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Short And Long-Term Debt (Tables) | 9 Months Ended
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Sep. 30, 2018
Debt Disclosure [Abstract] |
Schedule of Total Indebtedness | Total indebtedness is as follows:
| September 30, 2018 |  | December 31, 2017
Senior Secured Credit Facility: |  |  |
Revolving Credit Facility | $ | 250 |  |  | $ | 70 |
Term Loan B | 1,056 |  |  | 1,063 |
Term Loan A Facility: |  |  |
Term Loan A | 736 |  |  | 390 |
Term Loan A-1 | — |  |  | 339 |
4.50% Senior Notes | 447 |  |  | 444 |
5.25% Senior Notes | 547 |  |  | 546 |
4.875% Senior Notes | 497 |  |  | 496 |
Total Short-Term & Long-Term Debt | $ | 3,533 |  |  | $ | 3,348 |
Securitization Obligations: |  |  |
Apple Ridge Funding LLC | $ | 250 |  |  | $ | 181 |
Cartus Financing Limited | 14 |  |  | 13 |
Total Securitization Obligations | $ | 264 |  |  | $ | 194 |
Schedule of Debt | As of September 30, 2018, 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) |  | February 2023 |  | $ | 250 |  |  | $ * |  |  | $ | 250 |
Term Loan B | (3) |  | February 2025 |  | 1,072 |  |  | 16 |  |  | 1,056 |
Term Loan A Facility: |  |  |  |  |  |  |  |  |
Term Loan A | (4) |  | February 2023 |  | 741 |  |  | 5 |  |  | 736 |
Senior Notes | 4.50% |  | April 2019 |  | 450 |  |  | 3 |  |  | 447 |
Senior Notes | 5.25% |  | December 2021 |  | 550 |  |  | 3 |  |  | 547 |
Senior Notes | 4.875% |  | June 2023 |  | 500 |  |  | 3 |  |  | 497 |
Securitization obligations: (5) |  |  |  |  |  |  |  |  |
Apple Ridge Funding LLC (6) |  |  | June 2019 |  | 250 |  |  | * |  |  | 250 |
Cartus Financing Limited (7) |  |  | August 2019 |  | 14 |  |  | * |  |  | 14 |
Total (8) | $ | 3,827 |  |  | $ | 30 |  |  | $ | 3,797 |
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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 September 30, 2018, the Company had $1,400 million of borrowing capacity under its Revolving Credit Facility, with $1,150 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 October 31, 2018, the Company had $253 million in outstanding borrowings under the Revolving Credit Facility, leaving $1,147 million of available capacity.
(2) | Interest rates with respect to revolving loans under the Senior Secured Credit Facility at September 30, 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 2.25% and the ABR margin was 1.25% for the three months ended September 30, 2018.
(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) ABR plus 1.25% (with an ABR floor of 1.75%).
(4) | The Term Loan A provides for quarterly amortization payments, which commenced 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 balance of the Term Loan A due at maturity on February 8, 2023. The interest rates with respect to 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 2.25% and the ABR margin was 1.25% for the three months ended September 30, 2018.
(5) | Available capacity is subject to maintaining sufficient relocation related assets to collateralize these securitization obligations.
(6) | As of September 30, 2018, the Company utilized the full borrowing capacity of $250 million under the Apple Ridge Funding LLC securitization program.
(7) | Consists of a £10 million revolving loan facility and a £5 million working capital facility. As of September 30, 2018, the Company had $20 million of borrowing capacity under the Cartus Financing Limited securitization program leaving $6 million of available capacity. In August 2018, Realogy Group extended the existing Cartus Financing Limited securitization program to August 2019.
(8) | Not included in this table is the Company's Unsecured Letter of Credit Facility which had a capacity of $66 million with $64 million utilized at a weighted average rate of 3.33% at September 30, 2018.
Schedule of Maturities of Long-term Debt |
Year |  | Amount
Remaining 2018 (a) |  | $ | 257 |
2019 |  | 480 |
2020 |  | 44 |
2021 |  | 612 |
2022 |  | 81 |
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(a) | Remaining 2018 includes amortization payments totaling $4 million and $3 million for the Term Loan A and Term Loan B facilities, respectively, as well as $250 million of revolver borrowings under the Revolving Credit Facility which expires in February 2023 but is classified on the balance sheet as current due to the revolving nature of the facility. The current portion of long term debt of $727 million shown on the condensed consolidated balance sheet consists of $447 million of 4.50% Senior Notes due April 2019, four quarters of amortization payments totaling $19 million and $11 million for the Term Loan A and Term Loan B facilities, respectively, and $250 million of revolver borrowings under the Revolving Credit Facility. The Company is evaluating different alternatives to repay the 4.50% Senior Notes due in April 2019 including refinancing or using existing available liquidity.
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 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%
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 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%

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