Debt under Vehicle Programs and Borrowing Arrangements (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Schedule of Debt

Debt under vehicle programs, including related party debt due to Avis Budget Rental Car Funding (AESOP) LLC (“Avis Budget Rental Car Funding”), consisted of:

	As of December 31,
	2022		2021
Americas – Debt due to Avis Budget Rental Car Funding (a)	$	11,322	$	8,889
Americas – Debt borrowings	598		612
International – Debt borrowings	1,700		1,757
International – Finance leases	176		177
Other	65		3
Deferred financing fees (b)	(52)		(48)
Total	$	13,809	$	11,390

__________ 

(a)Increase reflects additional borrowings principally to fund increases in our rental fleet.

(b)Deferred financing fees related to Debt due to Avis Budget Rental Car Funding as of December 31, 2022 and 2021 were $47 million and $41 million, respectively.

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.