XML 58 R40.htm IDEA: XBRL DOCUMENT v3.25.1
Short And Long-Term Debt Indebtedness Table (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
May 05, 2025
Dec. 31, 2024
Principal Amount        
Long-term debt principal amount $ 2,660      
Securitization obligations 135     $ 140
Unamortized Premium and Debt Issuance Costs        
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net 17      
Net Amount        
Outstanding borrowings, long-term debt 2,643      
Securitization obligations $ 135     140
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 $ 169     156
Interest Expense, Debt $ 2 $ 2    
Weighted average interest rate, securitization obligations 7.10% 8.60%    
Revolving Credit Facility | Line of Credit        
Principal Amount        
Line of credit facility outstanding $ 610 [1],[2],[3]     490
Net Amount        
Outstanding borrowings, short-term debt, line of credit facility 610 [1],[2],[3]     490
Total capacity, short-term debt, line of credit facility 1,100      
Line of credit facility outstanding $ 610 [1],[2],[3]     490
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     $ 680  
Net Amount        
Outstanding borrowings, short-term debt, line of credit facility     680  
Line of credit facility outstanding     680  
Revolving Credit Facility | Letter of Credit        
Principal Amount        
Line of credit facility outstanding $ 32      
Net Amount        
Outstanding borrowings, short-term debt, line of credit facility 32      
Line of credit facility outstanding 32      
Revolving Credit Facility | Letter of Credit | Subsequent Event        
Principal Amount        
Line of credit facility outstanding     32  
Net Amount        
Outstanding borrowings, short-term debt, line of credit facility     32  
Line of credit facility outstanding     $ 32  
7.00% Senior Secured Second Lien Notes | Secured Debt        
Principal Amount        
Long-term debt principal amount 640     640
Unamortized Premium and Debt Issuance Costs        
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net 10      
Net Amount        
Outstanding borrowings, long-term debt $ 630     630
Interest Rate 7.00%      
5.75% Senior Notes | Senior Notes        
Principal Amount        
Long-term debt principal amount $ 558     558
Unamortized Premium and Debt Issuance Costs        
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net (1)      
Net Amount        
Outstanding borrowings, long-term debt $ 559     558
Interest Rate 5.75%      
5.25% Senior Notes | Senior Notes        
Principal Amount        
Long-term debt principal amount $ 449     449
Unamortized Premium and Debt Issuance Costs        
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net 5      
Net Amount        
Outstanding borrowings, long-term debt $ 444     444
Interest Rate 5.25%      
0.25% Exchangeable Senior Notes | Convertible Debt        
Principal Amount        
Long-term debt principal amount $ 403     403
Unamortized Premium and Debt Issuance Costs        
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net 3      
Net Amount        
Outstanding borrowings, long-term debt $ 400     399
Interest Rate 0.25%      
Apple Ridge Funding LLC | Securitization obligation        
Principal Amount        
Securitization obligations $ 135 [4]     140
Net Amount        
Securitization obligations 135 [4]     $ 140
Total capacity, securitization obligations 200      
Debt Instrument, Unused Borrowing Capacity, Amount $ 65      
[1] The maturity date of the Revolving Credit Facility is July 27, 2027; however, it may spring forward to March 16, 2026 if the 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] The interest rate with respect to revolving loans under the Revolving Credit Facility at March 31, 2025 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 March 31, 2025.
[3] As of March 31, 2025, the Company had $1,100 million of borrowing capacity under its Revolving Credit Facility. As of March 31, 2025, there were $610 million of outstanding borrowings under the Revolving Credit Facility and $32 million of outstanding undrawn letters of credit. On May 5, 2025, the Company had $680 million of outstanding borrowings under the Revolving Credit Facility and $32 million of outstanding undrawn letters of credit.
[4] Anywhere Group has secured obligations through Apple Ridge Funding LLC under a securitization program which expires at the end of May 2025 and for which the Company is currently engaged in the renewal process. As of March 31, 2025, the Company had $200 million of borrowing capacity under the Apple Ridge Funding LLC securitization program with $135 million being utilized leaving $65 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 $169 million and $156 million of underlying relocation receivables and other related relocation assets at March 31, 2025 and December 31, 2024, 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 $2 million for both the three months ended March 31, 2025 and 2024. 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 7.1% and 8.6% for the three months ended March 31, 2025 and 2024, respectively.