Fair Value Disclosures (Tables)

3 Months Ended

Dec. 31, 2019

Fair Value Hierarchy for Assets and Liabilities Measured on Recurring Basis

The following tables present the Company's fair value hierarchy for assets and liabilities measured at fair value on a recurring basis as of December 31, 2019 and September 30, 2019 (dollars in millions):



	December 31, 2019
	Level 1		Level 2		Level 3		Fair Value
Assets:
Cash equivalents:
Money market mutual funds	$	1,939	$	—	$	—	$	1,939
Investments segregated and on deposit for regulatory purposes:
U.S. government debt securities	—		3,772		—		3,772
U.S. government agency mortgage-backed securities	—		1,771		—		1,771
Subtotal - Investments segregated and on deposit for regulatory purposes	—		5,543		—		5,543
Securities owned:
U.S. government debt securities	—		513		—		513
Other	1		6		—		7
Subtotal - Securities owned	1		519		—		520
Investments available-for-sale:
U.S. government debt securities	—		1,636		—		1,636
Other assets:
Pay-variable interest rate swaps⁽¹⁾	—		45		—		45
Other	2		1		—		3
Subtotal - Other assets	2		46		—		48
Total assets at fair value	$	1,942	$	7,744	$	—	$	9,686
Liabilities:
Accounts payable and other liabilities:
Pay-variable interest rate swaps⁽¹⁾	$	—	$	17	$	—	$	17
Securities sold, not yet purchased:
Equity securities	1		—		—		1
Total liabilities at fair value	$	1	$	17	$	—	$	18


(1)	See "Fair Value Hedging" in Note 7 for details.



	September 30, 2019
	Level 1		Level 2		Level 3		Fair Value
Assets:
Cash equivalents:
Money market mutual funds	$	2,486	$	—	$	—	$	2,486
Investments segregated and on deposit for regulatory purposes:
U.S. government debt securities	—		4,394		—		4,394
U.S. government agency mortgage-backed securities	—		1,318		—		1,318
Subtotal - Investments segregated and on deposit for regulatory purposes	—		5,712		—		5,712
Securities owned:
U.S. government debt securities	—		524		—		524
Other	2		6		—		8
Subtotal - Securities owned	2		530		—		532
Investments available-for-sale:
U.S. government debt securities	—		1,668		—		1,668
Other assets:
Pay-variable interest rate swaps⁽¹⁾	—		71		—		71
U.S. government debt securities	—		1		—		1
Subtotal - Other assets	—		72		—		72
Total assets at fair value	$	2,488	$	7,982	$	—	$	10,470
Liabilities:
Accounts payable and other liabilities:
Pay-variable interest rate swaps⁽¹⁾	$	—	$	3	$	—	$	3


(1)	See "Fair Value Hedging" in Note 7 for details.