Debt Under Vehicle Programs and Borrowing Arrangements (Tables)

9 Months Ended

Sep. 30, 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
	September 30,		December 31,
	2022		2021
Americas - Debt due to Avis Budget Rental Car Funding	$	10,470	$	8,889
Americas - Debt borrowings	557		612
International - Debt borrowings	1,865		1,757
International - Finance leases	154		177
Other	111		3
Deferred financing fees (a)	(53)		(48)
Total	$	13,104	$	11,390

__________

(a)Deferred financing fees related to Debt due to Avis Budget Rental Car Funding as of September 30, 2022 and December 31, 2021 were $48 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 September 30, 2022:

	Debt under Vehicle Programs (a)
Within 1 year (b)	$	2,192
Between 1 and 2 years (c)	5,302
Between 2 and 3 years	1,908
Between 3 and 4 years	1,994
Between 4 and 5 years	1,383
Thereafter	378
Total	$	13,157

__________

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

(b)    Includes $1.0 billion of bank and bank-sponsored facilities.

(c)    Includes $3.7 billion of bank and bank-sponsored facilities.

Schedule of Committed Credit Facilities

As of September 30, 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)	$	2,000	$	—	$	888	$	1,112

__________

(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 September 30, 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	$	12,049	$	10,470	$	1,579
Americas - Debt borrowings	950		557		393
International - Debt borrowings	2,439		1,865		574
International - Finance leases	190		154		36
Other	111		111		—
Total	$	15,739	$	13,157	$	2,582

__________

(a)    Capacity is subject to maintaining sufficient assets to collateralize debt. The total capacity for Americas - Debt due to Avis Budget Rental Car Funding includes increases from an amendment and renewal of our variable funding asset-backed notes during April 2022.

(b)    The outstanding debt is collateralized by vehicles and related assets of $12.7 billion for Americas - Debt due to Avis Budget Rental Car Funding; $0.9 billion for Americas - Debt borrowings; $2.6 billion for International - Debt borrowings; and $0.2 billion for International - Finance leases.