Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2020

Fair Value Disclosures [Abstract]

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 periods presented:

	June 30, 2020	December 31, 2019
Range	40% - 100%	56% - 100%
Weighted average	70%	78%

Summary of Balances of Cash Equivalents and Investments

The following tables present the balances of assets and liabilities measured at fair value on a recurring basis, by level within the fair value hierarchy, as of the dates presented (in thousands):

	June 30, 2020
	Total		Level 1		Level 2		Level 3
Cash equivalents:
Money market funds	$	1,784,896	$	1,784,896	$	—	$	—
Treasury bills	70,189		—		70,189		—
Short-term investments:
Treasury bills	963,231		—		963,231		—
U.S. government agency securities	465,715		—		465,715		—
Corporate notes and bonds	30,213		—		30,213		—
Municipal securities	16,538		—		16,538		—
Commercial paper	14,972		—		14,972		—
Certificates of deposit	498		—		498		—
Mortgage origination-related:
Mortgage loans held for sale	75,021		—		75,021		—
IRLCs	5,091		—		—		5,091
Forward contracts - other current liabilities	961		—		961		—
Total	$	3,427,325	$	1,784,896	$	1,637,338	$	5,091

	December 31, 2019
	Total		Level 1		Level 2
Cash equivalents:
Money market funds	$	872,431	$	872,431	$	—
U.S. government agency securities	35,009		—		35,009
Commercial paper	31,113		—		31,113
Treasury bills	6,441		—		6,441
Corporate notes and bonds	1,065		—		1,065
Certificates of deposit	249		—		249
Short-term investments:
U.S. government agency securities	862,154		—		862,154
Corporate notes and bonds	159,431		—		159,431
Commercial paper	150,267		—		150,267
Treasury bills	80,003		—		80,003
Municipal securities	27,889		—		27,889
Certificates of deposit	1,245		—		1,245
Mortgage origination-related:
Mortgage loans held for sale	36,507		—		36,507
IRLCs	937		—		937
Forward contracts - other current assets	7		—		7
Forward contracts - other current liabilities	(60)		—		(60)
Total	$	2,264,688	$	872,431	$	1,392,257

Schedule of Changes in IRLCs

The following table presents the changes in our IRLCs during the three and six month periods ended June 30, 2020 (in thousands):

	Three Months Ended June 30, 2020		Six Months Ended June 30, 2020 (1)
Balance, beginning of the period	$	2,225	$	937
Issuances	10,142		15,507
Transfers	(8,586)		(13,142)
Fair value changes recognized in earnings	1,310		1,789
Balance, end of period	$	5,091	$	5,091
(1) Beginning balance represents transfers of IRLCs from Level 2 to Level 3 within the fair value hierarchy as of January 1, 2020.