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Revenue from Contracts with Customers Accounted for in Accordance with ASC 606
12 Months Ended
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]  
Revenue from Contracts with Customers Accounted for in Accordance with ASC 606

14. Revenue from Contracts with Customers Accounted for in Accordance with ASC 606

The following tables illustrate the disaggregation of revenue from contracts accounted for under ASC 606 with customers according to service type and client type by reportable operating segment.

Revenue by Service Type

 

 

Years Ended December 31,

 

 

 

2023

 

 

2022

 

 

2021

 

(Dollars in millions)

 

Federal Education Loans

 

 

Business Processing

 

 

Total Revenue

 

 

Federal Education Loans

 

 

Business Processing

 

 

Total Revenue

 

 

Federal Education Loans

 

 

Business Processing

 

 

Total Revenue

 

Federal Education Loan
   asset recovery services

 

$

—

 

 

$

—

 

 

$

—

 

 

$

2

 

 

$

—

 

 

$

2

 

 

$

19

 

 

$

—

 

 

$

19

 

Government services

 

 

—

 

 

 

200

 

 

 

200

 

 

 

—

 

 

 

187

 

 

 

187

 

 

 

—

 

 

 

258

 

 

 

258

 

Healthcare services

 

 

—

 

 

 

121

 

 

 

121

 

 

 

—

 

 

 

143

 

 

 

143

 

 

 

—

 

 

 

230

 

 

 

230

 

Total

 

$

—

 

 

$

321

 

 

$

321

 

 

$

2

 

 

$

330

 

 

$

332

 

 

$

19

 

 

$

488

 

 

$

507

 

Revenue by Client Type

 

 

Years Ended December 31,

 

 

 

2023

 

 

2022

 

 

2021

 

(Dollars in millions)

 

Federal Education Loans

 

 

Business Processing

 

 

Total Revenue

 

 

Federal Education Loans

 

 

Business Processing

 

 

Total Revenue

 

 

Federal Education Loans

 

 

Business Processing

 

 

Total Revenue

 

Federal government

 

$

—

 

 

$

62

 

 

$

62

 

 

$

—

 

 

$

8

 

 

$

8

 

 

$

1

 

 

$

20

 

 

$

21

 

Guarantor agencies

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2

 

 

 

—

 

 

 

2

 

 

 

18

 

 

 

—

 

 

 

18

 

Other institutions

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

State and local government

 

 

—

 

 

 

68

 

 

 

68

 

 

 

—

 

 

 

116

 

 

 

116

 

 

 

—

 

 

 

183

 

 

 

183

 

Tolling authorities

 

 

—

 

 

 

70

 

 

 

70

 

 

 

—

 

 

 

63

 

 

 

63

 

 

 

—

 

 

 

55

 

 

 

55

 

Hospitals and other
   healthcare providers

 

 

—

 

 

 

121

 

 

 

121

 

 

 

—

 

 

 

143

 

 

 

143

 

 

 

—

 

 

 

230

 

 

 

230

 

Total

 

 

—

 

 

 

321

 

 

 

321

 

 

 

2

 

 

 

330

 

 

 

332

 

 

 

19

 

 

 

488

 

 

 

507

 

As of December 31, 2023, 2022, and 2021 there was $95 million, $67 million, and $82 million, respectively, of net accounts receivable related to these contracts. Navient had no material contract assets or contract liabilities.