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Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Mar. 31, 2014	May 01, 2014
Statement [Line Items]
Document Period End Date	Mar. 31, 2014
Entity Registrant Name	REALOGY HOLDINGS CORP.
Entity Central Index Key	0001398987
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		146,121,940
Realogy Group LLC [Member]
Statement [Line Items]
Entity Registrant Name	REALOGY GROUP LLC
Entity Central Index Key	0001355001
Entity Filer Category	Non-accelerated Filer

Condensed Consolidated Statements of Operations - USD ($)
shares in Millions, $ in Millions

3 Months Ended

Mar. 31, 2014

Mar. 31, 2013

Revenues

Gross commission income

$ 738

$ 676

Service revenue

165

183

Franchise fees

Other

Net revenues

^[1],[2]

1,007

957

Expenses

Commission and other agent-related costs

500

454

Operating

336

327

Marketing

General and administrative

Former parent legacy costs, net

Depreciation and amortization

Interest expense, net

Loss on the early extinguishment of debt

Total expenses

1,084

1,033

Loss before income taxes, equity in earnings and noncontrolling interests

(77)

(76)

Income tax (benefit) expense

(34)

Equity in (earnings) losses of unconsolidated entities

(9)

Net loss

(46)

(74)

Less: Net income attributable to noncontrolling interests

(1)

Net loss attributable to Realogy Holdings and Realogy Group

$ (46)

$ (75)

Loss per share attributable to Realogy Holdings:

Basic

$ (0.32)

$ (0.52)

Diluted

$ (0.32)

$ (0.52)

Weighted average common and common equivalent shares of Realogy Holdings outstanding:

Basic weighted average shares

145.8

145.1

Weighted average diluted shares

145.8

145.1

[1]

Revenues for the Real Estate Franchise Services segment include intercompany royalties and marketing fees paid by the Company Owned Real Estate Brokerage Services segment of $54 million and $51 million for the three months ended March 31, 2014 and 2013, respectively. Transactions between segments are eliminated in consolidation. Such amounts are eliminated through the Corporate and Other line.

[2]

Revenues for the Relocation Services segment include intercompany referral and relocation fees paid by the Company Owned Real Estate Brokerage Services segment of $7 million and $8 million for the three months ended March 31, 2014 and 2013, respectively. Such amounts are recorded as contra-revenues by the Company Owned Real Estate Brokerage Services segment. There are no other material inter-segment transactions.

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Statement of Comprehensive Income [Abstract]
Net loss	$ (46)	$ (74)
Currency translation adjustment	1	(3)
Other comprehensive income (loss), before tax	1	(3)
Income tax expense (benefit) related to other comprehensive income (loss) amounts	0	0
Other comprehensive income (loss), net of tax	1	(3)
Comprehensive loss	(45)	(77)
Less: comprehensive income attributable to noncontrolling interests	0	(1)
Comprehensive loss attributable to Realogy Holdings and Realogy Group	$ (45)	$ (78)

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2014	Dec. 31, 2013
Current assets:
Cash and cash equivalents	$ 119	$ 236
Trade receivables (net of allowance for doubtful accounts of $32 and $37)	131	121
Relocation receivables	277	270
Deferred income taxes	186	186
Other current assets	105	104
Total current assets	818	917
Property and equipment, net	199	205
Goodwill	3,359	3,335
Trademarks	736	732
Franchise agreements, net	1,545	1,562
Other intangibles, net	362	365
Other non-current assets	208	210
Total assets	7,227	7,326
Current liabilities:
Accounts payable	138	123
Securitization obligations	194	252
Due to former parent	63	63
Revolving credit facilities and current portion of long-term debt	164	19
Accrued expenses and other current liabilities	363	454
Total current liabilities	922	911
Long-term debt	3,839	3,886
Deferred income taxes	299	337
Other non-current liabilities	192	179
Total liabilities	5,252	5,313
Commitments and contingencies (Notes 7 and 9)
Equity:
Realogy Holdings preferred stock: $.01 par value; 50,000,000 shares authorized, none issued and outstanding at March 31, 2014 and December 31, 2013.	0	0
Realogy Holdings common stock: $.01 par value; 400,000,000 shares authorized, 146,161,257 shares outstanding at March 31, 2014 and 146,125,337 shares outstanding at December 31, 2013.	1	1
Additional paid-in capital	5,644	5,635
Accumulated deficit	(3,653)	(3,607)
Accumulated other comprehensive loss	(19)	(19)
Total stockholders' equity	1,973	2,010
Noncontrolling interests	2	3
Total equity	1,975	2,013
Total liabilities and equity	$ 7,227	$ 7,326

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2014	Mar. 31, 2013
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 32	$ 37
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	400,000,000	400,000,000
Common stock, shares outstanding	146,161,257	146,125,337
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares outstanding	0	0

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Operating Activities
Net loss	$ (46)	$ (74)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	46	42
Deferred income taxes	(38)	5
Amortization of deferred financing costs and debt discount	4	3
Non-cash portion of the loss on the early extinguishment of debt	4	3
Equity in (earnings) losses of unconsolidated entities	3	(9)
Stock-based compensation	9	3
Other adjustments to net loss	9	2
Net change in assets and liabilities, excluding the impact of acquisitions and dispositions:
Trade receivables	(10)	3
Relocation receivables and advances	(7)	1
Other assets	(5)	1
Accounts payable, accrued expenses and other liabilities	(79)	(39)
Due (to) from former parent	0	1
Dividends received from unconsolidated entities	0	15
Net cash used in operating activities	(110)	(43)
Investing Activities
Property and equipment additions	(13)	(12)
Payments for acquisitions, net of cash acquired	(23)	(2)
Change in restricted cash	4	(2)
Other, net	(5)	0
Net cash used in investing activities	(37)	(16)
Financing Activities
Net change in revolving credit facilities	145	25
Proceeds from amended term loan facility	0	79
Repayments of term loan credit facility	(4)	0
Repurchases of First and a Half Lien Notes	44	0
Net change in securitization obligations	(58)	(21)
Debt issuance costs	(1)	(22)
Proceeds from exercise of stock options	1	0
Other, net	(9)	(11)
Net cash provided by financing activities	30	50
Effect of changes in exchange rates on cash and cash equivalents	0	(1)
Net decrease in cash and cash equivalents	(117)	(10)
Cash and cash equivalents, beginning of period	236	376
Cash and cash equivalents, end of period	119	366
Supplemental Disclosure of Cash Flow Information
Interest payments (including securitization interest expense)	88	92
Income tax payments, net	$ 2	$ 3

Basis Of Presentation

3 Months Ended

Mar. 31, 2014

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis Of Presentation

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. Neither Realogy Holdings, the indirect parent of Realogy Group, nor 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 was incorporated on December 14, 2006. On April 10, 2007, Realogy Holdings, then wholly owned by investment funds affiliated with, or co-investment vehicles managed by, Apollo Management VI, L.P., an entity affiliated with Apollo Management, L.P. (collectively referred to as "Apollo"), acquired the outstanding shares of Realogy Group (then known as Realogy Corporation, a Delaware corporation) pursuant to a merger of its wholly owned subsidiary Domus Acquisition Corp., with and into Realogy Group with Realogy Holdings becoming the indirect parent company of Realogy Group. Prior to the consummation of the Realogy Holdings initial public offering and related transactions in October 2012, Realogy Holdings was owned by Apollo and members of the Company’s management.

Realogy is a global provider of residential real estate services. Realogy Group (then Realogy Corporation) was incorporated in January 2006 to facilitate a plan by Cendant Corporation (now known as Avis Budget Group, Inc.) to separate into four independent companies—one for each of Cendant's business units—real estate services or Realogy, travel distribution services ("Travelport"), hospitality services, including timeshare resorts ("Wyndham Worldwide"), and vehicle rental ("Avis Budget Group"). On July 31, 2006, the separation ("Separation") from Cendant became effective.

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 Condensed Consolidated Financial Statements reflect all normal and recurring adjustments necessary to present fairly the Realogy Holdings and Realogy Group's financial position as of March 31, 2014 and the results of operations and comprehensive loss for the three months ended March 31, 2014 and 2013 and cash flows for the three months ended March 31, 2014 and 2013. As the interim Condensed Consolidated Financial Statements are prepared using the same accounting principles and policies used to prepare the annual consolidated financial statements, they should be read in conjunction with the Consolidated Financial Statements for the year ended December 31, 2013 included in the Annual Report on Form 10-K for the year ended December 31, 2013.

Financial Instruments

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 following table summarizes fair value measurements by level at March 31, 2014 for assets/liabilities measured at fair value on a recurring basis:



	Level I		Level II		Level III		Total
Interest rate swaps (included in other non-current liabilities)	$	—	$	23	$	—	$	23
Deferred compensation plan assets (included in other non-current assets)	2		—		—		2

The following table summarizes fair value measurements by level at December 31, 2013 for assets/liabilities measured at fair value on a recurring basis:



	Level I		Level II		Level III		Total
Interest rate swaps (included in other non-current liabilities)	$	—	$	18	$	—	$	18
Deferred compensation plan assets (included in other non-current assets)	2		—		—		2

The following table summarizes the carrying amount of the Company’s indebtedness compared to the estimated fair value, primarily determined by quoted market values, at:



	March 31, 2014				December 31, 2013
Debt	Carrying Amount		Estimated Fair Value (a)		Carrying Amount		Estimated Fair Value (a)
Senior Secured Credit Facility:
Revolving credit facility	$	145	$	145	$	—	$	—
Term loan facility	1,884		1,889		1,887		1,906
7.625% First Lien Notes	593		658		593		664
7.875% First and a Half Lien Notes	685		737		700		765
9.00% First and a Half Lien Notes	196		224		225		260
3.375% Senior Notes	500		501		500		504
Securitization obligations	194		194		252		252

_______________


(a)	The fair value of the Company's indebtedness is categorized as Level I.

Investment in PHH Home Loans and Transactions with PHH Corporation

The Company owns 49.9% of PHH Home Loans, which was created for the purpose of originating and selling mortgage loans primarily sourced through the Company’s real estate brokerage and relocation businesses. PHH Corporation ("PHH") owns the other 50.1%. The Company has an agreement with PHH and PHH Home Loans regarding the operation of the venture and a marketing agreement with PHH whereby PHH is the recommended provider of mortgage products and services promoted by the Company to its independently owned and operated franchisees. The Company also entered into a license agreement with PHH whereby PHH Home Loans was granted a license to use certain of the Company’s real estate brand names. The Company also maintains a relocation agreement with PHH whereby PHH outsources its employee relocation function to the Company and the Company subleases office space to PHH Home Loans. In connection with these agreements, the Company recorded net revenues of $1 million for the three months ended March 31, 2014 and 2013. In addition, the Company recorded equity losses related to its investment in PHH Home Loans of $3 million for the three months ended March 31, 2014 and equity earnings related to its investment in PHH Home Loans of $9 million for the three months ended March 31, 2013. The Company received no cash dividend from PHH Home Loans during the three months ended March 31, 2014 and $15 million of cash dividends from PHH Home Loans during the three months ended March 31, 2013.

Income Taxes

The Company's provision for income taxes in interim periods is computed by applying its estimated annual effective tax rate against the income (loss) before income taxes for the period. In addition, non-recurring or discrete items are recorded during the period in which they occur. The provision for income taxes was a benefit of $34 million for the three months ended March 31, 2014 compared to an expense of $7 million for the three months ended March 31, 2013. In 2013, the Company did not record a federal income tax benefit due to a full valuation allowance for domestic operations. At December 31, 2013, the Company evaluated all available positive and negative evidence and determined that substantially all of the valuation allowance associated with U.S. federal and certain state deferred tax assets should be reversed.

Derivative Instruments

The Company uses foreign currency forward contracts largely to manage its exposure to changes in foreign currency exchange rates associated with its foreign currency denominated receivables and payables. The Company primarily manages its foreign currency exposure to the Euro, Swiss Franc, Canadian Dollar and British Pound. The Company has elected not to utilize hedge accounting for these forward contracts; therefore, any change in fair value is recorded in the Condensed Consolidated Statements of Operations. However, the fluctuations in the value of these forward contracts generally offset the impact of changes in the value of the underlying risk that they are intended to economically hedge. As of March 31, 2014, the Company had outstanding foreign currency forward contracts with a fair value of less than $1 million and a notional value of $21 million. As of December 31, 2013, the Company had outstanding foreign currency forward contracts with a fair value of less than $1 million and a notional value of $28 million.

