Debt Under Vehicle Programs and Borrowing Arrangements (Tables)

3 Months Ended

Mar. 31, 2024

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		As of
	March 31,		December 31,
	2024		2023
Americas - Debt due to Avis Budget Rental Car Funding (a)	$	16,030	$	15,502
Americas - Debt borrowings	1,082		1,075
International - Debt borrowings (b)	1,973		2,203
International - Finance leases	164		172
Other	40		55
Deferred financing fees (c)	(99)		(70)
Total	$	19,190	$	18,937

________

(a)Includes approximately $843 million and $841 million of Class R notes as of March 31, 2024 and December 31, 2023, respectively, which are held by us.

(b)In February 2024, we amended our European rental fleet securitization program to increase its capacity to approximately €1.9 billion and extend the maturity of the program to September 2026. We also added £200 million to our capacity within the program.

(c)Deferred financing fees related to Debt due to Avis Budget Rental Car Funding as of March 31, 2024 and December 31, 2023 were $81 million and $61 million, respectively.

Schedule of Debt Issued by AESOP

Long-term corporate debt and borrowing arrangements consisted of:

		As of		As of
	Maturity	March 31,		December 31,
	Date	2024		2023
4.750% euro-denominated Senior Notes (a)	January 2026	$	378	$	386
5.750% Senior Notes	July 2027	736		736
4.750% Senior Notes	April 2028	500		500
7.000% euro-denominated Senior Notes	February 2029	647		—
5.375% Senior Notes	March 2029	600		600
7.250% euro-denominated Senior Notes	July 2030	432		441
8.000% Senior Notes	February 2031	497		497
Floating Rate Term Loan (b)	August 2027	1,162		1,164
Floating Rate Term Loan (c)	March 2029	523		524
Other (d)		24		30
Deferred financing fees		(62)		(55)
Total		5,437		4,823
Less: Short-term debt and current portion of long-term debt		405		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 Date	Maturity Date	Weighted Average Interest Rate		Amount Issued
January 2024	June 2029	5.51	%	$	1,200
February 2024	April 2026	6.24	%	53
February 2024	October 2026	6.18	%	37
February 2024	April 2028	6.23	%	52
March 2024	October 2027	5.26	%	400
March 2024	December 2029	5.35	%	700

Schedule of Maturities of Long-term Debt

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 March 31, 2024:

	Debt under Vehicle Programs (a)
Within 1 year (b)	$	2,090
Between 1 and 2 years (c)	3,803
Between 2 and 3 years (d)	6,780
Between 3 and 4 years (e)	2,770
Between 4 and 5 years	2,365
Thereafter	1,481
Total	$	19,289

________

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

(b)    Includes $0.2 billion of bank and bank-sponsored facilities.

(c)    Includes $1.3 billion of bank and bank-sponsored facilities.

(d)    Includes $3.5 billion of bank and bank-sponsored facilities.

(e)    Includes $0.1 billion of bank and bank-sponsored facilities.

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 Issued		Available 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 borrowings	1,194		1,082		112
International - Debt borrowings	3,119		1,973		1,146
International - Finance leases	242		164		78
Other	40		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.