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

9 Months Ended

Sep. 30, 2015

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Consolidating Condensed Statements of Comprehensive Income

Three Months Ended September 30, 2015

			Parent			Subsidiary Issuers			Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations			Total
Revenues
	Vehicle rental		$	—		$	—		$	1,196	$	636	$	—		$	1,832
	Other		—			—			336		951		(542		)	745
Net revenues			—			—			1,532		1,587		(542		)	2,577
Expenses
	Operating		—			3			716		483		—			1,202
	Vehicle depreciation and lease charges, net		—			1			485		556		(487		)	555
	Selling, general and administrative		7			5			175		127		—			314
	Vehicle interest, net		—			—			53		77		(55		)	75
	Non-vehicle related depreciation and amortization		—			—			33		23		—			56
	Interest expense related to corporate debt, net:
		Interest expense	—			39			1		9		—			49
		Intercompany interest expense (income)	(3		)	(3		)	5		1		—			—
	Transaction-related costs		—			2			2		4		—			8
	Restructuring expense		—			—			4		2		—			6
Total expenses			4			47			1,474		1,282		(542		)	2,265
Income (loss) before income taxes and equity in earnings of subsidiaries			(4		)	(47		)	58		305		—			312
Provision for (benefit from) income taxes			(1		)	(18		)	101		46		—			128
Equity in earnings of subsidiaries			187			216			259		—		(662		)	—
Net income			$	184		$	187		$	216	$	259	$	(662	)	$	184
Comprehensive income			$	150		$	155		$	186	$	228	$	(569	)	$	150

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

Nine Months Ended September 30, 2015

			Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non- Guarantor Subsidiaries		Eliminations			Total
Revenues
	Vehicle rental		$	—		$	—		$	3,193		$	1,491	$	—		$	4,684
	Other		—			—			910			2,570		(1,564		)	1,916
Net revenues			—			—			4,103			4,061		(1,564		)	6,600
Expenses
	Operating		1			12			1,978			1,288		—			3,279
	Vehicle depreciation and lease charges, net		—			1			1,397			1,487		(1,400		)	1,485
	Selling, general and administrative		24			11			477			331		—			843
	Vehicle interest, net		—			—			154			228		(164		)	218
	Non-vehicle related depreciation and amortization		—			1			99			61		—			161
	Interest expense related to corporate debt, net:
		Interest expense (income)	—			121			(6		)	31		—			146
		Intercompany interest expense (income)	(9		)	(8		)	11			6		—			—
		Early extinguishment of debt	—			23			—			—		—			23
	Transaction-related costs		—			20			3			34		—			57
	Restructuring expenses		—			—			5			5		—			10
Total expenses			16			181			4,118			3,471		(1,564		)	6,222
Income (loss) before income taxes and equity in earnings of subsidiaries			(16		)	(181		)	(15		)	590		—			378
Provision for (benefit from) income taxes			(6		)	(165		)	162			69		—			60
Equity in earnings of subsidiaries			328			344			521			—		(1,193		)	—
Net income			$	318		$	328		$	344		$	521	$	(1,193	)	$	318
Comprehensive income			$	198		$	210		$	230		$	406	$	(846	)	$	198

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 (income)	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

