XML 67 R29.htm IDEA: XBRL DOCUMENT v3.3.1.900
Note 2. Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2015
Accounting Policies [Abstract]  
Schedule of Derivative Instruments [Table Text Block]
the term loan facilities as follows:
Notional Value (in millions)
Commencement Date
Expiration Date
$225
July 2012
February 2018
$200
January 2013
February 2018
$600
August 2015
August 2020
$450
November 2017
November 2022
Notional Value (in millions)
Commencement Date
Expiration Date
$225
July 2012
February 2018
$200
January 2013
February 2018
$600
August 2015
August 2020
$450
November 2017
November 2022
Summarized Financial Information PHHHL [Table Text Block]
The following presents the summarized financial information for PHH Home Loans:
 
December 31,
 
 
 
2015
 
2014
 
 
Balance sheet data:
 
 
 
 
 
Total assets
$
491

 
$
480

 
 
Total liabilities
379

 
375

 
 
Total members’ equity
112

 
105

 
 
  
Year Ended December 31,
 
2015
 
2014
 
2013
Statement of operations data:
 
 
 
 
 
Total revenues
$
233

 
$
200

 
$
282

Total expenses
205

 
185

 
235

Net income
28

 
15

 
47
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block]
As a result of the adoption, the December 31, 2014 indebtedness table has been restated as follows:
 
December 31, 2014
 
Previously Reported Balance
 
Effect of Accounting Principle Adoption
 
Adjusted Balance
Senior Secured Credit Facility:
 
 
 
 
 
Term Loan B Facility
$
1,871

 
$
18

 
$
1,853

7.625% First Lien Notes
593

 
7

 
586

9.00% First and a Half Lien Notes
196

 
2

 
194

3.375% Senior Notes
500

 
3

 
497

4.50% Senior Notes
450

 
21

 
429

5.25% Senior Notes
300

 
4

 
296

Total Short Term & Long Term Debt
$
3,910

 
$
55

 
$
3,855
New Accounting Pronouncement, Early Adoption [Table Text Block]
As a result of the early adoption of these two ASUs, the December 31, 2014 Consolidated Balance Sheet is restated as follows:
 
December 31, 2014
 
 
 
Effect of Accounting Principle Adoption
 
 
 
Previously Reported Balance
 
Simplifying the Presentation of Debt Issuance Costs
 
Balance Sheet Classification of Deferred Taxes
 
Adjusted Balance
ASSETS
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
Deferred income taxes
$
180

 
$
—

 
$
(180
)
 
$
—

Total current assets
1,026

 
—

 
(180
)
 
846

Other non-current assets
230

 
(55
)
 
1

 
176

Total assets
7,538

 
(55
)
 
(179
)
 
7,304

 
 
 
 
 
 
 
 
LIABILITIES AND EQUITY
 
 
 
 
 
 
 
Long-term debt
$
3,891

 
$
(55
)
 
$
—

 
$
3,836

Deferred income taxes
350

 
—

 
(179
)
 
171

Total liabilities
5,355

 
(55
)
 
(179
)
 
5,121

Total liabilities and equity
7,538

 
(55
)
 
(179
)
 
7,304