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Long-term Corporate Debt and Borrowing Arrangements (Tables)
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt
Long-term corporate debt and borrowing arrangements consisted of:
As ofAs of
MaturityMarch 31,December 31,
Date20242023
4.750% euro-denominated Senior Notes (a)
January 2026$378 $386 
5.750% Senior Notes
July 2027736 736 
4.750% Senior Notes
April 2028500 500 
7.000% euro-denominated Senior Notes
February 2029647 — 
5.375% Senior Notes
March 2029600 600 
7.250% euro-denominated Senior Notes
July 2030432 441 
8.000% Senior Notes
February 2031497 497 
Floating Rate Term Loan (b)
August 20271,162 1,164 
Floating Rate Term Loan (c)
March 2029523 524 
Other (d)
24 30 
Deferred financing fees(62)(55)
Total5,437 4,823 
Less: Short-term debt and current portion of long-term debt405 32 
Long-term debt$5,032 $4,791 
________
(a)In April 2024, these notes were fully redeemed. See Note 18 – Subsequent Events.
(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 March 31, 2024, the floating rate term loan due 2027 bears interest at one-month Secured Overnight Financing Rate (“SOFR”) plus 1.75%, for an aggregate rate of 7.19%. 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%.
(c)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, 2024, the floating rate term loan due 2029 bears interest at one-month SOFR plus 3.00% for an aggregate rate of 8.43%.
(d)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 three months ended March 31, 2024:
Issuance DateMaturity DateWeighted Average
Interest Rate		Amount
Issued
January 2024June 20295.51 %$1,200 
February 2024April 20266.24 %53 
February 2024October 20266.18 %37 
February 2024April 20286.23 %52 
March 2024October 20275.26 %400 
March 2024December 20295.35 %700 
Schedule of Committed Credit Facilities
As of March 31, 2024, 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 2028 (a)
$2,000 $— $1,800 $200 
________
(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, 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, 2024, 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$18,455 $16,030 $2,425 
Americas - Debt borrowings1,194 1,082 112 
International - Debt borrowings3,119 1,973 1,146 
International - Finance leases242 164 78 
Other40 40 — 
Total$23,050 $19,289 $3,761 
________
(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 2024.
(b)    The outstanding debt is collateralized by vehicles and related assets of $18.3 billion for Americas - Debt due to Avis Budget Rental Car Funding; $1.5 billion for Americas - Debt borrowings; $2.6 billion for International - Debt borrowings; and $0.2 billion for International - Finance leases.