XML 25 R14.htm IDEA: XBRL DOCUMENT
v3.20.2

Debt Under Vehicle Programs and Borrowing Arrangements | 6 Months Ended
--- | ---
Jun. 30, 2020
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,
| 2020 |  | 2019
Americas - Debt due to Avis Budget Rental Car Funding | $ | 8,095 |  |  | $ | 7,975 |
Americas - Debt borrowings | 765 |  |  | 827 |
International - Debt borrowings | 1,576 |  |  | 2,100 |
International - Finance leases | 148 |  |  | 215 |
Other | 1 |  |  | — |
Deferred financing fees (a) | (45) |  |  | (49) |
Total | $ | 10,540 |  |  | $ | 11,068 |
__________ (a)Deferred financing fees related to Debt due to Avis Budget Rental Car Funding as of June 30, 2020 and December 31, 2019 was $38 million and $40 million, respectively In January 2020, the Company’s Avis Budget Rental Car Funding subsidiary issued approximately $700 million in asset-backed notes with an expected final payment date of August 2025 incurring interest at a weighted average rate of 2.42%. 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, 2020.
| Debt under Vehicle Programs (a)
Within 1 year (b) | $ | 2,602 |
Between 1 and 2 years (c) | 3,907 |
Between 2 and 3 years | 1,243 |
Between 3 and 4 years | 1,279 |
Between 4 and 5 years | 1,538 |
Thereafter | 16 |
Total | $ | 10,585 |
__________ (a) Vehicle-backed debt primarily represents asset-backed securities. (b) Includes $1.3 billion of bank and bank-sponsored facilities. (c) Includes $2.5 billion of bank and bank-sponsored facilities. Committed Credit Facilities and Available Funding Arrangements As of June 30, 2020, 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 | $ | 9,394 |  |  | $ | 8,095 |  |  | $ | 1,299 |
Americas - Debt borrowings | 882 |  |  | 765 |  |  | 117 |
International - Debt borrowings | 2,947 |  |  | 1,576 |  |  | 1,371 |
International - Finance leases | 205 |  |  | 148 |  |  | 57 |
Other | 1 |  |  | 1 |  |  | — |
Total | $ | 13,429 |  |  | $ | 10,585 |  |  | $ | 2,844 |
__________ (a) Capacity is subject to maintaining sufficient assets to collateralize debt. (b) The outstanding debt is collateralized by vehicles and related assets of $8.8 billion for Americas - Debt due to Avis Budget Rental Car Funding; $1.0 billion for Americas - Debt borrowings; $1.9 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 June 30, 2020, 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.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration