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

6 Months Ended

Jun. 30, 2014

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Consolidating Condensed Statements of Comprehensive Income

Six Months Ended June 30, 2014

			Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non- Guarantor Subsidiaries		Eliminations			Total
Revenues
	Vehicle rental		$	—		$	—		$	1,965		$	917	$	—		$	2,882
	Other		—			—			576			1,646		(1,048		)	1,174
Net revenues			—			—			2,541			2,563		(1,048		)	4,056
Expenses
	Operating		2			8			1,264			831		—			2,105
	Vehicle depreciation and lease charges, net		—			—			946			948		(944		)	950
	Selling, general and administrative		13			11			297			214		—			535
	Vehicle interest, net		—			—			96			144		(104		)	136
	Non-vehicle related depreciation and amortization		—			1			55			30		—			86
	Interest expense related to corporate debt, net:
		Interest expense	1			88			2			20		—			111
		Intercompany interest expense (income)	(6		)	(5		)	1			10		—			—
		Early extinguishment of debt	—			56			—			—		—			56
	Transaction-related costs		—			4			(1		)	13		—			16
	Restructuring expense		—			—			2			6		—			8
Total expenses			10			163			2,662			2,216		(1,048		)	4,003
Income (loss) before income taxes and equity in earnings of subsidiaries			(10		)	(163		)	(121		)	347		—			53
Provision for (benefit from) income taxes			(3		)	(64		)	70			20		—			23
Equity in earnings of subsidiaries			37			136			327			—		(500		)	—
Net income			$	30		$	37		$	136		$	327	$	(500	)	$	30
Comprehensive income			$	38		$	44		$	144		$	335	$	(523	)	$	38

Three Months Ended June 30, 2014

			Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non- Guarantor Subsidiaries		Eliminations			Total
Revenues
	Vehicle rental		$	—		$	—		$	1,049		$	504	$	—		$	1,553
	Other		—			—			309			891		(559		)	641
Net revenues			—			—			1,358			1,395		(559		)	2,194
Expenses
	Operating		2			4			660			439		—			1,105
	Vehicle depreciation and lease charges, net		—			—			505			516		(504		)	517
	Selling, general and administrative		6			7			157			117		—			287
	Vehicle interest, net		—			—			51			76		(55		)	72
	Non-vehicle related depreciation and amortization		—			1			28			16		—			45
	Interest expense related to corporate debt, net:
		Interest expense	—			41			2			12		—			55
		Intercompany interest expense (income)	(3		)	(2		)	—			5		—			—
		Early extinguishment of debt	—			56			—			—		—			56
	Transaction-related costs		—			2			(4		)	10		—			8
	Restructuring expense		—			—			—			1		—			1
Total expenses			5			109			1,399			1,192		(559		)	2,146
Income (loss) before income taxes and equity in earnings of subsidiaries			(5		)	(109		)	(41		)	203		—			48
Provision for (benefit from) income taxes			(1		)	(43		)	52			14		—			22
Equity in earnings of subsidiaries			30			96			189			—		(315		)	—
Net income			$	26		$	30		$	96		$	189	$	(315	)	$	26
Comprehensive income			$	31		$	33		$	101		$	194	$	(328	)	$	31

Six Months Ended June 30, 2013

			Parent			Subsidiary Issuers			Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations			Total
Revenues
	Vehicle rental		$	—		$	—		$	1,809	$	845	$	—		$	2,654
	Other		—			—			535		1,170		(666		)	1,039
Net revenues			—			—			2,344		2,015		(666		)	3,693
Expenses
	Operating		3			3			1,171		760		—			1,937
	Vehicle depreciation and lease charges, net		—			—			587		566		(290		)	863
	Selling, general and administrative		17			2			296		183		—			498
	Vehicle interest, net		—			—			88		121		(86		)	123
	Non-vehicle related depreciation and amortization		—			1			45		25		—			71
	Interest expense related to corporate debt, net:
		Interest expense	2			106			—		6		—			114
		Intercompany interest expense (income)	(6		)	(17		)	4		19		—			—
		Early extinguishment of debt	41			90			—		—		—			131
	Transaction-related costs		1			13			1		11		—			26
	Restructuring expense		—			—			16		9		—			25
Total expenses			58			198			2,208		1,700		(376		)	3,788
Income (loss) before income taxes and equity in earnings of subsidiaries			(58		)	(198		)	136		315		(290		)	(95		)
Provision for (benefit from) income taxes			(7		)	(75		)	48		13		—			(21		)
Equity in earnings (loss) of subsidiaries			(23		)	100			12		—		(89		)	—
Net income (loss)			$	(74	)	$	(23	)	$	100	$	302	$	(379	)	$	(74	)
Comprehensive income (loss)			$	(134	)	$	(82	)	$	41	$	245	$	(204	)	$	(134	)

