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Fair Value of Financial Instruments (Tables)

9 Months Ended

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

X

- 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

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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
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-URI https://asc.fasb.org/1943274/2147482078/820-10-55-101

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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

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