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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2024 and December 31, 2023 (dollars in millions):

			As of September 30, 2024
			Fair Value Measured and Recorded Using
			Level 1						Level 2						Level 3						Total
Assets
Available for sale debt securities:
U.S. treasury securities			$	3					$	—					$	—					$	3
Corporate debt securities			—						33						—						33
Asset-backed securities			—						7						—						7
Total available for sale debt securities			3						40						—						43
Equity securities			17						—						—						17
Investments in unconsolidated subsidiaries			78						—						468						546
Warehouse receivables			—						1,438						—						1,438
Other assets			—						—						37						37
Total assets at fair value			$	98					$	1,478					$	505					$	2,081
Liabilities
Contingent consideration			—						—						37						37
Other liabilities			—						14						—						14
Total liabilities at fair value			$	—					$	14					$	37					$	51

			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 June 30, 2024			$	457					$	31					$	40
Transfer in (out)			—						—						—
Net change in fair value			11						2						1
Purchases / Additions			—						4						—
Sales / Payments			—						—						(4)
Balance as of September 30, 2024			$	468					$	37					$	37
Balance as of December 31, 2023			$	477					$	16					$	36
Transfer in (out)			—						—						—
Net change in fair value			(9)						12						(2)
Purchases / Additions			—						9						9
Sales / Payments			—						—						(6)
Balance as of September 30, 2024			$	468					$	37					$	37

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 June 30, 2024			$	457					$	31					$	40
Transfer in (out)			—						—						—
Net change in fair value			11						2						1
Purchases / Additions			—						4						—
Sales / Payments			—						—						(4)
Balance as of September 30, 2024			$	468					$	37					$	37
Balance as of December 31, 2023			$	477					$	16					$	36
Transfer in (out)			—						—						—
Net change in fair value			(9)						12						(2)
Purchases / Additions			—						9						9
Sales / Payments			—						—						(6)
Balance as of September 30, 2024			$	468					$	37					$	37

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 September 30, 2024:

			Valuation Technique						Unobservable Input						Range						Weighted Average
Investment in unconsolidated subsidiaries			Discounted cash flow						Discount rate						17		%				—
			Monte Carlo						Volatility						35% - 61%						37		%
									Discount rate						25		%				—
Other assets			Discounted cash flow						Discount rate						17		%				—
Contingent consideration			Monte Carlo						Volatility						21		%				—
									Discount rate						5		%				—
			Discounted estimated payments						Discount rate						5% - 6%						6		%

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

			Estimated Fair Value												Carrying Value
Financial instrument			September 30, 2024						December 31, 2023						September 30, 2024						December 31, 2023
Senior term loans			$	748					$	746					$	756					$	752
5.950% senior notes			1,073						1,049						975						974
4.875% senior notes			603						600						598						597
5.500% senior notes			522						—						495						—
2.500% senior notes			437						424						491						490

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- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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