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

9 Months Ended

Sep. 30, 2014

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Consolidating Condensed Statements of Comprehensive Income

Three Months Ended September 30, 2013

			Parent			Subsidiary Issuers			Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations			Total
Revenues
	Vehicle rental		$	—		$	—		$	1,100	$	634	$	—		$	1,734
	Other		—			—			308		740		(387		)	661
Net revenues			—			—			1,408		1,374		(387		)	2,395
Expenses
	Operating		2			5			672		463		—			1,142
	Vehicle depreciation and lease charges, net		—			—			338		382		(196		)	524
	Selling, general and administrative		9			1			155		109		—			274
	Vehicle interest, net		—			—			48		74		(50		)	72
	Non-vehicle related depreciation and amortization		—			—			25		14		—			39
	Interest expense related to corporate debt, net:
		Interest expense	1			49			—		7		—			57
		Intercompany interest expense (income)	(3		)	(7		)	1		9		—			—
	Transaction-related costs		—			8			—		2		—			10
	Restructuring expense		—			—			7		7		—			14
	Impairment		—			33			—		—		—			33
Total expenses			9			89			1,246		1,067		(246		)	2,165
Income (loss) before income taxes and equity in earnings of subsidiaries			(9		)	(89		)	162		307		(141		)	230
Provision for (benefit from) income taxes			(2		)	(21		)	93		42		—			112
Equity in earnings of subsidiaries			125			193			124		—		(442		)	—
Net income			$	118		$	125		$	193	$	265	$	(583	)	$	118
Comprehensive income			$	178		$	183		$	250	$	303	$	(736	)	$	178

Nine Months Ended September 30, 2013

			Parent			Subsidiary Issuers			Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations			Total
Revenues
	Vehicle rental		$	—		$	—		$	2,909	$	1,479	$	—		$	4,388
	Other		—			—			842		1,910		(1,053		)	1,699
Net revenues			—			—			3,751		3,389		(1,053		)	6,087
Expenses
	Operating		6			8			1,843		1,223		—			3,080
	Vehicle depreciation and lease charges, net		—			—			924		949		(486		)	1,387
	Selling, general and administrative		25			4			450		292		—			771
	Vehicle interest, net		—			—			136		195		(136		)	195
	Non-vehicle related depreciation and amortization		—			1			71		37		—			109
	Interest expense related to corporate debt, net:
		Interest expense	3			147			—		20		—			170
		Intercompany interest expense (income)	(9		)	(23		)	5		27		—			—
		Early extinguishment of debt	41			90			—		—		—			131
	Transaction-related costs		1			21			1		14		—			37
	Restructuring expense		—			—			23		16		—			39
	Impairment		—			33			—		—		—			33
Total expenses			67			281			3,453		2,773		(622		)	5,952
Income (loss) before income taxes and equity in earnings of subsidiaries			(67		)	(281		)	298		616		(431		)	135
Provision for (benefit from) income taxes			(9		)	(96		)	141		55		—			91
Equity in earnings of subsidiaries			102			287			130		—		(519		)	—
Net income			$	44		$	102		$	287	$	561	$	(950	)	$	44
Comprehensive income			$	44		$	101		$	285	$	542	$	(928	)	$	44

Three Months Ended September 30, 2014

			Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non- Guarantor Subsidiaries		Eliminations			Total
Revenues
	Vehicle rental		$	—		$	—		$	1,161		$	649	$	—		$	1,810
	Other		—			—			327			988		(583		)	732
Net revenues			—			—			1,488			1,637		(583		)	2,542
Expenses
	Operating		4			1			674			489		—			1,168
	Vehicle depreciation and lease charges, net		—			1			528			581		(528		)	582
	Selling, general and administrative		7			4			162			125		—			298
	Vehicle interest, net		—			—			54			78		(55		)	77
	Non-vehicle related depreciation and amortization		—			—			27			19		—			46
	Interest expense related to corporate debt, net:
		Interest expense	1			36			(1		)	14		—			50
		Intercompany interest expense (income)	(3		)	(4		)	—			7		—			—
	Transaction-related costs		—			2			1			4		—			7
	Restructuring expense		—			—			1			7		—			8
Total expenses			9			40			1,446			1,324		(583		)	2,236
Income (loss) before income taxes and equity in earnings of subsidiaries			(9		)	(40		)	42			313		—			306
Provision for (benefit from) income taxes			(2		)	(21		)	91			46		—			114
Equity in earnings of subsidiaries			199			218			267			—		(684		)	—
Net income			$	192		$	199		$	218		$	267	$	(684	)	$	192
Comprehensive income			$	116		$	123		$	140		$	189	$	(452	)	$	116

