Debt Under Vehicle Programs and Borrowing Arrangements (Tables)

12 Months Ended

Dec. 31, 2016

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,
	2016			2015
Americas – Debt due to Avis Budget Rental Car Funding	$	6,733		$	6,837
Americas – Debt borrowings	577			643
International – Debt borrowings ^(a)	1,449			1,187
International – Capital leases	162			238
Other	7			8
Deferred financing fees ^(b)	(50		)	(53		)
Total	$	8,878		$	8,860

__________


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


^(b)	Deferred financing fees related to Debt due to Avis Budget Rental Car Funding as of December 31, 2016 and 2015 were $38 million and $41 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, 2016:



	Debt under Vehicle Programs
2017^(a)	$	1,094
2018	2,508
2019	2,613
2020	1,618
2021	950
Thereafter	145
	$	8,928

__________


^(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, 2016:



	Total Capacity ^(a)		Outstanding Borrowings		Available Capacity
Americas – Debt due to Avis Budget Rental Car Funding^(b)	$	9,083	$	6,733	$	2,350
Americas – Debt borrowings^(c)	895		577		318
International – Debt borrowings^(d)	2,373		1,449		924
International – Capital leases ^(e)	194		162		32
Other	7		7		—
Total	$	12,552	$	8,928	$	3,624

__________


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


^(b)	The outstanding debt is collateralized by $8.2 billion of underlying vehicles and related assets.


^(c)	The outstanding debt is collateralized by $0.8 billion of underlying vehicles and related assets.


^(d)	The outstanding debt is collateralized by $1.9 billion of underlying vehicles and related assets.


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