Long-term Corporate Debt and Borrowing Arrangements (Tables)

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Schedule Of Long-Term Debt

Long-term corporate debt and borrowing arrangements consisted of:

		As of		As of
	Maturity Date	September 30,		December 31,
		2021		2020
6.375% Senior Notes	April 2024	$	—	$	350
4.125% euro-denominated Senior Notes	November 2024	347		366
5.250% Senior Notes	March 2025	—		375
4.500% euro-denominated Senior Notes	May 2025	289		305
10.500% Senior Secured Notes	May 2025	—		487
4.750% euro-denominated Senior Notes	January 2026	405		428
5.750% Senior Notes	July 2027	727		724
4.750% Senior Notes	April 2028	500		—
5.375% Senior Notes	March 2029	600		—
Floating Rate Term Loan (a)	August 2027	1,190		1,199
Other (b)		20		24
Deferred financing fees		(51)		(48)
Total		4,027		4,210
Less: Short-term debt and current portion of long-term debt		18		19
Long-term debt		$	4,009	$	4,191

__________

(a)The floating rate term loan is part of the Company’s senior revolving credit facility, which is secured by pledges of capital stock of certain subsidiaries of the Company, and liens on substantially all of the Company’s intellectual property and certain other real and personal property. As of September 30, 2021, the floating rate term loan due 2027 bears interest at one-month LIBOR plus 175 basis points, for an aggregate rate of 1.84%. The Company has 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)Primarily includes finance leases which are secured by liens on the related assets.

Schedule Of Committed Credit Facilities

As of September 30, 2021, the committed corporate credit facilities available to the Company and/or its subsidiaries were as follows: 

	Total Capacity		Outstanding Borrowings		Letters of Credit Issued		Available Capacity
Senior revolving credit facility maturing 2026 (a)	$	1,950	$	—	$	1,560	$	390

__________

(a)The senior revolving credit facility bears interest at one-month LIBOR plus 200 basis points and is part of the Company’s 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 subsidiaries of the Company, liens on substantially all of the Company’s intellectual property and certain other real and personal property.

Committed Credit Facilities and Available Funding Arrangements

As of September 30, 2021, available funding under the Company’s 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	$	9,881	$	8,156	$	1,725
Americas - Debt borrowings	810		693		117
International - Debt borrowings	2,608		1,764		844
International - Finance leases	207		177		30
Other	3		3		—
Total	$	13,509	$	10,793	$	2,716

__________

(a)    Capacity is subject to maintaining sufficient assets to collateralize debt.

(b)    The outstanding debt is collateralized by vehicles and related assets of $9.3 billion for Americas - Debt due to Avis Budget Rental Car Funding; $0.9 billion for Americas - Debt borrowings; $2.0 billion for International - Debt borrowings; and $0.2 billion for International - Finance leases.