Debt Under Vehicle Programs and Borrowing Arrangements (Tables)

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Schedule of Debt

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
	March 31,		December 31,
	2021		2020
Americas - Debt due to Avis Budget Rental Car Funding	$	6,181	$	5,116
Americas - Debt borrowings	499		509
International - Debt borrowings	1,020		1,115
International - Finance leases	140		162
Deferred financing fees (a)	(39)		(45)
Total	$	7,801	$	6,857

__________

(a)Deferred financing fees related to Debt due to Avis Budget Rental Car Funding as of March 31, 2021 and December 31, 2020 were $32 million and $36 million, respectively.

Schedule of Maturities of Long-term Debt

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 March 31, 2021.

	Debt under Vehicle Programs (a)
Within 1 year (b)	$	1,858
Between 1 and 2 years (c)	2,171
Between 2 and 3 years (d)	1,253
Between 3 and 4 years	1,598
Between 4 and 5 years	960
Thereafter	—
Total	$	7,840

__________

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

(b)    Includes $0.4 billion of bank and bank-sponsored facilities.

(c)    Includes $0.9 billion of bank and bank-sponsored facilities.

(d)    Includes $0.1 billion of bank and bank-sponsored facilities.

Schedule Of Committed Credit Facilities

At March 31, 2021, the committed corporate credit facilities available to the Company and/or its subsidiaries were as follows: 

	Total Capacity		Outstanding Borrowings		Letters of Credit Issued		Available Capacity
Senior revolving credit facility maturing 2023 (a)	$	1,800	$	—	$	1,230	$	570

__________

(a)The senior revolving credit facility bears interest at one-month LIBOR plus 250 basis points and is part of the Company’s senior credit facilities, which include the floating rate term loan and the senior revolving credit facility, and which are secured by pledges of capital stock of certain subsidiaries of the Company, liens on substantially all of the Company’s intellectual property and certain other real and personal property.

Committed Credit Facilities and Available Funding Arrangements

As of March 31, 2021, 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	$	9,011	$	6,181	$	2,830
Americas - Debt borrowings	746		499		247
International - Debt borrowings	2,713		1,020		1,693
International - Finance leases	204		140		64
Total	$	12,674	$	7,840	$	4,834

__________

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

(b)    The outstanding debt is collateralized by vehicles and related assets of $7.4 billion for Americas - Debt due to Avis Budget Rental Car Funding; $0.7 billion for Americas - Debt borrowings; $1.2 billion for International - Debt borrowings; and $0.2 billion for International - Finance leases.