XML 55 R23.htm IDEA: XBRL DOCUMENT v3.25.0.1
Restructuring Costs (Notes)
 12 Months Ended
Dec. 31, 2024
Restructuring and Related Activities [Abstract]  
Restructuring Costs RESTRUCTURING COSTS
Restructuring charges for the years ended December 31, 2024, 2023 and 2022 were $32 million, $49 million and $32 million, respectively. The components of the restructuring charges for the years ended December 31, 2024, 2023 and 2022 were as follows:
 Years Ended December 31,
2024 2023 2022
Personnel-related costs (a)
$15 $21 $16 
Facility-related costs (b)
15 28  16 
Other (c)
2 — — 
Total restructuring charges (d)
$32 $49 $32 
_______________
(a)Personnel-related costs consist of severance costs provided to employees who have been terminated.
(b)Facility-related costs consist of costs associated with planned facility closures such as contract termination costs, amortization of lease assets that will continue to be incurred under the contract for its remaining term without economic benefit to the Company, accelerated depreciation on asset disposals and other facility and employee relocation related costs.
(c)Other restructuring costs consist of costs related to professional fees, consulting fees and other costs associated with restructuring activities which are primarily recorded at Corporate.
(d)Restructuring charges for the year ended December 31, 2024 include $2 million of expense related to the Reimagine25 Plan, $26 million of expense related to the Operational Efficiencies Plan and $4 million of expense related to prior restructuring plans. Restructuring charges for the year ended December 31, 2023 include $43 million of expense related to the Operational Efficiencies Plan and $6 million of expense related to prior restructuring plans. Restructuring charges for the year ended December 31, 2022 include $20 million of expense related to the Operational Efficiencies Plan and $12 million of expense related to prior restructuring plans.
Reimagine25: Strategic Transformation Initiative
In 2025, the Company launched Reimagine25 to transform how it operates as a Company, seizing new opportunities unlocked by generative AI and other emerging technologies to deliver better experiences for its customers faster and at lower cost. These efforts position the Company for long-term success and a stronger competitive edge in an ever-evolving industry. As part of Reimagine25, the Company expects to incur restructuring costs to implement these changes. While these costs will likely include investments in technology, process optimization, and workforce realignment, the Company is still evaluating the scope of the program.
Operational Efficiencies Plan
The Company's Operational Efficiencies Plan, which began at the end of 2022, improved operational efficiency, reduced office footprint costs, and centralized operational support. Additionally, the Company implemented a workforce reduction due to housing market trends and invested in digital transformation and technology to support its agents, franchisees, and consumers.
The following is a reconciliation of the beginning and ending reserve balances related to the Operational Efficiencies Plan:
Personnel-related costsFacility-related costs Total
Balance at December 31, 2023$10 $4 $14 
Restructuring charges (a)15 11 26 
Costs paid or otherwise settled(18)(12)(30)
Balance at December 31, 2024$7 $3 10 
_______________
(a)In addition, the Company incurred $8 million of facility-related costs for lease asset impairments in connection with the Operational Efficiencies Plan during the year ended December 31, 2024.
The following table shows the total costs by type of cost related to the Operational Efficiencies Plan:
Total amount expected to be incurred Amount incurred
to date		 Total amount remaining to be incurred
Personnel-related costs$50 $50 $— 
Facility-related costs39 39 — 
Total$89 $89 $— 
The following table shows the total costs by reportable segment and in Corporate and Other related to the Operational Efficiencies Plan:
Total amount expected to be incurred Amount incurred
to date		 Total amount remaining to be incurred
Franchise Group$17 $17 $— 
Owned Brokerage Group54 54 — 
Title Group5 5 — 
Corporate and Other13 13 — 
Total$89 $89 $— 
Prior Restructuring Plans
During 2019, the Company took various strategic initiatives to reduce costs and institute operational and facility related efficiencies to drive profitability. During 2020, as a result of the COVID-19 pandemic, the Company transitioned substantially all of its employees to a remote-work environment which allowed the Company to reevaluate its office space needs. As a result, additional facility and operational efficiencies were identified and implemented which included the transformation of its corporate headquarters in Madison, New Jersey to an open-plan innovation hub. At December 31, 2023, the remaining liability related to these initiatives was $9 million. During the year ended December 31, 2024, the Company incurred $4 million of costs and paid or settled $6 million of costs resulting in a remaining accrual of $7 million at December 31, 2024. The remaining accrual of $7 million and total amount remaining to be incurred of $13 million primarily relate to the transformation of the Company's corporate headquarters.