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Basis Of Presentation Basis of Presentation (Policies) | 9 Months Ended
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Sep. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Fair Value Measurement, Policy | The following tables present the Company’s assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy. The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value.
Level Input: |  | Input Definitions:
Level I |  | Inputs are unadjusted, quoted prices for identical assets or liabilities in active markets at the measurement date.
Level II |  | Inputs other than quoted prices included in Level I that are observable for the asset or liability through corroboration with market data at the measurement date.
Level III |  | Unobservable inputs that reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date.
The availability of observable inputs can vary from asset to asset and is affected by a wide variety of factors, including, for example, the type of asset, whether the asset is new and not yet established in the marketplace, and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level III. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The fair value of financial instruments is generally determined by reference to quoted market values. In cases where quoted market prices are not available, fair value is based on estimates using present value or other valuation techniques, as appropriate. The fair value of interest rate swaps is determined based upon a discounted cash flow approach. The Company measures financial instruments at fair value on a recurring basis and recognizes transfers within the fair value hierarchy at the end of the fiscal quarter in which the change in circumstances that caused the transfer occurred. The following table summarizes fair value measurements by level at September 30, 2019 for assets and liabilities measured at fair value on a recurring basis:
| Level I |  | Level II |  | Level III |  | Total
Deferred compensation plan assets (included in other non-current assets) | $ | 2 |  |  | $ | — |  |  | $ | — |  |  | $ | 2 |
Interest rate swaps (included in other current and non-current liabilities) | — |  |  | 60 |  |  | — |  |  | 60 |
Contingent consideration for acquisitions (included in accrued expenses and other current liabilities and other non-current liabilities) | — |  |  | — |  |  | 4 |  |  | 4 |
The following table summarizes fair value measurements by level at December 31, 2018 for assets and liabilities measured at fair value on a recurring basis:
| Level I |  | Level II |  | Level III |  | Total
Deferred compensation plan assets (included in other non-current assets) | $ | 2 |  |  | $ | — |  |  | $ | — |  |  | $ | 2 |
Interest rate swaps (included in other non-current assets) | — |  |  | 6 |  |  | — |  |  | 6 |
Interest rate swaps (included in other non-current liabilities) | — |  |  | 16 |  |  | — |  |  | 16 |
Contingent consideration for acquisitions (included in accrued expenses and other current liabilities and other non-current liabilities) | — |  |  | — |  |  | 10 |  |  | 10 |
The fair value of the Company’s contingent consideration for acquisitions is measured using a probability weighted-average discount rate to estimate future cash flows based upon the likelihood of achieving future operating results for individual acquisitions. These assumptions are deemed to be unobservable inputs and as such the Company’s contingent consideration is classified within Level III of the valuation hierarchy. The Company reassesses the fair value of the contingent consideration liabilities on a quarterly basis. The following table presents changes in Level III financial liabilities measured at fair value on a recurring basis:
|  | Level III
Fair value of contingent consideration at December 31, 2018 |  | $ | 10 |
Additions: contingent consideration related to acquisitions completed during the period |  | — |
Reductions: payments of contingent consideration |  | (4) |
Changes in fair value (reflected in general and administrative expenses) |  | (2) |
Fair value of contingent consideration at September 30, 2019 |  | $ | 4 |
The following table summarizes the principal amount of the Company’s indebtedness compared to the estimated fair value, primarily determined by quoted market values, at:
| September 30, 2019 |  |  |  | December 31, 2018 |  |
Debt | Principal Amount |  | Estimated Fair Value (a) |  | Principal Amount |  | Estimated Fair Value (a)
Senior Secured Credit Facility: |  |  |  |  |  |  |
Revolving Credit Facility | $ | 265 |  |  | $ | 265 |  |  | $ | 270 |  |  | $ | 270 |
