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v3.22.2.2

Debt (Tables) | 9 Months Ended
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Sep. 30, 2022
Debt Disclosure [Abstract] |
Schedule of Carrying Value of Debt | The following table presents the carrying values of Zillow Group’s debt as of the dates presented (in millions):
| September 30, 2022 |  | December 31, 2021
Mortgages segment |  |  |
Repurchase agreements: |  |  |
Credit Suisse AG, Cayman Islands | $ | 22 |  |  | $ | 77 |
Citibank, N.A. | 2 |  |  | 17 |
Warehouse line of credit: |  |  |
Comerica Bank | 21 |  |  | 19 |
Total Mortgages segment debt | 45 |  |  | 113 |
Convertible senior notes: |  |  |
1.375% convertible senior notes due 2026 | 495 |  |  | 369 |
2.75% convertible senior notes due 2025 | 559 |  |  | 443 |
0.75% convertible senior notes due 2024 | 605 |  |  | 507 |
Total convertible senior notes | 1,659 |  |  | 1,319 |
Total debt | $ | 1,704 |  |  | $ | 1,432 |
Schedule of Revolving Credit Facilities and Lines of Credit | The following table summarizes certain details related to our repurchase agreements and warehouse line of credit (in millions, except interest rates):
Lender |  | Maturity Date |  | Maximum Borrowing Capacity |  | Weighted-Average Interest Rate
Credit Suisse AG, Cayman Islands |  | March 17, 2023 |  | $ | 100 |  |  | 4.73 | %
Citibank, N.A. |  | June 9, 2023 |  | 100 |  |  | 4.89 | %
Comerica Bank |  | June 24, 2023 |  | 50 |  |  | 4.95 | %
|  | Total |  | $ | 250 |  |  |
Schedule of Convertible Senior Notes | The following tables summarize certain details related to our outstanding convertible senior notes as of the dates presented or for the periods ended (in millions, except interest rates):
|  |  |  |  |  |  |  |  |  | September 30, 2022 |  | December 31, 2021
Maturity Date |  | Aggregate Principal Amount |  | Stated Interest Rate |  | Effective Interest Rate |  | Semi-Annual Interest Payment Dates |  | Unamortized Debt Issuance Costs |  | Fair Value |  | Unamortized Debt Discount and Debt Issuance Costs |  | Fair Value
September 1, 2026 |  | $ | 499 |  |  | 1.375 | % |  | 1.57 | % |  | March 1; September 1 |  | $ | 4 |  |  | $ | 484 |  |  | $ | 130 |  |  | $ | 781 |
May 15, 2025 |  | 565 |  |  | 2.75 | % |  | 3.20 | % |  | May 15; November 15 |  | 6 |  |  | 522 |  |  | 122 |  |  | 725 |
September 1, 2024 |  | 608 |  |  | 0.75 | % |  | 1.02 | % |  | March 1; September 1 |  | 3 |  |  | 608 |  |  | 101 |  |  | 945 |
Total |  | $ | 1,672 |  |  |  |  |  |  |  |  | $ | 13 |  |  | $ | 1,614 |  |  | $ | 353 |  |  | $ | 2,451 |
|  | Three Months Ended September 30, 2022 |  | Three Months Ended September 30, 2021
Maturity Date |  | Contractual Coupon Interest |  | Amortization of Debt Issuance Costs |  | Interest Expense |  | Contractual Coupon Interest |  | Amortization of Debt Discount |  | Amortization of Debt Issuance Costs |  | Interest Expense
September 1, 2026 |  | $ | 2 |  |  | $ | — |  |  | $ | 2 |  |  | $ | 2 |  |  | $ | 5 |  |  | $ | — |  |  | $ | 7 |
May 15, 2025 |  | 4 |  |  | 1 |  |  | 5 |  |  | 4 |  |  | 7 |  |  | — |  |  | 11 |
September 1, 2024 |  | 1 |  |  | 1 |  |  | 2 |  |  | 1 |  |  | 8 |  |  | 1 |  |  | 10 |
July 1, 2023 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  | $ | 7 |  |  | $ | 2 |  |  | $ | 9 |  |  | $ | 7 |  |  | $ | 20 |  |  | $ | 1 |  |  | $ | 28 |
|  | Nine Months Ended September 30, 2022 |  | Nine Months Ended September 30, 2021
Maturity Date |  | Contractual Coupon Interest |  | Amortization of Debt Issuance Costs |  | Interest Expense |  | Contractual Coupon Interest |  | Amortization of Debt Discount |  | Amortization of Debt Issuance Costs |  | Interest Expense
September 1, 2026 |  | $ | 5 |  |  | $ | — |  |  | $ | 5 |  |  | $ | 5 |  |  | $ | 16 |  |  | $ | — |  |  | $ | 21 |
