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______________________________________________________________________________________________________________________________________________________________________

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
___________________________
FORM 10-Q
 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020
OR
 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _____ to _____
Commission File No. 001-35674
Commission File No. 333-148153
REALOGY HOLDINGS CORP. REALOGY GROUP LLC
(Exact name of registrant as specified in its charter) (Exact name of registrant as specified in its charter)
20-8050955 20-4381990
(I.R.S. Employer Identification Number) (I.R.S. Employer Identification Number)
Delaware
(State or other jurisdiction of incorporation or organization)
175 Park Avenue
Madison, NJ 07940
(Address of principal executive offices) (Zip Code)
(973) 407-2000
(Registrants' telephone number, including area code)
___________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Realogy Holdings Corp. Common Stock, par value $0.01 per share RLGY New York Stock Exchange
Realogy Group LLC None None None
Indicate by check mark whether the Registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) have been subject to such filing requirements for the past 90 days.  
Realogy Holdings Corp. Yes   No  Realogy Group LLC Yes   No 
Indicate by check mark whether the Registrants have submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrants were required to submit such files). 
Realogy Holdings Corp. Yes   No  Realogy Group LLC Yes   No 
Indicate by check mark whether the Registrants are large accelerated filers, accelerated filers, non-accelerated filers, smaller reporting companies, or emerging growth companies. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer Accelerated filer Non-accelerated filer Smaller reporting company Emerging growth company
Realogy Holdings Corp.
Realogy Group LLC
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the Registrants are a shell company (as defined in Rule 12b-2 of the Exchange Act).  
Realogy Holdings Corp. Yes   No  Realogy Group LLC Yes   No 
There were 115,436,348 shares of Common Stock, $0.01 par value, of Realogy Holdings Corp. outstanding as of August 3, 2020.
__________________________________________________________________________________________________________________


TABLE OF CONTENTS
Page
1
1
PART I FINANCIAL INFORMATION
Item 1.
4
4
5
6
7
8
9
Item 2.
Item 3.
Item 4.
PART II
OTHER INFORMATION
Item 1.
Item 1A.
Item 5.
Item 6.




INTRODUCTORY NOTE
Except as otherwise indicated or unless the context otherwise requires, the terms "we," "us," "our," "our company," "Realogy," "Realogy Holdings" and the "Company" refer to Realogy Holdings Corp., a Delaware corporation, and its consolidated subsidiaries, including Realogy Intermediate Holdings LLC, a Delaware limited liability company ("Realogy Intermediate"), and Realogy Group LLC, a Delaware limited liability company ("Realogy Group"). Neither Realogy Holdings, the indirect parent of Realogy Group, nor Realogy Intermediate, the direct parent company of Realogy Group, conducts any operations other than with respect to its respective direct or indirect ownership of Realogy Group. As a result, the consolidated financial positions, results of operations and cash flows of Realogy Holdings, Realogy Intermediate and Realogy Group are the same.
Realogy Holdings is not a party to the Amended and Restated Credit Agreement dated as of March 5, 2013, as amended, amended and restated, modified or supplemented from time to time (the "Senior Secured Credit Agreement") that governs our senior secured credit facility (the "Senior Secured Credit Facility", which includes our "Revolving Credit Facility" and our "Term Loan B Facility") and the Term Loan A Agreement dated as of October 23, 2015, as amended from time to time (the "Term Loan A Agreement") that governs our senior secured term loan A credit facility (the "Term Loan A Facility") and certain references in this report to our consolidated indebtedness exclude Realogy Holdings with respect to indebtedness under the Senior Secured Credit Facility and Term Loan A Facility. In addition, while Realogy Holdings is a guarantor of Realogy Group's obligations under both its unsecured and secured second lien notes (in each case on an unsecured senior subordinated basis), Realogy Holdings is not subject to the restrictive covenants in the indentures governing such indebtedness.
As used in this Quarterly Report on Form 10-Q, the terms "4.875% Senior Notes" and "9.375% Senior Notes" refer to our 4.875% Senior Notes due 2023 and our 9.375% Senior Notes due 2027, respectively, and are referred to collectively as the "Unsecured Notes." The term "7.625% Senior Secured Second Lien Notes" refer to our 7.625% Senior Secured Second Lien Notes due 2025. The term "5.25% Senior Notes" refers to our 5.25% Senior Notes due 2021 (paid in full in June 2020).
FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 (the "Exchange Act"). Forward-looking statements include all statements that do not relate solely to historical or current facts, and can generally be identified by the use of words such as "believe," "expect," "anticipate," "intend," "project," "estimate," "plan," and similar expressions or future or conditional verbs such as "will," "should," "would," "may" and "could."
In particular, information appearing under "Management's Discussion and Analysis of Financial Condition and Results of Operations" includes forward-looking statements. Forward-looking statements inherently involve many risks and uncertainties that could cause actual results to differ materially from those projected in these statements. Where, in any forward-looking statement, we express an expectation or belief as to future results or events, it is based on management's current plans and expectations, expressed in good faith and believed to have a reasonable basis. However, we can give no assurance that any such expectation or belief will result or will be achieved or accomplished.
The following include some, but not all, of the factors that could affect our future results and cause actual results to differ materially from those expressed in the forward-looking statements. Additionally, many of these risks and uncertainties are currently amplified by and will continue to be amplified by, or in the future may be amplified by, the coronavirus disease (COVID-19) pandemic:
the extent, duration and severity of the spread of the COVID-19 pandemic and the extent, duration and severity of the economic consequences stemming from the COVID-19 crisis (including continued economic contraction) as well as related risks such as governmental regulation (including those that preclude or strictly limit showings of properties), changes in patterns of commerce or consumer activities and changes in consumer attitudes and the impact of any of the foregoing on our business, results of operations and liquidity;
adverse developments or the absence of sustained improvement in general business, economic or political conditions or the U.S. residential real estate markets, either regionally or nationally, including but not limited to:
a decline in consumer confidence or spending;
weak capital, credit and financial markets and/or the instability of financial institutions;

