP Loan securitizations	$	—	$	73,047		$	73,047		$	73,669	$	2,764	$	818		$	77,251
Private Education Loan securitizations⁽¹⁾		548		13,343			13,891			19,030		490		243			19,763
FFELP Loan — other facilities		—		7,208			7,208			7,295		279		158			7,732
Private Education Loan — other facilities		540		—			540			785		17		13			815
Other		89		—			89			104		6		(1	)		109

Total before hedge accounting adjustments		1,177		93,598			94,775			100,883		3,556		1,231			105,670
Hedge accounting adjustments		—		(1,039	)		(1,039	)		—		—		(1,136	)		(1,136	)

Total	$	1,177	$	92,559		$	93,736		$	100,883	$	3,556	$	95		$	104,534


	December 31, 2016
	Debt Outstanding								Carrying Amount of Assets Securing Debt Outstanding
(Dollars in millions)	Short Term		Long Term			Total			Loans		Cash		Other Assets			Total
Secured Borrowings — VIEs:
FFELP Loan securitizations	$	—	$	73,522		$	73,522		$	74,197	$	2,676	$	778		$	77,651
Private Education Loan securitizations⁽¹⁾		548		14,125			14,673			19,815		455		260			20,530
FFELP Loan — other facilities		—		9,046			9,046			9,232		289		172			9,693
Private Education Loan — other facilities		464		—			464			685		10		14			709
Other		66		—			66			79		4		—			83

Total before hedge accounting adjustments		1,078		96,693			97,771			104,008		3,434		1,224			108,666
Hedge accounting adjustments		—		(1,201	)		(1,201	)		—		—		(1,235	)		(1,235	)

Total	$	1,078	$	95,492		$	96,570		$	104,008	$	3,434	$	(11	)	$	107,431

⁽¹⁾

Includes $548 million of short-term debt, $476 million of long-term debt and $39 million of restricted cash related to the Repurchase Facility as of March 31, 2017. Includes $548 million of short-term debt, $475 million of long-term debt and $49 million of restricted cash related to the Repurchase Facility as of December 31, 2016.

Derivative Financial Instruments

3 Months Ended

Mar. 31, 2017

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

4. Derivative Financial Instruments

Our risk management strategy and use of and accounting for derivatives have not materially changed from that discussed in our 2016 Form 10-K. Please refer to “Note 7 — Derivative Financial Instruments” in our 2016 Form 10-K for a full discussion.

Summary of Derivative Financial Statement Impact

The following tables summarize the fair values and notional amounts of all derivative instruments at March 31, 2017 and December 31, 2016, and their impact on other comprehensive income and earnings for the three months ended March 31, 2017 and 2016.

Impact of Derivatives on Consolidated Balance Sheet


			Cash Flow						Fair Value						Trading						Total
(Dollars in millions)	Hedged Risk Exposure		Mar. 31, 2017			Dec. 31, 2016			Mar. 31, 2017			Dec. 31, 2016			Mar. 31, 2017			Dec. 31, 2016			Mar. 31, 2017			Dec. 31, 2016
Fair Values⁽¹⁾
Derivative Assets:
Interest rate swaps		Interest rate	$	70		$	78		$	391		$	465		$	10		$	22		$	471		$	565
Cross-currency interest rate swaps		Foreign currency and interest rate		—			—			—			—			—			—			—			—
Other⁽²⁾		Interest rate		—			—			—			—			—			—			—			—

Total derivative assets⁽³⁾				70			78			391			465			10			22			471			565
Derivative Liabilities:
Interest rate swaps		Interest rate		(56	)		(76	)		(72	)		(62	)		(66	)		(70	)		(194	)		(208	)
Floor Income Contracts		Interest rate		—			—			—			—			(164	)		(184	)		(164	)		(184	)
Cross-currency interest rate swaps		Foreign currency and interest rate		—			—			(1,125	)		(1,243	)		(41	)		(53	)		(1,166	)		(1,296	)
Other⁽²⁾		Interest rate		—			—			—			—			(16	)		(13	)		(16	)		(13	)

Total derivative liabilities⁽³⁾				(56	)		(76	)		(1,197	)		(1,305	)		(287	)		(320	)		(1,540	)		(1,701	)

Net total derivatives			$	14		$	2		$	(806	)	$	(840	)	$	(277	)	$	(298	)	$	(1,069	)	$	(1,136	)

⁽¹⁾

Fair values reported are exclusive of collateral held and pledged and accrued interest. Assets and liabilities are presented without consideration of master netting agreements. Derivatives are carried on the balance sheet based on net position by counterparty under master netting agreements, and classified in other assets or other liabilities depending on whether in a net positive or negative position.

⁽²⁾	“Other” includes embedded derivatives bifurcated from securitization debt as well as derivatives related to our Total Return Swap Facility.

⁽³⁾	The following table reconciles gross positions without the impact of master netting agreements to the balance sheet classification:


	Other Assets						Other Liabilities
(Dollar in millions)	March 31, 2017			December 31, 2016			March 31, 2017			December 31, 2016
Gross position	$	471		$	565		$	(1,540	)	$	(1,701	)
Impact of master netting agreements		(48	)		(31	)		48			31

Derivative values with impact of master netting agreements (as carried on balance sheet)		423			534			(1,492	)		(1,670	)
Cash collateral (held) pledged		(317	)		(345	)		282			319

Net position	$	106		$	189		$	(1,210	)	$	(1,351	)

The above fair values include adjustments when necessary for counterparty credit risk for both when we are exposed to the counterparty, net of collateral postings, and when the counterparty is exposed to us, net of collateral postings. There were no adjustments to the overall net asset positions at March 31, 2017 and December 31, 2016. In addition, the above fair values reflect adjustments for illiquid derivatives as indicated by a wide bid/ask spread in the interest rate indices to which the derivatives are indexed. These adjustments decreased the overall net asset positions at March 31, 2017 and December 31, 2016 by $28 million and $31 million, respectively.


	Cash Flow				Fair Value				Trading				Total
(Dollars in billions)	Mar. 31, 2017		Dec. 31, 2016		Mar. 31, 2017		Dec. 31, 2016		Mar. 31, 2017		Dec. 31, 2016		Mar. 31, 2017		Dec. 31, 2016
Notional Values:
Interest rate swaps	$	15.6	$	15.2	$	12.3	$	11.8	$	30.3	$	23.8	$	58.2	$	50.8
Floor Income Contracts		—		—		—		—		21.4		18.5		21.4		18.5
Cross-currency interest rate swaps		—		—		7.6		8.5		.3		.3		7.9		8.8
Other⁽¹⁾		—		—		—		—		2.3		2.6		2.3		2.6

Total derivatives	$	15.6	$	15.2	$	19.9	$	20.3	$	54.3	$	45.2	$	89.8	$	80.7

⁽¹⁾	“Other” includes embedded derivatives bifurcated from securitization debt as well as derivatives related to our Total Return Swap Facility.

Impact of Derivatives on Consolidated Statements of Income


	Three Months Ended March 31,
	Unrealized Gain (Loss) on Derivatives⁽¹⁾⁽²⁾						Realized Gain (Loss) on Derivatives⁽³⁾						Unrealized Gain (Loss) on Hedged Item⁽¹⁾						Total Gain (Loss)
(Dollars in millions)	2017			2016			2017			2016			2017			2016			2017			2016
Fair Value Hedges:
Interest rate swaps	$	(84	)	$	244		$	54		$	71		$	61		$	(280	)	$	31		$	35
Cross-currency interest rate swaps		118			374			(29	)		(16	)		(162	)		(306	)		(73	)		52

Total fair value derivatives		34			618			25			55			(101	)		(586	)		(42	)		87
Cash Flow Hedges:
Interest rate swaps		—			—			(16	)		—			—			—			(16	)		—

Total cash flow derivatives		—			—			(16	)		—			—			—			(16	)		—
Trading:
Interest rate swaps		(7	)		53			20			10			—			—			13			63
Floor Income Contracts		53			27			(20	)		(138	)		—			—			33			(111	)
Cross-currency interest rate swaps		12			20			(1	)		(1	)		—			—			11			19
Other		(4	)		(2	)		(2	)		—			—			—			(6	)		(2	)

Total trading derivatives		54			98			(3	)		(129	)		—			—			51			(31	)

Total		88			716			6			(74	)		(101	)		(586	)		(7	)		56
Less: realized gains (losses) recorded in interest expense		—			—			9			55			—			—			9			55

Gains (losses) on derivative and hedging activities, net	$	88		$	716		$	(3	)	$	(129	)	$	(101	)	$	(586	)	$	(16	)	$	1

⁽¹⁾	Recorded in “Gains (losses) on derivative and hedging activities, net” in the consolidated statements of income.

⁽²⁾	Represents ineffectiveness related to cash flow hedges.

⁽³⁾	For fair value and cash flow hedges, recorded in interest expense. For trading derivatives, recorded in “Gains (losses) on derivative and hedging activities, net.”

Collateral

Collateral held and pledged related to derivative exposures between us and our derivative counterparties are detailed in the following table:


(Dollars in millions)	March 31, 2017		December 31, 2016
Collateral held:
Cash (obligation to return cash collateral is recorded in short-term borrowings)	$	317	$	345
Securities at fair value — corporate derivatives (not recorded in financial statements)⁽¹⁾		97		193
Securities at fair value — on-balance sheet securitization derivatives (not recorded in financial statements)⁽²⁾		237		230

Total collateral held	$	651	$	768

Derivative asset at fair value including accrued interest	$	526	$	689

Collateral pledged to others:
Cash (right to receive return of cash collateral is recorded in investments)	$	282	$	319

Total collateral pledged	$	282	$	319

Derivative liability at fair value including accrued interest and premium receivable	$	1,510	$	1,670

⁽¹⁾	The Company has the ability to sell or re-pledge securities it holds as collateral.

⁽²⁾	The trusts do not have the ability to sell or re-pledge securities they hold as collateral.

Our corporate derivatives contain credit contingent features. At our current unsecured credit rating, we have fully collateralized our corporate derivative liability position (including accrued interest and net of premiums receivable) of $355 million with our counterparties. Downgrades in our unsecured credit rating would not result in any additional collateral requirements, except to increase the frequency of collateral calls. Trust related derivatives do not contain credit contingent features related to our or the trusts’ credit ratings.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6441202&loc=d3e80720-113993

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624171-113959

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=64837297&loc=d3e41620-113959

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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+ Details

Other Assets

3 Months Ended

Mar. 31, 2017

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Other Assets

5.	Other Assets

The following table provides the detail of our other assets.


(Dollars in millions)	March 31, 2017		December 31, 2016
Accrued interest receivable, net	$	1,604	$	1,663
Income tax asset, net current and deferred		673		725
Benefit and insurance-related investments		491		488
Derivatives at fair value		423		534
Other loans, net		166		148
Fixed assets, net		157		160
Accounts receivable		100		95
Other		378		380

Total	$	3,992	$	4,193

Stockholders' Equity

3 Months Ended

Mar. 31, 2017

Equity [Abstract]

Stockholders' Equity

6.	Stockholders’ Equity

The following table summarizes common share repurchases and issuances.


	Three Months Ended March 31,
	2017		2016
Common shares repurchased⁽¹⁾		7,363,292		19,210,281
Average purchase price per share	$	14.95	$	10.42
Shares repurchased related to employee stock-based compensation plans⁽²⁾		1,354,280		986,273
Average purchase price per share	$	15.55	$	9.96
Common shares issued⁽³⁾		2,794,510		2,499,585

⁽¹⁾	Common shares purchased under our share repurchase program.

⁽²⁾	Comprises shares withheld from stock option exercises and vesting of restricted stock for employees’ tax withholding obligations and shares tendered by employees to satisfy option exercise costs.

⁽³⁾	Common shares issued under our various compensation and benefit plans.

The closing price of our common stock on March 31, 2017 was $14.76.

Dividend and Share Repurchase Program

In March 2017, we paid a common stock dividend of $0.16 per share.

We repurchased 7.4 million shares of common stock for $110 million in the first quarter of 2017. The shares were repurchased under our previously disclosed share repurchase program. As of March 31, 2017, the remaining repurchase authority was $490 million. In the first quarter of 2016, we repurchased 19.2 million shares for $200 million.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

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+ Details

Earnings per Common Share

3 Months Ended

Mar. 31, 2017

Earnings Per Share [Abstract]

Earnings per Common Share

7.	Earnings per Common Share

Basic earnings per common share (“EPS”) are calculated using the weighted average number of shares of common stock outstanding during each period. A reconciliation of the numerators and denominators of the basic and diluted EPS calculations follows.


	Three Months Ended March 31,
(In millions, except per share data)	2017		2016
Numerator:
Net income attributable to Navient Corporation	$	88	$	181

Denominator:
Weighted average shares used to compute basic EPS		289		339
Effect of dilutive securities:
Dilutive effect of stock options, non-vested restricted stock, restricted stock units and Employee Stock Purchase Plans (“ESPPs”)⁽¹⁾		7		4

Dilutive potential common shares⁽²⁾		7		4

Weighted average shares used to compute diluted EPS		296		343

Basic earnings (loss) per common share attributable to Navient Corporation	$	.31	$	.53

Diluted earnings (loss) per common share attributable to Navient Corporation	$	.30	$	.53

⁽¹⁾	Includes the potential dilutive effect of additional common shares that are issuable upon exercise of outstanding stock options, non-vested restricted stock, restricted stock units, and the outstanding commitment to issue shares under applicable ESPPs, determined by the treasury stock method.

⁽²⁾	For the three months ended March 31, 2017 and 2016, stock options covering approximately 5 million and 9 million shares, respectively, were outstanding but not included in the computation of diluted earnings per share because they were anti-dilutive.

Fair Value Measurements

3 Months Ended

Mar. 31, 2017

Fair Value Disclosures [Abstract]

Fair Value Measurements

8.	Fair Value Measurements

We use estimates of fair value in applying various accounting standards in our financial statements. We categorize our fair value estimates based on a hierarchical framework associated with three levels of price transparency utilized in measuring financial instruments at fair value. Please refer to “Note 12 — Fair Value Measurements” in our 2016 Form 10-K for a full discussion.

During the three months ended March 31, 2017, there were no significant transfers of financial instruments between levels, or changes in our methodology or assumptions used to value our financial instruments.

The following table summarizes the valuation of our financial instruments that are marked-to-market on a recurring basis.


	Fair Value Measurements on a Recurring Basis
	March 31, 2017											December 31, 2016
(Dollars in millions)	Level 1		Level 2			Level 3			Total			Level 1		Level 2			Level 3			Total
Assets
Available-for-sale investments:
Agency residential mortgage-backed securities	$	—	$	1		$	—		$	1		$	—	$	1		$	—		$	1
Other		—		2			—			2			—		2			—			2

Total available-for-sale investments		—		3			—			3			—		3			—			3
Derivative instruments:⁽¹⁾
Interest rate swaps		—		467			4			471			—		553			12			565
Cross-currency interest rate swaps		—		—			—			—			—		—			—			—
Other		—		—			—			—			—		—			—			—

Total derivative assets⁽²⁾		—		467			4			471			—		553			12			565

Total	$	—	$	470		$	4		$	474		$	—	$	556		$	12		$	568

Liabilities⁽³⁾
Derivative instruments⁽¹⁾
Interest rate swaps	$	—	$	(148	)	$	(46	)	$	(194	)	$	—	$	(150	)	$	(58	)	$	(208	)
Floor Income Contracts		—		(164	)		—			(164	)		—		(184	)		—			(184	)
Cross-currency interest rate swaps		—		(41	)		(1,125	)		(1,166	)		—		(53	)		(1,243	)		(1,296	)
Other		—		—			(16	)		(16	)		—		—			(13	)		(13	)

Total derivative liabilities⁽²⁾		—		(353	)		(1,187	)		(1,540	)		—		(387	)		(1,314	)		(1,701	)

Total	$	—	$	(353	)	$	(1,187	)	$	(1,540	)	$	—	$	(387	)	$	(1,314	)	$	(1,701	)

⁽¹⁾	Fair value of derivative instruments excludes accrued interest and the value of collateral.

⁽²⁾	See “Note 4 — Derivative Financial Instruments” for a reconciliation of gross positions without the impact of master netting agreements to the balance sheet classification.

⁽³⁾	Borrowings which are the hedged items in a fair value hedge relationship and which are adjusted for changes in value due to benchmark interest rates only are not carried at full fair value and are not reflected in this table.

The following tables summarize the change in balance sheet carrying value associated with level 3 financial instruments carried at fair value on a recurring basis.


	Three Months Ended March 31,
	2017												2016
	Derivative instruments												Derivative instruments
(Dollars in millions)	Interest Rate Swaps			Cross Currency Interest Rate Swaps			Other			Total Derivative Instruments			Interest Rate Swaps			Cross Currency Interest Rate Swaps			Other			Total Derivative Instruments
Balance, beginning of period	$	(46	)	$	(1,243	)	$	(13	)	$	(1,302	)	$	(44	)	$	(903	)	$	(2	)	$	(949	)
Total gains/(losses) (realized and unrealized):
Included in earnings(1)		2			89			(5	)		86			11			358			(2	)		367
Included in other comprehensive income		—			—			—			—			—			—			—			—
Settlements		2			29			2			33			1			17			—			18
Transfers in and/or out of level 3		—			—			—			—			—			—			—			—

Balance, end of period	$	(42	)	$	(1,125	)	$	(16	)	$	(1,183	)	$	(32	)	$	(528	)	$	(4	)	$	(564	)

Change in unrealized gains/(losses) relating to instruments still held at the reporting date⁽²⁾	$	4		$	57		$	(4	)	$	57		$	12		$	375		$	(2	)	$	385

⁽¹⁾	“Included in earnings” is comprised of the following amounts recorded in the specified line item in the consolidated statements of income:


	Three Months Ended March 31,
(Dollars in millions)	2017			2016
Gains (losses) on derivative and hedging activities, net	$	115		$	384
Interest expense		(29	)		(17	)

Total	$	86		$	367

⁽²⁾	Recorded in “gains (losses) on derivative and hedging activities, net” in the consolidated statements of income.

