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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