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Short And Long-Term Debt Indebtedness Table (Details)
£ in Millions, $ in Millions
3 Months Ended
Mar. 31, 2022
USD ($)
Mar. 31, 2021
USD ($)
May 02, 2022
USD ($)
Mar. 31, 2022
GBP (£)
Jan. 10, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2021
GBP (£)
Jun. 02, 2021
USD ($)
Jan. 27, 2021
USD ($)
Principal Amount                  
Long-term debt principal amount $ 2,941                
Securitization obligations 105         $ 118      
Unamortized Discount (Premium) and Debt Issuance Costs                  
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net 30                
Net Amount                  
Outstanding borrowings, long-term debt 2,911                
Securitization obligations $ 105         118      
LIBOR                  
Net Amount                  
Description of variable interest rate basis LIBOR                
ABR                  
Net Amount                  
Description of variable interest rate basis ABR                
Secured Debt | Extended Term Loan A                  
Principal Amount                  
Long-term debt principal amount $ 231         232     $ 237
Unamortized Discount (Premium) and Debt Issuance Costs                  
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net [1],[2],[3] 1                
Net Amount                  
Outstanding borrowings, long-term debt $ 230 [1],[2],[3]         231      
Secured Debt | Extended Term Loan A | June 2021 to March 2022                  
Net Amount                  
Quarterly percentage of original principal amount for quarterly amortization payments 0.625%     0.625%          
Secured Debt | Extended Term Loan A | June 2022 to March 2023                  
Net Amount                  
Quarterly percentage of original principal amount for quarterly amortization payments 1.25%     1.25%          
Secured Debt | Extended Term Loan A | June 2023 to March 2024                  
Net Amount                  
Quarterly percentage of original principal amount for quarterly amortization payments 1.875%     1.875%          
Secured Debt | Extended Term Loan A | June 2024 and thereafter                  
Net Amount                  
Quarterly percentage of original principal amount for quarterly amortization payments 2.50%     2.50%          
Secured Debt | Extended Term Loan A | LIBOR | Less than 2.00 to 1.00                  
Net Amount                  
Debt Instrument, Basis Spread on Variable Rate 1.75%                
Secured Debt | Extended Term Loan A | ABR | Less than 2.00 to 1.00                  
Net Amount                  
Debt Instrument, Basis Spread on Variable Rate 0.75%                
Senior Notes | 4.875% Senior Notes                  
Principal Amount                  
Long-term debt principal amount $ 407         407      
Unamortized Discount (Premium) and Debt Issuance Costs                  
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net 1                
Net Amount                  
Outstanding borrowings, long-term debt $ 406         406      
Interest Rate 4.875%     4.875%          
Senior Notes | 5.75% Senior Notes                  
Principal Amount                  
Long-term debt principal amount $ 900         900      
Unamortized Discount (Premium) and Debt Issuance Costs                  
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net 1                
Net Amount                  
Outstanding borrowings, long-term debt $ 899         898      
Interest Rate 5.75%     5.75%          
Senior Notes | 5.25% Senior Notes                  
Principal Amount                  
Long-term debt principal amount $ 1,000       $ 1,000 0      
Unamortized Discount (Premium) and Debt Issuance Costs                  
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net [4] 17                
Net Amount                  
Outstanding borrowings, long-term debt $ 983 [4]         0      
Interest Rate 5.25%     5.25%          
Convertible Debt | 0.25% Exchangeable Senior Notes                  
Principal Amount                  
Long-term debt principal amount $ 403         403   $ 403  
Unamortized Discount (Premium) and Debt Issuance Costs                  
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net [5] 10                
Net Amount                  
Outstanding borrowings, long-term debt $ 393 [5]         328   $ 319  
Interest Rate 0.25%     0.25%          
Line of Credit | Revolving Credit Facility                  
Principal Amount                  
Line of credit facility outstanding $ 0 [1],[3],[6]         0      
Net Amount                  
Outstanding borrowings, short-term debt, line of credit facility 0 [1],[3],[6]         0      
Line of credit facility outstanding $ 0 [1],[3],[6]         0      
Line of Credit | Revolving Credit Facility | LIBOR | Less than 2.00 to 1.00                  
Net Amount                  
Debt Instrument, Basis Spread on Variable Rate 1.75%                
Line of Credit | Revolving Credit Facility | ABR | Less than 2.00 to 1.00                  
Net Amount                  
Debt Instrument, Basis Spread on Variable Rate 0.75%                
Line of Credit | Non-extended Revolving Credit Commitment                  
Net Amount                  
Total capacity, short-term debt, line of credit facility $ 477                
Line of Credit | Extended Revolving Credit Commitment                  
Net Amount                  
Total capacity, short-term debt, line of credit facility 948                
Securitization obligation                  
Unamortized Discount (Premium) and Debt Issuance Costs                  
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net 0                
Net Amount                  
Relocation receivables and other related relocation assets that collateralize securitization obligations 157         132      
Interest Expense, Debt $ 1 $ 1              
Weighted average interest rate, securitization obligations 3.20% 3.90%   3.20%          
Securitization obligation | Apple Ridge Funding LLC                  
Principal Amount                  
Securitization obligations $ 104 [7],[8]         116      
Net Amount                  