1

intensifying economic contraction in the U.S. economy, including the impact of recessions, slow economic growth, or a deterioration in other economic factors (including potential consumer, business or governmental defaults or delinquencies due to the COVID-19 crisis or otherwise);
continued low or accelerated declines in home inventory levels;
continuing high levels of unemployment and/or declining wages or stagnant wage growth in the U.S.;
the potential economic impact of the curtailment of one or more federal and/or state programs meant to assist businesses and individuals navigate COVID-19 related financial challenges;
an increase in potential homebuyers with low credit ratings, inability to afford down payments, or other mortgage challenges due to disrupted earnings, including constraints on the availability of mortgage financing;
an increase in foreclosure activity;
a decline or a lack of improvement in the number of homesales;
stagnant or declining home prices;
a reduction in the affordability of housing;
a lack of improvement or deceleration in the building of new housing and/or irregular timing or volume of new development closings;
the potential negative impact of certain provisions of the Tax Cuts and Jobs Act of 2017 (the “2017 Tax Act”) on (i) home values over time in states with high property, sales and state and local income taxes and (ii) homeownership rates, in particular in light of our market concentration in high-tax states; and/or
geopolitical and economic instability;
risks associated with our substantial indebtedness, interest obligations and the restrictions contained in our debt agreements, including risks relating to our ability to comply with the financial covenant under the Senior Secured Credit Facility and Term Loan A Facility and generate sufficient cash flows to service our debt (in particular if the COVID-19 crisis continues for a prolonged period) as well as risks relating to our having to dedicate a significant portion of our cash flows from operations to service our debt and our ability to refinance or repay our indebtedness or incur additional indebtedness;
risks related to disruptions in the securitization markets, including in connection with the COVID-19 crisis, which may adversely impact our ability to continue to securitize certain of the relocation assets of Cartus Relocation Services or increase our cost of funding;
the impact of increased competition in the industry for clients, for the affiliation of independent sales agents and for the affiliation of franchisees on our results of operations and market share, including competition from:
real estate brokerages, including those seeking to disrupt historical real estate brokerage models;
other industry participants seeking to eliminate brokers or agents from, or minimize the role they play in, the homesale transaction;
other industry participants otherwise competing for a portion of gross commission income; and
other residential real estate franchisors;
the impact of disruption in the residential real estate brokerage industry, and on our results of operations and financial condition, as a result of listing aggregator concentration and market power;
continuing pressure on the share of gross commission income paid by our company owned brokerages and affiliated franchisees to affiliated independent sales agents and independent sales agent teams;
our inability to develop products, technology and programs (including our company-directed affinity programs) that support our strategy to grow the base of independent sales agents at our company owned and franchisee real estate brokerages and the base of our franchisees;
our geographic and high-end market concentration, including the heightened competition for independent sales agents in those geographies and price points;
our inability to enter into franchise agreements with new franchisees or renew existing franchise agreements, without reducing contractual royalty rates or increasing the amount and prevalence of sales incentives;
the lack of revenue growth or declining profitability of our franchisees and company owned brokerage operations or declines in other revenue streams;
increases in uncollectible accounts receivable and note reserves as a result of the adverse financial effects of the COVID-19 crisis on our franchisees and relocation clients;

2

the potential impact of negative industry or business trends (including further declines in our market capitalization) on our valuation of goodwill and intangibles;
the extent of the negative impact of the discontinuation of the USAA affinity program on our revenues and profits derived from affinity program referrals (including revenue to Realogy Brokerage Group, Realogy Franchise Group (including Realogy Leads Group), and Realogy Title Group);
the loss of our next largest affinity client or multiple significant relocation clients;
risks related to our ongoing litigation with affiliates of Madison Dearborn Partners, LLC and SIRVA Worldwide, Inc. regarding the planned sale of Cartus Relocation Services, including that such transaction will not close;
changes in corporate relocation practices resulting in fewer employee relocations, reduced relocation benefits and/or increasing competition in corporate relocation;
an increase in the experienced claims losses of our title underwriter;
our failure or alleged failure to comply with laws, regulations and regulatory interpretations and any changes or stricter interpretations of any of the foregoing (whether through private litigation or governmental action), including but not limited to (1) state or federal employment laws or regulations that would require reclassification of independent contractor sales agents to employee status, (2) privacy or data security laws and regulations, (3) the Real Estate Settlement Procedures Act ("RESPA") or other federal or state consumer protection or similar laws and (4) antitrust laws and regulations;
risks related to the impact on our operations and financial results that may be caused by any future meaningful changes in industry operations or structure as a result of governmental pressures (including pressures for lower brokerage commission rates), the actions of certain competitors, the introduction or growth of certain competitive models, changes to the rules of the multiple listing services ("MLS"), or otherwise; and
risks and growing costs related to both cybersecurity threats to our data and customer, franchisee, employee and independent sales agent data, as well as those related to our compliance with the growing number of laws, regulations and other requirements related to the protection of personal information.
More information on factors that could cause actual results or events to differ materially from those anticipated is included from time to time in our reports filed with the Securities and Exchange Commission ("SEC"), including this Quarterly Report and our Annual Report on Form 10-K for the year ended December 31, 2019 (the "2019 Form 10-K"), particularly under the captions "Forward-Looking Statements," "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations." Most of these factors are difficult to anticipate and are generally beyond our control. You should consider these factors in connection with any forward-looking statements that may be made by us and our businesses generally.
All forward-looking statements herein speak only as of the date of this Quarterly Report and are expressly qualified in their entirety by the cautionary statements included in or incorporated by reference into this Quarterly Report. Except as is required by law, we expressly disclaim any obligation to publicly release any revisions to forward-looking statements to reflect events after the date of this Quarterly Report. For any forward-looking statement contained in this Quarterly Report, our public filings or other public statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

3

PART I - FINANCIAL INFORMATION
Item 1. Financial Statements.
Report of Independent Registered Public Accounting Firm
To the Board of Directors and Stockholders of Realogy Holdings Corp.
Results of Review of Interim Financial Statements
We have reviewed the accompanying condensed consolidated balance sheet of Realogy Holdings Corp. and its subsidiaries (the "Company") as of June 30, 2020, and the related condensed consolidated statements of operations and comprehensive (loss) income for the three-month and six-month periods ended June 30, 2020 and 2019, and of cash flows for the six-month periods ended June 30, 2020 and 2019, including the related notes (collectively referred to as the “interim financial statements”). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial statements for them to be in conformity with accounting principles generally accepted in the United States of America.
We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated balance sheet of the Company as of December 31, 2019, and the related consolidated statements of operations, comprehensive (loss) income, equity and of cash flows for the year then ended (not presented herein), and in our report dated February 25, 2020, which included a paragraph describing a change in the manner of accounting for leases in the 2019 financial statements, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated balance sheet information as of December 31, 2019, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.
Basis for Review Results
These interim financial statements are the responsibility of the Company’s management. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our review in accordance with the standards of the PCAOB. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.


