Guarantor and Non-Guarantor Consolidating Financial Statements (Tables)

12 Months Ended

Dec. 31, 2015

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Consolidating Condensed Income Statement

Consolidating Condensed Statements of Operations

For the Year Ended December 31, 2015

			Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non- Guarantor  Subsidiaries		Eliminations			Total
Revenues
	Vehicle rental		$	—		$	—		$	4,124		$	1,902	$	—		$	6,026
	Other		—			—			1,181			3,335		(2,040		)	2,476
Net revenues			—			—			5,305			5,237		(2,040		)	8,502
Expenses
	Operating		2			17			2,587			1,678		—			4,284
	Vehicle depreciation and lease charges, net		—			1			1,819			1,936		(1,823		)	1,933
	Selling, general and administrative		32			15			619			427		—			1,093
	Vehicle interest, net		—			—			204			302		(217		)	289
	Non-vehicle related depreciation and amortization		—			1			133			84		—			218
	Interest expense related to corporate debt, net:
		Interest expense	—			159			(5		)	40		—			194
		Intercompany interest expense (income)	(12		)	(11		)	16			7		—			—
		Early extinguishment of debt	—			23			—			—		—			23
	Transaction-related costs, net		—			22			6			40		—			68
	Restructuring expense		—			—			6			12		—			18
Total expenses			22			227			5,385			4,526		(2,040		)	8,120
Income (loss) before income taxes and equity in earnings of subsidiaries			(22		)	(227		)	(80		)	711		—			382
Provision for (benefit from) income taxes			(9		)	(178		)	170			86		—			69
Equity in earnings of subsidiaries			326			375			625			—		(1,326		)	—
Net income			$	313		$	326		$	375		$	625	$	(1,326	)	$	313
Comprehensive income			$	188		$	203		$	253		$	504	$	(960	)	$	188

			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

For the Year Ended December 31, 2013

			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

Consolidating Condensed Balance Sheet

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
	Other current assets	3		86		78		289		—			456
Total current assets		5		296		255		1,123		—			1,679
Property and equipment, net		—		112		325		201		—			638
Deferred income taxes		19		1,222		240		34		(4		)	1,511
Goodwill		—		—		487		355		—			842
Other intangibles, net		—		38		545		303		—			886
Other non-current assets		104		25		21		78		—			228
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		5,109		6,167		2,766		(9,059		)	5,784
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	$	5,117	$	6,254	$	13,729	$	(9,059	)	$	16,842
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		—		2,769		6		550		—			3,325
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		4,640		1,017		2,020		(2,203		)	5,610
Liabilities under vehicle programs:
	Debt	—		9		83		1,668		—			1,760
	Due to Avis Budget Rental Car Funding (AESOP) LLC-related party	—		—		—		6,296		—			6,296
	Deferred income taxes	—		—		2,082		185		—			2,267
	Other	—		—		—		244		—			244
		—		9		2,165		8,393		—			10,567
Total stockholders’ equity		665		468		3,072		3,316		(6,856		)	665
Total liabilities and stockholders’ equity		$	801	$	5,117	$	6,254	$	13,729	$	(9,059	)	$	16,842

