Debt Under Vehicle Programs and Borrowing Arrangements

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Debt Under Vehicle Programs and Borrowing Arrangements

Debt Under Vehicle Programs and Borrowing Arrangements

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,
	2022		2021
Americas - Debt due to Avis Budget Rental Car Funding	$	9,779	$	8,889
Americas - Debt borrowings	615		612
International - Debt borrowings	1,573		1,757
International - Finance leases	156		177
Other	19		3
Deferred financing fees (a)	(43)		(48)
Total	$	12,099	$	11,390

__________

(a)Deferred financing fees related to Debt due to Avis Budget Rental Car Funding as of March 31, 2022 and December 31, 2021 were $36 million and $41 million, respectively.

Debt Maturities

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 March 31, 2022:

	Debt under Vehicle Programs (a)
Within 1 year (b)	$	2,145
Between 1 and 2 years (c)	1,413
Between 2 and 3 years (d)	5,545
Between 3 and 4 years	1,532
Between 4 and 5 years	1,507
Total	$	12,142

__________

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

(b)    Includes $0.8 billion of bank and bank-sponsored facilities.

(c)    Includes $0.2 billion of bank and bank-sponsored facilities.

(d)    Includes $3.8 billion of bank and bank-sponsored facilities.

Committed Credit Facilities and Available Funding Arrangements

As of March 31, 2022, available funding under our 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	$	10,103	$	9,779	$	324
Americas - Debt borrowings	985		615		370
International - Debt borrowings	2,590		1,573		1,017
International - Finance leases	192		156		36
Other	19		19		—
Total	$	13,889	$	12,142	$	1,747

__________

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

(b)    The outstanding debt is collateralized by vehicles and related assets of $11.5 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.

Debt Covenants

The agreements under our vehicle-backed funding programs contain restrictive covenants, including restrictions on dividends paid to us by certain of our subsidiaries and restrictions on indebtedness, mergers, liens, liquidations, and sale and leaseback transactions and in some cases also require compliance with certain financial requirements. As of March 31, 2022, we are not aware of any instances of non-compliance with any of the financial covenants contained in the debt agreements under our vehicle-backed funding programs.