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Financial Instruments (Tables)
9 Months Ended
Sep. 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:
September 30, 2025December 31, 2024
Range
60% - 100%
47% - 100%
Weighted-average82%82%
Schedule of Changes in IRLCs
The following table presents the changes in our IRLCs for the periods presented (in millions):
Three Months Ended
September 30,
Nine Months Ended
September 30,
2025202420252024
Balance, beginning of the period$$$$
Issuances24 17 69 40 
Transfers(24)(15)(64)(37)
Balance, end of period$$$$
Schedule of Notional Amounts
The following table presents the notional amounts of the economic hedging instruments related to our mortgage loans held for sale as of the dates presented (in millions):
September 30, 2025December 31, 2024
IRLCs
$508 $217 
Forward contracts(1)
654 300 
(1) Represents net notional amounts. We do not have the right to offset our forward contract derivative positions.
Schedule of Balances of Cash Equivalents and Investments
The following table presents the amortized cost, as applicable, and estimated fair market value of assets and liabilities measured at fair value on a recurring basis by category as of the dates presented (in millions):
 September 30, 2025December 31, 2024
 Amortized
Cost
Estimated
Fair Market
Value
Amortized
Cost
Estimated
Fair Market
Value
Assets
Cash$20 $20 $13 $13 
Cash equivalents:
Money market funds741 741 993 993 
U.S. government treasury securities113 113 75 75 
Commercial paper— — 
Short-term investments:
U.S. government treasury securities
353 354 594 591 
Corporate bonds
152 153 175 176 
U.S. government agency securities
Certificate of deposit
— — 
Commercial paper— — 
Mortgage origination-related:
Mortgage loans held for sale— 291 — 159 
IRLCs - other current assets— — 
Forward contracts - other current assets— — 
Restricted cash
Total assets measured at fair value on a recurring basis
$1,392 $1,695 $1,863 $2,025 
Liabilities
Mortgage origination-related:
Forward contracts - accrued expenses and other current liabilities$— $$— $— 
Contingent consideration:
Contingent consideration - accrued expenses and other current liabilities— 32 — 33 
Contingent consideration - other long-term liabilities— 31 — 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 September 30, 2025 (in millions):
Amortized CostEstimated Fair
Market Value
Due in one year or less$241 $241 
Due after one year 272 274 
Total $513 $515