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Debt (Tables) | 9 Months Ended
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Sep. 30, 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):
| September 30, 2023 |  | December 31, 2022
Credit facilities |  |  |
Master repurchase agreements: |  |  |
JPMorgan Chase Bank, N.A.(1) | $ | 68 |  |  | $ | — |
Atlas Securitized Products, L.P.(2) | 22 |  |  | 23 |
Citibank, N.A.(3) | — |  |  | 3 |
Warehouse line of credit: |  |  |
Comerica Bank | 1 |  |  | 11 |
Total credit facilities | 91 |  |  | 37 |
Convertible senior notes |  |  |
1.375% convertible senior notes due 2026 | 496 |  |  | 495 |
2.75% convertible senior notes due 2025 | 561 |  |  | 560 |
0.75% convertible senior notes due 2024 | 607 |  |  | 605 |
Total convertible senior notes | 1,664 |  |  | 1,660 |
Total debt | $ | 1,755 |  |  | $ | 1,697 |
(1)Agreement commenced on June 1, 2023 and provides for a total maximum borrowing capacity of $100 million, $25 million of which is committed, until May 30, 2024.
(2)Agreement was reassigned from Credit Suisse AG, Cayman Islands (“Credit Suisse”) on May 25, 2023.
(3)Agreement expired on June 9, 2023 and was not renewed.
Schedule of Revolving Credit Facilities and Lines of Credit | The following table summarizes certain details related to our outstanding master repurchase agreements and warehouse line of credit as of September 30, 2023 (in millions, except interest rates):
Lender |  | Maturity Date |  | Maximum Borrowing Capacity |  | Weighted-Average Interest Rate
JPMorgan Chase Bank, N.A. |  | May 30, 2024 |  | $ | 100 |  |  | 7.03 | %
Atlas Securitized Products, L.P. |  | March 11, 2024 |  | 50 |  |  | 7.32 | %
Comerica Bank |  | December 29, 2023 |  | 50 |  |  | 7.45 | %
|  | 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):
|  |  |  |  |  |  |  |  |  | September 30, 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 |  | $ | 3 |  |  | $ | 598 |  |  | $ | 4 |  |  | $ | 504 |
May 15, 2025 |  | 565 |  |  | 2.75 | % |  | 3.20 | % |  | May 15; November 15 |  | 4 |  |  | 571 |  |  | 5 |  |  | 531 |
September 1, 2024 |  | 608 |  |  | 0.75 | % |  | 1.02 | % |  | March 1; September 1 |  | 1 |  |  | 706 |  |  | 3 |  |  | 629 |
Total |  | $ | 1,672 |  |  |  |  |  |  |  |  | $ | 8 |  |  | $ | 1,875 |  |  | $ | 12 |  |  | $ | 1,664 |
|  | Three Months Ended September 30, 2023 |  | Three Months Ended September 30, 2022
Maturity Date |  | Contractual Coupon Interest |  | Amortization of Debt Issuance Costs |  | Interest Expense |  | Contractual Coupon Interest |  |  |  | Amortization of Debt Issuance Costs |  | Interest Expense
September 1, 2026 |  | $ | 2 |  |  | $ | — |  |  | $ | 2 |  |  | $ | 2 |  |  |  |  | $ | — |  |  | $ | 2 |
May 15, 2025 |  | 4 |  |  | — |  |  | 4 |  |  | 4 |  |  |  |  | 1 |  |  | 5 |
September 1, 2024 |  | 1 |  |  | 1 |  |  | 2 |  |  | 1 |  |  |  |  | 1 |  |  | 2 |
Total |  | $ | 7 |  |  | $ | 1 |  |  | $ | 8 |  |  | $ | 7 |  |  |  |  | $ | 2 |  |  | $ | 9 |
|  | Nine Months Ended September 30, 2023 |  | Nine Months Ended September 30, 2022
Maturity Date |  | Contractual Coupon Interest |  | Amortization of Debt Issuance Costs |  | Interest Expense |  | Contractual Coupon Interest |  | Amortization of Debt Issuance Costs |  | Interest Expense
September 1, 2026 |  | $ | 6 |  |  | $ | 1 |  |  | $ | 7 |  |  | $ | 5 |  |  | $ | — |  |  | $ | 5 |
May 15, 2025 |  | 12 |  |  | 1 |  |  | 13 |  |  | 12 |  |  | 2 |  |  | 14 |
September 1, 2024 |  | 3 |  |  | 2 |  |  | 5 |  |  | 4 |  |  | 1 |  |  | 5 |
Total |  | $ | 21 |  |  | $ | 4 |  |  | $ | 25 |  |  | $ | 21 |  |  | $ | 3 |  |  | $ | 24 |
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 | %

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