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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