Guarantor and Non-Guarantor Consolidating Financial Statements (Tables)

12 Months Ended

Dec. 31, 2014

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Consolidating Condensed Income Statement

Consolidating Condensed Statements of Operations

For the Year Ended December 31, 2014

			Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non- Guarantor  Subsidiaries		Eliminations			Total
Revenues
	Vehicle rental		$	—		$	—		$	4,038		$	1,988	$	—		$	6,026
	Other		—			—			1,167			3,426		(2,134		)	2,459
Net revenues			—			—			5,205			5,414		(2,134		)	8,485
Expenses
	Operating		10			13			2,525			1,703		—			4,251
	Vehicle depreciation and lease charges, net		—			1			1,920			1,996		(1,921		)	1,996
	Selling, general and administrative		27			23			602			428		—			1,080
	Vehicle interest, net		—			—			200			295		(213		)	282
	Non-vehicle related depreciation and amortization		—			2			111			67		—			180
	Interest expense related to corporate debt, net:
		Interest expense	2			163			2			42		—			209
		Intercompany interest expense (income)	(13		)	(11		)	1			23		—			—
		Early extinguishment of debt	—			56			—			—		—			56
	Restructuring expense		—			—			7			19		—			26
	Transaction-related costs, net		1			8			(20		)	24		—			13
Total expenses			27			255			5,348			4,597		(2,134		)	8,093
Income (loss) before income taxes and equity in earnings of subsidiaries			(27		)	(255		)	(143		)	817		—			392
Provision for (benefit from) income taxes			(10		)	(108		)	186			79		—			147
Equity in earnings of subsidiaries			262			409			738			—		(1,409		)	—
Net income			$	245		$	262		$	409		$	738	$	(1,409	)	$	245
Comprehensive income			$	106		$	123		$	273		$	624	$	(1,020	)	$	106

			Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Eliminations			Total
Revenues
	Vehicle rental		$	—		$	—		$	3,786		$	1,921	$	—		$	5,707
	Other		—			—			1,098			3,086		(1,954		)	2,230
Net revenues			—			—			4,884			5,007		(1,954		)	7,937
Expenses
	Operating		7			15			2,425			1,627		—			4,074
	Vehicle depreciation and lease charges, net		—			—			1,776			1,806		(1,771		)	1,811
	Selling, general and administrative		35			6			591			387		—			1,019
	Vehicle interest, net		—			—			182			265		(183		)	264
	Non-vehicle related depreciation and amortization		—			2			97			53		—			152
	Interest expense related to corporate debt, net:
		Interest expense	3			196			—			29		—			228
		Intercompany interest expense (income)	(12		)	(30		)	6			36		—			—
		Early extinguishment of debt	53			94			—			—		—			147
	Restructuring expense		—			—			25			36		—			61
	Transaction-related costs, net		1			24			3			23		—			51
	Impairment		—			33			—			—		—			33
Total expenses			87			340			5,105			4,262		(1,954		)	7,840
Income (loss) before income taxes and equity in earnings of subsidiaries			(87		)	(340		)	(221		)	745		—			97
Provision for (benefit from) income taxes			(14		)	(124		)	156			63		—			81
Equity in earnings of subsidiaries			89			305			682			—		(1,076		)	—
Net income			$	16		$	89		$	305		$	682	$	(1,076	)	$	16
Comprehensive income			$	23		$	96		$	310		$	657	$	(1,063	)	$	23

For the Year Ended December 31, 2012

			Parent			Subsidiary  Issuers			Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Total
Revenues
	Vehicle rental		$	—		$	—		$	3,491	$	1,806	$	—		$	5,297
	Other		1			—			1,052		2,130		(1,123		)	2,060
Net revenues			1			—			4,543		3,936		(1,123		)	7,357
Expenses
	Operating		—			5			2,305		1,514		—			3,824
	Vehicle depreciation and lease charges, net		—			—			902		996		(427		)	1,471
	Selling, general and administrative		21			—			573		331		—			925
	Vehicle interest, net		—			—			234		300		(237		)	297
	Non-vehicle related depreciation and amortization		—			2			75		48		—			125
	Interest expense related to corporate debt, net:
		Interest expense	9			246			—		13		—			268
		Intercompany interest expense (income)	(18		)	(314		)	277		55		—			—
		Early extinguishment of debt	44			31			—		—		—			75
	Restructuring expense		—			—			3		35		—			38
	Transaction-related costs, net		4			1			1		28		—			34
Total expenses			60			(29		)	4,370		3,320		(664		)	7,057
Income (loss) before income taxes and equity in earnings of subsidiaries			(59		)	29			173		616		(459		)	300
Provision for (benefit from) income taxes			(8		)	(106		)	72		52		—			10
Equity in earnings of subsidiaries			341			206			105		—		(652		)	—
Net income			$	290		$	341		$	206	$	564	$	(1,111	)	$	290
Comprehensive income			$	322		$	373		$	237	$	594	$	(1,204	)	$	322

