XML 62 R38.htm IDEA: XBRL DOCUMENT
v3.21.2

Short And Long-Term Debt Senior Secured Credit Facility (Details) | 6 Months Ended |  |  |  |  |  |  |
--- | --- | --- | --- | --- | --- | --- | --- | ---
Jun. 30, 2021 USD ($) | Apr. 28, 2021 USD ($) | Feb. 05, 2021 USD ($) | Jan. 27, 2021 USD ($) | Jan. 11, 2021 USD ($) | Dec. 31, 2020 USD ($) | Jun. 30, 2020 | Feb. 28, 2018 USD ($)
Debt Instrument [Line Items] |  |  |  |  |  |  |  |  |  |
Long-term debt principal amount |  | $ 3,480,000,000 |  |  |  |  |  |  |  |
Letter of Credit, borrowing capacity |  | $ 125,000,000 |  |  |  |  |  |  |  |
Maximum | Required Covenant Ratio |  |  |  |  |  |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |  |  |  |  |  |
Senior secured leverage ratio |  | 4.75 |  |  |  |  |  |  | 4.75 |
Ratio of Indebtedness to Net Capital Denominator |  | 1.00 |  |  |  |  |  |  | 1.00 |
LIBOR |  |  |  |  |  |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |  |  |  |  |  |
Description of variable interest rate basis |  | LIBOR |  |  |  |  |  |  |  |
ABR |  |  |  |  |  |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |  |  |  |  |  |
Description of variable interest rate basis |  | ABR |  |  |  |  |  |  |  |
Term Loan B |  |  |  |  |  |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |  |  |  |  |  |
Debt Instrument, Repurchase Amount |  |  |  | $ (150) | $ (655,000,000) |  |  |  |  |
Term Loan B | LIBOR |  |  |  |  |  |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |  |  |  |  |  |
Debt Instrument, Basis Spread on Variable Rate |  | 2.25% |  |  |  |  |  |  |  |
Debt Instrument, Basis Spread on Variable Rate, Floor |  | 0.75% |  |  |  |  |  |  |  |
Term Loan B | ABR |  |  |  |  |  |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |  |  |  |  |  |
Debt Instrument, Basis Spread on Variable Rate |  | 1.25% |  |  |  |  |  |  |  |
Debt Instrument, Basis Spread on Variable Rate, Floor |  | 1.75% |  |  |  |  |  |  |  |
Line of Credit | Extended Revolving Credit Commitment |  |  |  |  |  |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |  |  |  |  |  |
Line of credit facility borrowing capacity |  | $ 948,000,000 |  |  |  | $ 948,000,000 |  |  |  |
Line of Credit | Revolving Credit Facility |  |  |  |  |  |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |  |  |  |  |  |
Line of credit facility borrowing capacity |  | $ 1,425,000,000 |  |  |  |  |  |  |  |
Line of Credit | Revolving Credit Facility | LIBOR | Greater than 3.50 to 1.00 |  |  |  |  |  |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |  |  |  |  |  |
Debt Instrument, Basis Spread on Variable Rate |  | 2.50% |  |  |  |  |  |  |  |
Line of Credit | Revolving Credit Facility | LIBOR | Less than or equal to 3.50 to 1.00 but greater than or equal to 2.50 to 1.00 |  |  |  |  |  |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |  |  |  |  |  |
Debt Instrument, Basis Spread on Variable Rate |  | 2.25% |  |  |  |  |  |  |  |
Line of Credit | Revolving Credit Facility | LIBOR | Less than 2.50 to 1.00 but greater than or equal to 2.00 to 1.00 |  |  |  |  |  |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |  |  |  |  |  |
Debt Instrument, Basis Spread on Variable Rate |  | 2.00% |  |  |  |  |  |  |  |
Line of Credit | Revolving Credit Facility | LIBOR | Less than 2.00 to 1.00 |  |  |  |  |  |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |  |  |  |  |  |
Debt Instrument, Basis Spread on Variable Rate |  | 1.75% |  |  |  |  |  |  |  |
Line of Credit | Revolving Credit Facility | ABR | Greater than 3.50 to 1.00 |  |  |  |  |  |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |  |  |  |  |  |
Debt Instrument, Basis Spread on Variable Rate |  | 1.50% |  |  |  |  |  |  |  |
Line of Credit | Revolving Credit Facility | ABR | Less than or equal to 3.50 to 1.00 but greater than or equal to 2.50 to 1.00 |  |  |  |  |  |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |  |  |  |  |  |
