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Debt Under Vehicle Programs and Borrowing Arrangements | 9 Months Ended
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Sep. 30, 2017
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
| September 30, |  | December 31,
| 2017 |  | 2016
Americas - Debt due to Avis Budget Rental Car Funding (a) | $ | 6,816 |  |  | $ | 6,733 |
Americas - Debt borrowings (a) | 947 |  |  | 577 |
International - Debt borrowings (a) | 2,684 |  |  | 1,449 |
International - Capital leases | 159 |  |  | 162 |
Other | 1 |  |  | 7 |
Deferred financing fees (b) | (41 | ) |  | (50 | )
Total | $ | 10,566 |  |  | $ | 8,878 |
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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 September 30, 2017 and December 31, 2016 were $31 million and $38 million, respectively.
In March 2017, the Company’s Avis Budget Rental Car Funding subsidiary issued approximately $600 million in asset-backed notes with an expected final payment date of September 2022. The weighted average interest rate was 3%. The Company used the proceeds from these borrowings to fund the repayment of maturing vehicle-backed debt and the acquisition of rental cars in the United States. In May 2017, the Company increased its capacity under the European rental fleet securitization program by €250 million. The Company used the proceeds to finance fleet purchases for certain of the Company’s European operations. 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 September 30, 2017.
| Debt under Vehicle Programs
Within 1 year (a) | $ | 1,868 |
Between 1 and 2 years | 4,751 |
Between 2 and 3 years | 1,908 |
Between 3 and 4 years | 1,143 |
Between 4 and 5 years | 800 |
Thereafter | 137 |
Total | $ | 10,607 |
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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 September 30, 2017, 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) | $ | 9,106 |  |  | $ | 6,816 |  |  | $ | 2,290 |
Americas - Debt borrowings (c) | 974 |  |  | 947 |  |  | 27 |
International - Debt borrowings (d) | 2,897 |  |  | 2,684 |  |  | 213 |
International - Capital leases (e) | 189 |  |  | 159 |  |  | 30 |
Other | 1 |  |  | 1 |  |  | — |
Total | $ | 13,167 |  |  | $ | 10,607 |  |  | $ | 2,560 |
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(a) | Capacity is subject to maintaining sufficient assets to collateralize debt.
(b) | The outstanding debt is collateralized by approximately $8.4 billion of underlying vehicles and related assets.
(c) | The outstanding debt is collateralized by approximately $1.3 billion of underlying vehicles and related assets.
(d) | The outstanding debt is collateralized by approximately $3.1 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 September 30, 2017, 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 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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