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Selected Quarterly Financial Data (Unaudited) (Notes) | 12 Months Ended
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Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract] |
Selected Quarterly Financial Data (Unaudited) | SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) Revision of Third Quarter 2019 Financial Statements The Company performed an interim impairment analysis of goodwill and indefinite-lived intangible assets as of September 1, 2019 and early adopted the new goodwill guidance in connection with this assessment. The new standard has a new requirement that calls for the impairment charge and deferred tax effect to be adjusted using the "simultaneous equation method" which effectively grosses up the goodwill impairment charge to account for the related income tax benefit so that the resulting carrying value does not exceed the calculated fair value. When the Company recorded the impairment charge of $180 million for the Realogy Brokerage Group in the third quarter it did not apply the simultaneous equation method, which resulted in an understatement of the non-cash impairment charge for the quarter ended September 30, 2019. The Company evaluated the impact of the revision in accordance with SEC Staff Accounting Bulletin (SAB) No. 99, "Materiality" and concluded that it was not material to the third quarter 2019 reporting period. As such, the revision is reflected below and will be included in the third quarter 2020 Form 10-Q containing such financial information. As a result of the pending sale of Cartus Relocation Services, the Company met the held for sale requirements under ASC 360 and the discontinued operations criteria under ASC 205 in the fourth quarter of 2019. Therefore, amounts reported in the Company's Form 10-Q for the third quarter of 2019 were not adjusted for discontinued operations. The table below includes the "revised" numbers for the third quarter of 2019 as presented in the third quarter as well as "revised and adjusted for discontinued operations" to reflect the impact of discontinued operations as presented in the 10-K for the year ended December 31, 2019. The impact of the revision to the Condensed Consolidated Statements of Operations as filed in the Company's Form 10-Q for the three and nine months ended September 30, 2019, as well as for the three and nine months ended September 30, 2019 as a result of the revision are as follows:
| Three Months Ended September 30, 2019 |  |  |  |  |  |
| As Previously Reported |  | Adjustment |  | Revised |  | Revised and adjusted for discontinued operations
Expenses |  |  |  |  |  |  |
Impairments | $ | 183 |  |  | $ | 57 |  |  | $ | 240 |  |  | $ | 240 |
Total expenses | 1,713 |  |  | 57 |  |  | 1,770 |  |  | 1,700 |
Loss from continuing operations before income taxes, equity in earnings and noncontrolling interests | (84) |  |  | (57) |  |  | (141) |  |  | (150) |
Income tax benefit from continuing operations | (8) |  |  | (14) |  |  | (22) |  |  | (23) |
Net loss | (69) |  |  | (43) |  |  | (112) |  |  | (112) |
Net loss attributable to Realogy Holdings and Realogy Group | $ | (70) |  |  | $ | (43) |  |  | $ | (113) |  |  | $ | (113) |
Loss per share attributable to Realogy Holdings shareholders: |  |  |  |  |  |  |
Basic loss per share | $ | (0.61) |  |  | $ | (0.38) |  |  | $ | (0.99) |  |  | $ | (0.99) |
Diluted loss per share | $ | (0.61) |  |  | $ | (0.38) |  |  | $ | (0.99) |  |  | $ | (0.99) |
| Nine Months Ended September 30, 2019 |  |  |  |  |  |
| As Previously Reported |  | Adjustment |  | Revised |  | Revised and adjusted for discontinued operations
Expenses |  |  |  |  |  |  |
Impairments | $ | 186 |  |  | $ | 57 |  |  | $ | 243 |  |  | $ | 243 |
