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Long-term Corporate Debt and Borrowing Arrangements (Tables) | 6 Months Ended
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Jun. 30, 2025
Debt Disclosure [Abstract] |
Schedule of Long-Term Debt | Long-term debt and other borrowing arrangements consisted of:
|  |  | As of |  | As of
| Maturity |  | June 30, |  | December 31,
| Date |  | 2025 |  | 2024
5.750% Senior Notes | July 2027 |  | 643 |  |  | 740 |
4.750% Senior Notes | April 2028 |  | 500 |  |  | 500 |
7.000% euro-denominated Senior Notes | February 2029 |  | 707 |  |  | 621 |
5.375% Senior Notes | March 2029 |  | 600 |  |  | 600 |
8.250% Senior Notes | January 2030 |  | 700 |  |  | 700 |
7.250% euro-denominated Senior Notes | July 2030 |  | 708 |  |  | 622 |
8.000% Senior Notes | February 2031 |  | 497 |  |  | 497 |
8.375% Senior Notes | June 2032 |  | 600 |  |  | — |
Floating Rate Term Loan (a) | August 2027 |  | 1,147 |  |  | 1,153 |
Other (b) |  |  | 36 |  |  | 20 |
Deferred financing fees |  |  | (61) |  |  | (60) |
Total |  |  | 6,077 |  |  | 5,393 |
Less: Short-term debt and current portion of long-term debt |  |  | 39 |  |  | 20 |
Long-term debt |  |  | $ | 6,038 |  |  | $ | 5,373 |
__________ (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 June 30, 2025, 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 6.19%. 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%. In July 2025, we amended our floating rate term loan, extending its maturity date from August 2027 to July 2032 and increasing the interest rate to SOFR plus 2.50%. See Note 18 – Subsequent Event. (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 six months ended June 30, 2025:
Issuance Date |  | Maturity Date |  | Weighted Average Interest Rate |  | Amount Issued
January 2025 |  | August 2027 |  | 7.31 | % |  | $ | 41 |
January 2025 |  | April 2028 |  | 7.59 | % |  | 75 |
January 2025 |  | June 2028 |  | 7.31 | % |  | 75 |
January 2025 |  | December 2028 |  | 7.37 | % |  | 72 |
January 2025 |  | February 2029 |  | 7.52 | % |  | 95 |
May 2025 |  | August 2028 |  | 4.94 | % |  | 250 |
May 2025 |  | August 2030 |  | 5.26 | % |  | 400 |
|  |  |  | 5.95 | % |  | $ | 1,008 |
Schedule of Committed Credit Facilities | As of June 30, 2025, 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 |  |  | $ | — |  |  | $ | 1,597 |  |  | $ | 403 |
__________ (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, as of June 30, 2025:
| Total Capacity (a) |  | Outstanding Borrowings (b) |  | Available Capacity
Americas - Debt due to Avis Budget Rental Car Funding | $ | 16,625 |  |  | $ | 15,585 |  |  | $ | 1,040 |
Americas - Debt borrowings | 1,614 |  |  | 1,334 |  |  | 280 |
International - Debt borrowings | 3,275 |  |  | 2,905 |  |  | 370 |
International - Finance leases | 164 |  |  | 164 |  |  | — |
Total | $ | 21,678 |  |  | $ | 19,988 |  |  | $ | 1,690 |
__________ (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 our asset-backed variable-funding financing facilities. These facilities were most recently amended and restated in April 2025. (b)The outstanding debt is collateralized by vehicles and related assets of $16.2 billion for Americas - Debt due to Avis Budget Rental Car Funding; $1.7 billion for Americas - Debt borrowings; $3.4 billion for International - Debt borrowings; and $0.2 billion for International - Finance leases.

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