Segment Information

12 Months Ended

Dec. 31, 2011

Segment Reporting, Measurement Disclosures [Abstract]

Segment Information

SEGMENT INFORMATION

The reportable segments presented below represent the Company’s operating segments for which separate financial information is available and which is utilized on a regular basis by its chief operating decision maker to assess performance and to allocate resources. In identifying its reportable segments, the Company also considers the nature of services provided by its operating segments. Management evaluates the operating results of each of its reportable segments based upon revenue and EBITDA, which is defined as net income (loss) before depreciation and amortization, interest (income) expense, net (other than Relocation Services interest for secured assets and obligations) and income taxes, each of which is presented in the Company’s Consolidated Statements of Operations. The Company’s presentation of EBITDA may not be comparable to similar measures used by other companies.

	Revenues (a) (b)
	For the Year Ended December 31,
	2011			2010			2009
Real Estate Franchise Services	$	557		$	560		$	538
Company Owned Real Estate Brokerage Services	2,970			3,016			2,959
Relocation Services	423			405			320
Title and Settlement Services	359			325			328
Corporate and Other (c)	(216		)	(216		)	(213		)
Total Company	$	4,093		$	4,090		$	3,932

_______________

(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 $216 million for the year ended December 31, 2011, $216 million for the year ended December 31, 2010 and $213 million for the year ended December 31, 2009. Such amounts are eliminated through the Corporate and Other line.

(b) Revenues for the Relocation Services segment include intercompany referral and relocation fees paid by the Company Owned Real Estate Brokerage Services segment of $37 million for the year ended December 31, 2011, $37 million for the year ended December 31, 2010 and $34 million for the year ended December 31, 2009. Such amounts are recorded as contra-revenues by the Company Owned Real Estate Brokerage Services segment. There are no other material inter-segment transactions.

(c) Includes the elimination of transactions between segments.

	EBITDA (a) (b) (c)
	For the Year Ended December 31,
	2011			2010		2009
Real Estate Franchise Services	$	320		$	352	$	323
Company Owned Real Estate Brokerage Services	56			80		6
Relocation Services	115			109		122
Title and Settlement Services	29			25		20
Corporate and Other (c)	(77		)	269		(6		)
Total Company	$	443		$	835	$	465

______________

(a) Includes $11 million of restructuring costs and $1 million of merger costs, offset by a net benefit of $15 million of former parent legacy items for the year ended December 31, 2011. Includes $21 million of restructuring costs and $1 million of merger costs, offset by a net benefit of $323 million of former parent legacy items primarily as a result of tax and other liability adjustments for the year ended December 31, 2010. Includes $70 million of restructuring costs and $1 million of merger costs offset by a benefit of $34 million of former parent legacy items (comprised of a benefit of $55 million recorded at Cartus related to WEX partially offset by $21 million of expenses recorded at Corporate) for the year ended December 31, 2009.

(b) 2011 EBITDA includes a loss on the early extinguishment of debt of $36 million and 2009 EBITDA includes a gain on the early extinguishment of debt of $75 million.

(c) Includes the elimination of transactions between segments.

Provided below is a reconciliation of EBITDA to Net loss attributable to Holdings and Realogy:

	For the Year Ended December 31,
	2011			2010			2009
EBITDA	$	443		$	835		$	465
Less:
Depreciation and amortization	186			197			194
Interest expense/(income), net	666			604			583
Income (loss) before income taxes	(409		)	34			(312		)
Income tax expense (benefit)	32			133			(50		)
Net loss attributable to Holdings and Realogy	$	(441	)	$	(99	)	$	(262	)

Depreciation and Amortization

	For the Year Ended December 31,
	2011		2010		2009
Real Estate Franchise Services	$	77	$	78	$	78
Company Owned Real Estate Brokerage Services	41		44		56
Relocation Services	47		50		34
Title and Settlement Services	12		17		18
Corporate and Other	9		8		8
Total Company	$	186	$	197	$	194

Segment Assets

	As of December 31,
	2011		2010
Real Estate Franchise Services	$	5,190	$	5,262
Company Owned Real Estate Brokerage Services	840		874
Relocation Services	1,369		1,404
Title and Settlement Services	290		277
Corporate and Other	121		212
Total Company	$	7,810	$	8,029

Capital Expenditures    

	For the Year Ended December 31,
	2011		2010		2009
Real Estate Franchise Services	$	7	$	6	$	6
Company Owned Real Estate Brokerage Services	22		22		17
Relocation Services	7		8		7
Title and Settlement Services	8		6		6
Corporate and Other	5		7		4
Total Company	$	49	$	49	$	40

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, 2011
Net revenues	$	3,968	$	125	$	4,093
Total assets	7,706		104		7,810
Net property and equipment	164		1		165
On or for the year ended December 31, 2010
Net revenues	$	3,990	$	100	$	4,090
Total assets	7,923		106		8,029
Net property and equipment	185		1		186
On or for the year ended December 31, 2009
Net revenues	$	3,838	$	94	$	3,932
Total assets	7,978		63		8,041
Net property and equipment	210		1		211