XML 47 R37.htm IDEA: XBRL DOCUMENT v3.24.3
Debt Under Vehicle Programs and Borrowing Arrangements (Tables)
 9 Months Ended
Sep. 30, 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 ofAs of
September 30,December 31,
20242023
Americas - Debt due to Avis Budget Rental Car Funding (a)
$13,903 $15,502 
Americas - Debt borrowings (b)
1,213 1,075 
International - Debt borrowings (c)
2,672 2,203 
International - Finance leases 179 172 
Other10 55 
Deferred financing fees (d)
(84)(70)
Total$17,893 $18,937 
________
(a)Includes approximately $726 million and $841 million of Class R notes as of September 30, 2024 and December 31, 2023, respectively, which are held by us.
(b)Includes our Repurchase Facility.
(c)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.
(d)Deferred financing fees related to Debt due to Avis Budget Rental Car Funding as of September 30, 2024 and December 31, 2023 were $66 million and $61 million, respectively.
Schedule of Debt Issued by AESOP
Long-term corporate debt and borrowing arrangements consisted of:
As ofAs of
MaturitySeptember 30,December 31,
Date20242023
4.750% euro-denominated Senior Notes
January 2026$— $386 
5.750% Senior Notes
July 2027739 736 
4.750% Senior Notes
April 2028500 500 
7.000% euro-denominated Senior Notes
February 2029668 — 
5.375% Senior Notes
March 2029600 600 
8.250% Senior Notes
January 2030700 — 
7.250% euro-denominated Senior Notes
July 2030669 441 
8.000% Senior Notes
February 2031497 497 
Floating Rate Term Loan (a)
August 20271,156 1,164 
Floating Rate Term Loan (b)
March 2029522 524 
Other (c)
24 30 
Deferred financing fees(70)(55)
Total6,005 4,823 
Less: Short-term debt and current portion of long-term debt540 32 
Long-term debt$5,465 $4,791 
________
(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, 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 6.71%. 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, 2024, the floating rate term loan due 2029 bears interest at one-month SOFR plus 3.00%, for an aggregate rate of 7.95%. In October 2024, the floating rate term loan due 2029 was fully repaid. See Note 18 – Subsequent Events.
(c)Primarily includes finance leases, which are secured by liens on the related assets.
The following table provides a summary of debt issued by Avis Budget Rental Car Funding during the nine months ended September 30, 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 
5.46 %$2,442 

In September 2024, we entered into a repurchase agreement (the “Repurchase Facility”), whereby we may sell our Class D notes issued by Avis Budget Rental Car Funding to the Repurchase Facility counterparty and repurchase such notes. Transactions under the Repurchase Facility have a 180-day tenor. As of September 30, 2024, $116 million was outstanding under the Repurchase Facility, which bears interest at a rate of 6.64%. As of September 30, 2024, we had $195 million of securities pledged as collateral for the Repurchase Facility, included within investment in Avis Budget Rental Car Funding (AESOP) LLC—related party on our Consolidated Condensed Balance Sheets.
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 September 30, 2024:
 
Debt under Vehicle Programs (a)
Within 1 year (b)
$2,606 
Between 1 and 2 years (c)
4,546 
Between 2 and 3 years (d)
5,666 
Between 3 and 4 years (e)
2,199 
Between 4 and 5 years
2,533 
Thereafter427 
Total$17,977 
________
(a)    Vehicle-backed debt primarily represents asset-backed securities.
(b)    Includes $0.6 billion of bank and bank-sponsored facilities.
(c)    Includes $1.6 billion of bank and bank-sponsored facilities.
(d)    Includes $2.1 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 September 30, 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 $— $1,464 $536 
________
(a)The senior revolving credit facility bears interest at one-month SOFR plus 2.00% 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, 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$16,848 $13,903 $2,945 
Americas - Debt borrowings1,486 1,213 273 
International - Debt borrowings3,357 2,672 685 
International - Finance leases263 179 84 
Other10 10 — 
Total$21,964 $17,977 $3,987 
________
(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 amendments and restatements of our asset-backed variable-funding financing facilities, which were most recently amended and restated in April 2024.
(b)    The outstanding debt is collateralized by vehicles and related assets of $17.0 billion for Americas - Debt due to Avis Budget Rental Car Funding; $1.9 billion for Americas - Debt borrowings; $3.4 billion for International - Debt borrowings; and $0.2 billion for International - Finance leases.