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FAIR VALUE DISCLOSURES (Tables) | 12 Months Ended
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Dec. 31, 2022
Fair Value Disclosures [Abstract] |
Schedule of Fair Value Methodologies | The following table summarizes the fair value measurement methodologies, including significant inputs and assumptions, and classification of the Company’s assets and liabilities.
Asset/Liability Class |  | Valuation Methodology, Inputs and Assumptions |  | Classification
Cash and cash equivalents |  | Carrying value is a reasonable estimate of fair value based on the short-term nature of the instruments. |  | Level 1 estimated fair value measurement.
Restricted cash |  | Carrying value is a reasonable estimate of fair value based on the short-term nature of the instruments. |  | Level 1 estimated fair value measurement.
Marketable securities |  |  |  |
Debt securities |  | Prices obtained from third-party vendors that compile prices from various sources and often apply matrix pricing for similar securities when no price is observable. |  | Level 2 recurring fair value measurement.
Mutual fund |  | Price is quoted given the security is traded on an exchange. |  | Level 1 recurring fair value measurement.
Equity securities |  | Price is quoted given the securities are traded on an exchange. |  | Level 1 recurring fair value measurement.
Mortgage loans held for sale pledged under agreements to repurchase |  | Fair value is estimated based on observable market data including quoted market prices, deal price quotes, and sale commitments. |  | Level 2 recurring fair value measurement.
Other current assets |  |  |  |
Mortgage loans held for sale |  | Fair value is estimated based on observable market data including quoted market prices and deal price quotes. |  | Level 2 recurring fair value measurement.
Interest rate lock commitments |  | Fair value of the underlying loan based on observable quoted market prices in the secondary market and sale commitments, with adjustments for the estimated pull-through rate. |  | Level 2 recurring fair value measurement for fair value based on observable inputs. Level 3 recurring fair value measurement for fair value with unobservable inputs.
Non-recourse asset-backed debt |  |  |  |
Credit facilities |  | Fair value is estimated using discounted cash flows based on current lending rates for similar credit facilities with similar terms and remaining time to maturity. |  | Carried at amortized cost. Level 2 estimated fair value measurement.
Other secured borrowings |  |  |  |
Loans sold under agreements to repurchase |  | Fair value is estimated using discounted cash flows based on current lending rates for similar asset-backed financing facilities with similar terms and remaining time to maturity. |  | Carried at amortized cost. Level 2 estimated fair value measurement.
Convertible senior notes |  | Fair value is estimated using broker quotes and other observable market inputs. |  | Carried at amortized cost. Level 2 estimated fair value measurement.
Derivative and warrant liabilities |  |  |  |
Sponsor Warrants |  | Fair value is estimated using the price of the Public Warrants or their settlement value. |  | Level 2 recurring fair value measurement.
Warrants |  | Fair value is estimated using the Black-Scholes-Merton option pricing model with inputs and assumptions including the Company’s equity valuation, expected volatility, expected duration of the warrants, and associated risk-free rate. |  | Level 3 recurring fair value measurement.
Embedded conversion options |  | Fair value is estimated using a lattice model incorporating the probabilities of various conversion scenarios with respect to timing and conversion features under the terms of the 2019 Convertible Notes. |  | Level 3 recurring fair value measurement.
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following tables present the levels of the fair value hierarchy for the Company’s assets measured at fair value on a recurring basis (in millions).
