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

6 Months Ended

Jun. 30, 2015

Jun. 30, 2014

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Consolidating Condensed Statements of Comprehensive Income

Three Months Ended June 30, 2015

			Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non- Guarantor Subsidiaries		Eliminations			Total
Revenues
	Vehicle rental		$	—		$	—		$	1,055		$	478	$	—		$	1,533
	Other		—			—			307			866		(533		)	640
Net revenues			—			—			1,362			1,344		(533		)	2,173
Expenses
	Operating		1			5			654			432		—			1,092
	Vehicle depreciation and lease charges, net		—			—			476			500		(478		)	498
	Selling, general and administrative		9			3			162			107		—			281
	Vehicle interest, net		—			—			52			78		(55		)	75
	Non-vehicle related depreciation and amortization		—			1			33			22		—			56
	Interest expense related to corporate debt, net:
		Interest expense (income)	—			42			(8		)	11		—			45
		Intercompany interest expense (income)	(3		)	(3		)	6			—		—			—
		Early extinguishment of debt	—			23			—			—		—			23
	Transaction-related costs		—			12			—			6		—			18
	Restructuring expense		—			—			—			3		—			3
Total expenses			7			83			1,375			1,159		(533		)	2,091
Income (loss) before income taxes and equity in earnings of subsidiaries			(7		)	(83		)	(13		)	185		—			82
Provision for (benefit from) income taxes			(3		)	(127		)	53			16		—			(61		)
Equity in earnings of subsidiaries			147			103			169			—		(419		)	—
Net income			$	143		$	147		$	103		$	169	$	(419	)	$	143
Comprehensive income			$	151		$	155		$	111		$	177	$	(443	)	$	151

Six Months Ended June 30, 2015

			Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non- Guarantor Subsidiaries		Eliminations			Total
Revenues
	Vehicle rental		$	—		$	—		$	1,997		$	855	$	—		$	2,852
	Other		—			—			574			1,619		(1,022		)	1,171
Net revenues			—			—			2,571			2,474		(1,022		)	4,023
Expenses
	Operating		1			9			1,262			805		—			2,077
	Vehicle depreciation and lease charges, net		—			—			912			931		(913		)	930
	Selling, general and administrative		17			6			302			204		—			529
	Vehicle interest, net		—			—			101			151		(109		)	143
	Non-vehicle related depreciation and amortization		—			1			66			38		—			105
	Interest expense related to corporate debt, net:
		Interest expense (income)	—			82			(7		)	22		—			97
		Intercompany interest expense (income)	(6		)	(5		)	6			5		—			—
		Early extinguishment of debt	—			23			—			—		—			23
	Transaction-related costs		—			18			1			30		—			49
	Restructuring expenses		—			—			1			3		—			4
Total expenses			12			134			2,644			2,189		(1,022		)	3,957
Income (loss) before income taxes and equity in earnings of subsidiaries			(12		)	(134		)	(73		)	285		—			66
Provision for (benefit from) income taxes			(5		)	(147		)	61			23		—			(68		)
Equity in earnings of subsidiaries			141			128			262			—		(531		)	—
Net income			$	134		$	141		$	128		$	262	$	(531	)	$	134
Comprehensive income			$	48		$	55		$	44		$	178	$	(277	)	$	48