The Company also enters into interest rate swaps to manage its exposure to changes in interest rates associated with its variable rate borrowings. The Company has five interest rate swaps with an aggregate notional value of $1,025 million to offset the variability in cash flows resulting from the term loan facility. The first swap, with a notional value of $225 million, commenced in July 2012 and expires in February 2018 and the second swap, with a notional value of $200 million, commenced in January 2013 and expires in February 2018. In the third quarter of 2013, the Company entered into three forward starting interest rate swaps, each with a notional value of $200 million, to commence in August 2015 and expire in August 2020. The Company has elected not 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:



Liability Derivatives		Fair Value
Not Designated as Hedging Instruments	Balance Sheet Location	March 31, 2014		December 31, 2013
Interest rate swap contracts	Other non-current liabilities	$	23	$	18

The effect of derivative instruments on earnings is as follows:



Derivative Instruments Not Designated as Hedging Instruments	Location of (Gain) or Loss Recognized for Derivative Instruments	(Gain) or Loss Recognized on Derivatives
		Three Months Ended March 31,
		2014		2013
Interest rate swap contracts	Interest expense	$	8	$	2
Foreign exchange contracts	Operating expense	—		(1		)

Restricted Cash

Restricted cash primarily relates to amounts specifically designated as collateral for the repayment of outstanding borrowings under the Company’s securitization facilities. Such amounts approximated $10 million and $14 million at March 31, 2014 and December 31, 2013, respectively and are primarily included within Other current assets on the Company’s Condensed Consolidated Balance Sheets.

Supplemental Cash Flow Information

For the three months ended March 31, 2013, the Company recorded $5 million related to tenant improvements on the new headquarters which resulted in non-cash accruals to fixed assets and other long-term liabilities.

Defined Benefit Pension Plan

The net periodic pension cost for the three months ended March 31, 2014 was less than $1 million and was comprised of interest cost and amortization of actuarial loss of $2 million offset by a benefit of $2 million for the expected return on assets. The net periodic pension cost for the three months ended March 31, 2013 was less than $1 million and was comprised of interest cost and amortization of actuarial loss of $2 million offset by a benefit of $2 million for the expected return on assets.

Recently Adopted Accounting Pronouncements

In July 2013, the FASB amended guidance requiring companies to present in the statement of financial position, an unrecognized tax benefit, or a portion of an unrecognized tax benefit, as a reduction to a deferred tax asset for a net operating loss carryforward or a tax credit carryforward. To the extent that a net operating loss carryforward or tax credit carryforward at the reporting date is not available under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position, the unrecognized tax benefit would be presented in the statement of financial position as a liability. The amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The Company presents unrecognized tax benefits in accordance with the amended guidance and therefore the new standard had no impact on the Company's financial statement presentation.

- Definition

The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.

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+ Details

Acquisitions	3 Months Ended
Acquisitions	Mar. 31, 2014
Business Combinations [Abstract]
Acquisitions	ACQUISITIONS 2014 Acquisitions During the three months ended March 31, 2014, the Company acquired five real estate brokerage operations through its wholly owned subsidiary, NRT, for cash consideration of $23 million and established $14 million of liabilities related to contingent consideration. These acquisitions resulted in goodwill of $24 million, trademarks of $4 million, pendings and listings of $2 million and other intangibles of $7 million that were assigned to the Company Owned Brokerage Services segment. None of the 2014 acquisitions were significant to the Company’s results of operations, financial position or cash flows individually or in the aggregate. 2013 Acquisitions During the year ended December 31, 2013, the Company acquired fifteen real estate brokerage operations through its wholly owned subsidiary, NRT, for cash consideration of $32 million and established $4 million of liabilities related to contingent consideration. These acquisitions resulted in goodwill of $31 million and pendings and listings and other intangibles of $5 million that were assigned to the Company Owned Brokerage Services segment. None of the 2013 acquisitions were significant to the Company’s results of operations, financial position or cash flows individually or in the aggregate.

- Definition

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

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-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1383-128463

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=7488404&loc=d3e6996-128479

+ Details

Intangible Assets

3 Months Ended

Mar. 31, 2014

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

INTANGIBLE ASSETS

Goodwill by segment and changes in the carrying amount are as follows:



	Real Estate Franchise Services			Company Owned Brokerage Services			Relocation Services			Title and Settlement Services			Total Company
Gross goodwill as of December 31, 2013	$	3,264		$	819		$	641		$	397		$	5,121
Accumulated impairment losses	(1,023		)	(158		)	(281		)	(324		)	(1,786		)
Balance at December 31, 2013	2,241			661			360			73			3,335
Goodwill acquired	—			24			—			—			24
Balance at March 31, 2014	$	2,241		$	685		$	360		$	73		$	3,359

Intangible assets are as follows:



	As of March 31, 2014						As of December 31, 2013
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Amortizable—Franchise agreements (a)	$	2,019	$	474	$	1,545	$	2,019	$	457	$	1,562
Unamortizable—Trademarks (b)	$	736			$	736	$	732			$	732
Other Intangibles
Amortizable—License agreements (c)	$	45	$	6	$	39	$	45	$	6	$	39
Amortizable—Customer relationships (d)	529		228		301		529		219		310
Unamortizable—Title plant shares (e)	10				10		10				10
Amortizable—Pendings and listings (f)	2		2		—		2		1		1
Amortizable—Other (g)	16		4		12		9		4		5
Total Other Intangibles	$	602	$	240	$	362	$	595	$	230	$	365

_______________

(a) Generally amortized over a period of 30 years.


(b)	Relates to the Century 21, Coldwell Banker, ERA, The Corcoran Group, Coldwell Banker Commercial and Cartus tradenames, which are expected to generate future cash flows for an indefinite period of time.


(c)	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).


(d)	Relates to the customer relationships at the Title and Settlement Services segment and the Relocation Services segment. These relationships are being amortized over a period of 5 to 20 years.


(e)	Primarily related to the Texas American Title Company title plant shares. 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.


(f)	Generally amortized over a period of 5 months.


(g)	Generally amortized over periods ranging from 2 to 10 years.

Intangible asset amortization expense is as follows:



	Three Months Ended March 31,
	2014		2013
Franchise agreements	$	17	$	16
Customer relationships	9		9
Pendings and listings	3		—
Total	$	29	$	25

Based on the Company’s amortizable intangible assets as of March 31, 2014, the Company expects related amortization expense for the remainder of 2014, the four succeeding years and thereafter to approximate $79 million, $98 million, $96 million, $93 million, $91 million and $1,440 million, respectively.

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References + Details

Accrued Expenses And Other Current Liabilities

3 Months Ended

Mar. 31, 2014

Payables and Accruals [Abstract]

Accrued Expenses And Other Current Liabilities

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Accrued expenses and other current liabilities consisted of:



	March 31, 2014		December 31, 2013
Accrued payroll and related employee costs	$	83	$	146
Accrued volume incentives	25		31
Accrued commissions	23		21
Restructuring accruals	4		6
Deferred income	69		73
Accrued interest	36		63
Other	123		114
	$	363	$	454

Short And Long Term-Debt

3 Months Ended

Mar. 31, 2014

Debt Disclosure [Abstract]

Short And Long-Term Debt

SHORT AND LONG-TERM DEBT

Total indebtedness is as follows:



	March 31, 2014		December 31, 2013
Senior Secured Credit Facility:
Revolving credit facility	$	145	$	—
Term loan facility	1,884		1,887
7.625% First Lien Notes	593		593
7.875% First and a Half Lien Notes	685		700
9.00% First and a Half Lien Notes	196		225
3.375% Senior Notes	500		500
Total Short Term & Long Term Debt	4,003		3,905
Securitization Obligations:
Apple Ridge Funding LLC	177		229
Cartus Financing Limited	17		23
Total Securitization Obligations	$	194	$	252

Indebtedness Table

As of March 31, 2014, the total capacity, outstanding borrowings and available capacity under the Company’s borrowing arrangements were as follows:



	Interest Rate	Expiration Date	Total Capacity		Outstanding Borrowings		Available Capacity
Senior Secured Credit Facility:
Revolving credit facility (1)	(2)	March 2018	$	475	$	145	$	305
Term loan facility	(3)	March 2020	1,901		1,884		—
First Lien Notes	7.625%	January 2020	593		593		—
First and a Half Lien Notes	7.875%	February 2019	685		685		—
First and a Half Lien Notes	9.00%	January 2020	196		196		—
Senior Notes	3.375%	May 2016	500		500		—
Securitization Obligations: (4)
Apple Ridge Funding LLC		September 2014	325		177		148
Cartus Financing Limited (5)		Various	67		17		50
			$	4,742	$	4,197	$	503

_______________


(1)	The available capacity under this facility was reduced by $25 million of outstanding letters of credit. On May 1, 2014, the Company had $100 million outstanding on the revolving credit facility and $25 million outstanding letters of credit on such facility, leaving $350 million of available capacity.


(2)	Interest rates with respect to revolving loans under the senior secured credit facility are based on, at Realogy Group’s option, (a) adjusted LIBOR plus 2.75% or (b) JPMorgan Chase Bank, N.A.'s prime rate ("ABR") plus 1.75% in each case subject to reductions based on the attainment of certain leverage ratios.

(3)

Consists of a $1,901 million term loan, less a discount of $17 million. There is 1% per annum amortization of principal. The interest rate with respect to the term loan under the senior secured credit facility is based on, at Realogy Group’s option, (a) adjusted LIBOR plus 3.00% (with a LIBOR floor of 0.75%) or (b) JPMorgan Chase Bank, N.A.’s prime rate ("ABR") plus 2.00% (with an ABR floor of 1.75%).


(4)	Available capacity is subject to maintaining sufficient relocation related assets to collateralize these securitization obligations.


(5)	Consists of a £35 million facility which expires in August 2015 and a £5 million annual working capital facility which expires in August 2014.

Maturities Table

As of March 31, 2014, the combined aggregate amount of maturities for long-term borrowings, excluding securitizations, for the remainder of 2014 and each of the next four years is as follows:



Year	Amount
Remaining 2014 (a)	$	159
2015	19
2016	519
2017	19
2018	19

_______________


(a)	Outstanding borrowings of $145 million under the Company’s revolving credit facility expire in March 2018, but are classified on the balance sheet as current due to the revolving nature of the facility.

Senior Secured Credit Facility

On March 5, 2013, Realogy Group entered into an amended and restated senior secured credit agreement (the "Amended and Restated Credit Agreement"). The Amended and Restated Credit Agreement replaces the agreement that had been entered into on April 10, 2007 and refinances the prior term loan facility and prior revolving credit facility.

The Amended and Restated Credit Agreement provides for (a) a seven-year, $1,920 million term loan facility issued at 99% of par with a maturity date of March 5, 2020, the proceeds of which were utilized to pay off the $1,822 million principal amount of the existing term loan borrowings under the prior facility, plus accrued and unpaid interest, and to pay the fees and expenses incurred in connection with the refinancing and for general corporate purposes; and (b) a five-year, $475 million revolving credit facility with a maturity date of March 5, 2018, which includes (i) a $250 million letter of credit subfacility and (ii) a swingline loan subfacility. Initial borrowings under the new revolving credit facility were used to repay the outstanding indebtedness under the prior revolving credit facility.

On March 10, 2014, Realogy Group entered into a first amendment (the “First Amendment”) to its Amended and Restated Credit Agreement, dated as of March 5, 2013. The First Amendment repriced the remaining $1,905 million of term loan issued under the Credit Agreement through a refinancing of the existing term loan with a new term loan. The interest rate with respect to the new term loan is based on, at Realogy Group's option, adjusted LIBOR plus 3.00% (with a LIBOR floor of 0.75%) or ABR plus 2.00% (with an ABR floor of 1.75%). The interest rate with respect to revolving loans under the revolving credit facility is based on, at Realogy Group's option, adjusted LIBOR plus 2.75% or ABR plus 1.75%. The maturity date for the new term loan remains March 5, 2020, and all other material provisions under the Credit Agreement remain unchanged.

The Amended and Restated Credit Agreement retained a synthetic letter of credit facility which matures on October 10, 2016. The synthetic letter of credit facility may be utilized for general corporate purposes, including the support of Realogy Group’s obligations with respect to Cendant contingent and other liabilities assumed under the Separation and Distribution Agreement. As of March 31, 2014, the $119 million capacity under the facility was being utilized for a $53 million letter of credit with Cendant for potential contingent obligations and $59 million of letters of credit for other general corporate purposes.

The term loan facility provides for quarterly amortization payments totaling 1% per annum of the $1,905 million of term loan principal issued under the First Amendment. Payments commenced on June 30, 2013, with the balance payable upon the final maturity date. The synthetic letter of credit facility provides for quarterly amortization payments totaling 1% per annum of the principal amount of the synthetic letter of credit facility outstanding with the balance payable upon the final maturity date.

The obligations under the Amended and Restated Credit Agreement are secured to the extent legally permissible by substantially all of the assets of Realogy Group, Realogy Intermediate and all of their domestic subsidiaries, other than certain excluded subsidiaries.

