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

9 Months Ended

Sep. 30, 2016

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Consolidating Condensed Statements of Comprehensive Income

Three Months Ended September 30, 2015

			Parent			Subsidiary Issuers			Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations			Total
Revenues
	Vehicle rental		$	—		$	—		$	1,196	$	636	$	—		$	1,832
	Other		—			—			336		951		(542		)	745
Net revenues			—			—			1,532		1,587		(542		)	2,577
Expenses
	Operating		—			3			716		483		—			1,202
	Vehicle depreciation and lease charges, net		—			1			485		556		(487		)	555
	Selling, general and administrative		7			5			175		127		—			314
	Vehicle interest, net		—			—			53		77		(55		)	75
	Non-vehicle related depreciation and amortization		—			—			33		23		—			56
	Interest expense related to corporate debt, net:
		Interest expense	—			39			1		9		—			49
		Intercompany interest expense (income)	(3		)	(3		)	5		1		—			—
	Transaction-related costs, net		—			2			2		4		—			8
	Restructuring expense		—			—			4		2		—			6
Total expenses			4			47			1,474		1,282		(542		)	2,265
Income (loss) before income taxes and equity in earnings of subsidiaries			(4		)	(47		)	58		305		—			312
Provision for (benefit from) income taxes			(1		)	(18		)	101		46		—			128
Equity in earnings of subsidiaries			187			216			259		—		(662		)	—
Net income			$	184		$	187		$	216	$	259	$	(662	)	$	184
Comprehensive income			$	150		$	155		$	186	$	228	$	(569	)	$	150

Nine Months Ended September 30, 2015

			Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non- Guarantor Subsidiaries		Eliminations			Total
Revenues
	Vehicle rental		$	—		$	—		$	3,193		$	1,491	$	—		$	4,684
	Other		—			—			910			2,570		(1,564		)	1,916
Net revenues			—			—			4,103			4,061		(1,564		)	6,600
Expenses
	Operating		1			12			1,978			1,288		—			3,279
	Vehicle depreciation and lease charges, net		—			1			1,397			1,487		(1,400		)	1,485
	Selling, general and administrative		24			11			477			331		—			843
	Vehicle interest, net		—			—			154			228		(164		)	218
	Non-vehicle related depreciation and amortization		—			1			99			61		—			161
	Interest expense related to corporate debt, net:
		Interest expense	—			121			(6		)	31		—			146
		Intercompany interest expense (income)	(9		)	(8		)	11			6		—			—
		Early extinguishment of debt	—			23			—			—		—			23
	Transaction-related costs, net		—			20			3			34		—			57
	Restructuring expense		—			—			5			5		—			10
Total expenses			16			181			4,118			3,471		(1,564		)	6,222
Income (loss) before income taxes and equity in earnings of subsidiaries			(16		)	(181		)	(15		)	590		—			378
Provision for (benefit from) income taxes			(6		)	(165		)	162			69		—			60
Equity in earnings of subsidiaries			328			344			521			—		(1,193		)	—
Net income			$	318		$	328		$	344		$	521	$	(1,193	)	$	318
Comprehensive income			$	198		$	210		$	230		$	406	$	(846	)	$	198

Three Months Ended September 30, 2016

			Parent			Subsidiary Issuers			Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations			Total
Revenues
	Vehicle rental		$	—		$	—		$	1,216	$	655	$	—		$	1,871
	Other		—			—			344		1,021		(580		)	785
Net revenues			—			—			1,560		1,676		(580		)	2,656
Expenses
	Operating		1			3			719		496		—			1,219
	Vehicle depreciation and lease charges, net		—			—			525		575		(524		)	576
	Selling, general and administrative		10			4			173		128		—			315
	Vehicle interest, net		—			—			55		78		(56		)	77
	Non-vehicle related depreciation and amortization		—			—			38		25		—			63
	Interest expense related to corporate debt, net:
		Interest expense	—			41			1		9		—			51
		Intercompany interest expense (income)	(3		)	(3		)	6		—		—			—
	Restructuring expense		—			—			1		5		—			6
	Transaction-related costs, net		—			—			—		4		—			4
Total expenses			8			45			1,518		1,320		(580		)	2,311
Income (loss) before income taxes and equity in earnings of subsidiaries			(8		)	(45		)	42		356		—			345
Provision for (benefit from) income taxes			(3		)	(18		)	87		70		—			136
Equity in earnings of subsidiaries			214			241			286		—		(741		)	—
Net income			$	209		$	214		$	241	$	286	$	(741	)	$	209
Comprehensive income			$	235		$	239		$	262	$	307	$	(808	)	$	235

