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Debt Under Vehicle Programs and Borrowing Arrangements (Tables)

12 Months Ended

Dec. 31, 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 December 31,
	2019			2018
Americas – Debt due to Avis Budget Rental Car Funding ^(a)	$	7,975		$	7,393
Americas – Debt borrowings ^(a)	827			635
International – Debt borrowings ^(a)	2,100			2,060
International – Finance leases	215			191
Other	—			2
Deferred financing fees ^(b)	(49		)	(49		)
Total	$	11,068		$	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 December 31, 2019 and 2018 were $40 million and $35 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, 2019:



	Debt under Vehicle Programs ^(a)
2020	$	1,753
2021 ^(b)	3,225
2022 ^(c)	3,032
2023	1,097
2024	1,471
Thereafter	539
	$	11,117

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, 2019:



	Total Capacity ^(a)		Outstanding Borrowings ^(b)		Available Capacity
Americas – Debt due to Avis Budget Rental Car Funding	$	9,761	$	7,975	$	1,786
Americas – Debt borrowings	1,009		827		182
International – Debt borrowings	3,003		2,100		903
International – Finance leases	237		215		22
Total	$	14,010	$	11,117	$	2,893

__________


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


^(b)	The outstanding debt is collateralized by vehicles and related assets of $9.3 billion for Americas - Debt due to Avis Budget Rental Car Funding; $1.0 billion for Americas - Debt borrowings; $2.6 billion for International - Debt borrowings; and $0.2 billion for International - Finance leases.