Realogy Group’s senior secured credit facility contains financial, affirmative and negative covenants and requires Realogy Group to maintain a senior secured leverage ratio, in certain circumstances, not to exceed 4.75 to 1.00. Maintenance of this ratio is required if the amount of borrowings outstanding under the revolving credit facility together with the amount of letters of credit issued under the revolving credit facility at the end of the quarter, exceed 25% of the revolving credit facility capacity. In this report, the Company refers to the term "Adjusted EBITDA" to mean EBITDA as so defined for purposes of determining compliance with the senior secured leverage covenant. The senior secured leverage ratio measured at any applicable quarter end is Realogy Group's total senior secured net debt divided by the trailing twelve month adjusted EBITDA. Total senior secured net debt does not include the First and a Half Lien Notes, other indebtedness secured by a lien that is pari passu or junior in priority to the First and a Half Lien Notes, unsecured indebtedness, including the 3.375% Senior Notes or securitization obligations. At March 31, 2014, Realogy Group’s borrowings and outstanding letters of credit issued under the revolving credit facility exceeded 25% of the revolving credit facility capacity and therefore the senior secured leverage ratio computation was required. At March 31, 2014, Realogy Group’s senior secured leverage ratio was 3.32 to 1.00 and the Company was in compliance with the senior secured leverage ratio covenant.

First Lien Notes

The $593 million of First Lien Notes are senior secured obligations of Realogy Group and mature on January 15, 2020. The First Lien Notes bear interest at a rate of 7.625% per annum and interest is payable semiannually on January 15 and July 15 of each year. The First Lien Notes are guaranteed on a senior secured basis by Realogy Intermediate and each domestic subsidiary of Realogy Group that is a guarantor under the Senior Secured Credit Facility or certain of Realogy Group's outstanding debt securities. The First Lien Notes are also guaranteed by Realogy Holdings, on an unsecured senior subordinated basis. The First Lien Notes are secured by the same collateral as the Company’s existing secured obligations under its Senior Secured Credit Facility and the First and a Half Lien Notes. The priority of the collateral liens securing the First Lien Notes is (i) equal to the collateral liens securing the Company's first lien obligations under the Senior Secured Credit Facility and (ii) senior to the collateral liens securing the Company’s other secured obligations not secured by a first priority lien, including the First and a Half Lien Notes.

First and a Half Lien Notes

The First and a Half Lien Notes are senior secured obligations of Realogy Group. The 7.875% First and a Half Lien Notes mature in February 2019 and interest is payable semiannually on February 15 and August 15 of each year. The 9.00% First and a Half Lien Notes mature in January 2020 and interest is payable semiannually on January 15 and July 15 of each year. The First and a Half Lien Notes are guaranteed on a senior secured basis by Realogy Intermediate and each domestic subsidiary of Realogy Group that is a guarantor under the Senior Secured Credit Facility or certain of Realogy Group's outstanding debt securities. The First and a Half Lien Notes are also guaranteed by Realogy Holdings, on an unsecured senior subordinated basis. The First and a Half Lien Notes are secured by the same collateral as the Company’s existing secured obligations under its Senior Secured Credit Facility and the First Lien Notes. The priority of the collateral liens securing the First and a Half Lien Notes is junior to the collateral liens securing the Company’s first lien obligations under its Senior Secured Credit Facility and the First Lien Notes. The priority of the collateral liens securing each series of the First and a Half Lien Notes is equal to one another.

During the third quarter of 2013, the Company repurchased $100 million of its 9.00% First and a Half Lien Notes through open market purchases for an aggregate purchase price of $120 million, including $2 million of accrued interest and a premium of $18 million.

During the first quarter of 2014, the Company repurchased $29 million of its 9.00% First and a Half Lien Notes through open market purchases for an aggregate purchase price of $35 million, including $1 million of accrued interest and a premium of $5 million. Additionally, the Company repurchased $15 million of its 7.875% First and a Half Lien Notes through open market purchases for an aggregate purchase price of $16 million, including a premium of $1 million.

Unsecured Notes

The 3.375% Senior Notes are unsecured senior obligations of Realogy Group that mature on May 1, 2016. Interest on the 3.375% Senior Notes is payable semiannually on May 1 and November 1 of each year. The 3.375% Senior Notes are guaranteed on an unsecured senior basis by each domestic subsidiary of Realogy Group that is a guarantor under the senior secured credit facility, the First Lien Notes and the First and a Half Lien Notes. The 3.375% Senior Notes are guaranteed by Realogy Holdings on an unsecured senior subordinated basis.

On April 7, 2014, Realogy Group issued $450 million of 4.50% Senior Notes (the "4.50% Senior Notes") in a private offering. The Company used a portion of the net proceeds from the offering to repurchase $354 million of the Company's 7.875% First and a Half Lien Notes. See Note 11, "Subsequent Events" for additional information.

Securitization Obligations

Realogy Group has secured obligations through Apple Ridge Funding LLC, a securitization program with a borrowing capacity of $325 million and an expiration date of September 2014.

Realogy Group, through a special purpose entity known as Cartus Financing Limited, has agreements providing for a £35 million revolving loan facility which expires in August 2015 and a £5 million annual working capital facility which expires in August 2014. 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 facility and the indentures governing the 3.375% Senior Notes and the First and a Half Lien Notes.

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 our relocation business.

Certain of the funds that Realogy Group receives from relocation receivables and related assets must be utilized to repay securitization obligations. These obligations were collateralized by $281 million and $276 million of underlying relocation receivables and other related relocation assets at March 31, 2014 and December 31, 2013, respectively. Substantially all relocation related assets are realized in less than twelve months from the transaction date. Accordingly, all of Realogy Group's securitization obligations are classified as current in the accompanying Condensed Consolidated Balance Sheets.

Interest incurred in connection with borrowings under these facilities amounted to $1 million for the three months ended March 31, 2014 and $2 million for the three months ended March 31, 2013. This interest is recorded within net revenues in the accompanying Condensed Consolidated Statements of Operations as related borrowings are utilized to fund Realogy Group's relocation business where interest is generally earned on such assets. These securitization obligations represent floating rate debt for which the average weighted interest rate was 2.9% and 3.1% for the three months ended March 31, 2014 and 2013, respectively.

Loss on the Early Extinguishment of Debt and Write-Off of Deferred Financing Costs

As a result of the term loan First Amendment transaction and the first quarter 2014 repurchases of First and a Half Lien Notes, the Company recorded a loss on the early extinguishment of debt of $10 million during the three months ended March 31, 2014.

For the three months ended March 31, 2013, as a result of the March 2013 Amended and Restated Credit Agreement, the Company recorded a loss on the early extinguishment of debt of $3 million for the portion that qualified for debt extinguishment. In addition, the Company wrote off deferred financing costs of $2 million to interest expense for the portion that qualified as a debt modification.

Stock-Based Compensation

3 Months Ended

Mar. 31, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-Based Compensation


	STOCK-BASED COMPENSATION

The Company has stock-based compensation plans available under which non-qualified stock options, rights to purchase shares of common stock, restricted stock, restricted stock units, performance share units and other awards settleable in, or based upon, Realogy Holdings common stock may be issued to employees, consultants or directors of Realogy.

The number of shares authorized for issuance under the Realogy 2007 Stock Incentive Plan and the 2012 Long Term Incentive Plan are 2.8 million shares and 6.8 million shares, respectively. As of March 31, 2014, the total number of shares available for future grant under the 2007 Stock Incentive Plan and the 2012 Long Term Incentive Plan was 0.1 million shares and 3.0 million shares, respectively.

The 2014 long-term incentive plan was adopted in February 2014 and includes a mix of options, restricted stock units and performance share units granted under the 2012 Long-Term Incentive Plan. The 2014 performance share unit awards ("PSUs") are incentives that reward grantees based upon the Company's performance over a three-year performance period ending December 31, 2016. The number of shares that may be issued under the PSU is variable and based upon the extent to which the performance goals are achieved over the performance period (with a range of payout from 0% to 200% of the target award). The shares earned will be distributed in early 2017.

The 2014 PSUs contain two performance metrics: (1) improvement in the Company's net debt leverage ratio measured as of December 31, 2016, defined as the ratio of the Company's net debt at December 31, 2016 to Adjusted EBITDA (as defined under the senior secured credit facility) for the year ending December 31, 2016, and (2) improvement in the Company's operating margin defined as Adjusted EBITDA divided by net revenues, each for the year ending December 31, 2016.

Incentive Equity Awards Granted by Realogy Holdings

A summary of option, restricted stock, restricted stock unit and performance share unit activities is presented below (number of shares in millions):



	Options		Weighted Average Exercise Price		Restricted Stock	Weighted Average Grant Date Fair Value		Restricted Stock Units	Weighted Average Grant Date Fair Value		Performance Share Units	Weighted Average Grant Date Fair Value
Outstanding at January 1, 2014	3.22		$	28.04	0.31	$	35.21	0.43	$	43.72	0.04	$	43.93
Granted	0.14		47.49		—	—		0.47	47.53		0.31	47.49
Exercised (a) (b)	(0.03	)	23.71
Vested (a)					—	—		—	—		—	—
Cancelled/Expired	—		—		—	—		—	—		—	—
Outstanding at March 31, 2014 (c)	3.33		$	28.91	0.31	$	35.32	0.90	$	45.70	0.35	$	47.09

______________


(a)	The intrinsic value of options exercised and shares vested during the three months ended March 31, 2014 was $0.8 million and $0.1 million, respectively.


(b)	Cash received from options exercised during the three months ended March 31, 2014 was $0.8 million.


(c)	Options outstanding at March 31, 2014 had an intrinsic value of $58 million and have a weighted average remaining contractual life of 8.1 years.

The fair value of the options was estimated on the date of grant using the Black-Scholes option-pricing model utilizing the following assumptions. Expected volatility was based on historical volatilities of comparable companies. The expected term of the options granted represents the period of time that options were expected to be outstanding and is based on the "simplified method" in accordance with accounting guidance. The Company utilizes the simplified method to determine the expected life of options as the Company does not have sufficient historical exercise data to provide a reasonable basis upon which to estimate expected term. The risk-free interest rate was based on the U.S. Treasury yield curve in effect at the time of the grant, which corresponds to the expected term of the options.



	2014 Options
Grant date fair value	$	20.60
Expected volatility	42.1		%
Expected term (years)	6.25
Risk-free interest rate	1.8		%
Dividend yield	—

Stock-Based Compensation Expense

As of March 31, 2014, there was $73 million of unrecognized compensation cost related to options, restricted stock, restricted stock units, and performance stock units under the plans. Unrecognized compensation costs for the options, restricted stock and restricted stock units will be recorded in future periods as compensation expense and have a remaining weighted average period of 2.1 years. The Company recorded stock-based compensation expense related to the incentive equity awards of $9 million and $3 million for the three months ended March 31, 2014 and 2013, respectively.

Phantom Value Plan

On January 5, 2011, the Board of Directors of Realogy Group approved the Realogy Group LLC Phantom Value Plan (the “Phantom Value Plan”), which was intended to provide certain of the Company's executive officers, with an incentive (the “Incentive Award”) to remain in the service of the Company, increase interest in the success of Realogy and create the opportunity to receive compensation based upon Realogy’s success. On January 5, 2011, the Board of Directors of Realogy Group made initial grants of Incentive Awards in an aggregate amount of $22 million to certain executive officers of the Company. Under the Phantom Value Plan, each participant was eligible to receive a cash payment in the same proportion to his or her Incentive Award as the cash received by RCIV Holdings ("RCIV"), an affiliate of Apollo, upon the sale of shares of common stock bore to $1.338 billion (the face amount of the Realogy Group convertible debt issued to RCIV in January 2011 in exchange for debt it had previously purchased). The sale of shares by RCIV in the second and third quarter of 2013 triggered payments under the Phantom Value Plan.

All of the participants elected to receive their payments in shares of common stock and therefore received unrestricted shares of common stock equal to the dollar amount then due, plus restricted shares of such common stock equal to the amount then due multiplied by 0.15. The restricted shares of common stock vest based on the participants' continued employment, on the first anniversary of issuance. The Company recognized stock compensation expense of $25 million and $17 million for the three months ended June 30, 2013 and September 30, 2013, respectively, related to the issuance of common stock. The Company also recognized $5 million related to the issuance of restricted shares of common stock during the year ended December 31, 2013. The Company recognized expense of $1 million during the three months ended March 31, 2014 and will recognize $1 million in the next quarter as restricted shares continue to vest.