Three Months Ended June 30, 2013

			Parent			Subsidiary Issuers			Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations			Total
Revenues
	Vehicle rental		$	—		$	—		$	972	$	466	$	—		$	1,438
	Other		—			—			288		643		(367		)	564
Net revenues			—			—			1,260		1,109		(367		)	2,002
Expenses
	Operating		2			2			613		390		—			1,007
	Vehicle depreciation and lease charges, net		—			—			327		323		(174		)	476
	Selling, general and administrative		8			1			165		100		—			274
	Vehicle interest, net		—			—			46		63		(43		)	66
	Non-vehicle related depreciation and amortization		—			—			25		12		—			37
	Interest expense related to corporate debt, net:
		Interest expense	1			52			—		2		—			55
		Intercompany interest expense (income)	(3		)	(6		)	1		8		—			—
		Early extinguishment of debt	2			89			—		—		—			91
	Transaction-related costs		1			9			1		8		—			19
	Restructuring expense		—			—			9		6		—			15
Total expenses			11			147			1,187		912		(217		)	2,040
Income (loss) before income taxes and equity in earnings of subsidiaries			(11		)	(147		)	73		197		(150		)	(38		)
Provision for (benefit from) income taxes			(3		)	(55		)	34		14		—			(10		)
Equity in earnings (loss) of subsidiaries			(20		)	72			33		—		(85		)	—
Net income (loss)			$	(28	)	$	(20	)	$	72	$	183	$	(235	)	$	(28	)
Comprehensive income (loss)			$	(65	)	$	(56	)	$	39	$	151	$	(134	)	$	(65	)

Schedule Of Condensed Consolidating Balance Sheet Table

As of December 31, 2013

		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

As of June 30, 2014

		Parent		Subsidiary Issuers		Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations			Total
Assets
Current assets:
	Cash and cash equivalents	$	5	$	248	$	—	$	284	$	—		$	537
	Receivables, net	—		—		199		554		—			753
	Deferred income taxes	1		—		156		23		(4		)	176
	Other current assets	3		94		86		483		—			666
Total current assets		9		342		441		1,344		(4		)	2,132
Property and equipment, net		—		105		320		203		—			628
Deferred income taxes		19		1,032		143		—		(4		)	1,190
Goodwill		—		—		342		365		—			707
Other intangibles, net		—		40		514		378		—			932
Other non-current assets		107		82		20		144		—			353
Intercompany receivables		148		332		850		712		(2,042		)	—
Investment in subsidiaries		579		3,046		3,369		—		(6,994		)	—
Total assets exclusive of assets under vehicle programs		862		4,979		5,999		3,146		(9,044		)	5,942
Assets under vehicle programs:
	Program cash	—		—		—		145		—			145
	Vehicles, net	—		7		88		13,271		—			13,366
	Receivables from vehicle manufacturers and other	—		—		3		171		—			174
	Investment in Avis Budget Rental Car Funding (AESOP) LLC-related party	—		—		—		362		—			362
		—		7		91		13,949		—			14,047
Total assets		$	862	$	4,986	$	6,090	$	17,095	$	(9,044	)	$	19,989
Liabilities and stockholders’ equity
Current liabilities:
	Accounts payable and other current liabilities	$	30	$	209	$	550	$	851	$	(4	)	$	1,636
	Short-term debt and current portion of long-term debt	65		14		4		6		—			89
Total current liabilities		95		223		554		857		(4		)	1,725
Long-term debt		—		2,657		8		634		—			3,299
Other non-current liabilities		100		98		225		433		(4		)	852
Intercompany payables		—		1,425		301		316		(2,042		)	—
Total liabilities exclusive of liabilities under vehicle programs		195		4,403		1,088		2,240		(2,050		)	5,876
Liabilities under vehicle programs:
	Debt	—		4		73		2,670		—			2,747
	Due to Avis Budget Rental Car Funding (AESOP) LLC-related party	—		—		—		8,101		—			8,101
Deferred income taxes		—		—		1,883		187		—			2,070
Other		—		—		—		528		—			528
		—		4		1,956		11,486		—			13,446
Total stockholders’ equity		667		579		3,046		3,369		(6,994		)	667
Total liabilities and stockholders’ equity		$	862	$	4,986	$	6,090	$	17,095	$	(9,044	)	$	19,989

