Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

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