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

3 Months Ended

Mar. 31, 2015

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Consolidating Condensed Statements of Comprehensive Income

Three Months Ended March 31, 2015

			Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non- Guarantor Subsidiaries		Eliminations			Total
Revenues
	Vehicle rental		$	—		$	—		$	942		$	377	$	—		$	1,319
	Other		—			—			267			753		(489		)	531
Net revenues			—			—			1,209			1,130		(489		)	1,850
Expenses
	Operating		—			4			608			373		—			985
	Vehicle depreciation and lease charges, net		—			—			436			431		(435		)	432
	Selling, general and administrative		8			3			140			97		—			248
	Vehicle interest, net		—			—			49			73		(54		)	68
	Non-vehicle related depreciation and amortization		—			—			33			16		—			49
	Interest expense related to corporate debt, net:
		Interest expense	—			40			1			11		—			52
		Intercompany interest expense (income)	(3		)	(2		)	—			5		—			—
	Transaction-related costs		—			6			1			24		—			31
	Restructuring expense		—			—			1			—		—			1
Total expenses			5			51			1,269			1,030		(489		)	1,866
Income (loss) before income taxes and equity in earnings of subsidiaries			(5		)	(51		)	(60		)	100		—			(16		)
Provision for (benefit from) income taxes			(2		)	(20		)	8			7		—			(7		)
Equity in earnings (loss) of subsidiaries			(6		)	25			93			—		(112		)	—
Net income (loss)			$	(9	)	$	(6	)	$	25		$	93	$	(112	)	$	(9	)
Comprehensive income (loss)			$	(103	)	$	(100	)	$	(67	)	$	1	$	166		$	(103	)

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

Schedule Of Condensed Consolidating Balance Sheet Table

As of December 31, 2014

		Parent		Subsidiary Issuers		Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations			Total
Assets
Current assets:
	Cash and cash equivalents	$	2	$	210	$	—	$	412	$	—		$	624
	Receivables, net	—		—		177		422		—			599
	Deferred income taxes	—		23		102		34		—			159
	Other current assets	3		86		78		289		—			456
Total current assets		5		319		357		1,157		—			1,838
Property and equipment, net		—		112		325		201		—			638
Deferred income taxes		19		1,199		138		—		(4		)	1,352
Goodwill		—		—		487		355		—			842
Other intangibles, net		—		38		545		303		—			886
Other non-current assets		104		81		22		148		—			355
Intercompany receivables		205		344		978		672		(2,199		)	—
Investment in subsidiaries		468		3,072		3,316		—		(6,856		)	—
Total assets exclusive of assets under vehicle programs		801		5,165		6,168		2,836		(9,059		)	5,911
Assets under vehicle programs:
	Program cash	—		—		—		119		—			119
	Vehicles, net	—		7		87		10,121		—			10,215
	Receivables from vehicle manufacturers and other	—		1		—		361		—			362
	Investment in Avis Budget Rental Car Funding (AESOP) LLC-related party	—		—		—		362		—			362
		—		8		87		10,963		—			11,058
Total assets		$	801	$	5,173	$	6,255	$	13,799	$	(9,059	)	$	16,969
Liabilities and stockholders’ equity
Current liabilities:
	Accounts payable and other current liabilities	$	39	$	200	$	462	$	790	$	—		$	1,491
	Short-term debt and current portion of long-term debt	—		13		4		11		—			28
Total current liabilities		39		213		466		801		—			1,519
Long-term debt		—		2,825		6		561		—			3,392
Other non-current liabilities		97		100		232		341		(4		)	766
Intercompany payables		—		1,558		313		328		(2,199		)	—
Total liabilities exclusive of liabilities under vehicle programs		136		4,696		1,017		2,031		(2,203		)	5,677
Liabilities under vehicle programs:
	Debt	—		9		84		1,683		—			1,776
	Due to Avis Budget Rental Car Funding (AESOP) LLC-related party	—		—		—		6,340		—			6,340
	Deferred income taxes	—		—		2,082		185		—			2,267
	Other	—		—		—		244		—			244
		—		9		2,166		8,452		—			10,627
Total stockholders’ equity		665		468		3,072		3,316		(6,856		)	665
Total liabilities and stockholders’ equity		$	801	$	5,173	$	6,255	$	13,799	$	(9,059	)	$	16,969

