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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Net cash provided by operating activities:    
Net income attributable to Nelnet, Inc. $ 207,465 $ 45,950
Net (loss) income attributable to noncontrolling interests (1,548) 895
Net income 205,917 46,845
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization, including debt discounts and loan premiums and deferred origination costs 76,754 99,282
Loan discount accretion (14,606) (19,196)
Provision (negative provision) for loan losses (16,674) 79,297
Derivative market value adjustments (37,194) 24,513
Proceeds from (payments to) clearinghouse - initial and variation margin, net 38,440 (24,453)
Gain from sale of loans (15,271) (18,206)
Loss (gain) from investments, net 812 (48,402)
Loss (gain) from repurchases of debt, net 695 (403)
Purchases of equity securities - trading, net (19,764) 0
Deferred income tax expense (benefit) 18,173 (14,762)
Non-cash compensation expense 4,980 3,581
(Negative provision) provision for beneficial interests and impairment expense, net (1,936) 34,419
Increase in loan and investment accrued interest receivable (40,488) (123,276)
(Increase) decrease in accounts receivable (9,446) 41,608
Decrease in other assets, net 32,241 22,992
Decrease in the carrying amount of ROU asset 3,962 5,948
Decrease in accrued interest payable (23,779) (14,525)
Decrease in other liabilities, net (13,663) (26,817)
Decrease in the carrying amount of lease liability (3,288) (4,829)
Increase (decrease) in due to customers 1,746 (169,217)
Net cash provided by (used in) operating activities 187,611 (105,601)
Cash flows from investing activities:    
Purchases and originations of loans (1,040,573) (872,987)
Purchases of loans from a related party (20,847) (75,118)
Net proceeds from loan repayments, claims, and capitalized interest 1,047,645 1,800,286
Proceeds from sale of loans 65,224 90,465
Purchases of available-for-sale securities (363,485) (112,675)
Proceeds from sales of available-for-sale securities 38,511 23,372
Proceeds from and sale of beneficial interest in loan securitizations 19,077 21,765
Purchases of other investments (128,011) (117,598)
Proceeds from other investments 167,821 6,770
Purchases of property and equipment (28,784) (46,994)
Net cash (used in) provided by investing activities (243,422) 717,286
Cash flows from financing activities:    
Payments on bonds and notes payable (1,073,523) (2,073,710)
Proceeds from issuance of bonds and notes payable 1,114,821 1,252,360
Payments of debt issuance costs (3,035) (5,863)
Increase in bank deposits, net 148,208 0
Dividends paid (16,912) (15,679)
Repurchases of common stock (2,408) (68,527)
Proceeds from issuance of common stock 689 781
Acquisition of noncontrolling interest 0 (2,000)
Issuance of noncontrolling interests 7,480 0
Distribution to noncontrolling interests (423) (333)
Net cash provided by (used in) financing activities 174,897 (912,971)
Effect of exchange rate changes on cash (108) 0
Net increase (decrease) in cash, cash equivalents, and restricted cash 118,978 (301,286)
Cash, cash equivalents, and restricted cash, beginning of period 958,395 1,222,601
Cash, cash equivalents, and restricted cash, end of period 1,077,373 921,315
Supplemental disclosures of cash flow information:    
Cash disbursements made for interest 78,904 209,170
Cash disbursements made for income taxes, net of refunds and credits received [1] 14,229 7,949
Cash disbursements made for operating leases 4,096 5,442
Non-cash operating, investing, and financing activity:    
ROU assets obtained in exchange for lease obligations 823 3,265
Receipt of beneficial interest in consumer loan securitizations 19,280 38,490
Distribution to noncontrolling interests 6,406 33
Issuance of noncontrolling interests $ 592 $ 0
[1] The Company utilized $22.0 million and $18.3 million of federal and state tax credits related primarily to renewable energy during the six months ended June 30, 2021 and 2020, respectively.