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Debt under Vehicle Programs and Borrowing Arrangements (Tables)
 12 Months Ended
Dec. 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 December 31,
20242023
Americas – Debt due to Avis Budget Rental Car Funding (a)
$14,143 $15,502 
Americas – Debt borrowings1,160 1,075 
International – Debt borrowings2,159 2,203 
International – Finance leases143 172 
Other8 55 
Deferred financing fees (b)
(77)(70)
Total$17,536 $18,937 
__________ 
(a)Includes $751 million and $841 million of Class R notes as of December 31, 2024 and December 31, 2023, respectively, which are held by us.
(b)Deferred financing fees related to Debt due to Avis Budget Rental Car Funding as of December 31, 2024 and 2023 were $60 million and $61 million, respectively.
Schedule of Debt Issued by AESOP
Long-term debt and other borrowing arrangements consisted of:
Maturity
Date		As of December 31,
20242023
4.750% euro-denominated Senior Notes
January 2026— 386 
5.750% Senior Notes
July 2027740 736 
4.750% Senior Notes
April 2028500 500 
7.000% euro-denominated Senior Notes
February 2029621 — 
5.375% Senior Notes
March 2029600 600 
8.250% Senior Notes
January 2030700 — 
7.250% euro-denominated Senior Notes
July 2030622 441 
8.000% Senior Notes
February 2031497 497 
Floating Rate Term Loan (a)
August 20271,153 1,164 
Floating Rate Term Loan (a)
March 2029— 524 
Other (b)
20 30 
Deferred financing fees(60)(55)
Total5,393 4,823 
Less: Short-term debt and current portion of long-term debt20 32 
Long-term debt$5,373 $4,791 
_________
(a)The floating rate term loan due August 2027 is, and the floating rate term loan due March 2029 was, 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 Avis Budget Rental Car Funding during the years ended December 31, 2024 and 2023:
Issuance DateMaturity DateWeighted Average
Interest Rate		Amount
Issued
January 2024June 20295.51 %$1,200 
February 2024April 20266.24 %53 
February 2024April 20286.23 %52 
February 2024October 20266.18 %37 
March 2024October 20275.26 %400 
March 2024December 20295.35 %700 
December 2024 (a)
February 20269.56 %88 
December 2024 (a)
April 20269.56 %75 
December 2024 (a)
October 20269.61 %53 
December 2024 (a)
February 20279.65 %61 
December 2024 (a)
April 20279.66 %65 
December 2024 (a)
October 20279.67 %55 
6.04 %$2,839 
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 
5.81 %$3,852 
__________ 
(a)During December 2024, Avis Budget Rental Car Funding issued additional notes under several previously outstanding series of debt.
Schedule of Maturities of Long-term Debt
The following table provides contractual maturities of our corporate debt at December 31, 2024:
YearAmount
2025 (a)
$20 
202617 
20271,872 
2028503 
20291,222 
Thereafter1,819 
$5,453 
__________
(a)These short-term borrowings have weighted average interest rates which range from 5.39% to 5.80% as of December 31, 2024.
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, 2024:
Debt under Vehicle Programs (a)
2025 (b)
$1,966 
2026 (c)
6,484 
2027 (d)
3,930 
2028 (e)
2,330 
2029
2,749 
Thereafter154 
$17,613 
__________
(a)    Vehicle-backed debt primarily represents asset-backed securities.
(b)    Includes $0.5 billion of bank and bank-sponsored facilities. These short-term borrowings have a weighted average interest rate of 4.04% as of December 31, 2024.
(c)    Includes $3.2 billion of bank and bank-sponsored facilities.
(d)    Includes $0.1 billion of bank and bank-sponsored facilities.
(e)    Includes $0.1 billion of bank and bank-sponsored facilities.
Schedule of Line of Credit Facilities
At December 31, 2024, 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 $— $1,497 $503 
__________
(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, and liens on substantially all of our intellectual property and certain other real and personal property.
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, 2024:
Total Capacity (a)
Outstanding Borrowings (b)
Available Capacity
Americas – Debt due to Avis Budget Rental Car Funding
$15,720 $14,143 $1,577 
Americas – Debt borrowings
1,424 1,160 264 
International – Debt borrowings
3,031 2,159 872 
International – Finance leases 242 143 99 
Other8 8 — 
Total$20,425 $17,613 $2,812 
__________
(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 of our asset-backed variable funding financing facilities, which were most recently amended and extended in December 2024.
(b)The outstanding debt is collateralized by vehicles and related assets of $14 billion for Americas - Debt due to Avis Budget Rental Car Funding; $1.5 billion for Americas - Debt borrowings; $2.7 billion for International - Debt borrowings; and $0.2 billion for International - Finance leases.