As of March 31, 2015

		Parent		Subsidiary Issuers		Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations			Total
Assets
Current assets:
	Cash and cash equivalents	$	2	$	552	$	—	$	300	$	—		$	854
	Receivables, net	—		—		172		392		—			564
	Deferred income taxes	—		9		102		31		—			142
	Other current assets	2		82		98		335		—			517
Total current assets		4		643		372		1,058		—			2,077
Property and equipment, net		—		118		323		188		—			629
Deferred income taxes		20		1,196		139		—		(31		)	1,324
Goodwill		—		—		487		326		—			813
Other intangibles, net		—		32		539		285		—			856
Other non-current assets		95		79		22		146		—			342
Intercompany receivables		208		350		1,016		714		(2,288		)	—
Investment in subsidiaries		299		3,004		3,191		—		(6,494		)	—
Total assets exclusive of assets under vehicle programs		626		5,422		6,089		2,717		(8,813		)	6,041
Assets under vehicle programs:
	Program cash	—		—		—		61		—			61
	Vehicles, net	—		17		85		10,675		—			10,777
	Receivables from vehicle manufacturers and other	—		3		—		248		—			251
	Investment in Avis Budget Rental Car Funding (AESOP) LLC-related party	—		—		—		362		—			362
		—		20		85		11,346		—			11,451
Total assets		$	626	$	5,442	$	6,174	$	14,063	$	(8,813	)	$	17,492
Liabilities and stockholders’ equity
Current liabilities:
	Accounts payable and other current liabilities	$	17	$	211	$	472	$	789	$	—		$	1,489
	Short-term debt and current portion of long-term debt	—		236		5		3		—			244
Total current liabilities		17		447		477		792		—			1,733
Long-term debt		—		2,978		4		499		—			3,481
Other non-current liabilities		88		99		235		341		(31		)	732
Intercompany payables		—		1,614		318		356		(2,288		)	—
Total liabilities exclusive of liabilities under vehicle programs		105		5,138		1,034		1,988		(2,319		)	5,946
Liabilities under vehicle programs:
	Debt	—		5		82		1,416		—			1,503
	Due to Avis Budget Rental Car Funding (AESOP) LLC-related party	—		—		—		6,838		—			6,838
Deferred income taxes		—		—		2,054		182		—			2,236
Other		—		—		—		448		—			448
		—		5		2,136		8,884		—			11,025
Total stockholders’ equity		521		299		3,004		3,191		(6,494		)	521
Total liabilities and stockholders’ equity		$	626	$	5,442	$	6,174	$	14,063	$	(8,813	)	$	17,492

Consolidating Condensed Statements Of Cash Flows

Three Months Ended March 31, 2015

	Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Net cash provided by operating activities	$	—		$	12		$	45		$	446		$	—		$	503
Investing activities
Property and equipment additions	—			(4		)	(19		)	(18		)	—			(41		)
Proceeds received on asset sales	—			1			—			2			—			3
Net assets acquired (net of cash acquired)	—			—			—			(36		)	—			(36		)
Intercompany loan advances	—			—			(24		)	—			24			—
Other, net	33			—			1			—			(34		)	—
Net cash provided by (used in) investing activities exclusive of vehicle programs	33			(3		)	(42		)	(52		)	(10		)	(74		)
Vehicle programs:
Decrease in program cash	—			—			—			51			—			51
Investment in vehicles	—			(3		)	—			(3,192		)	—			(3,195		)
Proceeds received on disposition of vehicles	—			4			—			2,440			—			2,444
	—			1			—			(701		)	—			(700		)
Net cash provided by (used in) investing activities	33			(2		)	(42		)	(753		)	(10		)	(774		)
Financing activities
Proceeds from long-term borrowings	—			375			—			1			—			376
Payments on long-term borrowings	—			(4		)	(1		)	(1		)	—			(6		)
Net change in short-term borrowings	—			—			—			(7		)	—			(7		)
Intercompany loan borrowings	—			—			—			24			(24		)	—
Repurchases of common stock	(33		)	—			—			—			—			(33		)
Debt financing fees	—			(6		)	—			—			—			(6		)
Other, net	—			(33		)	—			(1		)	34			—
Net cash provided by (used in) financing activities exclusive of vehicle programs	(33		)	332			(1		)	16			10			324
Vehicle programs:
Proceeds from borrowings	—			—			—			3,667			—			3,667
Payments on borrowings	—			—			(2		)	(3,456		)	—			(3,458		)
Debt financing fees	—			—			—			(6		)	—			(6		)
	—			—			(2		)	205			—			203
Net cash provided by (used in) financing activities	(33		)	332			(3		)	221			10			527
Effect of changes in exchange rates on cash and cash equivalents	—			—			—			(26		)	—			(26		)
Net increase (decrease) in cash and cash equivalents	—			342			—			(112		)	—			230
Cash and cash equivalents, beginning of period	2			210			—			412			—			624
Cash and cash equivalents, end of period	$	2		$	552		$	—		$	300		$	—		$	854

Three Months Ended March 31, 2014

	Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Net cash provided by 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