XML 76 R55.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 on Recurring Basis | The following tables present the fair values of the Company’s assets and liabilities, measured on a recurring basis, as of December 31, 2021 and 2020:
(in millions) | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury bonds | $ | 123 |  |  | $ | — |  |  | $ | 123 |  |  | $ | — |
Municipal bonds |  | 1,649 |  |  |  | — |  |  |  | 1,649 |  |  |  | — |
Foreign government bonds |  | 227 |  |  |  | — |  |  |  | 227 |  |  |  | — |
Governmental agency bonds |  | 177 |  |  |  | — |  |  |  | 177 |  |  |  | — |
Governmental agency mortgage-backed securities |  | 5,607 |  |  |  | — |  |  |  | 5,607 |  |  |  | — |
U.S. corporate debt securities |  | 1,081 |  |  |  | — |  |  |  | 1,081 |  |  |  | — |
Foreign corporate debt securities |  | 498 |  |  |  | — |  |  |  | 498 |  |  |  | — |
|  | 9,362 |  |  |  | — |  |  |  | 9,362 |  |  |  | — |
Marketable equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Preferred stocks |  | 17 |  |  |  | 17 |  |  |  | — |  |  |  | — |
Common stocks |  | 640 |  |  |  | 640 |  |  |  | — |  |  |  | — |
|  | 657 |  |  |  | 657 |  |  |  | — |  |  |  | — |
Servicing related assets |  | 27 |  |  |  | — |  |  |  | 11 |  |  |  | 16 |
Total assets | $ | 10,046 |  |  | $ | 657 |  |  | $ | 9,373 |  |  | $ | 16 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Servicing related liabilities | $ | 9 |  |  | $ | — |  |  | $ | — |  |  | $ | 9 |
Total liabilities | $ | 9 |  |  | $ | — |  |  | $ | — |  |  | $ | 9 |
(in millions) | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury bonds | $ | 81 |  |  | $ | — |  |  | $ | 81 |  |  | $ | — |
Municipal bonds |  | 1,248 |  |  |  | — |  |  |  | 1,248 |  |  |  | — |
Foreign government bonds |  | 199 |  |  |  | — |  |  |  | 199 |  |  |  | — |
Governmental agency bonds |  | 264 |  |  |  | — |  |  |  | 264 |  |  |  | — |
Governmental agency mortgage-backed securities |  | 3,474 |  |  |  | — |  |  |  | 3,474 |  |  |  | — |
U.S. corporate debt securities |  | 682 |  |  |  | — |  |  |  | 682 |  |  |  | — |
Foreign corporate debt securities |  | 407 |  |  |  | — |  |  |  | 407 |  |  |  | — |
|  | 6,355 |  |  |  | — |  |  |  | 6,355 |  |  |  | — |
Marketable equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Preferred stocks |  | 19 |  |  |  | 19 |  |  |  | — |  |  |  | — |
Common stocks |  | 445 |  |  |  | 445 |  |  |  | — |  |  |  | — |
|  | 464 |  |  |  | 464 |  |  |  | — |  |  |  | — |
Total assets | $ | 6,819 |  |  | $ | 464 |  |  | $ | 6,355 |  |  | $ | — |
Carrying Amounts and Estimated Fair Values of Financial Instruments Not Measured at Fair Value | The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments not measured at fair value as of December 31, 2021 and 2020:
| Carrying |  | Estimated fair value |
(in millions) | Amount |  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 1,228 |  | $ | 1,228 |  |  | $ | 1,228 |  |  | $ | — |  |  | $ | — |
Deposits with banks | $ | 58 |  | $ | 58 |  |  | $ | 13 |  |  | $ | 45 |  |  | $ | — |
Notes receivable, net | $ | 32 |  | $ | 32 |  |  | $ | — |  |  | $ | — |  |  | $ | 32 |
Secured financings receivable | $ | 565 |  | $ | 565 |  |  | $ | — |  |  | $ | 565 |  |  | $ | — |
Loans eligible for repurchase | $ | 47 |  | $ | 47 |  |  | $ | — |  |  | $ | 47 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Secured financings payable (1) | $ | 529 |  | $ | 529 |  |  | $ | — |  |  | $ | 529 |  |  | $ | — |
Liability for loans eligible for repurchase | $ | 47 |  | $ | 47 |  |  | $ | — |  |  | $ | 47 |  |  | $ | — |
Notes and contracts payable | $ | 1,648 |  | $ | 1,724 |  |  | $ | — |  |  | $ | 1,720 |  |  | $ | 4 |
(1) | Excludes servicing related liabilities, which are measured at fair value on a recurring basis.
| Carrying |  | Estimated fair value |
(in millions) | Amount |  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 1,275 |  | $ | 1,275 |  |  | $ | 1,275 |  |  | $ | — |  |  | $ | — |
Deposits with banks | $ | 46 |  | $ | 46 |  |  | $ | 6 |  |  | $ | 40 |  |  | $ | — |
Notes receivable, net | $ | 30 |  | $ | 30 |  |  | $ | — |  |  | $ | — |  |  | $ | 30 |
Secured financings receivable | $ | 748 |  | $ | 748 |  |  | $ | — |  |  | $ | 748 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Secured financings payable | $ | 516 |  | $ | 516 |  |  | $ | — |  |  | $ | 516 |  |  | $ | — |
Notes and contracts payable | $ | 1,011 |  | $ | 1,131 |  |  | $ | — |  |  | $ | 1,125 |  |  | $ | 6 |

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 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

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

X
- 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 + Details
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration