Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2022

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.