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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Operating Activities    
Net income (loss) $ 185 $ (475)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 102 91
Deferred income taxes 65 (141)
Impairments [1] 2 540
Amortization of deferred financing costs and debt discount (premium) 6 5
Loss on the early extinguishment of debt 18 8
Gain on the sale of a business [2] (15) 0
Equity in earnings of unconsolidated entities 41 45
Stock-based compensation 14 10
Mark-to-market adjustments on derivatives (7) 59
Other adjustments to net income (loss) (2) 0
Net change in assets and liabilities, excluding the impact of acquisitions and dispositions:    
Trade receivables (14) (3)
Relocation receivables (67) 11
Other assets (14) (8)
Accounts payable, accrued expenses and other liabilities (63) (29)
Dividends received from unconsolidated entities 38 22
Other, net (21) (12)
Net cash provided by operating activities 186 33
Investing Activities    
Property and equipment additions (50) (49)
Proceeds from the sale of business 15 0
Investment in unconsolidated entities (7) (2)
Other, net (9) (12)
Net cash used in investing activities (51) (63)
Financing Activities    
Net change in Revolving Credit Facility 0 625
Payments for refinancing of Term Loan A Facility and Term Loan B Facility (1,055) 0
Proceeds from issuance of Senior Notes 905 0
Proceeds from issuance of Senior Secured Second Lien Notes 0 550
Redemption of Senior Notes 0 (550)
Proceeds from issuance of Exchangeable Senior Notes 403 0
Payments for Hedge, Financing Activities (67) 0
Proceeds from issuance of Exchangeable Senior Notes warrant transactions 46 0
Amortization payments on term loan facilities (6) (19)
Net change in securitization obligations 40 (92)
Debt issuance costs (20) (8)
Cash paid for fees associated with early extinguishment of debt (11) (7)
Taxes paid related to net share settlement for stock-based compensation (9) (5)
Other, net (18) (26)
Net cash provided by financing activities 208 468
Effect of changes in exchange rates on cash, cash equivalents and restricted cash 0 0
Net increase in cash, cash equivalents and restricted cash 343 438
Cash, cash equivalents and restricted cash, beginning of period 523 266
Cash, cash equivalents and restricted cash, end of period 866 704
Supplemental Disclosure of Cash Flow Information    
Interest payments (including securitization interest of $2 and $3 respectively) 83 105
Income tax payments, net 13 0
Payments to Acquire Retained Interest in Securitized Receivables $ 2 $ 3
[1] Impairments for the three and six months ended June 30, 2021 primarily relate to lease asset and software impairments.
Non-cash impairments for the three months ended June 30, 2020 include $44 million of impairment charges during the three months ended June 30, 2020 (while Cartus Relocation Services was held for sale) to reduce the net assets to the estimated proceeds and other asset impairments of $19 million primarily related to lease asset impairments.
Non-cash impairments for the six months ended June 30, 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;
•$74 million of impairment charges during the six months ended June 30, 2020 (while Cartus Relocation Services was held for sale) to reduce the net assets to the estimated proceeds; and
•other asset impairments of $23 million primarily related to lease asset impairments.
[2] Gain on the sale of a business is recorded in Realogy Brokerage Group.