Restructuring Activities

In 2014, the Company committed to various strategic initiatives to identify best practices and drive efficiency throughout its organization, by reducing headcount, improving processes and consolidating functions (the “T15 restructuring”). During the three months ended March 31, 2015, as part of this process, the Company formally communicated the termination of employment to approximately 35 employees. The costs associated with this initiative primarily represent severance, outplacement services and other costs associated with employee terminations, the majority of which have been or are expected to be settled in cash. As of March 31, 2015, the Company has terminated substantially all of these employees. The Company expects further restructuring expense of approximately $9 million related to this initiative to be incurred in 2015.

Subsequent to the acquisition of Avis Europe plc, the Company began a restructuring initiative, identifying synergies across the Company, enhancing organizational efficiencies and consolidating and rationalizing processes (“Avis Europe restructuring”). During the three months ended March 31, 2015, the Company did not record restructuring expense related to this initiative, which is substantially complete.

The following tables summarize the changes to our restructuring-related liabilities and identify the amounts recorded within the Company’s reportable segments, and by category, for restructuring expense and corresponding payments:



		Americas			International			Total
Balance as of January 1, 2015		$	4		$	13		$	17
	T15 restructuring expense	1			—			1
	Avis Europe restructuring payment	(1		)	(4		)	(5		)
	T15 restructuring payment	(3		)	(1		)	(4		)
Balance as of March 31, 2015		$	1		$	8		$	9

		Personnel Related			Facility Related			Total
Balance as of January 1, 2015		$	14		$	3		$	17
	T15 restructuring expense	1			—			1
	Avis Europe restructuring payment	(4		)	(1		)	(5		)
	T15 restructuring payment	(4		)	—			(4		)
Balance as of March 31, 2015		$	7		$	2		$	9