Debt Instrument, Basis Spread on Variable Rate |  | 1.25% |  |  |  |  |  |  |  |
Line of Credit | Revolving Credit Facility | ABR | Less than 2.50 to 1.00 but greater than or equal to 2.00 to 1.00 |  |  |  |  |  |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |  |  |  |  |  |
Debt Instrument, Basis Spread on Variable Rate |  | 1.00% |  |  |  |  |  |  |  |
Line of Credit | Revolving Credit Facility | ABR | Less than 2.00 to 1.00 |  |  |  |  |  |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |  |  |  |  |  |
Debt Instrument, Basis Spread on Variable Rate |  | 0.75% |  |  |  |  |  |  |  |
Line of Credit | Non-extended Revolving Credit Commitment |  |  |  |  |  |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |  |  |  |  |  |
Line of credit facility borrowing capacity | [1] | $ 477,000,000 |  |  |  |  |  |  |  |
Secured Debt | Term Loan A |  |  |  |  |  |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |  |  |  |  |  |
Debt Instrument, Repurchase Amount |  |  |  |  | (250,000,000) |  |  |  |  |
Long-term debt principal amount |  |  |  |  |  |  | $ 434,000,000 |  |  | $ 750,000,000
Secured Debt | Term Loan A | LIBOR | Greater than 3.50 to 1.00 |  |  |  |  |  |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |  |  |  |  |  |
Debt Instrument, Basis Spread on Variable Rate |  | 2.50% |  |  |  |  |  |  |  |
Secured Debt | Term Loan A | LIBOR | Less than or equal to 3.50 to 1.00 but greater than or equal to 2.50 to 1.00 |  |  |  |  |  |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |  |  |  |  |  |
Debt Instrument, Basis Spread on Variable Rate |  | 2.25% |  |  |  |  |  |  |  |
Secured Debt | Term Loan A | LIBOR | Less than 2.50 to 1.00 but greater than or equal to 2.00 to 1.00 |  |  |  |  |  |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |  |  |  |  |  |
Debt Instrument, Basis Spread on Variable Rate |  | 2.00% |  |  |  |  |  |  |  |
Secured Debt | Term Loan A | LIBOR | Less than 2.00 to 1.00 |  |  |  |  |  |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |  |  |  |  |  |
Debt Instrument, Basis Spread on Variable Rate |  | 1.75% |  |  |  |  |  |  |  |
Secured Debt | Term Loan A | ABR | Greater than 3.50 to 1.00 |  |  |  |  |  |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |  |  |  |  |  |
Debt Instrument, Basis Spread on Variable Rate |  | 1.50% |  |  |  |  |  |  |  |
Secured Debt | Term Loan A | ABR | Less than or equal to 3.50 to 1.00 but greater than or equal to 2.50 to 1.00 |  |  |  |  |  |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |  |  |  |  |  |
Debt Instrument, Basis Spread on Variable Rate |  | 1.25% |  |  |  |  |  |  |  |
Secured Debt | Term Loan A | ABR | Less than 2.50 to 1.00 but greater than or equal to 2.00 to 1.00 |  |  |  |  |  |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |  |  |  |  |  |
Debt Instrument, Basis Spread on Variable Rate |  | 1.00% |  |  |  |  |  |  |  |
Secured Debt | Term Loan A | ABR | Less than 2.00 to 1.00 |  |  |  |  |  |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |  |  |  |  |  |
Debt Instrument, Basis Spread on Variable Rate |  | 0.75% |  |  |  |  |  |  |  |
Secured Debt | Term Loan B |  |  |  |  |  |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |  |  |  |  |  |
Long-term debt principal amount |  | $ 237,000,000 | [2] |  |  |  |  | $ 1,048,000,000 |  | $ 1,080,000,000
Annual percentage of original principal amount for quarterly amortization payments |  | 1.00% |  |  |  |  |  |  |  |
Secured Debt | Extended Term Loan A |  |  |  |  |  |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |  |  |  |  |  |
Long-term debt principal amount |  | $ 236,000,000 | [3],[4],[5] |  |  | $ 237,000,000 |  | 0 |  |
Senior Notes | 5.75% Senior Notes |  |  |  |  |  |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |  |  |  |  |  |
Long-term debt principal amount |  | $ 900,000,000 | [6] |  | $ 900,000,000 |  |  | $ 0 |  |
