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Debt Under Vehicle Programs and Borrowing Arrangements | 6 Months Ended
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Jun. 30, 2016
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
| June 30, |  | December 31,
| 2016 |  | 2015
Americas - Debt due to Avis Budget Rental Car Funding (a) | $ | 8,029 |  |  | $ | 6,837 |
Americas - Debt borrowings (a) | 978 |  |  | 643 |
International - Debt borrowings (a) | 2,033 |  |  | 1,187 |
International - Capital leases | 181 |  |  | 238 |
Other | 2 |  |  | 8 |
Deferred financing fees (b) | (58 | ) |  | (53 | )
Total | $ | 11,165 |  |  | $ | 8,860 |
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(a) | The increase reflects additional borrowings principally to fund increases in the Company’s car rental fleet.
(b) | Deferred financing fees related to Debt due to Avis Budget Rental Car Funding as of June 30, 2016 and December 31, 2015 were $42 million and $41 million, respectively.
During March 2016 and June 2016, the Company’s Avis Budget Rental Car Funding subsidiary issued approximately $450 million in asset-backed notes with an expected final payment date of June 2021 and approximately $500 million in asset-backed notes with an expected final payment date of November 2021, respectively. The weighted average interest rate for these borrowings was 3%. Debt Maturities The following table provides the contractual maturities of the Company’s debt under vehicle programs, including related party debt due to Avis Budget Rental Car Funding, at June 30, 2016.
| Debt under Vehicle Programs
Within 1 year (a) | $ | 1,822 |
Between 1 and 2 years | 2,785 |
Between 2 and 3 years | 3,393 |
Between 3 and 4 years | 1,481 |
Between 4 and 5 years | 1,224 |
Thereafter | 518 |
Total | $ | 11,223 |
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(a) | Vehicle backed debt maturing within one year primarily represents term asset-backed securities.
Committed Credit Facilities and Available Funding Arrangements As of June 30, 2016, available funding under the Company’s vehicle programs, including related party debt due to Avis Budget Rental Car Funding, consisted of:
| Total Capacity (a) |  | Outstanding Borrowings |  | Available Capacity
Americas - Debt due to Avis Budget Rental Car Funding (b) | $ | 9,674 |  |  | $ | 8,029 |  |  | $ | 1,645 |
Americas - Debt borrowings (c) | 1,037 |  |  | 978 |  |  | 59 |
International - Debt borrowings (d) | 2,681 |  |  | 2,033 |  |  | 648 |
International - Capital leases (e) | 208 |  |  | 181 |  |  | 27 |
Other | 2 |  |  | 2 |  |  | — |
Total | $ | 13,602 |  |  | $ | 11,223 |  |  | $ | 2,379 |
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(a) | Capacity is subject to maintaining sufficient assets to collateralize debt.
(b) | The outstanding debt is collateralized by approximately $9.6 billion of underlying vehicles and related assets.
(c) | The outstanding debt is collateralized by approximately $1.2 billion of underlying vehicles and related assets.
(d) | The outstanding debt is collateralized by approximately $2.5 billion of underlying vehicles and related assets.
(e) | The outstanding debt is collateralized by approximately $0.2 billion of underlying vehicles and related assets.
Debt Covenants The agreements under the Company’s vehicle-backed funding programs contain restrictive covenants, including restrictions on dividends paid to the Company by certain of its 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, 2016, the Company is not aware of any instances of non-compliance with any of the financial covenants contained in the debt agreements under its vehicle-backed funding programs.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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