The following table presents the significant inputs that are unobservable or from inactive markets used in the recurring valuations of the level 3 financial instruments detailed above.


(Dollars in millions)	Fair Value at March 31, 2017			Valuation Technique	Input	Range (Weighted Average)
Derivatives
Prime/LIBOR basis swaps	$	(42	)	Discounted cash flow	Constant prepayment rate		4.9%
					Bid/ask adjustment to discount rate		.05% — .05% (.05%)
Cross-currency interest rate swaps		(1,125	)	Discounted cash flow	Constant prepayment rate		3.3%
Other		(16	)

Total	$	(1,183	)

The significant inputs that are unobservable or from inactive markets related to our level 3 derivatives detailed in the table above would be expected to have the following impacts to the valuations:

•

Prime/LIBOR basis swaps — These swaps do not actively trade in the markets as indicated by a wide bid/ask spread. A wider bid/ask spread will result in a decrease in the overall valuation. In addition, the unobservable inputs include Constant Prepayment Rates of the underlying securitization trust the swap references. A decrease in this input will result in a longer weighted average life of the swap which will increase the value for swaps in a gain position and decrease the value for swaps in a loss position, everything else equal. The opposite is true for an increase in the input.

•

Cross-currency interest rate swaps — The unobservable inputs used in these valuations are Constant Prepayment Rates of the underlying securitization trust the swap references. A decrease in this input will result in a longer weighted average life of the swap. All else equal in a typical currency market, this will result in a decrease to the valuation due to the delay in the cash flows of the currency exchanges as well as diminished liquidity in the forward exchange markets as you increase the term. The opposite is true for an increase in the input.

The following table summarizes the fair values of our financial assets and liabilities, including derivative financial instruments.


	March 31, 2017									December 31, 2016
(Dollars in millions)	Fair Value			Carrying Value			Difference			Fair Value			Carrying Value			Difference
Earning assets
FFELP Loans	$	84,531		$	85,284		$	(753	)	$	86,626		$	87,730		$	(1,104	)
Private Education Loans		22,687			22,552			135			23,191			23,340			(149	)
Cash and investments⁽¹⁾		5,398			5,398			—			5,203			5,203			—

Total earning assets		112,616			113,234			(618	)		115,020			116,273			(1,253	)

Interest-bearing liabilities
Short-term borrowings		2,169			2,160			(9	)		2,346			2,334			(12	)
Long-term borrowings		107,743			109,586			1,843			109,826			112,368			2,542

Total interest-bearing liabilities		109,912			111,746			1,834			112,172			114,702			2,530

Derivative financial instruments
Floor Income Contracts		(164	)		(164	)		—			(184	)		(184	)		—
Interest rate swaps		277			277			—			357			357			—
Cross-currency interest rate swaps		(1,166	)		(1,166	)		—			(1,296	)		(1,296	)		—
Other		(16	)		(16	)		—			(13	)		(13	)		—

Excess of net asset fair value over carrying value							$	1,216								$	1,277

⁽¹⁾	“Cash and investments” includes available-for-sale investments whose cost basis is $3 million and $3 million at March 31, 2017 and December 31, 2016, respectively, versus a fair value of $3 million and $3 million at March 31, 2017 and December 31, 2016, respectively.

Commitments and Contingencies

3 Months Ended

Mar. 31, 2017

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

9.	Commitments and Contingencies

Legal Proceedings

The Company has been named as defendant in a number of putative class action cases alleging violations of various state and federal consumer protection laws. One of these putative class action suits is Randy Johnson v. Navient Solutions, Inc. ("NSI"). On May 4, 2015, Randy Johnson filed a putative class action in the United States District Court for the Southern District of Indiana alleging violations of the Telephone Consumer Protection Act (“TCPA”). During the fourth quarter of 2016, the parties entered into a settlement agreement and, on December 23, 2016, filed a Motion to Approve the Class Action Settlement with the Court. The Court preliminarily approved the settlement on January 26, 2017. NSI denied all claims asserted, but agreed to settle the case to avoid the burden, expense, risk and uncertainty of continued litigation. A reserve was established for this matter as of December 31, 2016. The proposed settlement is subject to Court approval with a hearing currently scheduled for July 2017.

Regulatory Matters

On May 2, 2014, Navient Solutions, Inc., now known as Navient Solutions, LLC (“Solutions”), a wholly-owned subsidiary of Navient, and Sallie Mae Bank entered into consent orders, without admitting any wrongdoing, with the Federal Deposit Insurance Corporation (the “FDIC”) (respectively, the “Solutions Order” and the “Bank Order”; collectively, the “FDIC Orders”) to settle matters related to certain cited violations of Section 5 of the Federal Trade Commission Act, including the disclosures and assessments of certain late fees, as well as alleged violations under the Servicemembers Civil Relief Act (the “SCRA”). The FDIC Orders, which became effective upon the signing of the consent order with the United States Department of Justice (the “DOJ”) by Solutions and SLM BankCo on May 13, 2014, required Solutions to pay $3.3 million in civil monetary penalties. Solutions paid its civil monetary penalties. In addition, the FDIC Orders required the establishment of a restitution reserve account totaling $30 million to provide restitution with respect to loans owned or originated by Sallie Mae Bank, from November 28, 2005 until the effective date of the FDIC Orders. The FDIC lifted the consent order effective as of March 23, 2017 with no conditions.

With respect to alleged civil violations of the SCRA, Solutions and Sallie Mae Bank entered into a consent order with the DOJ in May 2014. The DOJ consent order (the “DOJ Order”) covers all loans either owned by Sallie Mae Bank or serviced by Solutions from November 28, 2005 until the effective date of the settlement. The DOJ Order required Solutions to fund a $60 million settlement fund, which represents the total amount of compensation due to service members under the DOJ agreement, and to pay $55,000 in civil penalties. The DOJ Order was approved by the United States District Court in Delaware on September 29, 2014 and has a term of four years. Shortly thereafter, Navient funded the settlement fund and paid the civil money penalties pursuant to the terms of the order. The funds were disbursed beginning in the second quarter of 2015. In the third quarter of 2016, the Company completed the distributions from the fund by distributing the remaining funds to charities approved by the DOJ.

The total reserves established by the Company in 2013 and 2014 to cover these costs were $177 million, and as of March 31, 2017, substantially all of this amount had been paid or credited or refunded to customer accounts. The final cost of these proceedings will remain uncertain until all of the work under the consent orders has been completed and the remaining consent order is lifted.

As previously disclosed, the Company and various of its subsidiaries have been subject to the following investigations and inquiries:

•

In December 2013, Navient received Civil Investigative Demands (“CIDs”) issued by the State of Illinois Office of Attorney General and the State of Washington Office of the Attorney General and multiple other state Attorneys General. According to the CIDs, the investigations were initiated to ascertain whether any practices declared to be unlawful under the Consumer Fraud and Deceptive Business Practices Act have occurred or are about to occur.

•

In April 2014, Solutions received a CID from the Consumer Financial Protection Bureau (the “CFPB”) as part of the CFPB’s separate investigation regarding allegations relating to Navient’s disclosures and assessment of late fees and other matters. Navient has received a series of supplemental CIDs on these matters. In August 2015, Solutions received a letter from the CFPB notifying Solutions that, in accordance with the CFPB’s discretionary Notice and Opportunity to Respond and Advise (“NORA”) process, the CFPB’s Office of Enforcement is considering recommending that the CFPB take legal action against Solutions. The NORA letter relates to a previously disclosed investigation into Solutions’ disclosures and assessment of late fees and other matters and states that, in connection with any action, the CFPB may seek restitution, civil monetary penalties and corrective action against Solutions. The Company responded to the NORA letter in September 2015.

•

In November 2014, Navient’s subsidiary, Pioneer Credit Recovery, Inc. (“Pioneer”), received a CID from the CFPB as part of the CFPB’s investigation regarding Pioneer’s activities relating to rehabilitation loans and collection of defaulted student debt. The CFPB has informed the Company that they have combined this matter with the aforementioned servicing matter.

•

In December 2014, Solutions received a subpoena from the New York Department of Financial Services (the “NY DFS”) as part of the NY DFS’s inquiry with regard to whether persons or entities have engaged in fraud or misconduct with respect to a financial product or service under New York Financial Services Law or other laws.

On January 18, 2017, the CFPB and Attorneys General for the State of Illinois and the State of Washington (collectively the “Attorneys General”) initiated civil actions naming Navient Corporation and several of its subsidiaries as defendants alleging violations of Federal and State consumer protection statutes, including the Consumer Financial Protection Act of 2010, the Fair Credit Reporting Act, the Fair Debt Collection Practices Act and various state consumer protection laws. These civil actions are related to the aforementioned CIDs and the NORA letter that were previously issued by the CFPB and the Attorneys General. In addition to these matters, a number of lawsuits have been filed by nongovernmental parties or may be filed by additional governmental or nongovernmental parties seeking damages or other remedies related to similar issues raised by the CFPB and the Attorneys General. The Company filed its Motion to Dismiss on March 20, 2017 with respect to the Attorneys General actions and on March 24, 2017 with respect to the CFPB action. On April 25, 2017, the CFPB filed their response to our Motion to Dismiss. As the Company has previously stated, we believe the suit improperly seeks to impose penalties on Navient based on new servicing standards applied retroactively and applied only against one servicer and that the allegations are false. We intend to vigorously defend against the allegations. At this point in time, the Company is unable to anticipate the timing of a resolution or the ultimate impact that these legal proceedings may have on the Company’s consolidated financial position, liquidity, results of operation or cash flows. As a result, it is not possible at this time to estimate a range of potential exposure, if any, for amounts that may be payable in connection with these matters and reserves have not been established. It is possible that an adverse ruling or rulings may have a material adverse impact on the Company.

In addition, Navient and its subsidiaries are subject to examination or regulation by the SEC, CFPB, FDIC, ED and various state agencies as part of its ordinary course of business. Items or matters similar to or different from those described above may arise during the course of those examinations. We also routinely receive inquiries or requests from various regulatory entities or bodies or government agencies concerning our business or our assets. The Company endeavors to cooperate with each such inquiry or request.

Under the terms of the Separation Agreement, Navient has agreed to indemnify SLM BankCo for all claims, actions, damages, losses or expenses that may arise from the conduct of all activities of pre-Spin-Off SLM BankCo occurring prior to the Spin-Off other than those specifically excluded in the Separation and Distribution Agreement. As a result, liabilities arising out of the regulatory matters and CFPB and State Attorneys General lawsuits mentioned above, other than fines or penalties directly levied against Sallie Mae Bank and other matters specifically excluded, are the responsibility of, or assumed by, Navient or one of its subsidiaries, and Navient has agreed to indemnify and hold harmless Sallie Mae and its subsidiaries, including Sallie Mae Bank, therefrom. Navient has no additional reserves related to indemnification matters with SLM BankCo as of March 31, 2017.

OIG Audit

The Office of the Inspector General (the “OIG”) of ED commenced an audit regarding Special Allowance Payments (“SAP”) on September 10, 2007. On September 25, 2013, we received the final audit determination of Federal Student Aid (the “Final Audit Determination”) on the final audit report issued by the OIG on August 3, 2009 related to this audit. The Final Audit Determination concurred with the final audit report issued by the OIG and instructed us to make adjustment to our government billing to reflect the policy determination. In August 2016, we filed our notice of appeal relating to this Final Audit Determination to the Administrative Actions and Appeals Service Group of ED. This matter remains open. We continue to believe that our SAP billing practices were proper, considering then-existing ED guidance and lack of applicable regulations. The Company established a reserve for this matter in 2014 as part of the total reserve for pending regulatory matters discussed previously and does not believe, at this time, that an adverse ruling would have a material effect on the Company as a whole.

Contingencies

In the ordinary course of business, we and our subsidiaries are defendants in or parties to pending and threatened legal actions and proceedings including actions brought on behalf of various classes of claimants. These actions and proceedings may be based on alleged violations of consumer protection, securities, employment and other laws. In certain of these actions and proceedings, claims for substantial monetary damage are asserted against us and our subsidiaries.

In the ordinary course of business, we and our subsidiaries are subject to regulatory examinations, information gathering requests, inquiries and investigations. In connection with formal and informal inquiries in these cases, we and our subsidiaries receive numerous requests, subpoenas and orders for documents, testimony and information in connection with various aspects of our regulated activities.

In view of the inherent difficulty of predicting the outcome of such litigation and regulatory matters, we cannot predict what the eventual outcome of the pending matters will be, what the timing or the ultimate resolution of these matters will be, or what the eventual loss, fines or penalties, if any, related to each pending matter may be.

We are required to establish reserves for litigation and regulatory matters where those matters present loss contingencies that are both probable and estimable. When loss contingencies are not both probable and estimable, we do not establish reserves.

Based on current knowledge, reserves have been established for certain litigation or regulatory matters where the loss is both probable and estimable. Based on current knowledge, management does not believe that loss contingencies, if any, arising from pending investigations, litigation or regulatory matters will have a material adverse effect on our consolidated financial position, liquidity, results of operations or cash flows, except as otherwise disclosed.

Segment Reporting

3 Months Ended

Mar. 31, 2017

Segment Reporting [Abstract]

Segment Reporting

10.

Segment Reporting

FFELP Loans Segment

In the FFELP Loans segment, we acquire and finance FFELP Loans. Although FFELP Loans are no longer originated, we continue to pursue acquisitions of FFELP Loan portfolios. These acquisitions leverage our servicing scale and generate incremental earnings and cash flow. In this segment, we generate revenue primarily through net interest income on the FFELP Loan portfolio (after provision for loan losses). This segment is expected to generate significant amounts of earnings and cash flow as the portfolio amortizes.

The following table includes GAAP basis asset information for our FFELP Loans segment.


(Dollars in millions)	March 31, 2017		December 31, 2016
FFELP Loans, net	$	85,284	$	87,730
Cash and investments⁽¹⁾		3,265		3,212
Other		1,852		1,907

Total assets	$	90,401	$	92,849

⁽¹⁾	Includes restricted cash and investments.

Private Education Loans Segment

In this segment, we acquire, finance, and service our Private Education Loans. Private Education Loans primarily bridge the gap between the cost of higher education and the amount funded through financial aid, federal loans, or students’ and families’ resources. They also allow borrowers to refinance existing education loans at a lower rate. We pursue acquisitions of Private Education Loan portfolios. These acquisitions leverage our servicing scale and generate incremental earnings and cash flow. In this segment, we generate revenue primarily through net interest income on the Private Education Loan portfolio (after provision for loan losses). This segment is expected to generate significant amounts of earnings and cash flow as the portfolio amortizes.

The following table includes GAAP basis asset information for our Private Education Loans segment.


(Dollars in millions)	March 31, 2017		December 31, 2016
Private Education Loans, net	$	22,552	$	23,340
Cash and investments⁽¹⁾		697		667
Other		1,428		1,567

Total assets	$	24,677	$	25,574

⁽¹⁾	Includes restricted cash and investments.

Business Services Segment

Our Business Services segment generates revenue from business processing solutions related to servicing, asset recovery and other business processing activities. Within this segment, we generate revenue primarily through servicing our FFELP Loan portfolio as well as servicing education loans for Guarantors of FFELP Loans and other institutions, including ED. We provide asset recovery services for loans and receivables on behalf of Guarantors of FFELP Loans and higher education institutions. In addition, we provide asset recovery and other business processing solutions for federal, state, court, and municipal clients, public authorities, and health care organizations.

At March 31, 2017 and December 31, 2016, the Business Services segment had total assets of $587 million in each period on a GAAP basis.

Other Segment

Our Other segment primarily consists of activities of our holding company, including the repurchase of debt, our corporate liquidity portfolio, unallocated overhead and regulatory-related costs. We also include results from certain smaller wind-down operations within this segment.

At March 31, 2017 and December 31, 2016, the Other segment had total assets of $2.2 billion and $2.1 billion, respectively, on a GAAP basis.

Measure of Profitability

We prepare financial statements and present financial results in accordance with GAAP. However, we also evaluate our business segments and present financial results on a basis that differs from GAAP. We refer to this different basis of presentation as “Core Earnings.” We provide this “Core Earnings” basis of presentation on a consolidated basis for each business segment because this is what we review internally when making management decisions regarding our performance and how we allocate resources. We also refer to this information in our presentations with credit rating agencies, lenders and investors. Because our “Core Earnings” basis of presentation corresponds to our segment financial presentations, we are required by GAAP to provide “Core Earnings” disclosure in the notes to our consolidated financial statements for our business segments.

“Core Earnings” are not a substitute for reported results under GAAP. We use “Core Earnings” to manage our business segments because “Core Earnings” reflect adjustments to GAAP financial results for three items, discussed below, that are either related to the Spin-Off or create significant volatility mostly due to timing factors generally beyond the control of management. Accordingly, we believe that “Core Earnings” provide management with a useful basis from which to better evaluate results from ongoing operations against the business plan or against results from prior periods. Consequently, we disclose this information because we believe it provides investors with additional information regarding the operational and performance indicators that are most closely assessed by management. When compared to GAAP results, the three items we remove to result in our “Core Earnings” presentations are:

Unrealized mark-to-market gains/losses resulting from our use of derivative instruments to hedge our economic risks that do not qualify for hedge accounting treatment or do qualify for hedge accounting treatment but result in ineffectiveness;

The accounting for goodwill and acquired intangible assets; and

The financial results attributable to the operations of SLM BankCo prior to the Spin-Off and related restructuring and reorganization expense incurred in connection with the Spin-Off, including the restructuring expenses related to the restructuring initiative launched in second-quarter 2015 to simplify and streamline the Company’s management structure post-Spin-Off. For GAAP purposes, Navient reflected the deemed distribution of SLM BankCo on April 30, 2014. For “Core Earnings,” we exclude the consumer banking business (SLM BankCo) as if it had never been a part of Navient’s historical results prior to the deemed distribution of SLM BankCo on April 30, 2014. There are no adjustments related to this for the periods presented in this Form 10-Q (see 2016 Form 10-K for description of how earlier periods were impacted by this adjustment).

