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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurement Inputs and Valuation Techniques

The following table presents the range and weighted-average pull-through rates used in determining the fair value of IRLCs as of the dates presented:

			June 30, 2021						December 31, 2020
Range			47% - 100%						47% - 100%
Weighted-average			79%						75%

Summary of Balances of Cash Equivalents and Investments

The following tables present the balances of assets and liabilities measured at fair value on a recurring basis, by level within the fair value hierarchy, as of the dates presented (in thousands):

			June 30, 2021
			Total						Level 1						Level 2						Level 3
Cash equivalents:
Money market funds			$	3,494,642					$	3,494,642					$	—					$	—
Short-term investments:
U.S. government agency securities			829,925						—						829,925						—
Treasury bills			44,988						—						44,988						—
Municipal securities			5,962						—						5,962						—
Mortgage origination-related:
Mortgage loans held for sale			171,450						—						171,450						—
IRLCs			6,413						—						—						6,413
Forward contracts - other current assets			69						—						69						—
Forward contracts - other current liabilities			(686)						—						(686)						—
Total			$	4,552,763					$	3,494,642					$	1,051,708					$	6,413

			December 31, 2020
			Total						Level 1						Level 2						Level 3
Cash equivalents:
Money market funds			$	1,486,384					$	1,486,384					$	—					$	—
Municipal securities			3,228						—						3,228						—
Short-term investments:
Treasury bills			1,163,813						—						1,163,813						—
U.S. government agency securities			1,037,577						—						1,037,577						—
Municipal securities			16,220						—						16,220						—
Certificates of deposit			498						—						498						—
Mortgage origination-related:
Mortgage loans held for sale			330,758						—						330,758						—
IRLCs			12,342						—						—						12,342
Forward contracts - other current liabilities			(2,608)						—						(2,608)						—
Total			$	4,048,212					$	1,486,384					$	2,549,486					$	12,342

Schedule of Changes in IRLCs

The following table presents the changes in our IRLCs for the periods presented (in thousands):

			Three Months Ended June 30,												Six Months Ended June 30,
			2021						2020						2021						2020 (1)
Balance, beginning of the period			$	5,002					$	2,225					$	12,342					$	937
Issuances			16,120						10,142						34,421						15,507
Transfers			(16,041)						(8,586)						(40,439)						(13,142)
Fair value changes recognized in earnings			1,332						1,310						89						1,789
Balance, end of period			$	6,413					$	5,091					$	6,413					$	5,091

(1) Beginning balance represents transfers of IRLCs from Level 2 to Level 3 within the fair value hierarchy as of January 1, 2020.

X

- 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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

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- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class 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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

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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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19279-110258

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

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