XML 25 R6.htm IDEA: XBRL DOCUMENT v3.10.0.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Operating Activities    
Net income $ 57 $ 82
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 97 99 [1]
Deferred income taxes 22 57
Amortization of deferred financing costs and discount 7 8
Loss on the early extinguishment of debt 7 4
Equity in (earnings) losses of unconsolidated entities 2 3
Stock-based compensation 21 25
Mark-to-market adjustments on derivatives (13) 5
Other adjustments to net income 1 (1)
Net change in assets and liabilities, excluding the impact of acquisitions and dispositions:    
Trade receivables (44) (26)
Relocation receivables (114) (47)
Other assets (18) (29)
Accounts payable, accrued expenses and other liabilities (13) 11
Dividends received from unconsolidated entities 1 2
Other, net (4) (7)
Net cash provided by operating activities 9 186
Investing Activities    
Property and equipment additions (49) (48)
Payments for acquisitions, net of cash acquired (1) (4)
Investment in unconsolidated entities (15) (3)
Proceeds from investments in unconsolidated entities 19 0
Other, net 1 (1)
Net cash used in investing activities (45) (56)
Financing Activities    
Net change in revolving credit facility 242 (10)
Payments for refinancing of Term Loan B (4) 0
Proceeds from refinancing of Term Loan A & A-1 17 0
Amortization payments on term loan facilities (10) (21)
Net change in securitization obligations 67 18
Debt issuance costs (16) (6)
Repurchase of common stock (200) (121)
Dividends paid on common stock (23) (25)
Proceeds from exercise of stock options 0 3
Taxes paid related to net share settlement for stock-based compensation (10) (10)
Payments of contingent consideration related to acquisitions (4) (4)
Other, net (17) (10)
Net cash provided by (used in) financing activities 42 (186)
Effect of changes in exchange rates on cash, cash equivalents and restricted cash (1) 1
Net increase (decrease) in cash, cash equivalents and restricted cash 5 (55)
Cash, cash equivalents and restricted cash, beginning of period 234 281
Cash, cash equivalents and restricted cash, end of period 239 226
Supplemental Disclosure of Cash Flow Information    
Interest payments (including securitization interest of $4 and $3 for the periods presented) 87 86
Income tax payments, net 8 8
Securitization Interest $ 4 $ 3
[1] Depreciation and amortization for the six months ended June 30, 2018 includes $2 million of amortization expense related to Guaranteed Rate Affinity's purchase accounting included in the "Equity in (earnings) losses of unconsolidated entities" line on the Condensed Consolidated Statement of Operations.