See note 14 of the notes to consolidated financial statements included in the 2015 Annual Report for a description of the Company's operating segments. The following tables include the results of each of the Company's operating segments reconciled to the consolidated financial statements.

Prior to January 1, 2016, the Company allocated certain corporate overhead expenses that are incurred within the Corporate and Other Activities segment to the other operating segments. These expenses included certain corporate activities related to executive management, internal audit, enterprise risk management, and other costs incurred by the Company due to corporate-wide initiatives. Effective January 1, 2016, internal reporting to executive management (the "chief operating decision maker") changed to eliminate the allocation of these expenses to the other segments. Management believes the change in its allocation methodology results in a better reflection of the operating results of each of the reportable segments as if they each operated as a standalone business entity, which also reflects how management evaluates the performance of the segments. Prior period segment operating results have been restated to conform to the current period presentation.



	Three months ended September 30, 2016
	Student Loan and Guaranty Servicing			Tuition Payment Processing and Campus Commerce		Communications		Asset Generation and Management		Corporate and Other Activities		Eliminations		Total
Total interest income	$	37		2		—		194,701		2,370		(930	)	196,181
Interest expense	—			—		318		95,383		1,615		(930	)	96,386
Net interest income	37			2		(318	)	99,318		755		—		99,795
Less provision for loan losses	—			—		—		6,000		—		—		6,000
Net interest income (loss) after provision for loan losses	37			2		(318	)	93,318		755		—		93,795
Other income:
Loan and guaranty servicing revenue	54,350			—		—		—		—		—		54,350
Intersegment servicing revenue	11,021			—		—		—		—		(11,021	)	—
Tuition payment processing, school information, and campus commerce revenue	—			33,071		—		—		—		—		33,071
Communications revenue	—			—		4,343		—		—		—		4,343
Other income	—			—		—		4,265		10,886		—		15,150
Gain on sale of loans and debt repurchases, net	—			—		—		2,160		—		—		2,160
Derivative market value and foreign currency adjustments, net	—			—		—		42,546		(284	)	—		42,262
Derivative settlements, net	—			—		—		(6,028	)	(233	)	—		(6,261	)
Total other income	65,371			33,071		4,343		42,943		10,369		(11,021	)	145,075
Operating expenses:
Salaries and benefits	32,505			15,979		2,325		486		12,448		—		63,743
Depreciation and amortization	557			2,929		1,630		—		3,878		—		8,994
Loan servicing fees	—			—		—		5,880		—		—		5,880
Cost to provide communications services	—			—		1,784		—		—		—		1,784
Other expenses	8,784			4,149		1,545		1,769		10,143		—		26,391
Intersegment expenses, net	5,825			1,616		279		11,146		(7,845	)	(11,021	)	—
Total operating expenses	47,671			24,673		7,563		19,281		18,624		(11,021	)	106,792
Income (loss) before income taxes	17,737			8,400		(3,538	)	116,980		(7,500	)	—		132,078
Income tax (expense) benefit	(6,740		)	(3,192	)	1,344		(44,571	)	5,443		—		(47,715	)
Net income (loss)	10,997			5,208		(2,194	)	72,409		(2,057	)	—		84,363
Net income attributable to noncontrolling interests	—			—		—		—		69		—		69
Net income (loss) attributable to Nelnet, Inc.	$	10,997		5,208		(2,194	)	72,409		(2,126	)	—		84,294



	Three months ended September 30, 2015 (a)
	Student Loan and Guaranty Servicing			Tuition Payment Processing and Campus Commerce		Asset Generation and Management		Corporate and Other Activities		Eliminations		Total
Total interest income	$	14		—		188,197		1,385		(439	)	189,157
Interest expense	—			—		76,040		1,563		(439	)	77,164
Net interest income	14			—		112,157		(178	)	—		111,993
Less provision for loan losses	—			—		3,000		—		—		3,000
Net interest income (loss) after provision for loan losses	14			—		109,157		(178	)	—		108,993
Other income:
Loan and guaranty servicing revenue	61,900			—		—		—		(380	)	61,520
Intersegment servicing revenue	12,027			—		—		—		(12,027	)	—
Tuition payment processing, school information, and campus commerce revenue	—			30,439		—		—		—		30,439
Enrollment services revenue	—			—		—		13,741		—		13,741
Other income	—			—		3,312		8,970		—		12,282
Gain (loss) on sale of loans and debt repurchases, net	—			—		608		(11	)	—		597
Derivative market value and foreign currency adjustments, net	—			—		(24,357	)	(423	)	—		(24,780	)
Derivative settlements, net	—			—		(5,623	)	(255	)	—		(5,878	)
Total other income	73,927			30,439		(26,060	)	22,022		(12,407	)	87,921
Operating expenses:										.
Salaries and benefits	34,525			13,983		558		14,149		—		63,215
Depreciation and amortization	484			2,202		—		4,291		—		6,977
Loan servicing fees	—			—		7,793		—		—		7,793
Cost to provide enrollment services	—			—		—		11,349		—		11,349
Other expenses	14,602			3,579		1,421		12,002		—		31,604
Intersegment expenses, net	7,513			2,246		12,544		(9,895	)	(12,407	)	—
Total operating expenses	57,124			22,010		22,316		31,896		(12,407	)	120,938
Income (loss) before income taxes	16,817			8,429		60,781		(10,052	)	—		75,976
Income tax (expense) benefit	(6,390		)	(3,204	)	(23,096	)	5,691		—		(26,999	)
Net income (loss)	10,427			5,225		37,685		(4,361	)	—		48,977
Net income attributable to noncontrolling interests	(5		)	—		—		27		—		22
Net income (loss) attributable to Nelnet, Inc.	$	10,432		5,225		37,685		(4,388	)	—		48,955


(a)	Does not include the Communications segment, which was initiated as a result of the acquisition of Allo on December 31, 2015.



