XML 39 R23.htm IDEA: XBRL DOCUMENT
v3.4.0.3

Short And Long-Term Debt (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2016
Debt Disclosure [Abstract] |
Schedule of Total Indebtedness | Total indebtedness is as follows:
| March 31, 2016 |  | December 31, 2015
Senior Secured Credit Facility: |  |  |
Revolving Credit Facility | $ | — |  |  | $ | 200 |
Term Loan B Facility | 1,837 |  |  | 1,839 |
Term Loan A Facility | 428 |  |  | 433 |
3.375% Senior Notes | 500 |  |  | 499 |
4.50% Senior Notes | 435 |  |  | 434 |
5.25% Senior Notes | 544 |  |  | 297 |
Total Short-Term & Long-Term Debt | $ | 3,744 |  |  | $ | 3,702 |
Securitization Obligations: |  |  |
Apple Ridge Funding LLC | $ | 209 |  |  | $ | 238 |
Cartus Financing Limited | 11 |  |  | 9 |
Total Securitization Obligations | $ | 220 |  |  | $ | 247 |
Schedule of Debt | As of March 31, 2016, the Company’s borrowing arrangements were as follows:
| Interest Rate |  | Expiration Date |  | Principal Amount |  | Unamortized Discount and Debt Issuance Costs |  | Net Amount
Senior Secured Credit Facility: |  |  |  |  |  |  |  |  |
Revolving Credit Facility (1) | (2) |  | October 2020 |  | $ | — |  |  | $ * |  |  | $ | — |
Term Loan B Facility | (3) |  | March 2020 |  | 1,863 |  |  | 26 |  |  | 1,837 |
Term Loan A Facility | (4) |  | October 2020 |  | 430 |  |  | 2 |  |  | 428 |
Senior Notes | 3.375% |  | May 2016 |  | 500 |  |  | — |  |  | 500 |
Senior Notes | 4.50% |  | April 2019 |  | 450 |  |  | 15 |  |  | 435 |
Senior Notes | 5.25% |  | December 2021 |  | 550 |  |  | 6 |  |  | 544 |
Securitization obligations: (5) |  |  |  |  |  |  |  |  |
Apple Ridge Funding LLC (6) |  |  | June 2016 |  | 209 |  |  | * |  |  | 209 |
Cartus Financing Limited (7) |  |  | August 2016 |  | 11 |  |  | * |  |  | 11 |
Total (8) | $ | 4,013 |  |  | $ | 49 |  |  | $ | 3,964 |
_______________
* | The debt issuance costs related to our Revolving Credit Facility and Securitization Obligations are classified as a deferred asset within other assets.
(1) | As of March 31, 2016, the Company had $815 million of borrowing capacity under its Revolving Credit Facility leaving $815 million of available capacity. On May 3, 2016, the Company had $400 million outstanding borrowings on the Revolving Credit Facility and no outstanding letters of credit on such facility, leaving $415 million of available capacity. The increase in outstanding borrowings compared to March 31, 2016 was a result of the repayment of the 3.375% Senior Notes at maturity on May 2, 2016.
(2) | Interest rates with respect to revolving loans under the Term Loan A Facility at March 31, 2016 were based on, at the Company's option, (a) adjusted LIBOR plus an additional margin or (b) ABR plus an additional margin, in each case subject to adjustment based on the then current senior secured leverage ratio. Based on the December 31, 2015 senior secured leverage ratio, the LIBOR margin was 2.25% and the ABR margin was 1.25%.
(3) | The Term Loan B provides for quarterly amortization payments totaling 1% per annum of the original principal amount. The interest rate with respect to the Term Loan B Facility is based on, at the Company’s option, (a) adjusted LIBOR plus 3.00% (with a LIBOR floor of 0.75%) or (b) JPMorgan Chase Bank, N.A.’s prime rate ("ABR") plus 2.00% (with an ABR floor of 1.75%).
(4) | The Term Loan A Facility provides for quarterly amortization payments, which commenced March 31, 2016, totaling per annum 5%, 5%, 7.5%, 10.0% and 12.5% of the original principal amount of the Term Loan A Facility in 2016, 2017, 2018, 2019 and 2020, respectively. The interest rates with respect to term loans under the new Term Loan A Facility are based on, at the Company's option, (a) adjusted LIBOR plus an additional margin or (b) ABR plus an additional margin, in each case subject to adjustment based on the then current senior secured leverage ratio. Based on the December 31, 2015 senior secured leverage ratio, the LIBOR margin was 2.25% and the ABR margin was 1.25%.
(5) | Available capacity is subject to maintaining sufficient relocation related assets to collateralize these securitization obligations.
(6) | As of March 31, 2016, the Company had $325 million of borrowing capacity under the Apple Ridge Funding LLC securitization program leaving $116 million of available capacity.
(7) | Consists of a £20 million revolving loan facility and a £5 million working capital facility. As of March 31, 2016, the Company had $36 million of borrowing capacity under the Cartus Financing Limited securitization program leaving $25 million of available capacity.
(8) | Not included in this table, the Company had $133 million of outstanding letters of credit at March 31, 2016, of which $53 million was under the synthetic letter of credit facility with a rate of 4.25% and $80 million was under the unsecured letter of credit facility with a rate of 2.98%.
Schedule of Maturities of Long-term Debt |
Year |  | Amount
Remaining 2016 |  | $ | 531 |
2017 |  | 41 |
2018 |  | 52 |
2019 |  | 513 |
2020 |  | 2,106 |
Interest Rate Table for Revolving Credit Facility |
Senior Secured Leverage Ratio | Applicable LIBOR Margin | Applicable ABR Margin
Greater than 3.50 to 1.00 | 2.50% | 1.50%
Less than or equal to 3.50 to 1.00 but greater than or equal to 2.50 to 1.00 | 2.25% | 1.25%
Less than 2.50 to 1.00 | 2.00% | 1.00%
Interest Rate Table for Term Loan A Facility |
Senior Secured Leverage Ratio | Applicable LIBOR Margin | Applicable ABR Margin
Greater than 3.50 to 1.00 | 2.50% | 1.50%
Less than or equal to 3.50 to 1.00 but greater than or equal to 2.50 to 1.00 | 2.25% | 1.25%
Less than 2.50 to 1.00 | 2.00% | 1.00%

X
- Definition [Table Text Block] for Interest Rate Table for Revolving Credit Facility [Table] + References No definition available. + Details
Name: | rlgy_InterestRateTableforRevolvingCreditFacilityTableTextBlock
Namespace Prefix: | rlgy_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Interest Rate Table for Term Loan A Facility [Table Text Block] + References No definition available. + Details
Name: | rlgy_InterestRateTableforTermLoanAFacilityTableTextBlock
Namespace Prefix: | rlgy_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the carrying values of short-term and long-debt instruments. + References No definition available. + Details
Name: | rlgy_ScheduleOfCarryingValuesOfDebtInstrumentsTableTextBlock
Namespace Prefix: | rlgy_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
Name: | us-gaap_ScheduleOfDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the combined aggregate amount of maturities and sinking fund requirements for all long-term borrowings for each of the five years following the date of the latest balance sheet date presented. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6802200&loc=d3e1835-112601 + Details
Name: | us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration