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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

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 December 31, 2024 and 2023 (dollars in millions):

			December 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			$	3					$	—					$	—					$	3
Corporate debt securities			—						33						—						33
Asset-backed securities			—						7						—						7
Total available for sale debt securities			3						40						—						43
Equity securities			18						—						—						18
Investments in unconsolidated subsidiaries			100						—						412						512
Warehouse receivables			—						561						—						561
Derivative assets			—						43						—						43
Other assets			—						—						46						46
Total assets at fair value			$	121					$	644					$	458					$	1,223
Liabilities
Contingent consideration			—						—						36						36
Total liabilities at fair value			$	—					$	—					$	36					$	36

			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
Derivative 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, 2022			$	461					$	14					$	41
Transfer in (out)			—						(10)						—
Net change in fair value			16						5						(6)
Purchases/ Additions			—						7						20
Sales / Payments			—						—						(19)
Balance as of December 31, 2023			477						16						36
Transfer in (out)			—						—						—
Net change in fair value			(65)						18						(5)
Purchases/ Additions			—						12						11
Sales / Payments			—						—						(6)
Balance as of December 31, 2024			$	412					$	46					$	36

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 (loss)
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, 2022			$	461					$	14					$	41
Transfer in (out)			—						(10)						—
Net change in fair value			16						5						(6)
Purchases/ Additions			—						7						20
Sales / Payments			—						—						(19)
Balance as of December 31, 2023			477						16						36
Transfer in (out)			—						—						—
Net change in fair value			(65)						18						(5)
Purchases/ Additions			—						12						11
Sales / Payments			—						—						(6)
Balance as of December 31, 2024			$	412					$	46					$	36

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 (loss)
Contingent consideration (short-term)						Accounts payable and accrued expenses
Contingent consideration (long-term)						Other liabilities

Significant Unobservable Inputs Used for Recurring Fair Value Measurements for Certain Level 3 Instruments

The table below presents information about the significant unobservable inputs used for recurring fair value measurements for certain Level 3 instruments as of December 31, 2024:

			Valuation Technique						Unobservable Input
Investment in unconsolidated subsidiaries			Discounted cash flow						Discount rate						13		%
			Monte Carlo						Volatility						62		%
Other assets			Discounted cash flow						Discount rate						13		%
Contingent consideration			Monte Carlo						Volatility						21		%
									Discount rate						5		%
			Discounted estimated payments (1)						Discount rate						5% - 6%

________________________________________________________________________________________________________________________________________

(1)As of December 31, 2024, discounted estimated payments for Contingent Consideration had a weighted average of 6%.

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

			Estimated Fair Value												Carrying Value
Financial instrument			December 31, 2024						December 31, 2023						December 31, 2024						December 31, 2023
Senior term loans			$	708					$	746					$	718					$	752
5.950% senior notes			1,033						1,049						976						974
4.875% senior notes			600						600						599						597
5.500% senior notes			509						—						496						—
2.500% senior notes			426						424						492						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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