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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Fair Value of Assets and Liabilities Measured at Fair Value on Recurring Basis

The following tables present the fair value of assets and liabilities measured at fair value on a recurring basis as of June 30, 2021 and December 31, 2020 (dollars in thousands):

			As of June 30, 2021
			Fair Value Measured and Recorded Using
			Level 1						Level 2						Level 3						Total
Assets
Available for sale securities:
Debt securities:
U.S. treasury securities			$	7,094					$	—					$	—					$	7,094
Debt securities issued by U.S. federal agencies			—						8,689						—						8,689
Corporate debt securities			—						51,177						—						51,177
Asset-backed securities			—						3,778						—						3,778
Collateralized mortgage obligations			—						1,314						—						1,314
Total available for sale debt securities			7,094						64,958						—						72,052
Equity securities			45,395						—						—						45,395
Investments in unconsolidated subsidiaries			—						—						265,531						265,531
Warehouse receivables			—						1,117,677						—						1,117,677
Total assets at fair value			$	52,489					$	1,182,635					$	265,531					$	1,500,655
Liabilities
Warrant liabilities			10,868												—						10,868
Total liabilities at fair value			$	10,868					$	—					$	—					$	10,868

			As of December 31, 2020
			Fair Value Measured and Recorded Using
			Level 1						Level 2						Level 3						Total
Assets
Available for sale securities:
Debt securities:
U.S. treasury securities			$	7,270					$	—					$	—					$	7,270
Debt securities issued by U.S. federal agencies			—						10,216						—						10,216
Corporate debt securities			—						51,244						—						51,244
Asset-backed securities			—						3,801						—						3,801
Collateralized mortgage obligations			—						1,369						—						1,369
Total available for sale debt securities			7,270						66,630						—						73,900
Equity securities			43,334						—						—						43,334
Investments in unconsolidated subsidiaries			—						—						50,000						50,000
Warehouse receivables			—						1,411,170						—						1,411,170
Total assets at fair value			$	50,604					$	1,477,800					$	50,000					$	1,578,404

Summary of Non-Recurring Fair Value Measurement

The following non-recurring fair value measurements were recorded for the six months ended June 30, 2020 (dollars in thousands):

			Net Carrying Value as of June 30, 2020						Fair Value Measured and Recorded Using																		Total Impairment Charges for the Six Months Ended June 30, 2020
									Level 1						Level 2						Level 3
Property and equipment			$	9,875					$	—					$	—					$	9,875					$	21,663
Goodwill			421,574						—						—						421,574						25,000
Other intangible assets			13,123						—						—						13,123						28,508
Total			$	444,572					$	—					$	—					$	444,572					$	75,171

X

- Definition

Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

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- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

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