While GAAP provides a uniform, comprehensive basis of accounting, for the reasons described above, our “Core Earnings” basis of presentation does not. “Core Earnings” are subject to certain general and specific limitations that investors should carefully consider. For example, there is no comprehensive, authoritative guidance for management reporting. Our “Core Earnings” are not defined terms within GAAP and may not be comparable to similarly titled measures reported by other companies. Accordingly, our “Core Earnings” presentation does not represent a comprehensive basis of accounting. Investors, therefore, may not be able to compare our performance with that of other financial services companies based upon “Core Earnings.” “Core Earnings” results are only meant to supplement GAAP results by providing additional information regarding the operational and performance indicators that are most closely used by management, our board of directors, credit rating agencies, lenders and investors to assess performance.

Segment Results and Reconciliations to GAAP


	Three Months Ended March 31, 2017
(Dollars in millions)	FFELP Loans		Private Education Loans		Business Services		Other			Eliminations⁽¹⁾			Total “Core Earnings”		Adjustments									Total GAAP
(Dollars in millions)	FFELP Loans		Private Education Loans		Business Services		Other			Eliminations⁽¹⁾			Total “Core Earnings”		Reclassifications			Additions/ (Subtractions)			Total Adjustments⁽²⁾			Total GAAP
Interest income:
Education loans	$	623	$	374	$	—	$	—		$	—		$	997	$	20		$	(14	)	$	6		$	1,003
Other loans		—		—		—		5			—			5		—			—			—			5
Cash and investments		5		—		—		2			—			7		—			—			—			7

Total interest income		628		374		—		7			—			1,009		20			(14	)		6			1,015
Total interest expense		457		187		—		31			—			675		3			(3	)		—			675

Net interest income (loss)		171		187		—		(24	)		—			334		17			(11	)		6			340
Less: provisions for loan losses		10		95		—		2			—			107		—			—			—			107

Net interest income (loss) after provisions for loan losses		161		92		—		(26	)		—			227		17			(11	)		6			233
Other income (loss):
Servicing revenue		13		4		149		—			(90	)		76		—			—			—			76
Asset recovery and business processing revenue		—		—		100		—			—			100		—			—			—			100
Other income (loss)		—		—		—		5			—			5		(17	)		(12	)		(29	)		(24	)

Total other income (loss)		13		4		249		5			(90	)		181		(17	)		(12	)		(29	)		152
Expenses:
Direct operating expenses		93		40		126		7			(90	)		176		—			—			—			176
Overhead expenses		—		—		—		62			—			62		—			—			—			62

Operating expenses		93		40		126		69			(90	)		238		—			—			—			238
Goodwill and acquired intangible asset impairment and amortization		—		—		—		—			—			—		—			6			6			6

Total expenses		93		40		126		69			(90	)		238		—			6			6			244

Income (loss) before income tax expense (benefit)		81		56		123		(90	)		—			170		—			(29	)		(29	)		141
Income tax expense (benefit)⁽³⁾		30		21		46		(34	)		—			63		—			(10	)		(10	)		53

Net income (loss)	$	51	$	35	$	77	$	(56	)	$	—		$	107	$	—		$	(19	)	$	(19	)	$	88

⁽¹⁾	The eliminations in servicing revenue and direct operating expense represent the elimination of intercompany servicing revenue where the Business Services segment performs the loan servicing function for the FFELP Loans segment.

⁽²⁾	“Core Earnings” adjustments to GAAP:


	Three Months Ended March 31, 2017
(Dollars in millions)	Net Impact of Derivative Accounting			Net Impact of Goodwill and Acquired Intangible Assets			Total
Net interest income (loss) after provisions for loan losses	$	6		$	—		$	6
Total other income (loss)		(29	)		—			(29	)
Goodwill and acquired intangible asset impairment and amortization		—			6			6

Total “Core Earnings” adjustments to GAAP	$	(23	)	$	(6	)	$	(29	)

Income tax expense (benefit)								(10	)

Net income (loss)							$	(19	)

⁽³⁾	Income taxes are based on a percentage of net income before tax for the individual reportable segment.


	Three Months Ended March 31, 2016
(Dollars in millions)	FFELP Loans		Private Education Loans		Business Services		Other			Eliminations⁽¹⁾			Total “Core Earnings”		Adjustments									Total GAAP
(Dollars in millions)	FFELP Loans		Private Education Loans		Business Services		Other			Eliminations⁽¹⁾			Total “Core Earnings”		Reclassifications			Additions/ (Subtractions)			Total Adjustments⁽²⁾			Total GAAP
Interest income:
Education loans	$	555	$	411	$	—	$	—		$	—		$	966	$	138		$	(59	)	$	79		$	1,045
Other loans		—		—		—		1			—			1		—			—			—			1
Cash and investments		3		1		—		1			—			5		—			—			—			5

Total interest income		558		412		—		2			—			972		138			(59	)		79			1,051
Total interest expense		358		172		—		26			—			556		9			—			9			565

Net interest income (loss)		200		240		—		(24	)		—			416		129			(59	)		70			486
Less: provisions for loan losses		7		104		—		—			—			111		—			—			—			111

Net interest income (loss) after provisions for loan losses		193		136		—		(24	)		—			305		129			(59	)		70			375
Other income (loss):
Servicing revenue		16		4		163		—			(101	)		82		—			—			—			82
Asset recovery and business processing revenue		—		—		90		—			—			90		—			—			—			90
Other income (loss)		—		—		1		3			—			4		(129	)		113			(16	)		(12	)

Total other income (loss)		16		4		254		3			(101	)		176		(129	)		113			(16	)		160
Expenses:
Direct operating expenses		104		43		134		6			(101	)		186		—			—			—			186
Overhead expenses		—		—		—		61			—			61		—			—			—			61

Operating expenses		104		43		134		67			(101	)		247		—			—			—			247
Goodwill and acquired intangible asset impairment and amortization		—		—		—		—			—			—		—			4			4			4

Total expenses		104		43		134		67			(101	)		247		—			4			4			251

Income (loss) before income tax expense (benefit)		105		97		120		(88	)		—			234		—			50			50			284
Income tax expense (benefit)(3)		39		36		45		(33	)		—			87		—			16			16			103

Net income (loss)	$	66	$	61	$	75	$	(55	)	$	—		$	147	$	—		$	34		$	34		$	181

⁽¹⁾	The eliminations in servicing revenue and direct operating expense represent the elimination of intercompany servicing revenue where the Business Services segment performs the loan servicing function for the FFELP Loans segment.

⁽²⁾	“Core Earnings” adjustments to GAAP:


	Three Months Ended March 31, 2016
(Dollars in millions)	Net Impact of Derivative Accounting			Net Impact of Goodwill and Acquired Intangible Assets			Total
Net interest income (loss) after provisions for loan losses	$	70		$	—		$	70
Total other income (loss)		(16	)		—			(16	)
Goodwill and acquired intangible asset impairment and amortization		—			4			4

Total “Core Earnings” adjustments to GAAP	$	54		$	(4	)		50

Income tax expense (benefit)								16

Net income (loss)							$	34

⁽³⁾	Income taxes are based on a percentage of net income before tax for the individual reportable segment.

Summary of “Core Earnings” Adjustments to GAAP


	Three Months Ended March 31,
(Dollars in millions)	2017			2016
“Core Earnings” adjustments to GAAP:
Net impact of derivative accounting⁽¹⁾	$	(23	)	$	54
Net impact of goodwill and acquired intangibles assets⁽²⁾		(6	)		(4	)
Net tax effect⁽³⁾		10			(16	)

Total “Core Earnings” adjustments to GAAP	$	(19	)	$	34

⁽¹⁾

Derivative accounting: “Core Earnings” exclude periodic unrealized gains and losses that are caused by the mark-to-market valuations on derivatives that do not qualify for hedge accounting treatment under GAAP as well as the periodic unrealized gains and losses that are a result of ineffectiveness recognized related to effective hedges under GAAP. These unrealized gains and losses occur in our FFELP Loans, Private Education Loans and Other business segments. Under GAAP, for our derivatives that are held to maturity, the cumulative net unrealized gain or loss over the life of the contract will equal $0 except for Floor Income Contracts where the cumulative unrealized gain will equal the amount for which we sold the contract. In our “Core Earnings” presentation, we recognize the economic effect of these hedges, which generally results in any net settlement cash paid or received being recognized ratably as an interest expense or revenue over the hedged item’s life.

⁽²⁾	Goodwill and acquired intangible assets: Our “Core Earnings” exclude goodwill and intangible asset impairment and amortization of acquired intangible assets.

⁽³⁾	Net tax effect: Such tax effect is based upon our “Core Earnings” effective tax rate for the year.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Significant Accounting Policies (Policies)	3 Months Ended
Significant Accounting Policies (Policies)	Mar. 31, 2017
Accounting Policies [Abstract]
Basis of Presentation	*Basis of Presentation* The accompanying unaudited, consolidated financial statements of Navient have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by GAAP for complete consolidated financial statements. The consolidated financial statements include the accounts of Navient and its majority-owned and controlled subsidiaries and those Variable Interest Entities (“VIEs”) for which we are the primary beneficiary, after eliminating the effects of intercompany accounts and transactions. In the opinion of management, all adjustments considered necessary for a fair statement of the results for the interim periods have been included. The preparation of financial statements in conformity with GAAP 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-month period ended March 31, 2017 are not necessarily indicative of the results for the year ending December 31, 2017 or for any other period. These unaudited financial statements should be read in conjunction with the audited financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2016 (the “2016 Form 10-K”). Definitions for certain capitalized terms used but not otherwise defined in this Quarterly Report on Form 10-Q can be found in our 2016 Form 10-K.
Reclassifications	Reclassifications Certain reclassifications have been made to the balances as of and for the three months ended March 31, 2016 to be consistent with classifications adopted for 2017, and had no effect on net income, total assets, or total liabilities.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements Revenue Recognition On May 28, 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No 2014-09, “Revenue from Contracts with Customers,” which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The new guidance supersedes current U.S. GAAP guidance on revenue recognition and requires the use of more estimates and judgements than the current revenue standards. The new guidance does not apply to revenue associated with financial instruments, including loans, that are accounted for under other U.S. GAAP. Accordingly, we do not expect the new revenue recognition guidance to have a material impact on our consolidated results of operations associated with our loan portfolios including net interest income. We plan to adopt the new standard as of January 1, 2018, the effective date. The new standard permits the use of either the retrospective or cumulative effect transition method. Our implementation efforts to date include the identification of revenue and review of related contracts within the scope of the new standard. We have not yet identified nor do we anticipate material changes in the timing of revenue recognition. However, our review is ongoing as we continue to evaluate both contract revenue and certain contract costs. Classification and Measurement On January 5, 2016, the FASB issued ASU No. 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities,” which reconsiders the classification and measurement of financial instruments. The new standard requires certain equity instruments be measured at fair value, with fair value changes recognized in earnings. In addition, the standard requires a cumulative-effect adjustment to retained earnings as of the beginning of the reporting period of adoption. It will be effective for the Company as of January 1, 2018. We have concluded that adopting this new accounting standard will be immaterial to our consolidated financial statements and footnote disclosures. Leases On February 25, 2016, the FASB issued ASU No. 2016-02, “Leases,” which requires the identification of arrangements that should be accounted for as leases by lessees. In general, for lease arrangements exceeding a twelve-month term, these arrangements must be recognized as assets and liabilities on the balance sheet of the lessee. A right-of-use asset and lease obligation will be recorded for all leases, whether operating or financing, while the income statement will reflect lease expense for operating leases and amortization/interest expense for financing leases. The balance sheet amount recorded for existing leases at the date of adoption must be calculated using the applicable incremental borrowing rate at the date of adoption. The standard requires the use of the modified retrospective transition method, which will require adjustment to all comparative periods presented. It will be effective for the Company as of January 1, 2019. Early adoption is permitted. We are currently assessing the impact that adopting this new accounting standard will have on our consolidated financial statements and footnote disclosures, but expect it to be immaterial. Stock Compensation On March 30, 2016, the FASB issued ASU No. 2016-09, “Compensation — Stock Compensation,” which identifies areas for simplification involving several aspects of accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, an option to recognize gross stock compensation expense with actual forfeitures recognized as they occur, as well as certain classifications on the statement of cash flows. The new standard also requires that all excess tax benefits and tax deficiencies that pertain to employee stock-based incentive payments be recognized within income tax expense in the consolidated statements of income, rather than as previously reported within additional paid-in capital. The new standard was adopted on January 1, 2017 and is expected to have an immaterial impact on our consolidated financial statements and footnote disclosures. In the first quarter of 2017, this new standard resulted in a $3 million reduction to income tax expense. Allowance for Loan Losses On June 16, 2016, the FASB issued ASU No. 2016-13, “Financial Instruments — Credit Losses,” which requires measurement and recognition of an allowance for loan loss that estimates remaining expected credit losses for financial assets held at the reporting date. Our current allowance for loan loss is an incurred loss model. As a result, we expect the new guidance will result in an increase to our allowance for loan losses. The standard is to be applied through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. The standard is effective for the Company as of January 1, 2020, and will primarily impact the allowance for loan losses related to our Private Education Loans and FFELP Loans. Early adoption is permitted on January 1, 2019. This standard represents a significant departure from existing GAAP, and may result in material changes to the Company’s accounting for the allowance for loan losses. We are currently evaluating the impact of adopting this accounting standard on our consolidated financial statements and footnote disclosures. Intra-Entity Transfer of Assets On October 24, 2016, the FASB issued ASU No. 2016-16, “Income Taxes — Intra-Entity Transfer of Assets Other and Inventory,” which requires recognition of the income tax consequences of an intra-entity transfer of non-inventory assets when the transfer occurs. The new standard is effective for the Company as of January 1, 2018. We are currently assessing the impact that adopting this new accounting standard will have on our consolidated financial statements and footnote disclosures, but expect it to be immaterial. Goodwill Impairment On January 26, 2017, the FASB issued ASU No. 2017-04, “Intangibles — Goodwill and Other,” which eliminates the two-step process that required identification of potential impairment and a separate measure of the actual impairment. The annual assessment of goodwill impairment will be determined by using the difference between the carrying amount and the fair value of the reporting unit. The new standard will be effective for the Company as of January 1, 2020. Early adoption is permitted. We are currently assessing the impact that adopting this new standard will have on our consolidated financial statements and footnote disclosures.

Allowance for Loan Losses (Tables)

3 Months Ended

Mar. 31, 2017

Allowance for Credit Losses and Recorded Investments in Loans

Allowance for Loan Losses Metrics


	Three Months Ended March 31, 2017
(Dollars in millions)	FFELP Loans			Private Education Loans			Other Loans			Total
Allowance for Loan Losses
Beginning balance	$	67		$	1,351		$	15		$	1,433
Provision for loan losses		10			95			2			107
Charge-offs⁽¹⁾		(13	)		(137	)		(1	)		(151	)
Reclassification of interest reserve⁽²⁾		—			2			—			2

Ending balance	$	64		$	1,311		$	16		$	1,391

Allowance:
Ending balance: individually evaluated for impairment	$	—		$	1,176		$	10		$	1,186
Ending balance: collectively evaluated for impairment	$	64		$	135		$	6		$	205
Loans:
Ending balance: individually evaluated for impairment⁽³⁾	$	—		$	11,096		$	31		$	11,127
Ending balance: collectively evaluated for impairment⁽³⁾	$	84,513		$	13,201		$	152		$	97,866
Charge-offs as a percentage of average loans in repayment (annualized)		.07	%		2.56	%		2.06	%
Allowance coverage of charge-offs (annualized)		1.2			2.4			4.6
Allowance as a percentage of the ending total loan balance		.08	%		5.39	%		9.00	%
Allowance as a percentage of the ending loans in repayment		.09	%		6.13	%		9.00	%
Ending total loans⁽³⁾	$	84,513		$	24,297		$	183
Average loans in repayment	$	69,302		$	21,791		$	173
Ending loans in repayment	$	68,095		$	21,367		$	183

⁽¹⁾

⁽²⁾	Represents the additional allowance related to the amount of uncollectible interest reserved within interest income that is transferred in the period to the allowance for loan losses when interest is capitalized to a loan’s principal balance.

⁽³⁾	Ending total loans for Private Education Loans includes the receivable for partially charged-off loans.


	Three Months Ended March 31, 2016
(Dollars in millions)	FFELP Loans			Private Education Loans			Other Loans			Total
Allowance for Loan Losses
Beginning balance	$	78		$	1,471		$	15		$	1,564
Provision for loan losses		7			104			—			111
Charge-offs⁽¹⁾		(16	)		(144	)		—			(160	)
Reclassification of interest reserve⁽²⁾		—			3			—			3

Ending balance	$	69		$	1,434		$	15		$	1,518

Allowance:
Ending balance: individually evaluated for impairment	$	—		$	1,185		$	11		$	1,196
Ending balance: collectively evaluated for impairment	$	69		$	249		$	4		$	322
Loans:
Ending balance: individually evaluated for impairment	$	—		$	11,088		$	33		$	11,121
Ending balance: collectively evaluated for impairment	$	93,977		$	16,408		$	50		$	110,435
Charge-offs as a percentage of average loans in repayment (annualized)		.09	%		2.39	%		2.04	%
Allowance coverage of charge-offs (annualized)		1.1			2.5			8.6
Allowance as a percentage of the ending total loan balance		.07	%		5.22	%		17.91	%
Allowance as a percentage of the ending loans in repayment		.09	%		6.03	%		17.91	%
Ending total loans⁽³⁾	$	93,977		$	27,496		$	83
Average loans in repayment	$	73,697		$	24,180		$	85
Ending loans in repayment	$	73,630		$	23,786		$	83

⁽¹⁾

Charge-offs are reported net of expected recoveries. For Private Education Loans, the expected recovery amount is transferred to the receivable for partially charged-off loan balance. Charge-offs include charge-offs against the receivable for partially charged-off loans which represents the difference between what was expected to be collected and any shortfalls in what was actually collected in the period. See “Receivable for Partially Charged-Off Private Education Loans” for further discussion.

⁽²⁾	Represents the additional allowance related to the amount of uncollectible interest reserved within interest income that is transferred in the period to the allowance for loan losses when interest is capitalized to a loan’s principal balance.

⁽³⁾	Ending total loans for Private Education Loans includes the receivable for partially charged-off loans.