Total expenses | 4,600 |  |  | 57 |  |  | 4,657 |  |  | 4,441 |
Loss from continuing operations before income taxes, equity in earnings and noncontrolling interests | (122) |  |  | (57) |  |  | (179) |  |  | (173) |
Income tax benefit from continuing operations | (9) |  |  | (14) |  |  | (23) |  |  | (22) |
Net loss | (98) |  |  | (43) |  |  | (141) |  |  | (141) |
Net loss attributable to Realogy Holdings and Realogy Group | $ | (100) |  |  | $ | (43) |  |  | $ | (143) |  |  | $ | (143) |
Loss per share attributable to Realogy Holdings shareholders: |  |  |  |  |  |  |
Basic loss per share | $ | (0.88) |  |  | $ | (0.37) |  |  | $ | (1.25) |  |  | $ | (1.25) |
Diluted loss per share | $ | (0.88) |  |  | $ | (0.37) |  |  | $ | (1.25) |  |  | $ | (1.25) |
The impact of the change to the Condensed Consolidated Statements of Comprehensive Loss for the three and nine months ended September 30, 2019 as a result of the revision is as follows:
| Three Months Ended September 30, 2019 |  |  |  |  |  |
| As Previously Reported |  | Adjustment |  | Revised |  | Revised and adjusted for discontinued operations
Net loss | $ | (69) |  |  | $ | (43) |  |  | $ | (112) |  |  | $ | (112) |
Comprehensive loss | (70) |  |  | (43) |  |  | (113) |  |  | (113) |
Comprehensive loss attributable to Realogy Holdings and Realogy Group | $ | (71) |  |  | $ | (43) |  |  | $ | (114) |  |  | $ | (114) |
| Nine Months Ended September 30, 2019 |  |  |  |  |  |
| As Previously Reported |  | Adjustment |  | Revised |  | Revised and adjusted for discontinued operations
Net loss | $ | (98) |  |  | $ | (43) |  |  | $ | (141) |  |  | $ | (141) |
Comprehensive loss | (98) |  |  | (43) |  |  | (141) |  |  | (141) |
Comprehensive loss attributable to Realogy Holdings and Realogy Group | $ | (100) |  |  | $ | (43) |  |  | $ | (143) |  |  | $ | (143) |
The impact of the change to the Condensed Consolidated Balance Sheets as of September 30, 2019 as a result of the revision is as follows:
| As of September 30, 2019 |  |  |  |  |  |
| As Previously Reported |  | Adjustment |  | Revised |  | Revised and adjusted for discontinued operations
ASSETS |  |  |  |  |  |  |
Goodwill | $ | 3,532 |  |  | $ | (57) |  |  | $ | 3,475 |  |  | $ | 3,300 |
Total assets | 7,717 |  |  | (57) |  |  | 7,660 |  |  | 7,660 |
LIABILITIES AND EQUITY |  |  |  |  |  |  |
Deferred income taxes | 374 |  |  | (14) |  |  | 360 |  |  | 360 |
Total liabilities | 5,534 |  |  | (14) |  |  | 5,520 |  |  | 5,520 |
Accumulated deficit | (2,607) |  |  | (43) |  |  | (2,650) |  |  | (2,650) |
Total stockholders' equity | 2,179 |  |  | (43) |  |  | 2,136 |  |  | 2,136 |
Total equity | 2,183 |  |  | (43) |  |  | 2,140 |  |  | 2,140 |
Total liabilities and equity | $ | 7,717 |  |  | $ | (57) |  |  | $ | 7,660 |  |  | $ | 7,660 |
The impact of the change to the Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2019 as a result of the revision is as follows:
| Nine Months Ended September 30, 2019 |  |  |  |  |  |
| As Previously Reported |  | Adjustment |  | Revised |  | Revised and adjusted for discontinued operations
Operating Activities |  |  |  |  |  |  |
Net loss from continuing operations | $ | (98) |  |  | $ | (43) |  |  | $ | (141) |  |  | $ | (136) |
Adjustments to reconcile net loss from continuing operations to net cash provided by operating activities: |  |  |  |  |  |  |  |  |  |
Deferred income taxes | (16) |  |  | (14) |  |  | (30) |  |  | (29) |
Impairments | 186 |  |  | 57 |  |  | 243 |  |  | 243 |
Net cash provided by operating activities | $ | 230 |  |  | $ | — |  |  | $ | 230 |  |  | $ | 230 |
Selected Quarterly Financial Data Provided below is selected unaudited quarterly financial data for 2019 and 2018.