Nine Months Ended September 30, 2016

			Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non- Guarantor Subsidiaries		Eliminations			Total
Revenues
	Vehicle rental		$	—		$	—		$	3,229		$	1,543	$	—		$	4,772
	Other		—			—			931			2,746		(1,669		)	2,008
Net revenues			—			—			4,160			4,289		(1,669		)	6,780
Expenses
	Operating		3			14			2,013			1,351		—			3,381
	Vehicle depreciation and lease charges, net		—			—			1,514			1,571		(1,514		)	1,571
	Selling, general and administrative		29			14			492			361		—			896
	Vehicle interest, net		—			—			149			221		(155		)	215
	Non-vehicle related depreciation and amortization		—			1			115			73		—			189
	Interest expense related to corporate debt, net:
		Interest expense	—			122			3			32		—			157
		Intercompany interest expense (income)	(9		)	(8		)	17			—		—			—
		Early extinguishment of debt	—			10			—			—		—			10
	Restructuring expense		—			—			8			18		—			26
	Transaction-related costs, net		—			1			1			11		—			13
Total expenses			23			154			4,312			3,638		(1,669		)	6,458
Income (loss) before income taxes and equity in earnings of subsidiaries			(23		)	(154		)	(152		)	651		—			322
Provision for (benefit from) income taxes			(9		)	(61		)	119			79		—			128
Equity in earnings of subsidiaries			208			301			572			—		(1,081		)	—
Net income			$	194		$	208		$	301		$	572	$	(1,081	)	$	194
Comprehensive income			$	294		$	307		$	403		$	672	$	(1,382	)	$	294

Schedule Of Condensed Consolidating Balance Sheet Table

As of September 30, 2016

		Parent		Subsidiary Issuers		Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations			Total
Assets
Current assets:
	Cash and cash equivalents	$	3	$	526	$	—	$	456	$	—		$	985
	Receivables, net	—		1		242		579		—			822
	Other current assets	2		94		84		455		—			635
Total current assets		5		621		326		1,490		—			2,442
Property and equipment, net		—		139		338		194		—			671
Deferred income taxes		20		1,183		256		—		(16		)	1,443
Goodwill		—		—		489		524		—			1,013
Other intangibles, net		—		29		506		350		—			885
Other non-current assets		72		17		19		116		—			224
Intercompany receivables		169		353		1,298		1,131		(2,951		)	—
Investment in subsidiaries		295		3,837		3,939		—		(8,071		)	—
Total assets exclusive of assets under vehicle programs		561		6,179		7,171		3,805		(11,038		)	6,678
Assets under vehicle programs:
	Program cash	—		—		—		126		—			126
	Vehicles, net	—		15		71		11,638		—			11,724
	Receivables from vehicle manufacturers and other	—		1		—		585		—			586
	Investment in Avis Budget Rental Car Funding (AESOP) LLC-related party	—		—		—		361		—			361
		—		16		71		12,710		—			12,797
Total assets		$	561	$	6,195	$	7,242	$	16,515	$	(11,038	)	$	19,475
Liabilities and stockholders’ equity
Current liabilities:
	Accounts payable and other current liabilities	$	19	$	211	$	541	$	942	$	—		$	1,713
	Short-term debt and current portion of long-term debt	—		16		4		318		—			338
Total current liabilities		19		227		545		1,260		—			2,051
Long-term debt		—		2,985		2		541		—			3,528
Other non-current liabilities		68		90		243		378		(16		)	763
Intercompany payables		—		2,597		353		1		(2,951		)	—
Total liabilities exclusive of liabilities under vehicle programs		87		5,899		1,143		2,180		(2,967		)	6,342
Liabilities under vehicle programs:
	Debt	—		1		68		2,897		—			2,966
	Due to Avis Budget Rental Car Funding (AESOP) LLC-related party	—		—		—		7,134		—			7,134
Deferred income taxes		—		—		2,194		176		—			2,370
Other		—		—		—		189		—			189
		—		1		2,262		10,396		—			12,659
Total stockholders’ equity		474		295		3,837		3,939		(8,071		)	474
Total liabilities and stockholders’ equity		$	561	$	6,195	$	7,242	$	16,515	$	(11,038	)	$	19,475

