Short And Long-Term Debt Schedule of Debt (Details) £ in Millions, $ in Millions | 6 Months Ended | | | | | | |
Jun. 30, 2017GBP (£) | Aug. 01, 2017USD ($) | Jun. 30, 2017USD ($) | Jan. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Jul. 20, 2016USD ($) | Oct. 23, 2015USD ($) |
Principal Amount | | | | | | | | | | |
Long-term debt principal amount | [1] | | | $ 3,750 | | | | | | |
Securitization obligations outstanding | | | | 223 | | | $ 205 | | | |
Unamortized Discount and Debt Issuance Costs | | | | | | | | | | |
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | [1] | | | 44 | | | | | | |
Net Amount | | | | | | | | | | |
Outstanding borrowings, long-term debt | [1] | | | 3,706 | | | | | | |
Securitization obligations outstanding | | | | 223 | | | 205 | | | |
Letter of Credit, borrowing capacity | | | | $ 125 | | | | | | |
LIBOR | | | | | | | | | | |
Net Amount | | | | | | | | | | |
Description of variable interest rate basis | | LIBOR | | | | | | | | |
ABR | | | | | | | | | | |
Net Amount | | | | | | | | | | |
Description of variable interest rate basis | | ABR | | | | | | | | |
Term Loan B | LIBOR | | | | | | | | | | |
Net Amount | | | | | | | | | | |
Debt Instrument, Basis Spread on Variable Rate | | 2.25% | | | | | | | | |
Debt Instrument, Basis Spread on Variable Rate, Floor | | 0.75% | | 0.75% | | | | | | |
Term Loan B | ABR | | | | | | | | | | |
Net Amount | | | | | | | | | | |
Debt Instrument, Basis Spread on Variable Rate | | 1.25% | | | | | | | | |
Debt Instrument, Basis Spread on Variable Rate, Floor | | 1.75% | | 1.75% | | | | | | |
Unsecured Letter of Credit Facility | | | | | | | | | | |
Net Amount | | | | | | | | | | |
Interest Rate | | 2.93% | | 2.93% | | | | | | |
Outstanding letters of credit | | | | $ 124 | | | | | | |
Letter of Credit, borrowing capacity | | | | 131 | | | | | | |
Secured Debt | Term Loan B | | | | | | | | | | |
Principal Amount | | | | | | | | | | |
Long-term debt principal amount | | | | 1,089 | [2] | | 1,094 | | $ 1,100 | |
Unamortized Discount and Debt Issuance Costs | | | | | | | | | | |
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | [2] | | | 22 | | | | | | |
Net Amount | | | | | | | | | | |
Outstanding borrowings, long-term debt | | | | $ 1,067 | [2] | | 1,069 | | | |
Annual percentage of original principal amount for quarterly amortization payments | | 1.00% | | 1.00% | | | | | | |
Secured Debt | Term Loan A | | | | | | | | | | |
Principal Amount | | | | | | | | | | |
Long-term debt principal amount | | | | $ 402 | [3] | | 413 | | | $ 435 |
Unamortized Discount and Debt Issuance Costs | | | | | | | | | | |
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | [3] | | | 1 | | | | | | |
Net Amount | | | | | | | | | | |
Outstanding borrowings, long-term debt | | | | 401 | [3] | | 411 | | | |
Secured Debt | Term Loan A-1 | | | | | | | | | | |
Principal Amount | | | | | | | | | | |
Long-term debt principal amount | | | | 346 | [4] | | 351 | [3] | $ 355 | |
Unamortized Discount and Debt Issuance Costs | | | | | | | | | | |
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | [4] | | | 3 | | | | | | |
Net Amount | | | | | | | | | | |
Outstanding borrowings, long-term debt | [4] | | | $ 343 | | | 347 | | | |
Secured Debt | 2016 | Term Loan A | | | | | | | | | | |
Net Amount | | | | | | | | | | |
Annual percentage of original principal amount for quarterly amortization payments | | 5.00% | | 5.00% | | | | | | |
Secured Debt | 2017 | Term Loan A | | | | | | | | | | |
Net Amount | | | | | | | | | | |
Annual percentage of original principal amount for quarterly amortization payments | | 5.00% | | 5.00% | | | | | | |
Secured Debt | 2017 | Term Loan A-1 | | | | | | | | | | |
Net Amount | | | | | | | | | | |
Annual percentage of original principal amount for quarterly amortization payments | | 2.50% | | 2.50% | | | | | | |
Secured Debt | 2018 | Term Loan A | | | | | | | | | | |
Net Amount | | | | | | | | | | |
Annual percentage of original principal amount for quarterly amortization payments | | 7.50% | | 7.50% | | | | | | |
Secured Debt | 2018 | Term Loan A-1 | | | | | | | | | | |
Net Amount | | | | | | | | | | |
Annual percentage of original principal amount for quarterly amortization payments | | 2.50% | | 2.50% | | | | | | |
Secured Debt | 2019 | Term Loan A | | | | | | | | | | |
Net Amount | | | | | | | | | | |
Annual percentage of original principal amount for quarterly amortization payments | | 10.00% | | 10.00% | | | | | | |
