XML 47 R26.htm IDEA: XBRL DOCUMENT v3.19.1
Segment Information (Tables)
3 Months Ended
Mar. 31, 2019
Segment Reporting [Abstract]  
Revenues
 
Revenues (a) (b)
 
Three Months Ended March 31,
 
2019
 
2018
Real Estate Franchise Services
$
163

 
$
176

Company Owned Real Estate Brokerage Services
816

 
917

Relocation Services
76

 
79

Title and Settlement Services
114

 
120

Corporate and Other (c)
(55
)
 
(63
)
Total Company
$
1,114

 
$
1,229

_______________
 
 
(a)
Transactions between segments are eliminated in consolidation. Revenues for the Real Estate Franchise Services segment include intercompany royalties and marketing fees paid by the Company Owned Real Estate Brokerage Services segment of $55 million and $63 million for the three months ended March 31, 2019 and 2018, respectively. Such amounts are eliminated through the Corporate and Other line.
(b)
Revenues for the Relocation Services segment include intercompany referral commissions paid by the Company Owned Real Estate Brokerage Services segment of $7 million and $8 million for the three months ended March 31, 2019 and 2018, respectively. Such amounts are recorded as contra-revenues by the Company Owned Real Estate Brokerage Services segment. There are no other material intersegment transactions.
(c)
Includes the elimination of transactions between segments.
Operating EBITDA
 
Operating EBITDA
 
Three Months Ended March 31,
 
2019
 
2018
Real Estate Franchise Services
$
90

 
$
105

Company Owned Real Estate Brokerage Services
(62
)
 
(45
)
Relocation Services
2

 
(1
)
Title and Settlement Services
(9
)
 
(6
)
Corporate and Other (a)
(25
)
 
(19
)
 
 
 
 
Less: Depreciation and amortization (b)
49

 
50

Interest expense, net
63

 
33

Income tax benefit
(35
)
 
(19
)
Restructuring costs, net (c)
12

 
30

Lease asset impairment
1

 

Loss on the early extinguishment of debt (d)
5

 
7

Net loss attributable to Realogy Holdings and Realogy Group
$
(99
)
 
$
(67
)

_______________
(a)
Includes the elimination of transactions between segments.
(b)
Depreciation and amortization for the three months ended March 31, 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.
(c)
The three months ended March 31, 2019 includes restructuring charges of $4 million in the Company Owned Real Estate Brokerage Services segment, $3 million in the Cartus segment, $1 million at Title and Settlement Services segment and $4 million in Corporate and Other.
The three months ended March 31, 2018 includes restructuring charges of $2 million in the Real Estate Franchise Services segment, $17 million in the Company Owned Real Estate Brokerage Services segment, $8 million in the Cartus segment, $1 million at the Title and Settlement Services segment and $2 million in Corporate and Other.
(d)
Loss on the early extinguishment of debt is recorded in the Corporate and Other segment.