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

3 Months Ended

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Consolidating Condensed Statements of Comprehensive Income

Three Months Ended March 31, 2014



			Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non- Guarantor Subsidiaries		Eliminations			Total
Revenues
	Vehicle rental		$	—		$	—		$	916		$	413	$	—		$	1,329
	Other		—			—			267			755		(489		)	533
Net revenues			—			—			1,183			1,168		(489		)	1,862

Expenses
	Operating		—			4			604			392		—			1,000
	Vehicle depreciation and lease charges, net		—			—			441			432		(440		)	433
	Selling, general and administrative		7			4			140			97		—			248
	Vehicle interest, net		—			—			45			68		(49		)	64
	Non-vehicle related depreciation and amortization		—			—			27			14		—			41
	Interest expense related to corporate debt, net:
		Interest expense	1			47			—			8		—			56
		Intercompany interest expense (income)	(3		)	(3		)	1			5		—			—
	Transaction-related costs		—			2			3			3		—			8
	Restructuring expense		—			—			2			5		—			7
Total expenses			5			54			1,263			1,024		(489		)	1,857
Income (loss) before income taxes and equity in earnings of subsidiaries			(5		)	(54		)	(80		)	144		—			5
Provision for (benefit from) income taxes			(2		)	(21		)	18			6		—			1
Equity in earnings of subsidiaries			7			40			138			—		(185		)	—
Net income			$	4		$	7		$	40		$	138	$	(185	)	$	4

Comprehensive income			$	7		$	11		$	43		$	141	$	(195	)	$	7



			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 expense		—			—			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 of subsidiaries			(2		)	28			(18		)	—			(8		)	—
Net income (loss)			$	(46	)	$	(2	)	$	28		$	120		$	(146	)	$	(46	)

Comprehensive income (loss)			$	(69	)	$	(25	)	$	2		$	95		$	(72	)	$	(69	)

Schedule Of Condensed Consolidating Balance Sheet Table [Text Block]

Consolidating Condensed Balance Sheets

As of March 31, 2014



		Parent		Subsidiary Issuers		Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations			Total
Assets
Current assets:
	Cash and cash equivalents	$	5	$	459	$	—	$	377	$	—		$	841
	Receivables, net	—		—		183		463		—			646
	Deferred income taxes	1		—		155		23		(5		)	174
	Other current assets	3		75		93		330		—			501
Total current assets		9		534		431		1,193		(5		)	2,162

Property and equipment, net		—		104		312		197		—			613
Deferred income taxes		20		1,107		141		—		(4		)	1,264
Goodwill		—		—		339		374		—			713
Other intangibles, net		—		41		516		375		—			932
Other non-current assets		104		91		18		149		—			362
Intercompany receivables		146		—		865		626		(1,637		)	—
Investment in subsidiaries		617		2,944		3,340		—		(6,901		)	—
Total assets exclusive of assets under vehicle programs		896		4,821		5,962		2,914		(8,547		)	6,046

Assets under vehicle programs:
	Program cash	—		—		—		104		—			104
	Vehicles, net	—		7		14		10,596		—			10,617
	Receivables from vehicle manufacturers and other	—		—		—		240		—			240
	Investment in Avis Budget Rental Car Funding (AESOP) LLC-related party	—		—		—		362		—			362
		—		7		14		11,302		—			11,323
Total assets		$	896	$	4,828	$	5,976	$	14,216	$	(8,547	)	$	17,369

Liabilities and stockholders’ equity
Current liabilities:
	Accounts payable and other current liabilities	$	28	$	211	$	502	$	738	$	(5	)	$	1,474
	Short-term debt and current portion of long-term debt	66		306		3		18		—			393
Total current liabilities		94		517		505		756		(5		)	1,867

Long-term debt		—		2,660		5		638		—			3,303
Other non-current liabilities		99		93		229		423		(4		)	840
Intercompany payables		—		932		345		360		(1,637		)	—
Total liabilities exclusive of liabilities under vehicle programs		193		4,202		1,084		2,177		(1,646		)	6,010

Liabilities under vehicle programs:
	Debt	—		9		—		1,631		—			1,640
	Due to Avis Budget Rental Car Funding (AESOP) LLC-related party	—		—		—		6,359		—			6,359
Deferred income taxes		—		—		1,948		193		—			2,141
Other		—		—		—		516		—			516
		—		9		1,948		8,699		—			10,656
Total stockholders’ equity		703		617		2,944		3,340		(6,901		)	703
Total liabilities and stockholders’ equity		$	896	$	4,828	$	5,976	$	14,216	$	(8,547	)	$	17,369