/s/ PricewaterhouseCoopers LLP
Florham Park, New Jersey
August 6, 2020

4

Report of Independent Registered Public Accounting Firm
To the Board of Directors and Stockholder of Realogy Group LLC
Results of Review of Interim Financial Statements
We have reviewed the accompanying condensed consolidated balance sheet of Realogy Group LLC and its subsidiaries (the "Company") as of June 30, 2020, and the related condensed consolidated statements of operations and comprehensive (loss) income for the three-month and six-month periods ended June 30, 2020 and 2019, and of cash flows for the six-month periods ended June 30, 2020 and 2019, including the related notes (collectively referred to as the "interim financial statements"). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial statements for them to be in conformity with accounting principles generally accepted in the United States of America.
We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) and in accordance with auditing standards generally accepted in the United States of America, the consolidated balance sheet of the Company as of December 31, 2019, and the related consolidated statements of operations, comprehensive (loss) income and of cash flows for the year then ended (not presented herein), and in our report dated February 25, 2020, which included a paragraph describing a change in the manner of accounting for leases in the 2019 financial statements, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated balance sheet information as of December 31, 2019, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.
Basis for Review Results
These interim financial statements are the responsibility of the Company's management. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our reviews in accordance with the standards of the PCAOB and in accordance with auditing standards generally accepted in the United States of America applicable to reviews of interim financial information. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB or in accordance with auditing standards generally accepted in the United States of America, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.


/s/ PricewaterhouseCoopers LLP
Florham Park, New Jersey
August 6, 2020


5

REALOGY HOLDINGS CORP. AND REALOGY GROUP LLC
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per share data)
(Unaudited)
Three Months Ended Six Months Ended
  June 30, June 30,
  2020 2019 2020 2019
Revenues
Gross commission income $ 919    $ 1,310    $ 1,769    $ 2,109   
Service revenue 172    183    323    312   
Franchise fees 85    112    156    182   
Other 31    59    75    115   
Net revenues 1,207    1,664    2,323    2,718   
Expenses
Commission and other agent-related costs 685    955    1,315    1,530   
Operating 286    343    611    673   
Marketing 40    69    99    137   
General and administrative 59    68    133    148   
Restructuring costs, net 14      25    18   
Impairments     454     
Depreciation and amortization 46    43    91    84   
Interest expense, net 59    80    160    143   
Loss on the early extinguishment of debt   —       
Total expenses 1,204    1,569    2,896    2,741   
Income (loss) from continuing operations before income taxes, equity in earnings and noncontrolling interests
  95    (573)   (23)  
Income tax expense (benefit) from continuing operations 11    33    (121)    
Equity in earnings of unconsolidated entities (36)   (7)   (45)   (8)  
Net income (loss) from continuing operations 28    69    (407)   (16)  
(Loss) income from discontinued operations, net of tax (9)     (14)   (13)  
Estimated loss on the sale of discontinued operations, net of tax (32)   —    (54)   —   
Net (loss) income from discontinued operations (41)     (68)   (13)  
Net (loss) income (13)   70    (475)   (29)  
Less: Net income attributable to noncontrolling interests (1)   (1)   (1)   (1)  
Net (loss) income attributable to Realogy Holdings and Realogy Group
$ (14)   $ 69    $ (476)   $ (30)  
Basic (loss) earnings per share attributable to Realogy Holdings shareholders:
Basic earnings (loss) per share from continuing operations $ 0.23    $ 0.59    $ (3.55)   $ (0.15)  
Basic (loss) earnings per share from discontinued operations (0.35)   0.01    (0.59)   (0.11)  
Basic (loss) earnings per share $ (0.12)   $ 0.60    $ (4.14)   $ (0.26)  
Diluted (loss) earnings per share attributable to Realogy Holdings shareholders:
Diluted earnings (loss) per share from continuing operations $ 0.23    $ 0.59    $ (3.55)   $ (0.15)  
Diluted (loss) earnings per share from discontinued operations (0.35)   0.01    (0.59)   (0.11)  
Diluted (loss) earnings per share $ (0.12)   $ 0.60    $ (4.14)   $ (0.26)  
Weighted average common and common equivalent shares of Realogy Holdings outstanding:
Basic 115.4    114.3    115.0    114.1   
Diluted 116.2    114.9    115.0    114.1   

See Notes to Condensed Consolidated Financial Statements.
6

REALOGY HOLDINGS CORP. AND REALOGY GROUP LLC
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
(In millions)
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
2020 2019 2020 2019
Net (loss) income $ (13)   $ 70    $ (475)   $ (29)  
Currency translation adjustment   (1)   (1)   —   
Defined benefit pension plan—amortization of actuarial loss to periodic pension cost
—    —       
Other comprehensive income (loss), before tax   (1)   —     
Income tax expense (benefit) related to items of other comprehensive income amounts
—    —    —    —   
Other comprehensive income (loss), net of tax   (1)   —     
Comprehensive (loss) income (12)   69    (475)   (28)  
Less: comprehensive income attributable to noncontrolling interests
(1)   (1)   (1)   (1)  
Comprehensive (loss) income attributable to Realogy Holdings and Realogy Group
$ (13)   $ 68    $ (476)   $ (29)  


See Notes to Condensed Consolidated Financial Statements.
7

REALOGY HOLDINGS CORP. AND REALOGY GROUP LLC
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions, except share data)
(Unaudited)
  June 30,
2020
December 31,
2019
 
ASSETS
Current assets:
Cash and cash equivalents $ 686    $ 235   
Trade receivables (net of allowance for doubtful accounts of $14 and $11)
92    79   
Other current assets 173    147   
Current assets - held for sale 631    750   
Total current assets 1,582    1,211   
Property and equipment, net 293    308   
Operating lease assets, net 491    515   
Goodwill 2,887    3,300   
Trademarks 643    673   
Franchise agreements, net 1,126    1,160   
Other intangibles, net 70    72   
Other non-current assets 341    304   
Total assets $ 7,433    $ 7,543   
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable $ 86    $ 84   
Current portion of long-term debt 868    234   
Current portion of operating lease liabilities 121    122   
Accrued expenses and other current liabilities 332    350   
Current liabilities - held for sale 231    356   
Total current liabilities 1,638    1,146   
Long-term debt 3,175    3,211   
Long-term operating lease liabilities 455    467   
Deferred income taxes 249    390   
Other non-current liabilities 291    233   
Total liabilities 5,808    5,447   
Commitments and contingencies (Note 9)
Equity:
Realogy Holdings preferred stock: $0.01 par value; 50,000,000 shares authorized, none issued and outstanding at June 30, 2020 and December 31, 2019
—    —   
Realogy Holdings common stock: $0.01 par value; 400,000,000 shares authorized, 115,424,033 shares issued and outstanding at June 30, 2020 and 114,355,519 shares issued and outstanding at December 31, 2019
   
Additional paid-in capital 4,847    4,842   
Accumulated deficit (3,171)   (2,695)  
Accumulated other comprehensive loss (56)   (56)  
Total stockholders' equity 1,621    2,092   
Noncontrolling interests    
Total equity 1,625    2,096   
Total liabilities and equity $ 7,433    $ 7,543   


