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v3.23.1

Debt (Tables) | 3 Months Ended
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Mar. 31, 2023
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):
| March 31, 2023 |  | December 31, 2022
Credit facilities |  |  |
Repurchase agreements: |  |  |
Credit Suisse AG, Cayman Islands | $ | 25 |  |  | $ | 23 |
Citibank, N.A. | — |  |  | 3 |
Warehouse line of credit: |  |  |
Comerica Bank | 17 |  |  | 11 |
Total credit facilities | 42 |  |  | 37 |
Convertible senior notes |  |  |
1.375% convertible senior notes due 2026 | 495 |  |  | 495 |
2.75% convertible senior notes due 2025 | 560 |  |  | 560 |
0.75% convertible senior notes due 2024 | 606 |  |  | 605 |
Total convertible senior notes | 1,661 |  |  | 1,660 |
Total debt | $ | 1,703 |  |  | $ | 1,697 |
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 11, 2024 |  | $ | 50 |  |  | 6.81 | %
Citibank, N.A. |  | June 9, 2023 |  | 100 |  |  | 6.64 | %
Comerica Bank |  | June 24, 2023 |  | 50 |  |  | 6.76 | %
|  | Total |  | $ | 200 |  |  |
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):
|  |  |  |  |  |  |  |  |  | March 31, 2023 |  | December 31, 2022
Maturity Date |  | Aggregate Principal Amount |  | Stated Interest Rate |  | Effective Interest Rate |  | Semi-Annual Interest Payment Dates |  | Unamortized Debt Issuance Costs |  | Fair Value |  | Unamortized Debt Issuance Costs |  | Fair Value
September 1, 2026 |  | $ | 499 |  |  | 1.375 | % |  | 1.57 | % |  | March 1; September 1 |  | $ | 4 |  |  | $ | 590 |  |  | $ | 4 |  |  | $ | 504 |
May 15, 2025 |  | 565 |  |  | 2.75 | % |  | 3.20 | % |  | May 15; November 15 |  | 5 |  |  | 571 |  |  | 5 |  |  | 531 |
September 1, 2024 |  | 608 |  |  | 0.75 | % |  | 1.02 | % |  | March 1; September 1 |  | 2 |  |  | 699 |  |  | 3 |  |  | 629 |
Total |  | $ | 1,672 |  |  |  |  |  |  |  |  | $ | 11 |  |  | $ | 1,860 |  |  | $ | 12 |  |  | $ | 1,664 |
|  | Three Months Ended March 31, 2023 |  | Three Months Ended March 31, 2022
Maturity Date |  | Contractual Coupon Interest |  | Amortization of Debt Issuance Costs |  | Interest Expense |  | Contractual Coupon Interest |  |  |  |  | Interest Expense
September 1, 2026 |  | $ | 2 |  |  | $ | — |  |  | $ | 2 |  |  | $ | 2 |  |  |  |  |  | $ | 2 |
May 15, 2025 |  | 4 |  |  | — |  |  | 4 |  |  | 4 |  |  |  |  |  | 4 |
September 1, 2024 |  | 1 |  |  | 1 |  |  | 2 |  |  | 1 |  |  |  |  |  | 1 |
Total |  | $ | 7 |  |  | $ | 1 |  |  | $ | 8 |  |  | $ | 7 |  |  |  |  |  | $ | 7 |
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 | %

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