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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Operating Activities    
Net income $ 159 $ 178
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 149 [1] 153 [2]
Deferred income taxes 98 100
Amortization of deferred financing costs and discount 12 13
Equity in earnings of unconsolidated entities (10) (13)
Stock-based compensation 39 40
Mark-to-market adjustments on derivatives 39 26
Other adjustments to net income (4) (3)
Net change in assets and liabilities, excluding the impact of acquisitions and dispositions:    
Trade receivables (29) (56)
Relocation receivables (14) (54)
Other assets (20) (24)
Accounts payable, accrued expenses and other liabilities (5) 52
Due to former parent 1 (19)
Dividends received from unconsolidated entities 5 7
Other, net (9) 0
Net cash provided by operating activities 411 400
Investing Activities    
Property and equipment additions (61) (60)
Payments for acquisitions, net of cash acquired (95) (111)
Change in restricted cash (2) 1
Other, net (5) (1)
Net cash used in investing activities (163) (171)
Financing Activities    
Net change in revolving credit facility (45) 0
Proceeds from issuance of Term Loan A-1 355 0
Repayment of amended Term Loan B facility (758) 0
Repayments of term loan facilities (31) (14)
Proceeds from issuance of Senior Notes 750 0
Redemption of Senior Notes (500) 0
Net change in securitization obligations 9 67
Debt issuance costs (15) (1)
Repurchase of common stock (134) 0
Dividends paid on common stock (13) 0
Proceeds from exercise of stock options 1 3
Taxes paid related to net share settlement for stock-based compensation (6) (5)
Payments of contingent consideration related to acquisitions (23) (5)
Other, net (28) (18)
Net cash (used in) provided by financing activities (438) 27
Effect of changes in exchange rates on cash and cash equivalents (1) (2)
Net (decrease) increase in cash and cash equivalents (191) 254
Cash and cash equivalents, beginning of period 415 313
Cash and cash equivalents, end of period 224 567
Supplemental Disclosure of Cash Flow Information    
Interest payments (including securitization interest of $5 and $4 for the periods presented) 117 165
Income tax payments, net 13 10
Securitization Interest $ 5 $ 4
[1] Includes $30 million of restructuring charges as follows: $4 million in the Real Estate Franchise Services segment, $15 million in the Company Owned Real Estate Brokerage Services segment, $4 million in the Relocation Services segment, $1 million in Title and Settlement 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 nine months ended September 30, 2016.
[2] Includes a net benefit of $15 million of former parent legacy items for the nine months ended September 30, 2015.