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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2025

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, 2025 and December 31, 2024 (dollars in millions):

			As of March 31, 2025
			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			—						34						—						34
Asset-backed securities			—						7						—						7
Total available for sale debt securities			3						41						—						44
Equity securities			17						—						—						17
Investments in unconsolidated subsidiaries			122						14						24						160
Warehouse receivables			—						1,192						—						1,192
Derivative assets			—						28						—						28
Total assets at fair value			$	142					$	1,275					$	24					$	1,441
Liabilities
Contingent consideration			—						—						26						26
Derivative liabilities			—						23						—						23
Total liabilities at fair value			$	—					$	23					$	26					$	49

			As of 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

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, 2024			$	412					$	46					$	36
Transfer in (out)			(14)						—						(2)
Net change in fair value			(1)						—						(8)
Purchases / Additions			—						—						—
Sales / Payments (1)			(373)						(46)						—
Balance as of March 31, 2025			$	24					$	—					$	26

________________________________________________________________________________________________________________________________________

(1)As disclosed in Note 3 – Acquisitions, on January 16, 2025, we acquired the remaining 60% ownership interest in Industrious.

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 income (loss) 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, 2024			$	412					$	46					$	36
Transfer in (out)			(14)						—						(2)
Net change in fair value			(1)						—						(8)
Purchases / Additions			—						—						—
Sales / Payments (1)			(373)						(46)						—
Balance as of March 31, 2025			$	24					$	—					$	26

________________________________________________________________________________________________________________________________________

(1)As disclosed in Note 3 – Acquisitions, on January 16, 2025, we acquired the remaining 60% ownership interest in Industrious.

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 income (loss) 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 Carrying Values and Estimated Fair Values of Debt Instruments

			Estimated Fair Value												Carrying Value
Financial instrument			March 31, 2025						December 31, 2024						March 31, 2025						December 31, 2024
Senior term loans			$	1,276					$	708					$	1,305					$	718
5.950% senior notes			1,046						1,033						976						976
4.875% senior notes			600						600						599						599
5.500% senior notes			513						509						496						496
2.500% senior notes			436						426						492						492

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