XML 27 R5.htm IDEA: XBRL DOCUMENT v3.21.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Operating Activities    
Net income (loss) $ 34 $ (462)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Depreciation and amortization 51 45
Deferred income taxes 15 (137)
Impairments [1] 1 477
Amortization of deferred financing costs and debt discount (premium) 3 2
Loss on the early extinguishment of debt 17 0
Equity in earnings of unconsolidated entities 31 9
Stock-based compensation 6 6
Mark-to-market adjustments on derivatives (13) 51
Other adjustments to net income (loss) (2) 0
Net change in assets and liabilities, excluding the impact of acquisitions and dispositions:    
Trade receivables (3) (15)
Relocation receivables (4) 14
Other assets (14) (26)
Accounts payable, accrued expenses and other liabilities (117) (23)
Dividends received from unconsolidated entities 31 1
Other, net (11) (6)
Net cash used in operating activities (37) (82)
Investing Activities    
Property and equipment additions (23) (29)
Proceeds from the sale of assets 2 0
Investment in unconsolidated entities (6) (1)
Other, net (5) (9)
Net cash used in investing activities (32) (39)
Financing Activities    
Net change in Revolving Credit Facility 0 565
Payments for refinancing of Term Loan A Facility and Term Loan B Facility (905) 0
Proceeds from issuance of Senior Notes 905 0
Amortization payments on term loan facilities (3) (7)
Net change in securitization obligations (7) (43)
Debt issuance costs (8) 0
Cash paid for fees associated with early extinguishment of debt (11) 0
Taxes paid related to net share settlement for stock-based compensation (8) (4)
Other, net (8) (11)
Net cash (used in) provided by financing activities (45) 500
Effect of changes in exchange rates on cash, cash equivalents and restricted cash 0 (1)
Net (decrease) increase in cash, cash equivalents and restricted cash (114) 378
Cash, cash equivalents and restricted cash, beginning of period 523 266
Cash, cash equivalents and restricted cash, end of period 409 644
Supplemental Disclosure of Cash Flow Information    
Interest payments (including securitization interest of $1 and $2 respectively) 14 20
Income tax payments (refunds), net 2 (1)
Payments to Acquire Retained Interest in Securitized Receivables $ 1 $ 2
[1] Impairments for the three months ended March 31, 2021 relate to lease asset impairments. Non-cash impairments for the three months ended March 31, 2020 include:
•a goodwill impairment charge of $413 million related to Realogy Brokerage Group;
•an impairment charge of $30 million related to Realogy Franchise Group's trademarks;
•$30 million of impairment charges during the three months ended March 31, 2020 (while Cartus Relocation Services was held for sale) to reduce the net assets to the estimated proceeds; and
•other asset impairments of $4 million primarily related to lease asset impairments.