v3.25.4
Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value Measurement Inputs and Valuation Techniques
The following table presents the ranges and weighted average unobservable inputs used in determining the fair value of contingent consideration as of the dates presented:
December 31,
20252024
Discount Rate
Probability of Achieving Performance Metrics
Discount Rate
Probability of Achieving Performance Metrics
Range
5.18% - 5.34%
96% - 100%
5.70%- 5.87%
92% - 100%
Weighted average
5.26%98%5.81%96%
The following table presents the ranges and weighted-average pull-through rates used in determining the fair value of IRLCs as of the dates presented:
December 31,
20252024
Range
47% - 100%
47% - 100%
Weighted average86%82%
Schedule of Changes in IRLCs
The following table presents the changes in our IRLCs for the periods presented (in millions):
Year Ended December 31,
20252024
Balance, beginning of the period$4 $3 
Issuances94 54 
Transfers(92)(53)
Fair value changes2 — 
Balance, end of period$8 $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):
December 31,
20252024
IRLCs
$402 $217 
Forward contracts(1)
$696 $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):
 December 31, 2025December 31, 2024
 Amortized
Cost		Estimated
Fair Market
Value		Amortized
Cost		Estimated
Fair Market
Value
Assets
Cash$19 $19 $13 $13 
Cash equivalents:
Money market funds659 659 993 993 
U.S. government treasury securities90 90 75 75 
Commercial paper— — 1 1 
Short-term investments:
U.S. government treasury securities
369 370 594 591 
Corporate bonds
149 150 175 176 
U.S. government agency securities7 7 7 7 
Commercial paper— — 2 2 
Mortgage origination-related:
Mortgage loans held for sale— 386 — 159 
IRLCs - prepaid expenses and other current assets— 8 — 4 
Forward contracts - prepaid expenses and other current assets— — — 1 
Restricted cash5 5 3 3 
Total assets measured at fair value on a recurring basis
$1,298 $1,694 $1,863 $2,025 
Liabilities
Mortgage origination-related:
Forward contracts - accrued expenses and other current liabilities$— $1 $— $— 
Contingent consideration:
Contingent consideration - accrued expenses and other current liabilities— 33 — 33 
Contingent consideration - other long-term liabilities— 31 — 58 
Total liabilities measured at fair value on a recurring basis
$— $65 $— $91 
Schedule of Debt Securities, Available-for-sale
The following table presents available-for-sale investments by contractual maturity date as of December 31, 2025 (in millions):
Amortized CostEstimated Fair
Market Value
Due in one year or less$285 $286 
Due after one year 240 241 
Total $525 $527