Separation Adjustments, Transactions With Former Parent And Subsidiaries And Related Parties

3 Months Ended

Mar. 31, 2014

Separation Adjustments, Transactions With Former Parent And Subsidiaries And Related Parties


	TRANSACTIONS WITH FORMER PARENT AND SUBSIDIARIES

Transfer of Cendant Corporate Liabilities and Issuance of Guarantees to Cendant and Affiliates

The Company has certain guarantee commitments with Cendant (pursuant to the assumption of certain liabilities and the obligation to indemnify Cendant, Wyndham Worldwide and Travelport for such liabilities). These guarantee arrangements primarily relate to certain contingent litigation liabilities, contingent tax liabilities, and other corporate liabilities, of which the Company assumed and is generally responsible for 62.5%. Upon separation from Cendant, the liabilities assumed by the Company were comprised of certain Cendant corporate liabilities which were recorded on the historical books of Cendant as well as additional liabilities which were established for guarantees issued at the date of Separation related to certain unresolved contingent matters that could arise during the guarantee period. Regarding the guarantees, if any of the companies responsible for all or a portion of such liabilities were to default in its payment of costs or expenses related to any such liability, the Company would be responsible for a portion of the defaulting party or parties’ obligation. To the extent such recorded liabilities are in excess or are not adequate to cover the ultimate payment amounts, such excess or deficiency will be reflected in the results of operations in future periods.

The due to former parent balance was $63 million at March 31, 2014 and December 31, 2013. At March 31, 2014, the due to former parent balance was comprised of the Company’s portion of the following: (i) Cendant’s remaining state and foreign contingent tax liabilities, (ii) accrued interest on contingent tax liabilities, (iii) potential liabilities related to Cendant’s terminated or divested businesses, and (iv) potential liabilities related to the residual portion of accruals for Cendant operations.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References + Details

Earnings Per Share Earnings Per Share (Notes)	3 Months Ended
Earnings Per Share Earnings Per Share (Notes)	Mar. 31, 2014
Earnings Per Share [Abstract]
Earnings Per Share [Text Block]	EARNINGS (LOSS) PER SHARE Earnings (loss) per share attributable to Realogy Holdings Basic earnings (loss) per share is computed based on net income (loss) available to Realogy Holdings stockholders divided by the basic weighted-average shares outstanding during the period. Dilutive earnings per share is computed consistently with the basic computation while giving effect to all dilutive potential common shares and common share equivalents that were outstanding during the period. Realogy Holdings uses the treasury stock method to reflect the potential dilutive effect of unvested stock awards and unexercised options. The Company was in a net loss position for three months ended March 31, 2014 and 2013, and therefore the impact of stock options, restricted stock, restricted stock units and performance share units were excluded from the computation of dilutive loss per share as the inclusion of such amounts would be anti-dilutive. At March 31, 2014 and 2013, the number of shares of common stock issuable for stock options, restricted stock, restricted stock units, and performance stock units was 4.9 million and 3.3 million, respectively.

Commitments And Contingencies

3 Months Ended

Mar. 31, 2014

Commitments and Contingencies Disclosure [Abstract]

Commitments And Contingencies

COMMITMENTS AND CONTINGENCIES

Litigation

The Company is involved in claims, legal proceedings and governmental inquiries related to alleged contract disputes, business practices, intellectual property and other commercial, employment, regulatory and tax matters. Examples of such matters include but are not limited to allegations:


•	that the Company is vicariously liable for the acts of franchisees under theories of actual or apparent agency;


•	by former franchisees that franchise agreements were breached including improper terminations;


•	that residential real estate sales associates engaged by NRT—in certain states—are potentially employees instead of independent contractors, and therefore may bring claims against NRT for breach of contract, wrongful discharge and negligent supervision and obtain benefits, indemnification and expense reimbursement available to employees;


•	concerning claims for alleged RESPA or state real estate law violations including but not limited to claims challenging the validity of sales associates indemnification, administrative fees and penalties related to classification practices;


•	concerning claims generally against the company owned brokerage operations for negligence or breach of fiduciary duty in connection with the performance of real estate brokerage or other professional services; and


•	concerning claims generally against the title company contending that, as the escrow company, the company knew or should have known that a transaction was fraudulent or concerning other title defects or settlement errors.

Real Estate Business Litigation

Bararsani v. Coldwell Banker Residential Brokerage Company. On November 15, 2012, plaintiff Ali Bararsani filed a putative class action complaint in Los Angeles Superior Court, California, against Coldwell Banker Residential Brokerage Company ("CBRBC") alleging that CBRBC had misclassified current and former affiliated sales associates as independent contractors when they were actually employees. The complaint, as amended, further alleges that, because of the misclassification, CBRBC has violated several sections of the California Labor Code including one for failing to reimburse the plaintiff and purported class for business related expenses and a second for failing to keep proper records. The amended complaint also asserts an Unfair Business Practices claim for misclassifying the sales associates. The Plaintiff, on behalf of a purported class, seeks the benefit of the California labor laws for expenses and other sums, plus asserted penalties, attorneys’ fees and interest. The Company believes that CBRBC has properly classified the sales associates as independent contractors and that it has and continues to operate in a manner consistent with applicable law, and longstanding, widespread industry practice for many decades.

On July 31, 2013, CBRBC filed a Demurrer with the Court seeking to dismiss the amended complaint. The Demurrer asserted that the claims raised by the plaintiff were without basis under California law because the California Business and Professions Code sets out the applicable three-part test for classification of real estate sales associates—as independent contractors—and all elements of the test have been satisfied by CBRBC and the affiliated sales associates. Plaintiff filed an Opposition on August 12, 2013 and a hearing was held on August 28, 2013. The Court denied the Demurrer and stated that it would look to the more complex multi-factor common law test to determine whether the plaintiff was misclassified. CBRBC filed a Petition for a Writ of Mandate with the California Court of Appeals seeking its discretionary review of that decision on September 30, 2013 and November 8, 2013, the Court of Appeals denied the Petition.

On March 25, 2014, the Court denied plaintiff’s motion to invalidate, for purposes of this litigation, binding arbitration clauses in independent contractor agreements executed by putative members of the class following the commencement of the litigation. Accordingly, individuals who executed agreements with arbitration provisions will no longer be members of the putative class, except for those putative class members who, by agreement, expressly opted to preserve the ability to remain in this litigation. Plaintiffs are in the process of filing a Writ of Mandate with the California Court of Appeals seeking its discretionary review of the Court's decision to deny plaintiff's motion for immediate appeal. The case is now in the discovery phase, but discovery has been stayed pending resolution of the plaintiff’s Writ of Mandate.

The case raises significant classification claims that potentially apply to the real estate industry in general and that have not been previously challenged in any significant manner in California or other jurisdictions. As with all class action litigation, the case is inherently complex and subject to many uncertainties. We believe that CBRBC has properly classified the current and former affiliated sales associates. There can be no assurance, however, that if the action continues and a large class is subsequently certified, the plaintiffs will not seek a substantial damage award, penalties and other remedies. Given the early stage of this case, the novel claims and issues presented and the great uncertainties regarding which sales associates, if any, may be part of a class, if one is certified, we cannot estimate a range of reasonably potential losses for this litigation. The Company believes it has complied with all applicable laws and regulations and will vigorously defend this action.

Cendant Corporate Litigation

Pursuant to the Separation and Distribution Agreement dated as of July 27, 2006 among Cendant, Realogy, Wyndham Worldwide and Travelport, each of Realogy, Wyndham Worldwide and Travelport have assumed certain contingent and other corporate liabilities (and related costs and expenses), which are primarily related to each of their respective businesses. In addition, Realogy has assumed 62.5% and Wyndham Worldwide has assumed 37.5% of certain contingent and other corporate liabilities (and related costs and expenses) of Cendant or its subsidiaries, which are not primarily related to any of the respective businesses of Realogy, Wyndham Worldwide, Travelport and/or Cendant’s vehicle rental operations, in each case incurred or allegedly incurred on or prior to the date of the separation of Travelport from Cendant.

* * *

The Company believes that it has adequately accrued for legal matters as appropriate. The Company records litigation accruals for legal matters which are both probable and estimable. For legal proceedings for which (1) there is a reasonable possibility of loss (meaning those losses for which the likelihood is more than remote but less than probable) and (2) the Company is able to estimate a range of reasonably possible loss, the Company estimates the range of reasonably possible losses to be between zero and $6 million at March 31, 2014.

Litigation and other disputes are inherently unpredictable and subject to substantial uncertainties and unfavorable resolutions could occur. In addition, class action lawsuits can be costly to defend and, depending on the class size and claims, could be costly to settle. As such, the Company could incur judgments or enter into settlements of claims with liability that are materially in excess of amounts accrued and these settlements could have a material adverse effect on the Company’s financial condition, results of operations or cash flows in any particular period.

Tax Matters

The Company is subject to income taxes in the United States and several foreign jurisdictions. Significant judgment is required in determining the worldwide provision for income taxes and recording related assets and liabilities. In the ordinary course of business, there are many transactions and calculations where the ultimate tax determination is uncertain. The Company is regularly under audit by tax authorities whereby the outcome of the audits is uncertain. The Company believes there is appropriate support for positions taken on its tax returns. The liabilities that have been recorded represent the best estimates of the probable loss on certain positions and are adequate for all open years based on an assessment of many factors including past experience and interpretations of tax law applied to the facts of each matter. However, the outcomes of tax audits are inherently uncertain.

Under the Tax Sharing Agreement with Cendant, Wyndham Worldwide and Travelport, the Company is generally responsible for 62.5% of payments made to settle claims with respect to tax periods ending on or prior to December 31, 2006 that relate to income taxes imposed on Cendant and certain of its subsidiaries, the operations (or former operations) of which were determined by Cendant not to relate specifically to the respective businesses of Realogy, Wyndham Worldwide, Avis Budget or Travelport.

With respect to any remaining legacy Cendant tax liabilities, the Company and its former parent believe there is appropriate support for the positions taken on Cendant’s tax returns. However, tax audits and any related litigation, including disputes or litigation on the allocation of tax liabilities between parties under the Tax Sharing Agreement, could result in outcomes for the Company that are different from those reflected in the Company’s historical financial statements.

Contingent Liability Letter of Credit

In April 2007, the Company established a standby irrevocable letter of credit for the benefit of Avis Budget Group in accordance with the Separation and Distribution Agreement. The synthetic letter of credit was utilized to support the Company’s payment obligations with respect to its share of Cendant contingent and other corporate liabilities. The stated amount of the standby irrevocable letter of credit is subject to periodic adjustment to reflect the then current estimate of Cendant contingent and other liabilities. The letter of credit was $53 million at March 31, 2014 and December 31, 2013. The standby irrevocable letter of credit will be terminated if (i) the Company’s senior unsecured credit rating is raised to BB by Standard and Poor’s or Ba2 by Moody’s or (ii) the aggregate value of the former parent contingent liabilities falls below $30 million.

Escrow and Trust Deposits

As a service to the Company’s customers, it administers escrow and trust deposits which represent undisbursed amounts received for the settlement of real estate transactions. With the passage of the Dodd-Frank Act in July 2010, deposits at FDIC-insured institutions are permanently insured up to $250 thousand. These escrow and trust deposits totaled $439 million and $271 million at March 31, 2014 and December 31, 2013, respectively. These escrow and trust deposits are not assets of the Company and, therefore, are excluded from the accompanying Condensed Consolidated Balance Sheets. However, the Company remains contingently liable for the disposition of these deposits.

Segment Information

3 Months Ended

Mar. 31, 2014

Segment Reporting [Abstract]

Segment Information

SEGMENT INFORMATION

The reportable segments presented below represent the Company’s operating segments for which separate financial information is available and which is utilized on a regular basis by its chief operating decision maker to assess performance and to allocate resources. In identifying its reportable segments, the Company also considers the nature of services provided by its operating segments. Management evaluates the operating results of each of its reportable segments based upon revenue and EBITDA, which is defined as net income (loss) before depreciation and amortization, interest (income) expense, net (other than Relocation Services interest for secured assets and obligations) and income taxes, each of which is presented in the Company’s Condensed Consolidated Statements of Operations. The Company’s presentation of EBITDA may not be comparable to similar measures used by other companies.



	Revenues (a) (b)
	Three Months Ended March 31,
	2014			2013
Real Estate Franchise Services	$	144		$	135
Company Owned Real Estate Brokerage Services	750			686
Relocation Services	86			87
Title and Settlement Services	81			100
Corporate and Other (c)	(54		)	(51		)
Total Company	$	1,007		$	957

_______________


(a)	Revenues for the Real Estate Franchise Services segment include intercompany royalties and marketing fees paid by the Company Owned Real Estate Brokerage Services segment of $54 million and $51 million for the three months ended March 31, 2014 and 2013, respectively. Transactions between segments are eliminated in consolidation. Such amounts are eliminated through the Corporate and Other line.

(b)


(c)	Includes the elimination of transactions between segments.



