v3.25.0.1
Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Schedule of Fair Value Measurement Inputs and Valuation Techniques
The following table presents the range and weighted average unobservable inputs used in determining the fair value of contingent consideration as of December 31, 2024:
Discount Rate
Probability of Achieving Performance Metrics
Range
5.70% - 5.87%
92% - 100%
Weighted average
5.81%96%
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:
December 31, 2024December 31, 2023
Range
47% - 100%
45% - 100%
Weighted average82%85%
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,
20242023
IRLCs
$217 $167 
Forward contracts(1)
$300 $218 
(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, 2024December 31, 2023
 Amortized
Cost		Estimated
Fair Market
Value		Amortized
Cost		Estimated
Fair Market
Value
Assets
Cash$13 $13 $50 $50 
Cash equivalents:
Money market funds993 993 1,440 1,440 
U.S. government treasury securities75 75 2 2 
Commercial paper1 1 — — 
Short-term investments:
U.S. government treasury securities(1)
594 591 1,149 1,143 
Corporate bonds
175 176 160 161 
U.S. government agency securities7 7 14 14 
Commercial paper2 2 — — 
Mortgage origination-related:
Mortgage loans held for sale— 159 — 100 
IRLCs - other current assets— 4 — 3 
Forward contracts - other current assets— 1 — — 
Restricted cash3 3 3 3 
Total assets measured at fair value on a recurring basis
$1,863 $2,025 $2,818 $2,916 
Liabilities
Mortgage origination-related:
Forward contracts - accrued expenses and other current liabilities$— $— $— $1 
Contingent consideration:
Contingent consideration - accrued expenses and other current liabilities— 33 — 30 
Contingent consideration - other long-term liabilities— 58 — 51 
Total liabilities measured at fair value on a recurring basis
$— $91 $— $82 
(1) The estimated fair market value includes $3 million and $6 million of gross unrealized losses as of December 31, 2024 and December 31, 2023, respectively.
Schedule of Debt Securities, Available-for-sale
The following table presents available-for-sale investments by contractual maturity date as of December 31, 2024 (in millions):
Amortized CostEstimated Fair
Market Value
Due in one year or less$336 $336 
Due after one year 442 440 
Total $778 $776