Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value Measurement Inputs and Valuation Techniques

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:

	September 30, 2024	December 31, 2023
Range	51% - 100%	45% - 100%
Weighted-average	85%	85%

Schedule of Notional Amounts

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):

	September 30, 2024		December 31, 2023
IRLCs	$	340	$	167
Forward contracts(1)	$	410	$	218
(1) Represents net notional amounts. We do not have the right to offset our forward contract derivative positions.

Schedule of Balances of Cash Equivalents and Investments

The following table presents the amortized cost, as applicable, and estimated fair market value of assets and liabilities measured at fair value on a recurring basis by category as of the dates presented (in millions):

	September 30, 2024				December 31, 2023
	Amortized Cost		Estimated Fair Market Value		Amortized Cost		Estimated Fair Market Value
Assets
Cash	$	9	$	9	$	50	$	50
Cash equivalents:
Money market funds	978		978		1,440		1,440
U.S. government treasury securities	85		85		2		2
Short-term investments:
U.S. government treasury securities(1)	833		834		1,149		1,143
Corporate bonds(2)	248		251		160		161
U.S. government agency securities	14		14		14		14
Commercial paper	2		2		—		—
Mortgage origination-related:
Mortgage loans held for sale	—		164		—		100
IRLCs - other current assets	—		6		—		3
Forward contracts - other current assets	—		1		—		—
Restricted cash	3		3		3		3
Total assets measured at fair value on a recurring basis	$	2,172	$	2,347	$	2,818	$	2,916
Liabilities
Mortgage origination-related:
Forward contracts - accrued expenses and other current liabilities	$	—	$	1	$	—	$	1
Contingent consideration:
Contingent consideration - accrued expenses and other current liabilities	—		32		—		30
Contingent consideration - other long-term liabilities	—		57		—		51
Total liabilities measured at fair value on a recurring basis	$	—	$	90	$	—	$	82
(1) The estimated fair market value includes $1 million of gross unrealized gains and $6 million of gross unrealized losses as of September 30, 2024 and December 31, 2023, respectively.
(2) The estimated fair market value includes $3 million and $1 million of gross unrealized gains as of September 30, 2024 and December 31, 2023, respectively.

Schedule of Debt Securities, Available-for-sale

The following table presents available-for-sale investments by contractual maturity date as of September 30, 2024 (in millions):

	Amortized Cost		Estimated Fair Market Value
Due in one year or less	$	469	$	469
Due after one year	628		632
Total	$	1,097	$	1,101