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Basis Of Presentation (Tables) | 6 Months Ended
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Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Fair Value Hierarchy | The following table summarizes fair value measurements by level at June 30, 2021 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) | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | 1 |
Interest rate swaps (included in other non-current liabilities) | — |  |  | 63 |  |  | — |  |  | 63 |
Contingent consideration for acquisitions (included in accrued expenses and other current liabilities and other non-current liabilities) | — |  |  | — |  |  | 3 |  |  | 3 |
The following table summarizes fair value measurements by level at December 31, 2020 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) | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | 1 |
Interest rate swaps (included in other non-current liabilities) | — |  |  | 81 |  |  | — |  |  | 81 |
Contingent consideration for acquisitions (included in accrued expenses and other current liabilities and other non-current liabilities) | — |  |  | — |  |  | 3 |  |  | 3 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | 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, 2020 |  | $ | 3 |
Additions: contingent consideration related to acquisitions completed during the period |  | 1 |
Reductions: payments of contingent consideration |  | (1) |
Changes in fair value (reflected in general and administrative expenses) |  | — |
Fair value of contingent consideration at June 30, 2021 |  | $ | 3 |
Fair Value, by Balance Sheet Grouping | 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:
| June 30, 2021 |  | December 31, 2020
Debt | Principal Amount |  | Estimated Fair Value (a) |  | Principal Amount |  | Estimated Fair Value (a)
Senior Secured Credit Facility: |  |  |  |  |  |  |
Non-extended Revolving Credit Commitment | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Extended Revolving Credit Commitment | — |  |  | — |  |  | — |  |  | — |
Term Loan B | 237 |  |  | 237 |  |  | 1,048 |  |  | 1,032 |
Term Loan A Facility: |  |  |  |  |  |  |
Non-extended Term Loan A | 197 |  |  | 189 |  |  | 684 |  |  | 671 |
Extended Term Loan A | 236 |  |  | 227 |  |  | — |  |  | — |
7.625% Senior Secured Second Lien Notes | 550 |  |  | 597 |  |  | 550 |  |  | 595 |
4.875% Senior Notes | 407 |  |  | 424 |  |  | 407 |  |  | 415 |
9.375% Senior Notes | 550 |  |  | 611 |  |  | 550 |  |  | 609 |
5.75% Senior Notes | 900 |  |  | 941 |  |  | — |  |  | — |
0.25% Exchangeable Senior Notes | 403 |  |  | 409 |  |  | — |  |  | — |
_______________ (a)The fair value of the Company's indebtedness is categorized as Level II.
Schedule of Derivative Instruments | As of June 30, 2021, the Company had interest rate swaps with an aggregate notional value of $1,000 million to offset the variability in cash flows resulting from the term loan facilities as follows:
Notional Value (in millions) |  | Commencement Date |  | Expiration Date |
$450 |  | November 2017 |  | November 2022 |
$400 |  | August 2020 |  | August 2025 |
$150 |  | November 2022 |  | November 2027 |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The fair value of derivative instruments was as follows:
Not Designated as Hedging Instruments |  | Balance Sheet Location |  | June 30, 2021 |  | December 31, 2020
Interest rate swap contracts |  | Other non-current liabilities |  | 63 |  |  | 81 |
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The effect of derivative instruments on earnings was as follows:
Derivative Instruments Not Designated as Hedging Instruments |  | Location of Loss or (Gain) Recognized for Derivative Instruments |  | Loss or (Gain) Recognized on Derivatives
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Interest rate swap contracts |  | Interest expense |  | $ | 6 |  |  | $ | 8 |  |  | $ | (7) |  |  | $ | 59 |
Disaggregation of Revenue | 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 June 30,
| Realogy Franchise Group |  | Realogy Brokerage Group |  | Realogy Title Group |  | Corporate and Other |  | Total Company
