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Debt Under Vehicle Programs and Borrowing Arrangements (Tables) | 9 Months Ended
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Sep. 30, 2024
Debt Disclosure [Abstract] |
Schedule of Debt | Debt under vehicle programs, including related party debt due to Avis Budget Rental Car Funding (AESOP) LLC (“Avis Budget Rental Car Funding”), consisted of:
| As of |  | As of
| September 30, |  | December 31,
| 2024 |  | 2023
Americas - Debt due to Avis Budget Rental Car Funding (a) | $ | 13,903 |  |  | $ | 15,502 |
Americas - Debt borrowings (b) | 1,213 |  |  | 1,075 |
International - Debt borrowings (c) | 2,672 |  |  | 2,203 |
International - Finance leases | 179 |  |  | 172 |
Other | 10 |  |  | 55 |
Deferred financing fees (d) | (84) |  |  | (70) |
Total | $ | 17,893 |  |  | $ | 18,937 |
________ (a)Includes approximately $726 million and $841 million of Class R notes as of September 30, 2024 and December 31, 2023, respectively, which are held by us. (b)Includes our Repurchase Facility. (c)In February 2024, we amended our European rental fleet securitization program to increase its capacity to approximately €1.9 billion and extend the maturity of the program to September 2026. We also added £200 million to our capacity within the program. (d)Deferred financing fees related to Debt due to Avis Budget Rental Car Funding as of September 30, 2024 and December 31, 2023 were $66 million and $61 million, respectively.
Schedule of Debt Issued by AESOP | Long-term corporate debt and borrowing arrangements consisted of:
|  |  | As of |  | As of
| Maturity |  | September 30, |  | December 31,
| Date |  | 2024 |  | 2023
4.750% euro-denominated Senior Notes | January 2026 |  | $ | — |  |  | $ | 386 |
5.750% Senior Notes | July 2027 |  | 739 |  |  | 736 |
4.750% Senior Notes | April 2028 |  | 500 |  |  | 500 |
7.000% euro-denominated Senior Notes | February 2029 |  | 668 |  |  | — |
5.375% Senior Notes | March 2029 |  | 600 |  |  | 600 |
8.250% Senior Notes | January 2030 |  | 700 |  |  | — |
7.250% euro-denominated Senior Notes | July 2030 |  | 669 |  |  | 441 |
8.000% Senior Notes | February 2031 |  | 497 |  |  | 497 |
Floating Rate Term Loan (a) | August 2027 |  | 1,156 |  |  | 1,164 |
Floating Rate Term Loan (b) | March 2029 |  | 522 |  |  | 524 |
Other (c) |  |  | 24 |  |  | 30 |
Deferred financing fees |  |  | (70) |  |  | (55) |
Total |  |  | 6,005 |  |  | 4,823 |
Less: Short-term debt and current portion of long-term debt |  |  | 540 |  |  | 32 |
Long-term debt |  |  | $ | 5,465 |  |  | $ | 4,791 |
________ (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 September 30, 2024, the floating rate term loan due 2027 bears interest at one-month Secured Overnight Financing Rate (“SOFR”) plus 1.75%, for an aggregate rate of 6.71%. We have entered into a swap to hedge $750 million of interest rate exposure related to the floating rate term loan at an aggregate rate of 3.26%. (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 September 30, 2024, the floating rate term loan due 2029 bears interest at one-month SOFR plus 3.00%, for an aggregate rate of 7.95%. In October 2024, the floating rate term loan due 2029 was fully repaid. See Note 18 – Subsequent Events. (c)Primarily includes finance leases, which are secured by liens on the related assets. The following table provides a summary of debt issued by Avis Budget Rental Car Funding during the nine months ended September 30, 2024:
Issuance Date |  | Maturity Date |  | Weighted Average Interest Rate |  | Amount Issued
January 2024 |  | June 2029 |  | 5.51 | % |  | $ | 1,200 |
February 2024 |  | April 2026 |  | 6.24 | % |  | 53 |
February 2024 |  | October 2026 |  | 6.18 | % |  | 37 |
February 2024 |  | April 2028 |  | 6.23 | % |  | 52 |
March 2024 |  | October 2027 |  | 5.26 | % |  | 400 |
March 2024 |  | December 2029 |  | 5.35 | % |  | 700 |
|  |  |  | 5.46 | % |  | $ | 2,442 |
In September 2024, we entered into a repurchase agreement (the “Repurchase Facility”), whereby we may sell our Class D notes issued by Avis Budget Rental Car Funding to the Repurchase Facility counterparty and repurchase such notes. Transactions under the Repurchase Facility have a 180-day tenor. As of September 30, 2024, $116 million was outstanding under the Repurchase Facility, which bears interest at a rate of 6.64%. As of September 30, 2024, we had $195 million of securities pledged as collateral for the Repurchase Facility, included within investment in Avis Budget Rental Car Funding (AESOP) LLC—related party on our Consolidated Condensed Balance Sheets.
Schedule of Maturities of Long-term Debt | 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 September 30, 2024:
| Debt under Vehicle Programs (a)
Within 1 year (b) | $ | 2,606 |
Between 1 and 2 years (c) | 4,546 |
Between 2 and 3 years (d) | 5,666 |
Between 3 and 4 years (e) | 2,199 |
Between 4 and 5 years | 2,533 |
Thereafter | 427 |
Total | $ | 17,977 |
________ (a) Vehicle-backed debt primarily represents asset-backed securities. (b) Includes $0.6 billion of bank and bank-sponsored facilities. (c) Includes $1.6 billion of bank and bank-sponsored facilities. (d) Includes $2.1 billion of bank and bank-sponsored facilities. (e) Includes $0.1 billion of bank and bank-sponsored facilities.
Schedule of Committed Credit Facilities | As of September 30, 2024, 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 2028 (a) | $ | 2,000 |  |  | $ | — |  |  | $ | 1,464 |  |  | $ | 536 |
________ (a)The senior revolving credit facility bears interest at one-month SOFR plus 2.00% 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 September 30, 2024, 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 | $ | 16,848 |  |  | $ | 13,903 |  |  | $ | 2,945 |
Americas - Debt borrowings | 1,486 |  |  | 1,213 |  |  | 273 |
International - Debt borrowings | 3,357 |  |  | 2,672 |  |  | 685 |
International - Finance leases | 263 |  |  | 179 |  |  | 84 |
Other | 10 |  |  | 10 |  |  | — |
Total | $ | 21,964 |  |  | $ | 17,977 |  |  | $ | 3,987 |
________ (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 amendments and restatements of our asset-backed variable-funding financing facilities, which were most recently amended and restated in April 2024. (b) The outstanding debt is collateralized by vehicles and related assets of $17.0 billion for Americas - Debt due to Avis Budget Rental Car Funding; $1.9 billion for Americas - Debt borrowings; $3.4 billion for International - Debt borrowings; and $0.2 billion for International - Finance leases.

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