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

6 Months Ended

Jun. 30, 2016

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Consolidating Condensed Statements of Comprehensive Income

Three Months Ended June 30, 2015

			Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non- Guarantor Subsidiaries		Eliminations			Total
Revenues
	Vehicle rental		$	—		$	—		$	1,055		$	478	$	—		$	1,533
	Other		—			—			307			866		(533		)	640
Net revenues			—			—			1,362			1,344		(533		)	2,173
Expenses
	Operating		1			5			654			432		—			1,092
	Vehicle depreciation and lease charges, net		—			—			476			500		(478		)	498
	Selling, general and administrative		9			3			162			107		—			281
	Vehicle interest, net		—			—			52			78		(55		)	75
	Non-vehicle related depreciation and amortization		—			1			33			22		—			56
	Interest expense related to corporate debt, net:
		Interest expense	—			42			(8		)	11		—			45
		Intercompany interest expense (income)	(3		)	(3		)	6			—		—			—
		Early extinguishment of debt	—			23			—			—		—			23
	Transaction-related costs, net		—			12			—			6		—			18
	Restructuring expense		—			—			—			3		—			3
Total expenses			7			83			1,375			1,159		(533		)	2,091
Income (loss) before income taxes and equity in earnings of subsidiaries			(7		)	(83		)	(13		)	185		—			82
Provision for (benefit from) income taxes			(3		)	(127		)	53			16		—			(61		)
Equity in earnings of subsidiaries			147			103			169			—		(419		)	—
Net income			$	143		$	147		$	103		$	169	$	(419	)	$	143
Comprehensive income			$	151		$	155		$	111		$	177	$	(443	)	$	151

Six Months Ended June 30, 2015

			Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non- Guarantor Subsidiaries		Eliminations			Total
Revenues
	Vehicle rental		$	—		$	—		$	1,997		$	855	$	—		$	2,852
	Other		—			—			574			1,619		(1,022		)	1,171
Net revenues			—			—			2,571			2,474		(1,022		)	4,023
Expenses
	Operating		1			9			1,262			805		—			2,077
	Vehicle depreciation and lease charges, net		—			—			912			931		(913		)	930
	Selling, general and administrative		17			6			302			204		—			529
	Vehicle interest, net		—			—			101			151		(109		)	143
	Non-vehicle related depreciation and amortization		—			1			66			38		—			105
	Interest expense related to corporate debt, net:
		Interest expense	—			82			(7		)	22		—			97
		Intercompany interest expense (income)	(6		)	(5		)	6			5		—			—
		Early extinguishment of debt	—			23			—			—		—			23
	Transaction-related costs, net		—			18			1			30		—			49
	Restructuring expense		—			—			1			3		—			4
Total expenses			12			134			2,644			2,189		(1,022		)	3,957
Income (loss) before income taxes and equity in earnings of subsidiaries			(12		)	(134		)	(73		)	285		—			66
Provision for (benefit from) income taxes			(5		)	(147		)	61			23		—			(68		)
Equity in earnings of subsidiaries			141			128			262			—		(531		)	—
Net income			$	134		$	141		$	128		$	262	$	(531	)	$	134
Comprehensive income			$	48		$	55		$	44		$	178	$	(277	)	$	48

Three Months Ended June 30, 2016

			Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non- Guarantor Subsidiaries		Eliminations			Total
Revenues
	Vehicle rental		$	—		$	—		$	1,084		$	489	$	—		$	1,573
	Other		—			—			316			931		(577		)	670
Net revenues			—			—			1,400			1,420		(577		)	2,243
Expenses
	Operating		1			1			666			454		—			1,122
	Vehicle depreciation and lease charges, net		—			—			528			529		(525		)	532
	Selling, general and administrative		9			5			170			128		—			312
	Vehicle interest, net		—			—			49			76		(52		)	73
	Non-vehicle related depreciation and amortization		—			—			40			25		—			65
	Interest expense related to corporate debt, net:
		Interest expense	—			42			1			13		—			56
		Intercompany interest expense (income)	(3		)	(2		)	5			—		—			—
		Early extinguishment of debt	—			10			—			—		—			10
	Restructuring expense		—			—			1			4		—			5
	Transaction-related costs, net		—			—			1			4		—			5
Total expenses			7			56			1,461			1,233		(577		)	2,180
Income (loss) before income taxes and equity in earnings of subsidiaries			(7		)	(56		)	(61		)	187		—			63
Provision for (benefit from) income taxes			(3		)	(22		)	37			15		—			27
Equity in earnings of subsidiaries			40			74			172			—		(286		)	—
Net income			$	36		$	40		$	74		$	172	$	(286	)	$	36
Comprehensive income			$	40		$	44		$	83		$	180	$	(307	)	$	40