	EBITDA (a)
	Three Months Ended March 31,
	2014			2013
Real Estate Franchise Services	$	79		$	72
Company Owned Real Estate Brokerage Services	(20		)	(8		)
Relocation Services	7			10
Title and Settlement Services	(5		)	4
Corporate and Other	(25		)	(15		)
Total Company	$	36		$	63
Less:
Depreciation and amortization	46			42
Interest expense, net	70			89
Income tax (benefit) expense	(34		)	7
Net loss attributable to Realogy Holdings and Realogy Group	$	(46	)	$	(75	)

_______________


(a)	Includes $10 million related to the loss on early extinguishment of debt, $1 million related to the Phantom Value Plan and a net cost of $1 million of former parent legacy items for the three months ended March 31, 2014 compared to $3 million related to the loss on early extinguishment of debt and a net cost of $1 million of former parent legacy items for the three months ended March 31, 2013.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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-SubTopic 10
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
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-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599

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-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Subsequent Events Subsequent Events (Notes)	3 Months Ended
Subsequent Events Subsequent Events (Notes)	Mar. 31, 2014
Subsequent Events [Abstract]
Subsequent Events [Text Block]	SUBSEQUENT EVENTS April 2014 Issuance of 4.50% Senior Notes and Related Repurchase of 7.875% First and a Half Lien Notes On April 7, 2014, Realogy Group issued $450 million of 4.50% Senior Notes in a private offering. The Company used a portion of the $444 million of net proceeds from the offering to repurchase $354 million of the 7.875% First and a Half Lien Notes and to pay related premiums of $33 million as well as related fees and expenses. After the first quarter 2014 open market repurchases and the April 2014 repurchases with the net proceeds from the issuance of the 4.50% Senior Notes, there are approximately $331 million of 7.875% First and a Half Lien Notes outstanding. The Company intends to use the remaining net proceeds from the offering of the 4.50% Senior Notes for working capital and general corporate purposes. The Company may also use such proceeds to repay existing secured notes from time to time, through either tender offers, redemptions, purchases in privately negotiated transactions, open market purchases, or a combination thereof, and to pay the fees and expenses related thereto. The 4.50% Senior Notes are unsecured senior obligations of the Company that will mature on April 15, 2019. The 4.50% Senior Notes bear interest at a rate of 4.50% per annum. Interest on the 4.50% Senior Notes will be payable semiannually to holders of record at the close of business on April 1 or October 1 immediately preceding the interest payment date on April 15 and October 15 of each year, commencing October 15, 2014. The 4.50% Senior Notes are guaranteed on an unsecured senior basis by each domestic subsidiary of Realogy Group that is a guarantor under the senior secured credit facility, the First Lien Notes, the First and a Half Lien Notes and the 3.375% Notes. The 4.50% Senior Notes are guaranteed by Realogy Holdings on an unsecured senior subordinated basis.

Basis Of Presentation (Tables)

3 Months Ended

Mar. 31, 2014

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Fair Value Hierarchy

The following table summarizes fair value measurements by level at March 31, 2014 for assets/liabilities measured at fair value on a recurring basis:



	Level I		Level II		Level III		Total
Interest rate swaps (included in other non-current liabilities)	$	—	$	23	$	—	$	23
Deferred compensation plan assets (included in other non-current assets)	2		—		—		2

The following table summarizes fair value measurements by level at December 31, 2013 for assets/liabilities measured at fair value on a recurring basis:



	Level I		Level II		Level III		Total
Interest rate swaps (included in other non-current liabilities)	$	—	$	18	$	—	$	18
Deferred compensation plan assets (included in other non-current assets)	2		—		—		2

Fair Value, by Balance Sheet Grouping

The following table summarizes the carrying amount of the Company’s indebtedness compared to the estimated fair value, primarily determined by quoted market values, at:



	March 31, 2014				December 31, 2013
Debt	Carrying Amount		Estimated Fair Value (a)		Carrying Amount		Estimated Fair Value (a)
Senior Secured Credit Facility:
Revolving credit facility	$	145	$	145	$	—	$	—
Term loan facility	1,884		1,889		1,887		1,906
7.625% First Lien Notes	593		658		593		664
7.875% First and a Half Lien Notes	685		737		700		765
9.00% First and a Half Lien Notes	196		224		225		260
3.375% Senior Notes	500		501		500		504
Securitization obligations	194		194		252		252

_______________


(a)	The fair value of the Company's indebtedness is categorized as Level I.

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The fair value of derivative instruments was as follows:



Liability Derivatives		Fair Value
Not Designated as Hedging Instruments	Balance Sheet Location	March 31, 2014		December 31, 2013
Interest rate swap contracts	Other non-current liabilities	$	23	$	18

Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location

The effect of derivative instruments on earnings is as follows:



Derivative Instruments Not Designated as Hedging Instruments	Location of (Gain) or Loss Recognized for Derivative Instruments	(Gain) or Loss Recognized on Derivatives
		Three Months Ended March 31,
		2014		2013
Interest rate swap contracts	Interest expense	$	8	$	2
Foreign exchange contracts	Operating expense	—		(1		)

Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2014

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill by segment and changes in the carrying amount

Goodwill by segment and changes in the carrying amount are as follows:



	Real Estate Franchise Services			Company Owned Brokerage Services			Relocation Services			Title and Settlement Services			Total Company
Gross goodwill as of December 31, 2013	$	3,264		$	819		$	641		$	397		$	5,121
Accumulated impairment losses	(1,023		)	(158		)	(281		)	(324		)	(1,786		)
Balance at December 31, 2013	2,241			661			360			73			3,335
Goodwill acquired	—			24			—			—			24
Balance at March 31, 2014	$	2,241		$	685		$	360		$	73		$	3,359

Intangible assets

Intangible assets are as follows:



	As of March 31, 2014						As of December 31, 2013
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Amortizable—Franchise agreements (a)	$	2,019	$	474	$	1,545	$	2,019	$	457	$	1,562
Unamortizable—Trademarks (b)	$	736			$	736	$	732			$	732
Other Intangibles
Amortizable—License agreements (c)	$	45	$	6	$	39	$	45	$	6	$	39
Amortizable—Customer relationships (d)	529		228		301		529		219		310
Unamortizable—Title plant shares (e)	10				10		10				10
Amortizable—Pendings and listings (f)	2		2		—		2		1		1
Amortizable—Other (g)	16		4		12		9		4		5
Total Other Intangibles	$	602	$	240	$	362	$	595	$	230	$	365

_______________

(a) Generally amortized over a period of 30 years.


(b)	Relates to the Century 21, Coldwell Banker, ERA, The Corcoran Group, Coldwell Banker Commercial and Cartus tradenames, which are expected to generate future cash flows for an indefinite period of time.


(c)	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).


(d)	Relates to the customer relationships at the Title and Settlement Services segment and the Relocation Services segment. These relationships are being amortized over a period of 5 to 20 years.


(e)	Primarily related to the Texas American Title Company title plant shares. 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.


(f)	Generally amortized over a period of 5 months.


(g)	Generally amortized over periods ranging from 2 to 10 years.

Intangible asset amortization expense

Intangible asset amortization expense is as follows:



	Three Months Ended March 31,
	2014		2013
Franchise agreements	$	17	$	16
Customer relationships	9		9
Pendings and listings	3		—
Total	$	29	$	25

Accrued Expenses And Other Current Liabilities (Tables)

3 Months Ended

Mar. 31, 2014

Payables and Accruals [Abstract]

Accrued expenses and other current liabilities

Accrued expenses and other current liabilities consisted of:



	March 31, 2014		December 31, 2013
Accrued payroll and related employee costs	$	83	$	146
Accrued volume incentives	25		31
Accrued commissions	23		21
Restructuring accruals	4		6
Deferred income	69		73
Accrued interest	36		63
Other	123		114
	$	363	$	454

Short And Long-Term Debt (Tables)

3 Months Ended

Mar. 31, 2014

Debt Disclosure [Abstract]

Schedule of Total Indebtedness

Total indebtedness is as follows:



	March 31, 2014		December 31, 2013
Senior Secured Credit Facility:
Revolving credit facility	$	145	$	—
Term loan facility	1,884		1,887
7.625% First Lien Notes	593		593
7.875% First and a Half Lien Notes	685		700
9.00% First and a Half Lien Notes	196		225
3.375% Senior Notes	500		500
Total Short Term & Long Term Debt	4,003		3,905
Securitization Obligations:
Apple Ridge Funding LLC	177		229
Cartus Financing Limited	17		23
Total Securitization Obligations	$	194	$	252

Schedule of Debt

As of March 31, 2014, the total capacity, outstanding borrowings and available capacity under the Company’s borrowing arrangements were as follows:



	Interest Rate	Expiration Date	Total Capacity		Outstanding Borrowings		Available Capacity
Senior Secured Credit Facility:
Revolving credit facility (1)	(2)	March 2018	$	475	$	145	$	305
Term loan facility	(3)	March 2020	1,901		1,884		—
First Lien Notes	7.625%	January 2020	593		593		—
First and a Half Lien Notes	7.875%	February 2019	685		685		—
First and a Half Lien Notes	9.00%	January 2020	196		196		—
Senior Notes	3.375%	May 2016	500		500		—
Securitization Obligations: (4)
Apple Ridge Funding LLC		September 2014	325		177		148
Cartus Financing Limited (5)		Various	67		17		50
			$	4,742	$	4,197	$	503

_______________


(1)	The available capacity under this facility was reduced by $25 million of outstanding letters of credit. On May 1, 2014, the Company had $100 million outstanding on the revolving credit facility and $25 million outstanding letters of credit on such facility, leaving $350 million of available capacity.


(2)	Interest rates with respect to revolving loans under the senior secured credit facility are based on, at Realogy Group’s option, (a) adjusted LIBOR plus 2.75% or (b) JPMorgan Chase Bank, N.A.'s prime rate ("ABR") plus 1.75% in each case subject to reductions based on the attainment of certain leverage ratios.

(3)


(4)	Available capacity is subject to maintaining sufficient relocation related assets to collateralize these securitization obligations.


(5)	Consists of a £35 million facility which expires in August 2015 and a £5 million annual working capital facility which expires in August 2014.

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Summary of option, restricted share and RSU activity

A summary of option, restricted stock, restricted stock unit and performance share unit activities is presented below (number of shares in millions):



	Options		Weighted Average Exercise Price		Restricted Stock	Weighted Average Grant Date Fair Value		Restricted Stock Units	Weighted Average Grant Date Fair Value		Performance Share Units	Weighted Average Grant Date Fair Value
Outstanding at January 1, 2014	3.22		$	28.04	0.31	$	35.21	0.43	$	43.72	0.04	$	43.93
Granted	0.14		47.49		—	—		0.47	47.53		0.31	47.49
Exercised (a) (b)	(0.03	)	23.71
Vested (a)					—	—		—	—		—	—
Cancelled/Expired	—		—		—	—		—	—		—	—
Outstanding at March 31, 2014 (c)	3.33		$	28.91	0.31	$	35.32	0.90	$	45.70	0.35	$	47.09

______________


(a)	The intrinsic value of options exercised and shares vested during the three months ended March 31, 2014 was $0.8 million and $0.1 million, respectively.


(b)	Cash received from options exercised during the three months ended March 31, 2014 was $0.8 million.


(c)	Options outstanding at March 31, 2014 had an intrinsic value of $58 million and have a weighted average remaining contractual life of 8.1 years.

Summary of stock option valuation assumptions



	2014 Options
Grant date fair value	$	20.60
Expected volatility	42.1		%
Expected term (years)	6.25
Risk-free interest rate	1.8		%
Dividend yield	—

Segment Information (Tables)

3 Months Ended

Mar. 31, 2014

Segment Reporting [Abstract]

Revenues



	Revenues (a) (b)
	Three Months Ended March 31,
	2014			2013
Real Estate Franchise Services	$	144		$	135
Company Owned Real Estate Brokerage Services	750			686
Relocation Services	86			87
Title and Settlement Services	81			100
Corporate and Other (c)	(54		)	(51		)
Total Company	$	1,007		$	957

_______________


(a)	Revenues for the Real Estate Franchise Services segment include intercompany royalties and marketing fees paid by the Company Owned Real Estate Brokerage Services segment of $54 million and $51 million for the three months ended March 31, 2014 and 2013, respectively. Transactions between segments are eliminated in consolidation. Such amounts are eliminated through the Corporate and Other line.

(b)


(c)	Includes the elimination of transactions between segments.

EBITDA



	EBITDA (a)
	Three Months Ended March 31,
	2014			2013
Real Estate Franchise Services	$	79		$	72
Company Owned Real Estate Brokerage Services	(20		)	(8		)
Relocation Services	7			10
Title and Settlement Services	(5		)	4
Corporate and Other	(25		)	(15		)
Total Company	$	36		$	63
Less:
Depreciation and amortization	46			42
Interest expense, net	70			89
Income tax (benefit) expense	(34		)	7
Net loss attributable to Realogy Holdings and Realogy Group	$	(46	)	$	(75	)

_______________


(a)	Includes $10 million related to the loss on early extinguishment of debt, $1 million related to the Phantom Value Plan and a net cost of $1 million of former parent legacy items for the three months ended March 31, 2014 compared to $3 million related to the loss on early extinguishment of debt and a net cost of $1 million of former parent legacy items for the three months ended March 31, 2013.

