Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value of Assets Measured on Recurring Basis

The following tables present the fair values of the Company’s assets, measured on a recurring basis, as of December 31, 2022 and 2021:

(in millions)	Total		Level 1		Level 2		Level 3
December 31, 2022
Debt securities:
U.S. Treasury bonds	$	303	$	—	$	303	$	—
Municipal bonds		1,479		—		1,479		—
Foreign government bonds		194		—		194		—
Governmental agency bonds		229		—		229		—
Governmental agency mortgage-backed securities		4,601		—		4,601		—
U.S. corporate debt securities		921		—		921		—
Foreign corporate debt securities		443		—		443		—
		8,170		—		8,170		—
Marketable equity securities:
Common stocks		269		269		—		—
Preferred stocks		11		11		—		—
		280		280		—		—
Mortgage loans held for sale		16		—		14		2
Total	$	8,466	$	280	$	8,184	$	2

(in millions)	Total		Level 1		Level 2		Level 3
December 31, 2021
Debt securities:
U.S. Treasury bonds	$	123	$	—	$	123	$	—
Municipal bonds		1,649		—		1,649		—
Foreign government bonds		227		—		227		—
Governmental agency bonds		177		—		177		—
Governmental agency mortgage-backed securities		5,607		—		5,607		—
U.S. corporate debt securities		1,081		—		1,081		—
Foreign corporate debt securities		498		—		498		—
		9,362		—		9,362		—
Marketable equity securities:
Common stocks		640		640		—		—
Preferred stocks		17		17		—		—
		657		657		—		—
Mortgage loans held for sale		12		—		11		1
Total	$	10,031	$	657	$	9,373	$	1

Carrying Amounts and Estimated Fair Values of Financial Instruments Not Measured at Fair Value

The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments not measured at fair value as of December 31, 2022 and 2021:

	Carrying		Estimated fair value
(in millions)	Amount		Total		Level 1		Level 2		Level 3
December 31, 2022
Assets:
Cash and cash equivalents	$	1,224	$	1,224	$	1,224	$	—	$	—
Deposits with banks	$	63	$	62	$	8	$	54	$	—
Notes receivable, net	$	11	$	11	$	—	$	—	$	11
Secured financings receivable	$	423	$	423	$	—	$	423	$	—
Liabilities:
Secured financings payable	$	366	$	366	$	—	$	366	$	—
Notes and contracts payable	$	1,646	$	1,405	$	—	$	1,401	$	4

	Carrying		Estimated fair value
(in millions)	Amount		Total		Level 1		Level 2		Level 3
December 31, 2021
Assets:
Cash and cash equivalents	$	1,228	$	1,228	$	1,228	$	—	$	—
Deposits with banks	$	58	$	58	$	13	$	45	$	—
Notes receivable, net	$	32	$	32	$	—	$	—	$	32
Secured financings receivable	$	565	$	565	$	—	$	565	$	—
Liabilities:
Secured financings payable	$	529	$	529	$	—	$	529	$	—
Notes and contracts payable	$	1,648	$	1,724	$	—	$	1,720	$	4