See Notes to Condensed Consolidated Financial Statements.
8

REALOGY HOLDINGS CORP. AND REALOGY GROUP LLC
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
  Six Months Ended
June 30,
  2020 2019
Operating Activities
Net loss $ (475)   $ (29)  
Net loss from discontinued operations 68    13   
Net loss from continuing operations (407)   (16)  
Adjustments to reconcile net loss from continuing operations to net cash provided by operating activities:
Depreciation and amortization 91    84   
Deferred income taxes (117)   (2)  
Impairments 454     
Amortization of deferred financing costs and debt discount    
Loss on the early extinguishment of debt    
Equity in earnings of unconsolidated entities (45)   (8)  
Stock-based compensation 10    14   
Mark-to-market adjustments on derivatives 59    38   
Other adjustments to net loss —    (2)  
Net change in assets and liabilities, excluding the impact of acquisitions and dispositions:
Trade receivables (13)   (43)  
Other assets (9)   (13)  
Accounts payable, accrued expenses and other liabilities (15)   48   
Dividends received from unconsolidated entities 22     
Other, net (8)   (1)  
Net cash provided by operating activities from continuing operations 35    113   
Net cash used in operating activities from discontinued operations (2)   (57)  
Net cash provided by operating activities 33    56   
Investing Activities
Property and equipment additions (41)   (50)  
Payments for acquisitions, net of cash acquired (1)   (1)  
Investment in unconsolidated entities (2)   (10)  
Other, net (11)    
Net cash used in investing activities from continuing operations (55)   (58)  
Net cash used in investing activities from discontinued operations (8)   (4)  
Net cash used in investing activities $ (63)   $ (62)  
See Notes to Condensed Consolidated Financial Statements.
9

  Six Months Ended
June 30,
  2020 2019
Financing Activities
Net change in Revolving Credit Facility $ 625    $ 60   
Proceeds from issuance of Senior Secured Second Lien Notes 550    —   
Proceeds from issuance of Senior Notes —    550   
Redemption of Senior Notes (550)   (450)  
Amortization payments on term loan facilities (19)   (15)  
Debt issuance costs (8)   (9)  
Cash paid for fees associated with early extinguishment of debt (7)   (4)  
Repurchase of common stock —    (20)  
Dividends paid on common stock —    (21)  
Taxes paid related to net share settlement for stock-based compensation (5)   (6)  
Payments of contingent consideration related to acquisitions —    (2)  
Other, net (15)   (13)  
Net cash provided by financing activities from continuing operations 571    70   
Net cash used in financing activities from discontinued operations (103)   (24)  
Net cash provided by financing activities 468    46   
Effect of changes in exchange rates on cash, cash equivalents and restricted cash —    —   
Net increase in cash, cash equivalents and restricted cash 438    40   
Cash, cash equivalents and restricted cash, beginning of period 266    238   
Cash, cash equivalents and restricted cash, end of period 704    278   
Less cash, cash equivalents and restricted cash of discontinued operations, end of period 18    18   
Cash, cash equivalents and restricted cash of continuing operations, end of period $ 686    $ 260   
Supplemental Disclosure of Cash Flow Information
Interest payments for continuing operations $ 102    $ 95   
Income tax payments for continuing operations, net —     

See Notes to Condensed Consolidated Financial Statements.
10

REALOGY HOLDINGS CORP. AND REALOGY GROUP LLC
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unless otherwise noted, all amounts are in millions)
(Unaudited)
1. BASIS OF PRESENTATION
Realogy Holdings Corp. ("Realogy Holdings", "Realogy" or the "Company") is a holding company for its consolidated subsidiaries including Realogy Intermediate Holdings LLC ("Realogy Intermediate") and Realogy Group LLC ("Realogy Group") and its consolidated subsidiaries. Realogy, through its subsidiaries, is a global provider of residential real estate services. Neither Realogy Holdings, the indirect parent of Realogy Group, nor Realogy Intermediate, the direct parent company of Realogy Group, conducts any operations other than with respect to its respective direct or indirect ownership of Realogy Group. As a result, the consolidated financial positions, results of operations, comprehensive income and cash flows of Realogy Holdings, Realogy Intermediate and Realogy Group are the same.
The accompanying Condensed Consolidated Financial Statements include the financial statements of Realogy Holdings and Realogy Group. Realogy Holdings' only asset is its investment in the common stock of Realogy Intermediate, and Realogy Intermediate's only asset is its investment in Realogy Group. Realogy Holdings' only obligations are its guarantees of certain borrowings and certain franchise obligations of Realogy Group. All expenses incurred by Realogy Holdings and Realogy Intermediate are for the benefit of Realogy Group and have been reflected in Realogy Group's Condensed Consolidated Financial Statements.
The Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America and with Article 10 of Regulation S-X. Interim results may not be indicative of full year performance because of seasonal and short-term variations. The Company has eliminated all material intercompany transactions and balances between entities consolidated in these financial statements. In presenting the Condensed Consolidated Financial Statements, management makes estimates and assumptions that affect the amounts reported and the related disclosures. Estimates, by their nature, are based on judgment and available information. Accordingly, actual results could differ materially from those estimates.
In management's opinion, the accompanying unaudited Condensed Consolidated Financial Statements reflect all normal and recurring adjustments necessary for a fair statement of Realogy Holdings and Realogy Group's financial position as of June 30, 2020 and the results of operations and comprehensive (loss) income for the three and six months ended June 30, 2020 and 2019 and cash flows for the six months ended June 30, 2020 and 2019. The Consolidated Balance Sheet at December 31, 2019 was derived from audited annual financial statements but does not contain all of the footnote disclosures from the annual financial statements. The Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and notes thereto included in the Annual Report on Form 10-K for the year ended December 31, 2019.
COVID-19
The COVID-19 pandemic continues to have a profound effect on the global economy and financial markets, creating considerable risks and uncertainties for almost all sectors, including the U.S. real estate services industry, as well as for the Company and its affiliated franchisees. Among other things, the crisis has created risks and uncertainties arising from the adverse effects on the economy as well as risks related to employees, independent sales agents, franchisees, and consumers.
In mid-March 2020, we began taking a series of proactive cost-saving measures in reaction to the evolving crisis, including salary reductions, furloughs and reductions in spending which resulted in substantial cost-savings in the second quarter of 2020. Many of these cost-saving measures were or are temporary in nature and have been or will continue to be assessed and adjusted on an ongoing basis based upon the volume of homesale transactions and business needs.
See Note 3, "Goodwill and Intangible Assets", to the Condensed Consolidated Financial Statements for additional information on goodwill and intangible asset impairment charges recorded in the first quarter of 2020 due to the impact on future earnings related to the COVID-19 pandemic which qualified as a triggering event for all of our reporting units as of March 31, 2020, Note 5, "Short and Long-Term Debt", to the Condensed Consolidated Financial Statements for additional information on our short- and long-term debt, and Note 11, "Subsequent Events", to the Condensed Consolidated Financial Statements for information on recent amendments to the Senior Secured Credit Agreement and Term Loan A Agreement.