Nine Months Ended September 30, 2014

			Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non- Guarantor Subsidiaries		Eliminations			Total
Revenues
	Vehicle rental		$	—		$	—		$	3,126		$	1,566	$	—		$	4,692
	Other		—			—			903			2,634		(1,631		)	1,906
Net revenues			—			—			4,029			4,200		(1,631		)	6,598
Expenses
	Operating		6			9			1,938			1,320		—			3,273
	Vehicle depreciation and lease charges, net		—			1			1,474			1,529		(1,472		)	1,532
	Selling, general and administrative		20			15			459			339		—			833
	Vehicle interest, net		—			—			150			222		(159		)	213
	Non-vehicle related depreciation and amortization		—			1			82			49		—			132
	Interest expense related to corporate debt, net:
		Interest expense	2			124			1			34		—			161
		Intercompany interest expense (income)	(9		)	(9		)	1			17		—			—
		Early extinguishment of debt	—			56			—			—		—			56
	Transaction-related costs		—			6			—			17		—			23
	Restructuring expense		—			—			3			13		—			16
Total expenses			19			203			4,108			3,540		(1,631		)	6,239
Income (loss) before income taxes and equity in earnings of subsidiaries			(19		)	(203		)	(79		)	660		—			359
Provision for (benefit from) income taxes			(5		)	(85		)	161			66		—			137
Equity in earnings of subsidiaries			236			354			594			—		(1,184		)	—
Net income			$	222		$	236		$	354		$	594	$	(1,184	)	$	222
Comprehensive income			$	154		$	167		$	284		$	524	$	(975	)	$	154

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 September 30, 2014

		Parent		Subsidiary Issuers		Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations			Total
Assets
Current assets:
	Cash and cash equivalents	$	1	$	409	$	—	$	303	$	—		$	713
	Receivables, net	—		1		174		484		—			659
	Deferred income taxes	1		—		156		20		(4		)	173
	Other current assets	4		83		82		421		—			590
Total current assets		6		493		412		1,228		(4		)	2,135
Property and equipment, net		—		104		321		198		—			623
Deferred income taxes		19		896		144		—		(17		)	1,042
Goodwill		—		—		315		368		—			683
Other intangibles, net		—		40		511		346		—			897
Other non-current assets		107		80		22		142		—			351
Intercompany receivables		202		339		891		726		(2,158		)	—
Investment in subsidiaries		600		3,161		3,420		—		(7,181		)	—
Total assets exclusive of assets under vehicle programs		934		5,113		6,036		3,008		(9,360		)	5,731
Assets under vehicle programs:
	Program cash	—		—		—		89		—			89
	Vehicles, net	—		6		92		11,386		—			11,484
	Receivables from vehicle manufacturers and other	—		—		2		628		—			630
	Investment in Avis Budget Rental Car Funding (AESOP) LLC-related party	—		—		—		362		—			362
		—		6		94		12,465		—			12,565
Total assets		$	934	$	5,119	$	6,130	$	15,473	$	(9,360	)	$	18,296
Liabilities and stockholders’ equity
Current liabilities:
	Accounts payable and other current liabilities	$	38	$	222	$	522	$	901	$	(4	)	$	1,679
	Short-term debt and current portion of long-term debt	65		14		6		3		—			88
Total current liabilities		103		236		528		904		(4		)	1,767
Long-term debt		—		2,655		7		585		—			3,247
Other non-current liabilities		99		96		230		423		(17		)	831
Intercompany payables		—		1,528		308		322		(2,158		)	—
Total liabilities exclusive of liabilities under vehicle programs		202		4,515		1,073		2,234		(2,179		)	5,845
Liabilities under vehicle programs:
	Debt	—		4		86		2,427		—			2,517
	Due to Avis Budget Rental Car Funding (AESOP) LLC-related party	—		—		—		6,983		—			6,983
Deferred income taxes		—		—		1,810		190		—			2,000
Other		—		—		—		219		—			219
		—		4		1,896		9,819		—			11,719
Total stockholders’ equity		732		600		3,161		3,420		(7,181		)	732
Total liabilities and stockholders’ equity		$	934	$	5,119	$	6,130	$	15,473	$	(9,360	)	$	18,296

