Guarantor and Non-Guarantor Consolidating Condensed Financial Statements (Tables)

3 Months Ended

Mar. 31, 2013

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Consolidating Condensed Statements of Comprehensive Income

Consolidating Condensed Statements of Comprehensive Income

Three Months Ended March 31, 2013

	Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Total
Revenues
Vehicle rental	$	—		$	—		$	837		$	380		$	—		$	1,217
Other	—			—			246			526			(298		)	474
Net revenues	—			—			1,083			906			(298		)	1,691
Expenses
Operating	2			1			558			370			—			931
Vehicle depreciation and lease charges, net	—			—			260			243			(117		)	386
Selling, general and administrative	9			1			131			83			—			224
Vehicle interest, net	—			—			42			58			(43		)	57
Non-vehicle related depreciation and amortization	—			—			22			12			—			34
Interest expense related to corporate debt, net:
Interest expense	1			54			—			3			—			58
Intercompany interest expense (income)	(3		)	(11		)	3			11			—			—
Early extinguishment of debt	39			1			—			—			—			40
Restructuring expenses	—			—			6			4			—			10
Transaction-related costs	—			4			1			3			—			8
Total expenses	48			50			1,023			787			(160		)	1,748
Income (loss) before income taxes and equity in earnings of subsidiaries	(48		)	(50		)	60			119			(138		)	(57		)
Provision for (benefit from) income taxes	(4		)	(20		)	14			(1		)	—			(11		)
Equity in earnings (loss) of subsidiaries	(2		)	28			(18		)	—			(8		)	—
Net income (loss)	$	(46	)	$	(2	)	$	28		$	120		$	(146	)	$	(46	)
Comprehensive income (loss)	$	(69	)	$	(25	)	$	2		$	95		$	(72	)	$	(69	)

Three Months Ended March 31, 2012

	Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Total
Revenues
Vehicle rental	$	—		$	—		$	786		$	382		$	—		$	1,168
Other	—			—			235			474			(254		)	455
Net revenues	—			—			1,021			856			(254		)	1,623
Expenses
Operating	(1		)	6			537			351			—			893
Vehicle depreciation and lease charges, net	—			—			197			212			(91		)	318
Selling, general and administrative	5			—			137			77			—			219
Vehicle interest, net	—			—			61			75			(62		)	74
Non-vehicle related depreciation and amortization	—			—			19			13			—			32
Interest expense related to corporate debt, net:
Interest expense	3			64			—			6			—			73
Intercompany interest expense (income)	(7		)	(81		)	74			14			—			—
Early extinguishment of debt	18			9			—			—			—			27
Restructuring expenses	—			—			—			7			—			7
Transaction-related costs	3			—			—			3			—			6
Total expenses	21			(2		)	1,025			758			(153		)	1,649
Income (loss) before income taxes and equity in earnings of subsidiaries	(21		)	2			(4		)	98			(101		)	(26		)
Provision for (benefit from) income taxes	(1		)	3			(2		)	(3		)	—			(3		)
Equity in earnings (loss) of subsidiaries	(3		)	(2		)	—			—			5			—
Net income (loss)	$	(23	)	$	(3	)	$	(2	)	$	101		$	(96	)	$	(23	)
Comprehensive income	$	21		$	41		$	42		$	146		$	(229	)	$	21