Basis Of Presentation Company Description and Background (Details)	Jul. 31, 2006 Independent_Companies
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cendant Spin-off Number of New Independent Companies	4
Number of New Independent Companies per Cendant Business Unit	1

Basis Of Presentation Financial Instruments - Fair Value Measurements (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Millions	Mar. 31, 2014	Dec. 31, 2013
Level I
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan assets (included in other non-current assets)	$ 2	$ 2
Level I \| Interest Rate Swap [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps (included in other non-current liabilities)	0	0
Level II
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan assets (included in other non-current assets)	0	0
Level II \| Interest Rate Swap [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps (included in other non-current liabilities)	23	18
Level III
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan assets (included in other non-current assets)	0	0
Level III \| Interest Rate Swap [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps (included in other non-current liabilities)	0	0
Total
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan assets (included in other non-current assets)	2	2
Total \| Interest Rate Swap [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps (included in other non-current liabilities)	$ 23	$ 18

Basis Of Presentation Financial Instruments - Fair Value Indebtedness Table (Details) - USD ($) $ in Millions	Mar. 31, 2014	Dec. 31, 2013
Secured Debt [Member] \| Term loan facility
Long-term Debt	$ 1,884	$ 1,887
Long-term Debt, Fair Value	1,889	1,906
Secured Debt [Member] \| 7.625% First Lien Notes
Long-term Debt	593	593
Long-term Debt, Fair Value	658	664
Secured Debt [Member] \| 7.875% First and a Half Lien Notes
Long-term Debt	685	700
Long-term Debt, Fair Value	737	765
Secured Debt [Member] \| 9.00% First and a Half Lien Notes
Long-term Debt	196	225
Long-term Debt, Fair Value	224	260
Senior Notes [Member] \| 3.375% Senior Notes
Long-term Debt	500	500
Long-term Debt, Fair Value	501	504
Line of Credit [Member] \| Revolving credit facility
Line of credit facility outstanding amount	145	0
Lines of Credit, Fair Value Disclosure	145	0
Securitization obligations
Short-term Debt	194	252
Short-term Debt, Fair Value	$ 194	$ 252

Basis Of Presentation Investment in PHH Home Loans and Transactions with PHH Corporation (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Schedule of Equity Method Investments [Line Items]
Income (Loss) from Equity Method Investments	$ (3)	$ 9
PHH Home Loans [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	49.90%
Income (Loss) from Equity Method Investments	$ (3)	9
Proceeds from Equity Method Investment, Dividends or Distributions	0	15
PHH Home Loans [Member]
Schedule of Equity Method Investments [Line Items]
Revenue from Related Parties	$ 1	$ 1

Basis Of Presentation Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Income tax (benefit) expense	$ (34)	$ 7

Basis Of Presentation Derivative Instruments (Details) $ in Millions	3 Months Ended
	Mar. 31, 2014 USD ($) Interest_Rate_Swaps	Sep. 30, 2013 Interest_Rate_Swaps	Mar. 31, 2013 USD ($)	Dec. 31, 2013 USD ($)
Swap [Member]
Derivative [Line Items]
Notional value of derivative instrument	$ 1,025
Swap One [Member]
Derivative [Line Items]
Notional value of derivative instrument	225
Swap Two [Member]
Derivative [Line Items]
Notional value of derivative instrument	200
Swap Three [Member]
Derivative [Line Items]
Notional value of derivative instrument	200
Swap Four [Member]
Derivative [Line Items]
Notional value of derivative instrument	200
Swap Five [Member]
Derivative [Line Items]
Notional value of derivative instrument	200
Foreign Exchange Contract [Member]
Derivative [Line Items]
Notional value of derivative instrument	21			$ 28
Foreign Exchange Contract [Member] \| Maximum [Member]
Derivative [Line Items]
Fair value of derivative instrument	1			1
Foreign Exchange Contract [Member] \| Not Designated as Hedging Instrument [Member] \| Operating Expense [Member]
Derivative [Line Items]
(Gain) or Loss Recognized on Derivatives	$ 0		$ (1)
Interest Rate Swap [Member]
Derivative [Line Items]
Number of Interest Rate Swaps Entered Into \| Interest_Rate_Swaps		3
Number of interest rate derivatives held \| Interest_Rate_Swaps	5
Interest Rate Swap [Member] \| Not Designated as Hedging Instrument [Member] \| Interest Expense [Member]
Derivative [Line Items]
(Gain) or Loss Recognized on Derivatives	$ 8		$ 2
Interest Rate Swap [Member] \| Not Designated as Hedging Instrument [Member] \| Other Non-Current Liabilities [Member]
Derivative [Line Items]
Interest rate derivative liabilities, at fair value	$ 23			$ 18

Basis Of Presentation Restricted Cash and Supplemental Cash Flow Info (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2014	Dec. 31, 2013
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Restricted cash		$ 10	$ 14
Noncash tenant improvements	$ 5

Basis Of Presentation Defined Benefit Pension Plan (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Maximum [Member]
Defined Benefit Plan Disclosure [Line Items]
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), before Tax		$ 1
Pension Plan, Defined Benefit [Member]
Defined Benefit Plan Disclosure [Line Items]
Interest cost and amortization of actuarial loss	$ 2	2
Expected return on plan assets	2	2
Pension Plan, Defined Benefit [Member] \| Maximum [Member]
Defined Benefit Plan Disclosure [Line Items]
Net periodic cost	$ 1	$ 1

Acquisitions (Details) $ in Millions	3 Months Ended	12 Months Ended
Acquisitions (Details) $ in Millions	Mar. 31, 2014 USD ($) real_estate_brokerage_operations	Dec. 31, 2013 USD ($) real_estate_brokerage_operations
Business Acquisition [Line Items]
Goodwill acquired	$ 24
Company Owned Real Estate Brokerage Services [Member]
Business Acquisition [Line Items]
Number of business acquired (in real estate brokerage operations) \| real_estate_brokerage_operations	5	15
Cash consideration paid for acquisition	$ 23	$ 32
Liabilities established related to contingent consideration	14	4
Goodwill acquired	24	31
Indefinite-lived Intangible Assets Acquired	4
Pendings and Listings [Member] \| Company Owned Real Estate Brokerage Services [Member]
Business Acquisition [Line Items]
Finite-lived Intangible Assets Acquired	2
Pendings and Listings and Other Intangibles [Member] [Member] \| Company Owned Real Estate Brokerage Services [Member]
Business Acquisition [Line Items]
Finite-lived Intangible Assets Acquired		$ 5
Amortizable—Other (g) \| Company Owned Real Estate Brokerage Services [Member]
Business Acquisition [Line Items]
Finite-lived Intangible Assets Acquired	$ 7

Intangible Assets - Goodwill (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2014	Dec. 31, 2013
Goodwill [Line Items]
Gross goodwill as of December 31, 2013		$ 5,121
Accumulated impairment losses		(1,786)
Goodwill [Roll Forward]
Balance at December 31, 2013	$ 3,335
Goodwill acquired	24
Balance at March 31, 2014	3,359	3,335
Real Estate Franchise Services
Goodwill [Line Items]
Gross goodwill as of December 31, 2013		3,264
Accumulated impairment losses		(1,023)
Goodwill [Roll Forward]
Balance at December 31, 2013	2,241
Goodwill acquired	0
Balance at March 31, 2014	2,241	2,241
Company Owned Real Estate Brokerage Services [Member]
Goodwill [Line Items]
Gross goodwill as of December 31, 2013		819
Accumulated impairment losses		(158)
Goodwill [Roll Forward]
Balance at December 31, 2013	661
Goodwill acquired	24
Balance at March 31, 2014	685	661
Relocation Services
Goodwill [Line Items]
Gross goodwill as of December 31, 2013		641
Accumulated impairment losses		(281)
Goodwill [Roll Forward]
Balance at December 31, 2013	360
Goodwill acquired	0
Balance at March 31, 2014	360	360
Title and Settlement Services
Goodwill [Line Items]
Gross goodwill as of December 31, 2013		397
Accumulated impairment losses		(324)
Goodwill [Roll Forward]
Balance at December 31, 2013	73
Goodwill acquired	0
Balance at March 31, 2014	$ 73	$ 73

Intangible Assets - Intangible Assets (Details) - USD ($)
$ in Millions

3 Months Ended

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2013

Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]

Carrying amount of total other intangibles

$ 602

$ 595

Accumulated Amortization

(240)

(230)

Net carrying amount of finite-lived and indefinite-lived intangible assets

362

365

Amortizable—Franchise agreements (a)

Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]

Gross carrying amount of finite-lived intangible assets

^[1]

2,019

Accumulated Amortization

^[1]

(474)

(457)

Net carrying amount of finite-lived intangible assets

^[1]

$ 1,545

1,562

Amortization period

30 years

Amortizable—License agreements (c)

Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]

Gross carrying amount of finite-lived intangible assets

^[2]

$ 45

Accumulated Amortization

^[2]

(6)

Net carrying amount of finite-lived intangible assets

^[2]

$ 39

Amortization period

50 years

Amortizable—Customer relationships (d)

Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]

Gross carrying amount of finite-lived intangible assets

^[3]

$ 529

529

Accumulated Amortization

^[3]

(228)

(219)

Net carrying amount of finite-lived intangible assets

^[3]

$ 301

310

Amortizable—Customer relationships (d) | Minimum [Member]

Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]

Amortization period

5 years

Amortizable—Customer relationships (d) | Maximum [Member]

Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]

Amortization period

20 years

Pendings and Listings [Member]

Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]

Gross carrying amount of finite-lived intangible assets

^[4]

$ 2

Accumulated Amortization

^[4]

(2)

(1)

Net carrying amount of finite-lived intangible assets

^[4]

$ 0

$ 1

Amortization period

5 months

Amortizable—Other (g)

Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]

Gross carrying amount of finite-lived intangible assets

^[5]

$ 16

Accumulated Amortization

^[5]

(4)

Net carrying amount of finite-lived intangible assets

^[5]

$ 12

Amortizable—Other (g) | Minimum [Member]

Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]

Amortization period

2 years

Amortizable—Other (g) | Maximum [Member]

Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]

Amortization period

10 years

Unamortizable—Trademarks (b)

Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]

Gross carrying amount of indefinite-lived intangible assets

^[6]

$ 736

732

Unamortizable—Title plant shares (e)

Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]

Gross carrying amount of indefinite-lived intangible assets

^[7]

$ 10

[1]	Generally amortized over a period of 30 years.
[2]	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).
[3]	Relates to the customer relationships at the Title and Settlement Services segment and the Relocation Services segment. These relationships are being amortized over a period of 5 to 20 years.
[4]	Generally amortized over a period of 5 months.
[5]	Generally amortized over periods ranging from 2 to 10 years.
[6]	Relates to the Century 21, Coldwell Banker, ERA, The Corcoran Group, Coldwell Banker Commercial and Cartus tradenames, which are expected to generate future cash flows for an indefinite period of time.
[7]	Primarily related to the Texas American Title Company title plant shares. 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.

