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Debt (Tables)
 9 Months Ended
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, 2022December 31, 2021
Mortgages segment
Repurchase agreements:
Credit Suisse AG, Cayman Islands$22 $77 
Citibank, N.A.2 17 
Warehouse line of credit:
Comerica Bank21 19 
Total Mortgages segment debt45 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 notes1,659 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):
LenderMaturity DateMaximum Borrowing CapacityWeighted-Average Interest Rate
Credit Suisse AG, Cayman Islands    March 17, 2023$100 4.73 %
Citibank, N.A.June 9, 2023100 4.89 %
Comerica BankJune 24, 202350 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, 2022December 31, 2021
Maturity DateAggregate Principal AmountStated Interest RateEffective Interest RateSemi-Annual Interest Payment DatesUnamortized Debt Issuance CostsFair ValueUnamortized Debt Discount and Debt Issuance CostsFair Value
September 1, 2026$499 1.375 %1.57 %March 1; September 1$4 $484 $130 $781 
May 15, 2025565 2.75 %3.20 %May 15; November 156 522 122 725 
September 1, 2024608 0.75 %1.02 %March 1; September 13 608 101 945 
Total$1,672 $13 $1,614 $353 $2,451 
Three Months Ended
September 30, 2022		Three Months Ended
September 30, 2021
Maturity DateContractual Coupon InterestAmortization of Debt Issuance CostsInterest ExpenseContractual Coupon InterestAmortization of Debt DiscountAmortization of Debt Issuance CostsInterest Expense
September 1, 2026$2 $— $2 $2 $5 $— $7 
May 15, 20254 1 5 4 7 — 11 
September 1, 20241 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 DateContractual Coupon InterestAmortization of Debt Issuance CostsInterest ExpenseContractual Coupon InterestAmortization of Debt DiscountAmortization of Debt Issuance CostsInterest Expense
September 1, 2026$5 $— $5 $5 $16 $— $21 
May 15, 202512 2 14 12 21 1 34 
September 1, 20244 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 DateEarly Conversion DateConversion RateConversion PriceOptional Redemption Date
September 1, 2026March 1, 202622.9830$43.51 September 5, 2023
May 15, 2025November 15, 202414.881067.20 May 22, 2023
September 1, 2024March 1, 202422.983043.51 September 5, 2022
The following table summarizes certain details related to the capped call confirmations with respect to the convertible senior notes:
Maturity DateInitial Cap PriceCap Price Premium
September 1, 2026$80.5750 150 %
September 1, 202472.5175 125 %
July 1, 2023105.45 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 issued4,675 
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 costs328 
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 Notes2024 Notes2026 NotesTotal
Aggregate principal amount settled$374 $65 $1 $440 
Cash paid$1 $— $— $1 
Shares of Class C capital stock issued4,752 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 costs334 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.