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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Operating Activities    
Net income $ 52 $ 66
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 96 [1] 98 [2]
Deferred income taxes 33 32
Amortization of deferred financing costs and discount 8 9
Equity in earnings of unconsolidated entities (5) (9)
Stock-based compensation 25 26
Mark-to-market adjustments on derivatives 45 10
Other adjustments to net income (3) (1)
Net change in assets and liabilities, excluding the impact of acquisitions and dispositions:    
Trade receivables (33) (47)
Relocation receivables (79) (137)
Other assets (14) (9)
Accounts payable, accrued expenses and other liabilities (18) 36
Due to former parent 1 (5)
Dividends received from unconsolidated entities 1 6
Taxes paid related to net share settlement for stock-based compensation (5) (3)
Other, net (6) 1
Net cash provided by operating activities 98 73
Investing Activities    
Property and equipment additions (40) (41)
Payments for acquisitions, net of cash acquired (15) (75)
Change in restricted cash 1 (8)
Other, net (4) 3
Net cash used in investing activities (58) (121)
Financing Activities    
Net change in revolving credit facilities (200) 0
Repayments of term loan facilities (20) (10)
Proceeds from issuance of Senior Notes 750 0
Redemption of Senior Notes (500) 0
Net change in securitization obligations 34 120
Debt issuance costs (7) (1)
Repurchase of common stock (67) 0
Proceeds from exercise of stock options 1 2
Payments of contingent consideration (10) (5)
Other, net (12) (11)
Net cash (used in) provided by financing activities (31) 95
Effect of changes in exchange rates on cash and cash equivalents (1) (1)
Net increase in cash and cash equivalents 8 46
Cash and cash equivalents, beginning of period 415 313
Cash and cash equivalents, end of period 423 359
Supplemental Disclosure of Cash Flow Information    
Interest payments (including securitization interest of $3 for both periods presented) 86 108
Securitization Interest 3 3
Income tax payments, net $ 7 $ 5
[1] 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.
[2] Includes a net benefit of $1 million of former parent legacy items for the six months ended June 30, 2015.