v3.26.1
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of Carrying amounts and Estimated Fair 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, 2026
Assets
Cash and cash equivalents$562 $5 $— $567 $567 
Investment securities62 1,584 3 1,649 1,649 
Net finance receivables, less allowance for finance receivable losses
— — 24,949 24,949 22,222 
Restricted cash and restricted cash equivalents 738 — — 738 738 
Other assets *
— — 32 32 16 
Liabilities
Long-term debt $— $23,003 $— $23,003 $22,769 
December 31, 2025
Assets
Cash and cash equivalents$860 $54 $— $914 $914 
Investment securities57 1,530 3 1,590 1,590 
Net finance receivables, less allowance for finance receivable losses
— — 24,440 24,440 21,968 
Restricted cash and restricted cash equivalents 699 — — 699 699 
Other assets *
— — 31 31 18 
Liabilities
Long-term debt$— $23,204 $— $23,204 $22,694 
*Other assets at June 30, 2026 and December 31, 2025 primarily consists of finance receivables held for sale.
Schedule of Assets 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 indicate 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, 2026    
Assets    
Cash equivalents in mutual funds$57 $— $— $57 
Cash equivalents in securities— 5 — 5 
Investment securities:    
Available-for-sale securities    
U.S. government and government sponsored entities— 13 — 13 
Obligations of states, municipalities, and political subdivisions
— 54 — 54 
Commercial paper— 58 — 58 
Non-U.S. government and government sponsored entities— 137 — 137 
Corporate debt5 1,041 2 1,048 
RMBS— 190 — 190 
CMBS— 18 — 18 
CDO/ABS— 69 — 69 
Total available-for-sale securities5 1,580 2 1,587 
Other securities   
Bonds:   
Corporate debt— 3 — 3 
CDO/ABS— 1 — 1 
Total bonds— 4 — 4 
Preferred stock12 — — 12 
Common stock45 — 1 46 
Total other securities57 4 1 62 
Total investment securities62 1,584 3 1,649 
Restricted cash equivalents in mutual funds569 — — 569 
Total$688 $1,589 $3 $2,280 
Fair Value Measurements UsingTotal Carried At Fair Value
(dollars in millions)Level 1Level 2Level 3
December 31, 2025    
Assets    
Cash equivalents in mutual funds$48 $— $— $48 
Cash equivalents in securities— 53 — 53 
Investment securities:    
Available-for-sale securities    
U.S. government and government sponsored entities— 13 — 13 
Obligations of states, municipalities, and political subdivisions
— 56 — 56 
Non-U.S. government and government sponsored entities— 157 — 157 
Corporate debt6 1,022 2 1,030 
RMBS— 190 — 190 
CMBS— 22 — 22 
CDO/ABS— 64 — 64 
Total available-for-sale securities6 1,524 2 1,532 
Other securities   
Bonds:    
Corporate debt— 3 — 3 
CDO/ABS— 3 — 3 
Total bonds— 6 — 6 
Preferred stock12 — — 12 
Common stock39 — 1 40 
Total other securities51 6 1 58 
Total investment securities57 1,530 3 1,590 
Restricted cash equivalents in mutual funds620 — — 620 
Total$725 $1,583 $3 $2,311