XML 59 R42.htm IDEA: XBRL DOCUMENT v3.7.0.1
Short And Long-Term Debt Schedule of Debt (Details)
£ in Millions, $ in Millions
6 Months Ended
Jun. 30, 2017
GBP (£)
Aug. 01, 2017
USD ($)
Jun. 30, 2017
USD ($)
Jan. 31, 2017
USD ($)
Dec. 31, 2016
USD ($)
Jul. 20, 2016
USD ($)
Oct. 23, 2015
USD ($)
Principal Amount              
Long-term debt principal amount [1]     $ 3,750        
Securitization obligations outstanding     223   $ 205    
Unamortized Discount and Debt Issuance Costs              
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net [1]     44        
Net Amount              
Outstanding borrowings, long-term debt [1]     3,706        
Securitization obligations outstanding     223   205    
Letter of Credit, borrowing capacity     $ 125        
LIBOR              
Net Amount              
Description of variable interest rate basis LIBOR            
ABR              
Net Amount              
Description of variable interest rate basis ABR            
Term Loan B | LIBOR              
Net Amount              
Debt Instrument, Basis Spread on Variable Rate 2.25%            
Debt Instrument, Basis Spread on Variable Rate, Floor 0.75%   0.75%        
Term Loan B | ABR              
Net Amount              
Debt Instrument, Basis Spread on Variable Rate 1.25%            
Debt Instrument, Basis Spread on Variable Rate, Floor 1.75%   1.75%        
Unsecured Letter of Credit Facility              
Net Amount              
Interest Rate 2.93%   2.93%        
Outstanding letters of credit     $ 124        
Letter of Credit, borrowing capacity     131        
Secured Debt | Term Loan B              
Principal Amount              
Long-term debt principal amount     1,089 [2]   1,094 $ 1,100  
Unamortized Discount and Debt Issuance Costs              
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net [2]     22        
Net Amount              
Outstanding borrowings, long-term debt     $ 1,067 [2]   1,069    
Annual percentage of original principal amount for quarterly amortization payments 1.00%   1.00%        
Secured Debt | Term Loan A              
Principal Amount              
Long-term debt principal amount     $ 402 [3]   413   $ 435
Unamortized Discount and Debt Issuance Costs              
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net [3]     1        
Net Amount              
Outstanding borrowings, long-term debt     401 [3]   411    
Secured Debt | Term Loan A-1              
Principal Amount              
Long-term debt principal amount     346 [4]   351 [3] $ 355  
Unamortized Discount and Debt Issuance Costs              
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net [4]     3        
Net Amount              
Outstanding borrowings, long-term debt [4]     $ 343   347    
Secured Debt | 2016 | Term Loan A              
Net Amount              
Annual percentage of original principal amount for quarterly amortization payments 5.00%   5.00%        
Secured Debt | 2017 | Term Loan A              
Net Amount              
Annual percentage of original principal amount for quarterly amortization payments 5.00%   5.00%        
Secured Debt | 2017 | Term Loan A-1              
Net Amount              
Annual percentage of original principal amount for quarterly amortization payments 2.50%   2.50%        
Secured Debt | 2018 | Term Loan A              
Net Amount              
Annual percentage of original principal amount for quarterly amortization payments 7.50%   7.50%        
Secured Debt | 2018 | Term Loan A-1              
Net Amount              
Annual percentage of original principal amount for quarterly amortization payments 2.50%   2.50%        
Secured Debt | 2019 | Term Loan A              
Net Amount              
Annual percentage of original principal amount for quarterly amortization payments 10.00%   10.00%        
Secured Debt | 2019 | Term Loan A-1              
Net Amount              
Annual percentage of original principal amount for quarterly amortization payments 5.00%   5.00%        
Secured Debt | 2020 | Term Loan A              
Net Amount              
Annual percentage of original principal amount for quarterly amortization payments 12.50%   12.50%        
Secured Debt | 2020 | Term Loan A-1              
Net Amount              
Annual percentage of original principal amount for quarterly amortization payments 7.50%   7.50%        
Secured Debt | 2021 | Term Loan A-1              
Net Amount              
Annual percentage of original principal amount for quarterly amortization payments 10.00%   10.00%        
Secured Debt | Less than 2.50 to 1.00 | Term Loan A | LIBOR              
Net Amount              
Debt Instrument, Basis Spread on Variable Rate 2.00%            
Secured Debt | Less than 2.50 to 1.00 | Term Loan A | ABR              
Net Amount              
Debt Instrument, Basis Spread on Variable Rate 1.00%            
Secured Debt | Less than 2.50 to 1.00 but greater than or equal to 2.00 to 1.00 | Term Loan A-1 | LIBOR              
Net Amount              
Debt Instrument, Basis Spread on Variable Rate 2.00%            
Secured Debt | Less than 2.50 to 1.00 but greater than or equal to 2.00 to 1.00 | Term Loan A-1 | ABR              
Net Amount              
Debt Instrument, Basis Spread on Variable Rate 1.00%            
Senior Notes | 4.50% Senior Notes              