Interest Rate |  | 5.75% |  |  |  |  |  |  |  |
[1] | Interest rates with respect to revolving loans under the Senior Secured Credit Facility at June 30, 2021 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 1.75% and the ABR margin was 0.75% for the three months ended June 30, 2021.
[2] | In January and February 2021, we used a portion of the proceeds from the issuance of 5.75% Senior Notes to pay down $655 million of outstanding borrowings under the Term Loan B Facility. In April 2021, the Company used cash on hand to pay down $150 million of outstanding borrowings under the Term Loan B Facility. The Term Loan B Facility provides for quarterly amortization payments totaling 1% per annum of the $1,080 million original principal amount. The interest rate with respect to term loans under the Term Loan B Facility 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] | In January 2021, prior to the effective date of the 2021 Amendments, we used a portion of the proceeds from the issuance of 5.75% Senior Notes to pay down $250 million of outstanding borrowings under the Term Loan A Facility. The interest rates with respect to each of the Non-extended Term Loan A and Extended 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 1.75% and the ABR margin was 0.75% for the three months ended June 30, 2021.
[4] | The Extended Term Loan A has quarterly amortization payments, commencing with the quarter ending June 30, 2021, equal to a percentage per quarter of the $237 million principal amount of the Extended Term Loan A outstanding on January 27, 2021 (the effective date of the 2021 Amendments), as follows: 0.625% per quarter from June 30, 2021 to March 31, 2022; 1.25% per quarter from June 30, 2022 to March 31, 2023; 1.875% per quarter from June 30, 2023 to March 31, 2024; and 2.50% per quarter for periods ending on or after June 30, 2024, with the balance of the Extended Term Loan A due at maturity on February 8, 2025.
[5] | The maturity date of each of the Extended Revolving Credit Commitment and Extended Term Loan A may spring forward to a date prior to February 2025 as follows: (i) if on or before March 2, 2023, the 4.875% Senior Notes have not been extended, refinanced or replaced to have a maturity date after May 10, 2025 (or are not otherwise discharged, defeased or repaid by March 2, 2023), the maturity date of the Extended Revolving Credit Commitment and Extended Term Loan A Facility will be March 2, 2023; and (ii) if on or before November 9, 2024, the Term Loan B Facility under the Senior Secured Credit Agreement is not extended, refinanced or replaced to have a maturity date after May 10, 2025 (or otherwise repaid prior to November 9, 2024), the maturity date of the Extended Revolving Credit Commitment and Extended Term Loan A Facility will be November 9, 2024
[6] | Realogy Group may redeem all or a portion of the Unsecured Notes or 7.625% Senior Secured Second Lien Notes, as applicable, at the redemption price set forth in the applicable indenture governing such notes, commencing on the following dates:
| Date
7.625% Senior Secured Second Lien Notes | June 15, 2022
4.875% Senior Notes | March 1, 2023
9.375% Senior Notes | April 1, 2022
5.75% Senior Notes | January 15, 2024
Prior to the dates noted above, Realogy Group may redeem the applicable notes at their option, in whole or in part, at a redemption price equal to 100% of the principal amount of such notes redeemed plus a "make-whole" premium as set forth in the applicable indenture governing such notes. In addition, prior to the dates noted above, we may redeem up to 40% of the notes (other than the 4.875% Senior Notes) from the proceeds of certain equity offerings as set forth in the applicable indenture governing such notes. See below under the header "Exchangeable Senior Notes" for information on certain redemption features of the Exchangeable Senior Notes.

