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Long-term Corporate Debt and Borrowing Arrangements (Tables) | 12 Months Ended
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Dec. 31, 2021
Debt Disclosure [Abstract] |
Schedule of Long-term Debt Instruments | Long-term debt and other borrowing arrangements consisted of:
| Maturity Date |  | As of December 31,
| 2021 |  | 2020
6.375% Senior Notes | April 2024 |  | $ | — |  |  | $ | 350 |
4.125% euro-denominated Senior Notes | November 2024 |  | 341 |  |  | 366 |
5.250% Senior Notes | March 2025 |  | — |  |  | 375 |
4.500% euro-denominated Senior Notes | May 2025 |  | 284 |  |  | 305 |
10.500% Senior Secured Notes | May 2025 |  | — |  |  | 487 |
4.750% euro-denominated Senior Notes | January 2026 |  | 398 |  |  | 428 |
5.750% Senior Notes | July 2027 |  | 728 |  |  | 724 |
4.750% Senior Notes | April 2028 |  | 500 |  |  | — |
5.375% Senior Notes | March 2029 |  | 600 |  |  | — |
Floating Rate Term Loan (a) | August 2027 |  | 1,187 |  |  | 1,199 |
Other (b) |  |  | 19 |  |  | 24 |
Deferred financing fees |  |  | (48) |  |  | (48) |
Total |  |  | 4,009 |  |  | 4,210 |
Less: Short-term debt and current portion of long-term debt |  |  | 19 |  |  | 19 |
Long-term debt |  |  | $ | 3,990 |  |  | $ | 4,191 |
_________ (a)The floating rate term loan is part of our senior revolving credit facility, which is secured by pledges of capital stock of certain our subsidiaries, and liens on substantially all of our intellectual property and certain other real and personal property. (b)Primarily includes finance leases which are secured by liens on the related assets.
Schedule of Maturities of Long-term Debt | The following table provides contractual maturities of our corporate debt at December 31, 2021:
Year | Amount
2022 | $ | 19 |
2023 | 18 |
2024 | 357 |
2025 | 299 |
2026 | 410 |
Thereafter | 2,954 |
| $ | 4,057 |
The following table provides the contractual maturities of our debt under vehicle programs, including related party debt due to Avis Budget Rental Car Funding, at December 31, 2021:
| Debt under Vehicle Programs (a)
2022 (b) | $ | 2,025 |
2023 (c) | 2,890 |
2024 (d) | 3,004 |
2025 | 1,666 |
2026 | 1,530 |
Thereafter | 323 |
| $ | 11,438 |
__________ (a) Vehicle-backed debt primarily represents asset-backed securities. (b) Includ es $0.7 billion of bank and bank-sponsored facilities. (c) Includes $1.7 billion of bank and bank-sponsored facilities. (d) Includes $1.3 billion of bank and bank-sponsored facilities.
Schedule of Line of Credit Facilities | At December 31, 2021, the committed corporate credit facilities available to us and/or our subsidiaries were as follows:
| Total Capacity |  | Outstanding Borrowings |  | Letters of Credit Issued |  | Available Capacity
Senior revolving credit facility maturing 2026 (a) | $ | 1,950 |  |  | $ | — |  |  | $ | 1,727 |  |  | $ | 223 |
__________ (a)The senior revolving credit facility bears interest at one-month LIBOR plus 175 basis points and is part of our senior credit facilities, which include the floating rate term loan and the senior revolving credit facility, and which are secured by pledges of capital stock of certain of our subsidiaries, and liens on substantially all of our intellectual property and certain other real and personal property. The following table presents available funding under our debt arrangements related to our vehicle programs, including related party debt due to Avis Budget Rental Car Funding, at December 31, 2021:
| Total Capacity (a) |  | Outstanding Borrowings (b) |  | Available Capacity
Americas – Debt due to Avis Budget Rental Car Funding | $ | 10,343 |  |  | $ | 8,889 |  |  | $ | 1,454 |
Americas – Debt borrowings | 825 |  |  | 612 |  |  | 213 |
International – Debt borrowings | 2,627 |  |  | 1,757 |  |  | 870 |
International – Finance leases | 206 |  |  | 177 |  |  | 29 |
Other | 3 |  |  | 3 |  |  | — |
Total | $ | 14,004 |  |  | $ | 11,438 |  |  | $ | 2,566 |
__________ (a)Capacity is subject to maintaining sufficient assets to collateralize debt. (b)The outstanding debt is collateralized by vehicles and related assets of $10.4 billion for Americas - Debt due to Avis Budget Rental Car Funding; $0.9 billion for Americas - Debt borrowings; $2.1 billion for International - Debt borrowings; and $0.2 billion for International - Finance leases.

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- Definition Tabular disclosure of short-term or long-term contractual arrangements with lenders, including letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19(b),22(b)) -URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 + Details
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