Consolidating Condensed Balance Sheets

Consolidating Condensed Balance Sheets

As of March 31, 2013

	Parent		Subsidiary Issuers		Guarantor Subsidiaries		Non- Guarantor Subsidiaries			Eliminations			Total
Assets
Current assets:
Cash and cash equivalents	$	6	$	17	$	8	$	538		$	—		$	569
Receivables, net	—		—		184		407			—			591
Deferred income taxes	3		—		141		12			(3		)	153
Other current assets	4		88		116		350			—			558
Total current assets	13		105		449		1,307			(3		)	1,871
Property and equipment, net	—		93		310		156			—			559
Deferred income taxes	20		1,179		148		—			(1		)	1,346
Goodwill	—		—		348		298			—			646
Other intangibles, net	—		42		530		338			—			910
Other non-current assets	108		87		21		145			—			361
Intercompany receivables (payables)	142		100		282		(524		)	—			—
Investment in subsidiaries	603		2,546		3,230		—			(6,379		)	—
Total assets exclusive of assets under vehicle programs	886		4,152		5,318		1,720			(6,383		)	5,693
Assets under vehicle programs:
Program cash	—		—		—		53			—			53
Vehicles, net	—		7		11		10,144			—			10,162
Receivables from vehicle manufacturers and other	—		—		—		287			—			287
Investment in Avis Budget Rental Car Funding (AESOP) LLC-related party	—		—		—		362			—			362
	—		7		11		10,846			—			10,864
Total assets	$	886	$	4,159	$	5,329	$	12,566		$	(6,383	)	$	16,557
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable and other current liabilities	$	13	$	214	$	557	$	765		$	(3	)	$	1,546
Short-term debt and current portion of long-term debt	—		15		3		11			—			29
Total current liabilities	13		229		560		776			(3		)	1,575
Long-term debt	77		3,233		8		—			—			3,318
Other non-current liabilities	102		91		276		416			(1		)	884
Total liabilities exclusive of liabilities under vehicle programs	192		3,553		844		1,192			(4		)	5,777
Liabilities under vehicle programs:
Debt	—		3		—		1,586			—			1,589
Due to Avis Budget Rental Car Funding (AESOP) LLC-related party	—		—		—		5,873			—			5,873
Deferred income taxes	—		—		1,939		187			—			2,126
Other	—		—		—		498			—			498
	—		3		1,939		8,144			—			10,086
Total stockholders’ equity	694		603		2,546		3,230			(6,379		)	694
Total liabilities and stockholders’ equity	$	886	$	4,159	$	5,329	$	12,566		$	(6,383	)	$	16,557

As of December 31, 2012

	Parent		Subsidiary Issuers		Guarantor Subsidiaries		Non- Guarantor Subsidiaries			Eliminations			Total
Assets
Current assets:
Cash and cash equivalents	$	5	$	102	$	—	$	499		$	—		$	606
Receivables, net	—		—		156		397			—			553
Deferred income taxes	3		1		138		4			—			146
Other current assets	5		73		81		246			—			405
Total current assets	13		176		375		1,146			—			1,710
Property and equipment, net	—		90		276		163			—			529
Deferred income taxes	23		1,216		223		—			(8		)	1,454
Goodwill	—		—		74		301			—			375
Other intangibles, net	—		43		341		347			—			731
Other non-current assets	109		80		14		117			—			320
Intercompany receivables (payables)	142		141		174		(457		)	—			—
Investment in subsidiaries	723		2,030		3,293		—			(6,046		)	—
Total assets exclusive of assets under vehicle programs	1,010		3,776		4,770		1,617			(6,054		)	5,119
Assets under vehicle programs:
Program cash	—		—		—		24			—			24
Vehicles, net	—		7		13		9,254			—			9,274
Receivables from vehicle manufacturers and other	—		—		—		439			—			439
Investment in Avis Budget Rental Car Funding (AESOP) LLC-related party	—		—		—		362			—			362
	—		7		13		10,079			—			10,099
Total assets	$	1,010	$	3,783	$	4,783	$	11,696		$	(6,054	)	$	15,218
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable and other current liabilities	$	22	$	250	$	490	$	659		$	—		$	1,421
Short-term debt and current portion of long-term debt	—		13		3		41			—			57
Total current liabilities	22		263		493		700			—			1,478
Long-term debt	128		2,712		8		—			—			2,848
Other non-current liabilities	103		79		277		420			(8		)	871
Total liabilities exclusive of liabilities under vehicle programs	253		3,054		778		1,120			(8		)	5,197
Liabilities under vehicle programs:
Debt	—		4		—		1,599			—			1,603
Due to Avis Budget Rental Car Funding (AESOP) LLC-related party	—		—		—		5,203			—			5,203
Deferred income taxes	—		—		1,975		188			—			2,163
Other	—		2		—		293			—			295
	—		6		1,975		7,283			—			9,264
Total stockholders’ equity	757		723		2,030		3,293			(6,046		)	757
Total liabilities and stockholders’ equity	$	1,010	$	3,783	$	4,783	$	11,696		$	(6,054	)	$	15,218

