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Fair Value Measurements (Tables)
9 Months Ended
Sep. 30, 2020
Fair Value Disclosures [Abstract]  
Fair Value, Assets Measured on Recurring Basis
At September 30, 2020 ($ in millions)
Level 1

 
Level 2

 
Level 3

 
Total(a)

Assets
 
 
 
 
 
 
 
Debt securities
 
 
 
 
 
 
 
U.S. government and federal agency
$

 
$
5,199

 
$

 
$
5,199

State and municipal

 

 
39

 
39

Residential mortgage-backed

 
830

 

 
830

Asset-backed

 
2,364

 

 
2,364

Other assets(b)
15

 

 
19

 
34

Total
$
15

 
$
8,393

 
$
58

 
$
8,466

 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
Contingent consideration

 

 
11

 
11

Total
$

 
$

 
$
11

 
$
11

 
 
 
 
 
 
 
 
At December 31, 2019 ($ in millions)
 
 
 
 
 
 
 
Assets
 
 
 
 
 
 
 
Debt securities
 
 
 
 
 
 
 
U.S. government and federal agency
$

 
$
2,469

 
$

 
$
2,469

State and municipal

 

 
45

 
45

Residential mortgage-backed

 
1,026

 

 
1,026

Asset-backed

 
2,371

 

 
2,371

Other assets(b)
15

 

 
21

 
36

Total
$
15

 
$
5,866

 
$
66

 
$
5,947

 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
Contingent consideration

 

 
13

 
13

Total
$

 
$

 
$
13

 
$
13


_______________________
(a)
For the nine months ended September 30, 2020 and 2019, there were no fair value measurements transferred between levels.
(b)
Other assets primarily relate to equity investments measured at fair value.
Fair Value, by Balance Sheet Grouping
Financial Assets and Financial Liabilities Carried at Other Than Fair Value
 
Carrying

 
Corresponding fair value amount
At September 30, 2020 ($ in millions)
value

 
Total

 
Level 1

 
Level 2

 
Level 3

Financial Assets
 
 
 
 
 
 
 
 
 
Financial assets for which carrying values equal or approximate fair value:
 
 
 
 
 
 
 
 
 
Cash and equivalents(a)
$
13,552

 
$
13,552

 
$
11,752

 
$
1,800

 
$

Other assets(a)(b)
$
74

 
$
74

 
$
74

 
$

 
$

Financial assets carried at other than fair value:
 
 
 
 
 
 
 
 
 
Loan receivables, net(c)
$
68,375

 
$
81,504

 
$

 
$

 
$
81,504

Loan receivables held for sale(c)
$
4

 
$
4

 
$

 
$

 
$
4

 
 
 
 
 
 
 
 
 
 
Financial Liabilities
 
 
 
 
 
 
 
 
 
Financial liabilities carried at other than fair value:
 
 
 
 
 
 
 
 
 
Deposits
$
63,493

 
$
64,156

 
$

 
$
64,156

 
$

Borrowings of consolidated securitization entities
$
7,809

 
$
7,990

 
$

 
$
5,692

 
$
2,298

Senior unsecured notes
$
7,962

 
$
8,554

 
$

 
$
8,554

 
$

 
 
 
 
 
 
 
 
 
 
 
Carrying

 
Corresponding fair value amount
At December 31, 2019 ($ in millions)
value

 
Total

 
Level 1

 
Level 2

 
Level 3

Financial Assets
 
 
 
 
 
 
 
 
 
Financial assets for which carrying values equal or approximate fair value:
 
 
 
 
 
 
 
 
 
Cash and equivalents(a)
$
12,147

 
$
12,147

 
$
10,799

 
$
1,348

 
$

Other assets(a)(b)
$
500

 
$
500

 
$
500

 
$

 
$

Financial assets carried at other than fair value:
 
 
 
 
 
 
 
 
 
Loan receivables, net(c)
$
81,613

 
$
90,941

 
$

 
$

 
$
90,941

       Loan receivables held for sale(c)
$
725

 
$
726

 
$

 
$

 
$
726

 
 
 
 
 
 
 
 
 
 
Financial Liabilities
 
 
 
 
 
 
 
 
 
Financial liabilities carried at other than fair value:
 
 
 
 
 
 
 
 
 
Deposits
$
65,154

 
$
65,544

 
$

 
$
65,544

 
$

Borrowings of consolidated securitization entities
$
10,412

 
$
10,513

 
$

 
$
7,613

 
$
2,900

Senior unsecured notes
$
9,454

 
$
9,924

 
$

 
$
9,924

 
$

_______________________
(a)
For cash and equivalents and restricted cash and equivalents, carrying value approximates fair value due to the liquid nature and short maturity of these instruments. Cash equivalents classified as Level 2 represent U.S. Government and Federal Agency debt securities with original maturities of three months or less or acquired within three months or less of their maturity.
(b)
This balance relates to restricted cash and equivalents, which is included in other assets.
(c)
Under certain retail partner program agreements, the expected sales proceeds related to the sale of their credit card portfolio may be limited to the amounts owed by our customers, which may be less than the fair value indicated above.