Schedule Of Condensed Consolidating Balance Sheet Table

As of September 30, 2015

		Parent		Subsidiary Issuers		Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations			Total
Assets
Current assets:
	Cash and cash equivalents	$	4	$	239	$	—	$	342	$	—		$	585
	Receivables, net	—		—		197		508		—			705
	Deferred income taxes	—		10		102		32		—			144
	Other current assets	3		88		89		504		—			684
Total current assets		7		337		388		1,386		—			2,118
Property and equipment, net		—		120		331		191		—			642
Deferred income taxes		21		1,020		141		—		(46		)	1,136
Goodwill		—		—		487		477		—			964
Other intangibles, net		—		32		526		364		—			922
Other non-current assets		92		61		23		158		—			334
Intercompany receivables		156		361		667		814		(1,998		)	—
Investment in subsidiaries		443		3,383		3,802		—		(7,628		)	—
Total assets exclusive of assets under vehicle programs		719		5,314		6,365		3,390		(9,672		)	6,116
Assets under vehicle programs:
	Program cash	—		—		—		183		—			183
	Vehicles, net	—		19		81		11,504		—			11,604
	Receivables from vehicle manufacturers and other	—		1		—		636		—			637
	Investment in Avis Budget Rental Car Funding (AESOP) LLC-related party	—		—		—		362		—			362
		—		20		81		12,685		—			12,786
Total assets		$	719	$	5,334	$	6,446	$	16,075	$	(9,672	)	$	18,902
Liabilities and stockholders’ equity
Current liabilities:
	Accounts payable and other current liabilities	$	30	$	205	$	518	$	1,011	$	—		$	1,764
	Short-term debt and current portion of long-term debt	—		13		5		9		—			27
Total current liabilities		30		218		523		1,020		—			1,791
Long-term debt		—		2,974		2		529		—			3,505
Other non-current liabilities		89		87		232		379		(46		)	741
Intercompany payables		—		1,611		330		57		(1,998		)	—
Total liabilities exclusive of liabilities under vehicle programs		119		4,890		1,087		1,985		(2,044		)	6,037
Liabilities under vehicle programs:
	Debt	—		1		78		2,678		—			2,757
	Due to Avis Budget Rental Car Funding (AESOP) LLC-related party	—		—		—		7,239		—			7,239
Deferred income taxes		—		—		1,898		168		—			2,066
Other		—		—		—		203		—			203
		—		1		1,976		10,288		—			12,265
Total stockholders’ equity		600		443		3,383		3,802		(7,628		)	600
Total liabilities and stockholders’ equity		$	719	$	5,334	$	6,446	$	16,075	$	(9,672	)	$	18,902

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

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

Nine Months Ended September 30, 2015

	Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Net cash provided by operating activities	$	60		$	270		$	104		$	1,604		$	—		$	2,038
Investing activities
Property and equipment additions	—			(17		)	(64		)	(45		)	—			(126		)
Proceeds received on asset sales	—			4			—			4			—			8
Net assets acquired (net of cash acquired)	—			(8		)	(3		)	(214		)	—			(225		)
Intercompany loan advances	—			(30		)	(94		)	—			124			—
Other, net	212			(107		)	1			3			(106		)	3
Net cash provided by (used in) investing activities exclusive of vehicle programs	212			(158		)	(160		)	(252		)	18			(340		)
Vehicle programs:
Increase in program cash	—			—			—			(71		)	—			(71		)
Investment in vehicles	—			(1		)	(3		)	(9,758		)	—			(9,762		)
Proceeds received on disposition of vehicles	—			15			—			6,741			—			6,756
	—			14			(3		)	(3,088		)	—			(3,077		)
Net cash provided by (used in) investing activities	212			(144		)	(163		)	(3,340		)	18			(3,417		)
Financing activities
Proceeds from long-term borrowings	—			375			—			2			—			377
Payments on long-term borrowings	—			(253		)	(4		)	(33		)	—			(290		)
Net change in short-term borrowings	—			—			—			(23		)	—			(23		)
Intercompany loan borrowings	—			—			—			124			(124		)	—
Repurchases of common stock	(270		)	—			—			—			—			(270		)
Debt financing fees	—			(7		)	—			—			—			(7		)
Other, net	—			(212		)	70			36			106			—
Net cash provided by (used in) financing activities exclusive of vehicle programs	(270		)	(97		)	66			106			(18		)	(213		)
Vehicle programs:
Proceeds from borrowings	—			—			—			11,532			—			11,532
Payments on borrowings	—			—			(7		)	(9,926		)	—			(9,933		)
Debt financing fees	—			—			—			(17		)	—			(17		)
	—			—			(7		)	1,589			—			1,582
Net cash provided by (used in) financing activities	(270		)	(97		)	59			1,695			(18		)	1,369
Effect of changes in exchange rates on cash and cash equivalents	—			—			—			(29		)	—			(29		)
Net increase (decrease) in cash and cash equivalents	2			29			—			(70		)	—			(39		)
Cash and cash equivalents, beginning of period	2			210			—			412			—			624
Cash and cash equivalents, end of period	$	4		$	239		$	—		$	342		$	—		$	585