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Short And Long-Term Debt Schedule of Total Indebtedness (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Schedule of Long-term and Short-term Debt Instruments [Line Items]    
Outstanding borrowings, long-term debt $ 2,530  
Total Short-Term & Long-Term Debt 2,530 $ 2,542
Securitization obligations 148 115
Secured Debt | Term Loan A Facility    
Schedule of Long-term and Short-term Debt Instruments [Line Items]    
Outstanding borrowings, long-term debt 0 206
Secured Debt | 7.00% Senior Secured Second Lien Notes    
Schedule of Long-term and Short-term Debt Instruments [Line Items]    
Outstanding borrowings, long-term debt 629 627
Senior Notes | 5.75% Senior Notes    
Schedule of Long-term and Short-term Debt Instruments [Line Items]    
Outstanding borrowings, long-term debt 558 [1] 576
Senior Notes | 5.25% Senior Notes    
Schedule of Long-term and Short-term Debt Instruments [Line Items]    
Outstanding borrowings, long-term debt 444 [1] 451
Convertible Debt | 0.25% Exchangeable Senior Notes    
Schedule of Long-term and Short-term Debt Instruments [Line Items]    
Outstanding borrowings, long-term debt 399 397
Line of Credit | Revolving Credit Facility    
Schedule of Long-term and Short-term Debt Instruments [Line Items]    
Line of credit facility outstanding 500 [2],[3],[4] 285
Securitization obligation | Apple Ridge Funding LLC    
Schedule of Long-term and Short-term Debt Instruments [Line Items]    
Securitization obligations $ 148 [5] $ 115
[1] See below under the header "Repurchases of Unsecured Notes" for additional information with respect to repurchases in the third quarter of 2024.
[2] 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).
[3] 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.
[4] 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.
[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.