Age Analysis of Past Due Loans Delinquencies

The following tables provide information regarding the loan status and aging of past due loans.


	FFELP Loan Delinquencies
	March 31, 2017						December 31, 2016
(Dollars in millions)	Balance			%			Balance			%
Loans in-school/grace/deferment⁽¹⁾	$	5,791					$	5,871
Loans in forbearance⁽²⁾		10,627						10,490
Loans in repayment and percentage of each status:
Loans current		60,310			88.6	%		61,977			87.8	%
Loans delinquent 31-60 days⁽³⁾		2,300			3.4			2,820			4.0
Loans delinquent 61-90 days⁽³⁾		1,204			1.8			1,325			1.9
Loans delinquent greater than 90 days⁽³⁾		4,281			6.2			4,435			6.3

Total FFELP Loans in repayment		68,095			100	%		70,557			100	%

Total FFELP Loans, gross		84,513						86,918
FFELP Loan unamortized premium		835						879

Total FFELP Loans		85,348						87,797
FFELP Loan allowance for losses		(64	)					(67	)

FFELP Loans, net	$	85,284					$	87,730

Percentage of FFELP Loans in repayment					80.6	%					81.2	%

Delinquencies as a percentage of FFELP Loans in repayment					11.4	%					12.2	%

FFELP Loans in forbearance as a percentage of loans in repayment and forbearance					13.5	%					12.9	%

⁽¹⁾

⁽²⁾	Loans for customers who have used their allowable deferment time or do not qualify for deferment, that need additional time to obtain employment or who have temporarily ceased making full payments due to hardship or other factors.

⁽³⁾	The period of delinquency is based on the number of days scheduled payments are contractually past due.


	Traditional Private Education Loan Delinquencies
	March 31, 2017						December 31, 2016
(Dollars in millions)	Balance			%			Balance			%
Loans in-school/grace/deferment⁽¹⁾	$	1,218					$	1,271
Loans in forbearance⁽²⁾		702						700
Loans in repayment and percentage of each status:
Loans current		18,471			93.9	%		19,020			93.3	%
Loans delinquent 31-60 days⁽³⁾		362			1.8			444			2.2
Loans delinquent 61-90 days⁽³⁾		236			1.2			269			1.3
Loans delinquent greater than 90 days⁽³⁾		612			3.1			663			3.2

Total traditional loans in repayment		19,681			100	%		20,396			100	%

Total traditional loans, gross		21,601						22,367
Traditional loans unamortized discount		(381	)					(402	)

Total traditional loans		21,220						21,965
Traditional loans receivable for partially charged-off loans		518						526
Traditional loans allowance for losses		(1,107	)					(1,138	)

Traditional loans, net	$	20,631					$	21,353

Percentage of traditional loans in repayment					91.1	%					91.2	%

Delinquencies as a percentage of traditional loans in repayment					6.1	%					6.7	%

Loans in forbearance as a percentage of loans in repayment and forbearance					3.4	%					3.3	%

⁽¹⁾	Deferment includes customers who have returned to school or are engaged in other permitted educational activities and are not yet required to make payments on their loans, e.g., residency periods for medical students or a grace period for bar exam preparation.

⁽²⁾	Loans for customers who have requested extension of grace period generally during employment transition or who have temporarily ceased making full payments due to hardship or other factors, consistent with established loan program servicing policies and procedures.

⁽³⁾	The period of delinquency is based on the number of days scheduled payments are contractually past due.


	Non-Traditional Private Education Loan Delinquencies
	March 31, 2017						December 31, 2016
(Dollars in millions)	Balance			%			Balance			%
Loans in-school/grace/deferment⁽¹⁾	$	119					$	122
Loans in forbearance⁽²⁾		91						90
Loans in repayment and percentage of each status:
Loans current		1,447			85.9	%		1,486			84.8	%
Loans delinquent 31-60 days⁽³⁾		62			3.6			78			4.5
Loans delinquent 61-90 days⁽³⁾		43			2.5			52			2.9
Loans delinquent greater than 90 days⁽³⁾		134			8.0			138			7.8

Total non-traditional loans in repayment		1,686			100	%		1,754			100	%

Total non-traditional loans, gross		1,896						1,966
Non-traditional loans unamortized discount		(53	)					(55	)

Total non-traditional loans		1,843						1,911
Non-traditional loans receivable for partially charged-off loans		282						289
Non-traditional loans allowance for losses		(204	)					(213	)

Non-traditional loans, net	$	1,921					$	1,987

Percentage of non-traditional loans in repayment					88.9	%					89.2	%

Delinquencies as a percentage of non-traditional loans in repayment					14.1	%					15.2	%

Loans in forbearance as a percentage of loans in repayment and forbearance					5.1	%					4.9	%

⁽¹⁾	Deferment includes customers who have returned to school or are engaged in other permitted educational activities and are not yet required to make payments on their loans, e.g., residency periods for medical students or a grace period for bar exam preparation.

⁽²⁾	Loans for customers who have requested extension of grace period generally during employment transition or who have temporarily ceased making full payments due to hardship or other factors, consistent with established loan program servicing policies and procedures.

⁽³⁾	The period of delinquency is based on the number of days scheduled payments are contractually past due.

Loans Modified Accounts for TDR

The following table provides the recorded investment, unpaid principal balance and related allowance for our TDR loans.


	TDR Loans
(Dollars in millions)	Recorded Investment⁽¹⁾		Unpaid Principal Balance		Related Allowance
March 31, 2017
Private Education Loans — Traditional	$	9,336	$	9,376	$	994
Private Education Loans — Non-Traditional		1,348		1,351		182

Total	$	10,684	$	10,727	$	1,176

December 31, 2016
Private Education Loans — Traditional	$	9,386	$	9,429	$	1,003
Private Education Loans — Non-Traditional		1,373		1,376		187

Total	$	10,759	$	10,805	$	1,190

⁽¹⁾	The recorded investment is equal to the unpaid principal balance and accrued interest receivable net of unamortized deferred fees and costs.

Entity Loan Modification Program [Member]

Loans Modified Accounts for TDR


	Three Months Ended March 31,
	2017						2016
(Dollars in millions)	Modified Loans⁽¹⁾		Charge- Offs⁽²⁾		Payment Default		Modified Loans⁽¹⁾		Charge- Offs⁽²⁾		Payment Default
Private Education Loans — Traditional	$	199	$	86	$	47	$	341	$	80	$	62
Private Education Loans — Non-Traditional		16		20		7		27		22		11

Total	$	215	$	106	$	54	$	368	$	102	$	73

⁽¹⁾	Represents period ending balance of loans that have been modified during the period and resulted in a TDR.

⁽²⁾	Represents loans that charged off that were classified as TDRs.

Troubled Debt Restructuring Loans [Member]

Age Analysis of Past Due Loans Delinquencies

The following table provides information regarding the loan status and aging of TDR loans that are past due.


	TDR Loan Delinquencies
	March 31, 2017					December 31, 2016
(Dollars in millions)	Balance		%			Balance		%
Loans in deferment⁽¹⁾	$	580				$	579
Loans in forbearance⁽²⁾		598					588
Loans in repayment and percentage of each status:
Loans current		8,309		87.0	%		8,273		85.8	%
Loans delinquent 31-60 days⁽³⁾		346		3.6			412		4.3
Loans delinquent 61-90 days⁽³⁾		237		2.5			267		2.8
Loans delinquent greater than 90 days⁽³⁾		657		6.9			686		7.1

Total TDR loans in repayment		9,549		100	%		9,638		100	%

Total TDR loans, gross	$	10,727				$	10,805

⁽¹⁾	Deferment includes customers who have returned to school or are engaged in other permitted educational activities and are not yet required to make payments on their loans, e.g., residency periods for medical students or a grace period for bar exam preparation.

⁽²⁾	Loans for customers who have requested extension of grace period generally during employment transition or who have temporarily ceased making full payments due to hardship or other factors, consistent with established loan program servicing policies and procedures.

⁽³⁾	The period of delinquency is based on the number of days scheduled payments are contractually past due.

Average Recorded Investment and Interest Income Recognized for TDR

The following table provides the average recorded investment and interest income recognized for our TDR loans.


	Three Months Ended March 31,
	2017				2016
(Dollars in millions)	Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized
Private Education Loans — Traditional	$	9,367	$	145	$	9,221	$	138
Private Education Loans — Non-Traditional		1,361		27		1,434		27

Total	$	10,728	$	172	$	10,655	$	165

Private Education Loans [Member]

Private Education Loan Portfolio Stratified by Key Credit Quality Indicators

The following table highlights the principal balance (excluding the receivable for partially charged-off loans) of our Private Education Loan portfolio stratified by the key credit quality indicators.


	Private Education Loans Credit Quality Indicators
	March 31, 2017					December 31, 2016
(Dollars in millions)	Balance⁽³⁾		% of Balance			Balance⁽³⁾		% of Balance
Credit Quality Indicators
School Type/FICO Scores:
Traditional	$	21,601		92	%	$	22,367		92	%
Non-Traditional⁽¹⁾		1,896		8			1,966		8

Total	$	23,497		100	%	$	24,333		100	%

Cosigners:
With cosigner	$	15,024		64	%	$	15,610		64	%
Without cosigner		8,473		36			8,723		36

Total	$	23,497		100	%	$	24,333		100	%

Seasoning⁽²⁾:
1-12 payments	$	1,276		5	%	$	1,340		5	%
13-24 payments		1,130		5			1,271		5
25-36 payments		1,684		7			1,908		8
37-48 payments		2,440		10			2,723		11
More than 48 payments		15,630		67			15,698		65
Not yet in repayment		1,337		6			1,393		6

Total	$	23,497		100	%	$	24,333		100	%

⁽¹⁾	Defined as loans to customers attending for-profit schools (with a FICO score of less than 670 at origination) and customers attending not-for-profit schools (with a FICO score of less than 640 at origination).

⁽²⁾	Number of months in active repayment for which a scheduled payment was received.

⁽³⁾	Balance represents gross Private Education Loans.

Receivable for Partially Charged-Off Private Education Loans

The following table summarizes the activity in the receivable for partially charged-off Private Education Loans.


	Three Months Ended March 31,
(Dollars in millions)	2017			2016
Receivable at beginning of period	$	815		$	881
Expected future recoveries of current period defaults⁽¹⁾		34			36
Recoveries⁽²⁾		(44	)		(47	)
Charge-offs⁽³⁾		(5	)		(3	)

Receivable at end of period	$	800		$	867

⁽¹⁾	Represents our estimate of the amount to be collected in the future.

⁽²⁾	Current period cash collections.

⁽³⁾	Represents the current period recovery shortfall – the difference between what was expected to be collected and what was actually collected. These amounts are included in total charge-offs as reported in the “Allowance for Private Education Loan Losses” table.

Accrued Interest Receivable

The following table provides information regarding accrued interest receivable on our Private Education Loans.


(Dollars in millions)	Accrued Interest Receivable		Greater Than 90 Days Past Due		Allowance for Uncollectible Interest
March 31, 2017
Private Education Loans — Traditional	$	326	$	23	$	20
Private Education Loans — Non-Traditional		45		7		6

Total	$	371	$	30	$	26

December 31, 2016
Private Education Loans — Traditional	$	344	$	26	$	23
Private Education Loans — Non-Traditional		47		7		7

Total	$	391	$	33	$	30

Borrowings (Tables)

3 Months Ended

Mar. 31, 2017

Debt Disclosure [Abstract]

Company's Borrowings

The following table summarizes our borrowings.


	March 31, 2017									December 31, 2016
(Dollars in millions)	Short Term			Long Term			Total			Short Term			Long Term			Total
Unsecured borrowings:
Senior unsecured debt	$	571		$	13,424		$	13,995		$	717		$	13,029		$	13,746

Total unsecured borrowings		571			13,424			13,995			717			13,029			13,746
Secured borrowings:
FFELP Loan securitizations		—			73,047			73,047			—			73,522			73,522
Private Education Loan securitizations⁽¹⁾		548			13,343			13,891			548			14,125			14,673
FFELP Loan — other facilities		—			10,409			10,409			—			12,443			12,443
Private Education Loan — other facilities		540			—			540			464			—			464
Other⁽²⁾		502			—			502			606			—			606

Total secured borrowings		1,590			96,799			98,389			1,618			100,090			101,708

Total before hedge accounting adjustments		2,161			110,223			112,384			2,335			113,119			115,454
Hedge accounting adjustments		(1	)		(637	)		(638	)		(1	)		(751	)		(752	)

Total	$	2,160		$	109,586		$	111,746		$	2,334		$	112,368		$	114,702

⁽¹⁾

⁽²⁾	“Other” primarily includes the obligation to return cash collateral held related to derivative exposures, which includes $95 million and $193 million of securities re-pledged subject to an overnight repurchase transaction as of March 31, 2017 and December 31, 2016, respectively.

Financing VIEs

We consolidated the following financing VIEs as of March 31, 2017 and December 31, 2016, as we are the primary beneficiary. As a result, these VIEs are accounted for as secured borrowings.


	March 31, 2017
	Debt Outstanding								Carrying Amount of Assets Securing Debt Outstanding
(Dollars in millions)	Short Term		Long Term			Total			Loans		Cash		Other Assets			Total
Secured Borrowings — VIEs:
FFELP Loan securitizations	$	—	$	73,047		$	73,047		$	73,669	$	2,764	$	818		$	77,251
Private Education Loan securitizations⁽¹⁾		548		13,343			13,891			19,030		490		243			19,763
FFELP Loan — other facilities		—		7,208			7,208			7,295		279		158			7,732
Private Education Loan — other facilities		540		—			540			785		17		13			815
Other		89		—			89			104		6		(1	)		109

Total before hedge accounting adjustments		1,177		93,598			94,775			100,883		3,556		1,231			105,670
Hedge accounting adjustments		—		(1,039	)		(1,039	)		—		—		(1,136	)		(1,136	)

Total	$	1,177	$	92,559		$	93,736		$	100,883	$	3,556	$	95		$	104,534


	December 31, 2016
	Debt Outstanding								Carrying Amount of Assets Securing Debt Outstanding
(Dollars in millions)	Short Term		Long Term			Total			Loans		Cash		Other Assets			Total
Secured Borrowings — VIEs:
FFELP Loan securitizations	$	—	$	73,522		$	73,522		$	74,197	$	2,676	$	778		$	77,651
Private Education Loan securitizations⁽¹⁾		548		14,125			14,673			19,815		455		260			20,530
FFELP Loan — other facilities		—		9,046			9,046			9,232		289		172			9,693
Private Education Loan — other facilities		464		—			464			685		10		14			709
Other		66		—			66			79		4		—			83

Total before hedge accounting adjustments		1,078		96,693			97,771			104,008		3,434		1,224			108,666
Hedge accounting adjustments		—		(1,201	)		(1,201	)		—		—		(1,235	)		(1,235	)

Total	$	1,078	$	95,492		$	96,570		$	104,008	$	3,434	$	(11	)	$	107,431

⁽¹⁾

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2017

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Impact of Derivatives on Consolidated Balance Sheet

Impact of Derivatives on Consolidated Balance Sheet


			Cash Flow						Fair Value						Trading						Total
(Dollars in millions)	Hedged Risk Exposure		Mar. 31, 2017			Dec. 31, 2016			Mar. 31, 2017			Dec. 31, 2016			Mar. 31, 2017			Dec. 31, 2016			Mar. 31, 2017			Dec. 31, 2016
Fair Values⁽¹⁾
Derivative Assets:
Interest rate swaps		Interest rate	$	70		$	78		$	391		$	465		$	10		$	22		$	471		$	565
Cross-currency interest rate swaps		Foreign currency and interest rate		—			—			—			—			—			—			—			—
Other⁽²⁾		Interest rate		—			—			—			—			—			—			—			—

Total derivative assets⁽³⁾				70			78			391			465			10			22			471			565
Derivative Liabilities:
Interest rate swaps		Interest rate		(56	)		(76	)		(72	)		(62	)		(66	)		(70	)		(194	)		(208	)
Floor Income Contracts		Interest rate		—			—			—			—			(164	)		(184	)		(164	)		(184	)
Cross-currency interest rate swaps		Foreign currency and interest rate		—			—			(1,125	)		(1,243	)		(41	)		(53	)		(1,166	)		(1,296	)
Other⁽²⁾		Interest rate		—			—			—			—			(16	)		(13	)		(16	)		(13	)

Total derivative liabilities⁽³⁾				(56	)		(76	)		(1,197	)		(1,305	)		(287	)		(320	)		(1,540	)		(1,701	)

Net total derivatives			$	14		$	2		$	(806	)	$	(840	)	$	(277	)	$	(298	)	$	(1,069	)	$	(1,136	)

⁽¹⁾

⁽²⁾	“Other” includes embedded derivatives bifurcated from securitization debt as well as derivatives related to our Total Return Swap Facility.

⁽³⁾	The following table reconciles gross positions without the impact of master netting agreements to the balance sheet classification:

Gross Positions with Impact of Master Netting Agreements

The following table reconciles gross positions without the impact of master netting agreements to the balance sheet classification:


	Other Assets						Other Liabilities
(Dollar in millions)	March 31, 2017			December 31, 2016			March 31, 2017			December 31, 2016
Gross position	$	471		$	565		$	(1,540	)	$	(1,701	)
Impact of master netting agreements		(48	)		(31	)		48			31

Derivative values with impact of master netting agreements (as carried on balance sheet)		423			534			(1,492	)		(1,670	)
Cash collateral (held) pledged		(317	)		(345	)		282			319

Net position	$	106		$	189		$	(1,210	)	$	(1,351	)

Derivative Notional Values


	Cash Flow				Fair Value				Trading				Total
(Dollars in billions)	Mar. 31, 2017		Dec. 31, 2016		Mar. 31, 2017		Dec. 31, 2016		Mar. 31, 2017		Dec. 31, 2016		Mar. 31, 2017		Dec. 31, 2016
Notional Values:
Interest rate swaps	$	15.6	$	15.2	$	12.3	$	11.8	$	30.3	$	23.8	$	58.2	$	50.8
Floor Income Contracts		—		—		—		—		21.4		18.5		21.4		18.5
Cross-currency interest rate swaps		—		—		7.6		8.5		.3		.3		7.9		8.8
Other⁽¹⁾		—		—		—		—		2.3		2.6		2.3		2.6

Total derivatives	$	15.6	$	15.2	$	19.9	$	20.3	$	54.3	$	45.2	$	89.8	$	80.7

⁽¹⁾	“Other” includes embedded derivatives bifurcated from securitization debt as well as derivatives related to our Total Return Swap Facility.

