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Long-term Corporate Debt and Borrowing Arrangements (Tables)
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments
Long-term debt and other borrowing arrangements consisted of:
Maturity
Date		As of December 31,
20232022
4.125% euro-denominated Senior Notes
November 2024$— $321 
4.500% euro-denominated Senior Notes
May 2025— 268 
4.750% euro-denominated Senior Notes
January 2026386 375 
5.750% Senior Notes
July 2027736 732 
4.750% Senior Notes
April 2028500 500 
5.375% Senior Notes
March 2029600 600 
7.250% euro-denominated Senior Notes
July 2030441 — 
8.000% Senior Notes
February 2031497 — 
Floating Rate Term Loan (a)
August 20271,164 1,176 
Floating Rate Term Loan (a)
March 2029524 725 
Other (b)
30 18 
Deferred financing fees(55)(44)
Total4,823 4,671 
Less: Short-term debt and current portion of long-term debt32 27 
Long-term debt$4,791 $4,644 
_________
(a)The floating rate term loans are 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.
(b)Primarily includes finance leases which are secured by liens on the related assets.
The following table provides a summary of debt issued by AESOP during the years ended December 31, 2023 and 2022:
Issuance DateMaturity DateWeighted Average
Interest Rate		Amount
Issued
April 2022August 20273.96 %$660 
May 2022March 20255.43 %87 
May 2022March 20234.56 %68 
May 2022September 20235.25 %55 
July 2022February 20264.81 %389 
July 2022February 20284.99 %374 
November 2022April 20266.25 %500 
January 2023April 20285.36 %500 
January 2023October 20265.31 %350 
April 2023February 20275.67 %450 
April 2023June 20285.76 %550 
June 2023April 20275.91 %476 
June 2023December 20285.98 %526 
September 2023August 20276.09 %300 
September 2023February 20296.21 %700 
Schedule of Maturities of Long-term Debt
The following table provides contractual maturities of our corporate debt at December 31, 2023:
YearAmount
2024 (a)
$32 
202525 
2026408 
20271,872 
2028506 
Thereafter2,035 
$4,878 
__________
(a)These short-term borrowings have weighted average interest rates which range from 6.19% to 6.68% as of December 31, 2023.
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, 2023:
Debt under Vehicle Programs (a)
2024 (b)
$4,120 
2025 (c)
6,717 
20263,154 
2027 (d)
2,520 
2028
2,126 
Thereafter370 
$19,007 
__________
(a)    Vehicle-backed debt primarily represents asset-backed securities.
(b)    Includes $2.4 billion of bank and bank-sponsored facilities. These short-term borrowings have a weighted average interest rate of 4.80% as of December 31, 2023.
(c)    Includes $4.5 billion of bank and bank-sponsored facilities.
(d)    Includes $0.1 billion of bank and bank-sponsored facilities.
Schedule of Line of Credit Facilities
At December 31, 2023, the committed corporate credit facilities available to us and/or our subsidiaries were as follows:
Total CapacityOutstanding BorrowingsLetters of Credit IssuedAvailable Capacity
Senior revolving credit facility maturing 2028 (a)
$2,000 $— $1,739 $261 
__________
(a)The senior revolving credit facility bears interest at one-month SOFR plus 1.75% 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. In December 2023, we amended our senior revolving credit facility and extended its maturity term to December 2028.
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, 2023:
Total Capacity (a)
Outstanding Borrowings (b)
Available Capacity
Americas – Debt due to Avis Budget Rental Car Funding
$15,537 $15,502 $35 
Americas – Debt borrowings
1,234 1,075 159 
International – Debt borrowings
2,816 2,203 613 
International – Finance leases 246 172 74 
Other55 55 — 
Total$19,888 $19,007 $881 
__________
(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 most recently amended during January 2024.
(b)The outstanding debt is collateralized by vehicles and related assets of $17.4 billion for Americas - Debt due to Avis Budget Rental Car Funding; $1.5 billion for Americas - Debt borrowings; $2.8 billion for International - Debt borrowings; and $0.2 billion for International - Finance leases.