Consolidating Condensed Balance Sheet

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

onsolidating Condensed Balance Sheets

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

Consolidating Condensed Cash Flow Statement

For the Year Ended December 31, 2013

	Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Net cash provided by (used in) operating activities	$	(3	)	$	562		$	26		$	1,736		$	(68	)	$	2,253
Investing activities
Property and equipment additions	—			(26		)	(69		)	(57		)	—			(152		)
Proceeds received on asset sales	—			7			4			11			—			22
Net assets acquired (net of cash acquired)	—			(564		)	8			19			—			(537		)
Intercompany loan receipts	—			233			60			—			(293		)	—
Other, net	146			(50		)	48			4			(146		)	2
Net cash provided by (used in) investing activities exclusive of vehicle programs	146			(400		)	51			(23		)	(439		)	(665		)
Vehicle programs:
Increase in program cash	—			—			—			(79		)	—			(79		)
Investment in vehicles	—			(44		)	(2		)	(10,853		)	—			(10,899		)
Proceeds received on disposition of vehicles	—			40			—			9,369			—			9,409
	—			(4		)	(2		)	(1,563		)	—			(1,569		)
Net cash provided by (used in) investing activities	146			(404		)	49			(1,586		)	(439		)	(2,234		)
Financing activities
Proceeds from long-term borrowings	—			2,647			—			325			—			2,972
Payments on long-term borrowings	(115		)	(2,489		)	(3		)	(1		)	—			(2,608		)
Net change in short-term borrowings	—			—			—			(36		)	—			(36		)
Debt financing fees	—			(30		)	—			(7		)	—			(37		)
Purchases of warrants	(78		)	—			—			—			—			(78		)
Proceeds from sale of call options	104			—			—			—			—			104
Repurchases of common stock	(48		)	—			—			—			—			(48		)
Intercompany loan payments	—			—			(60		)	(233		)	293			—
Other, net	3			(146		)	—			(68		)	214			3
Net cash provided by (used in) financing activities exclusive of vehicle programs	(134		)	(18		)	(63		)	(20		)	507			272
Vehicle programs:
Proceeds from borrowings	—			—			—			12,953			—			12,953
Payments on borrowings	—			—			—			(13,115		)	—			(13,115		)
Debt financing fees	—			—			—			(34		)	—			(34		)
	—			—			—			(196		)	—			(196		)
Net cash provided by (used in) financing activities	(134		)	(18		)	(63		)	(216		)	507			76
Effect of changes in exchange rates on cash and cash equivalents	—			—			—			(8		)	—			(8		)
Net increase (decrease) in cash and cash equivalents	9			140			12			(74		)	—			87
Cash and cash equivalents, beginning of period	5			102			—			499			—			606
Cash and cash equivalents, end of period	$	14		$	242		$	12		$	425		$	—		$	693

