Investments, Equity Method and Joint Ventures

6 Months Ended

Jun. 30, 2023

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments and Joint Ventures Disclosure

EQUITY METHOD INVESTMENTS

The Company has various equity method investments which are recorded within other non-current assets on the accompanying Condensed Consolidated Balance Sheets. The Company has certain governance rights but does not have a controlling financial or operating interest in these investments. 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 June 30, 2023 and December 31, 2022 were as follows:


	June 30, 2023		December 31, 2022
Guaranteed Rate Affinity (1)	$	72	$	72
Title Insurance Underwriter Joint Venture (2)	72		75
Other Title Group equity method investments (3)	10		10
Total Title Group equity method investments	154		157
Owned Brokerage Group equity method investments (4)	26		27
Total equity method investments	$	180	$	184

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(1)The Company's 49.9% minority-owned mortgage origination joint venture with Guaranteed Rate, Inc.

(2)The Company’s 25% equity interest in the Title Insurance Underwriter Joint Venture formed on March 29, 2022. During the first quarter of 2023, the Company sold a portion of its interest in the Title Insurance Underwriter Joint Venture to a third party, reducing

the Company's equity interest from 26% to 25% (see Note 1, "Basis of Presentation—Sale of the Title Insurance Underwriter", for additional information).

(3)Includes Title Group's various other equity method investments. The Company received $1 million in cash dividends from these investments during the six months ended June 30, 2023.

(4)Includes the Company's former 49% investment in RealSure (operations were ceased in the fourth quarter of 2022), the Company's 50% owned unconsolidated real estate auction joint venture with Sotheby's and other brokerage related investments. The Company received $1 million in cash dividends from these investments during the six months ended June 30, 2023.

The Company recorded equity in (earnings) losses from its equity method investments as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Guaranteed Rate Affinity	$	(2)	$	1	$	—	$	9
Title Insurance Underwriter Joint Venture	(1)		(3)		(2)		(3)
Other Title Group equity method investments	(1)		—		(1)		(1)
Owned Brokerage Group equity method investments	(1)		6		—		9
Equity in (earnings) losses of unconsolidated entities	$	(5)	$	4	$	(3)	$	14