Fair Value |
Fair Value The following tables present the Company’s financial assets and liabilities that are measured at fair value on a recurring basis. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of September 30, 2019 | | | | | | | | As of December 31, 2018 | | | | | | | | Level 1 | | Level 2 | | | | Total | | Level 1 | | Level 2 | | | | Total | Assets: | | | | | | | | | | | | | | | | Investments: | | | | | | | | | | | | | | | | Student loan and other asset-backed securities - available-for-sale | $ | — | | | 52,471 | | | | | 52,471 | | | — | | | 52,936 | | | | | 52,936 | | Equity securities | 3,263 | | | — | | | | | 3,263 | | | 2,722 | | | — | | | | | 2,722 | | Equity securities measured at net asset value (a) | | | | | | | 14,039 | | | | | | | | | 14,925 | | Debt securities - available-for-sale | 103 | | | — | | | | | 103 | | | 104 | | | — | | | | | 104 | | Total investments | 3,366 | | | 52,471 | | | | | 69,876 | | | 2,826 | | | 52,936 | | | | | 70,687 | | Derivative instruments | — | | | 57 | | | | | 57 | | | — | | | 1,818 | | | | | 1,818 | | Total assets | $ | 3,366 | | | 52,528 | | | | | 69,933 | | | 2,826 | | | 54,754 | | | | | 72,505 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(a) In accordance with the Fair Value Measurements Topic of the FASB Accounting Standards Codification, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The following table summarizes the fair values of all of the Company’s financial instruments on the consolidated balance sheets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of September 30, 2019 | | | | | | | | | | Fair value | | Carrying value | | Level 1 | | Level 2 | | Level 3 | Financial assets: | | | | | | | | | | Loans receivable | $ | 21,892,651 | | | 21,071,441 | | | — | | | — | | | 21,892,651 | | Cash and cash equivalents | 160,979 | | | 160,979 | | | 160,979 | | | — | | | — | | Investments (at fair value) | 69,876 | | | 69,876 | | | 3,366 | | | 52,471 | | | — | | Beneficial interest in consumer loan securitization | 5,755 | | | 5,755 | | | — | | | — | | | 5,755 | | Restricted cash | 667,919 | | | 667,919 | | | 667,919 | | | — | | | — | | Restricted cash – due to customers | 309,309 | | | 309,309 | | | 309,309 | | | — | | | — | | | | | | | | | | | | Accrued interest receivable | 736,901 | | | 736,901 | | | — | | | 736,901 | | | — | | Derivative instruments | 57 | | | 57 | | | — | | | 57 | | | — | | Financial liabilities: | | | | | | | | | | Bonds and notes payable | 20,824,456 | | | 20,910,190 | | | — | | | 20,824,456 | | | — | | Accrued interest payable | 52,345 | | | 52,345 | | | — | | | 52,345 | | | — | | Due to customers | 309,309 | | | 309,309 | | | 309,309 | | | — | | | — | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of December 31, 2018 | | | | | | | | | | Fair value | | Carrying value | | Level 1 | | Level 2 | | Level 3 | Financial assets: | | | | | | | | | | Loans receivable | $ | 23,521,171 | | | 22,377,142 | | | — | | | — | | | 23,521,171 | | Cash and cash equivalents | 121,347 | | | 121,347 | | | 121,347 | | | — | | | — | | Investments (at fair value) | 70,687 | | | 70,687 | | | 2,826 | | | 52,936 | | | — | | Notes receivable | 16,373 | | | 16,373 | | | — | | | 16,373 | | | — | | Restricted cash | 701,366 | | | 701,366 | | | 701,366 | | | — | | | — | | Restricted cash – due to customers | 369,678 | | | 369,678 | | | 369,678 | | | — | | | — | | | | | | | | | | | | Accrued interest receivable | 679,197 | | | 679,197 | | | — | | | 679,197 | | | — | | Derivative instruments | 1,818 | | | 1,818 | | | — | | | 1,818 | | | — | | Financial liabilities: | | | | | | | | | | Bonds and notes payable | 22,270,462 | | | 22,218,740 | | | — | | | 22,270,462 | | | — | | Accrued interest payable | 61,679 | | | 61,679 | | | — | | | 61,679 | | | — | | Due to customers | 369,678 | | | 369,678 | | | 369,678 | | | — | | | — | | | | | | | | | | | |
The methodologies for estimating the fair value of financial assets and liabilities are described in note 20 of the notes to consolidated financial statements included in the 2018 Annual Report.
|