11

Fair Value Measurements
The following tables present the Company’s assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy. The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value.
Level Input: Input Definitions:
Level I
Inputs are unadjusted, quoted prices for identical assets or liabilities in active markets at the
measurement date.
Level II
Inputs other than quoted prices included in Level I that are observable for the asset or liability through
corroboration with market data at the measurement date.
Level III
Unobservable inputs that reflect management’s best estimate of what market participants would use in
pricing the asset or liability at the measurement date.
The availability of observable inputs can vary from asset to asset and is affected by a wide variety of factors, including, for example, the type of asset, whether the asset is new and not yet established in the marketplace, and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level III. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy.  In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
The fair value of financial instruments is generally determined by reference to quoted market values. In cases where quoted market prices are not available, fair value is based on estimates using present value or other valuation techniques, as appropriate. The fair value of interest rate swaps is determined based upon a discounted cash flow approach.
The Company measures financial instruments at fair value on a recurring basis and recognizes transfers within the fair value hierarchy at the end of the fiscal quarter in which the change in circumstances that caused the transfer occurred.
The following table summarizes fair value measurements by level at June 30, 2020 for assets and liabilities measured at fair value on a recurring basis:
Level I Level II Level III Total
Deferred compensation plan assets (included in other non-current assets) $   $ —    $ —    $  
Interest rate swaps (included in other current and non-current liabilities) —    99    —    99   
Contingent consideration for acquisitions (included in accrued expenses and other current liabilities and other non-current liabilities)
—    —       
The following table summarizes fair value measurements by level at December 31, 2019 for assets and liabilities measured at fair value on a recurring basis:
Level I Level II Level III Total
Deferred compensation plan assets (included in other non-current assets) $   $ —    $ —    $  
Interest rate swaps (included in other current and non-current liabilities) —    47    —    47   
Contingent consideration for acquisitions (included in accrued expenses and other current liabilities and other non-current liabilities)
—    —       
The fair value of the Company’s contingent consideration for acquisitions is measured using a probability weighted-average discount rate to estimate future cash flows based upon the likelihood of achieving future operating results for individual acquisitions.  These assumptions are deemed to be unobservable inputs and as such the Company’s contingent consideration is classified within Level III of the valuation hierarchy. The Company reassesses the fair value of the contingent consideration liabilities on a quarterly basis.

12

The following table presents changes in Level III financial liabilities measured at fair value on a recurring basis:
Level III
Fair value of contingent consideration at December 31, 2019 $  
Additions: contingent consideration related to acquisitions completed during the period  
Reductions: payments of contingent consideration
—   
Changes in fair value (reflected in general and administrative expenses) —   
Fair value of contingent consideration at June 30, 2020 $  
The following table summarizes the principal amount of the Company’s indebtedness compared to the estimated fair value, primarily determined by quoted market values, at:
  June 30, 2020 December 31, 2019
Debt Principal Amount Estimated
Fair Value (a)
Principal Amount Estimated
Fair Value (a)
Senior Secured Credit Facility:
Revolving Credit Facility $ 815    $ 815    $ 190    $ 190   
Term Loan B 1,053    963    1,058    1,048   
Term Loan A Facility:
Term Loan A 703    650    717    705   
7.625% Senior Secured Second Lien Notes 550    549    —    —   
5.25% Senior Notes —    —    550    557   
4.875% Senior Notes 407    383    407    401   
9.375% Senior Notes 550    513    550    572   
_______________
(a)The fair value of the Company's indebtedness is categorized as Level II.
Equity Method Investments
At June 30, 2020 and December 31, 2019, the Company had various equity method investments which are recorded within other non-current assets on the accompanying Condensed Consolidated Balance Sheets.
The Company's investment in Guaranteed Rate Affinity, LLC ("Guaranteed Rate Affinity") at Realogy Title Group had investment balances at June 30, 2020 and December 31, 2019 of $84 million and $60 million, respectively. For the three months ended June 30, 2020 and 2019, the Company recorded equity earnings of $35 million and $6 million, respectively, related to earnings from its investment in Guaranteed Rate Affinity. For the six months ended June 30, 2020 and 2019, the Company recorded equity earnings of $44 million and $7 million, respectively, related to earnings from its investment in Guaranteed Rate Affinity. The Company received $20 million in cash dividends from Guaranteed Rate Affinity during the six months ended June 30, 2020 and no cash dividends during the six months ended June 30, 2019. The Company invested $2 million of cash into Guaranteed Rate Affinity during the six months ended June 30, 2019.
The Company's other equity method investments at Realogy Title Group had investment balances at June 30, 2020 and December 31, 2019 totaling $8 million and $9 million, respectively. The Company recorded equity earnings from the operations of these equity method investments of $1 million in each period during both the three and six months ended June 30, 2020 and 2019. The Company received $2 million and $1 million in cash dividends from other equity method investments during the six months ended June 30, 2020 and 2019, respectively.
Income Taxes
The provision for income taxes was an expense of $11 million and $33 million for the three months ended June 30, 2020 and 2019, respectively, and a benefit of $121 million and an expense of $1 million for the six months ended June 30, 2020 and 2019, respectively.

13

Derivative Instruments
The Company records derivatives and hedging activities on the balance sheet at their respective fair values. The Company enters into interest rate swaps to manage its exposure to changes in interest rates associated with its variable rate borrowings. As of June 30, 2020, the Company had interest rate swaps with an aggregate notional value of $1,600 million to offset the variability in cash flows resulting from the term loan facilities as follows:
Notional Value (in millions) Commencement Date Expiration Date
$600 August 2015 August 2020 (a)
$450 November 2017 November 2022
$400 August 2020 (a) August 2025
$150 November 2022 November 2027
_______________
(a)Interest rate swaps with a notional value of $600 million expire on August 7, 2020, and interest rate swaps with a notional value of $400 million commence on August 14, 2020.
The swaps help to protect our outstanding variable rate borrowings from future interest rate volatility. The Company has not elected to utilize hedge accounting for these interest rate swaps; therefore, any change in fair value is recorded in the Condensed Consolidated Statements of Operations.
The fair value of derivative instruments was as follows:
Not Designated as Hedging Instruments Balance Sheet Location June 30, 2020 December 31, 2019
Interest rate swap contracts Other current and non-current liabilities 99    47   
The effect of derivative instruments on earnings was as follows:
Derivative Instruments Not Designated as Hedging Instruments Location of Loss Recognized for Derivative Instruments Loss Recognized on Derivatives
Three Months Ended June 30, Six Months Ended June 30,
2020 2019 2020 2019
Interest rate swap contracts Interest expense $   $ 24    $ 59    $ 38   
Revenue
Revenue is recognized upon the transfer of control of promised services to customers in an amount that reflects the consideration the Company expects to receive in exchange for those services in accordance with the revenue standard.  The Company's revenue is disaggregated by major revenue categories on our Condensed Consolidated Statements of Operations and further disaggregated by business segment as follows:
Three Months Ended June 30,
  Realogy Franchise Group Realogy Brokerage Group Realogy Title
Group
Corporate and Other Total
Company
2020 2019 2020 2019 2020 2019 2020 2019 2020 2019
Gross commission income (a) $ —    $ —    $ 919    $ 1,310    $ —    $ —    $ —    $ —    $ 919    $ 1,310   
Service revenue (b) 14    26        154    154    —    —    172    183   
Franchise fees (c) 148    196    —    —    —    —    (63)   (84)   85    112   
Other (d) 17    38    10    18        (2)   (3)   31    59   
Net revenues $ 179    $ 260    $ 933    $ 1,331    $ 160    $ 160    $ (65)   $ (87)   $ 1,207    $ 1,664   