| 2019 |  |  |  |  |  |
| First (d) |  | Second (d) |  | Third (d) |  | Fourth
Net revenues |  |  |  |  |  |  |
Realogy Franchise Group | $ | 163 |  |  | $ | 234 |  |  | $ | 216 |  |  | $ | 190 |
Realogy Brokerage Group | 816 |  |  | 1,331 |  |  | 1,222 |  |  | 1,040 |
Realogy Title Group | 114 |  |  | 160 |  |  | 170 |  |  | 152 |
Realogy Leads Group | 16 |  |  | 26 |  |  | 24 |  |  | 17 |
Corporate and Other (a) | (55) |  |  | (87) |  |  | (82) |  |  | (69) |
Total Company | $ | 1,054 |  |  | $ | 1,664 |  |  | $ | 1,550 |  |  | $ | 1,330 |
(Loss) income from continuing operations before income taxes, equity in earnings and noncontrolling interests (b) |  |  |  |  |  |  |
Realogy Franchise Group | $ | 71 |  |  | $ | 142 |  |  | $ | 134 |  |  | $ | 108 |
Realogy Brokerage Group | (80) |  |  | 25 |  |  | (231) |  |  | (38) |
Realogy Title Group | (13) |  |  | 22 |  |  | 21 |  |  | 7 |
Realogy Leads Group | 8 |  |  | 16 |  |  | 16 |  |  | 11 |
Corporate and Other | (104) |  |  | (110) |  |  | (90) |  |  | (73) |
Total Company | $ | (118) |  |  | $ | 95 |  |  | $ | (150) |  |  | $ | 15 |
Net (loss) income from continuing operations attributable to Realogy Holdings shareholders | $ | (85) |  |  | $ | 68 |  |  | $ | (121) |  |  | $ | 17 |
Net (loss) income from discontinued operations attributable to Realogy Holdings shareholders | (14) |  |  | 1 |  |  | 8 |  |  | (62) |
Net (loss) income attributable to Realogy Holdings and Realogy Group | $ | (99) |  |  | $ | 69 |  |  | $ | (113) |  |  | $ | (45) |
(Loss) earnings per share attributable to Realogy Holdings (c): |  |  |  |  |  |  |
Basic (loss) earnings per share from continuing operations | $ | (0.75) |  |  | $ | 0.59 |  |  | $ | (1.06) |  |  | $ | 0.15 |
Basic (loss) earnings per share from discontinued operations | (0.12) |  |  | 0.01 |  |  | 0.07 |  |  | (0.54) |
Basic (loss) earnings per share | (0.87) |  |  | 0.60 |  |  | (0.99) |  |  | (0.39) |
Diluted (loss) earnings per share from continuing operations | (0.75) |  |  | 0.59 |  |  | (1.06) |  |  | 0.15 |
Diluted (loss) earnings per share from discontinued operations | (0.12) |  |  | 0.01 |  |  | 0.07 |  |  | (0.54) |
Diluted (loss) earnings per share | $ | (0.87) |  |  | $ | 0.60 |  |  | $ | (0.99) |  |  | $ | (0.39) |
_______________ (a)Represents the elimination of transactions primarily between Realogy Franchise Group and Realogy Brokerage Group. (b)The quarterly results include the following: •restructuring charges of $9 million, $9 million, $11 million and $13 million in the first, second, third and fourth quarters, respectively; •a goodwill impairment charge of $237 million in the third quarter which reduced the net carrying value of Realogy Brokerage Group by $180 million after accounting for the related income tax benefit of $57 million and $1 million, $2 million, $3 million and $6 million of other impairment charges primarily related to lease asset impairments incurred in the first, second, third and fourth quarters, respectively; •former parent legacy net cost of $1 million in the third quarter; and •a loss on the early extinguishment of debt of $5 million in the first quarter and a gain on the early extinguishment of debt of $10 million in the third quarter. (c)Basic and diluted EPS amounts in each quarter are computed using the weighted-average number of shares outstanding during that quarter, while basic and diluted EPS for the full year is computed using the weighted-average number of shares outstanding during the year. Therefore, the sum of the four quarters’ basic or diluted EPS may not equal the full year basic or diluted EPS (see Note 17 "Earnings (Loss) Per Share" for further information). (d)As a result of the pending sale of Cartus Relocation Services, the Company met held for sale requirements under ASC 360 and discontinued operations under ASC 205 in the fourth quarter of 2019. Therefore, amounts presented in the Company's Form 10-Qs for the periods prior to the fourth quarter of 2019 did not reflect discontinued operations, but have been adjusted to reflect discontinued operations in the tables above.
