Segment Information (Tables)

12 Months Ended

Dec. 31, 2018



	Revenues (a) (b)
	Year Ended December 31,
	2018			2017			2016
Real Estate Franchise Services	$	820		$	830		$	781
Company Owned Real Estate Brokerage Services	4,607			4,643			4,344
Relocation Services	378			382			405
Title and Settlement Services	580			570			573
Corporate and Other (c)	(306		)	(311		)	(293		)
Total Company	$	6,079		$	6,114		$	5,810

_______________

(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 $306 million, $311 million and $293 million for the years ended December 31, 2018, 2017 and 2016, 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 $39 million, $40 million and $43 million for the years ended December 31, 2018, 2017 and 2016, 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

Set forth in the tables below is a reconciliation of Net income to Operating EBITDA and Operating EBITDA presented by reportable segment for the years ended December 31, 2018, 2017 and 2016:



	Year Ended December 31,
	2018		2017			2016
Net income attributable to Realogy Holdings and Realogy Group	$	137	$	431		$	213
Income tax expense (benefit) (a)	65		(65		)	144
Income before income taxes	202		366			357
Add: Depreciation and amortization (b)	197		201			202
Interest expense, net	190		158			174
Restructuring costs, net (c)	58		12			39
Former parent legacy cost (benefit) (d)	4		(10		)	(2		)
Loss on the early extinguishment of debt (d)	7		5			—
Operating EBITDA	$	658	$	732		$	770



	Operating EBITDA
	Year Ended December 31,
	2018			2017			2016
Real Estate Franchise Services	$	564		$	560		$	520
Company Owned Real Estate Brokerage Services (e)	44			135			159
Relocation Services	86			85			100
Title and Settlement Services	49			59			63
Corporate and Other (d)(f)	(85		)	(107		)	(72		)
Total Company	$	658		$	732		$	770

______________


(a)	Income tax benefit for the year ended December 31, 2017 reflects the impact of the 2017 Tax Act.


(b)	Depreciation and amortization for the years ended December 31, 2018 and 2017 includes $2 million and $3 million, respectively, of amortization expense related to Guaranteed Rate Affinity's purchase accounting included in the "Equity in losses (earnings) of unconsolidated entities" line on the Consolidated Statement of Operations.


(c)	The year ended December 31, 2018 includes restructuring charges of $3 million in the Real Estate Franchise Services segment, $37 million in the Company Owned Real Estate Brokerage Services segment, $11 million in the Relocation Services segment, $4 million at the Title and Settlement Services segment and $3 million in the Corporate and Other segment.

The year ended December 31, 2017 includes restructuring charges of $1 million in the Real Estate Franchise Services segment, $9 million in the Company Owned Real Estate Brokerage Services segment, $1 million at the Title and Settlement Services segment and $1 million in the Corporate and Other segment.

The year ended December 31, 2016 includes restructuring charges of $4 million in the Real Estate Franchise Services segment, $22 million in the Company Owned Real Estate Brokerage Services segment, $4 million in the Relocation Services segment, $1 million at the Title and Settlement Services segment and $8 million in the Corporate and Other segment.


(d)	Former parent legacy items and loss on the early extinguishment of debt are recorded in the Corporate and Other segment.


(e)	Includes $22 million and $8 million of equity earnings from PHH Home Loans for the years ended December 31, 2017 and 2016, respectively.


(f)	Includes the elimination of transactions between segments.

Reconciliation of Depreciation and Amortization from Segments to Consolidated

Depreciation and Amortization



	Year Ended December 31,
	2018		2017		2016
Real Estate Franchise Services	$	77	$	79	$	77
Company Owned Real Estate Brokerage Services	51		50		49
Relocation Services	33		33		31
Title and Settlement Services	13		16		23
Corporate and Other	21		20		22
Total Company	$	195	$	198	$	202

Segment Assets



	As of December 31,
	2018		2017
Real Estate Franchise Services	$	4,388	$	4,413
Company Owned Real Estate Brokerage Services	1,228		1,258
Relocation Services	1,010		1,029
Title and Settlement Services	492		486
Corporate and Other	172		151
Total Company	$	7,290	$	7,337

Reconciliation of Capital Expenditures from Segments to Consolidated

Capital Expenditures



	Year Ended December 31,
	2018		2017		2016
Real Estate Franchise Services	$	10	$	9	$	8
Company Owned Real Estate Brokerage Services	44		44		44
Relocation Services	13		11		12
Title and Settlement Services	11		13		9
Corporate and Other	27		22		14
Total Company	$	105	$	99	$	87

Geographic Segment Information

The geographic segment information provided below is classified based on the geographic location of the Company’s subsidiaries.



	United States		All Other Countries		Total
On or for the year ended December 31, 2018
Net revenues	$	5,961	$	118	$	6,079
Total assets	7,214		76		7,290
Net property and equipment	302		2		304
On or for the year ended December 31, 2017
Net revenues	$	5,997	$	117	$	6,114
Total assets	7,261		76		7,337
Net property and equipment	287		2		289
On or for the year ended December 31, 2016
Net revenues	$	5,683	$	127	$	5,810
Total assets	7,347		74		7,421
Net property and equipment	265		2		267