Debt Under Vehicle Programs and Borrowing Arrangements (Tables)

9 Months Ended

Sep. 30, 2019

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			As of
	September 30,			December 31,
	2019			2018
Americas - Debt due to Avis Budget Rental Car Funding ^(a)	$	7,910		$	7,393
Americas - Debt borrowings ^(a)	923			635
International - Debt borrowings ^(a)	2,592			2,060
International - Finance leases ^(a)	217			191
Other	—			2
Deferred financing fees ^(b)	(50		)	(49		)
Total	$	11,592		$	10,232

__________


^(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 September 30, 2019 and December 31, 2018 was $40 million and $35 million, respectively.

Schedule Of Contractual Maturities

Debt 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 September 30, 2019.



	Debt under Vehicle Programs ^(a)
Within 1 year	$	1,795
Between 1 and 2 years ^(b)	4,783
Between 2 and 3 years	1,668
Between 3 and 4 years	1,088
Between 4 and 5 years	1,418
Thereafter	890
Total	$	11,642

__________


^(a)	Vehicle-backed debt primarily represents asset-backed securities.


^(b)	Includes $3.7 billion of bank and bank-sponsored facilities.

Schedule Of Available Funding Under The Vehicle Programs

As of September 30, 2019, available funding under the Company’s vehicle programs, including related party debt due to Avis Budget Rental Car Funding, consisted of:



	Total Capacity ^(a)		Outstanding Borrowings ^(b)		Available Capacity
Americas - Debt due to Avis Budget Rental Car Funding	$	10,000	$	7,910	$	2,090
Americas - Debt borrowings	935		923		12
International - Debt borrowings	2,889		2,592		297
International - Finance leases	253		217		36
Total	$	14,077	$	11,642	$	2,435

__________


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


^(b)	The outstanding debt is collateralized by vehicles and related assets of $9.4 billion for Americas - Debt due to Avis Budget Rental Car Funding; $1.2 billion for Americas - Debt borrowings; $3.0 billion for International - Debt borrowings; and $0.3 billion for International - Finance leases.