		Parent		Subsidiary Issuers		Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations			Total
Assets
Current assets:
	Cash and cash equivalents	$	14	$	242	$	12	$	425	$	—		$	693
	Receivables, net	—		—		150		469		—			619
	Deferred income taxes	1		—		156		21		(1		)	177
	Other current assets	4		80		82		289		—			455
Total current assets		19		322		400		1,204		(1		)	1,944

Property and equipment, net		—		109		312		193		—			614
Deferred income taxes		20		1,142		141		—		(4		)	1,299
Goodwill		—		—		342		349		—			691
Other intangibles, net		—		41		519		363		—			923
Other non-current assets		104		96		18		143		—			361
Intercompany receivables		145		210		853		331		(1,539		)	—
Investment in subsidiaries		671		2,900		3,347		—		(6,918		)	—
Total assets exclusive of assets under vehicle programs		959		4,820		5,932		2,583		(8,462		)	5,832

Assets under vehicle programs:
	Program cash	—		—		—		116		—			116
	Vehicles, net	—		10		9		9,563		—			9,582
	Receivables from vehicle manufacturers and other	—		—		—		391		—			391
	Investment in Avis Budget Rental Car Funding (AESOP) LLC-related party	—		—		—		363		—			363
		—		10		9		10,433		—			10,452
Total assets		$	959	$	4,830	$	5,941	$	13,016	$	(8,462	)	$	16,284

Liabilities and stockholders’ equity
Current liabilities:
	Accounts payable and other current liabilities	$	25	$	238	$	487	$	730	$	(1	)	$	1,479
	Short-term debt and current portion of long-term debt	65		14		3		7		—			89
Total current liabilities		90		252		490		737		(1		)	1,568

Long-term debt		—		2,955		6		344		—			3,305
Other non-current liabilities		98		96		221		436		(4		)	847
Intercompany payables		—		844		340		355		(1,539		)	—
Total liabilities exclusive of liabilities under vehicle programs		188		4,147		1,057		1,872		(1,544		)	5,720

Liabilities under vehicle programs:
	Debt	—		11		—		1,670		—			1,681
	Due to Avis Budget Rental Car Funding (AESOP) LLC-related party	—		—		—		5,656		—			5,656
	Deferred income taxes	—		—		1,984		193		—			2,177
	Other	—		1		—		278		—			279
		—		12		1,984		7,797		—			9,793
Total stockholders’ equity		771		671		2,900		3,347		(6,918		)	771
Total liabilities and stockholders’ equity		$	959	$	4,830	$	5,941	$	13,016	$	(8,462	)	$	16,284

Consolidating Condensed Statements Of Cash Flows



	Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Net cash provided by (used in) operating activities	$	2		$	284		$	14		$	90		$	—		$	390

Investing activities
Property and equipment additions	—			(3		)	(17		)	(16		)	—			(36		)
Proceeds received on asset sales	—			2			—			1			—			3
Net assets acquired (net of cash acquired)	—			—			—			(124		)	—			(124		)
Other, net	57			(7		)	—			—			(57		)	(7		)
Net cash provided by (used in) investing activities exclusive of vehicle programs	57			(8		)	(17		)	(139		)	(57		)	(164		)

Vehicle programs:
Decrease in program cash	—			—			—			12			—			12
Investment in vehicles	—			(1		)	(8		)	(3,266		)	—			(3,275		)
Proceeds received on disposition of vehicles	—			3			—			2,467			—			2,470
	—			2			(8		)	(787		)	—			(793		)
Net cash provided by (used in) investing activities	57			(6		)	(25		)	(926		)	(57		)	(957		)

Financing activities
Proceeds from long-term borrowings	—			—			—			295			—			295
Payments on long-term borrowings	—			(4		)	(1		)	—			—			(5		)
Net change in short-term borrowings	—			—			—			11			—			11
Repurchases of common stock	(67		)	—			—			—			—			(67		)
Debt financing fees	—			—			—			(5		)	—			(5		)
Other, net	(1		)	(57		)	—			—			57			(1		)
Net cash provided by (used in) financing activities exclusive of vehicle programs	(68		)	(61		)	(1		)	301			57			228

Vehicle programs:
Proceeds from borrowings	—			—			—			3,775			—			3,775
Payments on borrowings	—			—			—			(3,280		)	—			(3,280		)
Debt financing fees	—			—			—			(7		)	—			(7		)
	—			—			—			488			—			488
Net cash provided by (used in) financing activities	(68		)	(61		)	(1		)	789			57			716
Effect of changes in exchange rates on cash and cash equivalents	—			—			—			(1		)	—			(1		)
Net increase (decrease) in cash and cash equivalents	(9		)	217			(12		)	(48		)	—			148
Cash and cash equivalents, beginning of period	14			242			12			425			—			693
Cash and cash equivalents, end of period	$	5		$	459		$	—		$	377		$	—		$	841