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Fair Value of Financial Instruments (Tables) | 9 Months Ended
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Sep. 30, 2025
Fair Value Disclosures [Abstract] |
Schedule of Carrying Value and Fair Value of Finance Receivables | The following tables are a summary of fair value measurements and hierarchy level at September 30, 2025 and December 31, 2024:
| September 30, 2025
| Carrying Value |  | Level 1 |  | Level 2 |  | Level 3
| (in millions)
Assets: |  |  |  |  |  |  |
Money market funds | $ | 1,145 |  |  | $ | 1,145 |  |  | $ | — |  |  | $ | — |
Beneficial interests in securitizations | $ | 486 |  |  | $ | — |  |  | $ | — |  |  | $ | 486 |
Root Warrants | $ | 123 |  |  | $ | — |  |  | $ | — |  |  | $ | 123 |
| December 31, 2024
| Carrying Value |  | Level 1 |  | Level 2 |  | Level 3
| (in millions)
Assets: |  |  |  |  |  |  |
Money market funds | $ | 1,154 |  |  | $ | 1,154 |  |  | $ | — |  |  | $ | — |
Beneficial interests in securitizations | $ | 464 |  |  | $ | — |  |  | $ | — |  |  | $ | 464 |
Purchase price adjustment receivables | $ | 2 |  |  | $ | — |  |  | $ | — |  |  | $ | 2 |
Root Warrants | $ | 120 |  |  | $ | — |  |  | $ | — |  |  | $ | 120 |
The carrying value and fair value of the finance receivables as of September 30, 2025 and December 31, 2024 were as follows:
| September 30, 2025 |  | December 31, 2024
| (in millions)
Carrying value | $ | 724 |  |  | $ | 612 |
Fair value | $ | 795 |  |  | $ | 670 |
Schedule of Beneficial Interest in Securitizations and Warrants | The following table presents additional information about Level 3 beneficial interests in securitizations measured at fair value on a recurring basis for the three and nine months ended September 30, 2025 and 2024:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
| (in millions)
Opening Balance | $ | 466 |  |  | $ | 421 |  |  | $ | 464 |  |  | $ | 366 |
Received in securitization transactions | 71 |  |  | 86 |  |  | 173 |  |  | 228 |
Payments received | (55) |  |  | (45) |  |  | (159) |  |  | (137) |
Change in fair value | 4 |  |  | 1 |  |  | 8 |  |  | 15 |
Sales of beneficial interests | — |  |  | — |  |  | — |  |  | (9) |
Ending Balance | $ | 486 |  |  | $ | 463 |  |  | $ | 486 |  |  | $ | 463 |
The following table presents changes in the Company's Level 3 Root Warrants measured at fair value:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
| (in millions)
Opening balance | $ | 243 |  |  | $ | 58 |  |  | $ | 120 |  |  | $ | 5 |
Unrealized (loss) gain | (120) |  |  | (26) |  |  | 3 |  |  | 27 |
Ending balance | $ | 123 |  |  | $ | 32 |  |  | $ | 123 |  |  | $ | 32 |
Schedule of Fair Value Senior Notes | The fair value of the Senior Notes as of September 30, 2025 and December 31, 2024 was as follows:
| September 30, 2025 |  | December 31, 2024
| (in millions)
Carrying value, net of unamortized debt issuance costs, unamortized premium, and accrued PIK interest | $ | 4,123 |  |  | $ | 4,549 |
Fair value | $ | 4,516 |  |  | $ | 5,050 |

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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class 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/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 101 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-101 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class 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). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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