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Fair Value Measurements (Tables)
3 Months Ended
Mar. 31, 2021
Fair Value Disclosures [Abstract]  
Schedule of fair values and carrying values of financial instruments and fair value hierarchy based on the level of inputs utilized to determine such fair value
The following table presents the carrying amounts and estimated fair values of our financial instruments and indicates the level in the fair value hierarchy of the estimated fair value measurement based on the observability of the inputs used:

Fair Value Measurements UsingTotal
Fair
Value
Total
Carrying
Value
(dollars in millions)Level 1Level 2Level 3
March 31, 2021
Assets
Cash and cash equivalents$1,298 $3 $ $1,301 $1,301 
Investment securities52 1,891 8 1,951 1,951 
Net finance receivables, less allowance for finance receivable losses
  18,447 18,447 15,502 
Restricted cash and restricted cash equivalents 571   571 571 
Other assets *
 3 57 60 60 
Liabilities
Long-term debt $ $18,082 $ $18,082 $16,789 
December 31, 2020
Assets
Cash and cash equivalents$2,255 $17 $— $2,272 $2,272 
Investment securities44 1,870 1,922 1,922 
Net finance receivables, less allowance for finance receivable losses
— — 18,629 18,629 15,815 
Restricted cash and restricted cash equivalents 451 — — 451 451 
Other assets *
— 60 62 62 
Liabilities
Long-term debt$— $19,426 $— $19,426 $17,800 
*Other assets at March 31, 2021 and December 31, 2020 primarily consists of finance receivables held for sale.
Schedule of assets and liabilities measured at fair value on a recurring basis
The following tables present information about our assets measured at fair value on a recurring basis and indicates the fair value hierarchy based on the levels of inputs we utilized to determine such fair value:

Fair Value Measurements UsingTotal Carried At Fair Value
(dollars in millions)Level 1Level 2Level 3
March 31, 2021    
Assets    
Cash equivalents in mutual funds$881 $ $ $881 
Cash equivalents in securities 3  3 
Investment securities:    
Available-for-sale securities    
U.S. government and government sponsored entities 11  11 
Obligations of states, municipalities, and political subdivisions
 88  88 
Commercial paper 49  49 
Non-U.S. government and government sponsored entities 147  147 
Corporate debt5 1,223 6 1,234 
RMBS 195  195 
CMBS 56  56 
CDO/ABS 87  87 
Total available-for-sale securities5 1,856 6 1,867 
Other securities   
Bonds:   
Non-U.S. government and government sponsored entities 1  1 
Corporate debt 12 1 13 
RMBS 1  1 
CDO/ABS 21 1 22 
Total bonds 35 2 37 
Preferred stock18   18 
Common stock29   29 
Total other securities47 35 2 84 
Total investment securities52 1,891 8 1,951 
Restricted cash equivalents in mutual funds560   560 
Total$1,493 $1,894 $8 $3,395 
Fair Value Measurements UsingTotal Carried At Fair Value
(dollars in millions)Level 1Level 2Level 3
December 31, 2020    
Assets    
Cash equivalents in mutual funds$2,018 $— $— $2,018 
Cash equivalents in securities— 17 — 17 
Investment securities:    
Available-for-sale securities    
U.S. government and government sponsored entities— 12 — 12 
Obligations of states, municipalities, and political subdivisions
— 92 — 92 
Certificates of deposit and commercial paper
— 28 — 28 
Non-U.S. government and government sponsored entities— 146 — 146 
Corporate debt1,207 1,218 
RMBS— 215 — 215 
CMBS— 58 — 58 
CDO/ABS— 78 — 78 
Total available-for-sale securities1,836 1,847 
Other securities   
Bonds:    
Non-U.S. government and government sponsored entities— — 
Corporate debt— 16 17 
CDO/ABS— 17 — 17 
Total bonds— 34 35 
Preferred stock13 — — 13 
Common stock26 — 27 
Total other securities39 34 75 
Total investment securities44 1,870 1,922 
Restricted cash equivalents in mutual funds441 — — 441 
Total$2,503 $1,887 $$4,398