Six Months Ended June 30,
Realogy Franchise Group Realogy Brokerage Group Realogy Title
Group
Corporate and Other Total
Company
2020 2019 2020 2019 2020 2019 2020 2019 2020 2019
Gross commission income (a) $ —    $ —    $ 1,769    $ 2,109    $ —    $ —    $ —    $ —    $ 1,769    $ 2,109   
Service revenue (b) 27    42        287    265    —    —    323    312   
Franchise fees (c) 275    319    —    —    —    —    (119)   (137)   156    182   
Other (d) 45    78    24    33    10      (4)   (5)   75    115   
Net revenues $ 347    $ 439    $ 1,802    $ 2,147    $ 297    $ 274    $ (123)   $ (142)   $ 2,323    $ 2,718   
______________
(a)Consists primarily of revenues related to gross commission income at Realogy Brokerage Group, which is recognized at a point in time at the closing of a homesale transaction.

14

(b)Service revenue primarily consists of title and escrow fees at Realogy Title Group, which are recognized at a point in time at the closing of a homesale transaction.
(c)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).
(d)Other revenue is comprised of brand marketing funds received at Realogy Franchise Group from franchisees, third-party listing fees in 2019 and other miscellaneous revenues across all of the business segments.
The following table shows the change in the Company's contract liabilities (deferred revenue) related to revenue contracts by reportable segment for the period:
  Beginning Balance at January 1, 2020 Additions during the period Recognized as Revenue during the period Ending Balance at June 30, 2020
Realogy Franchise Group:
Deferred area development fees (a) $ 48    $ —    $ (5)   $ 43   
Deferred brand marketing fund fees (b) 13    22    (32)    
Other deferred income related to revenue contracts 11    14    (14)   11   
Total Realogy Franchise Group 72    36    (51)   57   
Realogy Brokerage Group:
Advanced commissions related to development business (c)     (2)    
Other deferred income related to revenue contracts     (2)    
Total Realogy Brokerage Group 13      (4)   12   
Total $ 85    $ 39    $ (55)   $ 69   
_______________
(a)The Company collects initial area development fees ("ADF") for international territory transactions, which are recorded as deferred revenue when received and recognized into franchise revenue over the average 25 year life of the related franchise agreement as consideration for the right to access and benefit from Realogy’s brands. In the event an ADF agreement is terminated prior to the end of its term, the unamortized deferred revenue balance will be recognized into revenue immediately upon termination.
(b)Revenues recognized include intercompany marketing fees paid by Realogy Brokerage Group.
(c)New development closings generally have a development period of between 18 and 24 months from contracted date to closing.
Allowance for Doubtful Accounts
The Company estimates the allowance necessary to provide for uncollectible accounts receivable. The estimate is based on historical experience, combined with a review of current conditions and forecasts of future losses, and includes specific accounts for which payment has become unlikely. The process by which the Company calculates the allowance begins in the individual business units where specific problem accounts are identified and reserved primarily based upon the age profile of the receivables and specific payment issues, combined with reasonable and supportable forecasts of future losses.
Supplemental Cash Flow Information
Significant non-cash transactions during the six months ended June 30, 2020 and 2019 included finance lease additions of $7 million and $9 million, respectively, which resulted in non-cash additions to property and equipment, net and other non-current liabilities.
Leases
Other than the Company's facility closures as described in Note 6, "Restructuring Costs," the Company's lease obligations as of June 30, 2020 have not changed materially from the amounts reported in our 2019 Form 10-K.
Recently Adopted Accounting Pronouncements
The Company adopted the new accounting standard on Financial Instruments—Credit Losses (Topic 326) effective January 1, 2020. The new standard amends the guidance for measuring credit losses on certain financial instruments and financial assets, including trade receivables. The standard requires that companies recognize an allowance that reflects the current estimate of credit losses expected to be incurred over the life of the financial instrument. The valuation allowance for credit losses should be recognized and measured based on historical experience, current conditions and expectations of the future. The initial adoption of this guidance did not have an impact to the Company’s Condensed Consolidated Financial Statements upon adoption on January 1, 2020.

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Recently Issued Accounting Pronouncements
The Company considers the applicability and impact of all Accounting Standards Updates ("ASUs"). Recently issued standards were assessed and determined to be either not applicable or are expected to have minimal impact on our consolidated financial position or results of operations.
2. DISCONTINUED OPERATIONS
The Company entered into a Purchase and Sale Agreement on November 6, 2019 (the "Purchase Agreement"), for the acquisition of Cartus Relocation Services, the Company's global employee relocation business, by North American Van Lines, Inc. (as assignee of SIRVA Worldwide, Inc., or "SIRVA") for $375 million in cash at closing, subject to certain adjustments set forth in the Purchase Agreement, and a $25 million deferred payment after the closing of the transaction. SIRVA is a portfolio company of affiliates of Madison Dearborn Partners, LLC ("MDP"). See Note 9, "Commitments and Contingencies", to the Condensed Consolidated Financial Statements for additional information on litigation relating to the planned sale of Cartus Relocation.
The transaction under the Purchase Agreement includes all of Cartus Relocation Services, but not Realogy Leads Group. Realogy Leads Group is comprised of the Company's affinity and broker-to-broker business, as well as the broker network made up of agents and brokers from Realogy’s residential real estate brands and certain independent real estate brokers (which is referred to as the Realogy Advantage Broker Network).
In connection with the Company's signing of the Purchase Agreement during the fourth quarter of 2019, the Company met the requirements to report the operating results of the Cartus Relocation Services business as discontinued operations. Accordingly, the income (loss) related to Cartus Relocation Services is reported in "Net (loss) income from discontinued operations" on the Condensed Consolidated Statements of Operations for all periods presented. In addition, the related assets and liabilities are reported as assets and liabilities held for sale on the Condensed Consolidated Balance Sheets. The cash flows related to discontinued operations have been segregated and are included in the Condensed Consolidated Statements of Cash Flows.
The following table summarizes the operating results of discontinued operations described above and reflected within "Net (loss) income from discontinued operations" in the Company’s Condensed Consolidated Statements of Operations for each of the periods presented:
  Three Months Ended June 30, Six Months Ended June 30,
  2020 2019 2020 2019
Net revenues $ 48    $ 71    $ 100    $ 131   
Total expenses 61    70    119    147   
(Loss) income from discontinued operations (13)     (19)   (16)  
Estimated loss on the sale of discontinued operations (a) (44)   —    (74)   —   
Income tax benefit from discontinued operations (16)   —    (25)   (3)  
Net (loss) income from discontinued operations $ (41)   $   $ (68)   $ (13)  
_______________
(a)Adjustment to record assets and liabilities held for sale at the lower of carrying value or fair value less any costs to sell based on the estimated net purchase price.

