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

3 Months Ended

Mar. 31, 2016

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Consolidating Condensed Statements of Comprehensive Income

Three Months Ended March 31, 2016

			Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Total
Revenues
	Vehicle rental		$	—		$	—		$	929		$	399		$	—		$	1,328
	Other		—			—			271			794			(512		)	553
Net revenues			—			—			1,200			1,193			(512		)	1,881
Expenses
	Operating		1			10			628			401			—			1,040
	Vehicle depreciation and lease charges, net		—			—			461			467			(465		)	463
	Selling, general and administrative		10			5			149			105			—			269
	Vehicle interest, net		—			—			45			67			(47		)	65
	Non-vehicle related depreciation and amortization		—			1			37			23			—			61
	Interest expense related to corporate debt, net:
		Interest expense	—			39			1			10			—			50
		Intercompany interest expense (income)	(3		)	(3		)	6			—			—			—
	Restructuring expense		—			—			6			9			—			15
	Transaction-related costs, net		—			1			—			3			—			4
Total expenses			8			53			1,333			1,085			(512		)	1,967
Income (loss) before income taxes and equity in earnings of subsidiaries			(8		)	(53		)	(133		)	108			—			(86		)
Benefit from income taxes			(3		)	(21		)	(5		)	(6		)	—			(35		)
Equity in earnings (loss) of subsidiaries			(46		)	(14		)	114			—			(54		)	—
Net income (loss)			$	(51	)	$	(46	)	$	(14	)	$	114		$	(54	)	$	(51	)
Comprehensive income			$	19		$	24		$	58		$	185		$	(267	)	$	19

Three Months Ended March 31, 2015

			Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non- Guarantor Subsidiaries		Eliminations			Total
Revenues
	Vehicle rental		$	—		$	—		$	942		$	377	$	—		$	1,319
	Other		—			—			267			753		(489		)	531
Net revenues			—			—			1,209			1,130		(489		)	1,850
Expenses
	Operating		—			4			608			373		—			985
	Vehicle depreciation and lease charges, net		—			—			436			431		(435		)	432
	Selling, general and administrative		8			3			140			97		—			248
	Vehicle interest, net		—			—			49			73		(54		)	68
	Non-vehicle related depreciation and amortization		—			—			33			16		—			49
	Interest expense related to corporate debt, net:
		Interest expense	—			40			1			11		—			52
		Intercompany interest expense (income)	(3		)	(2		)	—			5		—			—
	Transaction-related costs, net		—			6			1			24		—			31
	Restructuring expense		—			—			1			—		—			1
Total expenses			5			51			1,269			1,030		(489		)	1,866
Income (loss) before income taxes and equity in earnings of subsidiaries			(5		)	(51		)	(60		)	100		—			(16		)
Provision for (benefit from) income taxes			(2		)	(20		)	8			7		—			(7		)
Equity in earnings (loss) of subsidiaries			(6		)	25			93			—		(112		)	—
Net income (loss)			$	(9	)	$	(6	)	$	25		$	93	$	(112	)	$	(9	)
Comprehensive income (loss)			$	(103	)	$	(100	)	$	(67	)	$	1	$	166		$	(103	)

Schedule Of Condensed Consolidating Balance Sheet Table

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

As of March 31, 2016

		Parent		Subsidiary Issuers		Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations			Total
Assets
Current assets:
	Cash and cash equivalents	$	4	$	351	$	—	$	521	$	—		$	876
	Receivables, net	—		—		226		436		—			662
	Other current assets	3		102		92		447		—			644
Total current assets		7		453		318		1,404		—			2,182
Property and equipment, net		—		140		346		201		—			687
Deferred income taxes		20		1,301		254		—		(19		)	1,556
Goodwill		—		—		487		519		—			1,006
Other intangibles, net		—		29		519		370		—			918
Other non-current assets		96		13		21		113		—			243
Intercompany receivables		162		373		1,139		733		(2,407		)	—
Investment in subsidiaries		184		3,481		3,732		—		(7,397		)	—
Total assets exclusive of assets under vehicle programs		469		5,790		6,816		3,340		(9,823		)	6,592
Assets under vehicle programs:
	Program cash	—		—		—		68		—			68
	Vehicles, net	—		19		76		11,858		—			11,953
	Receivables from vehicle manufacturers and other	—		1		1		332		—			334
	Investment in Avis Budget Rental Car Funding (AESOP) LLC-related party	—		—		—		361		—			361
		—		20		77		12,619		—			12,716
Total assets		$	469	$	5,810	$	6,893	$	15,959	$	(9,823	)	$	19,308
Liabilities and stockholders’ equity
Current liabilities:
	Accounts payable and other current liabilities	$	8	$	207	$	511	$	848	$	—		$	1,574
	Short-term debt and current portion of long-term debt	—		315		4		8		—			327
Total current liabilities		8		522		515		856		—			1,901
Long-term debt		—		2,984		2		525		—			3,511
Other non-current liabilities		90		85		240		368		(19		)	764
Intercompany payables		—		2,032		342		33		(2,407		)	—
Total liabilities exclusive of liabilities under vehicle programs		98		5,623		1,099		1,782		(2,426		)	6,176
Liabilities under vehicle programs:
	Debt	—		3		72		2,163		—			2,238
	Due to Avis Budget Rental Car Funding (AESOP) LLC-related party	—		—		—		7,623		—			7,623
Deferred income taxes		—		—		2,240		170		—			2,410
Other		—		—		1		489		—			490
		—		3		2,313		10,445		—			12,761
Total stockholders’ equity		371		184		3,481		3,732		(7,397		)	371
Total liabilities and stockholders’ equity		$	469	$	5,810	$	6,893	$	15,959	$	(9,823	)	$	19,308

