CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions		Dec. 31, 2015		Dec. 31, 2014
ASSETS
Cash and cash equivalents		$ 906		$ 1,259
Restricted cash		47		56
Mortgage loans held for sale		743		915
Accounts receivable, net		81		123
Servicing advances, net		691		694
Mortgage servicing rights		880		1,005
Property and equipment, net		47		36
Other assets		257		208
Total assets		3,652	[1]	4,296
LIABILITIES
Accounts payable and accrued expenses		251		244
Subservicing advance liabilities		314		347
Debt		1,358		1,739
Deferred taxes		182		262
Loan repurchase and indemnification liability		62		63
Other liabilities		137		70
Total liabilities		$ 2,304	[1]	$ 2,725
Commitments and contingencies (Note 14)
EQUITY
Preferred stock, $0.01 par value; 1,090,000 shares authorized; none issued or outstanding		$ 0		$ 0
Common stock, $0.01 par value; 273,910,000 shares authorized; 55,007,983 shares issued and outstanding at December 31, 2015; 51,143,723 shares issued and outstanding at December 31, 2014		1		1
Additional paid-in capital		911		989
Retained earnings		416		566
Accumulated other comprehensive loss	[2]	(10)		(11)
Total PHH Corporation stockholders’ equity		1,318		1,545
Noncontrolling interest		30		26
Total equity		1,348		1,571
Total liabilities and equity		3,652		4,296
Variable Interest Entity
ASSETS
Cash and cash equivalents		80		85
Restricted cash		18		23
Mortgage loans held for sale		389		378
Accounts receivable, net		5		8
Servicing advances, net		157		155
Property and equipment, net		1		1
Other assets		12		8
Total assets		662		658
LIABILITIES
Accounts payable and accrued expenses		14		16
Debt		456		443
Other liabilities		6		11
Total liabilities		$ 476		$ 470

[1] The Consolidated Balance Sheets include assets of variable interest entities which can be used only to settle the obligations and liabilities of variable interest entities which creditors or beneficial interest holders do not have recourse to PHH Corporation and subsidiaries as follows: December 31, 2015 2014ASSETS Cash and cash equivalents$80 $85Restricted cash18 23Mortgage loans held for sale389 378Accounts receivable, net5 8Servicing advances, net157 155Property and equipment, net1 1Other assets12 8Total assets$662 $658 LIABILITIES Accounts payable and accrued expenses$14 $16Debt456 443Other liabilities6 11Total liabilities$476 $470

[2] Includes amounts recorded related to the Company's defined benefit pension plan, net of income tax benefits of $6 million as of both December 31, 2015 and 2014. During the year ended December 31, 2015, there were no amounts reclassified out of Accumulated other comprehensive loss. During the year ended December 31, 2014, upon the disposition of the Fleet business, the Company realized a $22 million currency translation gain and reclassified the amount to Income from discontinued operations, net of tax.