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Short And Long-Term Debt (Tables) | 3 Months Ended
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Mar. 31, 2017
Debt Disclosure [Abstract] |
Schedule of Total Indebtedness | Total indebtedness is as follows:
| March 31, 2017 |  | December 31, 2016
Senior Secured Credit Facility: |  |  |
Revolving Credit Facility | $ | 310 |  |  | $ | 200 |
Term Loan B | 1,069 |  |  | 1,069 |
Term Loan A Facility: |  |  |
Term Loan A | 406 |  |  | 411 |
Term Loan A-1 | 345 |  |  | 347 |
4.50% Senior Notes | 440 |  |  | 439 |
5.25% Senior Notes | 545 |  |  | 545 |
4.875% Senior Notes | 496 |  |  | 496 |
Total Short-Term & Long-Term Debt | $ | 3,611 |  |  | $ | 3,507 |
Securitization obligations: |  |  |
Apple Ridge Funding LLC | $ | 160 |  |  | $ | 192 |
Cartus Financing Limited | 12 |  |  | 13 |
Total securitization obligations | $ | 172 |  |  | $ | 205 |
Schedule of Debt | As of March 31, 2017, 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 |  | $ | 310 |  |  | $ * |  |  | $ | 310 |
Term Loan B | (3) |  | July 2022 |  | 1,092 |  |  | 23 |  |  | 1,069 |
Term Loan A Facility: |  |  |  |  |  |  |  |  |
Term Loan A | (4) |  | October 2020 |  | 408 |  |  | 2 |  |  | 406 |
Term Loan A-1 | (5) |  | July 2021 |  | 348 |  |  | 3 |  |  | 345 |
Senior Notes | 4.50% |  | April 2019 |  | 450 |  |  | 10 |  |  | 440 |
Senior Notes | 5.25% |  | December 2021 |  | 550 |  |  | 5 |  |  | 545 |
Senior Notes | 4.875% |  | June 2023 |  | 500 |  |  | 4 |  |  | 496 |
Securitization obligations: (6) |  |  |  |  |  |  |  |  |
Apple Ridge Funding LLC (7) |  |  | June 2017 |  | 160 |  |  | * |  |  | 160 |
Cartus Financing Limited (8) |  |  | August 2017 |  | 12 |  |  | * |  |  | 12 |
Total (9) | $ | 3,830 |  |  | $ | 47 |  |  | $ | 3,783 |
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* | 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 March 31, 2017, the Company had $1,050 million of borrowing capacity under its Revolving Credit Facility, leaving $740 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. The outstanding borrowings and capacity are the same as of May 3, 2017.
(2) | Interest rates with respect to revolving loans under the Senior Secured Credit Facility at March 31, 2017 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 March 31, 2017.
(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 2.25% (with a LIBOR floor of 0.75%) or (b) JPMorgan Chase Bank, N.A.’s prime rate ("ABR") plus 1.25% (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 March 31, 2017.
(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 March 31, 2017.
(6) | Available capacity is subject to maintaining sufficient relocation related assets to collateralize these securitization obligations.
(7) | As of March 31, 2017, the Company had $325 million of borrowing capacity under the Apple Ridge Funding LLC securitization program leaving $165 million of available capacity.
(8) | Consists of a £10 million revolving loan facility and a £5 million working capital facility. As of March 31, 2017, the Company had $19 million of borrowing capacity under the Cartus Financing Limited securitization program leaving $7 million of available capacity.
(9) | Not included in this table, the Company had $126 million of outstanding letters of credit at March 31, 2017 under the Unsecured Letter of Credit Facility with a weighted average rate of 2.93%. At March 31, 2017, the capacity of the facility was $131 million.
Schedule of Maturities of Long-term Debt |
Year |  | Amount
Remaining 2017 (a) |  | $ | 341 |
2018 |  | 57 |
2019 |  | 527 |
2020 |  | 357 |
2021 |  | 836 |
_______________
(a) | The current portion of long-term debt consists of remaining 2017 amortization payments totaling $16 million, $7 million and $8 million for the Term Loan A, Term Loan A-1 and Term Loan B facilities, respectively, as well as $310 million of revolver borrowings under the revolving credit facility which expires 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
$65 | September 2018
$66 | December 2019

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