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Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 2024
Fair Value Disclosures [Abstract] |
Schedule of Fair Value of Assets and Liabilities Measured at Fair Value on Recurring Basis | The following tables present the fair value of assets and liabilities measured at fair value on a recurring basis as of March 31, 2024 and December 31, 2023 (dollars in millions):
| As of March 31, 2024
| Fair Value Measured and Recorded Using |  |
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets |  |  |  |  |  |  |
Available for sale debt securities: |  |  |  |  |  |  |
U.S. treasury securities | $ | 12 |  |  | $ | — |  |  | $ | — |  |  | $ | 12 |
Debt securities issued by U.S. federal agencies | — |  |  | 11 |  |  | — |  |  | 11 |
Corporate debt securities | — |  |  | 45 |  |  | — |  |  | 45 |
Asset-backed securities | — |  |  | 1 |  |  | — |  |  | 1 |
Total available for sale debt securities | 12 |  |  | 57 |  |  | — |  |  | 69 |
Equity securities | 83 |  |  | — |  |  | — |  |  | 83 |
Investments in unconsolidated subsidiaries | 117 |  |  | — |  |  | 458 |  |  | 575 |
Warehouse receivables | — |  |  | 848 |  |  | — |  |  | 848 |
Other assets | — |  |  | 4 |  |  | 18 |  |  | 22 |
Total assets at fair value | $ | 212 |  |  | $ | 909 |  |  | $ | 476 |  |  | $ | 1,597 |
Liabilities |  |  |  |  |  |  |
Contingent consideration | — |  |  | — |  |  | 43 |  |  | 43 |
Other liabilities | — |  |  | 1 |  |  | — |  |  | 1 |
Total liabilities at fair value | $ | — |  |  | $ | 1 |  |  | $ | 43 |  |  | $ | 44 |
| As of December 31, 2023
| Fair Value Measured and Recorded Using |  |
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets |  |  |  |  |  |  |
Available for sale debt securities: |  |  |  |  |  |  |
U.S. treasury securities | $ | 12 |  |  | $ | — |  |  | $ | — |  |  | $ | 12 |
Debt securities issued by U.S. federal agencies | — |  |  | 11 |  |  | — |  |  | 11 |
Corporate debt securities | — |  |  | 44 |  |  | — |  |  | 44 |
Asset-backed securities | — |  |  | 1 |  |  | — |  |  | 1 |
Total available for sale debt securities | 12 |  |  | 56 |  |  | — |  |  | 68 |
Equity securities | 41 |  |  | — |  |  | — |  |  | 41 |
Investments in unconsolidated subsidiaries | 168 |  |  | — |  |  | 477 |  |  | 645 |
Warehouse receivables | — |  |  | 675 |  |  | — |  |  | 675 |
Other assets | — |  |  | — |  |  | 16 |  |  | 16 |
Total assets at fair value | $ | 221 |  |  | $ | 731 |  |  | $ | 493 |  |  | $ | 1,445 |
Liabilities |  |  |  |  |  |  |
Contingent consideration | — |  |  | — |  |  | 36 |  |  | 36 |
Other liabilities | — |  |  | 5 |  |  | — |  |  | 5 |
Total liabilities at fair value | $ | — |  |  | $ | 5 |  |  | $ | 36 |  |  | $ | 41 |
Schedule of Reconciliation for Assets Measured at Fair Value | The tables below present a reconciliation for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) (dollars in millions):
| Investment in Unconsolidated Subsidiaries |  | Other Assets |  | Contingent Consideration
Balance as of December 31, 2023 | $ | 477 |  |  | $ | 16 |  |  | $ | 36 |
Transfer in (out) | — |  |  | — |  |  | — |
Net change in fair value | (19) |  |  | — |  |  | — |
Purchases / Additions | — |  |  | 2 |  |  | 7 |
Balance as of March 31, 2024 | $ | 458 |  |  | $ | 18 |  |  | $ | 43 |
Net change in fair value, included in the table above, is reported in Net income as follows:
Category of Assets/Liabilities using Unobservable Inputs |  | Consolidated Financial Statements
Investments in unconsolidated subsidiaries |  | Equity (loss) income from unconsolidated subsidiaries
Other assets (liabilities) |  | Other income
Contingent consideration (short term) |  | Accounts payable and accrued expenses
Contingent consideration (long term) |  | Other liabilities
Schedule of Reconciliation for Liabilities Measured at Fair Value | The tables below present a reconciliation for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) (dollars in millions):
| Investment in Unconsolidated Subsidiaries |  | Other Assets |  | Contingent Consideration
Balance as of December 31, 2023 | $ | 477 |  |  | $ | 16 |  |  | $ | 36 |
Transfer in (out) | — |  |  | — |  |  | — |
Net change in fair value | (19) |  |  | — |  |  | — |
Purchases / Additions | — |  |  | 2 |  |  | 7 |
Balance as of March 31, 2024 | $ | 458 |  |  | $ | 18 |  |  | $ | 43 |
Net change in fair value, included in the table above, is reported in Net income as follows:
Category of Assets/Liabilities using Unobservable Inputs |  | Consolidated Financial Statements
Investments in unconsolidated subsidiaries |  | Equity (loss) income from unconsolidated subsidiaries
Other assets (liabilities) |  | Other income
Contingent consideration (short term) |  | Accounts payable and accrued expenses
Contingent consideration (long term) |  | Other liabilities
Schedule of Fair Value Measurement Inputs and Valuation Techniques | The table below presents information about the significant unobservable inputs used for recurring fair value measurements for certain Level 3 instruments as of March 31, 2024:
| Valuation Technique |  | Unobservable Input |  | Range |  | Weighted Average
Investment in unconsolidated subsidiaries | Discounted cash flow |  | Discount rate |  | 25 | % |  | — |
| Monte Carlo |  | Volatility |  | 35% - 65% |  | 38 | %
|  |  | Discount rate |  | 25 | % |  | — |
Other assets | Discounted cash flow |  | Discount rate |  | 25 | % |  | — |
Contingent consideration | Monte Carlo |  | Volatility |  | 21 | % |  | — |
|  |  | Discount rate |  | 5 | % |  | — |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments |
| Estimated Fair Value |  | Carrying Value
Financial instrument | March 31, 2024 |  | December 31, 2023 |  | March 31, 2024 |  | December 31, 2023
Senior term loans | $ | 715 |  |  | $ | 746 |  |  | $ | 743 |  |  | $ | 752 |
5.950% senior notes | 1,025 |  |  | 1,049 |  |  | 974 |  |  | 974 |
4.875% senior notes | 594 |  |  | 600 |  |  | 598 |  |  | 597 |
5.500% senior notes | 503 |  |  | — |  |  | 495 |  |  | — |
2.500% senior notes | 414 |  |  | 424 |  |  | 491 |  |  | 490 |

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