XML 61 R25.htm IDEA: XBRL DOCUMENT v3.8.0.1
Selected Quarterly Financial Data (Unaudited) (Notes)
 12 Months Ended
Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]  
Selected Quarterly Financial Data (Unaudited)
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)
Provided below is selected unaudited quarterly financial data for 2017 and 2016.
 
2017
 
First
 
Second
 
Third
 
Fourth
Net revenues
 
 
 
 
 
 
 
Real Estate Franchise Services
$
170

 
$
237

 
$
224

 
$
199

Company Owned Real Estate Brokerage Services
897

 
1,392

 
1,267

 
1,087

Relocation Services
77

 
102

 
111

 
92

Title and Settlement Services
120

 
157

 
154

 
139

Corporate and Other (a)
(61
)
 
(95
)
 
(82
)
 
(73
)
Total Company
$
1,203

 
$
1,793

 
$
1,674

 
$
1,444

Income (loss) before income taxes, equity in earnings and noncontrolling interests (b)
 
 
 
 
Real Estate Franchise Services
$
82

 
$
146

 
$
139

 
$
113

Company Owned Real Estate Brokerage Services
(35
)
 
65

 
36

 
(14
)
Relocation Services
(5
)
 
21

 
32

 
15

Title and Settlement Services
(3
)
 
23

 
19

 
6

Corporate and Other
(73
)
 
(72
)
 
(73
)
 
(71
)
Total Company
$
(34
)
 
$
183

 
$
153

 
$
49

Net income (loss) attributable to Realogy Holdings and Realogy Group
$
(28
)
 
$
109

 
$
95

 
$
255

Income (loss) per share attributable to Realogy Holdings (c):
 
 
 
 
 
 
 
Basic income (loss) per share
$
(0.20
)
 
$
0.79

 
$
0.70

 
$
1.91

Diluted income (loss) per share
$
(0.20
)
 
$
0.78

 
$
0.69

 
$
1.89

_______________
 
 
(a)
Represents the elimination of transactions primarily between the Real Estate Franchise Services segment and the Company Owned Real Estate Brokerage Services segment.
(b)
The quarterly results include the following:
•
an $8 million expense related to the settlement of the Strader legal matter in the second quarter;
•
restructuring charges of $5 million, $2 million, $2 million and $3 million in the first, second, third and fourth quarters, respectively;
•
former parent legacy net benefit of $11 million in the second quarter and former parent legacy net cost of $1 million in the third quarter;
•
a loss on the early extinguishment of debt of $4 million and $1 million in the first and third quarters, respectively;
•
mark-to-market adjustments for interest rate swaps of a $1 million gain, a $5 million loss, and an $8 million gain in the first, second and fourth quarters, respectively; and
•
an $8 million expense related to the transition of the Company's CEO in the fourth quarter.
(c)
Basic and diluted EPS amounts in each quarter are computed using the weighted-average number of shares outstanding during that quarter, while basic and diluted EPS for the full year is computed using the weighted-average number of shares outstanding during the year. Therefore, the sum of the four quarters’ basic or diluted EPS may not equal the full year basic or diluted EPS (see Note 15 "Earnings Per Share" for further information).
 
2016
 
First
 
Second
 
Third
 
Fourth
Net revenues
 
 
 
 
 
 
 
Real Estate Franchise Services
$
157

 
$
221

 
$
215

 
$
188

Company Owned Real Estate Brokerage Services
841

 
1,268

 
1,231

 
1,004

Relocation Services
83

 
109

 
116

 
97

Title and Settlement Services
111

 
149

 
164

 
149

Corporate and Other (a)
(58
)
 
(85
)
 
(82
)
 
(68
)
Total Company
$
1,134

 
$
1,662

 
$
1,644

 
$
1,370

Income (loss) before income taxes, equity in earnings and noncontrolling interests (b)
 
 
Real Estate Franchise Services
$
73

 
$
130

 
$
133

 
$
102

Company Owned Real Estate Brokerage Services
(32
)
 
63

 
55

 
(8
)
Relocation Services
(1
)
 
22

 
34

 
16

Title and Settlement Services
(5
)
 
21

 
17

 
6

Corporate and Other
(101
)
 
(83
)
 
(63
)
 
(30
)
Total Company
$
(66
)
 
$
153

 
$
176

 
$
86

Net income (loss) attributable to Realogy Holdings and Realogy Group
$
(42
)
 
$
92

 
$
106

 
$
57

Income (loss) per share attributable to Realogy Holdings (c):
 
 
 
 
 
 
 
Basic income (loss) per share
$
(0.29
)
 
$
0.63

 
$
0.74

 
$
0.40

Diluted income (loss) per share
$
(0.29
)
 
$
0.63

 
$
0.73

 
$
0.40


_______________
 
 
(a)
Represents the elimination of transactions primarily between the Real Estate Franchise Services segment and the Company Owned Real Estate Brokerage Services segment.
(b)
The quarterly results include the following:
•
former parent legacy net cost of $1 million in the first quarter and former parent legacy net benefit of $3 million in the fourth quarter;
•
restructuring charges of $9 million, $12 million, $9 million and $9 million in the first, second, third and fourth quarters, respectively; and
•
mark-to-market adjustments for interest rate swaps of a $31 million loss, a $14 million loss, a $5 million gain, and a $34 million gain in the first, second, third and fourth quarters, respectively.
(c)
Basic and diluted EPS amounts in each quarter are computed using the weighted-average number of shares outstanding during that quarter, while basic and diluted EPS for the full year is computed using the weighted-average number of shares outstanding during the year. Therefore, the sum of the four quarters’ basic or diluted EPS may not equal the full year basic or diluted EPS.