XML 50 R38.htm IDEA: XBRL DOCUMENT v3.22.2.2
Financial Instruments and Fair Value Measurements (Tables)
9 Months Ended
Sep. 30, 2022
Fair Value Disclosures [Abstract]  
Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

The following tables presents the Company’s financial assets and liabilities measured at fair value on a recurring basis (in thousands):

 

 

 

As of September 30, 2022

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Financial Assets

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

250,557

 

 

$

 

 

$

 

 

$

250,557

 

CFE assets:

 

 

 

 

 

 

 

 

 

 

 

 

     Finance receivables

 

 

 

 

 

 

 

 

94,461

 

 

 

94,461

 

Finance receivables at fair value

 

 

 

 

 

 

 

 

85,565

 

 

 

85,565

 

Beneficial interests in securitizations

 

 

 

 

 

23,984

 

 

 

 

 

 

23,984

 

Total financial assets

 

$

250,557

 

 

$

23,984

 

 

$

180,026

 

 

$

454,567

 

Financial Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

CFE liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Securitization debt of consolidated VIEs

 

 

 

 

 

95,494

 

 

 

 

 

 

95,494

 

Total financial liabilities

 

$

 

 

$

95,494

 

 

$

 

 

$

95,494

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2021

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Financial Assets

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

601,807

 

 

$

 

 

$

 

 

$

601,807

 

Commercial paper

 

 

 

 

 

149,974

 

 

 

 

 

 

149,974

 

Total financial assets

 

$

601,807

 

 

$

149,974

 

 

$

 

 

$

751,781

 

 

Schedule of Reconciliation of Financial Assets Measured at Fair Value on a Recurring Basis Using Level 3 Inputs

The following table presents a reconciliation of the financial assets, which were measured at fair value on a recurring basis using Level 3 inputs (in thousands):

 

 

 

Finance Receivables of Consolidated CFEs

 

 

Finance Receivables at Fair Value

 

 

Securitization Debt of Consolidated CFEs

 

Fair value as of January 1, 2022

 

$

 

 

$

 

 

$

 

Acquired in business combination

 

 

262,644

 

 

 

34,283

 

 

 

275,394

 

Transfer out of Level 3

 

 

 

 

 

 

 

 

(275,394

)

Transfer within Level 3 categories

 

 

(50,938

)

 

 

50,938

 

 

 

 

Losses included in other income

 

 

(24,293

)

 

 

(9,078

)

 

 

 

Issuances, net of discount

 

 

 

 

 

49,475

 

 

 

 

Sales

 

 

(24,312

)

 

 

(14,114

)

 

 

 

Paydowns

 

 

(78,379

)

 

 

(28,450

)

 

 

 

Other

 

 

9,739

 

 

 

2,511

 

 

 

 

Fair value as of September 30, 2022

 

$

94,461

 

 

$

85,565

 

 

$

 

Summary of Gains or Losses Recorded Related to Eligible Financial Instruments

The following table presents the gains or losses recorded in "Other loss (income), net" in the condensed consolidated statements of operations related to the eligible financial instruments for which the fair value option was elected (in thousands):

 

 

 

Three Months Ended
September 30, 2022

 

 

Nine Months Ended
September 30, 2022

 

Financial Assets

 

 

 

 

 

 

     Finance receivables of CFEs

 

$

(3,930

)

 

$

(19,225

)

     Finance receivables at fair value

 

 

1,004

 

 

 

(7,248

)

     Beneficial interests in securitizations

 

 

(206

)

 

 

(527

)

Financial Liabilities

 

 

 

 

 

 

Debt of securitized VIEs

 

 

275

 

 

 

2,990

 

Total net loss included in other income

 

$

(2,857

)

 

$

(24,010

)

Summary of Other Relevant Data Related to Finance Receivables Carried at Fair Value

The following table presents other relevant data related to the finance receivables carried at fair value (in thousands):

 

As of September 30, 2022

 

Finance Receivables of CFEs at Fair Value

 

 

Finance Receivable at Fair Value

 

 Aggregate unpaid principal balance included within finance receivables that are reported at fair value

 

$

100,802

 

 

$

99,887

 

 Aggregate fair value of finance receivables that are reported at fair value

 

$

94,461

 

 

$

85,565

 

 Unpaid principal balance of receivables within finance receivables that are reported at fair value and are on nonaccrual status (90 days or more past due)

 

$

1,420

 

 

$

2,929

 

 Aggregate fair value of receivables carried at fair value that are on nonaccrual status (90 days or more past due)

 

$

1,331

 

 

$

2,235

 

Summary of Other Relevant Data Related to Debt of Securitized VIEs Carried at Fair Value

The following table presents other relevant data related to securitization debt of consolidated VIEs carried at fair value (in thousands):

 

As of September 30, 2022

 

Securitization debt of consolidated VIEs at Fair Value

 

Aggregate unpaid principal balance of debt of securitized VIEs

 

$

98,484

 

Aggregate fair value of debt of securitized VIEs

 

$

95,494

 

 

Summary of Fair Value of Financial Instruments Not Carried at Fair Value The carrying value and fair value of the finance receivables held for sale, net were as follows (in thousands):

 

 

 

September 30,

 

 

 

2022

 

Carrying value

 

$

210,729

 

Fair value

 

$

214,572

 

The fair value of the Notes, which are not carried at fair value on the accompanying consolidated balance sheets, was determined utilizing actual bids and offer prices of the Notes in markets that are not active and are classified within Level 2 of the fair value hierarchy.

 

 

 

September 30,

 

 

December 31,

 

 

 

2022

 

 

2021

 

Carrying value

 

$

556,638

 

 

$

610,618

 

Fair value

 

$

175,925

 

 

$

386,100