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Long-term Corporate Debt and Borrowing Arrangements (Tables)
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt
Long-term debt and other borrowing arrangements consisted of:
As ofAs of
MaturityMarch 31,December 31,
Date20252024
5.750% Senior Notes
July 2027741 740 
4.750% Senior Notes
April 2028500 500 
7.000% euro-denominated Senior Notes
February 2029649 621 
5.375% Senior Notes
March 2029600 600 
8.250% Senior Notes
January 2030700 700 
7.250% euro-denominated Senior Notes
July 2030649 622 
8.000% Senior Notes
February 2031497 497 
Floating Rate Term Loan (a)
December 2025488 — 
Floating Rate Term Loan (b)
August 20271,150 1,153 
Other (c)
22 20 
Deferred financing fees(59)(60)
Total5,937 5,393 
Less: Short-term debt and current portion of long-term debt508 20 
Long-term debt$5,429 $5,373 
__________
(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 March 31, 2025, the floating rate term loan due 2025 bears interest at one-month Secured Overnight Financing Rate (“SOFR”) plus 2.00%, for an aggregate rate of 6.42%.
(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, 2025, the floating rate term loan due 2027 bears interest at one-month SOFR plus 1.75%, for an aggregate rate of 6.19%. 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)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 three months ended March 31, 2025:
Issuance DateMaturity DateWeighted Average
Interest Rate		Amount
Issued
January 2025August 20277.98 %$41 
January 2025April 20288.00 %75 
January 2025June 20288.01 %75 
January 2025December 20288.03 %72 
January 2025February 20298.03 %95 
8.01 %$358 
Schedule of Committed Credit Facilities
As of March 31, 2025, 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 $— $1,441 $559 
__________
(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.
Committed Credit Facilities and Available Funding Arrangements

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 March 31, 2025:

Total
Capacity (a)
Outstanding
Borrowings (b)
Available
Capacity
Americas - Debt due to Avis Budget Rental Car Funding$15,576 $13,851 $1,725 
Americas - Debt borrowings1,412 1,127 285 
International - Debt borrowings3,166 2,203 963 
International - Finance leases155 130 25 
Total$20,309 $17,311 $2,998 
__________
(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 our asset-backed variable-funding financing facilities. These facilities were most recently amended and restated in April 2025. See Note 18 – Subsequent Event.
(b)The outstanding debt is collateralized by vehicles and related assets of $14.3 billion for Americas - Debt due to Avis Budget Rental Car Funding; $1.4 billion for Americas - Debt borrowings; $2.8 billion for International - Debt borrowings; and $0.2 billion for International - Finance leases.