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Condensed Consolidated Statements of Operations - USD ($)
shares in Millions, $ in Millions
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Revenues [Abstract]    
Net revenues [1] $ 1,635 $ 1,547
Expenses    
Commission and other agent-related costs 988 885
Operating 406 384
Marketing 64 58
General and administrative 98 90
Restructuring costs, net [2] 4 5
Impairments [3] 0 1
Depreciation and amortization 51 51
Interest expense, net 18 38
Loss on the early extinguishment of debt [4] 92 17
Other income, net (131) (2)
Total expenses 1,590 1,527
Income before income taxes, equity in losses (earnings) and noncontrolling interests 45 20
Income tax expense 12 17
Equity in losses (earnings) of unconsolidated entities (10) 31
Net income 23 34
Less: Net income attributable to noncontrolling interests 0 (1)
Net income attributable to Realogy Holdings and Realogy Group $ 23 $ 33
Earnings per share attributable to Realogy Holdings shareholders:    
Basic earnings per share $ 0.20 $ 0.28
Diluted earnings per share $ 0.19 $ 0.28
Weighted average common and common equivalent shares of Realogy Holdings outstanding:    
Basic 117.1 115.9
Diluted 120.4 118.4
Gross commission income    
Revenues [Abstract]    
Net revenues [5] $ 1,247 $ 1,154
Service revenue    
Revenues [Abstract]    
Net revenues [6] 246 249
Franchise fees    
Revenues [Abstract]    
Net revenues [7] 99 105
Other    
Revenues [Abstract]    
Net revenues [8] $ 43 $ 39
[1] Transactions between segments are eliminated in consolidation. Revenues for Realogy Franchise Group include intercompany royalties and marketing fees paid by Realogy Brokerage Group of $86 million and $79 million for the three months ended March 31, 2022 and 2021, respectively. Such amounts are eliminated through the Corporate and Other line.
[2]
(b)The three months ended March 31, 2022 includes restructuring charges of $1 million at Realogy Franchise Group, $2 million at Realogy Brokerage Group and $1 million at Corporate and Other.
The three months ended March 31, 2021 includes restructuring charges of $2 million at Realogy Franchise Group, $2 million at Realogy Brokerage Group and $1 million at Corporate and Other.
[3] Non-cash impairments for the three months ended March 31, 2021 relate to lease asset impairments.
[4] Loss on the early extinguishment of debt is recorded in Corporate and Other
[5] Gross commission income at Realogy Brokerage Group is recognized at a point in time at the closing of a homesale transaction
[6] Service revenue primarily consists of title and escrow fees at Realogy Title Group and are recognized at a point in time at the closing of a homesale transaction. Service revenue at Realogy Franchise Group includes relocation fees, which are recognized as revenue when or as the related performance obligation is satisfied dependent on the type of service performed, and fees related to leads and related services, which are recognized at a point in time at the closing of a homesale transaction or at the completion of the related service.
[7] Franchise fees at Realogy Franchise Group primarily include domestic royalties which are recognized at a point in time when the underlying franchisee revenue is earned (upon close of the homesale transaction).
[8] Other revenue is comprised of brand marketing funds received from franchisees at Realogy Franchise Group and other miscellaneous revenues across all of the business segments.