Debt Under Vehicle Programs and Borrowing Arrangements (Tables)

12 Months Ended

Dec. 31, 2014

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,
	2014		2013
North America – Debt due to Avis Budget Rental Car Funding ^(a)	$	6,340	$	5,656
North America – Canadian borrowings ^(b)	489		400
International – Debt borrowings	690		731
International – Capital leases	314		289
Truck Rental – Debt borrowings	252		226
Other	31		35
Total	$	8,116	$	7,337

__________


^(a)	The increase reflects additional borrowings principally to fund an increase in the Company's fleet driven by increased volume and the acquisition of its Budget licensee for Southern California.


^(b)	The increase includes additional borrowings to fund an increase in the Company’s fleet driven by the acquisition of its Budget licensee for Edmonton.

Schedule of Contractual Maturities

The following table provides the contractual maturities of the Company’s debt under vehicle programs, including related party debt due to Avis Budget Rental Car Funding, at December 31, 2014:



	Debt Under Vehicle Programs
2015 ^(a)	$	1,345
2016	2,328
2017	1,004
2018	1,629
2019	1,392
Thereafter	418
	$	8,116

__________


^(a)	Vehicle-backed debt maturing within one year primarily represents term asset-backed securities.

Schedule Of Available Funding Under Vehicle Program

The following table presents available funding under the Company’s debt arrangements related to its vehicle programs, including related party debt due to Avis Budget Rental Car Funding, at December 31, 2014:



	Total Capacity ^(a)		Outstanding Borrowings		Available Capacity
North America – Debt due to Avis Budget Rental Car Funding^(b)	$	9,130	$	6,340	$	2,790
North America – Canadian borrowings^(c)	796		489		307
International – Debt borrowings^(d)	1,768		690		1,078
International – Capital leases ^(e)	472		314		158
Truck Rental – Debt borrowings^(f)	271		252		19
Other	31		31		—
Total	$	12,468	$	8,116	$	4,352

__________


^(a)	Capacity is subject to maintaining sufficient assets to collateralize debt.


^(b)	The outstanding debt is collateralized by approximately $8.0 billion of underlying vehicles and related assets.


^(c)	The outstanding debt is collateralized by $659 million of underlying vehicles and related assets.


^(d)	The outstanding debt is collateralized by approximately $1.2 billion of underlying vehicles and related assets.


^(e)	The outstanding debt is collateralized by $298 million of underlying vehicles and related assets.


^(f)	The outstanding debt is collateralized by $339 million of underlying vehicles and related assets.