Wyndham Worldwide (WYN)

 

Prior to our Separation from Cendant, we entered into a Transition Services Agreement (“TSA”) with Avis Budget Group, Realogy and Travelport to provide for an orderly transition to becoming an independent company. Under the TSA, Cendant agreed to provide us with various services, including services relating to human resources and employee benefits, payroll, financial systems management, treasury and cash management, accounts payable services, telecommunications services and information technology services. In certain cases, services provided by Cendant under the TSA were provided by one of the separated companies following the date of such company’s separation from Cendant. Such services were substantially completed as of December 31, 2007. During 2008 and 2007, we recorded $1 million and $13 million, respectively, of expenses in the Consolidated Statements of Operations related to these agreements. During 2006, we recorded $8 million of expenses and less than $1 million in other revenues.

 

 

Prior to the Company’s Separation from Cendant, it entered into a Transition Services Agreement (“TSA”) with Avis Budget Group, Realogy and Travelport to provide for an orderly transition to becoming an independent company. Under the TSA, Cendant agreed to provide the Company with various services, including services relating to human resources and employee benefits, payroll, financial systems management, treasury and cash management, accounts payable services, telecommunications services and information technology services. In certain cases, services provided by Cendant under the TSA were provided by one of the separated companies following the date of such company’s separation from Cendant. Such services were substantially completed as of December 31, 2007. For the year ended December 31, 2008 and 2007, the Company recorded $1 million and $13 million, respectively, of expenses in the Consolidated Statements of Operations related to these agreements. During 2006, the Company recorded $8 million of expenses and less than $1 million in other revenues.

 

 

Prior to our Separation from Cendant, we entered into a Transition Services Agreement (“TSA”) with Avis Budget Group, Realogy and Travelport to provide for an orderly transition to becoming an independent company. Under the TSA, Cendant agreed to provide us with various services, including services relating to human resources and employee benefits, payroll, financial systems management, treasury and cash management, accounts payable services, telecommunications services and information technology services. In certain cases, services provided by Cendant under the TSA were provided by one of the separated companies following the date of such company’s separation from Cendant. Such services were substantially completed as of December 31, 2007. For the three and nine months ended September 30, 2008, we recorded less than $1 million and $1 million, respectively, of expenses in the Consolidated Statements of Income related to these agreements. For the three and nine months ended September 30, 2007, we recorded expenses of $2 million and $11 million, respectively, in the Consolidated Statements of Income related to these agreements.

 

 

Prior to our Separation from Cendant, we entered into a Transition Services Agreement (“TSA”) with Avis Budget Group, Realogy and Travelport to provide for an orderly transition to becoming an independent company. Under the TSA, Cendant agreed to provide us with various services, including services relating to human resources and employee benefits, payroll, financial systems management, treasury and cash management, accounts payable services, telecommunications services and information technology services. In certain cases, services provided by Cendant under the TSA were provided by one of the separated companies following the date of such company’s separation from Cendant. Such services were substantially completed as of December 31, 2007. For both the three and six months ended June 30, 2008, we recorded $1 million of expenses in the Consolidated Statements of Income related to these agreements. For the three and six months ended June 30, 2007, we recorded expenses of $3 million and $9 million, respectively, in the Consolidated Statements of Income related to these agreements.

 

 

Prior to our Separation from Cendant, we entered into a Transition Services Agreement (“TSA”) with Avis Budget Group, Realogy and Travelport to provide for an orderly transition to becoming an independent company. Under the TSA, Cendant agrees to provide us with various services, including services relating to human resources and employee benefits, payroll, financial systems management, treasury and cash management, accounts payable services, telecommunications services and information technology services. In certain cases, services provided by Cendant under the TSA may be provided by one of the separated companies following the date of such company’s separation from Cendant. Such services were no longer required as of December 31, 2007. For the three months ended March 31, 2007, we recorded expenses of $6 million in the Consolidated Statements of Income related to these agreements.

 

 

Prior to the Company’s Separation from Cendant, it entered into a Transition Services Agreement (“TSA”) with Avis Budget Group, Realogy and Travelport to provide for an orderly transition to becoming an independent company. Under the TSA, Cendant agrees to provide the Company with various services, including services relating to human resources and employee benefits, payroll, financial systems management, treasury and cash management, accounts payable services, telecommunications services and information technology services. In certain cases, services provided by Cendant under the TSA may be provided by one of the separated companies following the date of such company’s Separation from Cendant. The Company recorded $13 million of expenses during 2007 and $8 million of expenses and less than $1 million in other revenues during 2006 in the Consolidated and Combined Statements of Income related to these agreements.

 

 

Prior to our Separation from Cendant, we entered into a Transition Services Agreement (“TSA”) with Avis Budget Group, Realogy and Travelport to provide for an orderly transition to becoming an independent company. Under the TSA, Cendant agrees to provide us with various services, including services relating to human resources and employee benefits, payroll, financial systems management, treasury and cash management, accounts payable services, telecommunications services and information technology services. In certain cases, services provided by Cendant under the TSA may be provided by one of the separated companies following the date of such company’s separation from Cendant. For the three and nine months ended September 30, 2007, we recorded expenses of $2 million and $11 million, respectively, and from the date of Separation (July 31, 2006) through September 30, 2006, we recorded $3 million of expenses and less than $1 million in other revenues in the Condensed Consolidated and Combined Statements of Income related to these agreements.

 

Prior to our Separation from Cendant, we entered into a Transition Services Agreement (“TSA”) with Avis Budget Group, Realogy and Travelport to provide for an orderly transition to becoming an independent company. Under the TSA, Cendant agrees to provide us with various services, including services relating to human resources and employee benefits, payroll, financial systems management, treasury and cash management, accounts payable services, telecommunications services and information technology services. In certain cases, services provided by Cendant under the TSA may be provided by one of the separated companies following the date of such company’s separation from Cendant. For the three and six months ended June 30, 2007, we recorded $3 million and $9 million, respectively, of expenses in the Condensed Consolidated Statements of Income related to these agreements.

 

 

Prior to our Separation from Cendant, we entered into a Transition Services Agreement (“TSA”) with Avis Budget Group, Realogy and Travelport to provide for an orderly transition to becoming an independent company. Under the TSA, Cendant agrees to provide us with various services, including services relating to human resources and employee benefits, payroll, financial systems management, treasury and cash management, accounts payable services, telecommunications services and information technology services. In certain cases, services provided by Cendant under the TSA may be provided by one of the separated companies following the date of such company’s separation from Cendant. For the three months ended March 31, 2007, we recorded $6 million of expenses in the Condensed Consolidated Statements of Income related to these agreements.

 

 

Prior to the Company’s Separation from Cendant, it entered into a Transition Services Agreement (“TSA”) with Avis Budget Group, Realogy and Travelport to provide for an orderly transition to becoming an independent company. Under the TSA, each of the companies agreed to provide the Company with various services, including services relating to human resources and employee benefits, payroll, financial systems management, treasury and cash management, accounts payable services, telecommunications services and information technology services. In certain cases, services provided under the TSA may be provided by one of the separated companies following the date of such company’s separation from Cendant. During 2006, the Company recorded $8 million of expenses and less than $1 million in other income in the Consolidated and Combined Statements of Income related to these agreements.