XML 45 R35.htm IDEA: XBRL DOCUMENT v3.22.1
Fair Value Measurements (Tables)
3 Months Ended
Mar. 31, 2022
Fair Value Disclosures [Abstract]  
Fair Value of Assets And Liabilities Measured on Recurring Basis

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

 

(in millions)

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

March 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury bonds

 

$

88

 

 

$

 

 

$

88

 

 

$

 

Municipal bonds

 

 

1,521

 

 

 

 

 

 

1,521

 

 

 

 

Foreign government bonds

 

 

223

 

 

 

 

 

 

223

 

 

 

 

Governmental agency bonds

 

 

147

 

 

 

 

 

 

147

 

 

 

 

Governmental agency mortgage-backed securities

 

 

5,381

 

 

 

 

 

 

5,381

 

 

 

 

U.S. corporate debt securities

 

 

1,096

 

 

 

 

 

 

1,096

 

 

 

 

Foreign corporate debt securities

 

 

481

 

 

 

 

 

 

481

 

 

 

 

 

 

 

8,937

 

 

 

 

 

 

8,937

 

 

 

 

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stocks

 

 

16

 

 

 

16

 

 

 

 

 

 

 

Common stocks

 

 

557

 

 

 

557

 

 

 

 

 

 

 

 

 

 

573

 

 

 

573

 

 

 

 

 

 

 

Servicing related assets

 

 

19

 

 

 

 

 

 

2

 

 

 

17

 

Total assets

 

$

9,529

 

 

$

573

 

 

$

8,939

 

 

$

17

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Servicing related liabilities

 

$

11

 

 

$

 

 

$

 

 

$

11

 

Total liabilities

 

$

11

 

 

$

 

 

$

 

 

$

11

 

 

 

(in millions)

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

December 31, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stocks

 

 

17

 

 

 

17

 

 

 

 

 

 

 

Common stocks

 

 

640

 

 

 

640

 

 

 

 

 

 

 

 

 

 

657

 

 

 

657

 

 

 

 

 

 

 

Servicing related assets

 

 

27

 

 

 

 

 

 

11

 

 

 

16

 

Total assets

 

$

10,046

 

 

$

657

 

 

$

9,373

 

 

$

16

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Servicing related liabilities

 

$

9

 

 

$

 

 

$

 

 

$

9

 

Total liabilities

 

$

9

 

 

$

 

 

$

 

 

$

9

 

 

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 March 31, 2022 and December 31, 2021:

 

 

 

Carrying

 

Estimated fair value

 

(in millions)

 

Amount

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

March 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

1,704

 

$

1,704

 

 

$

1,704

 

 

$

 

 

$

 

Deposits with banks

 

$

56

 

$

56

 

 

$

9

 

 

$

47

 

 

$

 

Notes receivable, net

 

$

11

 

$

11

 

 

$

 

 

$

 

 

$

11

 

Secured financings receivable

 

$

606

 

$

606

 

 

$

 

 

$

606

 

 

$

 

Loans eligible for repurchase

 

$

36

 

$

36

 

 

$

 

 

$

36

 

 

$

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Secured financings payable (1)

 

$

547

 

$

547

 

 

$

 

 

$

547

 

 

$

 

Liability for loans eligible for repurchase

 

$

36

 

$

36

 

 

$

 

 

 

$

36

 

 

$

 

Notes and contracts payable

 

$

1,647

 

$

1,595

 

 

$

 

 

$

1,591

 

 

$

4

 

 

(1)

Excludes servicing related liabilities, which are measured at fair value on a recurring basis.

 

 

 

 

 

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

 

 

$

 

Loans eligible for repurchase

 

$

47

 

$

47

 

 

$

 

 

$

47

 

 

$

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Secured financings payable (1)

 

$

529

 

$

529

 

 

$

 

 

$

529

 

 

$

 

Liability for loans eligible for repurchase

 

$

47

 

$

47

 

 

$

 

 

 

$

47

 

 

$

 

Notes and contracts payable

 

$

1,648

 

$

1,724

 

 

$

 

 

$

1,720

 

 

$

4

 

 

(1)

Excludes servicing related liabilities, which are measured at fair value on a recurring basis.