Secured Debt | 2019 | Term Loan A-1 | | | | | | | | | | |
Net Amount | | | | | | | | | | |
Annual percentage of original principal amount for quarterly amortization payments | | 5.00% | | 5.00% | | | | | | |
Secured Debt | 2020 | Term Loan A | | | | | | | | | | |
Net Amount | | | | | | | | | | |
Annual percentage of original principal amount for quarterly amortization payments | | 12.50% | | 12.50% | | | | | | |
Secured Debt | 2020 | Term Loan A-1 | | | | | | | | | | |
Net Amount | | | | | | | | | | |
Annual percentage of original principal amount for quarterly amortization payments | | 7.50% | | 7.50% | | | | | | |
Secured Debt | 2021 | Term Loan A-1 | | | | | | | | | | |
Net Amount | | | | | | | | | | |
Annual percentage of original principal amount for quarterly amortization payments | | 10.00% | | 10.00% | | | | | | |
Secured Debt | Less than 2.50 to 1.00 | Term Loan A | LIBOR | | | | | | | | | | |
Net Amount | | | | | | | | | | |
Debt Instrument, Basis Spread on Variable Rate | | 2.00% | | | | | | | | |
Secured Debt | Less than 2.50 to 1.00 | Term Loan A | ABR | | | | | | | | | | |
Net Amount | | | | | | | | | | |
Debt Instrument, Basis Spread on Variable Rate | | 1.00% | | | | | | | | |
Secured Debt | Less than 2.50 to 1.00 but greater than or equal to 2.00 to 1.00 | Term Loan A-1 | LIBOR | | | | | | | | | | |
Net Amount | | | | | | | | | | |
Debt Instrument, Basis Spread on Variable Rate | | 2.00% | | | | | | | | |
Secured Debt | Less than 2.50 to 1.00 but greater than or equal to 2.00 to 1.00 | Term Loan A-1 | ABR | | | | | | | | | | |
Net Amount | | | | | | | | | | |
Debt Instrument, Basis Spread on Variable Rate | | 1.00% | | | | | | | | |
Senior Notes | 4.50% Senior Notes | | | | | | | | | | |
Principal Amount | | | | | | | | | | |
Long-term debt principal amount | | | | $ 450 | | | 450 | | | |
Unamortized Discount and Debt Issuance Costs | | | | | | | | | | |
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | | | | 9 | | | | | | |
Net Amount | | | | | | | | | | |
Outstanding borrowings, long-term debt | | | | $ 441 | | | 439 | | | |
Interest Rate | | 4.50% | | 4.50% | | | | | | |
Senior Notes | 5.25% Senior Notes | | | | | | | | | | |
Principal Amount | | | | | | | | | | |
Long-term debt principal amount | | | | $ 550 | | | 550 | | | |
Unamortized Discount and Debt Issuance Costs | | | | | | | | | | |
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | | | | 5 | | | | | | |
Net Amount | | | | | | | | | | |
Outstanding borrowings, long-term debt | | | | $ 545 | | | 545 | | | |
Interest Rate | | 5.25% | | 5.25% | | | | | | |
Senior Notes | 4.875% Senior Notes | | | | | | | | | | |
Principal Amount | | | | | | | | | | |
Long-term debt principal amount | | | | $ 500 | | | 500 | | | |
Unamortized Discount and Debt Issuance Costs | | | | | | | | | | |
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | | | | 4 | | | | | | |
Net Amount | | | | | | | | | | |
Outstanding borrowings, long-term debt | | | | $ 496 | | | 496 | | | |
Interest Rate | | 4.875% | | 4.875% | | | | | | |
Line of Credit | Revolving Credit Facility | | | | | | | | | | |
Principal Amount | | | | | | | | | | |
Line of credit facility outstanding | | | | $ 190 | [5],[6] | | 200 | | | |
Net Amount | | | | | | | | | | |
Outstanding borrowings, short-term debt, line of credit facility | | | | 190 | [5],[6] | | 200 | | | |
Total capacity, short-term debt, line of credit facility | [5],[6] | | | 1,050 | | $ 1,050 | | | | $ 815 |
Line of Credit Facility, Remaining Borrowing Capacity | | | | 860 | | | | | | |
Line of Credit | Less than 2.50 to 1.00 | Revolving Credit Facility | LIBOR | | | | | | | | | | |
Net Amount | | | | | | | | | | |
Debt Instrument, Basis Spread on Variable Rate | | 2.00% | | | | | | | | |
Line of Credit | Less than 2.50 to 1.00 | Revolving Credit Facility | ABR | | | | | | | | | | |
Net Amount | | | | | | | | | | |
Debt Instrument, Basis Spread on Variable Rate | | 1.00% | | | | | | | | |
Securitization obligations | | | | | | | | | | |
Principal Amount | | | | | | | | | | |
Securitization obligations outstanding | | | | 223 | | | 205 | | | |
Net Amount | | | | | | | | | | |
Securitization obligations outstanding | | | | 223 | | | 205 | | | |
Securitization obligations | Apple Ridge Funding LLC | | | | | | | | | | |
Principal Amount | | | | | | | | | | |
Securitization obligations outstanding | | | | 211 | [7],[8] | | 192 | | | |
Net Amount | | | | | | | | | | |
Securitization obligations outstanding | | | | 211 | [7],[8] | | 192 | | | |
Total capacity, securitization obligations | [3],[4] | | | 325 | | | | | | |
Debt Instrument, Unused Borrowing Capacity, Amount | | | | 114 | | | | | | |
Securitization obligations | Cartus Financing Limited | | | | | | | | | | |
Principal Amount | | | | | | | | | | |
Securitization obligations outstanding | | | | 12 | [7],[9] | | 13 | | | |
Net Amount | | | | | | | | | | |
Securitization obligations outstanding | | | | 12 | [7],[9] | | $ 13 | | | |
Total capacity, securitization obligations | [3],[4] | | | 20 | | | | | | |
Debt Instrument, Unused Borrowing Capacity, Amount | | | | $ 8 | | | | | | |
Securitization obligations | Revolving Credit Facility | Cartus Financing Limited | | | | | | | | | | |
Net Amount | | | | | | | | | | |
Total capacity, securitization obligations | £ | | £ 10 | | | | | | | | |
Securitization obligations | Working Capital Facility | Cartus Financing Limited | | | | | | | | | | |
Net Amount | | | | | | | | | | |
Total capacity, securitization obligations | £ | | £ 5 | | | | | | | | |
Subsequent Event [Member] | Line of Credit | Revolving Credit Facility | | | | | | | | | | |
Principal Amount | | | | | | | | | | |
Line of credit facility outstanding | [5],[6] | | $ 140 | | | | | | | |
Net Amount | | | | | | | | | | |
Outstanding borrowings, short-term debt, line of credit facility | [5],[6] | | 140 | | | | | | | |
Line of Credit Facility, Remaining Borrowing Capacity | | | $ 910 | | | | | | | |
| |
[1] | Not included in this table, the Company had $124 million of outstanding letters of credit at June 30, 2017 under the Unsecured Letter of Credit Facility with a weighted average rate of 2.93%. At June 30, 2017, the capacity of the facility was $131 million. | |
[2] | 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) JPMorgan Chase Bank, N.A.’s prime rate ("ABR") plus 1.25% (with an ABR floor of 1.75%). | |
[3] | The Term Loan A provides for quarterly amortization payments, which commenced March 31, 2016, totaling per annum 5%, 5%, 7.5%, 10.0% and 12.5% of the original principal amount of the Term Loan A in 2016, 2017, 2018, 2019 and 2020, respectively. The interest rates with respect to term loans under 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 senior secured leverage ratio, the LIBOR margin was 2.00% and the ABR margin was 1.00% for the three months ended June 30, 2017. | |
[4] | The Term Loan A-1 provides for quarterly amortization payments, which commenced on September 30, 2016, totaling per annum 2.5%, 2.5%, 5%, 7.5% and 10.0% of the original principal amount of the Term Loan A-1, with the last amortization payment made on June 30, 2021. The interest rates with respect to term loans under the Term Loan A-1 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 senior secured leverage ratio, the LIBOR margin was 2.00% and the ABR margin was 1.00% for the three months ended June 30, 2017. | |
[5] | As of June 30, 2017, the Company had $1,050 million of borrowing capacity under its Revolving Credit Facility, leaving $860 million of available capacity. The revolving credit facility expires in October 2020, but is classified on the balance sheet as current due to the revolving nature of the facility. On August 1, 2017, the Company had $140 million in outstanding borrowings under the Revolving Credit Facility, leaving $910 million of available capacity. | |
[6] | Interest rates with respect to revolving loans under the Senior Secured Credit Facility at June 30, 2017 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 senior secured leverage ratio, the LIBOR margin was 2.00% and the ABR margin was 1.00% for the three months ended June 30, 2017. | |
[7] | Available capacity is subject to maintaining sufficient relocation related assets to collateralize these securitization obligations. | |
[8] | In June 2017, Realogy Group extended the existing Apple Ridge Funding LLC securitization program utilized by Cartus until June 2018. As of June 30, 2017, the Company had $325 million of borrowing capacity under the Apple Ridge Funding LLC securitization program leaving $114 million of available capacity. | |
[9] | Consists of a £10 million revolving loan facility and a £5 million working capital facility. As of June 30, 2017, the Company had $20 million of borrowing capacity under the Cartus Financing Limited securitization program leaving $8 million of available capacity. | |