Intangible Assets - Amortization Expense (Details) $ in Millions	3 Months Ended
	Mar. 31, 2014 USD ($)	Mar. 31, 2013 USD ($)
Finite-Lived Intangible Assets [Line Items]
Intangible asset amortization expense	$ 29	$ 25
The number of succeeding years for which amortization expense is disclosed	4
Amortization expense for remainder of 2014	$ 79
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months	98
Amortization expense for Year Two	96
Amortization expense for Year Three	93
Amortization expense for Year Four	91
Amortization expense Thereafter	1,440
Amortizable—Franchise agreements (a)
Finite-Lived Intangible Assets [Line Items]
Intangible asset amortization expense	17	16
Amortizable—Customer relationships (d)
Finite-Lived Intangible Assets [Line Items]
Intangible asset amortization expense	9	9
Pendings and Listings [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible asset amortization expense	$ 3	$ 0

Accrued Expenses And Other Current Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2014	Dec. 31, 2013
Payables and Accruals [Abstract]
Accrued payroll and related employee costs	$ 83	$ 146
Accrued volume incentives	25	31
Accrued commissions	23	21
Restructuring accruals	4	6
Deferred income	69	73
Accrued interest	36	63
Other	123	114
Accrued expenses and other current liabilities	$ 363	$ 454

Short And Long-Term Debt Schedule of Total Indebtedness (Details) - USD ($) $ in Millions	Mar. 31, 2014	Dec. 31, 2013
Schedule of Long-term and Short-term Debt Instruments [Line Items]
Debt, Long-term and Short-term, Combined Amount	$ 4,003	$ 3,905
Securitization obligations	194	252
Line of Credit [Member] \| Revolving credit facility
Schedule of Long-term and Short-term Debt Instruments [Line Items]
Line of credit facility outstanding amount	145	0
Securitization obligations \| Apple Ridge Funding LLC
Schedule of Long-term and Short-term Debt Instruments [Line Items]
Securitization obligations	177	229
Securitization obligations \| Cartus Financing Limited
Schedule of Long-term and Short-term Debt Instruments [Line Items]
Securitization obligations	17	23
Secured Debt [Member] \| Term loan facility
Schedule of Long-term and Short-term Debt Instruments [Line Items]
Long-term Debt	1,884	1,887
Secured Debt [Member] \| 7.625% First Lien Notes
Schedule of Long-term and Short-term Debt Instruments [Line Items]
Long-term Debt	593	593
Secured Debt [Member] \| 7.875% First and a Half Lien Notes
Schedule of Long-term and Short-term Debt Instruments [Line Items]
Long-term Debt	685	700
Secured Debt [Member] \| 9.00% First and a Half Lien Notes
Schedule of Long-term and Short-term Debt Instruments [Line Items]
Long-term Debt	196	225
Senior Notes [Member] \| 3.375% Senior Notes
Schedule of Long-term and Short-term Debt Instruments [Line Items]
Long-term Debt	$ 500	$ 500

Short And Long-Term Debt Schedule of Debt (Details) £ in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2014 GBP (£)	May 01, 2014 USD ($)	Apr. 07, 2014 USD ($)	Mar. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)	Apr. 26, 2013	Mar. 05, 2013 USD ($)	Feb. 02, 2012 USD ($)	Feb. 03, 2011
Total Capacity
Total capacity, total long-term and short-term debt				$ 4,742
Outstanding Borrowings
Outstanding borrowings, securitization obligations				194	$ 252
Outstanding borrowings, total long-term and short-term debt				4,197
Available Capacity
Available capacity, debt				503
Revolving credit facility
Available Capacity
Outstanding letters of credit				$ 25
Revolving credit facility \| LIBOR [Member]
Available Capacity
Description of variable interest rate basis	LIBOR
Debt Instrument, Basis Spread on Variable Rate	2.75%
Revolving credit facility \| ABR [Member]
Available Capacity
Description of variable interest rate basis	ABR
Debt Instrument, Basis Spread on Variable Rate	1.75%
Term loan facility \| LIBOR [Member]
Available Capacity
Description of variable interest rate basis	LIBOR
Debt Instrument, Basis Spread on Variable Rate, Floor	0.75%			0.75%
Debt Instrument, Basis Spread on Variable Rate	3.00%
Term loan facility \| ABR [Member]
Available Capacity
Description of variable interest rate basis	ABR
Debt Instrument, Basis Spread on Variable Rate, Floor	1.75%			1.75%
Debt Instrument, Basis Spread on Variable Rate	2.00%
Secured Debt [Member] \| Term loan facility
Total Capacity
Total capacity, long-term debt				$ 1,901
Outstanding Borrowings
Outstanding borrowings, long-term debt				1,884	1,887
Available Capacity
Available capacity, debt				0
Unamortized discount				$ 17
Annual percentage of original principal amount for quarterly amortization payments	1.00%			1.00%
Secured Debt [Member] \| 7.625% First Lien Notes
Total Capacity
Total capacity, long-term debt				$ 593				$ 593
Outstanding Borrowings
Outstanding borrowings, long-term debt				593	593
Available Capacity
Available capacity, debt				$ 0
Interest Rate	7.625%			7.625%				7.625%
Secured Debt [Member] \| 7.875% First and a Half Lien Notes
Total Capacity
Total capacity, long-term debt				$ 685
Outstanding Borrowings
Outstanding borrowings, long-term debt				685	700
Available Capacity
Available capacity, debt				$ 0
Interest Rate	7.875%			7.875%					7.875%
Secured Debt [Member] \| 9.00% First and a Half Lien Notes
Total Capacity
Total capacity, long-term debt				$ 196
Outstanding Borrowings
Outstanding borrowings, long-term debt				196	225
Available Capacity
Available capacity, debt				$ 0
Interest Rate	9.00%			9.00%				9.00%
Senior Notes [Member] \| 3.375% Senior Notes
Total Capacity
Total capacity, long-term debt				$ 500
Outstanding Borrowings
Outstanding borrowings, long-term debt				500	500
Available Capacity
Available capacity, debt				$ 0
Interest Rate	3.375%			3.375%		3.375%
Line of Credit [Member] \| Revolving credit facility
Total Capacity
Total capacity, short-term debt, line of credit facility				$ 475			$ 475
Outstanding Borrowings
Outstanding borrowings, short-term debt, line of credit facility				145	0
Available Capacity
Available capacity, line or credit facility				305
Securitization obligations \| Apple Ridge Funding LLC
Total Capacity
Total capacity, securitization obligations				325
Outstanding Borrowings
Outstanding borrowings, securitization obligations				177	229
Available Capacity
Available capacity, debt				148
Securitization obligations \| Cartus Financing Limited
Total Capacity
Total capacity, securitization obligations				67
Outstanding Borrowings
Outstanding borrowings, securitization obligations				17	$ 23
Available Capacity
Available capacity, debt				$ 50
August 2015 [Member] \| Securitization obligations \| Cartus Financing Limited
Total Capacity
Total capacity, securitization obligations \| £	£ 35
August 2014 [Member] \| Securitization obligations \| Cartus Financing Limited
Total Capacity
Total capacity, securitization obligations \| £	£ 5
Subsequent Event [Member] \| Revolving credit facility
Available Capacity
Outstanding letters of credit		$ 25
Subsequent Event [Member] \| Secured Debt [Member] \| 7.875% First and a Half Lien Notes
Outstanding Borrowings
Outstanding borrowings, long-term debt			$ 331
Subsequent Event [Member] \| Line of Credit [Member] \| Revolving credit facility
Outstanding Borrowings
Outstanding borrowings, short-term debt, line of credit facility		100
Available Capacity
Available capacity, line or credit facility		$ 350

Short And Long-Term Debt Maturities Table (Details) - USD ($) $ in Millions	Mar. 31, 2014	Dec. 31, 2013
Schedule of Long-term and Short-term Debt Instruments [Line Items]
Short and Long-Term Debt, Maturities, Repayment of Principal, Remainder of Year	$ 159
Long-term Debt, Maturities, Repayments of Principal in Year Two	19
Long-term Debt, Maturities, Repayments of Principal in Year Three	519
Long-term Debt, Maturities, Repayments of Principal in Year Four	19
Long-term Debt, Maturities, Repayments of Principal in Year Five	19
Revolving credit facility \| Line of Credit [Member]
Schedule of Long-term and Short-term Debt Instruments [Line Items]
Line of credit facility outstanding amount	$ 145	$ 0

Short And Long-Term Debt Senior Secured Credit Facility (Details) - USD ($) $ in Millions	3 Months Ended	60 Months Ended	84 Months Ended
	Mar. 31, 2014	Mar. 05, 2018	Mar. 05, 2020	Mar. 10, 2014	Dec. 31, 2013	Apr. 26, 2013	Mar. 05, 2013
Debt Instrument [Line Items]
Letter of credit borrowing capacity							$ 250
Scenario, Actual [Member]
Debt Instrument [Line Items]
Senior secured leverage ratio	3.32
Ratio of Indebtedness to Net Capital Denominator	1.00
Maximum [Member] \| Required Covenant Ratio [Member]
Debt Instrument [Line Items]
Senior secured leverage ratio	4.75
Ratio of Indebtedness to Net Capital Denominator	1.00
Minimum [Member]
Debt Instrument [Line Items]
Borrowings under the revolving credit facility as a percentage of total commitments	25.00%
Synthetic Letter of Credit Facility [Member]
Debt Instrument [Line Items]
Annual percentage of original principal amount for quarterly amortization payments	1.00%
Outstanding letters of credit	$ 53				$ 53
Synthetic Letter of Credit Facility [Member] \| October 2016 [Member]
Debt Instrument [Line Items]
Letter of credit borrowing capacity	119
Synthetic Letter of Credit Facility - General Corporate Purposes [Member]
Debt Instrument [Line Items]
Outstanding letters of credit	$ 59
Term loan facility \| LIBOR [Member]
Debt Instrument [Line Items]
Description of variable interest rate basis	LIBOR
Debt Instrument, Basis Spread on Variable Rate	3.00%
Debt Instrument, Basis Spread on Variable Rate, Floor	0.75%
Term loan facility \| ABR [Member]
Debt Instrument [Line Items]
Description of variable interest rate basis	ABR
Debt Instrument, Basis Spread on Variable Rate	2.00%
Debt Instrument, Basis Spread on Variable Rate, Floor	1.75%
Revolving credit facility
Debt Instrument [Line Items]
Outstanding letters of credit	$ 25
Revolving credit facility \| LIBOR [Member]
Debt Instrument [Line Items]
Description of variable interest rate basis	LIBOR
Debt Instrument, Basis Spread on Variable Rate	2.75%
Revolving credit facility \| ABR [Member]
Debt Instrument [Line Items]
Description of variable interest rate basis	ABR
Debt Instrument, Basis Spread on Variable Rate	1.75%
Secured Debt [Member] \| Term loan facility
Debt Instrument [Line Items]
Debt Instrument, term			7 years
Long-term Debt, Gross				$ 1,905			$ 1,920
Long-term Debt	$ 1,884				1,887
Debt Instrument, percent of par							99.00%
Annual percentage of original principal amount for quarterly amortization payments	1.00%
Secured Debt [Member] \| Old Term Loan Facility [Member]
Debt Instrument [Line Items]
Long-term Debt							$ 1,822
Senior Notes [Member] \| 3.375% Senior Notes
Debt Instrument [Line Items]
Long-term Debt	$ 500				$ 500
Interest Rate	3.375%					3.375%
Line of Credit [Member] \| Revolving credit facility
Debt Instrument [Line Items]
Debt Instrument, term		5 years
Line of credit facility borrowing capacity	$ 475						$ 475

Short And Long-Term Debt First Lien Notes (Details) - Secured Debt [Member] - 7.625% First Lien Notes - USD ($) $ in Millions	Mar. 31, 2014	Feb. 02, 2012
Debt Instrument [Line Items]
Debt instrument, face amount	$ 593	$ 593
Interest Rate	7.625%	7.625%

Short And Long-Term Debt First and a Half Lien Notes (Details) - Secured Debt [Member] - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2014	Sep. 30, 2013	Feb. 02, 2012	Feb. 03, 2011
7.875% First and a Half Lien Notes
Debt Instrument [Line Items]
Interest Rate	7.875%			7.875%
Repurchase of First and a Half Lien Notes	$ 15
Payment for Repurchase of Debt including Premium	16
Redemption Price Paid on Debt Repurchase	$ 1
9.00% First and a Half Lien Notes
Debt Instrument [Line Items]
Interest Rate	9.00%		9.00%
Repurchase of First and a Half Lien Notes	$ 29	$ 100
Payment for Repurchase of Debt including Accrued Interest and Premium	35	120
Accrued Interest Paid on Debt Repurchase	1	2
Redemption Price Paid on Debt Repurchase	$ 5	$ 18

Short And Long-Term Debt Unsecured Notes (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2014	Mar. 31, 2014	Apr. 07, 2014	Apr. 26, 2013	Feb. 03, 2011
Secured Debt [Member] \| 7.875% First and a Half Lien Notes
Debt Instrument [Line Items]
Interest Rate		7.875%			7.875%
Repurchase of First and a Half Lien Notes		$ 15
Debt instrument, face amount		$ 685
Senior Notes [Member] \| 3.375% Senior Notes
Debt Instrument [Line Items]
Interest Rate		3.375%		3.375%
Debt instrument, face amount		$ 500
Subsequent Event [Member] \| Secured Debt [Member] \| 7.875% First and a Half Lien Notes
Debt Instrument [Line Items]
Repurchase of First and a Half Lien Notes	$ 354
Subsequent Event [Member] \| Senior Notes [Member] \| 4.50% Senior Notes
Debt Instrument [Line Items]
Interest Rate			4.50%
Debt instrument, face amount			$ 450

Short And Long-Term Debt Securitization Obligations (Details) £ in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2014 USD ($)	Mar. 31, 2013 USD ($)	Mar. 31, 2014 GBP (£)	Mar. 31, 2014 USD ($)	Apr. 26, 2013
Securitization obligations
Debt Instrument [Line Items]
Relocation receivables and other related relocation assets that collateralize securitization obligations		$ 276		$ 281
Interest expense, debt	$ 1	$ 2
Weighted average interest rate, securitization obligations		3.10%	2.90%	2.90%
Apple Ridge Funding LLC \| Securitization obligations
Debt Instrument [Line Items]
Total capacity, securitization obligations				$ 325
Cartus Financing Limited \| Securitization obligations
Debt Instrument [Line Items]
Total capacity, securitization obligations				$ 67
Cartus Financing Limited \| Securitization obligations \| August 2015 [Member]
Debt Instrument [Line Items]
Total capacity, securitization obligations \| £			£ 35
Cartus Financing Limited \| Securitization obligations \| August 2014 [Member]
Debt Instrument [Line Items]
Total capacity, securitization obligations \| £			£ 5
Senior Notes [Member] \| 3.375% Senior Notes
Debt Instrument [Line Items]
Interest Rate			3.375%	3.375%	3.375%

