Long-term Corporate Debt and Borrowing Arrangements (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

Long-term debt and other borrowing arrangements consisted of:

	Maturity Date	As of December 31,
		2022		2021
4.125% euro-denominated Senior Notes	November 2024	$	321	$	341
4.500% euro-denominated Senior Notes	May 2025	268		284
4.750% euro-denominated Senior Notes	January 2026	375		398
5.750% Senior Notes	July 2027	732		728
4.750% Senior Notes	April 2028	500		500
5.375% Senior Notes	March 2029	600		600
Floating Rate Term Loan (a)	August 2027	1,176		1,187
Floating Rate Term Loan (a)	March 2029	725		—
Other (b)		18		19
Deferred financing fees		(44)		(48)
Total		4,671		4,009
Less: Short-term debt and current portion of long-term debt		27		19
Long-term debt		$	4,644	$	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 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, 2022:

Year	Amount
2023	$	27
2024	346
2025	291
2026	396
2027	1,867
Thereafter	1,788
	$	4,715

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, 2022:

	Debt under Vehicle Programs (a)
2023 (b)	$	2,235
2024 (c)	5,485
2025	2,351
2026	2,124
2027	1,238
Thereafter	428
	$	13,861

__________

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

(b)    Includes $0.4 billion of bank and bank-sponsored facilities.

(c)    Includes $2.4 billion of bank and bank-sponsored facilities.

Schedule of Line of Credit Facilities

At December 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)	$	2,000	$	—	$	966	$	1,034

__________

(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, 2022:

	Total Capacity (a)		Outstanding Borrowings (b)		Available Capacity
Americas – Debt due to Avis Budget Rental Car Funding	$	11,921	$	11,322	$	599
Americas – Debt borrowings	970		598		372
International – Debt borrowings	2,628		1,700		928
International – Finance leases	208		176		32
Other	65		65		—
Total	$	15,792	$	13,861	$	1,931

__________

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

(b)The outstanding debt is collateralized by vehicles and related assets of $13.0 billion for Americas - Debt due to Avis Budget Rental Car Funding; $1.0 billion for Americas - Debt borrowings; $2.6 billion for International - Debt borrowings; and $0.2 billion for International - Finance leases.