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Leases Lessee Disclosure (Notes) | 12 Months Ended
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Dec. 31, 2023
Leases [Abstract] |
Leases Disclosure | LEASES The Company's lease portfolio consists primarily of office space and equipment. The Company has approximately 1,100 real estate leases with lease terms ranging from less than 1 year to 17 years and includes the Company's brokerage sales offices, regional and branch offices for title and relocation operations, corporate headquarters, regional headquarters, and facilities serving as local administration, training and storage. The Company's brokerage sales offices are generally located in shopping centers and small office parks, typically with lease terms of 1 year to 5 years. In addition, the Company has equipment leases which primarily consist of furniture, computers and other office equipment. Right-of-use assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease. At lease commencement, the Company records a liability for its lease obligation measured at the present value of future lease payments and a right-of-use asset equal to the lease liability adjusted for prepayments and lease incentives. The Company uses its collateralized incremental borrowing rate to calculate the present value of lease liabilities as most of its leases do not provide an implicit rate that is readily determinable. The Company does not recognize a lease obligation and right-of-use asset on its balance sheet for any leases with an initial term of 12 months or less. Some real estate leases include one or more options to renew or terminate a lease. The exercise of a lease renewal or termination option is assessed at commencement of the lease and only reflected in the lease term if the Company is reasonably certain to exercise the option. The Company has lease agreements that contain both lease and non-lease components, such as common area maintenance fees, and has made a policy election to combine both fixed lease and non-lease components in total gross rent for all of its leases. Expense for operating leases is recognized on a straight-line basis over the lease term. Finance lease assets are amortized on a straight-line basis over the shorter of the estimated useful life of the underlying asset or the lease term. The interest component of a finance lease is included in interest expense and recognized using the effective interest method over the lease term. The Company recognizes impairment charges related to the exit and sublease of certain real estate operating leases. As part of the Company's plan to reduce its office footprint costs and centralize certain aspects of its operational support structure as discussed in Note 14, "Restructuring Costs," the Company will incur right-of-use asset impairments. Supplemental balance sheet information related to the Company's leases was as follows:
|  |  |  | December 31,
Lease Type |  | Balance Sheet Classification |  | 2023 |  | 2022
Assets: |  |  |  |  |  |
Operating lease assets |  | Operating lease assets, net |  | $ | 380 |  |  | $ | 422 |
Finance lease assets (a) |  | Property and equipment, net |  | 29 |  |  | 34 |
Total lease assets, net |  | $ | 409 |  |  | $ | 456 |
Liabilities: |  |  |  |  |  |
Current: |  |  |  |  |  |
Operating lease liabilities |  | Current portion of operating lease liabilities |  | $ | 113 |  |  | $ | 122 |
Finance lease liabilities |  | Accrued expenses and other current liabilities |  | 9 |  |  | 11 |
Non-current: |  |  |  |  |  |
Operating lease liabilities |  | Long-term operating lease liabilities |  | 333 |  |  | 371 |
Finance lease liabilities |  | Other non-current liabilities |  | 12 |  |  | 14 |
Total lease liabilities |  | $ | 467 |  |  | $ | 518 |
Weighted Average Lease Term and Discount Rate |  |  |  |
Weighted average remaining lease term (years): |  |  |  |
Operating leases |  | 5.0 |  | 5.3
Finance leases |  | 3.0 |  | 2.9
Weighted average discount rate: |  |  |  |
Operating leases |  | 4.6 | % |  | 4.3 | %
Finance leases |  | 4.8 | % |  | 3.9 | %
_______________ (a)Finance lease assets are recorded net of accumulated amortization of $52 million and $50 million at December 31, 2023 and 2022, respectively. As of December 31, 2023, maturities of lease liabilities by fiscal year were as follows:
Maturity of Lease Liabilities |  | Operating Leases |  | Finance Leases |  | Total
2024 |  | $ | 126 |  |  | $ | 9 |  |  | $ | 135 |
2025 |  | 113 |  |  | 6 |  |  | 119 |
2026 |  | 86 |  |  | 5 |  |  | 91 |
2027 |  | 62 |  |  | 2 |  |  | 64 |
2028 |  | 42 |  |  | — |  |  | 42 |
Thereafter |  | 72 |  |  | — |  |  | 72 |
Total lease payments |  | 501 |  |  | 22 |  |  | 523 |
Less: Interest |  | 55 |  |  | 1 |  |  | 56 |
Present value of lease liabilities |  | $ | 446 |  |  | $ | 21 |  |  | $ | 467 |
Supplemental income statement information related to the Company's leases is as follows:
|  | Year Ended December 31,
Lease Costs |  | 2023 |  | 2022 |  | 2021
Operating lease costs |  | $ | 132 |  |  | $ | 140 |  |  | $ | 141 |
Finance lease costs: |  |  |  |  |  |
Amortization of leased assets |  | 12 |  |  | 12 |  |  | 12 |
Interest on lease liabilities |  | 1 |  |  | 1 |  |  | 1 |
Other lease costs (a) |  | 23 |  |  | 23 |  |  | 24 |
Impairment (b) |  | 11 |  |  | 6 |  |  | 2 |
Less: Sublease income, gross |  | 2 |  |  | 2 |  |  | 2 |
Net lease cost |  | $ | 177 |  |  | $ | 180 |  |  | $ | 178 |
_______________ (a)Primarily consists of variable lease costs. (b)Impairment charges relate to the exit and sublease of certain real estate operating leases. Supplemental cash flow information related to leases was as follows:
|  | Year Ended December 31,
|  | 2023 |  | 2022 |  | 2021
Supplemental cash flow information: |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 148 |  |  | $ | 162 |  |  | $ | 162 |
Operating cash flows from finance leases |  | 1 |  |  | 1 |  |  | 1 |
Financing cash flows from finance leases |  | 13 |  |  | 13 |  |  | 13 |
Supplemental non-cash information: |  |  |  |  |  |
Lease assets obtained in exchange for lease obligations: |  |  |  |  |  |
Operating leases |  | $ | 92 |  |  | $ | 92 |  |  | $ | 134 |
Finance leases |  | 7 |  |  | 14 |  |  | 6 |

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