v3.25.2
Financial Instruments (Tables)
 6 Months Ended
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, 2025December 31, 2024
Range
60% - 100%
47% - 100%
Weighted-average80%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,
2025202420252024
Balance, beginning of the period$7 $5 $4 $3 
Issuances24 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, 2025December 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, 2025December 31, 2024
 Amortized
Cost		Estimated
Fair Market
Value		Amortized
Cost		Estimated
Fair Market
Value
Assets
Cash$22 $22 $13 $13 
Cash equivalents:
Money market funds554 554 993 993 
U.S. government treasury securities11 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 securities7 7 7 7 
Commercial paper1 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 cash5 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 CostEstimated Fair
Market Value
Due in one year or less$259 $259 
Due after one year 311 312 
Total $570 $571