Impact of Derivatives on Consolidated Statements of Income

Impact of Derivatives on Consolidated Statements of Income


	Three Months Ended March 31,
	Unrealized Gain (Loss) on Derivatives⁽¹⁾⁽²⁾						Realized Gain (Loss) on Derivatives⁽³⁾						Unrealized Gain (Loss) on Hedged Item⁽¹⁾						Total Gain (Loss)
(Dollars in millions)	2017			2016			2017			2016			2017			2016			2017			2016
Fair Value Hedges:
Interest rate swaps	$	(84	)	$	244		$	54		$	71		$	61		$	(280	)	$	31		$	35
Cross-currency interest rate swaps		118			374			(29	)		(16	)		(162	)		(306	)		(73	)		52

Total fair value derivatives		34			618			25			55			(101	)		(586	)		(42	)		87
Cash Flow Hedges:
Interest rate swaps		—			—			(16	)		—			—			—			(16	)		—

Total cash flow derivatives		—			—			(16	)		—			—			—			(16	)		—
Trading:
Interest rate swaps		(7	)		53			20			10			—			—			13			63
Floor Income Contracts		53			27			(20	)		(138	)		—			—			33			(111	)
Cross-currency interest rate swaps		12			20			(1	)		(1	)		—			—			11			19
Other		(4	)		(2	)		(2	)		—			—			—			(6	)		(2	)

Total trading derivatives		54			98			(3	)		(129	)		—			—			51			(31	)

Total		88			716			6			(74	)		(101	)		(586	)		(7	)		56
Less: realized gains (losses) recorded in interest expense		—			—			9			55			—			—			9			55

Gains (losses) on derivative and hedging activities, net	$	88		$	716		$	(3	)	$	(129	)	$	(101	)	$	(586	)	$	(16	)	$	1

⁽¹⁾	Recorded in “Gains (losses) on derivative and hedging activities, net” in the consolidated statements of income.

⁽²⁾	Represents ineffectiveness related to cash flow hedges.

⁽³⁾	For fair value and cash flow hedges, recorded in interest expense. For trading derivatives, recorded in “Gains (losses) on derivative and hedging activities, net.”

Collateral Held and Pledged

Collateral held and pledged related to derivative exposures between us and our derivative counterparties are detailed in the following table:


(Dollars in millions)	March 31, 2017		December 31, 2016
Collateral held:
Cash (obligation to return cash collateral is recorded in short-term borrowings)	$	317	$	345
Securities at fair value — corporate derivatives (not recorded in financial statements)⁽¹⁾		97		193
Securities at fair value — on-balance sheet securitization derivatives (not recorded in financial statements)⁽²⁾		237		230

Total collateral held	$	651	$	768

Derivative asset at fair value including accrued interest	$	526	$	689

Collateral pledged to others:
Cash (right to receive return of cash collateral is recorded in investments)	$	282	$	319

Total collateral pledged	$	282	$	319

Derivative liability at fair value including accrued interest and premium receivable	$	1,510	$	1,670

⁽¹⁾	The Company has the ability to sell or re-pledge securities it holds as collateral.

⁽²⁾	The trusts do not have the ability to sell or re-pledge securities they hold as collateral.

Other Assets (Tables)

3 Months Ended

Mar. 31, 2017

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Other Assets

The following table provides the detail of our other assets.


(Dollars in millions)	March 31, 2017		December 31, 2016
Accrued interest receivable, net	$	1,604	$	1,663
Income tax asset, net current and deferred		673		725
Benefit and insurance-related investments		491		488
Derivatives at fair value		423		534
Other loans, net		166		148
Fixed assets, net		157		160
Accounts receivable		100		95
Other		378		380

Total	$	3,992	$	4,193

Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2017

Equity [Abstract]

Common Share Repurchases and Issuances

The following table summarizes common share repurchases and issuances.


	Three Months Ended March 31,
	2017		2016
Common shares repurchased⁽¹⁾		7,363,292		19,210,281
Average purchase price per share	$	14.95	$	10.42
Shares repurchased related to employee stock-based compensation plans⁽²⁾		1,354,280		986,273
Average purchase price per share	$	15.55	$	9.96
Common shares issued⁽³⁾		2,794,510		2,499,585

⁽¹⁾	Common shares purchased under our share repurchase program.

⁽²⁾	Comprises shares withheld from stock option exercises and vesting of restricted stock for employees’ tax withholding obligations and shares tendered by employees to satisfy option exercise costs.

⁽³⁾	Common shares issued under our various compensation and benefit plans.

Earnings per Common Share (Tables)

3 Months Ended

Mar. 31, 2017

Earnings Per Share [Abstract]

Schedule of Earnings per Common Share


	Three Months Ended March 31,
(In millions, except per share data)	2017		2016
Numerator:
Net income attributable to Navient Corporation	$	88	$	181

Denominator:
Weighted average shares used to compute basic EPS		289		339
Effect of dilutive securities:
Dilutive effect of stock options, non-vested restricted stock, restricted stock units and Employee Stock Purchase Plans (“ESPPs”)⁽¹⁾		7		4

Dilutive potential common shares⁽²⁾		7		4

Weighted average shares used to compute diluted EPS		296		343

Basic earnings (loss) per common share attributable to Navient Corporation	$	.31	$	.53

Diluted earnings (loss) per common share attributable to Navient Corporation	$	.30	$	.53

⁽¹⁾	Includes the potential dilutive effect of additional common shares that are issuable upon exercise of outstanding stock options, non-vested restricted stock, restricted stock units, and the outstanding commitment to issue shares under applicable ESPPs, determined by the treasury stock method.

⁽²⁾	For the three months ended March 31, 2017 and 2016, stock options covering approximately 5 million and 9 million shares, respectively, were outstanding but not included in the computation of diluted earnings per share because they were anti-dilutive.

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2017

Fair Value Disclosures [Abstract]

Valuation of Financial Instruments that are Marked-to-Market on Recurring Basis

The following table summarizes the valuation of our financial instruments that are marked-to-market on a recurring basis.


	Fair Value Measurements on a Recurring Basis
	March 31, 2017											December 31, 2016
(Dollars in millions)	Level 1		Level 2			Level 3			Total			Level 1		Level 2			Level 3			Total
Assets
Available-for-sale investments:
Agency residential mortgage-backed securities	$	—	$	1		$	—		$	1		$	—	$	1		$	—		$	1
Other		—		2			—			2			—		2			—			2

Total available-for-sale investments		—		3			—			3			—		3			—			3
Derivative instruments:⁽¹⁾
Interest rate swaps		—		467			4			471			—		553			12			565
Cross-currency interest rate swaps		—		—			—			—			—		—			—			—
Other		—		—			—			—			—		—			—			—

Total derivative assets⁽²⁾		—		467			4			471			—		553			12			565

Total	$	—	$	470		$	4		$	474		$	—	$	556		$	12		$	568

Liabilities⁽³⁾
Derivative instruments⁽¹⁾
Interest rate swaps	$	—	$	(148	)	$	(46	)	$	(194	)	$	—	$	(150	)	$	(58	)	$	(208	)
Floor Income Contracts		—		(164	)		—			(164	)		—		(184	)		—			(184	)
Cross-currency interest rate swaps		—		(41	)		(1,125	)		(1,166	)		—		(53	)		(1,243	)		(1,296	)
Other		—		—			(16	)		(16	)		—		—			(13	)		(13	)

Total derivative liabilities⁽²⁾		—		(353	)		(1,187	)		(1,540	)		—		(387	)		(1,314	)		(1,701	)

Total	$	—	$	(353	)	$	(1,187	)	$	(1,540	)	$	—	$	(387	)	$	(1,314	)	$	(1,701	)

⁽¹⁾	Fair value of derivative instruments excludes accrued interest and the value of collateral.

⁽²⁾	See “Note 4 — Derivative Financial Instruments” for a reconciliation of gross positions without the impact of master netting agreements to the balance sheet classification.

⁽³⁾	Borrowings which are the hedged items in a fair value hedge relationship and which are adjusted for changes in value due to benchmark interest rates only are not carried at full fair value and are not reflected in this table.

Change in Balance Sheet Carrying Value Associated with Level 3 Financial Instruments Carried at Fair Value on Recurring Basis

The following tables summarize the change in balance sheet carrying value associated with level 3 financial instruments carried at fair value on a recurring basis.


	Three Months Ended March 31,
	2017												2016
	Derivative instruments												Derivative instruments
(Dollars in millions)	Interest Rate Swaps			Cross Currency Interest Rate Swaps			Other			Total Derivative Instruments			Interest Rate Swaps			Cross Currency Interest Rate Swaps			Other			Total Derivative Instruments
Balance, beginning of period	$	(46	)	$	(1,243	)	$	(13	)	$	(1,302	)	$	(44	)	$	(903	)	$	(2	)	$	(949	)
Total gains/(losses) (realized and unrealized):
Included in earnings(1)		2			89			(5	)		86			11			358			(2	)		367
Included in other comprehensive income		—			—			—			—			—			—			—			—
Settlements		2			29			2			33			1			17			—			18
Transfers in and/or out of level 3		—			—			—			—			—			—			—			—

Balance, end of period	$	(42	)	$	(1,125	)	$	(16	)	$	(1,183	)	$	(32	)	$	(528	)	$	(4	)	$	(564	)

Change in unrealized gains/(losses) relating to instruments still held at the reporting date⁽²⁾	$	4		$	57		$	(4	)	$	57		$	12		$	375		$	(2	)	$	385

⁽¹⁾	“Included in earnings” is comprised of the following amounts recorded in the specified line item in the consolidated statements of income:

Included in Earnings


	Three Months Ended March 31,
(Dollars in millions)	2017			2016
Gains (losses) on derivative and hedging activities, net	$	115		$	384
Interest expense		(29	)		(17	)

Total	$	86		$	367

⁽²⁾	Recorded in “gains (losses) on derivative and hedging activities, net” in the consolidated statements of income.

Unobservable Data Used in Recurring Valuations of Level 3

The following table presents the significant inputs that are unobservable or from inactive markets used in the recurring valuations of the level 3 financial instruments detailed above.


(Dollars in millions)	Fair Value at March 31, 2017			Valuation Technique	Input	Range (Weighted Average)
Derivatives
Prime/LIBOR basis swaps	$	(42	)	Discounted cash flow	Constant prepayment rate		4.9%
					Bid/ask adjustment to discount rate		.05% — .05% (.05%)
Cross-currency interest rate swaps		(1,125	)	Discounted cash flow	Constant prepayment rate		3.3%
Other		(16	)

Total	$	(1,183	)

Fair Values of Financial Assets and Liabilities, Including Derivative Financial Instruments

The following table summarizes the fair values of our financial assets and liabilities, including derivative financial instruments.


	March 31, 2017									December 31, 2016
(Dollars in millions)	Fair Value			Carrying Value			Difference			Fair Value			Carrying Value			Difference
Earning assets
FFELP Loans	$	84,531		$	85,284		$	(753	)	$	86,626		$	87,730		$	(1,104	)
Private Education Loans		22,687			22,552			135			23,191			23,340			(149	)
Cash and investments⁽¹⁾		5,398			5,398			—			5,203			5,203			—

Total earning assets		112,616			113,234			(618	)		115,020			116,273			(1,253	)

Interest-bearing liabilities
Short-term borrowings		2,169			2,160			(9	)		2,346			2,334			(12	)
Long-term borrowings		107,743			109,586			1,843			109,826			112,368			2,542

Total interest-bearing liabilities		109,912			111,746			1,834			112,172			114,702			2,530

Derivative financial instruments
Floor Income Contracts		(164	)		(164	)		—			(184	)		(184	)		—
Interest rate swaps		277			277			—			357			357			—
Cross-currency interest rate swaps		(1,166	)		(1,166	)		—			(1,296	)		(1,296	)		—
Other		(16	)		(16	)		—			(13	)		(13	)		—

Excess of net asset fair value over carrying value							$	1,216								$	1,277

⁽¹⁾	“Cash and investments” includes available-for-sale investments whose cost basis is $3 million and $3 million at March 31, 2017 and December 31, 2016, respectively, versus a fair value of $3 million and $3 million at March 31, 2017 and December 31, 2016, respectively.

Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2017

Segment Results and Reconciliations to GAAP

Segment Results and Reconciliations to GAAP


	Three Months Ended March 31, 2017
(Dollars in millions)	FFELP Loans		Private Education Loans		Business Services		Other			Eliminations⁽¹⁾			Total “Core Earnings”		Adjustments									Total GAAP
(Dollars in millions)	FFELP Loans		Private Education Loans		Business Services		Other			Eliminations⁽¹⁾			Total “Core Earnings”		Reclassifications			Additions/ (Subtractions)			Total Adjustments⁽²⁾			Total GAAP
Interest income:
Education loans	$	623	$	374	$	—	$	—		$	—		$	997	$	20		$	(14	)	$	6		$	1,003
Other loans		—		—		—		5			—			5		—			—			—			5
Cash and investments		5		—		—		2			—			7		—			—			—			7

Total interest income		628		374		—		7			—			1,009		20			(14	)		6			1,015
Total interest expense		457		187		—		31			—			675		3			(3	)		—			675

Net interest income (loss)		171		187		—		(24	)		—			334		17			(11	)		6			340
Less: provisions for loan losses		10		95		—		2			—			107		—			—			—			107

Net interest income (loss) after provisions for loan losses		161		92		—		(26	)		—			227		17			(11	)		6			233
Other income (loss):
Servicing revenue		13		4		149		—			(90	)		76		—			—			—			76
Asset recovery and business processing revenue		—		—		100		—			—			100		—			—			—			100
Other income (loss)		—		—		—		5			—			5		(17	)		(12	)		(29	)		(24	)

Total other income (loss)		13		4		249		5			(90	)		181		(17	)		(12	)		(29	)		152
Expenses:
Direct operating expenses		93		40		126		7			(90	)		176		—			—			—			176
Overhead expenses		—		—		—		62			—			62		—			—			—			62

Operating expenses		93		40		126		69			(90	)		238		—			—			—			238
Goodwill and acquired intangible asset impairment and amortization		—		—		—		—			—			—		—			6			6			6

Total expenses		93		40		126		69			(90	)		238		—			6			6			244

Income (loss) before income tax expense (benefit)		81		56		123		(90	)		—			170		—			(29	)		(29	)		141
Income tax expense (benefit)⁽³⁾		30		21		46		(34	)		—			63		—			(10	)		(10	)		53

Net income (loss)	$	51	$	35	$	77	$	(56	)	$	—		$	107	$	—		$	(19	)	$	(19	)	$	88

⁽¹⁾	The eliminations in servicing revenue and direct operating expense represent the elimination of intercompany servicing revenue where the Business Services segment performs the loan servicing function for the FFELP Loans segment.

⁽²⁾	“Core Earnings” adjustments to GAAP:


	Three Months Ended March 31, 2017
(Dollars in millions)	Net Impact of Derivative Accounting			Net Impact of Goodwill and Acquired Intangible Assets			Total
Net interest income (loss) after provisions for loan losses	$	6		$	—		$	6
Total other income (loss)		(29	)		—			(29	)
Goodwill and acquired intangible asset impairment and amortization		—			6			6

Total “Core Earnings” adjustments to GAAP	$	(23	)	$	(6	)	$	(29	)

Income tax expense (benefit)								(10	)

Net income (loss)							$	(19	)

⁽³⁾	Income taxes are based on a percentage of net income before tax for the individual reportable segment.


	Three Months Ended March 31, 2016
(Dollars in millions)	FFELP Loans		Private Education Loans		Business Services		Other			Eliminations⁽¹⁾			Total “Core Earnings”		Adjustments									Total GAAP
(Dollars in millions)	FFELP Loans		Private Education Loans		Business Services		Other			Eliminations⁽¹⁾			Total “Core Earnings”		Reclassifications			Additions/ (Subtractions)			Total Adjustments⁽²⁾			Total GAAP
Interest income:
Education loans	$	555	$	411	$	—	$	—		$	—		$	966	$	138		$	(59	)	$	79		$	1,045
Other loans		—		—		—		1			—			1		—			—			—			1
Cash and investments		3		1		—		1			—			5		—			—			—			5

Total interest income		558		412		—		2			—			972		138			(59	)		79			1,051
Total interest expense		358		172		—		26			—			556		9			—			9			565

Net interest income (loss)		200		240		—		(24	)		—			416		129			(59	)		70			486
Less: provisions for loan losses		7		104		—		—			—			111		—			—			—			111

Net interest income (loss) after provisions for loan losses		193		136		—		(24	)		—			305		129			(59	)		70			375
Other income (loss):
Servicing revenue		16		4		163		—			(101	)		82		—			—			—			82
Asset recovery and business processing revenue		—		—		90		—			—			90		—			—			—			90
Other income (loss)		—		—		1		3			—			4		(129	)		113			(16	)		(12	)

Total other income (loss)		16		4		254		3			(101	)		176		(129	)		113			(16	)		160
Expenses:
Direct operating expenses		104		43		134		6			(101	)		186		—			—			—			186
Overhead expenses		—		—		—		61			—			61		—			—			—			61

Operating expenses		104		43		134		67			(101	)		247		—			—			—			247
Goodwill and acquired intangible asset impairment and amortization		—		—		—		—			—			—		—			4			4			4

Total expenses		104		43		134		67			(101	)		247		—			4			4			251

Income (loss) before income tax expense (benefit)		105		97		120		(88	)		—			234		—			50			50			284
Income tax expense (benefit)(3)		39		36		45		(33	)		—			87		—			16			16			103

Net income (loss)	$	66	$	61	$	75	$	(55	)	$	—		$	147	$	—		$	34		$	34		$	181

⁽¹⁾	The eliminations in servicing revenue and direct operating expense represent the elimination of intercompany servicing revenue where the Business Services segment performs the loan servicing function for the FFELP Loans segment.

