NAVIENT CORP Revenue Disclosure
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, |
|
|||||||||||||||||||||||||||||||||
|
|
2024 |
|
|
2023 |
|
|
2022 |
|
|||||||||||||||||||||||||||
(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 |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
2 |
|
|
$ |
— |
|
|
$ |
2 |
|
Government services |
|
|
— |
|
|
|
183 |
|
|
|
183 |
|
|
|
— |
|
|
|
200 |
|
|
|
200 |
|
|
|
— |
|
|
|
187 |
|
|
|
187 |
|
Healthcare services |
|
|
— |
|
|
|
88 |
|
|
|
88 |
|
|
|
— |
|
|
|
121 |
|
|
|
121 |
|
|
|
— |
|
|
|
143 |
|
|
|
143 |
|
Total |
|
$ |
— |
|
|
$ |
271 |
|
|
$ |
271 |
|
|
$ |
— |
|
|
$ |
321 |
|
|
$ |
321 |
|
|
$ |
2 |
|
|
$ |
330 |
|
|
$ |
332 |
|
Revenue by Client Type
|
|
Years Ended December 31, |
|
|||||||||||||||||||||||||||||||||
|
|
2024 |
|
|
2023 |
|
|
2022 |
|
|||||||||||||||||||||||||||
(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 |
|
$ |
— |
|
|
$ |
41 |
|
|
$ |
41 |
|
|
$ |
— |
|
|
$ |
62 |
|
|
$ |
62 |
|
|
$ |
— |
|
|
$ |
8 |
|
|
$ |
8 |
|
Guarantor agencies |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2 |
|
|
|
— |
|
|
|
2 |
|
State and local |
|
|
— |
|
|
|
73 |
|
|
|
73 |
|
|
|
— |
|
|
|
68 |
|
|
|
68 |
|
|
|
— |
|
|
|
116 |
|
|
|
116 |
|
Tolling authorities |
|
|
— |
|
|
|
69 |
|
|
|
69 |
|
|
|
— |
|
|
|
70 |
|
|
|
70 |
|
|
|
— |
|
|
|
63 |
|
|
|
63 |
|
Hospitals and other |
|
|
— |
|
|
|
88 |
|
|
|
88 |
|
|
|
— |
|
|
|
121 |
|
|
|
121 |
|
|
|
— |
|
|
|
143 |
|
|
|
143 |
|
Total |
|
$ |
— |
|
|
$ |
271 |
|
|
$ |
271 |
|
|
$ |
— |
|
|
$ |
321 |
|
|
$ |
321 |
|
|
$ |
2 |
|
|
$ |
330 |
|
|
$ |
332 |
|
As of December 31, 2024, 2023, and 2021 there was $39 million, $95 million, and $67 million, respectively, of net accounts receivable related to these contracts. Navient had no material contract assets or contract liabilities.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2024 | Feb 27, 2025 | Showing above |
| 2023 | Feb 26, 2024 | |
| 2022 | Feb 24, 2023 | |
| 2021 | Feb 25, 2022 | |
| 2020 | Feb 26, 2021 | |
| 2019 | Feb 27, 2020 | |
| 2018 | Feb 26, 2019 | |
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.