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Financial Instruments (Tables) | 6 Months Ended
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Jun. 30, 2025
Fair Value Disclosures [Abstract] |
Schedule of 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:
| June 30, 2025 |  | December 31, 2024
Range | 60% - 100% |  | 47% - 100%
Weighted-average | 80% |  | 82%
Schedule of Changes in IRLCs | The following table presents the changes in our IRLCs for the periods presented (in millions):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Balance, beginning of the period | $ | 7 |  |  | $ | 5 |  |  | $ | 4 |  |  | $ | 3 |
Issuances | 24 |  |  | 11 |  |  | 45 |  |  | 23 |
Transfers | (22) |  |  | (12) |  |  | (40) |  |  | (22) |
Balance, end of period | $ | 9 |  |  | $ | 4 |  |  | $ | 9 |  |  | $ | 4 |
Schedule of Notional Amounts | The following table presents the notional amounts of the economic hedging instruments related to our mortgage loans held for sale as of the dates presented (in millions):
| June 30, 2025 |  | December 31, 2024
IRLCs | $ | 402 |  |  | $ | 217 |
Forward contracts(1) | $ | 499 |  |  | $ | 300 |
(1) Represents net notional amounts. We do not have the right to offset our forward contract derivative positions.
Schedule of Balances of Cash Equivalents and Investments | The following table presents the amortized cost, as applicable, and estimated fair market value of assets and liabilities measured at fair value on a recurring basis by category as of the dates presented (in millions):
| June 30, 2025 |  | December 31, 2024
| Amortized Cost |  | Estimated Fair Market Value |  | Amortized Cost |  | Estimated Fair Market Value
Assets |  |  |  |  |  |  |
Cash | $ | 22 |  |  | $ | 22 |  |  | $ | 13 |  |  | $ | 13 |
Cash equivalents: |  |  |  |  |  |  |
Money market funds | 554 |  |  | 554 |  |  | 993 |  |  | 993 |
U.S. government treasury securities | 11 |  |  | 11 |  |  | 75 |  |  | 75 |
Commercial paper | — |  |  | — |  |  | 1 |  |  | 1 |
Short-term investments: |  |  |  |  |  |  |
U.S. government treasury securities | 408 |  |  | 408 |  |  | 594 |  |  | 591 |
Corporate bonds | 153 |  |  | 154 |  |  | 175 |  |  | 176 |
U.S. government agency securities | 7 |  |  | 7 |  |  | 7 |  |  | 7 |
Commercial paper | 1 |  |  | 1 |  |  | 2 |  |  | 2 |
Certificate of deposit | 1 |  |  | 1 |  |  | — |  |  | — |
Mortgage origination-related: |  |  |  |  |  |  |
Mortgage loans held for sale | — |  |  | 250 |  |  | — |  |  | 159 |
IRLCs - other current assets | — |  |  | 9 |  |  | — |  |  | 4 |
Forward contracts - other current assets | — |  |  | — |  |  | — |  |  | 1 |
Restricted cash | 5 |  |  | 5 |  |  | 3 |  |  | 3 |
Total assets measured at fair value on a recurring basis | $ | 1,162 |  |  | $ | 1,422 |  |  | $ | 1,863 |  |  | $ | 2,025 |
Liabilities |  |  |  |  |  |  |
Mortgage origination-related: |  |  |  |  |  |  |
Forward contracts - accrued expenses and other current liabilities | $ | — |  |  | $ | 3 |  |  | $ | — |  |  | $ | — |
Contingent consideration: |  |  |  |  |  |  |
Contingent consideration - accrued expenses and other current liabilities | — |  |  | 31 |  |  | — |  |  | 33 |
Contingent consideration - other long-term liabilities | — |  |  | 30 |  |  | — |  |  | 58 |
Total liabilities measured at fair value on a recurring basis | $ | — |  |  | $ | 64 |  |  | $ | — |  |  | $ | 91 |
Schedule of Debt Securities, Available-for-sale | The following table presents available-for-sale investments by contractual maturity date as of June 30, 2025 (in millions):
| Amortized Cost |  | Estimated Fair Market Value
Due in one year or less | $ | 259 |  |  | $ | 259 |
Due after one year | 311 |  |  | 312 |
Total | $ | 570 |  |  | $ | 571 |

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- 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://www.xbrl.org/2009/role/commonPracticeRef -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 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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