Fair Value Measurements (Tables)

9 Months Ended

Sep. 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 dates presented:

	September 30, 2020	December 31, 2019
Range	41% - 100%	56% - 100%
Weighted average	67%	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):

	September 30, 2020
	Total		Level 1		Level 2		Level 3
Cash equivalents:
Money market funds	$	1,747,818	$	1,747,818	$	—	$	—
Treasury bills	5,000		—		5,000		—
U.S. government agency securities	1,162				1,162		—
Certificates of deposit	249		—		249		—
Short-term investments:
Treasury bills	1,360,084		—		1,360,084		—
U.S. government agency securities	499,991		—		499,991		—
Corporate notes and bonds	15,635		—		15,635		—
Municipal securities	8,679		—		8,679		—
Certificates of deposit	996		—		996		—
Mortgage origination-related:
Mortgage loans held for sale	125,324		—		125,324		—
IRLCs	9,420		—		—		9,420
Forward contracts - other current assets	110		—		110		—
Forward contracts - other current liabilities	(671)		—		(671)		—
Total	$	3,773,797	$	1,747,818	$	2,016,559	$	9,420

	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 nine month periods ended September 30, 2020 (in thousands, unaudited):

	Three Months Ended September 30, 2020		Nine Months Ended September 30, 2020
Balance, beginning of the period	$	5,091	$	937
Issuances	19,232		34,739
Transfers	(18,725)		(31,867)
Fair value changes recognized in earnings	3,822		5,611
Balance, end of period	$	9,420	$	9,420
(1) Beginning balance represents transfers of IRLCs from Level 2 to Level 3 within the fair value hierarchy as of January 1, 2020.