Does the table provide a summary of Budget's liabilities?
Budget Franchise · 2025 FDDAnswer from 2025 FDD Document
| (In millions, except par value) | • | |
|---|---|---|
| As of December 2024 2027 | 2023 | |
| Assets Current assets: | ||
| Current assets. Cash and cash equivalents | $ 534 $ | 555 |
| Casil and Casil equivalents Receivables (net of allowance for doubtful accounts of $96 and $87, respectively) | 838 | 900 |
| Other current assets | 662 | 684 |
| Total current assets | 2,034 | 2,139 |
| Property and equipment, net | 697 | 719 |
| Operating lease right-of-use assets | 3,057 | 2,654 |
| Deferred income taxes | 1,786 | 1,868 |
| Goodwill | 1,071 | 1,099 670 |
| Other intangibles, net | 601 422 | 441 |
| Other non-current assets | 9,668 | 9,590 |
| Total assets exclusive of assets under vehicle programs | 9,000 | 3,350 |
| Assets under vehicle programs: | 60 | 85 |
| Program cash | 17,619 | 21,240 |
| Vehicles, net | 386 | 443 |
| Receivables from vehicle manufacturers and other | 1,308 | 1,211 |
| Investment in Avis Budget Rental Car Funding (AESOP) LLC—related party | 19.373 | 22,979 |
| $ 29,041 $ | 32,569 | |
| Total assets | ||
| Liabilities and stockholders' equity | ||
| Current liabilities: | $ 2,700 $ | 2,627 |
| Accounts payable and other current liabilities | $ 2,700 $ 20 | 32 |
| Short-term debt and current portion of long-term debt | 2,720 | 2,659 |
| Total current liabilities | ||
| Long-term debt | 5,373 | 4,791 |
| Long-term operating lease ilabilities | 2,484 | 2,117 |
| Other non-current liabilities | 470 | 528 |
| Total liabilities exclusive of liabilities under vehicle programs | 11,047 | 10,095 |
| Liabilities under vehicle programs: | 2.452 | 3.496 |
| Debt | 3,453 | 15.441 |
| Debt due to Avis Budget Rental Car Funding (AESOP) LLC-related party | 14,083 2,442 | 3,418 |
| Deferred income taxes | 333 | 462 |
| Other | 20,311 | 22,817 |
| Commitments and contingencies (Note 15) | ||
| Stockholders' equity: | ||
| Preferred stock, $0.01 par value—authorized 10 shares; none issued and outstanding, in each period | - | _ |
| Common stock, $0.01 par value—authorized 250 shares; issued 137 shares, in each period | 1 | 1 |
| Additional paid-in capital | 6,620 | 6,634 3,854 |
| Retained earnings | 2,029 | 3,854 |
| Accumulated other comprehensive loss | (210) (10.767) | (10,742) |
| Treasury stock, at cost—102 shares, in e |
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 79)
What This Means (2025 FDD)
According to Budget's 2025 Franchise Disclosure Document, the financial statements include a summary of the company's liabilities. As of December 2024, Budget had $2,700 million in accounts payable and other current liabilities, and $2,720 million in short-term debt and the current portion of long-term debt. The total current liabilities amounted to $2,659 million.
Budget's long-term debt was $5,373 million, long-term operating lease liabilities were $2,484 million, and other non-current liabilities totaled $470 million. The total liabilities, excluding those under vehicle programs, were $11,047 million.
Liabilities under vehicle programs included $2,452 million in debt, $14,083 million in debt due to Avis Budget Rental Car Funding (AESOP) LLC-related party, $333 million in deferred income taxes, and $2,442 million in other liabilities. The total liabilities under vehicle programs amounted to $20,311 million. The total liabilities and stockholders' equity combined were $29,041 million.