⁽²⁾	“Core Earnings” adjustments to GAAP:


	Three Months Ended March 31, 2016
(Dollars in millions)	Net Impact of Derivative Accounting			Net Impact of Goodwill and Acquired Intangible Assets			Total
Net interest income (loss) after provisions for loan losses	$	70		$	—		$	70
Total other income (loss)		(16	)		—			(16	)
Goodwill and acquired intangible asset impairment and amortization		—			4			4

Total “Core Earnings” adjustments to GAAP	$	54		$	(4	)		50

Income tax expense (benefit)								16

Net income (loss)							$	34

⁽³⁾	Income taxes are based on a percentage of net income before tax for the individual reportable segment.

Core Earnings Adjustments to GAAP

Summary of “Core Earnings” Adjustments to GAAP


	Three Months Ended March 31,
(Dollars in millions)	2017			2016
“Core Earnings” adjustments to GAAP:
Net impact of derivative accounting⁽¹⁾	$	(23	)	$	54
Net impact of goodwill and acquired intangibles assets⁽²⁾		(6	)		(4	)
Net tax effect⁽³⁾		10			(16	)

Total “Core Earnings” adjustments to GAAP	$	(19	)	$	34

⁽¹⁾

⁽²⁾	Goodwill and acquired intangible assets: Our “Core Earnings” exclude goodwill and intangible asset impairment and amortization of acquired intangible assets.

⁽³⁾	Net tax effect: Such tax effect is based upon our “Core Earnings” effective tax rate for the year.

Assets [Member] | FFELP Loans Segment [Member]

Asset Information for Loans Segment

The following table includes GAAP basis asset information for our FFELP Loans segment.


(Dollars in millions)	March 31, 2017		December 31, 2016
FFELP Loans, net	$	85,284	$	87,730
Cash and investments⁽¹⁾		3,265		3,212
Other		1,852		1,907

Total assets	$	90,401	$	92,849

⁽¹⁾	Includes restricted cash and investments.

Assets [Member] | Private Education Loans Segment [Member]

Asset Information for Loans Segment

The following table includes GAAP basis asset information for our Private Education Loans segment.


(Dollars in millions)	March 31, 2017		December 31, 2016
Private Education Loans, net	$	22,552	$	23,340
Cash and investments⁽¹⁾		697		667
Other		1,428		1,567

Total assets	$	24,677	$	25,574

⁽¹⁾	Includes restricted cash and investments.

Significant Accounting Policies - Additional Information (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2017 USD ($)
Adjustments for New Accounting Pronouncement [Member]
Summary Of Significant Accounting Policies [Line Items]
Reduction to income tax expense	$ 3

Allowance for Loan Losses - Additional Information (Detail) $ in Billions	3 Months Ended	12 Months Ended
	Mar. 31, 2017 USD ($) Point Loans	Dec. 31, 2016 USD ($)
Financing Receivable, Allowance for Credit Losses [Line Items]
Percentage of loans granted forbearance that migrated to TDR classification	62.00%	61.00%
Payment default period for TDRs	60 days past due
Interest Rate Reduction [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
TDR loans, Unpaid Principal Balance \| $	$ 2.5	$ 2.6
Minimum [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Delinquency period (in days)	212 days
Minimum [Member] \| FICO Score, 600 to 699 [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Original FICO score at for-profit schools to become eligible for non-traditional loans	640
Maximum [Member] \| FICO Score, 600 to 699 [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Original FICO score at for-profit schools to become eligible for non-traditional loans	670
Private Education Loans [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Number of classes of loans \| Loans	2

Allowance for Loan Losses - Allowance for Credit Losses and Recorded Investments in Loans (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2017 USD ($) SecurityLoan	Mar. 31, 2016 USD ($) SecurityLoan
Allowance for Loan Losses
Beginning balance	$ 1,433	$ 1,564
Provision for loan losses	107	111
Charge-offs	(151)	(160)
Reclassification of interest reserve	2	3
Ending balance	1,391	1,518
Allowance:
Ending balance: individually evaluated for impairment	1,186	1,196
Ending balance: collectively evaluated for impairment	205	322
Loans:
Ending balance: individually evaluated for impairment	11,127	11,121
Ending balance: collectively evaluated for impairment	97,866	110,435
FFELP Loans [Member]
Allowance for Loan Losses
Beginning balance	67	78
Provision for loan losses	10	7
Charge-offs	(13)	(16)
Ending balance	64	69
Allowance:
Ending balance: collectively evaluated for impairment	64	69
Loans:
Ending balance: collectively evaluated for impairment	$ 84,513	$ 93,977
Charge-offs as a percentage of average loans in repayment (annualized)	0.07%	0.09%
Allowance coverage of charge-offs (annualized) \| SecurityLoan	1.2	1.1
Allowance as a percentage of the ending total loan balance	0.08%	0.07%
Allowance as a percentage of the ending loans in repayment	0.09%	0.09%
Ending total loans	$ 84,513	$ 93,977
Average loans in repayment	69,302	73,697
Ending loans in repayment	68,095	73,630
Private Education Loans [Member]
Allowance for Loan Losses
Beginning balance	1,351	1,471
Provision for loan losses	95	104
Charge-offs	(137)	(144)
Reclassification of interest reserve	2	3
Ending balance	1,311	1,434
Allowance:
Ending balance: individually evaluated for impairment	1,176	1,185
Ending balance: collectively evaluated for impairment	135	249
Loans:
Ending balance: individually evaluated for impairment	11,096	11,088
Ending balance: collectively evaluated for impairment	$ 13,201	$ 16,408
Charge-offs as a percentage of average loans in repayment (annualized)	2.56%	2.39%
Allowance coverage of charge-offs (annualized) \| SecurityLoan	2.4	2.5
Allowance as a percentage of the ending total loan balance	5.39%	5.22%
Allowance as a percentage of the ending loans in repayment	6.13%	6.03%
Ending total loans	$ 24,297	$ 27,496
Average loans in repayment	21,791	24,180
Ending loans in repayment	21,367	23,786
Other Loans [Member]
Allowance for Loan Losses
Beginning balance	15	15
Provision for loan losses	2
Charge-offs	(1)
Ending balance	16	15
Allowance:
Ending balance: individually evaluated for impairment	10	11
Ending balance: collectively evaluated for impairment	6	4
Loans:
Ending balance: individually evaluated for impairment	31	33
Ending balance: collectively evaluated for impairment	$ 152	$ 50
Charge-offs as a percentage of average loans in repayment (annualized)	2.06%	2.04%
Allowance coverage of charge-offs (annualized) \| SecurityLoan	4.6	8.6
Allowance as a percentage of the ending total loan balance	9.00%	17.91%
Allowance as a percentage of the ending loans in repayment	9.00%	17.91%
Ending total loans	$ 183	$ 83
Average loans in repayment	173	85
Ending loans in repayment	$ 183	$ 83

Allowance for Loan Losses - Private Education Loan Portfolio Stratified by Key Credit Quality Indicators (Detail) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Private Education Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Private Education Loans Credit Quality Indicators	$ 23,497	$ 24,333
School Type/FICO Scores [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Private Education Loans Credit Quality Indicators	$ 23,497	$ 24,333
School Type/FICO Scores [Member] \| Private Education Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Private Education Loans Credit Quality Indicators, Percent	100.00%	100.00%
School Type/FICO Scores [Member] \| Private Education Loans [Member] \| Traditional Loan [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Private Education Loans Credit Quality Indicators	$ 21,601	$ 22,367
Total Private Education Loans Credit Quality Indicators, Percent	92.00%	92.00%
School Type/FICO Scores [Member] \| Private Education Loans [Member] \| Non Traditional Loan [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Private Education Loans Credit Quality Indicators	$ 1,896	$ 1,966
Total Private Education Loans Credit Quality Indicators, Percent	8.00%	8.00%
Cosigners [Member] \| Private Education Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Private Education Loans Credit Quality Indicators, Percent	100.00%	100.00%
Cosigners [Member] \| Private Education Loans [Member] \| Cosigner Loan [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Private Education Loans Credit Quality Indicators	$ 15,024	$ 15,610
Total Private Education Loans Credit Quality Indicators, Percent	64.00%	64.00%
Cosigners [Member] \| Private Education Loans [Member] \| Non Cosigner Loan [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Private Education Loans Credit Quality Indicators	$ 8,473	$ 8,723
Total Private Education Loans Credit Quality Indicators, Percent	36.00%	36.00%
Seasoning [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Private Education Loans Credit Quality Indicators	$ 23,497	$ 24,333
Seasoning [Member] \| Private Education Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Private Education Loans Credit Quality Indicators, Percent	100.00%	100.00%
Seasoning [Member] \| Private Education Loans [Member] \| 1-12 Payments [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Private Education Loans Credit Quality Indicators	$ 1,276	$ 1,340
Total Private Education Loans Credit Quality Indicators, Percent	5.00%	5.00%
Seasoning [Member] \| Private Education Loans [Member] \| 13-24 Payments [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Private Education Loans Credit Quality Indicators	$ 1,130	$ 1,271
Total Private Education Loans Credit Quality Indicators, Percent	5.00%	5.00%
Seasoning [Member] \| Private Education Loans [Member] \| 25-36 Payments [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Private Education Loans Credit Quality Indicators	$ 1,684	$ 1,908
Total Private Education Loans Credit Quality Indicators, Percent	7.00%	8.00%
Seasoning [Member] \| Private Education Loans [Member] \| 37-48 Payments [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Private Education Loans Credit Quality Indicators	$ 2,440	$ 2,723
Total Private Education Loans Credit Quality Indicators, Percent	10.00%	11.00%
Seasoning [Member] \| Private Education Loans [Member] \| More than 48 Payments [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Private Education Loans Credit Quality Indicators	$ 15,630	$ 15,698
Total Private Education Loans Credit Quality Indicators, Percent	67.00%	65.00%
Seasoning [Member] \| Private Education Loans [Member] \| Not Yet in Repayment [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Private Education Loans Credit Quality Indicators	$ 1,337	$ 1,393
Total Private Education Loans Credit Quality Indicators, Percent	6.00%	6.00%

Allowance for Loan Losses - Receivable for Partially Charged-Off Private Education Loans (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Financing Receivable, Allowance for Credit Losses [Line Items]
Charge-offs	$ (151)	$ (160)
Private Education Loans [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Receivable at beginning of period	23,340
Charge-offs	(137)	(144)
Receivable at end of period	22,552
Private Education Loans [Member] \| Loans Receivable For Partially Charged Off Loans [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Receivable at beginning of period	815	881
Expected future recoveries of current period defaults	34	36
Recoveries	(44)	(47)
Charge-offs	(5)	(3)
Receivable at end of period	$ 800	$ 867

Allowance for Loan Losses - Recorded Investment, Unpaid Principal Balance and Related Allowance for TDR Loans (Detail) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Financing Receivable, Impaired [Line Items]
TDR Loans, Recorded Investment	$ 10,684	$ 10,759
TDR loans, Unpaid Principal Balance	10,727	10,805
TDR Loans, Related Allowance	1,176	1,190
Private Education Loans - Traditional [Member]
Financing Receivable, Impaired [Line Items]
TDR Loans, Recorded Investment	9,336	9,386
TDR loans, Unpaid Principal Balance	9,376	9,429
TDR Loans, Related Allowance	994	1,003
Private Education Loans - Non-Traditional [Member]
Financing Receivable, Impaired [Line Items]
TDR Loans, Recorded Investment	1,348	1,373
TDR loans, Unpaid Principal Balance	1,351	1,376
TDR Loans, Related Allowance	$ 182	$ 187

Allowance for Loan Losses - Average Recorded Investment and Interest Income Recognized for TDR (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Financing Receivable, Impaired [Line Items]
Impaired financing receivable, Average Recorded Investment	$ 10,728	$ 10,655
Impaired financing receivable, Interest Income Recognized	172	165
Private Education Loans - Traditional [Member]
Financing Receivable, Impaired [Line Items]
Impaired financing receivable, Average Recorded Investment	9,367	9,221
Impaired financing receivable, Interest Income Recognized	145	138
Private Education Loans - Non-Traditional [Member]
Financing Receivable, Impaired [Line Items]
Impaired financing receivable, Average Recorded Investment	1,361	1,434
Impaired financing receivable, Interest Income Recognized	$ 27	$ 27

Allowance for Loan Losses - Loans Modified Accounts for TDR (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Financing Receivable, Modifications [Line Items]
Modified Loans	$ 215	$ 368
Charge-Offs	106	102
Payment-Default	54	73
Private Education Loans - Traditional [Member]
Financing Receivable, Modifications [Line Items]
Modified Loans	199	341
Charge-Offs	86	80
Payment-Default	47	62
Private Education Loans - Non-Traditional [Member]
Financing Receivable, Modifications [Line Items]
Modified Loans	16	27
Charge-Offs	20	22
Payment-Default	$ 7	$ 11

Allowance for Loan Losses - Accrued Interest Receivable (Detail) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrued Interest Receivable	$ 1,604	$ 1,663
Private Education Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrued Interest Receivable	371	391
Accrued Interest Receivable, Allowance for Uncollectible Interest	26	30
Private Education Loans [Member] \| Traditional Loan [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrued Interest Receivable	326	344
Accrued Interest Receivable, Allowance for Uncollectible Interest	20	23
Private Education Loans [Member] \| Non Traditional Loan [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrued Interest Receivable	45	47
Accrued Interest Receivable, Allowance for Uncollectible Interest	6	7
Accrued Interest Receivable, Greater Than 90 Days Past Due [Member] \| Private Education Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrued Interest Receivable	30	33
Accrued Interest Receivable, Greater Than 90 Days Past Due [Member] \| Private Education Loans [Member] \| Traditional Loan [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrued Interest Receivable	23	26
Accrued Interest Receivable, Greater Than 90 Days Past Due [Member] \| Private Education Loans [Member] \| Non Traditional Loan [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrued Interest Receivable	$ 7	$ 7

Borrowings - Company's Borrowings (Detail) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Short-term borrowings	$ 2,160	$ 2,334
Long-term borrowings	109,586	112,368
Total	111,746	114,702
Total Before Hedge Accounting Adjustments [Member]
Debt Instrument [Line Items]
Short-term borrowings	2,161	2,335
Long-term borrowings	110,223	113,119
Total	112,384	115,454
Total Before Hedge Accounting Adjustments [Member] \| Senior Unsecured Debt [Member]
Debt Instrument [Line Items]
Short-term borrowings	571	717
Long-term borrowings	13,424	13,029
Total	13,995	13,746
Total Before Hedge Accounting Adjustments [Member] \| Total Unsecured Borrowings [Member]
Debt Instrument [Line Items]
Short-term borrowings	571	717
Long-term borrowings	13,424	13,029
Total	13,995	13,746
Total Before Hedge Accounting Adjustments [Member] \| FFELP Loan Securitizations [Member]
Debt Instrument [Line Items]
Long-term borrowings	73,047	73,522
Total	73,047	73,522
Total Before Hedge Accounting Adjustments [Member] \| Private Education Loan Securitizations [Member]
Debt Instrument [Line Items]
Short-term borrowings	548	548
Long-term borrowings	13,343	14,125
Total	13,891	14,673
Total Before Hedge Accounting Adjustments [Member] \| FFELP Loan - Other Facilities [Member]
Debt Instrument [Line Items]
Long-term borrowings	10,409	12,443
Total	10,409	12,443
Total Before Hedge Accounting Adjustments [Member] \| Private Education Loan - Other Facilities [Member]
Debt Instrument [Line Items]
Short-term borrowings	540	464
Total	540	464
Total Before Hedge Accounting Adjustments [Member] \| Other [Member]
Debt Instrument [Line Items]
Short-term borrowings	502	606
Total	502	606
Total Before Hedge Accounting Adjustments [Member] \| Secured Borrowings [Member]
Debt Instrument [Line Items]
Short-term borrowings	1,590	1,618
Long-term borrowings	96,799	100,090
Total	98,389	101,708
Hedge Accounting Adjustments [Member]
Debt Instrument [Line Items]
Short-term borrowings	(1)	(1)
Long-term borrowings	(637)	(751)
Total	$ (638)	$ (752)

Borrowings - Company's Borrowings (Parenthetical) (Detail) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Long-term debt	$ 109,586	$ 112,368
Short-term Debt	2,160	2,334
Total Before Hedge Accounting Adjustments [Member]
Debt Instrument [Line Items]
Long-term debt	110,223	113,119
Short-term Debt	2,161	2,335
Other [Member] \| Total Before Hedge Accounting Adjustments [Member]
Debt Instrument [Line Items]
Short-term Debt	502	606
Private Education Loan Securitizations Repurchase Facility [Member] \| Total Before Hedge Accounting Adjustments [Member]
Debt Instrument [Line Items]
Long-term debt	476	475
Short-term Debt	548	548
Maturity Overnight [Member] \| Other [Member] \| Total Before Hedge Accounting Adjustments [Member]
Debt Instrument [Line Items]
Securities re-pledged subject to an overnight repurchase transaction	$ 95	$ 193