Six Months Ended June 30, 2016

			Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non- Guarantor Subsidiaries		Eliminations			Total
Revenues
	Vehicle rental		$	—		$	—		$	2,013		$	888	$	—		$	2,901
	Other		—			—			587			1,725		(1,089		)	1,223
Net revenues			—			—			2,600			2,613		(1,089		)	4,124
Expenses
	Operating		2			11			1,294			855		—			2,162
	Vehicle depreciation and lease charges, net		—			—			989			996		(990		)	995
	Selling, general and administrative		19			10			319			233		—			581
	Vehicle interest, net		—			—			94			143		(99		)	138
	Non-vehicle related depreciation and amortization		—			1			77			48		—			126
	Interest expense related to corporate debt, net:
		Interest expense	—			81			2			23		—			106
		Intercompany interest expense (income)	(6		)	(5		)	11			—		—			—
		Early extinguishment of debt	—			10			—			—		—			10
	Restructuring expense		—			—			7			13		—			20
	Transaction-related costs, net		—			1			1			7		—			9
Total expenses			15			109			2,794			2,318		(1,089		)	4,147
Income (loss) before income taxes and equity in earnings of subsidiaries			(15		)	(109		)	(194		)	295		—			(23		)
Provision for (benefit from) income taxes			(6		)	(43		)	32			9		—			(8		)
Equity in earnings (loss) of subsidiaries			(6		)	60			286			—		(340		)	—
Net income (loss)			$	(15	)	$	(6	)	$	60		$	286	$	(340	)	$	(15	)
Comprehensive income			$	59		$	68		$	141		$	365	$	(574	)	$	59

Schedule Of Condensed Consolidating Balance Sheet Table

As of June 30, 2016

		Parent		Subsidiary Issuers		Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations			Total
Assets
Current assets:
	Cash and cash equivalents	$	3	$	81	$	—	$	443	$	—		$	527
	Receivables, net	—		—		249		511		—			760
	Other current assets	5		111		102		638		—			856
Total current assets		8		192		351		1,592		—			2,143
Property and equipment, net		—		142		346		195		—			683
Deferred income taxes		20		1,232		255		—		(17		)	1,490
Goodwill		—		—		489		515		—			1,004
Other intangibles, net		—		29		512		355		—			896
Other non-current assets		95		18		20		111		—			244
Intercompany receivables		166		348		1,166		767		(2,447		)	—
Investment in subsidiaries		165		3,573		3,773		—		(7,511		)	—
Total assets exclusive of assets under vehicle programs		454		5,534		6,912		3,535		(9,975		)	6,460
Assets under vehicle programs:
	Program cash	—		—		—		182		—			182
	Vehicles, net	—		17		80		13,130		—			13,227
	Receivables from vehicle manufacturers and other	—		1		—		252		—			253
	Investment in Avis Budget Rental Car Funding (AESOP) LLC-related party	—		—		—		361		—			361
		—		18		80		13,925		—			14,023
Total assets		$	454	$	5,552	$	6,992	$	17,460	$	(9,975	)	$	20,483
Liabilities and stockholders’ equity
Current liabilities:
	Accounts payable and other current liabilities	$	25	$	189	$	585	$	944	$	—		$	1,743
	Short-term debt and current portion of long-term debt	—		15		4		9		—			28
Total current liabilities		25		204		589		953		—			1,771
Long-term debt		—		2,986		2		514		—			3,502
Other non-current liabilities		90		97		237		366		(17		)	773
Intercompany payables		—		2,099		347		1		(2,447		)	—
Total liabilities exclusive of liabilities under vehicle programs		115		5,386		1,175		1,834		(2,464		)	6,046
Liabilities under vehicle programs:
	Debt	—		1		71		3,106		—			3,178
	Due to Avis Budget Rental Car Funding (AESOP) LLC-related party	—		—		—		7,987		—			7,987
Deferred income taxes		—		—		2,173		177		—			2,350
Other		—		—		—		583		—			583
		—		1		2,244		11,853		—			14,098
Total stockholders’ equity		339		165		3,573		3,773		(7,511		)	339
Total liabilities and stockholders’ equity		$	454	$	5,552	$	6,992	$	17,460	$	(9,975	)	$	20,483