Consolidating Condensed Statements Of Cash Flows

Nine Months Ended September 30, 2013

	Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Net cash provided by (used in) operating activities	$	(5	)	$	455		$	2		$	1,294		$	(3	)	$	1,743
Investing activities
Property and equipment additions	—			(17		)	(43		)	(32		)	—			(92		)
Proceeds received on asset sales	—			4			—			9			—			13
Net assets acquired (net of cash acquired)	—			(563		)	8			24			—			(531		)
Intercompany loan receipts	—			70			—			—			(70		)	—
Other, net	109			(13		)	47			3			(109		)	37
Net cash provided by (used in) investing activities exclusive of vehicle programs	109			(519		)	12			4			(179		)	(573		)
Vehicle programs:
Increase in program cash	—			—			—			(173		)	—			(173		)
Investment in vehicles	—			(40		)	(2		)	(8,823		)	—			(8,865		)
Proceeds received on disposition of vehicles	—			22			—			6,371			—			6,393
	—			(18		)	(2		)	(2,625		)	—			(2,645		)
Net cash provided by (used in) investing activities	109			(537		)	10			(2,621		)	(179		)	(3,218		)
Financing activities
Proceeds from long-term borrowings	—			2,400			—			325			—			2,725
Payments on long-term borrowings	(94		)	(2,248		)	(2		)	—			—			(2,344		)
Net change in short-term borrowings	—			—			—			(32		)	—			(32		)
Purchase of warrants	(30		)	—			—			—			—			(30		)
Proceeds from sale of call options	41			—			—			—			—			41
Repurchases of common stock	(21		)	—			—			—			—			(21		)
Intercompany loan payments	—			—			—			(70		)	70			—
Debt financing fees	—			(29		)	—			(7		)	—			(36		)
Other, net	2			(109		)	—			(3		)	112			2
Net cash provided by (used in) financing activities exclusive of vehicle programs	(102		)	14			(2		)	213			182			305
Vehicle programs:
Proceeds from borrowings	—			—			—			10,266			—			10,266
Payments on borrowings	—			—			—			(9,079		)	—			(9,079		)
Debt financing fees	—			—			—			(26		)	—			(26		)
	—			—			—			1,161			—			1,161
Net cash provided by (used in) financing activities	(102		)	14			(2		)	1,374			182			1,466
Effect of changes in exchange rates on cash and cash equivalents	—			—			—			(8		)	—			(8		)
Net increase (decrease) in cash and cash equivalents	2			(68		)	10			39			—			(17		)
Cash and cash equivalents, beginning of period	5			102			—			499			—			606
Cash and cash equivalents, end of period	$	7		$	34		$	10		$	538		$	—		$	589

Nine Months Ended September 30, 2014

	Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Net cash provided by operating activities	$	1		$	728		$	58		$	1,280		$	—		$	2,067
Investing activities
Property and equipment additions	—			(12		)	(60		)	(55		)	—			(127		)
Proceeds received on asset sales	—			3			—			6			—			9
Net assets acquired (net of cash acquired)	—			—			—			(149		)	—			(149		)
Other, net	191			(8		)	(1		)	—			(191		)	(9		)
Net cash provided by (used in) investing activities exclusive of vehicle programs	191			(17		)	(61		)	(198		)	(191		)	(276		)
Vehicle programs:
Decrease in program cash	—			—			—			23			—			23
Investment in vehicles	—			(6		)	(91		)	(9,738		)	—			(9,835		)
Proceeds received on disposition of vehicles	—			7			—			6,528			—			6,535
	—			1			(91		)	(3,187		)	—			(3,277		)
Net cash provided by (used in) investing activities	191			(16		)	(152		)	(3,385		)	(191		)	(3,553		)
Financing activities
Proceeds from long-term borrowings	—			400			—			296			—			696
Payments on long-term borrowings	—			(747		)	(4		)	—			—			(751		)
Net change in short-term borrowings	—			—			—			(3		)	—			(3		)
Repurchases of common stock	(204		)	—			—			—			—			(204		)
Debt financing fees	—			(7		)	—			(5		)	—			(12		)
Other, net	(1		)	(191		)	—			—			191			(1		)
Net cash provided by (used in) financing activities exclusive of vehicle programs	(205		)	(545		)	(4		)	288			191			(275		)
Vehicle programs:
Proceeds from borrowings	—			—			88			11,774			—			11,862
Payments on borrowings	—			—			(1		)	(10,049		)	—			(10,050		)
Debt financing fees	—			—			(1		)	(16		)	—			(17		)
	—			—			86			1,709			—			1,795
Net cash provided by (used in) financing activities	(205		)	(545		)	82			1,997			191			1,520
Effect of changes in exchange rates on cash and cash equivalents	—			—			—			(14		)	—			(14		)
Net increase (decrease) in cash and cash equivalents	(13		)	167			(12		)	(122		)	—			20
Cash and cash equivalents, beginning of period	14			242			12			425			—			693
Cash and cash equivalents, end of period	$	1		$	409		$	—		$	303		$	—		$	713