Term Loan B | 1,061 |  |  | 1,009 |  |  | 1,069 |  |  | 1,010 |
Term Loan A Facility: |  |  |  |  |  |  |
Term Loan A | 722 |  |  | 695 |  |  | 736 |  |  | 707 |
4.50% Senior Notes | — |  |  | — |  |  | 450 |  |  | 447 |
5.25% Senior Notes | 550 |  |  | 547 |  |  | 550 |  |  | 524 |
4.875% Senior Notes | 407 |  |  | 377 |  |  | 500 |  |  | 434 |
9.375% Senior Notes | 550 |  |  | 507 |  |  | — |  |  | — |
Securitization obligations | 228 |  |  | 228 |  |  | 231 |  |  | 231 |
_______________ (a)The fair value of the Company's indebtedness is categorized as Level II.
Equity Method Investments, Policy | Equity Method Investments At September 30, 2019 and December 31, 2018, the Company had various equity method investments aggregating $66 million and $51 million, respectively, which are recorded within other non-current assets on the accompanying Condensed Consolidated Balance Sheets. The investment balances at September 30, 2019 and December 31, 2018 included $57 million and $43 million, respectively, for the Company's investment in Guaranteed Rate Affinity, LLC ("Guaranteed Rate Affinity"). For the three months ended September 30, 2019 and 2018, the Company recorded equity earnings of $7 million and equity losses of $1 million, respectively, at the Title and Settlement Services segment. For the nine months ended September 30, 2019 and 2018, the Company recorded equity earnings of $15 million and equity losses of $3 million, respectively, at the Title and Settlement Services segment. The Company received $2 million and $3 million in cash dividends from equity method investments during the nine months ended September 30, 2019 and 2018, respectively. The Company invested $2 million and $4 million of cash into Guaranteed Rate Affinity during the nine months ended September 30, 2019 and 2018, respectively.
Income Tax, Policy | Income Taxes The Company's provision for income taxes in interim periods is computed by applying its estimated annual effective tax rate against the income before income taxes for the period. In addition, non-recurring or discrete items are recorded in the period in which they occur. The provision for income taxes was a benefit of $8 million and an expense of $40 million for the three months ended September 30, 2019 and 2018, respectively, and a benefit of $9 million and an expense of $73 million for the nine months ended September 30, 2019 and 2018, respectively.
Derivatives, Policy | Derivative Instruments The Company records derivatives and hedging activities on the balance sheet at their respective fair values. The Company uses foreign currency forward contracts largely to manage its exposure to changes in foreign currency exchange rates associated with its foreign currency denominated receivables and payables. The Company primarily manages its foreign currency exposure to the Swiss Franc, Euro, British Pound and Canadian Dollar. The Company has not elected to utilize hedge accounting for these forward contracts; therefore, any change in fair value is recorded in the Condensed Consolidated Statements of Operations. However, the fluctuations in the value of these forward contracts generally offset the impact of changes in the value of the underlying risk that they are intended to economically hedge. As of September 30, 2019, the Company had outstanding foreign currency forward contracts in an asset position with a fair value of less than $1 million and a notional value of $33 million. As of December 31, 2018, the Company had outstanding foreign currency forward contracts in a liability position with a fair value of less than $1 million and a notional value of $27 million. The Company also enters into interest rate swaps to manage its exposure to changes in interest rates associated with its variable rate borrowings. As of September 30, 2019, the Company had interest rate swaps with an aggregate notional value of $1,600 million to offset the variability in cash flows resulting from the term loan facilities as follows:
Notional Value (in millions) |  | Commencement Date |  | Expiration Date
$600 |  | August 2015 |  | August 2020
$450 |  | November 2017 |  | November 2022
$400 |  | August 2020 |  | August 2025
$150 |  | November 2022 |  | November 2027
The swaps help to protect our outstanding variable rate borrowings from future interest rate volatility. The Company has not elected to utilize hedge accounting for these interest rate swaps; therefore, any change in fair value is recorded in the Condensed Consolidated Statements of Operations. The fair value of derivative instruments was as follows:
Not Designated as Hedging Instruments |  | Balance Sheet Location |  | September 30, 2019 |  | December 31, 2018
Interest rate swap contracts |  | Other non-current assets |  | $ | — |  |  | $ | 6 |
|  | Other current and non-current liabilities |  | 60 |  |  | 16 |
The effect of derivative instruments on earnings was as follows:
Derivative Instruments Not Designated as Hedging Instruments |  | Location of (Gain) or Loss Recognized for Derivative Instruments |  | (Gain) or Loss Recognized on Derivatives |  |  |  |  |  |
|  |  |  | Three Months Ended September 30, |  |  |  | Nine Months Ended September 30, |  |
|  |  |  | 2019 |  | 2018 |  | 2019 |  | 2018
Interest rate swap contracts |  | Interest expense |  | $ | 12 |  |  | $ | (7) |  |  | $ | 50 |  |  | $ | (19) |
Foreign exchange contracts |  | Operating expense |  | (1) |  |  | — |  |  | (1) |  |  | (1) |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy | Restricted Cash Restricted cash primarily relates to amounts specifically designated as collateral for the repayment of outstanding borrowings under the Company’s securitization facilities. Such amounts approximated $12 million and $13 million at September 30, 2019 and December 31, 2018, respectively.