Borrowings - Financing VIEs (Detail) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Securities Financing Transaction [Line Items]
Short-term borrowings	$ 2,160	$ 2,334
Long-term borrowings	109,586	112,368
Total Debt Outstanding	111,746	114,702
Total Before Hedge Accounting Adjustments [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings	2,161	2,335
Long-term borrowings	110,223	113,119
Total Debt Outstanding	112,384	115,454
Hedge Accounting Adjustments [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings	(1)	(1)
Long-term borrowings	(637)	(751)
Total Debt Outstanding	(638)	(752)
Assets and Liabilities of Consolidated Variable Interest Entities [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings	1,177	1,078
Long-term borrowings	92,559	95,492
Total Debt Outstanding	93,736	96,570
Loans	100,883	104,008
Cash	3,556	3,434
Other assets, Net	95	(11)
Total Carrying Amount of Assets Securing Debt Outstanding	104,534	107,431
Assets and Liabilities of Consolidated Variable Interest Entities [Member] \| FFELP Loan Securitizations [Member]
Securities Financing Transaction [Line Items]
Long-term borrowings	73,047	73,522
Total Debt Outstanding	73,047	73,522
Loans	73,669	74,197
Cash	2,764	2,676
Other assets, Net	818	778
Total Carrying Amount of Assets Securing Debt Outstanding	77,251	77,651
Assets and Liabilities of Consolidated Variable Interest Entities [Member] \| Private Education Loan Securitizations [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings	548	548
Long-term borrowings	13,343	14,125
Total Debt Outstanding	13,891	14,673
Loans	19,030	19,815
Cash	490	455
Other assets, Net	243	260
Total Carrying Amount of Assets Securing Debt Outstanding	19,763	20,530
Assets and Liabilities of Consolidated Variable Interest Entities [Member] \| FFELP Loan - Other Facilities [Member]
Securities Financing Transaction [Line Items]
Long-term borrowings	7,208	9,046
Total Debt Outstanding	7,208	9,046
Loans	7,295	9,232
Cash	279	289
Other assets, Net	158	172
Total Carrying Amount of Assets Securing Debt Outstanding	7,732	9,693
Assets and Liabilities of Consolidated Variable Interest Entities [Member] \| Private Education Loan - Other Facilities [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings	540	464
Total Debt Outstanding	540	464
Loans	785	685
Cash	17	10
Other assets, Net	13	14
Total Carrying Amount of Assets Securing Debt Outstanding	815	709
Assets and Liabilities of Consolidated Variable Interest Entities [Member] \| Total Before Hedge Accounting Adjustments [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings	1,177	1,078
Long-term borrowings	93,598	96,693
Total Debt Outstanding	94,775	97,771
Loans	100,883	104,008
Cash	3,556	3,434
Other assets, Net	1,231	1,224
Total Carrying Amount of Assets Securing Debt Outstanding	105,670	108,666
Assets and Liabilities of Consolidated Variable Interest Entities [Member] \| Hedge Accounting Adjustments [Member]
Securities Financing Transaction [Line Items]
Long-term borrowings	(1,039)	(1,201)
Total Debt Outstanding	(1,039)	(1,201)
Other assets, Net	(1,136)	(1,235)
Total Carrying Amount of Assets Securing Debt Outstanding	(1,136)	(1,235)
Assets and Liabilities of Consolidated Variable Interest Entities [Member] \| Other [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings	89	66
Total Debt Outstanding	89	66
Loans	104	79
Cash	6	4
Other assets, Net	(1)
Total Carrying Amount of Assets Securing Debt Outstanding	$ 109	$ 83

Borrowings - Financing VIEs (Parenthetical) (Detail) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Securities Financing Transaction [Line Items]
Long-term debt	$ 109,586	$ 112,368
Short-term Debt	2,160	2,334
Assets and Liabilities of Consolidated Variable Interest Entities [Member]
Securities Financing Transaction [Line Items]
Long-term debt	92,559	95,492
Short-term Debt	1,177	1,078
Restricted cash	3,556	3,434
Private Education Loan Securitizations Repurchase Facility [Member] \| Assets and Liabilities of Consolidated Variable Interest Entities [Member]
Securities Financing Transaction [Line Items]
Long-term debt	476	475
Short-term Debt	548	548
Restricted cash	$ 39	$ 49

Derivative Financial Instruments - Impact of Derivatives on Consolidated Balance Sheet (Detail) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Derivative Assets:
Derivative assets	$ 471	$ 565
Derivative Liabilities:
Derivative liabilities	(1,540)	(1,701)
Net total derivatives	(1,069)	(1,136)
Interest Rate Swaps [Member]
Derivative Assets:
Derivative assets	471	565
Derivative Liabilities:
Derivative liabilities	(194)	(208)
Cross-Currency Interest Rate Swaps [Member]
Derivative Liabilities:
Derivative liabilities	(1,166)	(1,296)
Other [Member]
Derivative Liabilities:
Derivative liabilities	(16)	(13)
Floor Income Contracts [Member]
Derivative Liabilities:
Derivative liabilities	(164)	(184)
Designated as Hedging Instrument [Member] \| Cash Flow [Member]
Derivative Assets:
Derivative assets	70	78
Derivative Liabilities:
Derivative liabilities	(56)	(76)
Net total derivatives	14	2
Designated as Hedging Instrument [Member] \| Fair Value [Member]
Derivative Assets:
Derivative assets	391	465
Derivative Liabilities:
Derivative liabilities	(1,197)	(1,305)
Net total derivatives	(806)	(840)
Designated as Hedging Instrument [Member] \| Interest Rate Swaps [Member] \| Cash Flow [Member]
Derivative Assets:
Derivative assets	70	78
Derivative Liabilities:
Derivative liabilities	(56)	(76)
Designated as Hedging Instrument [Member] \| Interest Rate Swaps [Member] \| Fair Value [Member]
Derivative Assets:
Derivative assets	391	465
Derivative Liabilities:
Derivative liabilities	(72)	(62)
Designated as Hedging Instrument [Member] \| Cross-Currency Interest Rate Swaps [Member] \| Fair Value [Member]
Derivative Liabilities:
Derivative liabilities	(1,125)	(1,243)
Trading [Member]
Derivative Assets:
Derivative assets	10	22
Derivative Liabilities:
Derivative liabilities	(287)	(320)
Net total derivatives	(277)	(298)
Trading [Member] \| Interest Rate Swaps [Member]
Derivative Assets:
Derivative assets	10	22
Derivative Liabilities:
Derivative liabilities	(66)	(70)
Trading [Member] \| Cross-Currency Interest Rate Swaps [Member]
Derivative Liabilities:
Derivative liabilities	(41)	(53)
Trading [Member] \| Other [Member]
Derivative Liabilities:
Derivative liabilities	(16)	(13)
Trading [Member] \| Floor Income Contracts [Member]
Derivative Liabilities:
Derivative liabilities	$ (164)	$ (184)

Derivative Financial Instruments - Gross Positions without Impact of Master Netting Agreements (Detail) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Derivatives, Fair Value [Line Items]
Gross position, Assets	$ 471	$ 565
Derivative values with impact of master netting agreements (as carried on balance sheet), Assets	423	534
Cash collateral (held) pledged, Assets	(317)	(345)
Gross position, Liabilities	(1,540)	(1,701)
Cash collateral (held) pledged, Liabilities	282	319
Other Liabilities [Member]
Derivatives, Fair Value [Line Items]
Gross position, Liabilities	(1,540)	(1,701)
Impact of master netting agreements, Liabilities	48	31
Derivative values with impact of master netting agreements (as carried on balance sheet), Liabilities	(1,492)	(1,670)
Cash collateral (held) pledged, Liabilities	282	319
Net position, Liabilities	(1,210)	(1,351)
Other Assets [Member]
Derivatives, Fair Value [Line Items]
Gross position, Assets	471	565
Impact of master netting agreements, Assets	(48)	(31)
Derivative values with impact of master netting agreements (as carried on balance sheet), Assets	423	534
Cash collateral (held) pledged, Assets	(317)	(345)
Net position, Assets	$ 106	$ 189

Derivative Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Derivative Instruments, Gain (Loss) [Line Items]
Decrease in valuation due to net credit risk adjustments	$ 0	$ 0
Decrease in valuation due to liquidity adjustments	28	31
Derivative liability at fair value including accrued interest and premium receivable	1,510	$ 1,670
Counterparty [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative liability at fair value including accrued interest and premium receivable	$ 355

Derivative Financial Instruments - Derivative Notional Values (Detail) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Derivative [Line Items]
Total Derivative Notional Values	$ 89,800,000,000	$ 80,700,000,000
Interest Rate Swaps [Member]
Derivative [Line Items]
Total Derivative Notional Values	58,200,000,000	50,800,000,000
Floor Income Contracts [Member]
Derivative [Line Items]
Total Derivative Notional Values	21,400,000,000	18,500,000,000
Cross-Currency Interest Rate Swaps [Member]
Derivative [Line Items]
Total Derivative Notional Values	7,900,000,000	8,800,000,000
Other [Member]
Derivative [Line Items]
Total Derivative Notional Values	2,300,000,000	2,600,000,000
Designated as Hedging Instrument [Member] \| Cash Flow [Member]
Derivative [Line Items]
Total Derivative Notional Values	15,600,000,000	15,200,000,000
Designated as Hedging Instrument [Member] \| Fair Value [Member]
Derivative [Line Items]
Total Derivative Notional Values	19,900,000,000	20,300,000,000
Designated as Hedging Instrument [Member] \| Interest Rate Swaps [Member] \| Cash Flow [Member]
Derivative [Line Items]
Total Derivative Notional Values	15,600,000,000	15,200,000,000
Designated as Hedging Instrument [Member] \| Interest Rate Swaps [Member] \| Fair Value [Member]
Derivative [Line Items]
Total Derivative Notional Values	12,300,000,000	11,800,000,000
Designated as Hedging Instrument [Member] \| Cross-Currency Interest Rate Swaps [Member] \| Fair Value [Member]
Derivative [Line Items]
Total Derivative Notional Values	7,600,000,000	8,500,000,000
Trading [Member]
Derivative [Line Items]
Total Derivative Notional Values	54,300,000,000	45,200,000,000
Trading [Member] \| Interest Rate Swaps [Member]
Derivative [Line Items]
Total Derivative Notional Values	30,300,000,000	23,800,000,000
Trading [Member] \| Floor Income Contracts [Member]
Derivative [Line Items]
Total Derivative Notional Values	21,400,000,000	18,500,000,000
Trading [Member] \| Cross-Currency Interest Rate Swaps [Member]
Derivative [Line Items]
Total Derivative Notional Values	300,000,000	300,000,000
Trading [Member] \| Other [Member]
Derivative [Line Items]
Total Derivative Notional Values	$ 2,300,000,000	$ 2,600,000,000

Derivative Financial Instruments - Impact of Derivatives on Consolidated Statements of Income (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Derivative Instruments, Gain (Loss) [Line Items]
Realized Gain (Loss) on Derivatives, Net	$ (3)	$ (129)
Unrealized Gain (Loss) on Derivatives	88	716
Total Gain (Loss) On Derivatives, Net	(16)	1
Realized Gain (Loss) on Derivatives	6	(74)
Unrealized Gain (Loss) on Hedged Item	(101)	(586)
Total Gain (Loss) on Derivatives, Gross	(7)	56
Trading [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain (Loss) on Derivatives	54	98
Realized Gain (Loss) on Derivatives	(3)	(129)
Unrealized Gain (Loss) on Derivatives, Net	88	716
Total Gain (Loss) on Derivatives, Gross	51	(31)
Trading [Member] \| Interest Rate Swaps [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain (Loss) on Derivatives	(7)	53
Realized Gain (Loss) on Derivatives	20	10
Total Gain (Loss) on Derivatives, Gross	13	63
Trading [Member] \| Cross-Currency Interest Rate Swaps [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain (Loss) on Derivatives	12	20
Realized Gain (Loss) on Derivatives	(1)	(1)
Total Gain (Loss) on Derivatives, Gross	11	19
Trading [Member] \| Floor Income Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain (Loss) on Derivatives	53	27
Realized Gain (Loss) on Derivatives	(20)	(138)
Total Gain (Loss) on Derivatives, Gross	33	(111)
Trading [Member] \| Other [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain (Loss) on Derivatives	(4)	(2)
Realized Gain (Loss) on Derivatives	(2)
Total Gain (Loss) on Derivatives, Gross	(6)	(2)
Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain (Loss) on Derivatives	(101)	(586)
Designated as Hedging Instrument [Member] \| Fair Value [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain (Loss) on Derivatives	34	618
Realized Gain (Loss) on Derivatives	25	55
Unrealized Gain (Loss) on Hedged Item	(101)	(586)
Total Gain (Loss) on Derivatives, Gross	(42)	87
Designated as Hedging Instrument [Member] \| Fair Value [Member] \| Interest Rate Swaps [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain (Loss) on Derivatives	(84)	244
Realized Gain (Loss) on Derivatives	54	71
Unrealized Gain (Loss) on Hedged Item	61	(280)
Total Gain (Loss) on Derivatives, Gross	31	35
Designated as Hedging Instrument [Member] \| Fair Value [Member] \| Cross-Currency Interest Rate Swaps [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain (Loss) on Derivatives	118	374
Realized Gain (Loss) on Derivatives	(29)	(16)
Unrealized Gain (Loss) on Hedged Item	(162)	(306)
Total Gain (Loss) on Derivatives, Gross	(73)	52
Designated as Hedging Instrument [Member] \| Cash Flow [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized Gain (Loss) on Derivatives	(16)
Total Gain (Loss) on Derivatives, Gross	(16)
Designated as Hedging Instrument [Member] \| Cash Flow [Member] \| Interest Rate Swaps [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized Gain (Loss) on Derivatives	(16)
Total Gain (Loss) on Derivatives, Gross	(16)
Interest Expense [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Less: realized gains (losses) recorded in interest expense	9	55
Realized Gain (Loss) on Derivatives	$ 9	$ 55

Derivative Financial Instruments - Collateral Held and Pledged (Detail) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Collateral held:
Cash (obligation to return cash collateral is recorded in short-term borrowings)	$ 317	$ 345
Securities at fair value - corporate derivatives (not recorded in financial statements)	97	193
Securities at fair value - on-balance sheet securitization derivatives (not recorded in financial statements)	237	230
Total collateral held	651	768
Derivative asset at fair value including accrued interest	526	689
Collateral pledged to others:
Cash (right to receive return of cash collateral is recorded in investments)	282	319
Total collateral pledged	282	319
Derivative liability at fair value including accrued interest and premium receivable	$ 1,510	$ 1,670

Other Assets - Schedule of Other Assets (Detail) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Offsetting [Abstract]
Accrued interest receivable, net	$ 1,604	$ 1,663
Income tax asset, net current and deferred	673	725
Benefit and insurance-related investments	491	488
Derivatives at fair value	423	534
Other loans, net	166	148
Fixed assets, net	157	160
Accounts receivable	100	95
Other	378	380
Total	$ 3,992	$ 4,193

Stockholders' Equity - Common Share Repurchases and Issuances (Detail) - $ / shares	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Equity, Class of Treasury Stock [Line Items]
Average purchase price per share	$ 14.95	$ 10.42
Shares repurchased related to employee stock-based compensation plans	1,354,280	986,273
Average purchase price per share	$ 15.55	$ 9.96
Common shares issued	2,794,510	2,499,585
Common Stock Shares Outstanding [Member]
Equity, Class of Treasury Stock [Line Items]
Common shares repurchased	7,363,292	19,210,281
Shares repurchased related to employee stock-based compensation plans	1,354,280	986,273
Common shares issued	2,794,510	2,499,585

Stockholders' Equity - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Class of Stock [Line Items]
Common stock dividend paid	$ 0.16	$ 0.16
Purchase price of common stock repurchased on open market	$ 110,000,000	$ 200,000,000
Authorized share repurchased program remaining available amount	$ 490,000,000
Common Stock [Member]
Class of Stock [Line Items]
Closing price of common stock	$ 14.76
Common Stock Shares Outstanding [Member]
Class of Stock [Line Items]
Common shares repurchased	7,363,292	19,210,281

Earnings per Common Share - Schedule of Earnings per Common Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Numerator:
Net income attributable to Navient Corporation	$ 88	$ 181
Denominator:
Weighted average shares used to compute basic EPS	289	339
Effect of dilutive securities:
Dilutive effect of stock options, non-vested restricted stock, restricted stock units and Employee Stock Purchase Plans ("ESPPs")	7	4
Dilutive potential common shares	7	4
Weighted average shares used to compute diluted EPS	296	343
Basic earnings (loss) per common share attributable to Navient Corporation	$ 0.31	$ 0.53
Diluted earnings (loss) per common share attributable to Navient Corporation	$ 0.30	$ 0.53

Earnings per Common Share - Schedule of Earnings per Common Share (Parenthetical) (Detail) - shares shares in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Employee Stock Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock awards not included in the computation of diluted earnings per share	5	9

Fair Value Measurements - Valuation of Financial Instruments that are Marked-to-Market on Recurring Basis (Detail) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Available-for-sale investments:
Available-for-sale investments	$ 3	$ 3
Derivative assets	471	565
Derivative liabilities	(1,540)	(1,701)
Interest Rate Swaps [Member]
Available-for-sale investments:
Derivative assets	471	565
Derivative liabilities	(194)	(208)
Cross-Currency Interest Rate Swaps [Member]
Available-for-sale investments:
Derivative liabilities	(1,166)	(1,296)
Other [Member]
Available-for-sale investments:
Derivative liabilities	(16)	(13)
Floor Income Contracts [Member]
Available-for-sale investments:
Derivative liabilities	(164)	(184)
Fair Value Measurements Recurring [Member]
Available-for-sale investments:
Available-for-sale investments	3	3
Derivative assets	471	565
Total	474	568
Derivative liabilities	(1,540)	(1,701)
Total	(1,540)	(1,701)
Fair Value Measurements Recurring [Member] \| Interest Rate Swaps [Member]
Available-for-sale investments:
Derivative assets	471	565
Derivative liabilities	(194)	(208)
Fair Value Measurements Recurring [Member] \| Cross-Currency Interest Rate Swaps [Member]
Available-for-sale investments:
Derivative liabilities	(1,166)	(1,296)
Fair Value Measurements Recurring [Member] \| Other [Member]
Available-for-sale investments:
Derivative liabilities	(16)	(13)
Fair Value Measurements Recurring [Member] \| Floor Income Contracts [Member]
Available-for-sale investments:
Derivative liabilities	(164)	(184)
Fair Value Measurements Recurring [Member] \| Agency Residential Mortgage-Backed Securities [Member]
Available-for-sale investments:
Available-for-sale investments	1	1
Fair Value Measurements Recurring [Member] \| Other [Member]
Available-for-sale investments:
Available-for-sale investments	2	2
Level 2 [Member] \| Fair Value Measurements Recurring [Member]
Available-for-sale investments:
Available-for-sale investments	3	3
Derivative assets	467	553
Total	470	556
Derivative liabilities	(353)	(387)
Total	(353)	(387)
Level 2 [Member] \| Fair Value Measurements Recurring [Member] \| Interest Rate Swaps [Member]
Available-for-sale investments:
Derivative assets	467	553
Derivative liabilities	(148)	(150)
Level 2 [Member] \| Fair Value Measurements Recurring [Member] \| Cross-Currency Interest Rate Swaps [Member]
Available-for-sale investments:
Derivative liabilities	(41)	(53)
Level 2 [Member] \| Fair Value Measurements Recurring [Member] \| Floor Income Contracts [Member]
Available-for-sale investments:
Derivative liabilities	(164)	(184)
Level 2 [Member] \| Fair Value Measurements Recurring [Member] \| Agency Residential Mortgage-Backed Securities [Member]
Available-for-sale investments:
Available-for-sale investments	1	1
Level 2 [Member] \| Fair Value Measurements Recurring [Member] \| Other [Member]
Available-for-sale investments:
Available-for-sale investments	2	2
Level 3 [Member] \| Fair Value Measurements Recurring [Member]
Available-for-sale investments:
Derivative assets	4	12
Total	4	12
Derivative liabilities	(1,187)	(1,314)
Total	(1,187)	(1,314)
Level 3 [Member] \| Fair Value Measurements Recurring [Member] \| Interest Rate Swaps [Member]
Available-for-sale investments:
Derivative assets	4	12
Derivative liabilities	(46)	(58)
Level 3 [Member] \| Fair Value Measurements Recurring [Member] \| Cross-Currency Interest Rate Swaps [Member]
Available-for-sale investments:
Derivative liabilities	(1,125)	(1,243)
Level 3 [Member] \| Fair Value Measurements Recurring [Member] \| Other [Member]
Available-for-sale investments:
Derivative liabilities	$ (16)	$ (13)

