What currency are the amounts in Schedule II for Budget reported in?
Budget Franchise · 2025 FDDAnswer from 2025 FDD Document
exposures being hedged.
For the year ended Dacember 31, 2024, included a $34 million gain in interest expense and a $2 million gain in operating expenses.
Primarily included in vehicle interest, net.
Debt Instruments
The carrying amounts and estimated fair values (Level 2) of debt instruments are as follows:
| The carrying amounts and estimated fair values (Level 2) of debt instruments are as follows: | As of Decem | nher 31, 2024 | As of Dece | mber 31, 2023 |
|---|---|---|---|---|
| Carrying Amount | Estimated Fair Value | Carrying Amount | Estimated Fair Value | |
| Corporate debt Short-term debt and current portion of long-term debt Long-term debt | $ 20 | $ 20 | $ 32 | $ 32 |
| 5,373 | 5,452 | 4,791 | 4,812 | |
| Debt under vehicle programs Vehicle-backed debt due to Avis Budget Rental Car Funding Vehicle-backed debt Interest rate swaps and interest rate caps (ii) | $ 14,083 | $ 14,154 | $ 15,441 | 3,435 |
| 3,441 | 3,469 | 3,422 | ||
| 12 | 12 | 74 |
(e) Derivatives in a liability position.
21.
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 79)
What This Means (2025 FDD)
Based on the 2025 Budget Franchise Disclosure Document, while there isn't explicit mention of Schedule II, the provided financial statements offer some clues. Specifically, the Consolidated Balance Sheets include figures such as $451 million and $397 million for self-insurance reserves as of December 31, 2024, and 2023, respectively. Similarly, liabilities related to workers' compensation and employee benefit programs are listed as $50 million and $49 million for the same periods. These figures are explicitly preceded by a dollar sign ($).
Additionally, the debt instruments are also listed with amounts preceded by a dollar sign. For example, short-term debt is listed as $20. Long-term debt is listed as $5,373 for 2024.
Given that the provided excerpts from Budget's 2025 FDD consistently use the dollar sign ($) before numerical values in the financial statements, it is highly probable that the amounts in Schedule II are also reported in United States dollars. However, to confirm this definitively, a prospective franchisee should verify with Budget whether Schedule II is also reported in US dollars.