XML 58 R41.htm IDEA: XBRL DOCUMENT v3.24.3
Short And Long-Term Debt Indebtedness Table (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Nov. 05, 2024
Dec. 31, 2023
Principal Amount            
Long-term debt principal amount $ 2,550   $ 2,550      
Securitization obligations 148   148     $ 115
Unamortized Premium and Debt Issuance Costs            
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net 20   20      
Net Amount            
Outstanding borrowings, long-term debt 2,530   2,530      
Securitization obligations 148   $ 148     115
SOFR            
Net Amount            
Description of variable interest rate basis     SOFR      
ABR            
Net Amount            
Description of variable interest rate basis     ABR      
Securitization obligation            
Net Amount            
Relocation receivables and other related relocation assets that collateralize securitization obligations 201   $ 201     146
Interest Expense, Debt $ 3 $ 4 $ 7 $ 10    
Weighted average interest rate, securitization obligations 8.10% 7.20% 8.10% 7.20%    
Revolving Credit Facility | Line of Credit            
Principal Amount            
Line of credit facility outstanding $ 500 [1],[2],[3]   $ 500 [1],[2],[3]     285
Net Amount            
Outstanding borrowings, short-term debt, line of credit facility 500 [1],[2],[3]   500 [1],[2],[3]     285
Total capacity, short-term debt, line of credit facility 1,100   1,100      
Line of credit facility outstanding 500 [1],[2],[3]   $ 500 [1],[2],[3]     285
Revolving Credit Facility | Line of Credit | SOFR | Less than 2.00 to 1.00            
Net Amount            
Debt Instrument, Basis Spread on Variable Rate     1.75%      
Revolving Credit Facility | Line of Credit | ABR | Less than 2.00 to 1.00            
Net Amount            
Debt Instrument, Basis Spread on Variable Rate     0.75%      
Revolving Credit Facility | Line of Credit | Subsequent Event            
Principal Amount            
Line of credit facility outstanding         $ 555  
Net Amount            
Outstanding borrowings, short-term debt, line of credit facility         555  
Line of credit facility outstanding         555  
Revolving Credit Facility | Letter of Credit            
Principal Amount            
Line of credit facility outstanding 33   $ 33      
Net Amount            
Outstanding borrowings, short-term debt, line of credit facility 33   33      
Line of credit facility outstanding 33   33      
Revolving Credit Facility | Letter of Credit | Subsequent Event            
Principal Amount            
Line of credit facility outstanding         33  
Net Amount            
Outstanding borrowings, short-term debt, line of credit facility         33  
Line of credit facility outstanding         $ 33  
7.00% Senior Secured Second Lien Notes | Secured Debt            
Principal Amount            
Long-term debt principal amount 640   640     640
Unamortized Premium and Debt Issuance Costs            
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net 11   11      
Net Amount            
Outstanding borrowings, long-term debt $ 629   $ 629     627
Interest Rate 7.00%   7.00%      
5.75% Senior Notes | Senior Notes            
Principal Amount            
Long-term debt principal amount $ 558 [4]   $ 558 [4]     576
Unamortized Premium and Debt Issuance Costs            
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net [4] 0   0      
Net Amount            
Outstanding borrowings, long-term debt $ 558 [4]   $ 558 [4]     576
Interest Rate 5.75%   5.75%      
5.25% Senior Notes | Senior Notes            
Principal Amount            
Long-term debt principal amount $ 449 [4]   $ 449 [4]     457
Unamortized Premium and Debt Issuance Costs            
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net [4] 5   5      
Net Amount            
Outstanding borrowings, long-term debt $ 444 [4]   $ 444 [4]     451
Interest Rate 5.25%   5.25%      
0.25% Exchangeable Senior Notes | Convertible Debt            
Principal Amount            
Long-term debt principal amount $ 403   $ 403     403
Unamortized Premium and Debt Issuance Costs            
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net 4   4      
Net Amount            
Outstanding borrowings, long-term debt $ 399   $ 399     397
Interest Rate 0.25%   0.25%      
Apple Ridge Funding LLC | Securitization obligation            
Principal Amount            
Securitization obligations $ 148 [5]   $ 148 [5]     115
Net Amount            
Securitization obligations 148 [5]   148 [5]     $ 115
Total capacity, securitization obligations 200   200      
Debt Instrument, Unused Borrowing Capacity, Amount $ 52   $ 52      
[1] The maturity date of the Revolving Credit Facility is July 27, 2027; however, it may spring forward to March 16, 2026 if the 0.25% Exchangeable Senior Notes have not been extended, refinanced or replaced to have a maturity date after October 26, 2027 (or are not otherwise discharged, defeased or repaid by March 16, 2026).
[2] As of September 30, 2024, the Company had $1,100 million of borrowing capacity under its Revolving Credit Facility. As of September 30, 2024, there were $500 million of outstanding borrowings under the Revolving Credit Facility and $33 million of outstanding undrawn letters of credit. On November 5, 2024, the Company had $555 million of outstanding borrowings under the Revolving Credit Facility and $33 million of outstanding undrawn letters of credit.
[3] The interest rate with respect to revolving loans under the Revolving Credit Facility at September 30, 2024 is based on, at the Company's option, Term Secured Overnight Financing Rate (" SOFR") plus a 10 basis point credit spread adjustment or JP Morgan Chase Bank, N.A.'s prime rate ("ABR") plus (in each case) an additional margin subject to adjustment based on the then current senior secured leverage ratio. Based on the previous quarter's senior secured leverage ratio, the SOFR margin was 1.75% and the ABR margin was 0.75% for the three months ended September 30, 2024.
[4] See below under the header "Repurchases of Unsecured Notes" for additional information with respect to repurchases in the third quarter of 2024.
[5] In May 2024, Anywhere Group extended the existing Apple Ridge Funding LLC securitization program until May 30, 2025. As of September 30, 2024, the Company had $200 million of borrowing capacity under the Apple Ridge Funding LLC securitization program with $148 million being utilized leaving $52 million of available capacity subject to maintaining sufficient relocation related assets to collateralize the securitization obligation. Certain of the funds that Anywhere Group receives from relocation receivables and related assets are required to be utilized to repay securitization obligations. These obligations are collateralized by $201 million and $146 million of underlying relocation receivables and other related relocation assets at September 30, 2024 and December 31, 2023, respectively. Substantially all relocation related assets are realized in less than twelve months from the transaction date. Accordingly, all of Anywhere Group's securitization obligations are classified as current in the accompanying Condensed Consolidated Balance Sheets. Interest incurred in connection with borrowings under the facility amounted to $3 million
and $4 million for the three months ended September 30, 2024 and 2023, respectively, as well as $7 million and $10 million for the nine months ended September 30, 2024 and 2023, respectively. This interest is recorded within net revenues in the accompanying Condensed Consolidated Statements of Operations as related borrowings are utilized to fund Anywhere Group's relocation operations where interest is generally earned on such assets. The securitization obligations represent floating rate debt for which the average weighted interest rate was 8.1% and 7.2% for the nine months ended September 30, 2024 and 2023, respectively.