December 31, 2022 | Balance at Fair Value |  | Level 1 |  | Level 2 |  | Level 3
Marketable securities: |  |  |  |  |  |  |
Corporate debt securities | $ | 122 |  |  | $ | — |  |  | $ | 122 |  |  | $ | — |
Equity securities | 11 |  |  | 11 |  |  | — |  |  | — |
Certificates of deposit | 9 |  |  | — |  |  | 9 |  |  | — |
Asset-backed securities | 2 |  |  | — |  |  | 2 |  |  | — |
Other current assets: |  |  |  |  |  |  |
Mortgage loans held for sale | 1 |  |  | — |  |  | 1 |  |  | — |
Total assets | $ | 145 |  |  | $ | 11 |  |  | $ | 134 |  |  | $ | — |
December 31, 2021 | Balance at Fair Value |  | Level 1 |  | Level 2 |  | Level 3
Marketable securities: |  |  |  |  |  |  |
Corporate debt securities | $ | 207 |  |  | $ | — |  |  | $ | 207 |  |  | $ | — |
Mutual fund | 200 |  |  | 200 |  |  | — |  |  | — |
Equity securities | 46 |  |  | 46 |  |  | — |  |  | — |
Commercial paper | 15 |  |  | — |  |  | 15 |  |  | — |
Asset-backed securities | 7 |  |  | — |  |  | 7 |  |  | — |
Certificates of deposit | 5 |  |  | — |  |  | 5 |  |  | — |
Sovereign bonds | 4 |  |  | — |  |  | 4 |  |  | — |
Mortgage loans held for sale pledged under agreements to repurchase | 7 |  |  | — |  |  | 7 |  |  | — |
Other current assets: |  |  |  |  |  |  |
Mortgage loans held for sale | 4 |  |  | — |  |  | 4 |  |  | — |
Total assets | $ | 495 |  |  | $ | 246 |  |  | $ | 249 |  |  | $ | — |
Schedule of Fair Value Disclosure of Asset and Liability Not Measured at Fair Value | The following presents the carrying value, estimated fair value and the levels of the fair value hierarchy for the Company’s financial instruments other than assets and liabilities measured at fair value on a recurring basis (in millions).
| December 31, 2022
| Carrying Value |  | Fair Value |  | Level 1 |  | Level 2
Assets: |  |  |  |  |  |  |
Cash and cash equivalents | $ | 1,137 |  |  | $ | 1,137 |  |  | $ | 1,137 |  |  | $ | — |
Restricted cash | 654 |  |  | 654 |  |  | 654 |  |  | — |
Liabilities: |  |  |  |  |  |  |
Non-recourse asset-backed debt | $ | 4,396 |  |  | $ | 4,427 |  |  | $ | — |  |  | $ | 4,427 |
Convertible senior notes | 959 |  |  | 391 |  |  | — |  |  | 391 |
| December 31, 2021
| Carrying Value |  | Fair Value |  | Level 1 |  | Level 2
Assets: |  |  |  |  |  |  |
Cash and cash equivalents | $ | 1,731 |  |  | $ | 1,731 |  |  | $ | 1,731 |  |  | $ | — |
Restricted cash | 847 |  |  | 847 |  |  | 847 |  |  | — |
Liabilities: |  |  |  |  |  |  |
Non-recourse asset-backed debt | $ | 6,102 |  |  | $ | 6,140 |  |  | $ | — |  |  | $ | 6,140 |
Other secured borrowings | 7 |  |  | 7 |  |  | — |  |  | 7 |
Convertible senior notes | 954 |  |  | 1,019 |  |  | — |  |  | 1,019 |
Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following table shows a reconciliation from the opening balances to the closing balances for Level 3 Fair values (in millions):
| Warrants |  | Embedded Conversion Option |  | Interest Rate Lock Commitments
Balance as of December 31, 2019 | $ | 5 |  |  | $ | 42 |  |  | $ | — |
Settlement of 2019 Convertible Notes | — |  |  | (65) |  |  | — |
Exercise of warrants | (7) |  |  | — |  |  | — |
Net change in fair value | 2 |  |  | 23 |  |  | — |
Balance as of December 31, 2020 | $ | — |  |  | $ | — |  |  | $ | — |
Additions | — |  |  | — |  |  | 5 |
Originations/Terminations | — |  |  | — |  |  | (5) |
Balance as of December 31, 2021 | $ | — |  |  | $ | — |  |  | $ | — |
Additions | — |  |  | — |  |  | 2 |
Originations/Terminations | — |  |  | — |  |  | (3) |
Net change in fair value | — |  |  | — |  |  | 1 |
Balance as of December 31, 2022 | $ | — |  |  | $ | — |  |  | $ | — |

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- Definition Tabular disclosure of information about fair value of asset and liability not measured at fair value. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2E -URI https://asc.fasb.org/extlink&oid=126976982&loc=SL7498357-110258 + Details
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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19279-110258 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, 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/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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