Consolidating Condensed Statements Of Cash Flows

Six Months Ended June 30, 2014

	Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Net cash provided by operating activities	$	2		$	502		$	45		$	462		$	—		$	1,011
Investing activities
Property and equipment additions	—			(7		)	(39		)	(34		)	—			(80		)
Proceeds received on asset sales	—			2			—			4			—			6
Net assets acquired (net of cash acquired)	—			—			—			(125		)	—			(125		)
Other, net	136			(7		)	(1		)	—			(136		)	(8		)
Net cash provided by (used in) investing activities exclusive of vehicle programs	136			(12		)	(40		)	(155		)	(136		)	(207		)
Vehicle programs:
Increase in program cash	—			—			—			(29		)	—			(29		)
Investment in vehicles	—			(3		)	(86		)	(8,125		)	—			(8,214		)
Proceeds received on disposition of vehicles	—			5			—			4,377			—			4,382
	—			2			(86		)	(3,777		)	—			(3,861		)
Net cash provided by (used in) investing activities	136			(10		)	(126		)	(3,932		)	(136		)	(4,068		)
Financing activities
Proceeds from long-term borrowings	—			400			—			295			—			695
Payments on long-term borrowings	—			(744		)	(3		)	—			—			(747		)
Repurchases of common stock	(146		)	—			—			—			—			(146		)
Debt financing fees	—			(6		)	—			(5		)	—			(11		)
Other, net	(1		)	(136		)	—			—			136			(1		)
Net cash provided by (used in) financing activities exclusive of vehicle programs	(147		)	(486		)	(3		)	290			136			(210		)
Vehicle programs:
Proceeds from borrowings	—			—			73			9,463			—			9,536
Payments on borrowings	—			—			—			(6,417		)	—			(6,417		)
Debt financing fees	—			—			(1		)	(9		)	—			(10		)
	—			—			72			3,037			—			3,109
Net cash provided by (used in) financing activities	(147		)	(486		)	69			3,327			136			2,899
Effect of changes in exchange rates on cash and cash equivalents	—			—			—			2			—			2
Net increase (decrease) in cash and cash equivalents	(9		)	6			(12		)	(141		)	—			(156		)
Cash and cash equivalents, beginning of period	14			242			12			425			—			693
Cash and cash equivalents, end of period	$	5		$	248		$	—		$	284		$	—		$	537

Six Months Ended June 30, 2013

	Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Net cash provided by (used in) operating activities	$	(5	)	$	48		$	(32	)	$	866		$	(3	)	$	874
Investing activities
Property and equipment additions	—			(11		)	(24		)	(21		)	—			(56		)
Proceeds received on asset sales	—			3			—			4			—			7
Net assets acquired (net of cash acquired)	—			(513		)	16			21			—			(476		)
Intercompany loan receipts	—			70			—			—			(70		)	—
Other, net	87			(1		)	43			8			(87		)	50
Net cash provided by (used in) investing activities exclusive of vehicle programs	87			(452		)	35			12			(157		)	(475		)
Vehicle programs:
Increase in program cash	—			—			—			(111		)	—			(111		)
Investment in vehicles	—			(3		)	(1		)	(7,302		)	—			(7,306		)
Proceeds received on disposition of vehicles	—			2			—			4,432			—			4,434
	—			(1		)	(1		)	(2,981		)	—			(2,983		)
Net cash provided by (used in) investing activities	87			(453		)	34			(2,969		)	(157		)	(3,458		)
Financing activities
Proceeds from long-term borrowings	—			2,725			—			—			—			2,725
Payments on long-term borrowings	(93		)	(2,243		)	(2		)	—			—			(2,338		)
Net change in short-term borrowings	—			—			—			10			—			10
Purchase of warrants	(29		)	—			—			—			—			(29		)
Proceeds from sale of call options	40			—			—			—			—			40
Intercompany loan payments	—			—			—			(70		)	70			—
Debt financing fees	—			(28		)	—			—			—			(28		)
Other, net	2			(87		)	—			(3		)	90			2
Net cash provided by (used in) financing activities exclusive of vehicle programs	(80		)	367			(2		)	(63		)	160			382
Vehicle programs:
Proceeds from borrowings	—			—			—			8,191			—			8,191
Payments on borrowings	—			—			—			(6,055		)	—			(6,055		)
Debt financing fees	—			—			—			(20		)	—			(20		)
	—			—			—			2,116			—			2,116
Net cash provided by (used in) financing activities	(80		)	367			(2		)	2,053			160			2,498
Effect of changes in exchange rates on cash and cash equivalents	—			—			—			(17		)	—			(17		)
Net increase (decrease) in cash and cash equivalents	2			(38		)	—			(67		)	—			(103		)
Cash and cash equivalents, beginning of period	5			102			—			499			—			606
Cash and cash equivalents, end of period	$	7		$	64		$	—		$	432		$	—		$	503