Revenue [Policy Text Block] | Revenue Revenue is recognized upon the transfer of control of promised services to customers in an amount that reflects the consideration the Company expects to receive in exchange for those services in accordance with the revenue standard. The Company's revenue is disaggregated by major revenue categories on our Condensed Consolidated Statements of Operations and further disaggregated by business segment as follows:
| Three Months Ended September 30, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Real Estate Franchise Services |  |  |  | Company Owned Real Estate Brokerage Services |  |  |  | Relocation Services |  |  |  | Title & Settlement Services |  |  |  | Corporate and Other |  |  |  | Total Company |  |
| 2019 |  | 2018 |  | 2019 |  | 2018 |  | 2019 |  | 2018 |  | 2019 |  | 2018 |  | 2019 |  | 2018 |  | 2019 |  | 2018
Gross commission income (a) | $ | — |  |  | $ | — |  |  | $ | 1,201 |  |  | $ | 1,246 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,201 |  |  | $ | 1,246 |
Service revenue (b) | — |  |  | — |  |  | 2 |  |  | 3 |  |  | 102 |  |  | 107 |  |  | 165 |  |  | 158 |  |  | — |  |  | — |  |  | 269 |  |  | 268 |
Franchise fees (c) | 186 |  |  | 189 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (78) |  |  | (80) |  |  | 108 |  |  | 109 |
Other (d) | 30 |  |  | 32 |  |  | 19 |  |  | 19 |  |  | 1 |  |  | 1 |  |  | 5 |  |  | 4 |  |  | (4) |  |  | (3) |  |  | 51 |  |  | 53 |
Net revenues | $ | 216 |  |  | $ | 221 |  |  | $ | 1,222 |  |  | $ | 1,268 |  |  | $ | 103 |  |  | $ | 108 |  |  | $ | 170 |  |  | $ | 162 |  |  | $ | (82) |  |  | $ | (83) |  |  | $ | 1,629 |  |  | $ | 1,676 |
| Nine Months Ended September 30, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Real Estate Franchise Services |  |  |  | Company Owned Real Estate Brokerage Services |  |  |  | Relocation Services |  |  |  | Title & Settlement Services |  |  |  | Corporate and Other |  |  |  | Total Company |  |
| 2019 |  | 2018 |  | 2019 |  | 2018 |  | 2019 |  | 2018 |  | 2019 |  | 2018 |  | 2019 |  | 2018 |  | 2019 |  | 2018
Gross commission income (a) | $ | — |  |  | $ | — |  |  | $ | 3,310 |  |  | $ | 3,536 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3,310 |  |  | $ | 3,536 |
Service revenue (b) | — |  |  | — |  |  | 7 |  |  | 7 |  |  | 273 |  |  | 289 |  |  | 430 |  |  | 432 |  |  | — |  |  | — |  |  | 710 |  |  | 728 |
Franchise fees (c) | 505 |  |  | 531 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (215) |  |  | (229) |  |  | 290 |  |  | 302 |
Other (d) | 108 |  |  | 103 |  |  | 52 |  |  | 50 |  |  | 3 |  |  | 3 |  |  | 14 |  |  | 12 |  |  | (9) |  |  | (9) |  |  | 168 |  |  | 159 |
Net revenues | $ | 613 |  |  | $ | 634 |  |  | $ | 3,369 |  |  | $ | 3,593 |  |  | $ | 276 |  |  | $ | 292 |  |  | $ | 444 |  |  | $ | 444 |  |  | $ | (224) |  |  | $ | (238) |  |  | $ | 4,478 |  |  | $ | 4,725 |