X
- Definition Annual percentage of the original principal amount for which quarterly amortization payments are made. + References No definition available. + Details
Name: | rlgy_Annualpercentageoforiginalprincipalamountforquarterlyamortizationpayments
Namespace Prefix: | rlgy_
Data Type: | dtr-types:percentItemType
Balance Type: | na
Period Type: | instant

X
- Definition LIBOR floor amount. + References No definition available. + Details
Name: | rlgy_DebtInstrumentBasisSpreadOnVariableRateFloor
Namespace Prefix: | rlgy_
Data Type: | dtr-types:percentItemType
Balance Type: | na
Period Type: | instant

X
- Definition Maximum borrowing capacity under the letter of credit facility. + References No definition available. + Details
Name: | rlgy_LetterOfCreditBorrowingCapacity
Namespace Prefix: | rlgy_
Data Type: | xbrli:monetaryItemType
Balance Type: | credit
Period Type: | instant

X
- Definition Ratio of Indebtedness to Net Capital Denominator + References No definition available. + Details
Name: | rlgy_RatioOfIndebtednessToNetCapitalDenominator
Namespace Prefix: | rlgy_
Data Type: | xbrli:pureItemType
Balance Type: | na
Period Type: | instant

X
- Definition Percentage points added to the reference rate to compute the variable rate on the debt instrument. + References No definition available. + Details
Name: | us-gaap_DebtInstrumentBasisSpreadOnVariableRate1
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:percentItemType
Balance Type: | na
Period Type: | duration

X
- Definition Amount, before unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but is not limited to, notes payable, bonds payable, commercial loans, mortgage loans, convertible debt, subordinated debt and other types of debt. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 4 -Subparagraph (b)(1) -URI http://asc.fasb.org/extlink&oid=123466204&loc=SL6031897-161870 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(16)) -URI http://asc.fasb.org/extlink&oid=120400017&loc=d3e572229-122910 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(22)) -URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(16)) -URI http://asc.fasb.org/extlink&oid=120398452&loc=d3e534808-122878 + Details
Name: | us-gaap_DebtInstrumentCarryingAmount
Namespace Prefix: | us-gaap_
Data Type: | xbrli:monetaryItemType
Balance Type: | credit
Period Type: | instant

X
- Definition Description of reference rate used for variable rate of debt instrument. + References No definition available. + Details
Name: | us-gaap_DebtInstrumentDescriptionOfVariableRateBasis
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Contractual interest rate for funds borrowed, under the debt agreement. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22(a)(1)) -URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 + Details
Name: | us-gaap_DebtInstrumentInterestRateStatedPercentage
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:percentItemType
Balance Type: | na
Period Type: | instant

X
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. + References No definition available. + Details
Name: | us-gaap_DebtInstrumentLineItems
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Fair value amount of debt instrument that was repurchased. + References No definition available. + Details
Name: | us-gaap_DebtInstrumentRepurchaseAmount
Namespace Prefix: | us-gaap_
Data Type: | xbrli:monetaryItemType
Balance Type: | debit
Period Type: | instant

X
- Definition Maximum borrowing capacity under the credit facility without consideration of any current restrictions on the amount that could be borrowed or the amounts currently outstanding under the facility. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19(b),22(b)) -URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 + Details
Name: | us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity
Namespace Prefix: | us-gaap_
Data Type: | xbrli:monetaryItemType
Balance Type: | credit
Period Type: | instant

X
- Definition Indebtedness divided by net capital. + References No definition available. + Details
Name: | us-gaap_RatioOfIndebtednessToNetCapital1
Namespace Prefix: | us-gaap_
Data Type: | xbrli:pureItemType
Balance Type: | na
Period Type: | instant

X
- Details
Name: | srt_RangeAxis=srt_MaximumMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | rlgy_DebtCovenantRatioAxis=rlgy_RequiredCovenantRatioMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | rlgy_InterestRateTypeAxis=rlgy_LiborMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | rlgy_InterestRateTypeAxis=rlgy_AbrMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_DebtInstrumentAxis=rlgy_TermLoanBFacilityMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_ShortTermDebtTypeAxis=us-gaap_LineOfCreditMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_DebtInstrumentAxis=rlgy_ExtendedRevolvingCreditCommitmentMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_DebtInstrumentAxis=us-gaap_RevolvingCreditFacilityMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | rlgy_SeniorSecuredLeverageRatioScenarioAxis=rlgy_Greaterthan3.50to1.00Member
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | rlgy_SeniorSecuredLeverageRatioScenarioAxis=rlgy_Lessthanorequalto3.50to1.00butgreaterthanorequalto2.50to1.00Member
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | rlgy_SeniorSecuredLeverageRatioScenarioAxis=rlgy_Lessthan2.50to1.00butgreaterthanorequalto2.00to1.00Member
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | rlgy_SeniorSecuredLeverageRatioScenarioAxis=rlgy_Lessthan2.00to1.00Member
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_DebtInstrumentAxis=rlgy_NonExtendedRevolvingCreditCommitmentMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_LongtermDebtTypeAxis=us-gaap_SecuredDebtMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_DebtInstrumentAxis=rlgy_TermLoanAMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_DebtInstrumentAxis=rlgy_ExtendedTermLoanAMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_LongtermDebtTypeAxis=us-gaap_SeniorNotesMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_DebtInstrumentAxis=rlgy_A575SeniorNotesMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |