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Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 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 September 30, 2025 and December 31, 2024 (dollars in millions):
| As of September 30, 2025
| Fair Value Measured and Recorded Using |  |
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets |  |  |  |  |  |  |
Available for sale debt securities: |  |  |  |  |  |  |
U.S. treasury securities | $ | 4 |  |  | $ | — |  |  | $ | — |  |  | $ | 4 |
Corporate debt securities | — |  |  | 35 |  |  | — |  |  | 35 |
Asset-backed securities | — |  |  | 7 |  |  | — |  |  | 7 |
Total available for sale debt securities | 4 |  |  | 42 |  |  | — |  |  | 46 |
Equity securities | 18 |  |  | — |  |  | — |  |  | 18 |
Investments in unconsolidated subsidiaries | — |  |  | — |  |  | 24 |  |  | 24 |
Warehouse receivables | — |  |  | 1,647 |  |  | — |  |  | 1,647 |
Derivative assets | — |  |  | 50 |  |  | — |  |  | 50 |
Total assets at fair value | $ | 22 |  |  | $ | 1,739 |  |  | $ | 24 |  |  | $ | 1,785 |
Liabilities |  |  |  |  |  |  |
Contingent consideration | — |  |  | — |  |  | 31 |  |  | 31 |
Derivative liabilities | — |  |  | 454 |  |  | — |  |  | 454 |
Total liabilities at fair value | $ | — |  |  | $ | 454 |  |  | $ | 31 |  |  | $ | 485 |
| 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 June 30, 2025 | $ | 24 |  |  | $ | — |  |  | $ | 27 |
Transfer in (out) | — |  |  | — |  |  | — |
Net change in fair value | — |  |  | — |  |  | — |
Purchases / Additions | — |  |  | — |  |  | 4 |
Sales / Payments | — |  |  | — |  |  | — |
Balance as of September 30, 2025 | $ | 24 |  |  | $ | — |  |  | $ | 31 |
Balance as of December 31, 2024 | $ | 412 |  |  | $ | 46 |  |  | $ | 36 |
Transfer in (out) | (14) |  |  | — |  |  | (2) |
Net change in fair value | (1) |  |  | — |  |  | (7) |
Purchases / Additions | — |  |  | — |  |  | 4 |
Sales / Payments (1) | (373) |  |  | (46) |  |  | — |
Balance as of September 30, 2025 | $ | 24 |  |  | $ | — |  |  | $ | 31 |
________________________________________________________________________________________________________________________________________ (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 June 30, 2025 | $ | 24 |  |  | $ | — |  |  | $ | 27 |
Transfer in (out) | — |  |  | — |  |  | — |
Net change in fair value | — |  |  | — |  |  | — |
Purchases / Additions | — |  |  | — |  |  | 4 |
Sales / Payments | — |  |  | — |  |  | — |
Balance as of September 30, 2025 | $ | 24 |  |  | $ | — |  |  | $ | 31 |
Balance as of December 31, 2024 | $ | 412 |  |  | $ | 46 |  |  | $ | 36 |
Transfer in (out) | (14) |  |  | — |  |  | (2) |
Net change in fair value | (1) |  |  | — |  |  | (7) |
Purchases / Additions | — |  |  | — |  |  | 4 |
Sales / Payments (1) | (373) |  |  | (46) |  |  | — |
Balance as of September 30, 2025 | $ | 24 |  |  | $ | — |  |  | $ | 31 |
________________________________________________________________________________________________________________________________________ (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 | September 30, 2025 |  | December 31, 2024 |  | September 30, 2025 |  | December 31, 2024
Senior term loans due in 2028 | $ | 1,256 |  |  | $ | 708 |  |  | $ | 1,338 |  |  | $ | 718 |
5.950% senior notes due in 2034 | 1,069 |  |  | 1,033 |  |  | 977 |  |  | 976 |
4.875% senior notes due in 2026 | — |  |  | 600 |  |  | — |  |  | 599 |
4.800% senior notes due in 2030 | 610 |  |  | — |  |  | 590 |  |  | — |
5.500% senior notes due in 2035 | 515 |  |  | — |  |  | 494 |  |  | — |
5.500% senior notes due in 2029 | 519 |  |  | 509 |  |  | 496 |  |  | 496 |
2.500% senior notes due in 2031 | 453 |  |  | 426 |  |  | 493 |  |  | 492 |

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- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 101 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-101 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition 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). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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