Selected Quarterly Financial Data (Unaudited) (Notes)

12 Months Ended

Dec. 31, 2020

Quarterly Financial Information Disclosure [Abstract]

Selected Quarterly Financial Data (Unaudited)

SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)

Selected quarterly financial data is presented for each quarter of the two most recent fiscal years to reflect a material retrospective change due to management's determination that the held for sale and discontinued operations criteria in ASC Topic 360 and ASC Topic 205 were no longer met for Cartus Relocation Services during the fourth quarter of 2020. As a result, the results of Cartus Relocation Services have been reclassified from discontinued operations to continuing operations and included in the Realogy Franchise Group segment for all periods presented. Amounts have been adjusted to reflect Cartus Relocation Services as continuing operations in the tables below.

Provided below is selected unaudited quarterly financial data for 2020 and 2019.


	2020
	First		Second		Third		Fourth
Net revenues
Realogy Franchise Group	$	220	$	227	$	314	$	298
Realogy Brokerage Group	869		933		1,479		1,461
Realogy Title Group	137		160		213		226
Corporate and Other (a)	(58)		(65)		(97)		(96)
Total Company	$	1,168	$	1,255	$	1,909	$	1,889
(Loss) income before income taxes, equity in earnings and noncontrolling interests (b)
Realogy Franchise Group	$	15	$	42	$	112	$	84
Realogy Brokerage Group	(493)		(18)		32		1
Realogy Title Group	(1)		21		36		25
Corporate and Other	(133)		(99)		(98)		(117)
Total Company	$	(612)	$	(54)	$	82	$	(7)
Net (loss) income attributable to Realogy Holdings and Realogy Group	$	(462)	$	(14)	$	98	$	18

(Loss) earnings per share attributable to Realogy Holdings (c):
Basic (loss) earnings per share	$	(4.03)	$	(0.12)	$	0.85	$	0.16
Diluted (loss) earnings per share	(4.03)		(0.12)		0.84		0.15

_______________

(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 $12 million, $18 million, $17 million and $20 million in the first, second, third and fourth quarters, respectively;

•a goodwill impairment charge of $413 million related to Realogy Brokerage Group and an impairment charge of $30 million related to Realogy Franchise Group's trademarks during the first quarter;

•$30 million, $44 million and $59 million of reserves recorded during the three months ended March 31, 2020, June 30, 2020 and September 30, 2020, respectively, (while Cartus Relocation Services was held for sale) to reduce the net assets to the estimated proceeds which were included in Impairments in connection with the reclassification of Cartus Relocation Services as continuing operations during the fourth quarter of 2020;

•a goodwill impairment charge of $22 million related to Cartus Relocation Services and an impairment charge of $34 million related to Cartus Relocation Services' trademarks during the fourth quarter;

•$4 million, $19 million, $11 million and $16 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 $8 million in the second 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 16, "Earnings (Loss) Per Share", for further information).


	2019
	First		Second		Third		Fourth
Net revenues
Realogy Franchise Group	$	239	$	331	$	319	$	269
Realogy Brokerage Group	816		1,331		1,222		1,040
Realogy Title Group	114		160		170		152
Corporate and Other (a)	(55)		(87)		(82)		(69)
Total Company	$	1,114	$	1,735	$	1,629	$	1,392
(Loss) income before income taxes, equity in earnings and noncontrolling interests (b)
Realogy Franchise Group	$	66	$	165	$	161	$	94
Realogy Brokerage Group	(80)		25		(231)		(38)
Realogy Title Group	(13)		22		21		7
Corporate and Other	(108)		(115)		(92)		(73)
Total Company	$	(135)	$	97	$	(141)	$	(10)
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	$	(0.87)	$	0.60	$	(0.99)	$	(0.39)
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 $12 million, $9 million, $11 million and $20 million in the first, second, third and fourth quarters, respectively;

•a goodwill impairment charge of $237 million related to Realogy Brokerage Group during the third quarter;

•a $22 million reduction to record net assets held for sale at the lower of carrying value or fair value, less costs to sell, for Cartus Relocations Services which was presented as held for sale at December 31, 2019;

•$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.