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Investments, Equity Method and Joint Ventures | 9 Months Ended
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Sep. 30, 2022
Equity Method Investments and Joint Ventures [Abstract] |
Equity Method Investments and Joint Ventures Disclosure | 5. EQUITY METHOD INVESTMENTS The Company applies the equity method of accounting when it has the ability to exercise significant influence over operating and financial policies of an investee but does not have a controlling financial or operating interest in the joint venture. The Company records its share of the net earnings or losses of its equity method investments on the “Equity in losses (earnings) of unconsolidated entities” line in the accompanying Condensed Consolidated Statements of Operations. Investments not accounted for using the equity method are measured at fair value with changes in fair value recognized in net income or in the case that an investment does not have readily determinable fair values, at cost minus impairment (if any) plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investment. The Company has various equity method investments which are recorded within other non-current assets on the accompanying Condensed Consolidated Balance Sheets. The Company's share of equity earnings or losses related to these investments are included in the financial results of the Title Group and Owned Brokerage Group reportable segments. The Company's equity method investment balances at September 30, 2022 and December 31, 2021 were as follows:
| September 30, 2022 |  | December 31, 2021
Guaranteed Rate Affinity | $ | 82 |  |  | $ | 94 |
Title Insurance Underwriter Joint Venture | 74 |  |  | — |
Other Title Group equity method investments | 10 |  |  | 8 |
Total Title Group equity method investments | 166 |  |  | 102 |
Owned Brokerage Group equity method investments | 33 |  |  | 29 |
Total equity method investments | $ | 199 |  |  | $ | 131 |
Guaranteed Rate Affinity, the Company's 49.9% minority-owned mortgage origination joint venture with Guaranteed Rate, Inc., originates and markets its mortgage lending services to the Company's real estate brokerage as well as other real estate brokerage companies across the country. While the Company has certain governance rights, the Company does not have a controlling financial or operating interest in the joint venture. The Company recorded equity in losses of $3 million and equity in earnings of $11 million related to its investment in Guaranteed Rate Affinity during the third quarter of 2022 and 2021, respectively. The Company recorded equity in losses of $12 million and equity in earnings of $49 million related to its investment in Guaranteed Rate Affinity during the nine months ended September 30, 2022 and 2021, respectively. The Company received no cash dividends and $44 million in cash dividends from Guaranteed Rate Affinity during the nine months ended September 30, 2022 and 2021, respectively. The Company’s 26% equity interest in the Title Insurance Underwriter Joint Venture is accounted for as an equity method investment. While the Company has certain governance rights, the Company does not have a controlling financial or operating interest in the joint venture. In March 2022, the Company recorded a $90 million investment at the closing of the Title Underwriter sale transaction which represented the fair value of the Company's 30% equity interest based upon the agreed upon purchase price. Subsequent to the closing, the Company received a dividend equal to $12 million from the Title Insurance Underwriter Joint Venture. This dividend reduced the Company’s investment balance to $78 million as of March 31, 2022. In April 2022, the Company sold a portion of its interest in the Title Insurance Underwriter Joint Venture to a third party reducing the Company's equity stake from 30% to 26%. The sale resulted in a gain of $4 million recorded in the Other income, net line on the Condensed Consolidated Statements of Operations. The Company recorded equity in earnings of $2 million and $5 million from the Title Insurance Underwriter Joint Venture during the three and nine months ended September 30, 2022, respectively. The Company recorded equity in earnings of $3 million and $2 million from the operations of Title Group's various other title related equity method investments during the third quarter of 2022 and 2021, respectively. The Company recorded equity in earnings of $4 million and $5 million from the operations of Title Group's various other title related equity method investments during the nine months ended September 30, 2022 and 2021, respectively. The Company received $2 million and $5 million in cash dividends from these equity method investments during the nine months ended September 30, 2022 and 2021, respectively. Owned Brokerage Group's equity method investments include RealSure, the Real Estate Auction Joint Venture and other brokerage related investments. RealSure, the Company's 49% owned joint venture with Home Partners of America, was formed in 2020 and is designed to offer home buyers and sellers options that give them a competitive edge when buying or selling a home, while also keeping the expertise of an independent sales agent at the center of the transaction. The Real Estate Auction Joint Venture, the Company's 50% owned unconsolidated joint venture with Sotheby's, was formed in 2021 and holds an 80% ownership stake in Sotheby's Concierge Auctions, a global luxury real estate auction marketplace that partners with real estate agents to host luxury online auctions for clients. While the Company has certain governance rights over these equity method investments, the Company does not have a controlling financial or operating interest in the joint ventures. The Company recorded equity in losses of $4 million and $2 million from the operations of Owned Brokerage Group's equity method investments during the third quarter of 2022 and 2021, respectively. The Company recorded equity in losses of $13 million and $2 million from the operations of Owned Brokerage Group's equity method investments for the nine months ended September 30, 2022 and 2021, respectively. The Company invested $17 million and $3 million of cash into these equity method investments during the nine months ended September 30, 2022 and 2021, respectively.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI https://asc.fasb.org/topic&trid=2196965 + Details
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