Short And Long-Term Debt Loss on the Early Extinguishment of Debt and Write-Off of Deferred Financing Costs (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Debt Disclosure [Abstract]
Loss on the early extinguishment of debt	$ 10	$ 3
Write off of Deferred Debt Issuance Cost		$ 2

Stock-Based Compensation Introduction Narrative (Details) shares in Millions	Mar. 31, 2014 shares
Realogy Holdings 2007 Stock Incentive Plan [Member]
Shares authorized for issuance under the plan (in shares)	2.8
Shares available for future grant under the plan (in sharse)	0.1
Realogy 2012 Long-Term Incentive Plan [Member]
Shares authorized for issuance under the plan (in shares)	6.8
Shares available for future grant under the plan (in sharse)	3.0

Stock-Based Compensation Incentive Equity Awards Activity - Summary of Option and Restricted Share Activity (Details)
$ / shares in Units, shares in Thousands, $ in Millions

3 Months Ended

Mar. 31, 2014

USD ($)

$ / shares

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Intrinsic value of options exercised | $

$ 0.8

Fair value of shares vested | $

0.1

Cash received from options exercised | $

0.8

Intrinsic value of outstanding options | $

$ 58.0

Weighted average remaining contractual life of outstanding options

8 years 1 month 20 days

Options

Options, Number of Shares Roll Forward

Outstanding at January 1, 2014 | shares

3,220

Granted | shares

140

Exercised (a) (b) | shares

(30)

^[1],[2]

Cancelled/Expired | shares

Outstanding at March 31, 2014 (c) | shares

3,330

^[3]

Options, Weighted Average Exercise Price Roll Forward

Outstanding at January 1, 2014 | $ / shares

$ 28.04

Granted | $ / shares

47.49

Exercised (a) (b) | $ / shares

(23.71)

^[1],[2]

Cancelled/Expired | $ / shares

(0.00)

Outstanding at March 31, 2014 (c) | $ / shares

$ 28.91

^[3]

Restricted Stock

Equity Instruments Other than Options, Number of Shares Roll Forward

Outstanding at January 1, 2014 | shares

310

Granted | shares

Vested (a) | shares

^[2]

Cancelled/Expired | shares

Outstanding at March 31, 2014 (c) | shares

310

^[3]

Equity Instruments Other than Options, Weighted Average Grant Date Fair Value Roll Forward

Outstanding at January 1, 2014 | $ / shares

$ 35.21

Granted | $ / shares

0.00

Vested (a) | $ / shares

(0.00)

^[2]

Cancelled/Expired | $ / shares

(0.00)

Outstanding at March 31, 2014 (c) | $ / shares

$ 35.32

^[3]

Restricted Stock Units

Equity Instruments Other than Options, Number of Shares Roll Forward

Outstanding at January 1, 2014 | shares

430

Granted | shares

470

Vested (a) | shares

^[2]

Cancelled/Expired | shares

Outstanding at March 31, 2014 (c) | shares

900

^[3]

Equity Instruments Other than Options, Weighted Average Grant Date Fair Value Roll Forward

Outstanding at January 1, 2014 | $ / shares

$ 43.72

Granted | $ / shares

47.53

Vested (a) | $ / shares

(0.00)

^[2]

Cancelled/Expired | $ / shares

(0.00)

Outstanding at March 31, 2014 (c) | $ / shares

$ 45.70

^[3]

Performance Shares

Equity Instruments Other than Options, Number of Shares Roll Forward

Outstanding at January 1, 2014 | shares

Granted | shares

310

Vested (a) | shares

^[2]

Cancelled/Expired | shares

Outstanding at March 31, 2014 (c) | shares

350

^[3]

Equity Instruments Other than Options, Weighted Average Grant Date Fair Value Roll Forward

Outstanding at January 1, 2014 | $ / shares

$ 43.93

Granted | $ / shares

47.49

Vested (a) | $ / shares

^[2]

Cancelled/Expired | $ / shares

Outstanding at March 31, 2014 (c) | $ / shares

$ 47.09

^[3]

[1]	Cash received from options exercised during the three months ended March 31, 2014 was $0.8 million.
[2]	The intrinsic value of options exercised and shares vested during the three months ended March 31, 2014 was $0.8 million and $0.1 million, respectively.
[3]	Options outstanding at March 31, 2014 had an intrinsic value of $58 million and have a weighted average remaining contractual life of 8.1 years.

Stock-Based Compensation Incentive Equity Awards Actvitiy - Summary of Stock Options Valuation Assumptions (Details) - Options	3 Months Ended
	Mar. 31, 2014 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value	$ 20.60
Expected volatility	42.10%
Expected term (years)	6 years 3 months
Risk-free interest rate	1.80%
Dividend yield	0.00%

Stock-Based Compensation Stock Based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Unrecognized compensation cost	$ 73
Remaining weighted average period	2 years 25 days
Stock Options, Restricted Stock, RSUs [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 9	$ 3

Stock-Based Compensation Phantom Value Plan (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended				12 Months Ended
	Oct. 31, 2012	Jun. 30, 2014	Mar. 31, 2014	Sep. 30, 2013	Jun. 30, 2013	Dec. 31, 2013	Jan. 05, 2011
Realogy Holdings 2007 Stock Incentive Plan [Member] \| Phantom Plan Incentive Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate amount of initial grants of incentive awards granted to executives under the Phantom Value Plan							$ 22
Phantom Value Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of additional awards received if executive elects to receive shares in lieu of cash under the Phantom Value Plan							15.00%
Phantom Value Plan [Member] \| Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense related to Phantom Plan				$ 17	$ 25
Phantom Value Plan [Member] \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense related to Phantom Plan			$ 1			$ 5
RCIV [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Debt Conversion, Original Debt, Amount	$ 1,338
Scenario, Forecast [Member] \| Phantom Value Plan [Member] \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense related to Phantom Plan		$ 1

Transactions With Former Parent Transfer of Cendant Corporate Liabilities and Issuance of Guarantees to Cendant and Affiliates (Details) - USD ($) $ in Millions	Mar. 31, 2014	Dec. 31, 2013
Related Party Transaction [Line Items]
Due to former parent	$ 63	$ 63
Cendant Corporate Litigation [Member]
Related Party Transaction [Line Items]
Guaranty Arrangement Percentage of Obligations Assumed by Realogy	62.50%

Earnings Per Share Earnings Per Share (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Earnings Per Share [Abstract]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	4.9	3.3

Commitments And Contingencies (Details) - USD ($)	Mar. 31, 2014	Dec. 31, 2013
Loss Contingencies [Line Items]
Loss contingency, range of possible loss, minimum	$ 0
Loss contingency, range of possible loss, maximum	6,000,000
Noninterest-bearing deposit liabilities	439,000,000	$ 271,000,000
Minimum [Member]
Loss Contingencies [Line Items]
Minimum Aggregate Value of Former Parent Contingent Liabilities for which the Letter of Credit will be Terminated	30,000,000
Maximum [Member]
Loss Contingencies [Line Items]
Cash, FDIC insured amount	250,000
Synthetic Letter of Credit Facility [Member]
Loss Contingencies [Line Items]
Outstanding letters of credit	$ 53,000,000	$ 53,000,000
Cendant Corporate Litigation [Member]
Loss Contingencies [Line Items]
Guaranty Arrangement Percentage of Obligations Assumed by Realogy	62.50%
Guaranty Arrangement Percentage of Obligations Assumed by Wyndham	37.50%
Cendant Tax Sharing Agreement [Member]
Loss Contingencies [Line Items]
Guaranty Arrangement Percentage of Obligations Assumed by Realogy	62.50%

Segment Information - Revenues (Details) - USD ($)
$ in Millions

3 Months Ended

Mar. 31, 2014

Mar. 31, 2013

Segment Reporting, Revenue Reconciling Item [Line Items]

Revenues

^[1],[2]

$ 1,007

$ 957

Real Estate Franchise Services

Segment Reporting, Revenue Reconciling Item [Line Items]

Revenues

^[1],[2]

144

135

Real Estate Franchise Services | Royalties and Marketing Fees [Member]

Segment Reporting, Revenue Reconciling Item [Line Items]

Revenues

Company Owned Brokerage Services [Member]

Segment Reporting, Revenue Reconciling Item [Line Items]

Revenues

^[1],[2]

750

686

Relocation Services

Segment Reporting, Revenue Reconciling Item [Line Items]

Revenues

^[1],[2]

Relocation Services | Referral and Relocation Fees [Member]

Segment Reporting, Revenue Reconciling Item [Line Items]

Revenues

Title and Settlement Services

Segment Reporting, Revenue Reconciling Item [Line Items]

Revenues

^[1],[2]

100

Corporate and Other

Segment Reporting, Revenue Reconciling Item [Line Items]

Revenues

^[1],[2],[3]

$ (54)

$ (51)

[1]	Revenues for the Real Estate Franchise Services segment include intercompany royalties and marketing fees paid by the Company Owned Real Estate Brokerage Services segment of $54 million and $51 million for the three months ended March 31, 2014 and 2013, respectively. Transactions between segments are eliminated in consolidation. Such amounts are eliminated through the Corporate and Other line.
[2]	Revenues for the Relocation Services segment include intercompany referral and relocation fees paid by the Company Owned Real Estate Brokerage Services segment of $7 million and $8 million for the three months ended March 31, 2014 and 2013, respectively. Such amounts are recorded as contra-revenues by the Company Owned Real Estate Brokerage Services segment. There are no other material inter-segment transactions.
[3]	Includes the elimination of transactions between segments.

Segment Information - EBITDA (Details) - USD ($)
$ in Millions

3 Months Ended

12 Months Ended

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

Segment Reporting Information [Line Items]

Earnings Before Interest, Taxes, Depreciation and Amortization

^[1]

$ 36

$ 63

Depreciation and amortization

Interest expense, net

Income tax (benefit) expense

(34)

Net loss attributable to Realogy Holdings and Realogy Group

(46)

(75)

Loss on the early extinguishment of debt

Former parent legacy costs (benefit), net

Real Estate Franchise Services

Segment Reporting Information [Line Items]

Earnings Before Interest, Taxes, Depreciation and Amortization

^[1]

Company Owned Real Estate Brokerage Services

Segment Reporting Information [Line Items]

Earnings Before Interest, Taxes, Depreciation and Amortization

^[1]

(20)

(8)

Relocation Services

Segment Reporting Information [Line Items]

Earnings Before Interest, Taxes, Depreciation and Amortization

^[1]

Title and Settlement Services

Segment Reporting Information [Line Items]

Earnings Before Interest, Taxes, Depreciation and Amortization

^[1]

(5)

Corporate and Other

Segment Reporting Information [Line Items]

Earnings Before Interest, Taxes, Depreciation and Amortization

^[1]

(25)

$ (15)

Restricted Stock | Phantom Value Plan [Member]

Segment Reporting Information [Line Items]

Stock-based compensation expense related to Phantom Plan

$ 1

$ 5

[1]

Includes $10 million related to the loss on early extinguishment of debt, $1 million related to the Phantom Value Plan and a net cost of $1 million of former parent legacy items for the three months ended March 31, 2014 compared to $3 million related to the loss on early extinguishment of debt and a net cost of $1 million of former parent legacy items for the three months ended March 31, 2013.

Subsequent Events Subsequent Events (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Apr. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Apr. 07, 2014	Dec. 31, 2013	Apr. 26, 2013	Feb. 03, 2011
4.50% Senior Notes \| Senior Notes [Member] \| Subsequent Event [Member]
Subsequent Event [Line Items]
Interest Rate				4.50%
Debt instrument, face amount				$ 450
Proceeds from Issuance of Unsecured Debt	$ 444
3.375% Senior Notes \| Senior Notes [Member]
Subsequent Event [Line Items]
Interest Rate			3.375%			3.375%
Long-term Debt			$ 500		$ 500
Debt instrument, face amount			$ 500
7.875% First and a Half Lien Notes \| Secured Debt [Member]
Subsequent Event [Line Items]
Interest Rate			7.875%				7.875%
Long-term Debt			$ 685		$ 700
Debt instrument, face amount			685
Redemption Price Paid on Debt Repurchase			1
Repurchase of First and a Half Lien Notes			$ 15
7.875% First and a Half Lien Notes \| Secured Debt [Member] \| Subsequent Event [Member]
Subsequent Event [Line Items]
Long-term Debt				$ 331
Redemption Price Paid on Debt Repurchase	$ 33
Repurchase of First and a Half Lien Notes		$ 354