Debt Under Vehicle Programs and Borrowing Arrangements (Tables)

12 Months Ended

Dec. 31, 2015

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,
	2015			2014
Americas – Debt due to Avis Budget Rental Car Funding ^(a)	$	6,837		$	6,340
Americas – Debt borrowings	643			746
International – Debt borrowings ^(a)(b)	1,187			685
International – Capital leases	238			314
Other	8			31
Deferred financing fees ^(c)	(53		)	(60		)
Total	$	8,860		$	8,056

__________


^(a)	The increase reflects additional borrowings principally to fund increases in the Company's car rental fleet.


^(b)	The increase includes additional borrowing related to the acquisition of Maggiore.


^(c)	Deferred financing fees related to Debt due to Avis Budget Rental Car Funding as of December 31, 2015 and 2014 were $41 million and $44 million, respectively.

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, 2015:



	Debt under Vehicle Programs
2016^(a)	$	1,501
2017	2,884
2018	1,626
2019	1,389
2020	1,513
	$	8,913

__________


^(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, 2015:



	Total Capacity ^(a)		Outstanding Borrowings		Available Capacity
Americas – Debt due to Avis Budget Rental Car Funding^(b)	$	8,892	$	6,837	$	2,055
Americas – Debt borrowings^(c)	983		643		340
International – Debt borrowings^(d)	2,109		1,187		922
International – Capital leases ^(e)	259		238		21
Other	8		8		—
Total	$	12,251	$	8,913	$	3,338

__________


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


^(b)	The outstanding debt is collateralized by $8.4 billion of underlying vehicles and related assets.


^(c)	The outstanding debt is collateralized by $0.9 billion of underlying vehicles and related assets.


^(d)	The outstanding debt is collateralized by $1.5 billion of underlying vehicles and related assets.


^(e)	The outstanding debt is collateralized by $0.2 billion of underlying vehicles and related assets.