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Short And Long-Term Debt (Tables)
 9 Months Ended
Sep. 30, 2019
Debt Disclosure [Abstract]  
Schedule of Total Indebtedness
Total indebtedness is as follows:
 September 30, 2019December 31, 2018
Senior Secured Credit Facility:
Revolving Credit Facility
$265  $270  
Term Loan B
1,047  1,053  
Term Loan A Facility:
Term Loan A
718  732  
4.50% Senior Notes—  449  
5.25% Senior Notes548  547  
4.875% Senior Notes405  497  
9.375% Senior Notes542  —  
Total Short-Term & Long-Term Debt$3,525  $3,548  
Securitization Obligations:
Apple Ridge Funding LLC
$216  $218  
Cartus Financing Limited
12  13  
Total Securitization Obligations$228  $231  
Schedule of Debt
As of September 30, 2019, the Company’s borrowing arrangements were as follows:
Interest
Rate		Expiration
Date		Principal AmountUnamortized Discount and Debt Issuance CostsNet Amount
Senior Secured Credit Facility:
Revolving Credit Facility (1)(2) February 2023$265  $ *  $265  
Term Loan B(3) February 20251,061  14  1,047  
Term Loan A Facility:
Term Loan A(4) February 2023722  4  718  
Senior Notes5.25%  December 2021550  2  548  
Senior Notes4.875%  June 2023407  2  405  
Senior Notes9.375%  April 2027550  8  542  
Securitization obligations: (5)
        Apple Ridge Funding LLC (6)June 2020216  *  216  
        Cartus Financing Limited (7)August 202012  *  12  
Total (8)$3,783  $30  $3,753  
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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, 2019, the Company had $1,425 million of borrowing capacity under its Revolving Credit Facility. 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 November 5, 2019, the Company had $255 million in outstanding borrowings under the Revolving Credit Facility and $27 million of outstanding letters of credit.
(2)Interest rates with respect to revolving loans under the Senior Secured Credit Facility at September 30, 2019 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's senior secured leverage ratio, the LIBOR margin was 2.25% and the ABR margin was 1.25% for the three months ended September 30, 2019.
(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's senior secured leverage ratio, the LIBOR margin was 2.25% and the ABR margin was 1.25% for the three months ended September 30, 2019.
(5)Available capacity is subject to maintaining sufficient relocation related assets to collateralize these securitization obligations.
(6)As of September 30, 2019, the Company had $250 million of borrowing capacity under the Apple Ridge Funding LLC securitization program leaving $34 million of available capacity.
(7)Consists of a £10 million revolving loan facility and a £5 million working capital facility. As of September 30, 2019, the Company had $18 million of borrowing capacity under the Cartus Financing Limited securitization program leaving $6 million of available capacity. In August 2019, Realogy Group extended the existing Cartus Financing Limited securitization program to August 2020.
(8)Not included in this table is the Company's Unsecured Letter of Credit Facility which had a capacity of $66 million with $56 million utilized at a weighted average rate of 3.33% at September 30, 2019.
Schedule of Maturities of Long-term Debt
YearAmount  
Remaining 2019 (a)$273  
202044  
2021612  
202281  
2023981  
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(a)Remaining 2019 includes amortization payments totaling $5 million and $3 million for the Term Loan A and Term Loan B facilities, respectively, as well as $265 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 and terms and conditions of the facility. The current portion of long-term debt of $304 million shown on the condensed consolidated balance sheet consists of four quarters of amortization payments totaling $28 million and $11 million for the Term Loan A and Term Loan B facilities, respectively, and $265 million of revolver borrowings under the Revolving Credit Facility.
Interest Rate Table for Revolving Credit Facility
Senior Secured Leverage RatioApplicable LIBOR MarginApplicable ABR Margin
Greater than 3.50 to 1.002.50%  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 1.001.75%  0.75%  
Interest Rate Table for Term Loan A
Senior Secured Leverage RatioApplicable LIBOR MarginApplicable ABR Margin
Greater than 3.50 to 1.002.50%  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%