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Fair Value of Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2021
Fair Value Disclosures [Abstract]  
Summary of Fair Value Measurements and Hierarchy Level
The following tables are a summary of fair value measurements and hierarchy level at September 30, 2021 and December 31, 2020:
September 30, 2021
Carrying Value
Level 1
Level 2
Level 3
(in millions)
Assets:
Money market funds (1)
$1 $1 $— $— 
Beneficial interests in securitizations
312 — 65 247 
December 31, 2020
Carrying Value
Level 1
Level 2
Level 3
(in millions)
Assets:
Money market funds (1)
$308 $308 $— $— 
Beneficial interests in securitizations
131 — — 131 
_________________________
(1) Consists of highly liquid investments with original maturities of three months or less and classified in cash and cash equivalents in the accompanying unaudited condensed consolidated balance sheets.
The carrying value and fair value of the finance receivables as of September 30, 2021 and December 31, 2020 were as follows:
September 30,
2021		December 31,
2020
(in millions)
Carrying value$368 $275 
Fair value404 300 
Scheduled of Additional Information of Beneficial Interests in Securitizations
The following table presents additional information about Level 3 beneficial interests in securitizations measured at fair value on a recurring basis for the three and nine months ended September 30, 2021 and 2020:

Three Months Ended September 30,Nine Months Ended September 30,
2021202020212020
(in millions)
Opening Balance$239 $117 $131 $69 
Transfers into Level 3— — — 29 
Received in securitization transactions33 — 170 40 
Cash receipts(27)(12)(60)(30)
Change in fair value2 7 6 4 
Ending Balance$247 $112 $247 $112 
Schedule of Fair Value Senior Notes The fair value of the Senior Notes as of September 30, 2021 and December 31, 2020 was as follows:
September 30,
2021		December 31,
2020
(in millions)
Carrying value, net of unamortized debt issuance costs$2,421 $1,083 
Fair value2,469 1,121 
Schedule of Carrying Value and Fair Value of Finance Receivables
The following tables are a summary of fair value measurements and hierarchy level at September 30, 2021 and December 31, 2020:
September 30, 2021
Carrying Value
Level 1
Level 2
Level 3
(in millions)
Assets:
Money market funds (1)
$1 $1 $— $— 
Beneficial interests in securitizations
312 — 65 247 
December 31, 2020
Carrying Value
Level 1
Level 2
Level 3
(in millions)
Assets:
Money market funds (1)
$308 $308 $— $— 
Beneficial interests in securitizations
131 — — 131 
_________________________
(1) Consists of highly liquid investments with original maturities of three months or less and classified in cash and cash equivalents in the accompanying unaudited condensed consolidated balance sheets.
The carrying value and fair value of the finance receivables as of September 30, 2021 and December 31, 2020 were as follows:
September 30,
2021		December 31,
2020
(in millions)
Carrying value$368 $275 
Fair value404 300