XML 31 R12.htm IDEA: XBRL DOCUMENT
v3.24.1.u1

Investments Securities | 3 Months Ended
--- | ---
Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract] |
Investments Securities | Note 6. Investment Securities
Investments in AFS 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
March 31, 2024 |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 465,759 |  |  | $ | 279 |  |  | $ | 37 |  |  | $ | (584) |  |  | $ | 465,491 |
Corporate bonds |  | 23,692 |  |  | 153 |  |  | 1 |  |  | (911) |  |  | 22,935 |
Agency mortgage-backed securities |  | 345,451 |  |  | 1,039 |  |  | 269 |  |  | (1,455) |  |  | 345,304 |
Other asset-backed securities |  | 4,092 |  |  | 1 |  |  | — |  |  | (92) |  |  | 4,001 |
Other(2) |  | 942 |  |  | 4 |  |  | — |  |  | (171) |  |  | 775 |
Total investments in AFS debt securities |  | $ | 839,936 |  |  | $ | 1,476 |  |  | $ | 307 |  |  | $ | (3,213) |  |  | $ | 838,506 |
December 31, 2023 |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 518,673 |  |  | $ | 206 |  |  | $ | 978 |  |  | $ | (780) |  |  | $ | 519,077 |
Multinational securities(3) |  | 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(2) |  | 941 |  |  | 8 |  |  | — |  |  | (161) |  |  | 788 |
Total investments in AFS debt securities |  | $ | 596,757 |  |  | $ | 639 |  |  | $ | 1,011 |  |  | $ | (3,220) |  |  | $ | 595,187 |
_____________________ (1) As of March 31, 2024 and December 31, 2023, we concluded that there was no credit loss attributable to securities in unrealized loss positions, as (i) 97% and 92% of the amortized cost basis of our investments as of March 31, 2024 and December 31, 2023, respectively, was composed of U.S. Treasury securities and agency mortgage-backed securities, 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 state municipal bond securities. (3) Includes supranational bonds. 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 March 31, 2024 and December 31, 2023.
|  | Less than 12 Months |  | 12 Months or Longer |  | Total
|  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
March 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 337,363 |  |  | $ | (97) |  |  | $ | 29,502 |  |  | $ | (487) |  |  | $ | 366,865 |  |  | $ | (584) |
Corporate bonds |  | — |  |  | — |  |  | 22,425 |  |  | (911) |  |  | 22,425 |  |  | (911) |
Agency mortgage-backed securities |  | 262,792 |  |  | (563) |  |  | 6,680 |  |  | (892) |  |  | 269,472 |  |  | (1,455) |
Other asset-backed securities |  | — |  |  | — |  |  | 4,001 |  |  | (92) |  |  | 4,001 |  |  | (92) |
Other |  | — |  |  | — |  |  | 775 |  |  | (171) |  |  | 775 |  |  | (171) |
Total investments in AFS debt securities |  | $ | 600,155 |  |  | $ | (660) |  |  | $ | 63,383 |  |  | $ | (2,553) |  |  | $ | 663,538 |  |  | $ | (3,213) |
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) |
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
March 31, 2024 |  |  |  |  |  |  |  |  |  |
Investments in AFS debt securities—Amortized cost: |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 459,383 |  |  | $ | 6,376 |  |  | $ | — |  |  | $ | — |  |  | $ | 465,759 |
Corporate bonds |  | 10,965 |  |  | 9,429 |  |  | 3,298 |  |  | — |  |  | 23,692 |
Agency mortgage-backed securities |  | — |  |  | 122 |  |  | 10,721 |  |  | 334,608 |  |  | 345,451 |
Other asset-backed securities |  | — |  |  | 4,092 |  |  | — |  |  | — |  |  | 4,092 |
Other |  | — |  |  | — |  |  | — |  |  | 942 |  |  | 942 |
Total investments in AFS debt securities |  | $ | 470,348 |  |  | $ | 20,019 |  |  | $ | 14,019 |  |  | $ | 335,550 |  |  | $ | 839,936 |
Weighted average yield for investments in AFS debt securities(1) |  | 6.14 | % |  | 1.33 | % |  | 1.47 | % |  | 2.80 | % |  | 5.11 | %
Investments in AFS debt securities—Fair value(2): |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 459,077 |  |  | $ | 6,135 |  |  | $ | — |  |  | $ | — |  |  | $ | 465,212 |
Corporate bonds |  | 10,781 |  |  | 9,079 |  |  | 2,922 |  |  | — |  |  | 22,782 |
Agency mortgage-backed securities |  | — |  |  | 115 |  |  | 10,555 |  |  | 333,595 |  |  | 344,265 |
Other asset-backed securities |  | — |  |  | 4,000 |  |  | — |  |  | — |  |  | 4,000 |
Other |  | — |  |  | — |  |  | — |  |  | 771 |  |  | 771 |
Total investments in AFS debt securities |  | $ | 469,858 |  |  | $ | 19,329 |  |  | $ | 13,477 |  |  | $ | 334,366 |  |  | $ | 837,030 |
_____________________ (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 $1,476 as of March 31, 2024. Gross realized gains and losses on our investments in AFS debt securities were immaterial during the three months ended March 31, 2024, and were $3,356 and $509, respectively, during the three months ended March 31, 2023. During the three months ended March 31, 2024 and 2023, there were no transfers between classifications of our investments in AFS debt securities. See Note 10. Equity for unrealized gains and losses on our investments in AFS debt securities and amounts reclassified out of AOCI. Securitization Investments 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 condensed consolidated balance sheets:
| March 31, 2024 |  | December 31, 2023
Personal loans | $ | 58,752 |  |  | $ | 27,247 |
Student loans | 75,840 |  |  | 79,501 |
Securitization investments | $ | 134,592 |  |  | $ | 106,748 |

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//320/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6B -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-6B Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6B -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-6B Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph (b) -Publisher SEC Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//946-320/tableOfContent Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 940 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//940-320/tableOfContent Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//942-320/tableOfContent + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration