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Debt Under Vehicle Programs and Borrowing Arrangements | 3 Months Ended
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Mar. 31, 2019
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
| March 31, |  | December 31,
| 2019 |  | 2018
Americas - Debt due to Avis Budget Rental Car Funding (a) | $ | 8,576 |  |  | $ | 7,393 |
Americas - Debt borrowings | 655 |  |  | 635 |
International - Debt borrowings | 1,835 |  |  | 2,060 |
International - Finance leases | 186 |  |  | 191 |
Other | 1 |  |  | 2 |
Deferred financing fees (b) | (48 | ) |  | (49 | )
Total | $ | 11,205 |  |  | $ | 10,232 |
__________
(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 March 31, 2019 and December 31, 2018 was $36 million and $35 million, respectively.
In February 2019, the Company’s Avis Budget Rental Car Funding subsidiary issued approximately $600 million in asset-backed notes with an expected final payment date of March 2022 incurring interest at a weighted average rate of 3.56%. 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 March 31, 2019.
| Debt under Vehicle Programs (a)
Within 1 year | $ | 1,559 |
Between 1 and 2 years (b) | 4,430 |
Between 2 and 3 years (c) | 2,693 |
Between 3 and 4 years | 1,264 |
Between 4 and 5 years | 1,078 |
Thereafter | 229 |
Total | $ | 11,253 |
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(a) | Vehicle-backed debt primarily represents asset-backed securities.
(b) | Includes $3.0 billion of bank and bank-sponsored facilities.
(c) | Includes $1.3 billion of bank and bank-sponsored facilities.
Committed Credit Facilities and Available Funding Arrangements As of March 31, 2019, 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 (b) |  | Available Capacity
Americas - Debt due to Avis Budget Rental Car Funding | $ | 9,236 |  |  | $ | 8,576 |  |  | $ | 660 |
Americas - Debt borrowings | 926 |  |  | 655 |  |  | 271 |
International - Debt borrowings | 2,985 |  |  | 1,835 |  |  | 1,150 |
International - Finance leases | 207 |  |  | 186 |  |  | 21 |
Other | 1 |  |  | 1 |  |  | — |
Total | $ | 13,355 |  |  | $ | 11,253 |  |  | $ | 2,102 |
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(a) | Capacity is subject to maintaining sufficient assets to collateralize debt.
(b) | The outstanding debt is collateralized by vehicles and related assets of $9.9 billion for Americas - Debt due to Avis Budget Rental Car Funding; $0.7 billion for Americas - Debt borrowings; $2.0 billion for International - Debt borrowings; and $0.2 billion for International - Finance leases.
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 March 31, 2019, 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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