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

Schedule Of Condensed Consolidating Balance Sheet Table

As of June 30, 2015

		Parent		Subsidiary Issuers		Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations			Total
Assets
Current assets:
	Cash and cash equivalents	$	5	$	239	$	—	$	285	$	—		$	529
	Receivables, net	—		—		180		505		—			685
	Deferred income taxes	—		9		103		32		—			144
	Other current assets	3		100		91		569		—			763
Total current assets		8		348		374		1,391		—			2,121
Property and equipment, net		—		118		324		195		—			637
Deferred income taxes		20		1,150		140		—		(49		)	1,261
Goodwill		—		—		487		484		—			971
Other intangibles, net		—		32		532		382		—			946
Other non-current assets		95		65		22		161		—			343
Intercompany receivables		210		356		676		774		(2,016		)	—
Investment in subsidiaries		376		3,186		3,677		—		(7,239		)	—
Total assets exclusive of assets under vehicle programs		709		5,255		6,232		3,387		(9,304		)	6,279
Assets under vehicle programs:
	Program cash	—		—		—		143		—			143
	Vehicles, net	—		16		83		13,296		—			13,395
	Receivables from vehicle manufacturers and other	—		1		1		218		—			220
	Investment in Avis Budget Rental Car Funding (AESOP) LLC-related party	—		—		—		362		—			362
		—		17		84		14,019		—			14,120
Total assets		$	709	$	5,272	$	6,316	$	17,406	$	(9,304	)	$	20,399
Liabilities and stockholders’ equity
Current liabilities:
	Accounts payable and other current liabilities	$	24	$	185	$	523	$	965	$	—		$	1,697
	Short-term debt and current portion of long-term debt	—		12		5		15		—			32
Total current liabilities		24		197		528		980		—			1,729
Long-term debt		—		2,977		3		540		—			3,520
Other non-current liabilities		89		86		225		372		(49		)	723
Intercompany payables		—		1,634		325		57		(2,016		)	—
Total liabilities exclusive of liabilities under vehicle programs		113		4,894		1,081		1,949		(2,065		)	5,972
Liabilities under vehicle programs:
	Debt	—		2		80		2,654		—			2,736
	Due to Avis Budget Rental Car Funding (AESOP) LLC-related party	—		—		—		8,350		—			8,350
Deferred income taxes		—		—		1,968		173		—			2,141
Other		—		—		1		603		—			604
		—		2		2,049		11,780		—			13,831
Total stockholders’ equity		596		376		3,186		3,677		(7,239		)	596
Total liabilities and stockholders’ equity		$	709	$	5,272	$	6,316	$	17,406	$	(9,304	)	$	20,399

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 Statements Of Cash Flows

Six Months Ended June 30, 2015

	Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Net cash provided by operating activities	$	3		$	158		$	69		$	797		$	—		$	1,027
Investing activities
Property and equipment additions	—			(11		)	(38		)	(31		)	—			(80		)
Proceeds received on asset sales	—			3			—			3			—			6
Net assets acquired (net of cash acquired)	—			(8		)	—			(214		)	—			(222		)
Intercompany loan advances	—			(30		)	(94		)	—			124			—
Other, net	114			(95		)	1			—			(21		)	(1		)
Net cash provided by (used in) investing activities exclusive of vehicle programs	114			(141		)	(131		)	(242		)	103			(297		)
Vehicle programs:
Increase in program cash	—			—			—			(30		)	—			(30		)
Investment in vehicles	—			(1		)	(2		)	(7,936		)	—			(7,939		)
Proceeds received on disposition of vehicles	—			9			—			4,540			—			4,549
	—			8			(2		)	(3,426		)	—			(3,420		)
Net cash provided by (used in) investing activities	114			(133		)	(133		)	(3,668		)	103			(3,717		)
Financing activities
Proceeds from long-term borrowings	—			375			—			1			—			376
Payments on long-term borrowings	—			(250		)	(2		)	(29		)	—			(281		)
Net change in short-term borrowings	—			—			—			(13		)	—			(13		)
Intercompany loan borrowings	—			—			—			124			(124		)	—
Repurchases of common stock	(114		)	—			—			—			—			(114		)
Debt financing fees	—			(7		)	—			—			—			(7		)
Other, net	—			(114		)	70			23			21			—
Net cash provided by (used in) financing activities exclusive of vehicle programs	(114		)	4			68			106			(103		)	(39		)
Vehicle programs:
Proceeds from borrowings	—			—			—			9,018			—			9,018
Payments on borrowings	—			—			(4		)	(6,343		)	—			(6,347		)
Debt financing fees	—			—			—			(17		)	—			(17		)
	—			—			(4		)	2,658			—			2,654
Net cash provided by (used in) financing activities	(114		)	4			64			2,764			(103		)	2,615
Effect of changes in exchange rates on cash and cash equivalents	—			—			—			(20		)	—			(20		)
Net increase (decrease) in cash and cash equivalents	3			29			—			(127		)	—			(95		)
Cash and cash equivalents, beginning of period	2			210			—			412			—			624
Cash and cash equivalents, end of period	$	5		$	239		$	—		$	285		$	—		$	529

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