______________ (a)Consists primarily of revenues related to gross commission income at the Company Owned Real Estate Brokerage Services segment which is recognized at a point in time at the closing of a homesale transaction. (b)Service revenue primarily consists of title and escrow fees at the Title and Settlement Services segment, which are recognized at a point in time at the closing of a homesale transaction, and relocation fees at the Relocation Services segment, which are recognized as revenue when or as the related performance obligation is satisfied, which is dependent on the type of service performed. (c)Franchise fees at the Real Estate Franchise Services segment primarily include domestic royalties which are recognized at a point in time when the underlying franchisee revenue is earned (upon close of the homesale transaction). (d)Other revenue is comprised of brand marketing funds received at the Real Estate Franchise Services segment from franchisees, third-party listing fees and other miscellaneous revenues across all of the business segments. The following table shows the change in the Company's contract liabilities (deferred revenue) related to revenue contracts by reportable segment for the period:
| Beginning Balance at January 1, 2019 |  | Additions during the period |  | Recognized as Revenue during the period |  | Ending Balance at September 30, 2019
Real Estate Franchise Services: |  |  |  |  |  |  |
Deferred area development fees (a) | $ | 54 |  |  | $ | 1 |  |  | $ | (6) |  |  | $ | 49 |
Deferred brand marketing fund fees (b) | 12 |  |  | 69 |  |  | (72) |  |  | 9 |
Other deferred income related to revenue contracts | 12 |  |  | 24 |  |  | (27) |  |  | 9 |
Total Real Estate Franchise Services | 78 |  |  | 94 |  |  | (105) |  |  | 67 |
Company Owned Real Estate Brokerage Services: |  |  |  |  |  |  |
Advanced commissions related to development business (c) | 10 |  |  | 2 |  |  | (2) |  |  | 10 |
Other deferred income related to revenue contracts | 4 |  |  | 5 |  |  | (5) |  |  | 4 |
Total Company Owned Real Estate Brokerage Services | 14 |  |  | 7 |  |  | (7) |  |  | 14 |
Relocation Services: |  |  |  |  |  |  |
Deferred broker network fees (d) | — |  |  | 10 |  |  | (6) |  |  | 4 |
Deferred outsourcing fees (e) | 4 |  |  | 44 |  |  | (44) |  |  | 4 |
Other deferred income related to revenue contracts | 5 |  |  | 19 |  |  | (20) |  |  | 4 |
Total Relocation Services | 9 |  |  | 73 |  |  | (70) |  |  | 12 |
Total | $ | 101 |  |  | $ | 174 |  |  | $ | (182) |  |  | $ | 93 |
_______________ (a)The Company collects initial area development fees ("ADF") for international territory transactions, which are recorded as deferred revenue when received and recognized into franchise revenue over the average 25 year life of the related franchise agreement as consideration for the right to access and benefit from Realogy’s brands. In the event an ADF agreement is terminated prior to the end of its term, the unamortized deferred revenue balance will be recognized into revenue immediately upon termination. (b)Revenues recognized include intercompany marketing fees paid by the Company Owned Real Estate Brokerage Services segment. (c)New development closings generally have a development period of between 18 and 24 months from contracted date to closing. (d)Network fees are generally billed annually and recognized into revenue on a straight-line basis each month during the membership period. (e)Outsourcing management fees are recorded as deferred revenue when billed (usually at the start of the relocation) and are recognized as revenue over the average time period required to complete the transferee's move, or a phase of the move that the fee covers, which is typically 3 to 6 months depending on the move type.
