Debt Under Vehicle Programs and Borrowing Arrangements (Tables)

3 Months Ended

Mar. 31, 2022

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,
	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.

Schedule of Maturities of Long-term Debt

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.

Schedule Of Committed Credit Facilities

As of March 31, 2022, 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	$	—	$	1,596	$	354

__________

(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, liens on substantially all of our intellectual property and certain other real and personal property.

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.