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Assets and liabilities held for sale related to discontinued operations presented in the Condensed Consolidated Balance Sheets at June 30, 2020 and December 31, 2019 are as follows:
  June 30, 2020 December 31, 2019
Carrying amounts of the major classes of assets held for sale
Cash and cash equivalents $ 11    $ 28   
Restricted cash    
Trade receivables 35    46   
Relocation receivables 190    203   
Other current assets 11    12   
Property and equipment, net 41    36   
Operating lease assets, net 24    36   
Goodwill 176    176   
Trademarks 76    76   
Other intangibles, net 156    156   
Allowance for reduction of assets held for sale (a) (96)   (22)  
Total assets classified as held for sale $ 631    $ 750   
Carrying amounts of the major classes of liabilities held for sale
Accounts payable $ 35    $ 53   
Securitization obligations 113    206   
Current portion of operating lease liabilities    
Accrued expenses and other current liabilities 52    62   
Long-term operating lease liabilities 26    29   
Total liabilities classified as held for sale $ 231    $ 356   
_______________
(a)Adjustment to record assets and liabilities held for sale at the lower of carrying value or fair value less any costs to sell based on the Purchase Agreement.
Securitization Obligations
Securitization Obligations in the table above are further broken out as follows:
  June 30, 2020 December 31, 2019
Securitization Obligations:
Apple Ridge Funding LLC
$ 106    $ 195   
Cartus Financing Limited
  11   
Total Securitization Obligations $ 113    $ 206   
Realogy Group has secured obligations through Apple Ridge Funding LLC under a securitization program. In June 2020, Realogy Group extended the existing Apple Ridge Funding LLC securitization program until August 2020 and reduced the maximum borrowing capacity from $250 million to $200 million. As of June 30, 2020, the Company had $200 million of borrowing capacity under the Apple Ridge Funding LLC securitization program with $106 million being utilized leaving $94 million of available capacity subject to maintaining sufficient relocation related assets to collateralize the securitization obligation. In August 2020, the facility was further extended to June 2021.
Realogy Group, through a special purpose entity known as Cartus Financing Limited, has agreements providing for a £10 million revolving loan facility and a £5 million working capital facility which expires on August 31, 2020. As of June 30, 2020, there were $7 million of outstanding borrowings under the facilities leaving $12 million of available capacity subject to maintaining sufficient relocation related assets to collateralize the securitization obligation. These Cartus Financing Limited facilities are secured by the relocation assets of a U.K. government contract in this special purpose entity and are therefore classified as permitted securitization financings as defined in Realogy Group’s Senior Secured Credit Agreement and the indentures governing the Unsecured Notes and 7.625% Senior Secured Second Lien Notes.

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The Apple Ridge entities and the Cartus Financing Limited entity are consolidated special purpose entities that are utilized to securitize relocation receivables and related assets. These assets are generated from advancing funds on behalf of clients of Realogy Group’s relocation business in order to facilitate the relocation of their employees. Assets of these special purpose entities are not available to pay Realogy Group’s general obligations. Under the Apple Ridge program, provided no termination or amortization event has occurred, any new receivables generated under the designated relocation management agreements are sold into the securitization program and as new eligible relocation management agreements are entered into, the new agreements are designated to the program.
The Apple Ridge program has restrictive covenants and trigger events, including performance triggers linked to the age and quality of the underlying assets, foreign obligor limits, multicurrency limits, financial reporting requirements, restrictions on mergers and change of control, any uncured breach of Realogy Group’s senior secured leverage ratio under Realogy Group’s Senior Secured Credit Facility, and cross-defaults to Realogy Group’s material indebtedness. The occurrence of a trigger event under the Apple Ridge securitization facility could restrict our ability to access new or existing funding under this facility or result in termination of the facility, either of which would adversely affect the operation of Cartus Relocation Services and the Company.
Certain of the funds that Realogy Group received from relocation receivables and related assets are required to be utilized to repay securitization obligations. These obligations are collateralized by $182 million and $200 million of underlying relocation receivables and other related relocation assets at June 30, 2020 and December 31, 2019, respectively. Substantially all relocation related assets are realized in less than twelve months from the transaction date.
Interest incurred in connection with borrowings under these facilities amounted to $1 million and $2 million for the three months ended June 30, 2020 and 2019, respectively, and $3 million and $4 million for the six months ended June 30, 2020 and 2019, respectively. These securitization obligations represent floating rate debt for which the average weighted interest rate was 3.8% and 4.4% for the six months ended June 30, 2020 and 2019, respectively.
3. GOODWILL AND INTANGIBLE ASSETS
Impairment of Goodwill and Other Indefinite-lived Intangible Assets
Goodwill represents the excess of acquisition costs over the fair value of the net tangible assets and identifiable intangible assets acquired in a business combination. Other indefinite-lived intangible assets primarily consist of trademarks acquired in business combinations. Goodwill and other indefinite-lived assets are not amortized, but are subject to impairment testing. The aggregate carrying values of our goodwill and other indefinite-lived intangible assets are subject to an impairment assessment annually as of October 1, or whenever events or changes in circumstances indicate that the carrying amount may not be fully recoverable. This assessment compares carrying values of the goodwill reporting units and other indefinite lived intangible assets to their respective fair values and, when appropriate, the carrying value is reduced to fair value.
In testing goodwill, the fair value of each reporting unit is estimated using the income approach, a discounted cash flow approach. For the other indefinite lived intangible assets, fair value is estimated using the relief from royalty method. Management utilizes long-term cash flow forecasts and the Company's annual operating plans adjusted for terminal value assumptions. The fair value of the Company's reporting units and other indefinite lived intangible assets are determined utilizing the best estimate of future revenues, operating expenses including commission expense, market and general economic conditions, trends in the industry, as well as assumptions that management believes marketplace participants would utilize including discount rates, cost of capital, trademark royalty rates, and long-term growth rates. The trademark royalty rate was determined by reviewing similar trademark agreements with third parties. Although management believes that assumptions are reasonable, actual results may vary significantly.
During the first quarter of 2020, the Company determined that the impact on future earnings related to the COVID-19 pandemic qualified as a triggering event for all of our reporting units and accordingly, the Company performed an impairment assessment of goodwill and other indefinite-lived intangible assets as of March 31, 2020. This assessment resulted in the recognition of an impairment of Realogy Franchise Group trademarks of $30 million and a goodwill impairment of $413 million for Realogy Brokerage Group offset by an income tax benefit of $99 million resulting in a net reduction to Realogy Brokerage Group's carrying value of $314 million. The primary drivers to the impairments were a significant increase in the weighted average cost of capital due to the volatility in the capital and debt markets due to COVID-19 and the related lower projected financial results for 2020. The impairment charges are recorded on a separate line in the accompanying Condensed Consolidated Statements of Operations and are non-cash in nature.