Fair Value Measurements - Change in Balance Sheet Carrying Value Associated with Level 3 Financial Instruments Carried at Fair Value on Recurring Basis (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	$ (1,302)	$ (949)
Total gains/(losses) (realized and unrealized):
Included in earnings	86	367
Included in other comprehensive income	0	0
Settlements	33	18
Transfers in and/or out of level 3	0	0
Balance, end of period	(1,183)	(564)
Change in unrealized gains/(losses) relating to instruments still held at the reporting date	57	385
Interest Rate Swaps [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	(46)	(44)
Total gains/(losses) (realized and unrealized):
Included in earnings	2	11
Included in other comprehensive income	0	0
Settlements	2	1
Transfers in and/or out of level 3	0	0
Balance, end of period	(42)	(32)
Change in unrealized gains/(losses) relating to instruments still held at the reporting date	4	12
Cross-Currency Interest Rate Swaps [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	(1,243)	(903)
Total gains/(losses) (realized and unrealized):
Included in earnings	89	358
Included in other comprehensive income	0	0
Settlements	29	17
Transfers in and/or out of level 3	0	0
Balance, end of period	(1,125)	(528)
Change in unrealized gains/(losses) relating to instruments still held at the reporting date	57	375
Other [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	(13)	(2)
Total gains/(losses) (realized and unrealized):
Included in earnings	(5)	(2)
Included in other comprehensive income	0	0
Settlements	2
Transfers in and/or out of level 3	0	0
Balance, end of period	(16)	(4)
Change in unrealized gains/(losses) relating to instruments still held at the reporting date	$ (4)	$ (2)

Fair Value Measurements - Included in Earnings (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Gains (losses) on derivative and hedging activities, net	$ 86	$ 367
Gain (Loss) on Derivative Instruments [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Gains (losses) on derivative and hedging activities, net	115	384
Interest Expense [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Gains (losses) on derivative and hedging activities, net	$ (29)	$ (17)

Fair Value Measurements - Unobservable Data Used in Recurring Valuations of Level 3 (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Interest Rate Swaps [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative financial instruments, Fair Value	$ 277	$ 357
Cross-Currency Interest Rate Swaps [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative financial instruments, Fair Value	(1,166)	(1,296)
Other [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative financial instruments, Fair Value	(16)	$ (13)
Level 3 [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative financial instruments, Fair Value	(1,183)
Level 3 [Member] \| Cross-Currency Interest Rate Swaps [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative financial instruments, Fair Value	$ (1,125)
Discounted cash flow	Discounted Cash Flow, Constant Prepayment Rate
Constant prepayment rate	3.30%
Level 3 [Member] \| Other [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative financial instruments, Fair Value	$ (16)
Level 3 [Member] \| Prime/LIBOR Basis Swaps [Member] \| Interest Rate Swaps [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative financial instruments, Fair Value	$ (42)
Discounted cash flow	Discounted Cash Flow, Constant Prepayment Rate
Constant prepayment rate	4.90%
Level 3 [Member] \| Prime/LIBOR Basis Swaps [Member] \| Interest Rate Swaps [Member] \| Minimum [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Bid/ask adjustment to discount rate	0.05%
Level 3 [Member] \| Prime/LIBOR Basis Swaps [Member] \| Interest Rate Swaps [Member] \| Maximum [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Bid/ask adjustment to discount rate	0.05%
Level 3 [Member] \| Prime/LIBOR Basis Swaps [Member] \| Interest Rate Swaps [Member] \| Weighted Average [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Bid/ask adjustment to discount rate	0.05%

Fair Value Measurements - Fair Values of Financial Assets and Liabilities, Including Derivative Financial Instruments (Detail) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total earning assets, Carrying Value	$ 113,234	$ 116,273
Short-term borrowings, Carrying Value	2,160	2,334
Long-term borrowings, Carrying Value	109,586	112,368
Total interest-bearing liabilities, Carrying Value	111,746	114,702
Total earning assets, Fair Value	112,616	115,020
Short-term borrowings, Fair Value	2,169	2,346
Long-term borrowings, Fair Value	107,743	109,826
Total interest-bearing liabilities, Fair Value	109,912	112,172
FFELP Loans [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans, Carrying Value	85,284	87,730
Loans receivable, Fair Value	84,531	86,626
Floor Income Contracts [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative financial instruments, Carrying Value	(164)	(184)
Derivative financial instruments, Fair Value	(164)	(184)
Interest Rate Swaps [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative financial instruments, Carrying Value	277	357
Derivative financial instruments, Fair Value	277	357
Cross-Currency Interest Rate Swaps [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative financial instruments, Carrying Value	(1,166)	(1,296)
Derivative financial instruments, Fair Value	(1,166)	(1,296)
Other [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative financial instruments, Carrying Value	(16)	(13)
Derivative financial instruments, Fair Value	(16)	(13)
Private Education Loans [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans, Carrying Value	22,552	23,340
Loans receivable, Fair Value	22,687	23,191
Difference [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total earning assets, Fair Value	(618)	(1,253)
Short-term borrowings, Fair Value	(9)	(12)
Long-term borrowings, Fair Value	1,843	2,542
Total interest-bearing liabilities, Fair Value	1,834	2,530
Excess of net asset fair value over carrying value	1,216	1,277
Difference [Member] \| FFELP Loans [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable, Fair Value	(753)	(1,104)
Difference [Member] \| Private Education Loans [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable, Fair Value	135	(149)
Carrying Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and investments	5,398	5,203
Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and investments	$ 5,398	$ 5,203

Fair Value Measurements - Fair Values of Financial Assets and Liabilities, Including Derivative Financial Instruments (Parenthetical) (Detail) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Fair Value Disclosures [Abstract]
Available-for-sale investments, cost basis	$ 3	$ 3
Available-for-sale investments, fair value	$ 3	$ 3

Commitments and Contingencies - Additional Information (Detail) - USD ($)		3 Months Ended	12 Months Ended
	May 13, 2014	Mar. 31, 2017	Dec. 31, 2014	Dec. 31, 2013
Loss Contingencies [Line Items]
Lawsuit Filing Date		May 4, 2015
Lawsuit settlement date		January 26, 2017
Total reserves established during year			$ 177,000,000	$ 177,000,000
Federal Deposit Insurance Corporation [Member]
Loss Contingencies [Line Items]
Establishment of a restitution reserve	$ 30,000,000
DOJ Order [Member]
Loss Contingencies [Line Items]
Settlement fund under DOJ			$ 60,000,000
Consent order, term			4 years
Navient Solutions LLC [Member] \| Federal Deposit Insurance Corporation [Member]
Loss Contingencies [Line Items]
Civil monetary penalties	$ 3,300,000
Navient Solutions LLC [Member] \| DOJ Order [Member]
Loss Contingencies [Line Items]
Civil monetary penalties			$ 55,000
SLM BankCo [Member] \| Indemnification Matters [Member]
Loss Contingencies [Line Items]
Reserve for estimated amounts and costs incurred		$ 0

Segment Reporting - Asset Information for Loans Segment (Detail) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Segment Reporting Information [Line Items]
Other	$ 3,992	$ 4,193
Total assets	117,890	121,136
Private Education Loans Segment [Member]
Segment Reporting Information [Line Items]
Loans, net	22,552	23,340
Cash and investments	697	667
Other	1,428	1,567
Total assets	24,677	25,574
FFELP Loans Segment [Member]
Segment Reporting Information [Line Items]
Loans, net	85,284	87,730
Cash and investments	3,265	3,212
Other	1,852	1,907
Total assets	$ 90,401	$ 92,849

Segment Reporting - Additional Information (Detail) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Segment Reporting Information [Line Items]
Total assets	$ 117,890	$ 121,136
Business Services Segment [Member]
Segment Reporting Information [Line Items]
Total assets	587	587
Other Segment [Member]
Segment Reporting Information [Line Items]
Total assets	$ 2,200	$ 2,100

Segment Reporting - Segment Results and Reconciliations to GAAP (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Interest income:
Cash and investments	$ 7	$ 5
Total interest income	1,015	1,051
Total interest expense	675	565
Net interest income (loss)	340	486
Less: provisions for loan losses	107	111
Net interest income (loss) after provisions for loan losses	233	375
Other income (loss):
Servicing revenue	76	82
Asset recovery and business processing revenue	100	90
Other income (loss)	(24)	(12)
Total other income	152	160
Expenses:
Direct operating expenses	176	186
Overhead expenses	62	61
Total operating expenses	238	247
Goodwill and acquired intangible asset impairment and amortization	6	4
Total expenses	244	251
Income (loss) before income tax expense (benefit)	141	284
Income tax expense (benefit)	53	103
Net income (loss)	88	181
Education Loan Portfolio [Member]
Interest income:
Total interest income	1,003	1,045
Other Loans [Member]
Interest income:
Total interest income	5	1
Reclassifications [Member]
Interest income:
Total interest income	20	138
Total interest expense	3	9
Net interest income (loss)	17	129
Net interest income (loss) after provisions for loan losses	17	129
Other income (loss):
Other income (loss)	(17)	(129)
Total other income	(17)	(129)
Reclassifications [Member] \| Education Loan Portfolio [Member]
Interest income:
Total interest income	20	138
Additions/ (Subtractions) [Member]
Interest income:
Total interest income	(14)	(59)
Total interest expense	(3)
Net interest income (loss)	(11)	(59)
Net interest income (loss) after provisions for loan losses	(11)	(59)
Other income (loss):
Other income (loss)	(12)	113
Total other income	(12)	113
Expenses:
Goodwill and acquired intangible asset impairment and amortization	6	4
Total expenses	6	4
Income (loss) before income tax expense (benefit)	(29)	50
Income tax expense (benefit)	(10)	16
Net income (loss)	(19)	34
Additions/ (Subtractions) [Member] \| Education Loan Portfolio [Member]
Interest income:
Total interest income	(14)	(59)
Total Adjustments [Member]
Interest income:
Total interest income	6	79
Total interest expense		9
Net interest income (loss)	6	70
Net interest income (loss) after provisions for loan losses	6	70
Other income (loss):
Other income (loss)	(29)	(16)
Total other income	(29)	(16)
Expenses:
Goodwill and acquired intangible asset impairment and amortization	6	4
Total expenses	6	4
Income (loss) before income tax expense (benefit)	(29)	50
Income tax expense (benefit)	(10)	16
Net income (loss)	(19)	34
Total Adjustments [Member] \| Education Loan Portfolio [Member]
Interest income:
Total interest income	6	79
Operating Segments [Member]
Interest income:
Cash and investments	7	5
Total interest income	1,009	972
Total interest expense	675	556
Net interest income (loss)	334	416
Less: provisions for loan losses	107	111
Net interest income (loss) after provisions for loan losses	227	305
Other income (loss):
Servicing revenue	76	82
Asset recovery and business processing revenue	100	90
Other income (loss)	5	4
Total other income	181	176
Expenses:
Direct operating expenses	176	186
Overhead expenses	62	61
Total operating expenses	238	247
Total expenses	238	247
Income (loss) before income tax expense (benefit)	170	234
Income tax expense (benefit)	63	87
Net income (loss)	107	147
Operating Segments [Member] \| Education Loan Portfolio [Member]
Interest income:
Total interest income	997	966
Operating Segments [Member] \| Other Loans [Member]
Interest income:
Total interest income	5	1
Operating Segments [Member] \| FFELP Loans Segment [Member]
Interest income:
Cash and investments	5	3
Total interest income	628	558
Total interest expense	457	358
Net interest income (loss)	171	200
Less: provisions for loan losses	10	7
Net interest income (loss) after provisions for loan losses	161	193
Other income (loss):
Servicing revenue	13	16
Total other income	13	16
Expenses:
Direct operating expenses	93	104
Total operating expenses	93	104
Total expenses	93	104
Income (loss) before income tax expense (benefit)	81	105
Income tax expense (benefit)	30	39
Net income (loss)	51	66
Operating Segments [Member] \| FFELP Loans Segment [Member] \| Education Loan Portfolio [Member]
Interest income:
Total interest income	623	555
Operating Segments [Member] \| Private Education Loans Segment [Member]
Interest income:
Cash and investments		1
Total interest income	374	412
Total interest expense	187	172
Net interest income (loss)	187	240
Less: provisions for loan losses	95	104
Net interest income (loss) after provisions for loan losses	92	136
Other income (loss):
Servicing revenue	4	4
Total other income	4	4
Expenses:
Direct operating expenses	40	43
Total operating expenses	40	43
Total expenses	40	43
Income (loss) before income tax expense (benefit)	56	97
Income tax expense (benefit)	21	36
Net income (loss)	35	61
Operating Segments [Member] \| Private Education Loans Segment [Member] \| Education Loan Portfolio [Member]
Interest income:
Total interest income	374	411
Operating Segments [Member] \| Business Services Segment [Member]
Other income (loss):
Servicing revenue	149	163
Asset recovery and business processing revenue	100	90
Other income (loss)		1
Total other income	249	254
Expenses:
Direct operating expenses	126	134
Total operating expenses	126	134
Total expenses	126	134
Income (loss) before income tax expense (benefit)	123	120
Income tax expense (benefit)	46	45
Net income (loss)	77	75
Operating Segments [Member] \| Other Segment [Member]
Interest income:
Cash and investments	2	1
Total interest income	7	2
Total interest expense	31	26
Net interest income (loss)	(24)	(24)
Less: provisions for loan losses	2
Net interest income (loss) after provisions for loan losses	(26)	(24)
Other income (loss):
Other income (loss)	5	3
Total other income	5	3
Expenses:
Direct operating expenses	7	6
Overhead expenses	62	61
Total operating expenses	69	67
Total expenses	69	67
Income (loss) before income tax expense (benefit)	(90)	(88)
Income tax expense (benefit)	(34)	(33)
Net income (loss)	(56)	(55)
Operating Segments [Member] \| Other Segment [Member] \| Other Loans [Member]
Interest income:
Total interest income	5	1
Eliminations [Member]
Other income (loss):
Servicing revenue	(90)	(101)
Total other income	(90)	(101)
Expenses:
Direct operating expenses	(90)	(101)
Total operating expenses	(90)	(101)
Total expenses	$ (90)	$ (101)

Segment Reporting - Segment Result and Reconciliations to GAAP - Core Earnings Adjustments (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Segment Reporting, Revenue Reconciling Item [Line Items]
Net interest income (loss) after provisions for loan losses	$ 233	$ 375
Total other income (loss)	152	160
Goodwill and acquired intangible asset impairment and amortization	6	4
Income tax expense (benefit)	53	103
Net income (loss)	88	181
Total Adjustments [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net interest income (loss) after provisions for loan losses	6	70
Total other income (loss)	(29)	(16)
Goodwill and acquired intangible asset impairment and amortization	6	4
Total "Core Earnings" adjustments to GAAP	(29)	50
Income tax expense (benefit)	(10)	16
Net income (loss)	(19)	34
Net Impact of Goodwill and Acquired Intangible Assets [Member] \| Total Adjustments [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Goodwill and acquired intangible asset impairment and amortization	6	4
Total "Core Earnings" adjustments to GAAP	(6)	(4)
Net Impact of Derivative Accounting [Member] \| Total Adjustments [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net interest income (loss) after provisions for loan losses	6	70
Total other income (loss)	(29)	(16)
Total "Core Earnings" adjustments to GAAP	$ (23)	$ 54

Segment Reporting - Core Earnings Adjustments to GAAP (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
"Core Earnings" adjustments to GAAP:
Net tax effect	$ (53)	$ (103)
Net income attributable to Navient Corporation	88	181
Total Adjustments [Member]
"Core Earnings" adjustments to GAAP:
Core Earnings adjustments to GAAP	(29)	50
Net tax effect	10	(16)
Net income attributable to Navient Corporation	(19)	34
Total Adjustments [Member] \| Net Impact of Goodwill and Acquired Intangible Assets [Member]
"Core Earnings" adjustments to GAAP:
Core Earnings adjustments to GAAP	(6)	(4)
Total Adjustments [Member] \| Net Impact of Derivative Accounting [Member]
"Core Earnings" adjustments to GAAP:
Core Earnings adjustments to GAAP	$ (23)	$ 54

Segment Reporting - Core Earnings Adjustments to GAAP (Parenthetical) (Detail)	3 Months Ended
	Mar. 31, 2017 USD ($)
Segment Reporting [Abstract]
Amount that will be equal to cumulative net unrealized gain or loss over the life of the contract	$ 0