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Long-term Corporate Debt and Borrowing Arrangements (Tables)
 9 Months Ended
Sep. 30, 2023
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt
Long-term corporate debt and borrowing arrangements consisted of:
As ofAs of
Maturity
Date		September 30,December 31,
20232022
4.125% euro-denominated Senior Notes
November 2024$— $321 
4.500% euro-denominated Senior Notes
May 2025264 268 
4.750% euro-denominated Senior Notes
January 2026370 375 
5.750% Senior Notes
July 2027735 732 
4.750% Senior Notes
April 2028500 500 
5.375% Senior Notes
March 2029600 600 
7.250% euro-denominated Senior Notes
July 2030423 — 
Floating Rate Term Loan (a)
August 20271,167 1,176 
Floating Rate Term Loan (b)
March 2029722 725 
Other (c)
28 18 
Deferred financing fees(43)(44)
Total4,766 4,671 
Less: Short-term debt and current portion of long-term debt30 27 
Long-term debt$4,736 $4,644 
__________
(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 September 30, 2023, the floating rate term loan due 2027 bears interest at one-month Secured Overnight Financing Rate (“SOFR”) plus 175 basis points, for an aggregate rate of 7.18%. We have entered into a swap to hedge $750 million of interest rate exposure related to the floating rate term loan at an aggregate rate of 3.26%.
(b)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 September 30, 2023, the floating rate term loan due 2029 bears interest at one-month SOFR plus 350 basis points for an aggregate rate of 8.92%.
(c)Primarily includes finance leases, which are secured by liens on the related assets.
In July 2023, we issued €400 million of 7.25% euro-denominated Senior Notes due July 2030, at par, with interest payable semi-annually. In September 2023, we used net proceeds from the offering primarily to redeem €300 million of our outstanding 4.125% euro-denominated Senior Notes due November 2024 plus accrued interest.
Schedule of Committed Credit Facilities
As of September 30, 2023, the committed corporate credit facilities available to us and/or our subsidiaries were as follows: 
Total
Capacity		Outstanding
Borrowings		Letters of Credit IssuedAvailable
Capacity
Senior revolving credit facility maturing 2026 (a)
$2,000 $— $1,536 $464 
__________
(a)The senior revolving credit facility bears interest at one-month SOFR 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 September 30, 2023, available funding under our debt arrangements related to 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$15,896 $15,182 $714 
Americas - Debt borrowings940 889 51 
International - Debt borrowings2,625 2,385 240 
International - Finance leases249 184 65 
Other86 86 — 
Total$19,796 $18,726 $1,070 
__________
(a)    Capacity is subject to maintaining sufficient assets to collateralize debt. The total capacity for Americas - Debt due to Avis Budget Rental Car Funding includes increases from an amendment and renewal of our asset-backed variable-funding financing facilities during March 2023 and was subsequently amended during July 2023.
(b)    The outstanding debt is collateralized by vehicles and related assets of $17.5 billion for Americas - Debt due to Avis Budget Rental Car Funding; $1.4 billion for Americas - Debt borrowings; $3.1 billion for International - Debt borrowings; and $0.2 billion for International - Finance leases.