XML 42 R6.htm IDEA: XBRL DOCUMENT v3.8.0.1
Consolidated Statements Of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Operating Activities      
Net income $ 434 $ 217 $ 188
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 198 202 [1] 201 [1]
Deferred income taxes (63) 124 96
Amortization of deferred financing costs and discount 16 16 18
Loss on the early extinguishment of debt 5 0 48
Equity in earnings of unconsolidated entities (18) (12) (16)
Stock-based compensation 52 57 57
Mark-to-market adjustments on derivatives (2) 4 18
Other adjustments to net income 1 (4) (4)
Net change in assets and liabilities, excluding the impact of acquisitions and dispositions:      
Trade receivables (1) (10) (27)
Relocation receivables 23 31 17
Other assets (25) (22) (25)
Accounts payable, accrued expenses and other liabilities 9 (17) 8
Dividends received from unconsolidated entities 52 11 13
Other, net (14) (11) (4)
Net cash provided by operating activities 667 586 588
Investing Activities      
Property and equipment additions (99) (87) (84)
Payments for acquisitions, net of cash acquired (18) (95) (127)
Investment in unconsolidated entities (55) 0 0
Proceeds from investments in unconsolidated entities 11 0 0
Other, net 15 (9) 0
Net cash used in investing activities (146) (191) (211)
Financing Activities      
Net change in revolving credit facilities (130) 0 200
Repayment of amended Term Loan B Facility 0 (758) 0
Proceeds from issuance of Term Loan A and A-1 facilities 0 355 435
Amortization payments on term loan facilities (42) (41) (19)
Redemption of First Lien Notes and First and a Half Lien Notes 0 0 (789)
Proceeds from issuance of Senior Notes 0 750 0
Redemption of Senior Notes 0 (500) 0
Net change in securitization obligations (11) (40) (21)
Debt issuance costs (6) (16) (10)
Cash paid for fees associated with early extinguishment of debt (1) 0 (39)
Repurchase of common stock (280) (195) 0
Dividends paid on common stock (49) (26) 0
Proceeds from exercise of stock options 8 2 5
Taxes paid related to net share settlement for stock-based compensation (11) (6) (6)
Payments of contingent consideration related to acquisitions (22) (25) (7)
Other, net (26) (34) (24)
Net cash used in financing activities (570) (534) (275)
Effect of changes in exchange rates on cash, cash equivalents and restricted cash 2 (3) (2)
Net (decrease) increase in cash, cash equivalents and restricted cash (47) (142) 100
Cash, cash equivalents and restricted cash, beginning of period 281 423 323
Cash, cash equivalents and restricted cash, end of period 234 281 423
Supplemental Disclosure of Cash Flow Information      
Interest payments (including securitization interest of $7, $6 and $6 respectively) 172 181 244
Income tax payments, net 12 24 17
Securitization Interest $ 7 $ 6 $ 6
[1] Depreciation and amortization for the year ended December 31, 2017 includes $3 million of amortization expense related to Guaranteed Rate Affinity's purchase accounting included in the "Equity in earnings of unconsolidated entities" line on the Consolidated Statement of Operations.