Long-term Debt and Borrowing Arrangements (Tables)

12 Months Ended

Dec. 31, 2012

Schedule of Long-Term Debt

Long-term debt and other borrowing arrangements consisted of:

	Maturity Date		As of December 31,
			2012		2011
Floating Rate Term Loan (a)		April 2014	$	-	$	267
Floating Rate Senior Notes		May 2014		250		250
7 5/8% Senior Notes		May 2014		-		200
3 1/2% Convertible Senior Notes		October 2014		128		345
7 3/4% Senior Notes		May 2016		-		375
Floating Rate Term Loan (a)		May 2016		49		20
4 7/8% Senior Notes		November 2017		300		-
9 5/8% Senior Notes		March 2018		446		445
Floating Rate Term Loan (a)		September 2018		-		412
8 1/4% Senior Notes		January 2019		730		602
Floating Rate Term Loan (a)		March 2019		689		-
9 3/4% Senior Notes		March 2020		250		250
				2,842		3,166
Other				63		39
Total				2,905		3,205
Less: Short-term debt and current portion of long-term debt				57		37
Long-term debt			$	2,848	$	3,168

^(a)  The floating rate term loans are part of the Company’s senior credit facility, which includes its revolving credit facility maturing 2016, and is secured by pledges of all of the capital stock of all of the Company’s domestic subsidiaries and up to 66% of the capital stock of each direct foreign subsidiary, subject to certain exceptions, and liens on substantially all of the Company’s intellectual property and certain other real and personal property.

Contractual Maturities of Company's Corporate Debt

The following table provides contractual maturities of the Company’s corporate debt at December 31, 2012:

Year	Amount
2013	$	57
2014		395
2015		19
2016		45
2017		309
Thereafter		2,080
	$	2,905

Schedule of Committed Credit Facilities

At December 31, 2012, the committed credit facilities available to the Company and/or its subsidiaries at the corporate or Avis Budget Car Rental level were as follows:

	Total  Capacity		Outstanding   Borrowings		Letters of   Credit Issued		Available   Capacity
Revolving credit facility maturing 2016 (a) (b)	$	1,500	$	-	$	631	$	869
Other facilities (c)		10		4		-		6

^(a)  This revolving credit facility matures in May 2016 and bears interest of one month LIBOR plus 300 basis points.

^(b)  The senior credit facility, which encompasses the floating rate term loans and the revolving credit facility, is secured by pledges of all of the capital stock of all of the Company’s domestic subsidiaries and up to 66% of the capital stock of each foreign subsidiary directly owned by the Company’s domestic subsidiaries, subject to certain exceptions, and liens on substantially all of the Company’s intellectual property and certain other real and personal property.

^(c)  These facilities encompass bank overdraft lines of credit and finance leases, bearing interest of 3.22% to 5.77% as of December 31, 2012.