Consolidating Condensed Statements of Cash Flows

For the Year Ended December 31, 2014

	Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Net cash provided by operating activities	$	—		$	469		$	340		$	1,840		$	(70	)	$	2,579
Investing activities
Property and equipment additions	—			(20		)	(84		)	(78		)	—			(182		)
Proceeds received on asset sales	—			7			8			6			—			21
Net assets acquired (net of cash acquired)	—			—			(263		)	(153		)	—			(416		)
Other, net	285			(9		)	(2		)	—			(285		)	(11		)
Net cash provided by (used in) investing activities exclusive of vehicle programs	285			(22		)	(341		)	(225		)	(285		)	(588		)
Vehicle programs:
Increase in program cash	—			—			—			(10		)	—			(10		)
Investment in vehicles	—			(9		)	(90		)	(11,776		)	—			(11,875		)
Proceeds received on disposition of vehicles	—			8			—			9,658			—			9,666
	—			(1		)	(90		)	(2,128		)	—			(2,219		)
Net cash provided by (used in) investing activities	285			(23		)	(431		)	(2,353		)	(285		)	(2,807		)
Financing activities
Proceeds from long-term borrowings	—			575			—			296			—			871
Payments on long-term borrowings	—			(756		)	(5		)	(1		)	—			(762		)
Net change in short-term borrowings	—			—			—			5			—			5
Debt financing fees	—			(12		)	—			(5		)	—			(17		)
Repurchases of common stock	(297		)	—			—			—			—			(297		)
Other, net	—			(285		)	—			(70		)	355			—
Net cash provided by (used in) financing activities exclusive of vehicle programs	(297		)	(478		)	(5		)	225			355			(200		)
Vehicle programs:
Proceeds from borrowings	—			—			88			14,285			—			14,373
Payments on borrowings	—			—			(3		)	(13,960		)	—			(13,963		)
Debt financing fees	—			—			(1		)	(27		)	—			(28		)
	—			—			84			298			—			382
Net cash provided by (used in) financing activities	(297		)	(478		)	79			523			355			182
Effect of changes in exchange rates on cash and cash equivalents	—			—			—			(23		)	—			(23		)
Net decrease in cash and cash equivalents	(12		)	(32		)	(12		)	(13		)	—			(69		)
Cash and cash equivalents, beginning of period	14			242			12			425			—			693
Cash and cash equivalents, end of period	$	2		$	210		$	—		$	412		$	—		$	624

For the Year Ended December 31, 2012

	Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Net cash provided by (used in) operating activities	$	(43	)	$	272		$	70		$	1,650		$	(60	)	$	1,889
Investing activities
Property and equipment additions	—			(26		)	(43		)	(63		)	—			(132		)
Proceeds received on asset sales	—			8			3			10			—			21
Net assets acquired (net of cash acquired)	—			—			(1		)	(68		)	—			(69		)
Intercompany loan receipts	224			—			—			—			(224		)	—
Other, net	29			(4		)	(1		)	(8		)	(25		)	(9		)
Net cash provided by (used in) investing activities exclusive of vehicle programs	253			(22		)	(42		)	(129		)	(249		)	(189		)
Vehicle programs:
Increase in program cash	—			—			—			(13		)	—			(13		)
Investment in vehicles	—			(4		)	(20		)	(11,043		)	—			(11,067		)
Proceeds received on disposition of vehicles	—			3			2			9,191			—			9,196
	—			(1		)	(18		)	(1,865		)	—			(1,884		)
Net cash provided by (used in) investing activities	253			(23		)	(60		)	(1,994		)	(249		)	(2,073		)
Financing activities
Proceeds from long-term borrowings	—			1,152			—			—			—			1,152
Payments on long-term borrowings	(222		)	(1,268		)	(11		)	—			—			(1,501		)
Net change in short-term borrowings	—			—			—			10			—			10
Debt financing fees	—			(16		)	—			—			—			(16		)
Purchases of warrants	(29		)	—			—			—			—			(29		)
Proceeds from sale of call options	43			—			—			—			—			43
Intercompany loan payments	—			(224		)	—			—			224			—
Other, net	1			(25		)	—			(60		)	85			1
Net cash provided by (used in) financing activities exclusive of vehicle programs	(207		)	(381		)	(11		)	(50		)	309			(340		)
Vehicle programs:
Proceeds from borrowings	—			—			—			12,108			—			12,108
Payments on borrowings	—			—			—			(11,490		)	—			(11,490		)
Debt financing fees	—			—			—			(28		)	—			(28		)
	—			—			—			590			—			590
Net cash provided by (used in) financing activities	(207		)	(381		)	(11		)	540			309			250
Effect of changes in exchange rates on cash and cash equivalents	—			—			—			6			—			6
Net increase (decrease) in cash and cash equivalents	3			(132		)	(1		)	202			—			72
Cash and cash equivalents, beginning of period	2			234			1			297			—			534
Cash and cash equivalents, end of period	$	5		$	102		$	—		$	499		$	—		$	606