Long-term Corporate Debt and Borrowing Arrangements (Tables)

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Schedule Of Long-Term Debt

Long-term corporate debt and borrowing arrangements consisted of:

		As of		As of
	Maturity Date	March 31,		December 31,
		2022		2021
4.125% euro-denominated Senior Notes	November 2024	$	332	$	341
4.500% euro-denominated Senior Notes	May 2025	277		284
4.750% euro-denominated Senior Notes	January 2026	387		398
5.750% Senior Notes	July 2027	729		728
4.750% Senior Notes	April 2028	500		500
5.375% Senior Notes	March 2029	600		600
Floating Rate Term Loan (a)	August 2027	1,184		1,187
Floating Rate Term Loan	March 2029	729		—
Other (b)		20		19
Deferred financing fees		(53)		(48)
Total		4,705		4,009
Less: Short-term debt and current portion of long-term debt		27		19
Long-term debt		$	4,678	$	3,990

__________

(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 March 31, 2022, the floating rate term loan due 2027 bears interest at one-month LIBOR plus 175 basis points, for an aggregate rate of 2.21%. We have 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 March 31, 2022, 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	$	—	$	1,596	$	354

__________

(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, liens on substantially all of our intellectual property and certain other real and personal property.

Committed Credit Facilities and Available Funding Arrangements

As of March 31, 2022, available funding under 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	$	10,103	$	9,779	$	324
Americas - Debt borrowings	985		615		370
International - Debt borrowings	2,590		1,573		1,017
International - Finance leases	192		156		36
Other	19		19		—
Total	$	13,889	$	12,142	$	1,747

__________

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

(b)    The outstanding debt is collateralized by vehicles and related assets of $11.5 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.