May 15, 2025 |  | 12 |  |  | 2 |  |  | 14 |  |  | 12 |  |  | 21 |  |  | 1 |  |  | 34 |
September 1, 2024 |  | 4 |  |  | 1 |  |  | 5 |  |  | 3 |  |  | 23 |  |  | 2 |  |  | 28 |
July 1, 2023 |  | — |  |  | — |  |  | — |  |  | 3 |  |  | 8 |  |  | 1 |  |  | 12 |
Total |  | $ | 21 |  |  | $ | 3 |  |  | $ | 24 |  |  | $ | 23 |  |  | $ | 68 |  |  | $ | 4 |  |  | $ | 95 |
The following table summarizes the conversion and redemption options with respect to the Notes:
Maturity Date |  | Early Conversion Date |  | Conversion Rate |  | Conversion Price |  | Optional Redemption Date
September 1, 2026 |  | March 1, 2026 |  | 22.9830 |  | $ | 43.51 |  |  | September 5, 2023
May 15, 2025 |  | November 15, 2024 |  | 14.8810 |  | 67.20 |  |  | May 22, 2023
September 1, 2024 |  | March 1, 2024 |  | 22.9830 |  | 43.51 |  |  | September 5, 2022
The following table summarizes certain details related to the capped call confirmations with respect to the convertible senior notes:
Maturity Date |  | Initial Cap Price |  | Cap Price Premium
September 1, 2026 |  | $ | 80.5750 |  |  | 150 | %
September 1, 2024 |  | 72.5175 |  |  | 125 | %
July 1, 2023 |  | 105.45 |  |  | 85 | %
The following table summarizes the activity for our convertible senior notes maturing in 2023 (“2023 Notes”) for the three months ended September 30, 2021 (in millions, except share data which are presented in thousands):
Aggregate principal amount settled | $ | 368 |
Cash paid | $ | 1 |
Shares of Class C capital stock issued | 4,675 |
Total fair value of consideration transferred (1) | $ | 562 |
Loss on extinguishment of debt: |
Consideration allocated to the liability component (2) | $ | 343 |
Carrying value of the liability component, net of unamortized debt discount and debt issuance costs | 328 |
Loss on extinguishment of debt | $ | 15 |
Consideration allocated to the equity component | $ | 219 |
The following table summarizes the activity for our 2023 Notes, 2024 Notes and 2026 Notes for the nine months ended September 30, 2021 (in millions, except share data which are presented in thousands):
| 2023 Notes |  | 2024 Notes |  | 2026 Notes |  | Total
Aggregate principal amount settled | $ | 374 |  |  | $ | 65 |  |  | $ | 1 |  |  | $ | 440 |
Cash paid | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | 1 |
Shares of Class C capital stock issued | 4,752 |  |  | 1,485 |  |  | 28 |  |  | 6,265 |
Total fair value of consideration transferred (1) | $ | 572 |  |  | $ | 200 |  |  | $ | 4 |  |  | $ | 776 |
Loss on extinguishment of debt: |  |  |  |  |  |  |
Consideration allocated to the liability component (2) | $ | 349 |  |  | $ | 53 |  |  | $ | 1 |  |  | $ | 403 |
Carrying value of the liability component, net of unamortized debt discount and debt issuance costs | 334 |  |  | 51 |  |  | 1 |  |  | 386 |
Loss on extinguishment of debt | $ | 15 |  |  | $ | 2 |  |  | $ | — |  |  | $ | 17 |
Consideration allocated to the equity component | $ | 223 |  |  | $ | 147 |  |  | $ | 3 |  |  | $ | 373 |
(1) For convertible senior notes converted by note holders, the total fair value of consideration transferred includes the value of shares transferred to note holders using the daily volume weighted-average price of our Class C capital stock on the conversion date and an immaterial amount of cash paid in lieu of fractional shares. For convertible senior notes redeemed, the total fair value of consideration transferred comprises cash transferred to note holders to settle the related notes.
(2) Consideration allocated to the liability component is based on the fair value of the liability component immediately prior to settlement, which was calculated using a discounted cash flow analysis with a market interest rate of a similar liability that does not have an associated convertible feature.

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