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Long-term Corporate Debt and Borrowing Arrangements (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt
Long-term debt and other borrowing arrangements consisted of:
As ofAs of
MaturityMarch 31,December 31,
Date20262025
5.750% Senior Notes
July 2027$645 $645 
4.750% Senior Notes
April 2028500 500 
7.000% euro-denominated Senior Notes
February 2029693 705 
5.375% Senior Notes
March 2029600 600 
8.250% Senior Notes
January 2030700 700 
7.250% euro-denominated Senior Notes
July 2030694 705 
8.000% Senior Notes
February 2031498 498 
8.375% Senior Notes
June 2032600 600 
Floating Rate Term Loan (a)
July 20321,129 1,131 
Other (b)
37 45 
Deferred financing fees(52)(56)
Total6,044 6,073 
Less: Short-term debt and current portion of long-term debt23 24 
Long-term debt$6,021 $6,049 
__________
(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, 2026, the floating rate term loan due 2032 bears interest at one-month Secured Overnight Financing Rate (“SOFR”) plus 2.50%, for an aggregate rate of 6.17%. 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 4.01%.
(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 three months ended March 31, 2026:
Issuance DateMaturity DateWeighted Average
Interest Rate		Amount
Issued
March 2026
(a)
August 20276.36 %$90 
March 2026
(a)
June 20297.20 %164 
March 2026August 20294.62 %384 
March 2026August 20314.98 %284 
5.36 %$922 
__________ 
(a)In March 2026, Avis Budget Rental Car Funding issued additional notes under several previously outstanding series of debt.
Schedule of Committed Credit Facilities
As of March 31, 2026, 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 $— $1,613 $387 
__________
(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, as of March 31, 2026:

Total
Capacity (a)
Outstanding
Borrowings (b)
Available
Capacity
Americas - Debt due to Avis Budget Rental Car Funding$15,358 $13,653 $1,705 
Americas - Debt borrowings2,350 2,209 141 
International - Debt borrowings3,511 2,476 1,035 
International - Finance leases159 130 29 
Total$21,378 $18,468 $2,910 
__________
(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 extended in December 2025.
(b)The outstanding debt is collateralized by vehicles and related assets of $13.9 billion for Americas - Debt due to Avis Budget Rental Car Funding; $2.5 billion for Americas - Debt borrowings; $3.1 billion for International - Debt borrowings; and $0.1 billion for International - Finance leases.