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VARIABLE INTEREST ENTITIES (Details) - USD ($)
$ in Millions
Jun. 30, 2022
Dec. 31, 2021
Jun. 30, 2021
ASSETS      
Cash and cash equivalents $ 2,239 $ 1,731 $ 1,558
Restricted cash 615 847  
Real estate inventory, net 6,628 6,096  
TOTAL ASSETS [1] 10,136 9,506  
Liabilities      
Total liabilities [2] 7,780 7,258  
Variable Interest Entity, Primary Beneficiary      
ASSETS      
Cash and cash equivalents 7 9  
Restricted cash 606 838  
Real estate inventory, net 6,454 6,046  
Other 149 113  
TOTAL ASSETS 7,216 7,006  
Liabilities      
Non-recourse asset-backed debt 6,538 6,102  
Other 73 70  
Total liabilities $ 6,611 $ 6,172  
[1] The Company’s consolidated assets at June 30, 2022 and December 31, 2021 include the following assets of certain variable interest entities (“VIEs”) that can only be used to settle the liabilities of those VIEs: Cash and cash equivalents, $7 and $9; Restricted cash, $606 and $838; Real estate inventory, net, $6,454 and $6,046; Escrow receivable, $55 and $78; Other current assets, $94 and $35; and Total assets of $7,216 and $7,006, respectively.
[2] The Company’s consolidated liabilities at June 30, 2022 and December 31, 2021 include the following liabilities for which the VIE creditors do not have recourse to Opendoor: Accounts payable and other accrued liabilities, $64 and $59; Interest payable, $9 and $11; Current portion of non-recourse asset-backed debt, $3,362 and $4,240; Non-recourse asset-backed debt, net of current portion, $3,176 and $1,862; and Total liabilities, $6,611 and $6,172, respectively.