	Nine months ended September 30, 2016
	Student Loan and Guaranty Servicing			Tuition Payment Processing and Campus Commerce		Communications		Asset Generation and Management		Corporate and Other Activities		Eliminations		Total
Total interest income	$	80		7		1		570,390		6,527		(2,556	)	574,449
Interest expense	—			—		671		278,029		4,702		(2,556	)	280,847
Net interest income	80			7		(670	)	292,361		1,825		—		293,602
Less provision for loan losses	—			—		—		10,500		—		—		10,500
Net interest income (loss) after provision for loan losses	80			7		(670	)	281,861		1,825		—		283,102
Other income:
Loan and guaranty servicing revenue	161,082			—		—		—		—		—		161,082
Intersegment servicing revenue	34,436			—		—		—		—		(34,436	)	—
Tuition payment processing, school information, and campus commerce revenue	—			102,211		—		—		—		—		102,211
Communications revenue	—			—		13,167		—		—		—		13,167
Enrollment services revenue	—			—		—		—		4,326		—		4,326
Other income	—			—		—		12,362		26,349		—		38,711
Gain on sale of loans and debt repurchases, net	—			—		—		2,260		—		—		2,260
Derivative market value and foreign currency adjustments, net	—			—		—		(8,763	)	(6,336	)	—		(15,099	)
Derivative settlements, net	—			—		—		(17,596	)	(696	)	—		(18,292	)
Total other income	195,518			102,211		13,167		(11,737	)	23,643		(34,436	)	288,366
Operating expenses:
Salaries and benefits	96,851			45,859		4,792		1,504		38,902		—		187,907
Depreciation and amortization	1,440			7,711		4,137		—		11,528		—		24,817
Loan servicing fees	—			—		—		20,024		—		—		20,024
Cost to provide communications services	—			—		5,169		—		—		—		5,169
Cost to provide enrollment services	—			—		—		—		3,623		—		3,623
Other expenses	31,635			13,122		3,110		4,766		31,540		—		84,174
Intersegment expenses, net	18,168			4,690		610		34,791		(23,823	)	(34,436	)	—
Total operating expenses	148,094			71,382		17,818		61,085		61,770		(34,436	)	325,714
Income (loss) before income taxes	47,504			30,836		(5,321	)	209,039		(36,302	)	—		245,754
Income tax (expense) benefit	(18,052		)	(11,718	)	2,022		(79,434	)	19,998		—		(87,184	)
Net income (loss)	29,452			19,118		(3,299	)	129,605		(16,304	)	—		158,570
Net income attributable to noncontrolling interests	—			—		—		—		165		—		165
Net income (loss) attributable to Nelnet, Inc.	$	29,452		19,118		(3,299	)	129,605		(16,469	)	—		158,405



	Nine months ended September 30, 2015 (a)
	Student Loan and Guaranty Servicing			Tuition Payment Processing and Campus Commerce		Asset Generation and Management		Corporate and Other Activities		Eliminations		Total
Total interest income	$	34		3		536,899		5,352		(1,260	)	541,028
Interest expense	—			—		218,021		4,583		(1,260	)	221,344
Net interest income	34			3		318,878		769		—		319,684
Less provision for loan losses	—			—		7,150		—		—		7,150
Net interest income after provision for loan losses	34			3		311,728		769		—		312,534
Other income:
Loan and guaranty servicing revenue	183,544			—		—		—		(380	)	183,164
Intersegment servicing revenue	37,121			—		—		—		(37,121	)	—
Tuition payment processing, school information, and campus commerce revenue	—			92,805		—		—		—		92,805
Enrollment services revenue	—			—		—		39,794		—		39,794
Other income	—			—		11,838		23,837		—		35,675
Gain on sale of loans and debt repurchases, net	—			—		2,000		2,987		—		4,987
Derivative market value and foreign currency adjustments, net	—			—		(11,363	)	664		—		(10,699	)
Derivative settlements, net	—			—		(15,775	)	(760	)	—		(16,535	)
Total other income	220,665			92,805		(13,300	)	66,522		(37,501	)	329,191
Operating expenses:
Salaries and benefits	99,813			40,887		1,623		40,729		—		183,052
Depreciation and amortization	1,457			6,592		—		11,091		—		19,140
Loan servicing fees	—			—		22,829		—		—		22,829
Cost to provide enrollment services	—			—		—		32,543		—		32,543
Other expenses	44,578			11,493		3,828		34,531		—		94,430
Intersegment expenses, net	22,200			6,444		37,913		(29,056	)	(37,501	)	—
Total operating expenses	168,048			65,416		66,193		89,838		(37,501	)	351,994
Income (loss) before income taxes	52,651			27,392		232,235		(22,547	)	—		289,731
Income tax (expense) benefit	(20,007		)	(10,410	)	(88,248	)	13,680		—		(104,985	)
Net income (loss)	32,644			16,982		143,987		(8,867	)	—		184,746
Net income attributable to noncontrolling interests	(5		)	—		—		122		—		117
Net income (loss) attributable to Nelnet, Inc.	$	32,649		16,982		143,987		(8,989	)	—		184,629


(a)	Does not include the Communications segment, which was initiated as a result of the acquisition of Allo on December 31, 2015.