New Accounting Pronouncements, Policy | Recently Adopted Accounting Pronouncements In January 2017, the FASB issued Accounting Standard Update No. 2017-04 (Topic 350), "Simplifying the Test of Goodwill Impairment." This update simplifies how the Company is required to test goodwill for impairment by eliminating step two, which requires a hypothetical purchase price allocation, from the goodwill impairment test. Under the new guidance, goodwill impairment will equal the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. The standard is effective for interim or annual goodwill impairment tests during fiscal years beginning after December 15, 2019, with early adoption permitted, and should be applied prospectively. The Company elected to early adopt this standard and the new goodwill impairment guidance was applied to our goodwill impairment test performed as of September 1, 2019. In August 2018, the SEC issued a final rule that amends certain disclosure requirements as part of the SEC’s overall project to improve disclosure effectiveness and simplify compliance. The final rule eliminates redundant, duplicative and overlapping requirements which are substantially similar to current GAAP or other SEC disclosure requirements, as well as amends or removes outdated and superseded requirements. However, in some situations, the amendments expanded disclosure requirements, such as an analysis of changes in stockholders’ equity will now be required for the current and comparative quarter and year-to-date interim periods. The Company applied the amendments in the final rule to its Annual Report on Form 10-K for the year ended December 31, 2018 and the interim disclosure requirements to this quarterly report on Form 10-Q. Adoption of the New Leasing Standard In February 2016, the FASB issued Accounting Standard Update No. 2016-02 (Topic 842) "Leases" (the "new leasing standard") which requires virtually all leases to be recognized on the balance sheet. Effective January 1, 2019, the Company adopted the new leasing standard using the modified retrospective transition approach with optional transition relief and recognized the cumulative effect of applying the new leasing standard to existing contracts on the balance sheet on January 1, 2019. Therefore, results for reporting periods beginning after January 1, 2019 are presented under the new leasing standard; however, the comparative prior period amounts have not been restated and continue to be reported in accordance with historic accounting under ASC Topic 840. The most significant effects of adoption of the new leasing standard relate to the recognition of new right-of-use assets and lease liabilities on the balance sheet for operating leases. The new leasing standard did not impact our Condensed Consolidated Statement of Operations and Condensed Consolidated Statement of Cash Flows. The impact of the changes to the Condensed Consolidated Balance Sheets for the adoption of the new leasing standard were as follows:
| Balance Sheet accounts prior to the new leasing standard adoption adjustments |  | Adjustments due to the adoption of the new leasing standard |  | Balance Sheet accounts after the new leasing standard adoption adjustments
ASSETS |  |  |  |  |
Current assets: |  |  |  |  |
Other current assets | $ | 153 |  |  | $ | (14) |  |  | $ | 139 |
Total current assets | 768 |  |  | (14) |  |  | 754 |
Operating lease assets, net | — |  |  | 567 |  |  | 567 |
Other non-current assets | 276 |  |  | (1) |  |  | 275 |
Total assets (a) | $ | 7,290 |  |  | $ | 552 |  |  | $ | 7,842 |
LIABILITIES AND EQUITY |  |  |  |  |
Current liabilities: |  |  |  |  |
Current portion of operating lease liabilities | $ | — |  |  | $ | 126 |  |  | $ | 126 |
Accrued expenses and other current liabilities | 401 |  |  | (12) |  |  | 389 |
Total current liabilities | 1,527 |  |  | 114 |  |  | 1,641 |
Long-term operating lease liabilities | — |  |  | 500 |  |  | 500 |
Other non-current liabilities | 259 |  |  | (62) |  |  | 197 |
Total liabilities | 4,975 |  |  | 552 |  |  | 5,527 |
Total equity | 2,315 |  |  | — |  |  | 2,315 |
Total liabilities and equity | $ | 7,290 |  |  | $ | 552 |  |  | $ | 7,842 |
_______________ (a)The $552 million adjustment to Total assets due to the adoption of the new leasing standard consists of $414 million at the Company Owned Real Estate Brokerage Services segment, $52 million at the Corporate and Other segment, $46 million at the Title and Settlement Services segment and $40 million at the Relocation Services Segment. The Company elected a package of practical expedients that were consequently applied to all leases. The Company did not reassess whether expired or existing contracts contain leases under the new definition of a lease, lease classification for expired or existing leases, nor whether previously capitalized initial direct costs would qualify for capitalization under the new standard. Upon transition, the Company did not elect to use hindsight with respect to lease renewals and purchase options when accounting for existing leases, as well as assessing the impairment of right-of-use assets. Therefore, lease terms largely remained unchanged. In addition, the Company elected the short-term lease recognition exemption and did not recognize a lease obligation and right-of-use asset on its balance sheet for all leases with terms of 12 months or less. The Company elected the practical expedient to combine lease and non-lease components in total gross rent for all of its leases which resulted in a larger lease liability recorded on the balance sheet. Recently Issued Accounting Pronouncements The Company considers the applicability and impact of all Accounting Standards Updates ("ASUs"). Recently issued ASUs were assessed and determined to be either not applicable or are expected to have minimal impact on our consolidated financial position or results of operations.

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