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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


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