XML 37 R27.htm IDEA: XBRL DOCUMENT v3.22.2.2

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2022

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:

			September 30, 2022						December 31, 2021
Range			46% - 100%						42% - 100%
Weighted-average			87%						85%

Summary of Balances of Cash Equivalents and Investments

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

			September 30, 2022
			Total						Level 1						Level 2						Level 3
Cash equivalents:
Money market funds			$	1,820					$	1,820					$	—					$	—
Short-term investments:
U.S. government agency securities			1,353						—						1,353						—
Corporate bonds			118						—						118						—
Treasury bills			45						—						45						—
Warrant			4						—						—						4
Mortgage origination-related:
Mortgage loans held for sale			49						—						49						—
IRLCs			(1)						—						—						(1)
Forward contracts - other current assets			3						—						3						—
Total			$	3,391					$	1,820					$	1,568					$	3

			December 31, 2021
			Total						Level 1						Level 2						Level 3
Cash equivalents:
Money market funds			$	2,132					$	2,132					$	—					$	—
Short-term investments:
U.S. government agency securities			471						—						471						—
Corporate bonds			33						—						33						—
Commercial paper			10						—						10						—
Mortgage origination-related:
Mortgage loans held for sale			107						—						107						—
IRLCs			5						—						—						5
Total			$	2,758					$	2,132					$	621					$	5

Schedule of Changes in IRLCs

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

			Three Months Ended September 30,												Nine Months Ended September 30,
			2022						2021						2022						2021
Balance, beginning of the period			$	2					$	6					$	5					$	12
Issuances			2						23						12						58
Transfers			(4)						(23)						(15)						(64)
Fair value changes recognized in earnings			(1)						1						(3)						1
Balance, end of period			$	(1)					$	7					$	(1)					$	7

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 https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

+ Details

Name:	us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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 https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

+ Details

Name:	us-gaap_FairValueAssetsMeasuredOnRecurringBasisTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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 https://asc.fasb.org/extlink&oid=126976982&loc=d3e19279-110258

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

+ Details

Name:	us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_FairValueDisclosuresAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration