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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2023

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, 2023						December 31, 2022
Range			45% - 100%						47% - 100%
Weighted-average			88%						87%

Summary of Balances of Cash Equivalents and Investments

The following tables present the balances of assets and 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, 2023
			Total						Level 1						Level 2						Level 3
Cash equivalents:
Money market funds			$	1,736					$	1,736					$	—					$	—
Short-term investments:
U.S. government treasury securities			1,258						—						1,258						—
Corporate bonds			135						—						135						—
Commercial paper			14						—						14						—
U.S. government agency securities			14						—						14						—
Mortgage origination-related:
Mortgage loans held for sale			96						—						96						—
Forward contracts - other current assets			2						—						2						—
IRLCs - other current assets			1						—						—						1
Total			$	3,256					$	1,736					$	1,519					$	1

			December 31, 2022
			Total						Level 1						Level 2						Level 3
Cash equivalents:
Money market funds			$	1,338					$	1,338					$	—					$	—
Short-term investments:
U.S. government treasury securities			1,716						—						1,716						—
Corporate bonds			161						—						161						—
Commercial paper			10						—						10						—
U.S. government agency securities			9						—						9						—
Mortgage origination-related:
Mortgage loans held for sale			41						—						41						—
Forward contracts - other current assets			1						—						1						—
Total			$	3,276					$	1,338					$	1,938					$	—

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
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-SubTopic 10
-Topic 820
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

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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
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

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- References

No definition available.

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