Principal Amount              
Long-term debt principal amount     $ 450   450    
Unamortized Discount and Debt Issuance Costs              
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net     9        
Net Amount              
Outstanding borrowings, long-term debt     $ 441   439    
Interest Rate 4.50%   4.50%        
Senior Notes | 5.25% Senior Notes              
Principal Amount              
Long-term debt principal amount     $ 550   550    
Unamortized Discount and Debt Issuance Costs              
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net     5        
Net Amount              
Outstanding borrowings, long-term debt     $ 545   545    
Interest Rate 5.25%   5.25%        
Senior Notes | 4.875% Senior Notes              
Principal Amount              
Long-term debt principal amount     $ 500   500    
Unamortized Discount and Debt Issuance Costs              
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net     4        
Net Amount              
Outstanding borrowings, long-term debt     $ 496   496    
Interest Rate 4.875%   4.875%        
Line of Credit | Revolving Credit Facility              
Principal Amount              
Line of credit facility outstanding     $ 190 [5],[6]   200    
Net Amount              
Outstanding borrowings, short-term debt, line of credit facility     190 [5],[6]   200    
Total capacity, short-term debt, line of credit facility [5],[6]     1,050 $ 1,050     $ 815
Line of Credit Facility, Remaining Borrowing Capacity     860        
Line of Credit | Less than 2.50 to 1.00 | Revolving Credit Facility | LIBOR              
Net Amount              
Debt Instrument, Basis Spread on Variable Rate 2.00%            
Line of Credit | Less than 2.50 to 1.00 | Revolving Credit Facility | ABR              
Net Amount              
Debt Instrument, Basis Spread on Variable Rate 1.00%            
Securitization obligations              
Principal Amount              
Securitization obligations outstanding     223   205    
Net Amount              
Securitization obligations outstanding     223   205    
Securitization obligations | Apple Ridge Funding LLC              
Principal Amount              
Securitization obligations outstanding     211 [7],[8]   192    
Net Amount              
Securitization obligations outstanding     211 [7],[8]   192    
Total capacity, securitization obligations [3],[4]     325        
Debt Instrument, Unused Borrowing Capacity, Amount     114        
Securitization obligations | Cartus Financing Limited              
Principal Amount              
Securitization obligations outstanding     12 [7],[9]   13    
Net Amount              
Securitization obligations outstanding     12 [7],[9]   $ 13    
Total capacity, securitization obligations [3],[4]     20        
Debt Instrument, Unused Borrowing Capacity, Amount     $ 8        
Securitization obligations | Revolving Credit Facility | Cartus Financing Limited              
Net Amount              
Total capacity, securitization obligations | £ £ 10            
Securitization obligations | Working Capital Facility | Cartus Financing Limited              
Net Amount              
Total capacity, securitization obligations | £ £ 5            
Subsequent Event [Member] | Line of Credit | Revolving Credit Facility              
Principal Amount              
Line of credit facility outstanding [5],[6]   $ 140          
Net Amount              
Outstanding borrowings, short-term debt, line of credit facility [5],[6]   140          
Line of Credit Facility, Remaining Borrowing Capacity   $ 910          
[1] Not included in this table, the Company had $124 million of outstanding letters of credit at June 30, 2017 under the Unsecured Letter of Credit Facility with a weighted average rate of 2.93%. At June 30, 2017, the capacity of the facility was $131 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 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%).
[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 June 30, 2017.
[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 June 30, 2017.
[5] As of June 30, 2017, the Company had $1,050 million of borrowing capacity under its Revolving Credit Facility, leaving $860 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 August 1, 2017, the Company had $140 million in outstanding borrowings under the Revolving Credit Facility, leaving $910 million of available capacity.
[6] Interest rates with respect to revolving loans under the Senior Secured Credit Facility at June 30, 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 June 30, 2017.
[7] Available capacity is subject to maintaining sufficient relocation related assets to collateralize these securitization obligations.
[8] In June 2017, Realogy Group extended the existing Apple Ridge Funding LLC securitization program utilized by Cartus until June 2018. As of June 30, 2017, the Company had $325 million of borrowing capacity under the Apple Ridge Funding LLC securitization program leaving $114 million of available capacity.
[9] Consists of a £10 million revolving loan facility and a £5 million working capital facility. As of June 30, 2017, the Company had $20 million of borrowing capacity under the Cartus Financing Limited securitization program leaving $8 million of available capacity.