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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Operating Activities    
Net income (loss) $ 301 $ (376)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 152 134
Deferred income taxes 76 (112)
Impairments [1] 3 610
Amortization of deferred financing costs and debt discount (premium) 12 8
Loss on the early extinguishment of debt 21 8
Gain on the sale of business, net [2] (14) 0
Equity in earnings of unconsolidated entities 52 98
Stock-based compensation 21 19
Mark-to-market adjustments on derivatives (8) 59
Other adjustments to net income (loss) (2) (1)
Net change in assets and liabilities, excluding the impact of acquisitions and dispositions:    
Trade receivables (13) (24)
Relocation receivables (46) 2
Other assets (12) 15
Accounts payable, accrued expenses and other liabilities 32 137
Dividends received from unconsolidated entities 49 59
Other, net (31) (22)
Net cash provided by operating activities 489 418
Investing Activities    
Property and equipment additions (71) (69)
Proceeds from the sale of business 15 0
Investment in unconsolidated entities (7) (2)
Other, net (5) (13)
Net cash used in investing activities (68) (84)
Financing Activities    
Net change in Revolving Credit Facility 0 (50)
Repayments of Term Loan A Facility and Term Loan B Facility (1,490) 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 purchase of Exchangeable Senior Notes hedge transactions (67) 0
Proceeds from issuance of Exchangeable Senior Notes warrant transactions 46 0
Amortization payments on term loan facilities (8) (31)
Net change in securitization obligations 40 (62)
Debt issuance costs (20) (14)
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 (27) (34)
Net cash used in financing activities (238) (203)
Effect of changes in exchange rates on cash, cash equivalents and restricted cash 0 0
Net increase in cash, cash equivalents and restricted cash 183 131
Cash, cash equivalents and restricted cash, beginning of period 523 266
Cash, cash equivalents and restricted cash, end of period 706 397
Supplemental Disclosure of Cash Flow Information    
Interest payments (including securitization interest of $3 and $4 respectively) 121 133
Income tax payments (refunds), net 32 (9)
Payments to Acquire Retained Interest in Securitized Receivables $ 3 $ 4
[1] Non- cash impairments for the three and nine months ended September 30, 2021 primarily relate to software and lease asset impairments.
Non-cash impairments for the three months ended September 30, 2020 include $59 million of impairment charges during the three months ended September 30, 2020 (while Cartus Relocation Services was held for sale) to reduce the net assets to the estimated proceeds and other asset impairments of $11 million primarily related to lease asset impairments.
Non-cash impairments for the nine months ended September 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;
•$133 million of impairment charges during the nine months ended September 30, 2020 (while Cartus Relocation Services was held for sale) to reduce the net assets to the estimated proceeds; and
•other asset impairments of $34 million primarily related to lease asset impairments.
[2] Loss (gain) on the sale of business, net is primarily recorded in Realogy Brokerage Group.