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Debt (Tables)

12 Months Ended

Dec. 31, 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):

			December 31,
			2022						2021
Mortgages segment
Repurchase agreements:
Credit Suisse AG, Cayman Islands			$	23					$	77
Citibank, N.A.			3						17
Warehouse line of credit:
Comerica Bank			11						19
Total Mortgages segment debt			37						113
Convertible senior notes
1.375% convertible senior notes due 2026			495						369
2.75% convertible senior notes due 2025			560						443
0.75% convertible senior notes due 2024			605						507
Total convertible senior notes			1,660						1,319
Total debt			$	1,697					$	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					6.16		%
Citibank, N.A.						June 9, 2023						100						6.18		%
Comerica Bank						June 24, 2023						50						6.22		%
						Total						$	250

Schedule of Components 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):

																																				December 31, 2022												December 31, 2021
Maturity Date						Aggregate Principal Amount						Stated Interest Rate						Effective Interest Rate						First Interest Payment Date						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, 2020						March 1; September 1						$	4					$	504					$	130					$	781
May 15, 2025						565						2.75		%				3.20		%				November 15, 2020						May 15; November 15						5						531						122						725
September 1, 2024						608						0.75		%				1.02		%				March 1, 2020						March 1; September 1						3						629						101						945
Total						$	1,672																													$	12					$	1,664					$	353					$	2,451

						Year Ended December 31, 2022																		Year Ended December 31, 2021																								Year Ended December 31, 2020
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						Contractual Coupon Interest						Amortization of Debt Discount						Amortization of Debt Issuance Costs						Interest Expense
September 1, 2026						$	7					$	—					$	7					$	7					$	22					$	1					$	30					$	7					$	20					$	—					$	27
May 15, 2025						16						3						19						16						27						1						44						10						15						1						26
September 1, 2024						4						2						6						4						32						1						37						5						33						1						39
July 1, 2023						—						—						—						3						8						1						12						6						15						1						22
December 1, 2021						—						—						—						—						—						—						—						6						14						2						22
Total						$	27					$	5					$	32					$	30					$	89					$	4					$	123					$	34					$	97					$	5					$	136

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 the activity for our convertible senior notes for the periods presented (in millions, except for share amounts):

			Year Ended December 31, 2021																								Year Ended December 31, 2020
			2023 Notes						2024 Notes						2026 Notes						Total						2021 Notes
Aggregate principal amount settled			$	374					$	65					$	1					$	440					$	460
Cash paid			1						—						—						1						195
Shares of Class C capital stock issued			4,752						1,485						28						6,265						5,820
Total fair value of consideration transferred (1)			$	572					$	200					$	4					$	776					$	783
(Gain) loss on extinguishment of debt:
Consideration allocated to the liability component (2)			$	349					$	53					$	1					$	403					$	430
Carrying value of the liability component, net of unamortized debt discount and debt issuance costs			334						51						1						386						431
(Gain) loss on extinguishment of debt			$	15					$	2					$	—					$	17					$	(1)
Consideration allocated to the equity component			$	223					$	147					$	3					$	373					$	353
(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. For convertible senior notes repurchased in the year ended December 31, 2020, the total 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 date of transfer as well as 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.

The following table summarizes certain details related to the capped call confirmations with respect to certain of 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		%

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