| 2018 |  |  |  |  |  |
| First (d) |  | Second (d) |  | Third (d) |  | Fourth (d)
Net revenues |  |  |  |  |  |  |
Realogy Franchise Group | $ | 176 |  |  | $ | 237 |  |  | $ | 221 |  |  | $ | 186 |
Realogy Brokerage Group | 917 |  |  | 1,408 |  |  | 1,268 |  |  | 1,014 |
Realogy Title Group | 120 |  |  | 162 |  |  | 162 |  |  | 136 |
Realogy Leads Group | 16 |  |  | 25 |  |  | 23 |  |  | 17 |
Corporate and Other (a) | (63) |  |  | (92) |  |  | (83) |  |  | (68) |
Total Company | $ | 1,166 |  |  | $ | 1,740 |  |  | $ | 1,591 |  |  | $ | 1,285 |
(Loss) income from continuing operations before income taxes, equity in earnings and noncontrolling interests (b) |  |  |  |  |  |  |
Realogy Franchise Group | $ | 85 |  |  | $ | 152 |  |  | $ | 141 |  |  | $ | 107 |
Realogy Brokerage Group | (76) |  |  | 45 |  |  | 22 |  |  | (37) |
Realogy Title Group | (8) |  |  | 26 |  |  | 18 |  |  | 1 |
Realogy Leads Group | 7 |  |  | 17 |  |  | 16 |  |  | 9 |
Corporate and Other | (66) |  |  | (73) |  |  | (67) |  |  | (102) |
Total Company | $ | (58) |  |  | $ | 167 |  |  | $ | 130 |  |  | $ | (22) |
Net (loss) income from continuing operations attributable to Realogy Holdings shareholders | $ | (49) |  |  | $ | 118 |  |  | $ | 93 |  |  | $ | (19) |
Net (loss) income from discontinued operations attributable to Realogy Holdings shareholders | (18) |  |  | 5 |  |  | 10 |  |  | (3) |
Net (loss) income attributable to Realogy Holdings and Realogy Group | $ | (67) |  |  | $ | 123 |  |  | $ | 103 |  |  | $ | (22) |
(Loss) earnings per share attributable to Realogy Holdings (c): |  |  |  |  |  |  |
Basic (loss) earnings per share from continuing operations | $ | (0.38) |  |  | $ | 0.93 |  |  | $ | 0.76 |  |  | $ | (0.16) |
Basic (loss) earnings per share from discontinued operations | (0.13) |  |  | 0.04 |  |  | 0.08 |  |  | (0.03) |
Basic (loss) earnings per share | (0.51) |  |  | 0.97 |  |  | 0.84 |  |  | (0.19) |
Diluted (loss) earnings per share from continuing operations | (0.38) |  |  | 0.92 |  |  | 0.75 |  |  | (0.16) |
Diluted (loss) earnings per share from discontinued operations | (0.13) |  |  | 0.04 |  |  | 0.08 |  |  | (0.03) |
Diluted (loss) earnings per share | $ | (0.51) |  |  | $ | 0.96 |  |  | $ | 0.83 |  |  | $ | (0.19) |
_______________ (a)Represents the elimination of transactions primarily between Realogy Franchise Group and Realogy Brokerage Group. (b)The quarterly results include the following: •restructuring charges of $22 million, $5 million, $9 million and $11 million in the first, second, third and fourth quarters, respectively; •former parent legacy net cost of $4 million in the fourth quarter; and •a loss on the early extinguishment of debt of $7 million in the first quarter. (c)Basic and diluted EPS amounts in each quarter are computed using the weighted-average number of shares outstanding during that quarter, while basic and diluted EPS for the full year is computed using the weighted-average number of shares outstanding during the year. Therefore, the sum of the four quarters’ basic or diluted EPS may not equal the full year basic or diluted EPS. (d)As a result of the pending sale of Cartus Relocation Services, the Company met held for sale requirements under ASC 360 and discontinued operations under ASC 205 in the fourth quarter of 2019. Therefore, amounts presented in the Company's Form 10-Qs for the periods prior to the fourth quarter of 2019 did not reflect discontinued operations, but have been adjusted to reflect discontinued operations in the tables above.

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- Definition The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -URI http://asc.fasb.org/topic&trid=2126967 + Details
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