v3.25.2
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Values and Carrying Values of Financial Instruments and Fair Value Hierarchy Based on the Level of Inputs Utilized to Determine Such Fair Value
The following table presents the carrying amounts and estimated fair values of our financial instruments and indicates the level in the fair value hierarchy of the estimated fair value measurement based on the observability of the inputs used:
Fair Value Measurements UsingTotal
Fair
Value		Total
Carrying
Value
(dollars in millions)Level 1Level 2Level 3
June 30, 2025
Assets
Cash and cash equivalents$769 $— $— $769 $769 
Investment securities56 1,626 1 1,683 1,683 
Net finance receivables, less allowance for finance receivable losses
— — 23,637 23,637 21,116 
Restricted cash and restricted cash equivalents 742 — — 742 742 
Other assets *
— — 37 37 21 
Liabilities
Long-term debt $— $22,468 $— $22,468 $22,053 
December 31, 2024
Assets
Cash and cash equivalents$453 $5 $— $458 $458 
Investment securities54 1,550 3 1,607 1,607 
Net finance receivables, less allowance for finance receivable losses
— — 22,904 22,904 20,849 
Restricted cash and restricted cash equivalents 677 7 — 684 684 
Other assets *
— — 36 36 23 
Liabilities
Long-term debt$— $21,531 $— $21,531 $21,438 
*Other assets at June 30, 2025 and December 31, 2024 primarily consists of finance receivables held for sale.
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following tables present information about our assets measured at fair value on a recurring basis and indicates the fair value hierarchy based on the levels of inputs we utilized to determine such fair value:

Fair Value Measurements UsingTotal Carried At Fair Value
(dollars in millions)Level 1Level 2Level 3
June 30, 2025    
Assets    
Cash equivalents in mutual funds$79 $— $— $79 
Investment securities:    
Available-for-sale securities    
U.S. government and government sponsored entities— 31 — 31 
Obligations of states, municipalities, and political subdivisions
— 56 — 56 
Commercial paper— 39 — 39 
Non-U.S. government and government sponsored entities— 152 — 152 
Corporate debt6 1,051 — 1,057 
RMBS— 188 — 188 
CMBS— 23 — 23 
CDO/ABS— 77 — 77 
Total available-for-sale securities6 1,617 — 1,623 
Other securities   
Bonds:   
Corporate debt— 3 — 3 
CDO/ABS— 6 — 6 
Total bonds— 9 — 9 
Preferred stock13 — — 13 
Common stock37 — 1 38 
Total other securities50 9 1 60 
Total investment securities56 1,626 1 1,683 
Restricted cash equivalents in mutual funds726 — — 726 
Total$861 $1,626 $1 $2,488 
Fair Value Measurements UsingTotal Carried At Fair Value
(dollars in millions)Level 1Level 2Level 3
December 31, 2024    
Assets    
Cash equivalents in mutual funds$55 $— $— $55 
Cash equivalents in securities— 5 — 5 
Investment securities:    
Available-for-sale securities    
U.S. government and government sponsored entities— 12 — 12 
Obligations of states, municipalities, and political subdivisions
— 61 — 61 
Commercial paper
— 9 — 9 
Non-U.S. government and government sponsored entities— 155 — 155 
Corporate debt6 1,014 1 1,021 
RMBS— 184 — 184 
CMBS— 27 — 27 
CDO/ABS— 70 — 70 
Total available-for-sale securities6 1,532 1 1,539 
Other securities   
Bonds:    
Corporate debt— 4 — 4 
CDO/ABS— 14 — 14 
Total bonds— 18 — 18 
Preferred stock13 — — 13 
Common stock35 — 2 37 
Total other securities48 18 2 68 
Total investment securities54 1,550 3 1,607 
Restricted cash equivalents in mutual funds672 — — 672 
Restricted cash equivalents in securities— 7 — 7 
Total$781 $1,562 $3 $2,346