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v3.23.1

Long-term Corporate Debt and Borrowing Arrangements (Tables) | 3 Months Ended
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Mar. 31, 2023
Debt Disclosure [Abstract] |
Schedule of Long-Term Debt | Long-term corporate debt and borrowing arrangements consisted of:
|  |  | As of |  | As of
| Maturity Date |  | March 31, |  | December 31,
|  | 2023 |  | 2022
4.125% euro-denominated Senior Notes | November 2024 |  | $ | 325 |  |  | $ | 321 |
4.500% euro-denominated Senior Notes | May 2025 |  | 271 |  |  | 268 |
4.750% euro-denominated Senior Notes | January 2026 |  | 379 |  |  | 375 |
5.750% Senior Notes | July 2027 |  | 733 |  |  | 732 |
4.750% Senior Notes | April 2028 |  | 500 |  |  | 500 |
5.375% Senior Notes | March 2029 |  | 600 |  |  | 600 |
Floating Rate Term Loan (a) | August 2027 |  | 1,173 |  |  | 1,176 |
Floating Rate Term Loan (b) | March 2029 |  | 724 |  |  | 725 |
Other (c) |  |  | 34 |  |  | 18 |
Deferred financing fees |  |  | (43) |  |  | (44) |
Total |  |  | 4,696 |  |  | 4,671 |
Less: Short-term debt and current portion of long-term debt |  |  | 34 |  |  | 27 |
Long-term debt |  |  | $ | 4,662 |  |  | $ | 4,644 |
__________ (a)The floating rate term loan is part of our senior revolving credit facility, which is 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. As of March 31, 2023, the floating rate term loan due 2027 bears interest at one-month LIBOR plus 175 basis points, for an aggregate rate of 6.60%. We have entered into a swap to hedge $700 million of its interest rate exposure related to the floating rate term loan at an aggregate rate of 4.75%. (b)The floating rate term loan is part of our senior revolving credit facility, which is 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. As of March 31, 2023, the floating rate term loan due 2029 bears interest at one-month Secured Overnight Financing Rate (“SOFR”) plus 350 basis points for an aggregate rate of 8.41%. (c)Primarily includes finance leases, which are secured by liens on the related assets.
Schedule of Committed Credit Facilities | As of March 31, 2023, 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) | $ | 2,000 |  |  | $ | — |  |  | $ | 1,123 |  |  | $ | 877 |
__________ (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, liens on substantially all of our intellectual property and certain other real and personal property. Committed Credit Facilities and Available Funding Arrangements As of March 31, 2023, available funding under our debt arrangements related to our vehicle programs, including related party debt due to Avis Budget Rental Car Funding, consisted of:
| Total Capacity (a) |  | Outstanding Borrowings (b) |  | Available Capacity
Americas - Debt due to Avis Budget Rental Car Funding | $ | 13,243 |  |  | $ | 12,259 |  |  | $ | 984 |
Americas - Debt borrowings | 962 |  |  | 739 |  |  | 223 |
International - Debt borrowings | 2,649 |  |  | 1,608 |  |  | 1,041 |
International - Finance leases | 211 |  |  | 175 |  |  | 36 |
Other | 54 |  |  | 53 |  |  | 1 |
Total | $ | 17,119 |  |  | $ | 14,834 |  |  | $ | 2,285 |
__________ (a) Capacity is subject to maintaining sufficient assets to collateralize debt. The total capacity for Americas - Debt due to Avis Budget Rental Car Funding includes increases from an amendment and renewal of our asset-backed variable-funding financing facilities during March 2023. (b) The outstanding debt is collateralized by vehicles and related assets of $14.3 billion for Americas - Debt due to Avis Budget Rental Car Funding; $1.1 billion for Americas - Debt borrowings; $2.5 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 https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 + Details
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