Debt under Vehicle Programs and Borrowing Arrangements (Tables)

12 Months Ended

Dec. 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 December 31,
	2021		2020
Americas – Debt due to Avis Budget Rental Car Funding (a)	$	8,889	$	5,116
Americas – Debt borrowings (a)	612		509
International – Debt borrowings (a)	1,757		1,115
International – Finance leases	177		162
Other	3		—
Deferred financing fees (b)	(48)		(45)
Total	$	11,390	$	6,857

__________ 

(a)Increase reflects additional borrowings principally to fund increases in our global rental fleet.

(b)Deferred financing fees related to Debt due to Avis Budget Rental Car Funding as of December 31, 2021 and 2020 were $41 million and $36 million, respectively.

Schedule of Maturities of Long-term Debt

The following table provides contractual maturities of our corporate debt at December 31, 2021:

Year	Amount
2022	$	19
2023	18
2024	357
2025	299
2026	410
Thereafter	2,954
	$	4,057

The following table provides the contractual maturities of our debt under vehicle programs, including related party debt due to Avis Budget Rental Car Funding, at December 31, 2021:

	Debt under Vehicle Programs (a)
2022 (b)	$	2,025
2023 (c)	2,890
2024 (d)	3,004
2025	1,666
2026	1,530
Thereafter	323
	$	11,438

__________

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

(b)    Includes $0.7 billion of bank and bank-sponsored facilities.

(c)    Includes $1.7 billion of bank and bank-sponsored facilities.

(d)    Includes $1.3 billion of bank and bank-sponsored facilities.

Schedule of Line of Credit Facilities

At December 31, 2021, the committed corporate credit facilities available to us and/or our subsidiaries were as follows:

	Total Capacity		Outstanding Borrowings		Letters of Credit Issued		Available Capacity
Senior revolving credit facility maturing 2026 (a)	$	1,950	$	—	$	1,727	$	223

__________

(a)The senior revolving credit facility bears interest at one-month LIBOR plus 175 basis points and is part of our 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 of our subsidiaries, and liens on substantially all of our intellectual property and certain other real and personal property.

The following table presents available funding under our debt arrangements related to our vehicle programs, including related party debt due to Avis Budget Rental Car Funding, at December 31, 2021:

	Total Capacity (a)		Outstanding Borrowings (b)		Available Capacity
Americas – Debt due to Avis Budget Rental Car Funding	$	10,343	$	8,889	$	1,454
Americas – Debt borrowings	825		612		213
International – Debt borrowings	2,627		1,757		870
International – Finance leases	206		177		29
Other	3		3		—
Total	$	14,004	$	11,438	$	2,566

__________

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

(b)The outstanding debt is collateralized by vehicles and related assets of $10.4 billion for Americas - Debt due to Avis Budget Rental Car Funding; $0.9 billion for Americas - Debt borrowings; $2.1 billion for International - Debt borrowings; and $0.2 billion for International - Finance leases.