XML 16 R2.htm IDEA: XBRL DOCUMENT v3.5.0.2
Condensed Consolidated Statements of Operations - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Revenues        
Gross commission income $ 1,251 $ 1,278 $ 2,077 $ 2,059
Service revenue 252 228 442 399
Franchise fees 104 99 173 166
Other 55 46 104 89
Net revenues [1],[2] 1,662 1,651 2,796 2,713
Expenses        
Commission and other agent-related costs 864 877 1,422 1,407
Operating 391 366 758 708
Marketing 65 59 123 115
General and administrative 70 92 156 170
Former parent legacy costs (benefit), net 0 (1) 1 (1)
Restructuring costs 12 0 21 0
Depreciation and amortization 48 [3] 52 [4] 96 [5] 98 [6]
Interest expense, net 59 [3] 50 [4] 132 [5] 118 [6]
Other income, net 0 (1) 0 (1)
Total expenses 1,509 1,494 2,709 2,614
Income before income taxes, equity in earnings and noncontrolling interests 153 157 87 99
Income tax expense 64 [3] 66 [3] 40 [5] 42 [6]
Equity in earnings of unconsolidated entities (5) (7) (5) (9)
Net income 94 98 52 66
Less: Net income attributable to noncontrolling interests (2) (1) (2) (1)
Net income attributable to Realogy Holdings and Realogy Group $ 92 [3] $ 97 [4] $ 50 [5] $ 65 [6]
Earnings per share attributable to Realogy Holdings:        
Basic earnings per share $ 0.63 $ 0.66 $ 0.34 $ 0.44
Diluted earnings per share $ 0.63 $ 0.66 $ 0.34 $ 0.44
Weighted average common and common equivalent shares of Realogy Holdings outstanding:        
Basic 145.5 146.5 146.0 146.4
Diluted 146.7 148.0 147.2 147.9
[1] Revenues for the Relocation Services segment include intercompany referral commissions paid by the Company Owned Real Estate Brokerage Services segment of $13 million and $21 million for the three and six months ended June 30, 2016, respectively, and $15 million and $23 million for the three and six months ended June 30, 2015, respectively. Such amounts are recorded as contra-revenues by the Company Owned Real Estate Brokerage Services segment. There are no other material intersegment transactions.
[2] Transactions between segments are eliminated in consolidation. 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 $85 million and $143 million for the three and six months ended June 30, 2016, respectively, and $87 million and $144 million for the three and six months ended June 30, 2015, respectively. Such amounts are eliminated through the Corporate and Other line.
[3] Includes $12 million of restructuring charges as follows: $3 million in the Real Estate Franchise Services segment, $7 million in the Company Owned Real Estate Brokerage Services segment, $1 million in the Relocation Services segment and $1 million in Corporate and Other for the three months ended June 30, 2016.
[4] Includes a net benefit of $1 million of former parent legacy items for the three months ended June 30, 2015.
[5] Includes $21 million of restructuring charges as follows: $3 million in the Real Estate Franchise Services segment, $9 million in the Company Owned Real Estate Brokerage Services segment, $3 million in the Relocation Services segment and $6 million in Corporate and Other, and a net cost of $1 million of former parent legacy items included in Corporate and Other for the six months ended June 30, 2016.
[6] Includes a net benefit of $1 million of former parent legacy items for the six months ended June 30, 2015.