Debt Under Vehicle Programs and Borrowing Arrangements (Tables)

12 Months Ended

Dec. 31, 2018

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,
	2018			2017
Americas – Debt due to Avis Budget Rental Car Funding	$	7,393		$	6,516
Americas – Debt borrowings	635			660
International – Debt borrowings ^(a)	2,060			1,942
International – Capital leases	191			146
Other	2			1
Deferred financing fees ^(b)	(49		)	(44		)
Total	$	10,232		$	9,221

__________


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


^(b)	Deferred financing fees related to Debt due to Avis Budget Rental Car Funding as of December 31, 2018 and 2017 were $35 million and $36 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, 2018:



	Debt under Vehicle Programs ^(a)
2019	$	1,502
2020 ^(b)	3,810
2021 ^(c)	2,486
2022	947
2023	1,086
Thereafter	450
	$	10,281

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, 2018:



	Total Capacity ^(a)		Outstanding Borrowings ^(b)		Available Capacity
Americas – Debt due to Avis Budget Rental Car Funding	$	8,883	$	7,393	$	1,490
Americas – Debt borrowings	947		635		312
International – Debt borrowings	3,071		2,060		1,011
International – Capital leases	209		191		18
Other	2		2		—
Total	$	13,112	$	10,281	$	2,831

__________


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


^(b)	The outstanding debt is collateralized by vehicles and related assets of $8.8 billion for Americas - Debt due to Avis Budget Rental Car Funding; $0.7 billion for Americas - Debt borrowings; $2.3 billion for International - Debt borrowings; and $0.2 billion for International - Capital leases.