XML 28 R17.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Debt Under Vehicle Programs and Borrowing Arrangements
 6 Months Ended
Jun. 30, 2024
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 ofAs of
June 30,December 31,
20242023
Americas - Debt due to Avis Budget Rental Car Funding (a)
$15,633 $15,502 
Americas - Debt borrowings 1,237 1,075 
International - Debt borrowings (b)
2,533 2,203 
International - Finance leases 186 172 
Other37 55 
Deferred financing fees (c)
(92)(70)
Total$19,534 $18,937 
________
(a)Includes approximately $848 million and $841 million of Class R notes as of June 30, 2024 and December 31, 2023, respectively, which are held by us.
(b)In February 2024, we amended our European rental fleet securitization program to increase its capacity to approximately €1.9 billion and extend the maturity of the program to September 2026. We also added £200 million to our capacity within the program.
(c)Deferred financing fees related to Debt due to Avis Budget Rental Car Funding as of June 30, 2024 and December 31, 2023 were $73 million and $61 million, respectively.
The following table provides a summary of debt issued by AESOP during the six months ended June 30, 2024:
Issuance DateMaturity DateWeighted Average
Interest Rate		Amount
Issued
January 2024June 20295.51 %$1,200 
February 2024April 20266.24 %53 
February 2024October 20266.18 %37 
February 2024April 20286.23 %52 
March 2024October 20275.26 %400 
March 2024December 20295.35 %700 
5.46 %$2,442 

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 June 30, 2024:
 
Debt under Vehicle Programs (a)
Within 1 year (b)
$2,874 
Between 1 and 2 years (c)
5,347 
Between 2 and 3 years (d)
5,324 
Between 3 and 4 years (e)
2,576 
Between 4 and 5 years
2,570 
Thereafter935 
Total$19,626 
________
(a)    Vehicle-backed debt primarily represents asset-backed securities.
(b)    Includes $1.1 billion of bank and bank-sponsored facilities.
(c)    Includes $2.6 billion of bank and bank-sponsored facilities.
(d)    Includes $2.0 billion of bank and bank-sponsored facilities.
(e)    Includes $0.1 billion of bank and bank-sponsored facilities.

Committed Credit Facilities and Available Funding Arrangements

As of June 30, 2024, available funding under our debt arrangements related to 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$17,773 $15,633 $2,140 
Americas - Debt borrowings1,318 1,237 81 
International - Debt borrowings3,146 2,533 613 
International - Finance leases253 186 67 
Other37 37 — 
Total$22,527 $19,626 $2,901 
________
(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 amendments and restatements of our asset-backed variable-funding financing facilities, which were most recently amended and restated in April 2024.
(b)    The outstanding debt is collateralized by vehicles and related assets of $18.0 billion for Americas - Debt due to Avis Budget Rental Car Funding; $1.7 billion for Americas - Debt borrowings; $3.2 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 June 30, 2024, we are not aware of any instances of non-compliance with any of the financial or restrictive covenants contained in the debt agreements under our vehicle-backed funding programs.