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Note 8. Short And Long-Term Debt Schedule of Total Indebtedness (Details) - USD ($)
$ in Millions
Dec. 31, 2018
Dec. 31, 2017
Schedule of Long-term and Short-term Debt Instruments [Line Items]    
Long-term Debt [1] $ 3,779  
Total Short-Term & Long-Term Debt 3,548 $ 3,348
Securitization obligations 231 194
Line of Credit | Revolving Credit Facility    
Schedule of Long-term and Short-term Debt Instruments [Line Items]    
Long-term Line of Credit 270 [2],[3] 70
Securitization obligations    
Schedule of Long-term and Short-term Debt Instruments [Line Items]    
Securitization obligations 231 194
Securitization obligations | Apple Ridge Funding LLC    
Schedule of Long-term and Short-term Debt Instruments [Line Items]    
Securitization obligations 218 [4],[5] 181
Securitization obligations | Cartus Financing Limited    
Schedule of Long-term and Short-term Debt Instruments [Line Items]    
Securitization obligations 13 [5],[6] 13
Secured Debt | Term Loan B    
Schedule of Long-term and Short-term Debt Instruments [Line Items]    
Long-term Debt 1,053 [7] 1,063
Secured Debt | Term Loan A    
Schedule of Long-term and Short-term Debt Instruments [Line Items]    
Long-term Debt 732 [8] 390
Secured Debt | Term Loan A-1    
Schedule of Long-term and Short-term Debt Instruments [Line Items]    
Long-term Debt 0 339
Senior Notes | 4.50% Senior Notes    
Schedule of Long-term and Short-term Debt Instruments [Line Items]    
Long-term Debt 449 444
Senior Notes | 5.25% Senior Notes    
Schedule of Long-term and Short-term Debt Instruments [Line Items]    
Long-term Debt 547 546
Senior Notes | 4.875% Senior Notes    
Schedule of Long-term and Short-term Debt Instruments [Line Items]    
Long-term Debt $ 497 $ 496
[1] Not included in this table is the Company's Unsecured Letter of Credit Facility which had a capacity of $66 million with $63 million utilized at a weighted average rate of 3.33% at December 31, 2018
[2] As of December 31, 2018, the Company had $1,400 million of borrowing capacity under its Revolving Credit Facility, with $1,130 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 and terms and conditions of the facility. On February 15, 2019, the Company redeemed all of its outstanding $450 million 4.50% Senior Notes due in April 2019. The Company utilized borrowings under its Revolving Credit Facility to redeem the 4.50% Senior Notes and plans to refinance on a long-term basis all or a portion of the funds used to redeem the 4.50% Senior Notes, subject to market conditions. On February 22, 2019, the Company had $880 million in outstanding borrowings under the Revolving Credit Facility, leaving $520 million of available capacity.
[3] Interest rates with respect to revolving loans under the Senior Secured Credit Facility at December 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 2.25% and the ABR margin was 1.25% for the three months ended December 31, 2018.
[4] As of December 31, 2018, the Company had $250 million of borrowing capacity under the Apple Ridge Funding LLC securitization program leaving $32 million of available capacity.
[5] Available capacity is subject to maintaining sufficient relocation related assets to collateralize these securitization obligations.
[6] Consists of a £10 million revolving loan facility and a £5 million working capital facility. As of December 31, 2018, the Company had $19 million of borrowing capacity under the Cartus Financing Limited securitization program leaving $6 million of available capacity.
[7] 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%).
[8] 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 December 31, 2018.