Consolidating Condensed Statements Of Cash Flows

Three Months Ended March 31, 2015

	Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Net cash provided by operating activities	$	—		$	12		$	45		$	446		$	—		$	503
Investing activities
Property and equipment additions	—			(4		)	(19		)	(18		)	—			(41		)
Proceeds received on asset sales	—			1			—			2			—			3
Net assets acquired (net of cash acquired)	—			—			—			(36		)	—			(36		)
Intercompany loan receipts (advances)	—			—			(24		)	—			24			—
Other, net	33			—			1			—			(34		)	—
Net cash provided by (used in) investing activities exclusive of vehicle programs	33			(3		)	(42		)	(52		)	(10		)	(74		)
Vehicle programs:
Decrease in program cash	—			—			—			51			—			51
Investment in vehicles	—			(3		)	—			(3,192		)	—			(3,195		)
Proceeds received on disposition of vehicles	—			4			—			2,440			—			2,444
	—			1			—			(701		)	—			(700		)
Net cash provided by (used in) investing activities	33			(2		)	(42		)	(753		)	(10		)	(774		)
Financing activities
Proceeds from long-term borrowings	—			375			—			1			—			376
Payments on long-term borrowings	—			(4		)	(1		)	(1		)	—			(6		)
Net change in short-term borrowings	—			—			—			(7		)	—			(7		)
Intercompany loan borrowings (payments)	—			—			—			24			(24		)	—
Repurchases of common stock	(33		)	—			—			—			—			(33		)
Debt financing fees	—			(6		)	—			—			—			(6		)
Other, net	—			(33		)	—			(1		)	34			—
Net cash provided by (used in) financing activities exclusive of vehicle programs	(33		)	332			(1		)	16			10			324
Vehicle programs:
Proceeds from borrowings	—			—			—			3,667			—			3,667
Payments on borrowings	—			—			(2		)	(3,456		)	—			(3,458		)
Debt financing fees	—			—			—			(6		)	—			(6		)
	—			—			(2		)	205			—			203
Net cash provided by (used in) financing activities	(33		)	332			(3		)	221			10			527
Effect of changes in exchange rates on cash and cash equivalents	—			—			—			(26		)	—			(26		)
Net increase (decrease) in cash and cash equivalents	—			342			—			(112		)	—			230
Cash and cash equivalents, beginning of period	2			210			—			412			—			624
Cash and cash equivalents, end of period	$	2		$	552		$	—		$	300		$	—		$	854

Three Months Ended March 31, 2016

	Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Net cash provided by (used in) operating activities	$	—		$	17		$	(2	)	$	448		$	—		$	463
Investing activities
Property and equipment additions	—			(4		)	(21		)	(15		)	—			(40		)
Proceeds received on asset sales	—			2			—			1			—			3
Net assets acquired (net of cash acquired)	—			—			—			(1		)	—			(1		)
Intercompany loan receipts (advances)	—			—			27			—			(27		)	—
Other, net	86			—			—			—			(86		)	—
Net cash provided by (used in) investing activities exclusive of vehicle programs	86			(2		)	6			(15		)	(113		)	(38		)
Vehicle programs:
Decrease in program cash	—			—			—			198			—			198
Investment in vehicles	—			—			(1		)	(4,139		)	—			(4,140		)
Proceeds received on disposition of vehicles	—			11			—			2,765			—			2,776
	—			11			(1		)	(1,176		)	—			(1,166		)
Net cash provided by (used in) investing activities	86			9			5			(1,191		)	(113		)	(1,204		)
Financing activities
Proceeds from long-term borrowings	—			350			—			—			—			350
Payments on long-term borrowings	—			(4		)	(1		)				—			(5		)
Net change in short-term borrowings	—			—			—			1			—			1
Intercompany loan borrowings (payments)	—			—			—			(27		)	27			—
Repurchases of common stock	(86		)	—			—			—			—			(86		)
Debt financing fees	—			(5		)	—			—			—			(5		)
Other, net	—			(86		)	—			—			86			—
Net cash provided by (used in) financing activities exclusive of vehicle programs	(86		)	255			(1		)	(26		)	113			255
Vehicle programs:
Proceeds from borrowings	—			—			—			4,694			—			4,694
Payments on borrowings	—			—			(2		)	(3,794		)	—			(3,796		)
Debt financing fees	—			—			—			(6		)	—			(6		)
	—			—			(2		)	894			—			892
Net cash provided by (used in) financing activities	(86		)	255			(3		)	868			113			1,147
Effect of changes in exchange rates on cash and cash equivalents	—			—			—			18			—			18
Net increase in cash and cash equivalents	—			281			—			143			—			424
Cash and cash equivalents, beginning of period	4			70			—			378			—			452
Cash and cash equivalents, end of period	$	4		$	351		$	—		$	521		$	—		$	876