| 2021 |  | 2020 |  | 2021 |  | 2020 |  | 2021 |  | 2020 |  | 2021 |  | 2020 |  | 2021 |  | 2020
Gross commission income (a) | $ | — |  |  | $ | — |  |  | $ | 1,773 |  |  | $ | 919 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,773 |  |  | $ | 919 |
Service revenue (b) | 60 |  |  | 61 |  |  | 8 |  |  | 4 |  |  | 246 |  |  | 154 |  |  | — |  |  | — |  |  | 314 |  |  | 219 |
Franchise fees (c) | 259 |  |  | 148 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (112) |  |  | (63) |  |  | 147 |  |  | 85 |
Other (d) | 28 |  |  | 18 |  |  | 10 |  |  | 10 |  |  | 9 |  |  | 6 |  |  | (5) |  |  | (2) |  |  | 42 |  |  | 32 |
Net revenues | $ | 347 |  |  | $ | 227 |  |  | $ | 1,791 |  |  | $ | 933 |  |  | $ | 255 |  |  | $ | 160 |  |  | $ | (117) |  |  | $ | (65) |  |  | $ | 2,276 |  |  | $ | 1,255 |
| Six Months Ended June 30,
| Realogy Franchise Group |  | Realogy Brokerage Group |  | Realogy Title Group |  | Corporate and Other |  | Total Company
| 2021 |  | 2020 |  | 2021 |  | 2020 |  | 2021 |  | 2020 |  | 2021 |  | 2020 |  | 2021 |  | 2020
Gross commission income (a) | $ | — |  |  | $ | — |  |  | $ | 2,927 |  |  | $ | 1,769 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2,927 |  |  | $ | 1,769 |
Service revenue (b) | 107 |  |  | 125 |  |  | 15 |  |  | 9 |  |  | 441 |  |  | 287 |  |  | — |  |  | — |  |  | 563 |  |  | 421 |
Franchise fees (c) | 440 |  |  | 275 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (188) |  |  | (119) |  |  | 252 |  |  | 156 |
Other (d) | 54 |  |  | 47 |  |  | 20 |  |  | 24 |  |  | 15 |  |  | 10 |  |  | (8) |  |  | (4) |  |  | 81 |  |  | 77 |
Net revenues | $ | 601 |  |  | $ | 447 |  |  | $ | 2,962 |  |  | $ | 1,802 |  |  | $ | 456 |  |  | $ | 297 |  |  | $ | (196) |  |  | $ | (123) |  |  | $ | 3,823 |  |  | $ | 2,423 |
______________ (a)Gross commission income at Realogy Brokerage Group 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 Realogy Title Group and are recognized at a point in time at the closing of a homesale transaction. Service revenue at Realogy Franchise Group includes relocation fees, which are recognized as revenue when or as the related performance obligation is satisfied dependent on the type of service performed, and fees related to leads and related services, which are recognized at a point in time at the closing of a homesale transaction or at the completion of the related service. (c)Franchise fees at Realogy Franchise Group 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 from franchisees at Realogy Franchise Group and other miscellaneous revenues across all of the business segments.
Deferred Revenue by Arrangement | 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, 2021 |  | Additions during the period |  | Recognized as Revenue during the period |  | Ending Balance at June 30, 2021
Realogy Franchise Group: |  |  |  |  |  |  |
Deferred area development fees (a) | $ | 43 |  |  | $ | 1 |  |  | $ | (3) |  |  | $ | 41 |
Deferred brand marketing fund fees (b) | 14 |  |  | 51 |  |  | (46) |  |  | 19 |
Deferred outsourcing management fees (c) | 3 |  |  | 21 |  |  | (18) |  |  | 6 |
Other deferred income related to revenue contracts | 10 |  |  | 17 |  |  | (16) |  |  | 11 |
Total Realogy Franchise Group | 70 |  |  | 90 |  |  | (83) |  |  | 77 |
Realogy Brokerage Group: |  |  |  |  |  |  |
Advanced commissions related to development business (d) | 9 |  |  | 1 |  |  | — |  |  | 10 |
Other deferred income related to revenue contracts | 3 |  |  | 2 |  |  | (2) |  |  | 3 |
Total Realogy Brokerage Group | 12 |  |  | 3 |  |  | (2) |  |  | 13 |
Total | $ | 82 |  |  | $ | 93 |  |  | $ | (85) |  |  | $ | 90 |
_______________ (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 Realogy Brokerage Group. (c)The Company earns revenues from outsourcing management fees charged to clients that may cover several of the relocation services listed above, according to the clients' specific needs. 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. (d)New development closings generally have a development period of between 18 and 24 months from contracted date to closing.

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