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Short And Long-Term Debt Schedule of Total Indebtedness (Details) - USD ($)
$ in Millions
Sep. 30, 2021
Jun. 02, 2021
Dec. 31, 2020
Schedule of Long-term and Short-term Debt Instruments [Line Items]      
Outstanding borrowings, long-term debt $ 2,947    
Total Short-Term & Long-Term Debt 2,947   $ 3,207
Securitization obligations 146   106
Secured Debt | Term Loan B      
Schedule of Long-term and Short-term Debt Instruments [Line Items]      
Outstanding borrowings, long-term debt 0 [1]   1,036
Secured Debt | Non-extended Term Loan A      
Schedule of Long-term and Short-term Debt Instruments [Line Items]      
Outstanding borrowings, long-term debt 0 [2],[3]   681
Secured Debt | Extended Term Loan A      
Schedule of Long-term and Short-term Debt Instruments [Line Items]      
Outstanding borrowings, long-term debt 233 [3],[4],[5]   0
Secured Debt | 7.625% Senior Secured Second Lien Notes      
Schedule of Long-term and Short-term Debt Instruments [Line Items]      
Outstanding borrowings, long-term debt 542 [6]   540
Senior Notes | 4.875% Senior Notes      
Schedule of Long-term and Short-term Debt Instruments [Line Items]      
Outstanding borrowings, long-term debt 406 [6]   406
Senior Notes | 9.375% Senior Notes      
Schedule of Long-term and Short-term Debt Instruments [Line Items]      
Outstanding borrowings, long-term debt 544 [6]   544
Senior Notes | 5.75% Senior Notes      
Schedule of Long-term and Short-term Debt Instruments [Line Items]      
Outstanding borrowings, long-term debt 898 [6]   0
Convertible Debt | 0.25% Exchangeable Senior Notes      
Schedule of Long-term and Short-term Debt Instruments [Line Items]      
Outstanding borrowings, long-term debt 324 $ 319 0
Line of Credit | Non-extended Revolving Credit Commitment      
Schedule of Long-term and Short-term Debt Instruments [Line Items]      
Line of credit facility outstanding 0 [7],[8]   0
Line of Credit | Extended Revolving Credit Commitment      
Schedule of Long-term and Short-term Debt Instruments [Line Items]      
Line of credit facility outstanding $ 0 [5],[7],[8]   $ 0
[1] 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. In September 2021, the Company used cash on hand to repay approximately $238 million in principal amount of outstanding borrowings under the Term Loan B Facility, representing all of the remaining Term Loan B due 2025. The Term Loan B Facility provided 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 was 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%).
[2] In September 2021, the Company used cash on hand to repay approximately $197 million in principal amount of outstanding borrowings under the Term Loan A Facility, representing all of the remaining Non-extended Term Loan A due 2023. The Company was not required to make amortization payments on the Non-extended Term Loan A.
[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 September 30, 2021.
[4] The Extended Term Loan A has quarterly amortization payments, which commenced on 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 March 2, 2023 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)
[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 NotesJune 15, 2022
4.875% Senior NotesMarch 1, 2023
9.375% Senior NotesApril 1, 2022
5.75% Senior NotesJanuary 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.
[7] Interest rates with respect to revolving loans under the Senior Secured Credit Facility at September 30, 2021 are 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 September 30, 2021.
[8] The available capacity under the Non-extended Revolving Credit Commitment is $477 million, while the available capacity under the Extended Revolving Credit Commitment is $948 million. As of September 30, 2021, there were no outstanding borrowings under either the Non-extended Revolving Credit Commitment or Extended Revolving Credit Commitment and $42 million of outstanding undrawn letters of credit. The Non-extended Revolving Credit Commitment expires in February 2023 and, subject to earlier springing maturity described in footnote (3), the Extended Revolving Credit Commitment expires in February 2025, but in each instance, amounts outstanding would be classified on the balance sheet as current due to the revolving nature and terms and conditions of the facilities. On November 1, 2021, the Company had no outstanding borrowings under the Revolving Credit Facility and $42 million of outstanding undrawn letters of credit