onsolidating Condensed Balance Sheets

As of December 31, 2015

		Parent		Subsidiary Issuers		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Total
Assets
Current assets:
	Cash and cash equivalents	$	4	$	70	$	—	$	378	$	—		$	452
	Receivables, net	—		—		212		456		—			668
	Other current assets	2		78		83		344		—			507
Total current assets		6		148		295		1,178		—			1,627
Property and equipment, net		—		134		345		202		—			681
Deferred income taxes		20		1,246		253		—		(31		)	1,488
Goodwill		—		—		487		486		—			973
Other intangibles, net		—		30		525		362		—			917
Other non-current assets		93		15		17		107		—			232
Intercompany receivables		160		367		1,070		696		(2,293		)	—
Investment in subsidiaries		272		3,426		3,680		—		(7,378		)	—
Total assets exclusive of assets under vehicle programs		551		5,366		6,672		3,031		(9,702		)	5,918
Assets under vehicle programs:
	Program cash	—		—		—		258		—			258
	Vehicles, net	—		18		78		10,562		—			10,658
	Receivables from vehicle manufacturers and other	—		—		—		438		—			438
	Investment in Avis Budget Rental Car Funding (AESOP) LLC-related party	—		—		—		362		—			362
		—		18		78		11,620		—			11,716
Total assets		$	551	$	5,384	$	6,750	$	14,651	$	(9,702	)	$	17,634
Liabilities and stockholders’ equity
Current liabilities:
	Accounts payable and other current liabilities	$	24	$	180	$	471	$	810	$	—		$	1,485
	Short-term debt and current portion of long-term debt	—		14		5		7		—			26
Total current liabilities		24		194		476		817		—			1,511
Long-term debt		—		2,932		2		501		—			3,435
Other non-current liabilities		88		85		237		355		(31		)	734
Intercompany payables		—		1,897		336		60		(2,293		)	—
Total liabilities exclusive of liabilities under vehicle programs		112		5,108		1,051		1,733		(2,324		)	5,680
Liabilities under vehicle programs:
	Debt	—		4		74		1,986		—			2,064
	Due to Avis Budget Rental Car Funding (AESOP) LLC-related party	—		—		—		6,796		—			6,796
	Deferred income taxes	—		—		2,199		168		—			2,367
	Other	—		—		—		288		—			288
		—		4		2,273		9,238		—			11,515
Total stockholders’ equity		439		272		3,426		3,680		(7,378		)	439
Total liabilities and stockholders’ equity		$	551	$	5,384	$	6,750	$	14,651	$	(9,702	)	$	17,634

Consolidating Condensed Cash Flow Statement

For the Year Ended December 31, 2014

	Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Net cash provided by (used in) 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

Consolidating Condensed Statements of Cash Flows

For the Year Ended December 31, 2015

	Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Net cash provided by (used in) operating activities	$	60		$	249		$	146		$	2,204		$	(75	)	$	2,584
Investing activities
Property and equipment additions	—			(26		)	(98		)	(75		)	—			(199		)
Proceeds received on asset sales	—			7			1			7			—			15
Net assets acquired (net of cash acquired)	—			(8		)	(9		)	(239		)	—			(256		)
Intercompany loan receipts (advances)	—			(30		)	(96		)	—			126			—
Other, net	334			(127		)	1			8			(210		)	6
Net cash provided by (used in) investing activities exclusive of vehicle programs	334			(184		)	(201		)	(299		)	(84		)	(434		)
Vehicle programs:
Increase in program cash	—			—			—			(148		)	—			(148		)
Investment in vehicles	—			(1		)	(2		)	(11,925		)	—			(11,928		)
Proceeds received on disposition of vehicles	—			19			—			9,661			—			9,680
	—			18			(2		)	(2,412		)	—			(2,396		)
Net cash provided by (used in) investing activities	334			(166		)	(203		)	(2,711		)	(84		)	(2,830		)
Financing activities
Proceeds from long-term borrowings	—			375			—			2			—			377
Payments on long-term borrowings	—			(256		)	(4		)	(41		)	—			(301		)
Net change in short-term borrowings	—			—			—			(22		)	—			(22		)
Debt financing fees	—			(7		)	—									(7		)
Repurchases of common stock	(393		)	—			—			—			—			(393		)
Intercompany loan borrowings (payments)	—			—			—			126			(126		)	—
Other, net	1			(335		)	70			(28		)	285			(7		)
Net cash provided by (used in) financing activities exclusive of vehicle programs	(392		)	(223		)	66			37			159			(353		)
Vehicle programs:
Proceeds from borrowings	—			—			—			14,138			—			14,138
Payments on borrowings	—			—			(9		)	(13,639		)	—			(13,648		)
Debt financing fees	—			—			—			(22		)	—			(22		)
	—			—			(9		)	477			—			468
Net cash provided by (used in) financing activities	(392		)	(223		)	57			514			159			115
Effect of changes in exchange rates on cash and cash equivalents	—			—			—			(41		)	—			(41		)
Net increase (decrease) in cash and cash equivalents	2			(140		)	—			(34		)	—			(172		)
Cash and cash equivalents, beginning of period	2			210			—			412			—			624
Cash and cash equivalents, end of period	$	4		$	70		$	—		$	378		$	—		$	452

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 (advances)	—			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 borrowings (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