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Debt Under Vehicle Programs and Borrowing Arrangements
 3 Months Ended
Mar. 31, 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
March 31,December 31,
20242023
Americas - Debt due to Avis Budget Rental Car Funding (a)
$16,030 $15,502 
Americas - Debt borrowings 1,082 1,075 
International - Debt borrowings (b)
1,973 2,203 
International - Finance leases 164 172 
Other40 55 
Deferred financing fees (c)
(99)(70)
Total$19,190 $18,937 
________
(a)Includes approximately $843 million and $841 million of Class R notes as of March 31, 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 March 31, 2024 and December 31, 2023 were $81 million and $61 million, respectively.
The following table provides a summary of debt issued by AESOP during the three months ended March 31, 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 

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 March 31, 2024:
 
Debt under Vehicle Programs (a)
Within 1 year (b)
$2,090 
Between 1 and 2 years (c)
3,803 
Between 2 and 3 years (d)
6,780 
Between 3 and 4 years (e)
2,770 
Between 4 and 5 years
2,365 
Thereafter1,481 
Total$19,289 
________
(a)    Vehicle-backed debt primarily represents asset-backed securities.
(b)    Includes $0.2 billion of bank and bank-sponsored facilities.
(c)    Includes $1.3 billion of bank and bank-sponsored facilities.
(d)    Includes $3.5 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 March 31, 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$18,455 $16,030 $2,425 
Americas - Debt borrowings1,194 1,082 112 
International - Debt borrowings3,119 1,973 1,146 
International - Finance leases242 164 78 
Other40 40 — 
Total$23,050 $19,289 $3,761 
________
(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 an amendment and renewal of our asset-backed variable-funding financing facilities during March 2024.
(b)    The outstanding debt is collateralized by vehicles and related assets of $18.3 billion for Americas - Debt due to Avis Budget Rental Car Funding; $1.5 billion for Americas - Debt borrowings; $2.6 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 March 31, 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.