Securitization obligations 104 [7],[8]         116      
Total capacity, securitization obligations 200                
Debt Instrument, Unused Borrowing Capacity, Amount 96                
Securitization obligation | Cartus Financing Limited                  
Principal Amount                  
Securitization obligations 1 [8],[9]         2      
Net Amount                  
Securitization obligations 1 [8],[9]         $ 2      
Total capacity, securitization obligations 20                
Debt Instrument, Unused Borrowing Capacity, Amount 19                
Securitization obligation | Cartus Financing Limited | Revolving Credit Facility                  
Net Amount                  
Total capacity, securitization obligations | £       £ 2     £ 5    
Securitization obligation | Cartus Financing Limited | Working Capital Facility                  
Net Amount                  
Total capacity, securitization obligations | £       5          
Securitization obligation | Cartus Financing Limited | Maximum Capacity | Revolving Credit Facility                  
Net Amount                  
Total capacity, securitization obligations | £       £ 10          
Letter of Credit | Revolving Credit Facility                  
Principal Amount                  
Line of credit facility outstanding 42                
Net Amount                  
Outstanding borrowings, short-term debt, line of credit facility 42                
Line of credit facility outstanding $ 42                
Subsequent Event | Line of Credit | Revolving Credit Facility                  
Principal Amount                  
Line of credit facility outstanding     $ 0            
Net Amount                  
Outstanding borrowings, short-term debt, line of credit facility     0            
Line of credit facility outstanding     0            
Subsequent Event | Letter of Credit | Revolving Credit Facility                  
Principal Amount                  
Line of credit facility outstanding     42            
Net Amount                  
Outstanding borrowings, short-term debt, line of credit facility     42            
Line of credit facility outstanding     $ 42            
[1] Interest rates with respect to revolving loans under the Revolving Credit Facility and outstanding borrowings under the Extended Term Loan A at March 31, 2022 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 March 31, 2022.
[2] The Extended Term Loan A has quarterly amortization payments equal to a percentage per quarter of the original principal amount of $237 million, 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.
[3] The maturity date of the Non-Extended Revolving Credit Commitment under the Revolving Credit Facility is February 2023. 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).
[4] In the first quarter of 2022, the Company issued $1,000 million aggregate principal amount of 5.25% Senior Notes due 2030 and used net proceeds, together with cash on hand, to redeem in full both the outstanding 9.375% Senior Notes due 2027 and the 7.625% Senior Secured Second Lien Notes due 2025. See below under the header "5.25% Senior Notes Issuance and Redemption of 9.375% Senior Notes and 7.625% Senior Secured Second Lien Notes" for a description of these transactions.
[5] See below under the header "Exchangeable Senior Notes" for additional information and Note 1, "Basis of Presentation—Recently Adopted Accounting Pronouncements", related to the January 1, 2022 adoption of the new standard on "Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity".
[6] The Revolving Credit Facility includes available capacity under the Non-extended Revolving Credit Commitment of $477 million and available capacity under the Extended Revolving Credit Commitment of $948 million. As of March 31, 2022, there were no outstanding borrowings under the Revolving Credit Facility and $42 million of outstanding undrawn letters of credit. On May 2, 2022, the Company had no outstanding borrowings under the Revolving Credit Facility and $42 million of outstanding undrawn letters of credit.
[7] As of March 31, 2022, the Company had $200 million of borrowing capacity under the Apple Ridge Funding LLC securitization program with $104 million being utilized leaving $96 million of available capacity.
[8] Available capacity is subject to maintaining sufficient relocation related assets to collateralize these securitization obligations. Certain of the funds that Realogy Group receives from relocation receivables and related assets are required to be utilized to repay securitization obligations. These obligations are collateralized by $157 million and $132 million of underlying relocation receivables and other related relocation assets at March 31, 2022 and December 31, 2021, respectively. Substantially all relocation related assets are realized in less than twelve months from the transaction date. Accordingly, all of Realogy Group's securitization obligations are classified as current in the accompanying Condensed Consolidated Balance Sheets. Interest incurred in connection with borrowings under these facilities amounted to $1 million for both the three months ended March 31, 2022 and 2021. This interest is recorded within net revenues in the accompanying Condensed Consolidated Statements of Operations as related borrowings are utilized to fund Realogy Group's relocation operations where interest is generally earned on such assets. These securitization obligations represent floating rate debt for which the average weighted interest rate was 3.2% and 3.9% for the three months ended March 31, 2022 and 2021, respectively.
[9] In January 2022, the program was amended and the revolving loan facility was reduced from £5 million to £2 million. As of March 31, 2022, Realogy Group has, through a special purpose entity known as Cartus Financing Limited, agreements providing for a £2 million revolving loan facility (with the ability to increase up to £10 million) and a £5 million working capital facility. As of March 31, 2022, the Company had $20 million of borrowing capacity under the Cartus Financing Limited securitization program with $1 million being utilized leaving $19 million of available capacity.