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Fair Value
6 Months Ended
Jun. 30, 2016
Fair Value Disclosures [Abstract]  
Fair Value
Fair Value

The following tables present the Company’s financial assets and liabilities that are measured at fair value on a recurring basis. There were no transfers into or out of level 1, level 2, or level 3 for the six months ended June 30, 2016.
 
As of June 30, 2016
 
As of December 31, 2015
 
Level 1
 
Level 2
 
Total
 
Level 1
 
Level 2
 
Total
Assets:
 
 
 
 
 
 
 
 
 
 
 
Investments (available-for-sale and trading):
 
 
 
 


 
 
 
 
 
 
Student loan asset-backed securities
$

 
133,592

 
133,592

 

 
147,925

 
147,925

Equity securities
7,766

 

 
7,766

 
7,337

 

 
7,337

Debt securities
124

 

 
124

 
130

 

 
130

Total investments (available-for-sale and trading)
7,890

 
133,592

 
141,482

 
7,467

 
147,925

 
155,392

Fair value of derivative instruments

 
3,408

 
3,408

 

 
28,690

 
28,690

Total assets
$
7,890

 
137,000

 
144,890

 
7,467

 
176,615

 
184,082

Liabilities:
 

 
 

 
 

 
 
 
 
 
 
Fair value of derivative instruments
$

 
101,771

 
101,771

 

 
74,881

 
74,881

Total liabilities
$

 
101,771

 
101,771

 

 
74,881

 
74,881



The following table summarizes the fair values of all of the Company’s financial instruments on the consolidated balance sheets:
 
As of June 30, 2016
 
Fair value
 
Carrying value
 
Level 1
 
Level 2
 
Level 3
Financial assets:
 
 
 
 
 
 
 
 
 
Student loans receivable
$
26,875,363

 
26,539,604

 

 

 
26,875,363

Cash and cash equivalents
59,253

 
59,253

 
59,253

 

 

Investments (available-for-sale and trading)
141,482

 
141,482

 
7,890

 
133,592

 

Notes receivable
17,206

 
17,206

 

 
17,206

 

Restricted cash
955,689

 
955,689

 
955,689

 

 

Restricted cash – due to customers
132,018

 
132,018

 
132,018

 

 

Restricted investments
9,110

 
9,110

 
9,110

 

 

Accrued interest receivable
380,140

 
380,140

 

 
380,140

 

Derivative instruments
3,408

 
3,408

 

 
3,408

 

Financial liabilities:
 

 
 

 
 
 
 
 
 
Bonds and notes payable
25,510,394

 
26,399,686

 

 
25,510,394

 

Accrued interest payable
39,926

 
39,926

 

 
39,926

 

Due to customers
132,018

 
132,018

 
132,018

 

 

Derivative instruments
101,771

 
101,771

 

 
101,771

 

 
As of December 31, 2015
 
Fair value
 
Carrying value
 
Level 1
 
Level 2
 
Level 3
Financial assets:
 
 
 
 
 
 
 
 
 
Student loans receivable
$
28,611,350

 
28,324,552

 

 

 
28,611,350

Cash and cash equivalents
63,529

 
63,529

 
63,529

 

 

Investments (available-for-sale and trading)
155,392

 
155,392

 
7,467

 
147,925

 

Notes receivable
18,067

 
18,473

 

 
18,067

 

Restricted cash
823,450

 
823,450

 
823,450

 

 

Restricted cash – due to customers
144,771

 
144,771

 
144,771

 

 

Restricted investments
9,174

 
9,174

 
9,174

 

 

Accrued interest receivable
383,825

 
383,825

 

 
383,825

 

Derivative instruments
28,690

 
28,690

 

 
28,690

 

Financial liabilities:
 

 
 

 
 
 
 
 
 
Bonds and notes payable
27,150,775

 
28,105,921

 

 
27,150,775

 

Accrued interest payable
31,507

 
31,507

 

 
31,507

 

Due to customers
144,771

 
144,771

 
144,771

 

 

Derivative instruments
74,881

 
74,881

 

 
74,881

 


 
The methodologies for estimating the fair value of financial assets and liabilities are described in note 20 of the notes to consolidated financial statements included in the 2015 Annual Report.