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Long-term Corporate Debt and Borrowing Arrangements (Tables) | 12 Months Ended
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Dec. 31, 2024
Debt Disclosure [Abstract] |
Schedule of Long-term Debt Instruments | Long-term debt and other borrowing arrangements consisted of:
| Maturity Date |  | As of December 31,
| 2024 |  | 2023
4.750% euro-denominated Senior Notes | January 2026 |  | — |  |  | 386 |
5.750% Senior Notes | July 2027 |  | 740 |  |  | 736 |
4.750% Senior Notes | April 2028 |  | 500 |  |  | 500 |
7.000% euro-denominated Senior Notes | February 2029 |  | 621 |  |  | — |
5.375% Senior Notes | March 2029 |  | 600 |  |  | 600 |
8.250% Senior Notes | January 2030 |  | 700 |  |  | — |
7.250% euro-denominated Senior Notes | July 2030 |  | 622 |  |  | 441 |
8.000% Senior Notes | February 2031 |  | 497 |  |  | 497 |
Floating Rate Term Loan (a) | August 2027 |  | 1,153 |  |  | 1,164 |
Floating Rate Term Loan (a) | March 2029 |  | — |  |  | 524 |
Other (b) |  |  | 20 |  |  | 30 |
Deferred financing fees |  |  | (60) |  |  | (55) |
Total |  |  | 5,393 |  |  | 4,823 |
Less: Short-term debt and current portion of long-term debt |  |  | 20 |  |  | 32 |
Long-term debt |  |  | $ | 5,373 |  |  | $ | 4,791 |
_________ (a)The floating rate term loan due August 2027 is, and the floating rate term loan due March 2029 was, 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. (b)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 years ended December 31, 2024 and 2023:
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 |  | April 2028 |  | 6.23 | % |  | 52 |
February 2024 |  | October 2026 |  | 6.18 | % |  | 37 |
March 2024 |  | October 2027 |  | 5.26 | % |  | 400 |
March 2024 |  | December 2029 |  | 5.35 | % |  | 700 |
December 2024 (a) |  | February 2026 |  | 9.56 | % |  | 88 |
December 2024 (a) |  | April 2026 |  | 9.56 | % |  | 75 |
December 2024 (a) |  | October 2026 |  | 9.61 | % |  | 53 |
December 2024 (a) |  | February 2027 |  | 9.65 | % |  | 61 |
December 2024 (a) |  | April 2027 |  | 9.66 | % |  | 65 |
December 2024 (a) |  | October 2027 |  | 9.67 | % |  | 55 |
|  |  |  | 6.04 | % |  | $ | 2,839 |
January 2023 |  | April 2028 |  | 5.36 | % |  | $ | 500 |
January 2023 |  | October 2026 |  | 5.31 | % |  | 350 |
April 2023 |  | February 2027 |  | 5.67 | % |  | 450 |
April 2023 |  | June 2028 |  | 5.76 | % |  | 550 |
June 2023 |  | April 2027 |  | 5.91 | % |  | 476 |
June 2023 |  | December 2028 |  | 5.98 | % |  | 526 |
September 2023 |  | August 2027 |  | 6.09 | % |  | 300 |
September 2023 |  | February 2029 |  | 6.21 | % |  | 700 |
|  |  |  | 5.81 | % |  | $ | 3,852 |
__________ (a)During December 2024, Avis Budget Rental Car Funding issued additional notes under several previously outstanding series of debt.
Schedule of Maturities of Long-term Debt | The following table provides contractual maturities of our corporate debt at December 31, 2024:
Year | Amount
2025 (a) | $ | 20 |
2026 | 17 |
2027 | 1,872 |
2028 | 503 |
2029 | 1,222 |
Thereafter | 1,819 |
| $ | 5,453 |
__________ (a)These short-term borrowings have weighted average interest rates which range from 5.39% to 5.80% as of December 31, 2024. 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, 2024:
| Debt under Vehicle Programs (a)
2025 (b) | $ | 1,966 |
2026 (c) | 6,484 |
2027 (d) | 3,930 |
2028 (e) | 2,330 |
2029 | 2,749 |
Thereafter | 154 |
| $ | 17,613 |
__________ (a) Vehicle-backed debt primarily represents asset-backed securities. (b) Includes $0.5 billion of bank and bank-sponsored facilities. These short-term borrowings have a weighted average interest rate of 4.04% as of December 31, 2024. (c) Includes $3.2 billion of bank and bank-sponsored facilities. (d) Includes $0.1 billion of bank and bank-sponsored facilities. (e) Includes $0.1 billion of bank and bank-sponsored facilities.
Schedule of Line of Credit Facilities | At December 31, 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 |  |  | $ | — |  |  | $ | 1,497 |  |  | $ | 503 |
__________ (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, 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, 2024:
| Total Capacity (a) |  | Outstanding Borrowings (b) |  | Available Capacity
Americas – Debt due to Avis Budget Rental Car Funding | $ | 15,720 |  |  | $ | 14,143 |  |  | $ | 1,577 |
Americas – Debt borrowings | 1,424 |  |  | 1,160 |  |  | 264 |
International – Debt borrowings | 3,031 |  |  | 2,159 |  |  | 872 |
International – Finance leases | 242 |  |  | 143 |  |  | 99 |
Other | 8 |  |  | 8 |  |  | — |
Total | $ | 20,425 |  |  | $ | 17,613 |  |  | $ | 2,812 |
__________ (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 of our asset-backed variable funding financing facilities, which were most recently amended and extended in December 2024. (b)The outstanding debt is collateralized by vehicles and related assets of $14 billion for Americas - Debt due to Avis Budget Rental Car Funding; $1.5 billion for Americas - Debt borrowings; $2.7 billion for International - Debt borrowings; and $0.2 billion for International - Finance leases.

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