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 Statements Of Cash Flows

Six Months Ended June 30, 2016

	Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Net cash provided by operating activities	$	80		$	144		$	30		$	896		$	(80	)	$	1,070
Investing activities
Property and equipment additions	—			(11		)	(46		)	(32		)	—			(89		)
Proceeds received on asset sales	—			4			1			2			—			7
Net assets acquired (net of cash acquired)	—			—			(1		)	(2		)	—			(3		)
Intercompany loan receipts (advances)	—			—			28			—			(28		)	—
Other, net	93			—			—			4			(93		)	4
Net cash provided by (used in) investing activities exclusive of vehicle programs	93			(7		)	(18		)	(28		)	(121		)	(81		)
Vehicle programs:
Decrease in program cash	—			—			—			82			—			82
Investment in vehicles	—			(2		)	(7		)	(8,491		)	—			(8,500		)
Proceeds received on disposition of vehicles	—			20			—			5,398			—			5,418
	—			18			(7		)	(3,011		)	—			(3,000		)
Net cash provided by (used in) investing activities	93			11			(25		)	(3,039		)	(121		)	(3,081		)
Financing activities
Proceeds from long-term borrowings	—			557			—			1			—			558
Payments on long-term borrowings	—			(518		)	(1		)	(1		)	—			(520		)
Intercompany loan borrowings (payments)	—			—			—			(28		)	28			—
Repurchases of common stock	(174		)	—			—			—			—			(174		)
Debt financing fees	—			(10		)	—			—			—			(10		)
Other, net	—			(173		)	—			—			173			—
Net cash provided by (used in) financing activities exclusive of vehicle programs	(174		)	(144		)	(1		)	(28		)	201			(146		)
Vehicle programs:
Proceeds from borrowings	—			—			—			9,850			—			9,850
Payments on borrowings	—			—			(4		)	(7,610		)	—			(7,614		)
Debt financing fees	—			—			—			(17		)				(17		)
	—			—			(4		)	2,223			—			2,219
Net cash provided by (used in) financing activities	(174		)	(144		)	(5		)	2,195			201			2,073
Effect of changes in exchange rates on cash and cash equivalents	—			—			—			13			—			13
Net increase (decrease) in cash and cash equivalents	(1		)	11			—			65			—			75
Cash and cash equivalents, beginning of period	4			70			—			378			—			452
Cash and cash equivalents, end of period	$	3		$	81		$	—		$	443		$	—		$	527

Six Months Ended June 30, 2015

	Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Net cash provided by operating activities	$	3		$	158		$	69		$	797		$	—		$	1,027
Investing activities
Property and equipment additions	—			(11		)	(38		)	(31		)	—			(80		)
Proceeds received on asset sales	—			3			—			3			—			6
Net assets acquired (net of cash acquired)	—			(8		)	—			(214		)	—			(222		)
Intercompany loan receipts (advances)	—			(30		)	(94		)	—			124			—
Other, net	114			(95		)	1			—			(21		)	(1		)
Net cash provided by (used in) investing activities exclusive of vehicle programs	114			(141		)	(131		)	(242		)	103			(297		)
Vehicle programs:
Increase in program cash	—			—			—			(30		)	—			(30		)
Investment in vehicles	—			(1		)	(2		)	(7,936		)	—			(7,939		)
Proceeds received on disposition of vehicles	—			9			—			4,540			—			4,549
	—			8			(2		)	(3,426		)	—			(3,420		)
Net cash provided by (used in) investing activities	114			(133		)	(133		)	(3,668		)	103			(3,717		)
Financing activities
Proceeds from long-term borrowings	—			375			—			1			—			376
Payments on long-term borrowings	—			(250		)	(2		)	(29		)	—			(281		)
Net change in short-term borrowings	—			—			—			(13		)	—			(13		)
Intercompany loan borrowings (payments)	—			—			—			124			(124		)	—
Repurchases of common stock	(114		)	—			—			—			—			(114		)
Debt financing fees	—			(7		)	—			—			—			(7		)
Other, net	—			(114		)	70			23			21			—
Net cash provided by (used in) financing activities exclusive of vehicle programs	(114		)	4			68			106			(103		)	(39		)
Vehicle programs:
Proceeds from borrowings	—			—			—			9,018			—			9,018
Payments on borrowings	—			—			(4		)	(6,343		)	—			(6,347		)
Debt financing fees	—			—			—			(17		)	—			(17		)
	—			—			(4		)	2,658			—			2,654
Net cash provided by (used in) financing activities	(114		)	4			64			2,764			(103		)	2,615
Effect of changes in exchange rates on cash and cash equivalents	—			—			—			(20		)	—			(20		)
Net increase (decrease) in cash and cash equivalents	3			29			—			(127		)	—			(95		)
Cash and cash equivalents, beginning of period	2			210			—			412			—			624
Cash and cash equivalents, end of period	$	5		$	239		$	—		$	285		$	—		$	529