v3.26.1
Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Schedule of Fair Value Measurement Inputs and Valuation Techniques 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:
March 31, 2026December 31, 2025
Range
45% - 100%
47% - 100%
Weighted-average85%86%
Schedule of Changes in IRLCs
The following table presents the changes in our IRLCs for the periods presented (in millions):
Three Months Ended
March 31,
20262025
Balance, beginning of the period$8 $4 
Issuances32 21 
Transfers(28)(18)
Balance, end of period$12 $7 
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):
March 31, 2026December 31, 2025
IRLCs
$760 $402 
Forward contracts(1)
910 696 
(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):
 March 31, 2026December 31, 2025
 Amortized
Cost		Estimated
Fair Market
Value		Amortized
Cost		Estimated
Fair Market
Value
Assets
Cash$23 $23 $19 $19 
Cash equivalents:
Money market funds655 655 659 659 
U.S. government treasury securities— — 90 90 
Short-term investments:
U.S. government treasury securities
37 37 369 370 
Corporate bonds
68 68 149 150 
U.S. government agency securities— — 7 7 
Mortgage origination-related:
Mortgage loans held for sale— 361 — 386 
IRLCs - prepaid expenses and other current assets
— 12 — 8 
Forward contracts - prepaid expenses and other current assets
— 5 — — 
Restricted cash5 5 5 5 
Total assets measured at fair value on a recurring basis
$788 $1,166 $1,298 $1,694 
Liabilities
Mortgage origination-related:
Forward contracts - accrued expenses and other current liabilities$— $— $— $1 
Contingent consideration:
Contingent consideration - accrued expenses and other current liabilities— 32 — 33 
Contingent consideration - other long-term liabilities— — — 31 
Total liabilities measured at fair value on a recurring basis
$— $32 $— $65 
Schedule of Debt Securities, Available-for-sale
The following table presents available-for-sale investments by contractual maturity date as of March 31, 2026 (in millions):
Amortized CostEstimated Fair
Market Value
Due in one year or less$26 $26 
Due after one year 79 79 
Total $105 $105