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Fair Value Measurements (Tables)
9 Months Ended
Sep. 30, 2024
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
September 30, 2024
Assets
Cash and cash equivalents$572 $5 $ $577 $577 
Investment securities57 1,521 3 1,581 1,581 
Net finance receivables, less allowance for finance receivable losses
  22,641 22,641 20,430 
Restricted cash and restricted cash equivalents 686 7  693 693 
Other assets *
  36 36 25 
Liabilities
Long-term debt $ $21,311 $ $21,311 $21,137 
December 31, 2023
Assets
Cash and cash equivalents$1,014 $— $— $1,014 $1,014 
Investment securities54 1,662 1,719 1,719 
Net finance receivables, less allowance for finance receivable losses
— — 20,490 20,490 18,869 
Restricted cash and restricted cash equivalents 534 — — 534 534 
Other assets *
— — 40 40 29 
Liabilities
Long-term debt$— $19,457 $— $19,457 $19,813 
*Other assets at September 30, 2024 and December 31, 2023 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
September 30, 2024    
Assets    
Cash equivalents in mutual funds$189 $ $ $189 
Cash equivalents in securities 5  5 
Investment securities:    
Available-for-sale securities    
U.S. government and government sponsored entities 12  12 
Obligations of states, municipalities, and political subdivisions
 64  64 
Non-U.S. government and government sponsored entities 154  154 
Corporate debt6 998 1 1,005 
RMBS 176  176 
CMBS 27  27 
CDO/ABS 70  70 
Total available-for-sale securities6 1,501 1 1,508 
Other securities   
Bonds:   
Corporate debt 4  4 
CDO/ABS 16  16 
Total bonds 20  20 
Preferred stock15   15 
Common stock36  2 38 
Total other securities51 20 2 73 
Total investment securities57 1,521 3 1,581 
Restricted cash equivalents in mutual funds672   672 
Restricted cash equivalents in securities 7  7 
Total$918 $1,533 $3 $2,454 
Fair Value Measurements UsingTotal Carried At Fair Value
(dollars in millions)Level 1Level 2Level 3
December 31, 2023    
Assets    
Cash equivalents in mutual funds$97 $— $— $97 
Investment securities:    
Available-for-sale securities    
U.S. government and government sponsored entities— 17 — 17 
Obligations of states, municipalities, and political subdivisions
— 66 — 66 
Commercial paper
— 14 — 14 
Non-U.S. government and government sponsored entities— 167 — 167 
Corporate debt1,078 1,085 
RMBS— 180 — 180 
CMBS— 33 — 33 
CDO/ABS— 85 — 85 
Total available-for-sale securities1,640 1,647 
Other securities   
Bonds:    
Corporate debt— — 
CDO/ABS— 18 — 18 
Total bonds— 22 — 22 
Preferred stock16 — — 16 
Common stock32 — 34 
Total other securities48 22 72 
Total investment securities54 1,662 1,719 
Restricted cash equivalents in mutual funds525 — — 525 
Total$676 $1,662 $$2,341