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These impairment assessments involve the use of accounting estimates and assumptions, changes in which could materially impact our financial condition or operating performance if actual results differ from such estimates and assumptions. To address this uncertainty, a sensitivity analysis is performed on key estimates and assumptions. Under the income approach, management used key valuation assumptions in determining the fair value estimates of the Company's reporting units including a discount rate based on the Company's best estimate of the weighted average cost of capital and a long-term growth rate based on the Company's best estimate of terminal growth rates.
As a result of the COVID-19 pandemic which caused volatility in the capital and debt markets, there was a significant increase in the weighted average cost of capital used to discount the future cash flows in the impairment assessment model. The following table provides a comparison of key assumptions used in the Company's impairment assessment performed in the first quarter of 2020 compared to the prior assessment performed in the fourth quarter of 2019:
Discount Rate Long-term Growth Rates
First Quarter 2020 Fourth Quarter 2019 First Quarter 2020 Fourth Quarter 2019
Realogy Franchise Group 10.0% 8.5% 2.5% 2.5%
Realogy Brokerage Group 11.0% 9.0% 2.0% 2.0%
Realogy Title Group 11.0% 9.5% 2.5% 2.5%
Given the increase in the discount rate and lower projected 2020 financial results in this impairment analysis, the estimated excess fair value over carrying value for Realogy Franchise Group and Realogy Title Group was reduced to 7% and 5%, respectively. While management believes the assumptions used in the impairment test are reasonable, a 100 basis point increase in the discount rate, holding other assumptions constant, would result in an impairment of goodwill at Realogy Franchise Group and Realogy Title Group.
There is a significant amount of future uncertainty related to the impact of the COVID-19 pandemic. In addition, significant negative industry or economic trends, disruptions to the business, unexpected significant changes or planned changes in use of the assets, a decrease in business results, growth rates that fall below management's assumptions, divestitures, and a sustained decline in the Company's stock price and market capitalization may have a negative effect on the fair values and key valuation assumptions, and such changes could result in changes to management's estimates of fair value and a material impairment of goodwill or other indefinite-lived intangible assets.
Goodwill
Goodwill by reporting unit and changes in the carrying amount are as follows:
Realogy Franchise Group Realogy Brokerage Group Realogy
Title
Group
Total
Company
Balance at December 31, 2019 $ 2,476    $ 669    $ 155    $ 3,300   
Goodwill acquired —    —    —    —   
Impairment loss —    (413)   —    (413)  
Balance at June 30, 2020 $ 2,476    $ 256    $ 155    $ 2,887   
Accumulated impairment losses (a) $ 1,160    $ 808    $ 324    $ 2,292   
_______________
(a)Includes impairment charges which reduced goodwill by $413 million, $237 million, $1,153 million and $489 million during the first quarter of 2020, third quarter of 2019, fourth quarter of 2008 and fourth quarter of 2007, respectively.

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Intangible Assets
Intangible assets are as follows:
  As of June 30, 2020 As of December 31, 2019
  Gross
Carrying
Amount
Accumulated
Amortization
Net
Carrying
Amount
Gross
Carrying
Amount
Accumulated
Amortization
Net
Carrying
Amount
Amortizable—Franchise agreements (a) $ 2,019    $ 893    $ 1,126    $ 2,019    $ 859    $ 1,160   
Indefinite life—Trademarks (b) (c) $ 643    $ 643    $ 673    $ 673   
Other Intangibles
Amortizable—License agreements (d) $ 45    $ 12    $ 33    $ 45    $ 12    $ 33   
Amortizable—Customer relationships (e) 71    58    13    71    57    14   
Indefinite life—Title plant shares (f) 19    19    19    19   
Amortizable—Other (g) 23    18      27    21     
Total Other Intangibles $ 158    $ 88    $ 70    $ 162    $ 90    $ 72   
_______________
(a)Generally amortized over a period of 30 years.
(b)Primarily related to real estate franchise brands which are expected to generate future cash flows for an indefinite period of time.
(c)Realogy Franchise Group trademarks was impaired by $30 million during the first quarter of 2020.
(d)Relates to the Sotheby’s International Realty® and Better Homes and Gardens® Real Estate agreements which are being amortized over 50 years (the contractual term of the license agreements).
(e)Relates to the customer relationships at Realogy Title Group and Realogy Brokerage Group. These relationships are being amortized over a period of 2 to 12 years.
(f)Ownership in a title plant is required to transact title insurance in certain states. The Company expects to generate future cash flows for an indefinite period of time.
(g)Consists of covenants not to compete which are amortized over their contract lives and other intangibles which are generally amortized over periods ranging from 5 to 10 years.
Intangible asset amortization expense is as follows:
  Three Months Ended
June 30,
Six Months Ended
June 30,
  2020 2019 2020 2019
Franchise agreements $ 17    $ 17    $ 34    $ 34   
License agreements —    —    —    —   
Customer relationships —         
Other        
Total $ 18    $ 19    $ 37    $ 38   
Based on the Company’s amortizable intangible assets as of June 30, 2020, the Company expects related amortization expense for the remainder of 2020, the four succeeding years and thereafter to be approximately $37 million, $72 million, $70 million, $70 million, $70 million and $858 million, respectively.
4. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
Accrued expenses and other current liabilities consisted of:
  June 30, 2020 December 31, 2019
Accrued payroll and related employee costs $ 93    $ 103   
Accrued volume incentives 20    35   
Accrued commissions 48    32   
Restructuring accruals   11   
Deferred income 34    43   
Accrued interest 21    18   
Current portion of finance lease liabilities 13    13   
Due to former parent 19    18   
Other 76    77   
Total accrued expenses and other current liabilities $ 332    $