Long-term Corporate Debt and Borrowing Arrangements (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

Long-term debt and other borrowing arrangements consisted of:

	Maturity Date	As of December 31,
		2021		2020
6.375% Senior Notes	April 2024	$	—	$	350
4.125% euro-denominated Senior Notes	November 2024	341		366
5.250% Senior Notes	March 2025	—		375
4.500% euro-denominated Senior Notes	May 2025	284		305
10.500% Senior Secured Notes	May 2025	—		487
4.750% euro-denominated Senior Notes	January 2026	398		428
5.750% Senior Notes	July 2027	728		724
4.750% Senior Notes	April 2028	500		—
5.375% Senior Notes	March 2029	600		—
Floating Rate Term Loan (a)	August 2027	1,187		1,199
Other (b)		19		24
Deferred financing fees		(48)		(48)
Total		4,009		4,210
Less: Short-term debt and current portion of long-term debt		19		19
Long-term debt		$	3,990	$	4,191

_________

(a)The floating rate term loan is part of our senior revolving credit facility, which is secured by pledges of capital stock of certain 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.

Schedule of Maturities of Long-term Debt

The following table provides contractual maturities of our corporate debt at December 31, 2021:

Year	Amount
2022	$	19
2023	18
2024	357
2025	299
2026	410
Thereafter	2,954
	$	4,057

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, 2021:

	Debt under Vehicle Programs (a)
2022 (b)	$	2,025
2023 (c)	2,890
2024 (d)	3,004
2025	1,666
2026	1,530
Thereafter	323
	$	11,438

__________

(a)    Vehicle-backed debt primarily represents asset-backed securities.

(b)    Includes $0.7 billion of bank and bank-sponsored facilities.

(c)    Includes $1.7 billion of bank and bank-sponsored facilities.

(d)    Includes $1.3 billion of bank and bank-sponsored facilities.

Schedule of Line of Credit Facilities

At December 31, 2021, 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)	$	1,950	$	—	$	1,727	$	223

__________

(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, 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, 2021:

	Total Capacity (a)		Outstanding Borrowings (b)		Available Capacity
Americas – Debt due to Avis Budget Rental Car Funding	$	10,343	$	8,889	$	1,454
Americas – Debt borrowings	825		612		213
International – Debt borrowings	2,627		1,757		870
International – Finance leases	206		177		29
Other	3		3		—
Total	$	14,004	$	11,438	$	2,566

__________

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

(b)The outstanding debt is collateralized by vehicles and related assets of $10.4 billion for Americas - Debt due to Avis Budget Rental Car Funding; $0.9 billion for Americas - Debt borrowings; $2.1 billion for International - Debt borrowings; and $0.2 billion for International - Finance leases.