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

Nine Months Ended September 30, 2016

	Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Net cash provided by operating activities	$	195		$	372		$	50		$	1,679		$	(195	)	$	2,101
Investing activities
Property and equipment additions	—			(15		)	(63		)	(47		)	—			(125		)
Proceeds received on asset sales	—			5			1			4			—			10
Net assets acquired (net of cash acquired)	—			—			(1		)	(3		)	—			(4		)
Intercompany loan receipts (advances)	—			—			28			(337		)	309			—
Other, net	93			(1		)	—			5			(93		)	4
Net cash provided by (used in) investing activities exclusive of vehicle programs	93			(11		)	(35		)	(378		)	216			(115		)
Vehicle programs:
Decrease in program cash	—			—			—			138			—			138
Investment in vehicles	—			(3		)	(4		)	(10,144		)	—			(10,151		)
Proceeds received on disposition of vehicles	—			25						7,348			—			7,373
	—			22			(4		)	(2,658		)	—			(2,640		)
Net cash provided by (used in) investing activities	93			11			(39		)	(3,036		)	216			(2,755		)
Financing activities
Proceeds from long-term borrowings	—			557			—			339			—			896
Payments on long-term borrowings	—			(523		)	(3		)	(1		)	—			(527		)
Net change in short-term borrowings	—			—			—			1			—			1
Intercompany loan borrowings (payments)	—			337			—			(28		)	(309		)	—
Repurchases of common stock	(289		)	—			—			—			—			(289		)
Debt financing fees	—			(10		)	—			(5		)	—			(15		)
Other, net	—			(288		)	—			—			288			—
Net cash provided by (used in) financing activities exclusive of vehicle programs	(289		)	73			(3		)	306			(21		)	66
Vehicle programs:
Proceeds from borrowings	—			—			—			11,879			—			11,879
Payments on borrowings	—			—			(7		)	(10,745		)	—			(10,752		)
Debt financing fees	—			—			(1		)	(19		)				(20		)
	—			—			(8		)	1,115			—			1,107
Net cash provided by (used in) financing activities	(289		)	73			(11		)	1,421			(21		)	1,173
Effect of changes in exchange rates on cash and cash equivalents	—			—			—			14			—			14
Net increase (decrease) in cash and cash equivalents	(1		)	456			—			78			—			533
Cash and cash equivalents, beginning of period	4			70			—			378			—			452
Cash and cash equivalents, end of period	$	3		$	526		$	—		$	456		$	—		$	985

Nine Months Ended September 30, 2015

	Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Net cash provided by operating activities	$	60		$	270		$	104		$	1,604		$	—		$	2,038
Investing activities
Property and equipment additions	—			(17		)	(64		)	(45		)	—			(126		)
Proceeds received on asset sales	—			4			—			4			—			8
Net assets acquired (net of cash acquired)	—			(8		)	(3		)	(214		)	—			(225		)
Intercompany loan receipts (advances)	—			(30		)	(94		)	—			124			—
Other, net	212			(107		)	1			3			(106		)	3
Net cash provided by (used in) investing activities exclusive of vehicle programs	212			(158		)	(160		)	(252		)	18			(340		)
Vehicle programs:
Increase in program cash	—			—			—			(71		)	—			(71		)
Investment in vehicles	—			(1		)	(3		)	(9,758		)	—			(9,762		)
Proceeds received on disposition of vehicles	—			15			—			6,741			—			6,756
	—			14			(3		)	(3,088		)	—			(3,077		)
Net cash provided by (used in) investing activities	212			(144		)	(163		)	(3,340		)	18			(3,417		)
Financing activities
Proceeds from long-term borrowings	—			375			—			2			—			377
Payments on long-term borrowings	—			(253		)	(4		)	(33		)	—			(290		)
Net change in short-term borrowings	—			—			—			(23		)	—			(23		)
Intercompany loan borrowings (payments)	—			—			—			124			(124		)	—
Repurchases of common stock	(270		)	—			—			—			—			(270		)
Debt financing fees	—			(7		)	—			—			—			(7		)
Other, net	—			(212		)	70			36			106			—
Net cash provided by (used in) financing activities exclusive of vehicle programs	(270		)	(97		)	66			106			(18		)	(213		)
Vehicle programs:
Proceeds from borrowings	—			—			—			11,532			—			11,532
Payments on borrowings	—			—			(7		)	(9,926		)	—			(9,933		)
Debt financing fees	—			—			—			(17		)	—			(17		)
	—			—			(7		)	1,589			—			1,582
Net cash provided by (used in) financing activities	(270		)	(97		)	59			1,695			(18		)	1,369
Effect of changes in exchange rates on cash and cash equivalents	—			—			—			(29		)	—			(29		)
Net increase (decrease) in cash and cash equivalents	2			29			—			(70		)	—			(39		)
Cash and cash equivalents, beginning of period	2			210			—			412			—			624
Cash and cash equivalents, end of period	$	4		$	239		$	—		$	342		$	—		$	585