Consolidating Condensed Statements Of Cash Flows

Consolidating Condensed Statements of Cash Flows

Three Months Ended March 31, 2013

	Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Total
Net cash provided by (used in) operating activities	$	6		$	(12	)	$	(25	)	$	331		$	—	$	300
Investing activities
Property and equipment additions	—			(5		)	(10		)	(6		)	—		(21		)
Proceeds received on asset sales	—			2			—			2			—		4
Net assets acquired, net of cash acquired	—			(513		)	16			21			—		(476		)
Other, net	—			(1		)	28			(1		)	—		26
Net cash provided by (used in) investing activities exclusive of vehicle programs	—			(517		)	34			16			—		(467		)
Vehicle programs:
Increase in program cash	—			—			—			(24		)	—		(24		)
Investment in vehicles	—			(1		)	—			(3,110		)	—		(3,111		)
Proceeds received on disposition of vehicles	—			1			—			2,393			—		2,394
	—			—			—			(741		)	—		(741		)
Net cash provided by (used in) investing activities	—			(517		)	34			(725		)	—		(1,208		)
Financing activities
Proceeds from long-term borrowings	—			1,225			—			—			—		1,225
Payments on long-term borrowings	(89		)	(698		)	(1		)	—			—		(788		)
Net change in short-term borrowings	—			—			—			(31		)	—		(31		)
Purchase of warrants	(28		)	—			—			—			—		(28		)
Proceeds from sale of call options	37			—			—			—			—		37
Net intercompany transactions	73			(73		)	—			—			—		—
Debt financing fees	—			(10		)	—			—			—		(10		)
Other, net	2			—			—			—			—		2
Net cash provided by (used in) financing activities exclusive of vehicle programs	(5		)	444			(1		)	(31		)	—		407
Vehicle programs:
Proceeds from borrowings	—			—			—			3,762			—		3,762
Payments on borrowings	—			—			—			(3,279		)	—		(3,279		)
Debt financing fees	—			—			—			(17		)	—		(17		)
	—			—			—			466			—		466
Net cash provided by (used in) financing activities	(5		)	444			(1		)	435			—		873
Effect of changes in exchange rates on cash and cash equivalents	—			—			—			(2		)	—		(2		)
Net increase (decrease) in cash and cash equivalents	1			(85		)	8			39			—		(37		)
Cash and cash equivalents, beginning of period	5			102			—			499			—		606
Cash and cash equivalents, end of period	$	6		$	17		$	8		$	538		$	—	$	569

Three Months Ended March 31, 2012

	Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Net cash provided by (used in) operating activities	$	(6	)	$	(86	)	$	8		$	334		$	3		$	253
Investing activities
Property and equipment additions	—			(5		)	(7		)	(8		)	—			(20		)
Proceeds received on asset sales	—			2			—			1			—			3
Other, net	4			(1		)	—			(4		)	—			(1		)
Net cash provided by (used in) investing activities exclusive of vehicle programs	4			(4		)	(7		)	(11		)	—			(18		)
Vehicle programs:
Increase in program cash	—			—			—			(39		)	—			(39		)
Investment in vehicles	—			(1		)	—			(3,052		)	—			(3,053		)
Proceeds received on disposition of vehicles	—			4			—			2,139			—			2,143
	—			3			—			(952		)	—			(949		)
Net cash provided by (used in) investing activities	4			(1		)	(7		)	(963		)	—			(967		)
Financing activities
Proceeds from long-term borrowings	—			624			—			—			—			624
Payments on long-term borrowings	(101		)	(419		)	(1		)	1			—			(520		)
Net change in short-term borrowings	—			—			—			(12		)	—			(12		)
Purchase of warrants	(13		)	—			—			—			—			(13		)
Proceeds from sale of call option	19			—			—			—			—			19
Net intercompany transactions	100			(99		)	1			1			(3		)	—
Debt financing fees	—			(8		)	—			—			—			(8		)
Net cash provided by (used in) financing activities exclusive of vehicle programs	5			98			—			(10		)	(3		)	90
Vehicle programs:
Proceeds from borrowings	—			—			—			3,140			—			3,140
Payments on borrowings	—			—			—			(2,440		)	—			(2,440		)
Debt financing fees	—			—			—			(7		)	—			(7		)
	—			—			—			693			—			693
Net cash provided by (used in) financing activities	5			98			—			683			(3		)	783
Effect of changes in exchange rates on cash and cash equivalents	—			—			—			3			—			3
Net increase in cash and cash equivalents	3			11			1			57			—			72
Cash and cash equivalents, beginning of period	2			234			1			297			—			534
Cash and cash equivalents, end of period	$	5		$	245		$	2		$	354		$	—		$	606