Restructuring Activities

In conjunction with recent acquisitions (see Note 4 - Acquisitions), the Company has identified opportunities to integrate and streamline its operations, primarily in Europe (the “Acquisition integration”). During the nine months ended September 30, 2015, as part of this process, the Company formally communicated the termination of employment to approximately 50 employees, and as of September 30, 2015, the Company has terminated approximately 30 of these 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. The Company expects further restructuring expense of approximately $15 million related to this initiative to be incurred through 2016.

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 nine months ended September 30, 2015, as part of this process, the Company formally communicated the termination of employment to approximately 320 employees, and as of September 30, 2015, the Company has terminated approximately 295 of these 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. The Company does not anticipate any further restructuring expense related to this phase of the initiative.

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 (the “Avis Europe restructuring”). This restructuring initiative is substantially complete.

The following tables summarize the activity related to our restructuring liabilities:



		Americas			International			Total
Balance as of January 1, 2015		$	4		$	13		$	17
	T15 restructuring expense	6			3			9
	Acquisition integration expense	—			1			1
	Avis Europe restructuring payment	(1		)	(6		)	(7		)
	T15 restructuring payment	(8		)	(3		)	(11		)
	Acquisition integration payment	—			(1		)	(1		)
Balance as of September 30, 2015		$	1		$	7		$	8

		Personnel Related			Facility Related			Total
Balance as of January 1, 2015		$	14		$	3		$	17
	T15 restructuring expense	9			—			9
	Acquisition integration expense	1			—			1
	Avis Europe restructuring payment	(6		)	(1		)	(7		)
	T15 restructuring payment	(11		)	—			(11		)
	Acquisition integration payment	(1		)	—			(1		)
Balance as of September 30, 2015		$	6		$	2		$	8