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Fair Value Measurements (Tables)

9 Months Ended

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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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.

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