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Short And Long-Term Debt Schedule of Total Indebtedness (Details) - USD ($)
$ in Millions
Sep. 30, 2016
Dec. 31, 2015
Schedule of Long-term and Short-term Debt Instruments [Line Items]    
Outstanding borrowings, long-term debt [1] $ 3,725  
Debt, Long-term and Short-term, Combined Amount 3,470 $ 3,702
Securitization obligations 255 247
Secured Debt | Term Loan B    
Schedule of Long-term and Short-term Debt Instruments [Line Items]    
Outstanding borrowings, long-term debt 1,071 [2] 1,839
Secured Debt | Term Loan A    
Schedule of Long-term and Short-term Debt Instruments [Line Items]    
Outstanding borrowings, long-term debt 417 [3] 433
Secured Debt | Term Loan A-1    
Schedule of Long-term and Short-term Debt Instruments [Line Items]    
Outstanding borrowings, long-term debt [4] 349 0
Senior Notes | 3.375% Senior Notes    
Schedule of Long-term and Short-term Debt Instruments [Line Items]    
Outstanding borrowings, long-term debt 0 499
Senior Notes | 4.50% Senior Notes    
Schedule of Long-term and Short-term Debt Instruments [Line Items]    
Outstanding borrowings, long-term debt 438 434
Senior Notes | 5.25% Senior Notes    
Schedule of Long-term and Short-term Debt Instruments [Line Items]    
Outstanding borrowings, long-term debt 545 297
Senior Notes | 4.875% Senior Notes    
Schedule of Long-term and Short-term Debt Instruments [Line Items]    
Outstanding borrowings, long-term debt 495 0
Line of Credit | Revolving Credit Facility    
Schedule of Long-term and Short-term Debt Instruments [Line Items]    
Long-term Line of Credit 155 [5],[6] 200
Securitization obligations    
Schedule of Long-term and Short-term Debt Instruments [Line Items]    
Securitization obligations 255 247
Securitization obligations | Apple Ridge Funding LLC    
Schedule of Long-term and Short-term Debt Instruments [Line Items]    
Securitization obligations 240 [7],[8] 238
Securitization obligations | Cartus Financing Limited    
Schedule of Long-term and Short-term Debt Instruments [Line Items]    
Securitization obligations $ 15 [7],[9] $ 9
[1] 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.
[2] 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%).
[3] 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.
[4] 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.
[5] 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.
[6] 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.
[7] Available capacity is subject to maintaining sufficient relocation related assets to collateralize these securitization obligations.
[8] 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.
[9] 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.