XML 37 R23.htm IDEA: XBRL DOCUMENT
v3.5.0.2

Short And Long-Term Debt (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2016
Debt Disclosure [Abstract] |
Schedule of Total Indebtedness | Total indebtedness is as follows:
| September 30, 2016 |  | December 31, 2015
Senior Secured Credit Facility: |  |  |
Revolving Credit Facility | $ | 155 |  |  | $ | 200 |
Term Loan B | 1,071 |  |  | 1,839 |
Term Loan A Facility: |  |  |
Term Loan A | 417 |  |  | 433 |
Term Loan A-1 | 349 |  |  | — |
3.375% Senior Notes | — |  |  | 499 |
4.50% Senior Notes | 438 |  |  | 434 |
5.25% Senior Notes | 545 |  |  | 297 |
4.875% Senior Notes | 495 |  |  | — |
Total Short-Term & Long-Term Debt | $ | 3,470 |  |  | $ | 3,702 |
Securitization obligations: |  |  |
Apple Ridge Funding LLC | $ | 240 |  |  | $ | 238 |
Cartus Financing Limited | 15 |  |  | 9 |
Total securitization obligations | $ | 255 |  |  | $ | 247 |
Schedule of Debt | As of September 30, 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 |  | $ | 155 |  |  | $ * |  |  | $ | 155 |
Term Loan B | (3) |  | July 2022 |  | 1,097 |  |  | 26 |  |  | 1,071 |
Term Loan A Facility: |  |  |  |  |  |  |  |  |
Term Loan A | (4) |  | October 2020 |  | 419 |  |  | 2 |  |  | 417 |
Term Loan A-1 | (5) |  | July 2021 |  | 353 |  |  | 4 |  |  | 349 |
Senior Notes | 4.50% |  | April 2019 |  | 450 |  |  | 12 |  |  | 438 |
Senior Notes | 5.25% |  | December 2021 |  | 550 |  |  | 5 |  |  | 545 |
Senior Notes | 4.875% |  | June 2023 |  | 500 |  |  | 5 |  |  | 495 |
Securitization obligations: (6) |  |  |  |  |  |  |  |  |
Apple Ridge Funding LLC (7) |  |  | June 2017 |  | 240 |  |  | * |  |  | 240 |
Cartus Financing Limited (8) |  |  | October 2016 |  | 15 |  |  | * |  |  | 15 |
Total (9) | $ | 3,779 |  |  | $ | 54 |  |  | $ | 3,725 |
_______________
* | The debt issuance costs related to our Revolving Credit Facility and securitization obligations are classified as a deferred financing asset within other assets.
(1) | As of September 30, 2016, the Company had $815 million of borrowing capacity under its Revolving Credit Facility, leaving $660 million of available capacity. The revolving credit facility expires in October 2020, but is classified on the balance sheet as current due to the revolving nature of the facility. On November 2, 2016, the Company had $115 million outstanding borrowings on the Revolving Credit Facility, leaving $700 million of available capacity.
(2) | Interest rates with respect to revolving loans under the Senior Secured Credit Facility at September 30, 2016 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 previous quarter senior secured leverage ratio, the LIBOR margin was 2.00% and the ABR margin was 1.00% for the three months ended September 30, 2016.
(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 term loans under the Term Loan B 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 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 in 2016, 2017, 2018, 2019 and 2020, respectively. The interest rates with respect to term loans under the Term Loan A 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 previous quarter senior secured leverage ratio, the LIBOR margin was 2.00% and the ABR margin was 1.00% for the three months ended September 30, 2016.
(5) | The Term Loan A-1 provides for quarterly amortization payments, which commenced on September 30, 2016, totaling per annum 2.5%, 2.5%, 5%, 7.5% and 10.0% of the original principal amount of the Term Loan A-1, with the last amortization payment made on June 30, 2021. The interest rates with respect to term loans under the Term Loan A-1 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 previous quarter senior secured leverage ratio, the LIBOR margin was 2.00% and the ABR margin was 1.00% for the three months ended September 30, 2016.
(6) | Available capacity is subject to maintaining sufficient relocation related assets to collateralize these securitization obligations.
(7) | In June 2016, Realogy Group extended the existing Apple Ridge Funding LLC securitization program utilized by Cartus until June 2017. As of September 30, 2016, the Company had $325 million of borrowing capacity under the Apple Ridge Funding LLC securitization program leaving $85 million of available capacity.
(8) | Consists of a £10 million revolving loan facility and a £5 million working capital facility. As of September 30, 2016, the Company had $19 million of borrowing capacity under the Cartus Financing Limited securitization program leaving $4 million of available capacity. In October 2016, Realogy Group extended the existing Cartus Financing Limited securitization program to August 2017.
(9) | Not included in this table, the Company had $128 million of outstanding letters of credit at September 30, 2016 under the Unsecured Letter of Credit Facility with a weighted average rate of 3.10%. In the second quarter of 2016, the Company moved outstanding letters of credit to the Unsecured Letter of Credit Facility and terminated the synthetic letter of credit facility. As a result, the Company increased the capacity under the Unsecured Letter of Credit Facility by $47 million to $135 million.
Schedule of Maturities of Long-term Debt |
Year |  | Amount
Remaining 2016 (a) |  | $ | 165 |
2017 |  | 42 |
2018 |  | 57 |
2019 |  | 527 |
2020 |  | 357 |
_______________
(a) | Outstanding borrowings of $155 million under the Company's revolving credit facility expire in October 2020, but are classified on the balance sheet as current due to the revolving nature of the facility.
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 |
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-1 |
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 but greater than or equal to 2.00 to 1.00 | 2.00% | 1.00%
Less than 2.00 to 1.00 | 1.75% | 0.75%
Expiration Capacity Table for Unsecured Letter of Credit Facilities | The facility's expiration dates are as follows:
Capacity (in millions) | Expiration Date
$53 | June 2017
$16 | September 2018
$66 | December 2019

X
- Definition Expiration Capacity Table for Unsecured Letter of Credit Facilities [Table Text Block] + References No definition available. + Details
Name: | rlgy_ExpirationCapacityTableforUnsecuredLetterofCreditFacilitiesTableTextBlock
Namespace Prefix: | rlgy_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

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-1 [Table Text Block] + References No definition available. + Details
Name: | rlgy_InterestRateTableforTermLoanA1TableTextBlock
Namespace Prefix: | rlgy_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Interest Rate Table for Term Loan A [Table Text Block] + References No definition available. + Details
Name: | rlgy_InterestRateTableforTermLoanATableTextBlock
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