Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurement Inputs and Valuation Techniques

The following table presents the range and weighted average unobservable inputs used in determining the fair value of contingent consideration as of December 31, 2023:

	Discount Rate	Probability of Achieving Performance Metrics
Range	6.58% - 7.13%	88% - 97%
Weighted average	6.88%	93%

The following table presents the range and weighted average pull-through rates used in determining the fair value of IRLCs as of the dates presented:

	December 31, 2023	December 31, 2022
Range	45% - 100%	47% - 100%
Weighted average	85%	87%

Summary of Balances of Cash Equivalents and Investments

The following tables present the balances of assets and liabilities measured at fair value on a recurring basis, by level within the fair value hierarchy, as of the dates presented (in millions):

	December 31, 2023
	Total		Level 1		Level 2		Level 3
Assets
Cash equivalents:
Money market funds	$	1,440	$	1,440	$	—	$	—
U.S. government treasury securities	2		—		2		—
Short-term investments:
U.S. government treasury securities	1,143		—		1,143		—
Corporate bonds	161		—		161		—
U.S. government agency securities	14		—		14		—
Mortgage origination-related:
Mortgage loans held for sale	100		—		100		—
IRLCs - other current assets	3		—				3
Total assets measured at fair value on a recurring basis	$	2,863	$	1,440	$	1,420	$	3
Liabilities
Mortgage origination-related:
Forward contracts - accrued expenses and other current liabilities	1				1
Contingent consideration:
Contingent consideration - accrued expenses and other current liabilities	30		—		—		30
Contingent consideration - other long-term liabilities	51		—		—		51
Total liabilities measured at fair value on a recurring basis	$	82	$	—	$	1	$	81

	December 31, 2022
	Total		Level 1		Level 2		Level 3
Assets
Cash equivalents:
Money market funds	$	1,338	$	1,338	$	—	$	—
Short-term investments:
U.S. government treasury securities	1,716		—		1,716		—
Corporate bonds	161		—		161		—
Commercial paper	10		—		10		—
U.S. government agency securities	9				9
Mortgage origination-related:
Mortgage loans held for sale	41		—		41		—
Forward contracts - other current assets	1		—		1		—
Total assets measured at fair value on a recurring basis	$	3,276	$	1,338	$	1,938	$	—

The following table presents the notional amounts of the economic hedging instruments related to our mortgage loans held for sale as of the dates presented (in millions):

	December 31,
	2023		2022
IRLCs	$	167	$	62
Forward contracts(1)	$	218	$	90
(1) Represents net notional amounts. We do not have the right to offset our forward contract derivative positions.