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Basis Of Presentation Financial Instruments - Fair Value Indebtedness Table (Details) - USD ($)
$ in Millions
Mar. 31, 2018
Feb. 28, 2018
Dec. 31, 2017
Long-term debt principal amount [1] $ 3,813    
Securitization obligations outstanding 184   $ 194
Secured Debt | Term Loan B (1)      
Long-term debt principal amount 1,077 [2] $ 1,080 1,083
Long-term debt fair value [3] 1,083   1,085
Secured Debt | Term Loan A      
Long-term debt principal amount 750 [4] $ 750 391
Long-term debt fair value [3] 750   393
Secured Debt | Term Loan A-1      
Long-term debt principal amount 0 [5]   342 [4]
Long-term debt fair value [3] 0   343
Senior Notes | 4.50% Senior Notes      
Long-term debt principal amount 450   450
Long-term debt fair value [3] 452   457
Senior Notes | 5.25% Senior Notes      
Long-term debt principal amount 550   550
Long-term debt fair value [3] 553   569
Senior Notes | 4.875% Senior Notes      
Long-term debt principal amount 500   500
Long-term debt fair value [3] 479   495
Line of Credit | Revolving Credit Facility      
Line of credit facility outstanding 302 [6],[7]   70
Line of credit facility fair value [3] 302   70
Securitization obligations      
Securitization obligations outstanding 184   194
Securitization obligations fair value [3] $ 184   $ 194
[1] Not included in this table is the Company's Unsecured Letter of Credit Facility which had a capacity of $74 million with $66 million utilized at a weighted average rate of 3.24% at March 31, 2018.
[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) ABR plus 1.25% (with an ABR floor of 1.75%).
[3] (a)The fair value of the Company's indebtedness is categorized as Level II.
[4] The Term Loan A provides for quarterly amortization payments, which commence on June 30, 2018, totaling per annum 2.5%, 2.5%, 5.0%, 7.5% and 10.0% of the original principal amount of the Term Loan A, with the last amortization payment to be made on February 8, 2023. 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, 2018.
[5] Available capacity is subject to maintaining sufficient relocation related assets to collateralize these securitization obligations.
[6] As of March 31, 2018, the Company had $1,400 million of borrowing capacity under its Revolving Credit Facility, leaving $1,098 million of available capacity. The Revolving Credit Facility expires in February 2023, but is classified on the balance sheet as current due to the revolving nature of the facility. On May 1, 2018, the Company had $372 million in outstanding borrowings under the Revolving Credit Facility, leaving $1,028 million of available capacity.
[7] Interest rates with respect to revolving loans under the Senior Secured Credit Facility at March 31, 2018 were based on, at the Company's option, (a) adjusted London Interbank Offering Rate ("LIBOR") plus an additional margin or (b) JP Morgan Chase Bank, N.A.'s prime rate ("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, 2018.