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Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2020
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis
Assets and liabilities measured at fair value on a recurring basis are as follows (dollars in millions):
 
Quoted Price in Active Markets
for Identical
Assets 
(Level 1)
 
Significant
Other
Observable
Inputs 
(Level 2)
 
Significant
Unobservable
Inputs 
(Level 3)
 
Total
Balance at June 30, 2020
 
 
 
 
 
 
 
Assets
 
 
 
 
 
 
 
Fair value - OCI
 
 
 
 
 
 
 
U.S. Treasury securities
$
9,838

 
$
—

 
$
—

 
$
9,838

Residential mortgage-backed securities - Agency
—

 
363

 
—

 
363

Available-for-sale investment securities
$
9,838

 
$
363

 
$
—

 
$
10,201

 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
Fair value - OCI
 
 
 
 
 
 
 
Derivative financial instruments - cash flow hedges(1)
$
—

 
$
5

 
$
—

 
$
5

 
 
 
 
 
 
 
 
Fair value - Net income
 
 
 
 
 
 
 
Derivative financial instruments - fair value hedges(1)
$
—

 
$
2

 
$
—

 
$
2

 
 
 
 
 
 
 
 
Balance at December 31, 2019
 
 
 
 
 
 
 
Assets
 
 
 
 
 
 
 
Fair value - OCI
 
 
 
 
 
 
 
U.S. Treasury securities
$
9,906

 
$
—

 
$
—

 
$
9,906

Residential mortgage-backed securities - Agency
—

 
417

 
—

 
417

Available-for-sale investment securities
$
9,906

 
$
417

 
$
—

 
$
10,323

 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
Fair value - OCI
 
 
 
 
 
 
 
Derivative financial instruments - cash flow hedges(1)
$
—

 
$
2

 
$
—

 
$
2

 
 
 
 
 
 
 
 
Fair value - Net income
 
 
 
 
 
 
 
Derivative financial instruments - fair value hedges(1)
$
—

 
$
4

 
$
—

 
$
4

Derivative financial instruments - foreign exchange forward contracts(1)
$
—

 
$
1

 
$
—

 
$
1

 
 
 
 
 
 
 
 

(1)
Derivative instrument carrying values in an asset or liability position are presented as part of other assets or accrued expenses and other liabilities, respectively, in the Company's condensed consolidated statements of financial condition.
Schedule of Financial Instruments Measured at Other Than Fair Value
The following tables disclose the estimated fair value of the Company's financial assets and financial liabilities that are not required to be carried at fair value (dollars in millions):
Balance at June 30, 2020
Quoted Prices in Active Markets
for Identical
Assets
(Level 1)
 
Significant
Other
Observable
Inputs (Level 2)
 
Significant
Unobservable
Inputs (Level 3)
 
Total
 
Carrying
Value
Assets
 
 
 
 
 
 
 
 
 
Amortized cost
 
 
 
 
 
 
 
 
 
Residential mortgage-backed securities - Agency
$
—

 
$
293

 
$
—

 
$
293

 
$
284

Held-to-maturity investment securities
$
—

 
$
293

 
$
—

 
$
293

 
$
284

 
 
 
 
 
 
 
 
 
 
Net loan receivables
$
—

 
$
—

 
$
88,833

 
$
88,833

 
$
80,743

 
 
 
 
 
 
 
 
 
 
Carrying value approximates fair value(1)
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
15,138

 
$
—

 
$
—

 
$
15,138

 
$
15,138

Restricted cash
$
29

 
$
—

 
$
—

 
$
29

 
$
29

Other short-term investments
$
2,549

 
$
—

 
$
—

 
$
2,549

 
$
2,549

Accrued interest receivables(2)
$
—

 
$
977

 
$
—

 
$
977

 
$
977

 
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
Amortized cost
 
 
 
 
 
 
 
 
 
Time deposits(3)
$
—

 
$
34,303

 
$
—

 
$
34,303

 
$
33,366

Short-term borrowings
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
 
 
 
 
 
 
 
 
 
Long-term borrowings - owed to securitization investors
$
—

 
$
12,701

 
$
144

 
$
12,845

 
$
12,766

Other long-term borrowings
—

 
11,157

 
—

 
11,157

 
10,428

Long-term borrowings
$
—

 
$
23,858

 
$
144

 
$
24,002

 
$
23,194

 
 
 
 
 
 
 
 
 
 
Carrying value approximates fair value(1)
 
 
 
 
 
 
 
 
 
Accrued interest payables(2)
$
—

 
$
255

 
$
—

 
$
255

 
$
255

 
 
 
 
 
 
 
 
 
 
(1) The carrying values of these assets and liabilities approximate fair value due to the nature of their liquidity (i.e., due or payable in less than one year).
(2) Accrued interest receivable and payable carrying values are presented as part of other assets or accrued expenses and other liabilities, respectively, in the Company's
         condensed consolidated statements of financial condition.
(3) Excludes deposits without contractually defined maturities for all periods presented.
 
 
 
 
 
 
 
 
 
 

The following tables disclose the estimated fair value of the Company's financial assets and financial liabilities that are not required to be carried at fair value (dollars in millions):
Balance at December 31, 2019
Quoted Prices in Active Markets
for Identical
Assets
(Level 1)
 
Significant
Other
Observable
Inputs (Level 2)
 
Significant
Unobservable
Inputs (Level 3)
 
Total
 
Carrying
Value
Assets
 
 
 
 
 
 
 
 
 
Amortized cost
 
 
 
 
 
 
 
 
 
Residential mortgage-backed securities - Agency
$
—

 
$
274

 
$
—

 
$
274

 
$
272

Held-to-maturity investment securities
$
—

 
$
274

 
$
—

 
$
274

 
$
272

 
 
 
 
 
 
 
 
 
 
Net loan receivables
$
—

 
$
—

 
$
96,094

 
$
96,094

 
$
92,511

 
 
 
 
 
 
 
 
 
 
Carrying value approximates fair value(1)
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
6,924

 
$
—

 
$
—

 
$
6,924

 
$
6,924

Restricted cash
$
40

 
$
—

 
$
—

 
$
40

 
$
40

Accrued interest receivables(2)
$
—

 
$
1,044

 
$
—

 
$
1,044

 
$
1,044

 
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
Amortized cost
 
 
 
 
 
 
 
 
 
Time deposits(3)
$
—

 
$
34,910

 
$
—

 
$
34,910

 
$
34,381

Short-term borrowings
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
 
 
 
 
 
 
 
 
 
Long-term borrowings - owed to securitization investors
$
—

 
$
14,211

 
$
172

 
$
14,383

 
$
14,284

Other long-term borrowings
—

 
12,189

 
—

 
12,189

 
11,417

Long-term borrowings
$
—

 
$
26,400

 
$
172

 
$
26,572

 
$
25,701

 
 
 
 
 
 
 
 
 
 
Carrying value approximates fair value(1)
 
 
 
 
 
 
 
 
 
Accrued interest payables(2)
$
—

 
$
283

 
$
—

 
$
283

 
$
283

 
 
 
 
 
 
 
 
 
 

(1)
The carrying values of these assets and liabilities approximate fair value due to the nature of their liquidity (i.e., due or payable in less than one year).
(2)
Accrued interest receivable and payable carrying values are presented as part of other assets or accrued expenses and other liabilities, respectively, in the Company's condensed consolidated statements of financial condition.
(3)
Excludes deposits without contractually defined maturities for all periods presented.