Debt Under Vehicle Programs and Borrowing Arrangements (Tables)

9 Months Ended

Sep. 30, 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
	September 30,		December 31,
	2021		2020
Americas - Debt due to Avis Budget Rental Car Funding	$	8,156	$	5,116
Americas - Debt borrowings	693		509
International - Debt borrowings	1,764		1,115
International - Finance leases	177		162
Other	3		—
Deferred financing fees (a)	(44)		(45)
Total	$	10,749	$	6,857

__________

(a)Deferred financing fees related to Debt due to Avis Budget Rental Car Funding as of September 30, 2021 and December 31, 2020 were $39 million and $36 million, respectively.

Schedule of Maturities of Long-term Debt

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, 2021:

	Debt under Vehicle Programs (a)
Within 1 year (b)	$	3,518
Between 1 and 2 years (c)	2,614
Between 2 and 3 years (d)	1,761
Between 3 and 4 years	1,648
Between 4 and 5 years	1,252
Thereafter	—
Total	$	10,793

__________

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

(b)    Includes $2.0 billion of bank and bank-sponsored facilities.

(c)    Includes $1.5 billion of bank and bank-sponsored facilities.

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

Schedule Of Committed Credit Facilities

As of September 30, 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 2026 (a)	$	1,950	$	—	$	1,560	$	390

__________

(a)The senior revolving credit facility bears interest at one-month LIBOR plus 200 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 September 30, 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	$	9,881	$	8,156	$	1,725
Americas - Debt borrowings	810		693		117
International - Debt borrowings	2,608		1,764		844
International - Finance leases	207		177		30
Other	3		3		—
Total	$	13,509	$	10,793	$	2,716

__________

(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; $0.9 billion for Americas - Debt borrowings; $2.0 billion for International - Debt borrowings; and $0.2 billion for International - Finance leases.