Available for sale securities, weighted average coupon rate (in percent)

[Table of Contents](#i6f5a02f7aeae4b00b01c55901eb4a1a5_4)Assets and Liabilities Measured at Fair Value on a Recurring BasisAssets and liabilities measured at fair value on a recurring basis are as follows (dollars in millions):

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|  | Quoted Pricein Active Marketsfor IdenticalAssets (Level 1) |  | SignificantOtherObservableInputs (Level 2) |  | SignificantUnobservableInputs (Level 3) |  | Total |
| Balance at March 31, 2022 |  |  |  |  |  |  |  |
| Assets |  |  |  |  |  |  |  |
| Fair value - OCI |  |  |  |  |  |  |  |
| U.S. Treasury and U.S. GSE securities | $ | 5,604  |  |  | $ | 8  |  |  | $ | —  |  |  | $ | 5,612  |  |
| Residential mortgage-backed securities - Agency | —  |  |  | 160  |  |  | —  |  |  | 160  |  |
| Available-for-sale investment securities | $ | 5,604  |  |  | $ | 168  |  |  | $ | —  |  |  | $ | 5,772  |  |
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| Fair value - Net income |  |  |  |  |  |  |  |
| Marketable equity securities | $ | 272  |  |  | $ | —  |  |  | $ | —  |  |  | $ | 272  |  |
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| Balance at December 31, 2021 |  |  |  |  |  |  |  |
| Assets |  |  |  |  |  |  |  |
| Fair value - OCI |  |  |  |  |  |  |  |
| U.S. Treasury and U.S. GSE securities | $ | 6,505  |  |  | $ | 9  |  |  | $ | —  |  |  | $ | 6,514  |  |
| Residential mortgage-backed securities - Agency | —  |  |  | 186  |  |  | —  |  |  | 186  |  |
| Available-for-sale investment securities | $ | 6,505  |  |  | $ | 195  |  |  | $ | —  |  |  | $ | 6,700  |  |
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| Fair value - Net income |  |  |  |  |  |  |  |
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| Marketable equity securities | $ | 461  |  |  | $ | —  |  |  | $ | —  |  |  | $ | 461  |  |
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.Available-for-Sale Investment SecuritiesInvestment securities classified as available-for-sale consist of U.S. Treasury and U.S. GSE securities and RMBS. The fair value estimates of investment securities classified as Level 1, consisting of U.S. Treasury securities, are determined based on quoted market prices for the same securities. The fair value estimates of U.S. GSE securities and RMBS are classified as Level 2 and are valued by maximizing the use of relevant observable inputs, including quoted prices for similar securities, benchmark yield curves and market-corroborated inputs.The Company validates the fair value estimates provided by pricing services primarily by comparing to valuations obtained through other pricing sources. The Company evaluates pricing variances among different pricing sources to ensure that the valuations utilized are reasonable. The Company also corroborates the reasonableness of the fair value estimates with analysis of trends of significant inputs, such as market interest rate curves. The Company further performs due diligence in understanding the procedures and techniques performed by the pricing services to derive fair value estimates.At March 31, 2022, amounts reported in RMBS reflect U.S. government agency and U.S. GSE obligations issued by Ginnie Mae, Fannie Mae and Freddie Mac with an aggregate par value of $160 million, a weighted-average coupon of 3.24% and a weighted-average remaining maturity of two years.Marketable Equity SecuritiesThe Company holds non-controlling equity positions in payment service entities that have actively traded stock and therefore have readily determinable fair values. The Company classifies these equity securities as Level 1, the fair value estimates of which are determined based on quoted share prices for the same securities.Derivative Financial InstrumentsThe Company's derivative financial instruments consist of interest rate swaps and foreign exchange forward contracts. These instruments are classified as Level 2 as their fair values are estimated using proprietary pricing models, containing certain assumptions based on readily observable market-based inputs, including interest rate curves, option volatility and 28
