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Investment Securities (Tables)

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Schedule of Investments in Debt Securities

The following table presents our investments in AFS debt securities:


	Amortized Cost		Accrued Interest		Gross Unrealized Gains		Gross Unrealized Losses(1)		Fair Value
December 31, 2023
U.S. Treasury securities	$	518,673	$	206	$	978	$	(780)	$	519,077
Multinational securities(2)	8,548		103		—		(17)		8,634
Corporate bonds	32,609		207		—		(1,092)		31,724
Agency mortgage-backed securities	28,714		111		33		(1,016)		27,842
Other asset-backed securities	7,272		4		—		(154)		7,122
Other(3)	941		8		—		(161)		788
Total investments in AFS debt securities	$	596,757	$	639	$	1,011	$	(3,220)	$	595,187
December 31, 2022
U.S. Treasury securities	$	121,282	$	217	$	—	$	(3,510)	$	117,989
Multinational securities(2)	19,658		109		—		(724)		19,043
Corporate bonds	41,890		257		—		(2,644)		39,503
Agency mortgage-backed securities	8,899		22		—		(991)		7,930
Other asset-backed securities	9,556		5		—		(514)		9,047
Other(3)	2,133		21		—		(228)		1,926
Total investments in AFS debt securities	$	203,418	$	631	$	—	$	(8,611)	$	195,438

_____________________

(1) As of December 31, 2023 and December 31, 2022, we concluded that there was no credit loss attributable to securities in unrealized loss positions, as (i) 92% and 67% of the amortized cost basis of our investments as of December 31, 2023 and December 31, 2022, respectively, was composed of U.S. Treasury securities, agency mortgage-backed securities and sovereign foreign bonds, which are of high credit quality and have no risk of credit-related impairment due to the nature of the counterparties and history of no credit losses, and (ii) we have not identified factors indicating credit-related impairment for the remaining investments and expect that the contractual principal and interest payments will be received. Additionally, we do not intend to sell the securities in loss positions nor is it more likely than not that we will be required to sell the securities prior to recovery of the amortized cost basis.

(2) Includes supranational and sovereign foreign bonds.

(3) Includes state and city municipal bond securities.

Schedule of Investment Securities in Gross Unrealized Loss Position

The following table presents information about our investments in AFS debt securities with gross unrealized losses and the length of time that individual securities have been in a continuous unrealized loss position as of December 31, 2023 and December 31, 2022.


	Less than 12 Months				12 Months or Longer				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
December 31, 2023
U.S. Treasury securities	$	480,012	$	(58)	$	39,065	$	(722)	$	519,077	$	(780)
Multinational securities	—		—		8,634		(17)		8,634		(17)
Corporate bonds	—		—		31,724		(1,092)		31,724		(1,092)
Agency mortgage-backed securities	20,930		(157)		6,912		(859)		27,842		(1,016)
Other asset-backed securities	—		—		7,122		(154)		7,122		(154)
Other	—		—		788		(161)		788		(161)
Total investments in AFS debt securities	$	500,942	$	(215)	$	94,245	$	(3,005)	$	595,187	$	(3,220)
December 31, 2022
U.S. Treasury securities	$	27,759	$	(1,171)	$	90,230	$	(2,339)	$	117,989	$	(3,510)
Multinational securities	—		—		19,043		(724)		19,043		(724)
Corporate bonds	4,480		(313)		35,023		(2,331)		39,503		(2,644)
Agency mortgage-backed securities	6,448		(814)		1,482		(177)		7,930		(991)
Other asset-backed securities	—		—		9,047		(514)		9,047		(514)
Other	745		(200)		1,181		(28)		1,926		(228)
Total investments in AFS debt securities	$	39,432	$	(2,498)	$	156,006	$	(6,113)	$	195,438	$	(8,611)

Schedule of Investments by Contractual Maturity

The following table presents the amortized cost and fair value of our investments in AFS debt securities by contractual maturity:


	Due Within One Year			Due After One Year Through Five Years			Due After Five Years Through Ten Years			Due After Ten Years			Total
December 31, 2023
Investments in AFS debt securities—Amortized cost:
U.S. Treasury securities	$	513,281		$	5,392		$	—		$	—		$	518,673
Multinational securities	8,548			—			—			—			8,548
Corporate bonds	18,122			11,181			3,306			—			32,609
Agency mortgage-backed securities	—			135			684			27,895			28,714
Other asset-backed securities	87			5,283			1,902			—			7,272
Other	—			—			—			941			941
Total investments in AFS debt securities	$	540,038		$	21,991		$	5,892		$	28,836		$	596,757
Weighted average yield for investments in AFS debt securities(1)	4.79		%	0.99		%	2.98		%	3.13		%	4.55		%


	Due Within One Year		Due After One Year Through Five Years		Due After Five Years Through Ten Years		Due After Ten Years		Total
Investments in AFS debt securities—Fair value(2):
U.S. Treasury securities	$	513,710	$	5,161	$	—	$	—	$	518,871
Multinational securities	8,531		—		—		—		8,531
Corporate bonds	17,785		10,733		2,999		—		31,517
Agency mortgage-backed securities	—		128		633		26,970		27,731
Other asset-backed securities	87		5,133		1,898		—		7,118
Other	—		—		—		780		780
Total investments in AFS debt securities	$	540,113	$	21,155	$	5,530	$	27,750	$	594,548

_____________________

(1) The weighted average yield represents the effective yield for the investment securities owned at the end of the period and is computed based on the amortized cost of each security.

(2) Presentation of fair values of our investments in AFS debt securities by contractual maturity excludes total accrued interest of $639 and $631 as of December 31, 2023 and December 31, 2022, respectively.

Schedule of Nonconsolidated VIEs

The following table presents the aggregate outstanding value of asset-backed bonds and residual interests owned by the Company in nonconsolidated VIEs, which are presented within investment securities in the consolidated balance sheets:


	December 31,
	2023		2022
Personal loans	$	27,247	$	20,172
Student loans	79,501		181,159
Securitization investments	$	106,748	$	201,331

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

+ Details

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details