XML 61 R39.htm IDEA: XBRL DOCUMENT v3.22.0.1
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 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 December 31, 2021 and 2020 (dollars in thousands):
December 31, 2021
Fair Value Measured and Recorded Using
Level 1Level 2Level 3Total
Assets
Available for sale securities:
Debt securities:
U.S. treasury securities$7,002 $— $— $7,002 
Debt securities issued by U.S. federal agencies— 9,276 — 9,276 
Corporate debt securities— 50,897 — 50,897 
Asset-backed securities— 3,428 — 3,428 
Collateralized mortgage obligations— 725 — 725 
Total available for sale debt securities7,002 64,326 — 71,328 
Equity securities69,880 — — 69,880 
Investments in unconsolidated subsidiaries229,900 23,741 406,690 660,331 
Warehouse receivables— 1,303,717 — 1,303,717 
Total assets at fair value$306,782 $1,391,784 $406,690 $2,105,256 
Liabilities
Other liabilities— — 10,700 10,700 
Total liabilities at fair value$— $— $10,700 $10,700 
December 31, 2020
Fair Value Measured and Recorded Using
Level 1Level 2Level 3Total
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 securities7,270 66,630 — 73,900 
Equity securities43,334 — — 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 
Schedule of Reconciliation for Assets Measured at Fair Value
The tables below present a reconciliation for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) (dollars in thousands):
Investment in Unconsolidated SubsidiariesOther liabilities
Balance as of December 31, 2020$50,000 $— 
Transfer in5,174 — 
Net change in fair value36,432 10,700 
Purchases/ Additions315,084 — 
Balance as of December 31, 2021$406,690 $10,700 
Net change in fair value, included in the table above, is reported in Net income as follows:
Category of Assets/Liabilities using Unobservable InputsConsolidated Statements of Operations
Investments in unconsolidated subsidiariesEquity income from unconsolidated subsidiaries
Other liabilitiesOther income
Schedule of Reconciliation for Liabilities Measured at Fair Value
The tables below present a reconciliation for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) (dollars in thousands):
Investment in Unconsolidated SubsidiariesOther liabilities
Balance as of December 31, 2020$50,000 $— 
Transfer in5,174 — 
Net change in fair value36,432 10,700 
Purchases/ Additions315,084 — 
Balance as of December 31, 2021$406,690 $10,700 
Net change in fair value, included in the table above, is reported in Net income as follows:
Category of Assets/Liabilities using Unobservable InputsConsolidated Statements of Operations
Investments in unconsolidated subsidiariesEquity income from unconsolidated subsidiaries
Other liabilitiesOther income
Significant Unobservable Inputs Used for Recurring Fair Value Measurements for Certain Level 3 Instruments
The table below presents information about the significant unobservable inputs used for recurring fair value measurements for certain Level 3 instruments:
Valuation TechniqueUnobservable InputRange
Investment in unconsolidated subsidiariesDiscounted cash flowDiscount rate
14% - 26%
Monte CarloVolatility70 %
Risk free interest rate1.4 %
Other liabilitiesDiscounted cash flowDiscount rate25.5 %
Summary of Non-Recurring Fair Value Measurement The following non-recurring fair value measurements were recorded for the year ended December 31, 2020 (dollars in thousands):
Net Carrying Value
as of December 31, 2020		Fair Value Measured and Recorded UsingTotal Impairment Charges for the
Year Ended December 31, 2020
Level 1Level 2Level 3
Property and equipment$12,870 $— $12,870 $— $29,168 
Goodwill443,305 — — 443,305 25,000 
Other intangible assets12,562 — — 12,562 34,508 
Total$468,737 $— $12,870 $455,867 $88,676 
The following non-recurring fair value measurements were recorded for the year ended December 31, 2019 (dollars in thousands):
Net Carrying Value
as of December 31, 2019		Fair Value Measured and Recorded UsingTotal Impairment Charges for the
Year Ended December 31, 2019
Level 1Level 2Level 3
Other intangible assets$14,753 $— $— $14,753 $89,787