Guarantor and Non-Guarantor Consolidating Financial Statements (Tables)

12 Months Ended

Dec. 31, 2016

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Consolidating Condensed Income Statement

Consolidating Condensed Statements of Operations

For the Year Ended December 31, 2016

			Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non- Guarantor  Subsidiaries			Eliminations			Total
Revenues
	Vehicle rental		$	—		$	—		$	4,134		$	1,947		$	—		$	6,081
	Other		—			—			1,209			3,563			(2,194		)	2,578
Net revenues			—			—			5,343			5,510			(2,194		)	8,659
Expenses
	Operating		4			18			2,622			1,738			—			4,382
	Vehicle depreciation and lease charges, net		—			—			1,993			2,045			(1,991		)	2,047
	Selling, general and administrative		38			18			631			447			—			1,134
	Vehicle interest, net		—			—			198			289			(203		)	284
	Non-vehicle related depreciation and amortization		—			2			155			96			—			253
	Interest expense related to corporate debt, net:
		Interest expense	—			141			3			59			—			203
		Intercompany interest expense (income)	(13		)	(7		)	23			(3		)	—			—
		Early extinguishment of debt	—			10			—			17			—			27
	Restructuring Expense		—			—			9			20			—			29
	Transaction-related costs, net		—			2			1			18			—			21
Total expenses			29			184			5,635			4,726			(2,194		)	8,380
Income (loss) before income taxes and equity in earnings of subsidiaries			(29		)	(184		)	(292		)	784			—			279
Provision for (benefit from) income taxes			(11		)	(70		)	123			74			—			116
Equity in earnings of subsidiaries			181			295			710			—			(1,186		)	—
Net income			$	163		$	181		$	295		$	710		$	(1,186	)	$	163
Comprehensive income			$	156		$	173		$	283		$	712		$	(1,168	)	$	156

			Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Eliminations			Total
Revenues
	Vehicle rental		$	—		$	—		$	4,124		$	1,902	$	—		$	6,026
	Other		—			—			1,181			3,335		(2,040		)	2,476
Net revenues			—			—			5,305			5,237		(2,040		)	8,502
Expenses
	Operating		2			17			2,587			1,678		—			4,284
	Vehicle depreciation and lease charges, net		—			1			1,819			1,936		(1,823		)	1,933
	Selling, general and administrative		32			15			619			427		—			1,093
	Vehicle interest, net		—			—			204			302		(217		)	289
	Non-vehicle related depreciation and amortization		—			1			133			84		—			218
	Interest expense related to corporate debt, net:
		Interest expense	—			159			(5		)	40		—			194
		Intercompany interest expense (income)	(12		)	(11		)	16			7		—			—
		Early extinguishment of debt	—			23			—			—		—			23
	Transaction-related costs, net		—			22			6			40		—			68
	Restructuring expense		—			—			6			12		—			18
Total expenses			22			227			5,385			4,526		(2,040		)	8,120
Income (loss) before income taxes and equity in earnings of subsidiaries			(22		)	(227		)	(80		)	711		—			382
Provision for (benefit from) income taxes			(9		)	(178		)	170			86		—			69
Equity in earnings of subsidiaries			326			375			625			—		(1,326		)	—
Net income			$	313		$	326		$	375		$	625	$	(1,326	)	$	313
Comprehensive income			$	188		$	203		$	253		$	504	$	(960	)	$	188

For the Year Ended December 31, 2014

			Parent			Subsidiary  Issuers			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Eliminations			Total
Revenues
	Vehicle rental		$	—		$	—		$	4,038		$	1,988	$	—		$	6,026
	Other		—			—			1,167			3,426		(2,134		)	2,459
Net revenues			—			—			5,205			5,414		(2,134		)	8,485
Expenses
	Operating		10			13			2,525			1,703		—			4,251
	Vehicle depreciation and lease charges, net		—			1			1,920			1,996		(1,921		)	1,996
	Selling, general and administrative		27			23			602			428		—			1,080
	Vehicle interest, net		—			—			200			295		(213		)	282
	Non-vehicle related depreciation and amortization		—			2			111			67		—			180
	Interest expense related to corporate debt, net:
		Interest expense	2			163			2			42		—			209
		Intercompany interest expense (income)	(13		)	(11		)	1			23		—			—
		Early extinguishment of debt	—			56			—			—		—			56
	Restructuring expense		—			—			7			19		—			26
	Transaction-related costs, net		1			8			(20		)	24		—			13
Total expenses			27			255			5,348			4,597		(2,134		)	8,093
Income (loss) before income taxes and equity in earnings of subsidiaries			(27		)	(255		)	(143		)	817		—			392
Provision for (benefit from) income taxes			(10		)	(108		)	186			79		—			147
Equity in earnings of subsidiaries			262			409			738			—		(1,409		)	—
Net income			$	245		$	262		$	409		$	738	$	(1,409	)	$	245
Comprehensive income			$	106		$	123		$	273		$	624	$	(1,020	)	$	106

Consolidating Condensed Balance Sheet

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 Balance Sheets

As of December 31, 2016

		Parent		Subsidiary Issuers		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Total
Assets
Current assets:
	Cash and cash equivalents	$	3	$	12	$	—	$	475	$	—		$	490
	Receivables, net	—		—		231		577		—			808
	Other current assets	2		101		90		326		—			519
Total current assets		5		113		321		1,378		—			1,817
Property and equipment, net		—		148		341		196		—			685
Deferred income taxes		20		1,219		268		—		(14		)	1,493
Goodwill		—		—		489		518		—			1,007
Other intangibles, net		—		28		502		340		—			870
Other non-current assets		75		24		16		78		—			193
Intercompany receivables		171		359		1,466		670		(2,666		)	—
Investment in subsidiaries		42		3,717		3,698		—		(7,457		)	—
Total assets exclusive of assets under vehicle programs		313		5,608		7,101		3,180		(10,137		)	6,065
Assets under vehicle programs:
	Program cash	—		—		—		225		—			225
	Vehicles, net	—		24		70		10,370		—			10,464
	Receivables from vehicle manufacturers and other	—		1		—		526		—			527
	Investment in Avis Budget Rental Car Funding (AESOP) LLC-related party	—		—		—		362		—			362
		—		25		70		11,483		—			11,578
Total assets		$	313	$	5,633	$	7,171	$	14,663	$	(10,137	)	$	17,643
Liabilities and stockholders’ equity
Current liabilities:
	Accounts payable and other current liabilities	$	23	$	189	$	512	$	764	$	—		$	1,488
	Short-term debt and current portion of long-term debt	—		264		3		12		—			279
Total current liabilities		23		453		515		776		—			1,767
Long-term debt		—		2,730		3		511		—			3,244
Other non-current liabilities		69		88		253		368		(14		)	764
Intercompany payables		—		2,306		359		1		(2,666		)	—
Total liabilities exclusive of liabilities under vehicle programs		92		5,577		1,130		1,656		(2,680		)	5,775
Liabilities under vehicle programs:
	Debt	—		14		66		2,103		—			2,183
	Due to Avis Budget Rental Car Funding (AESOP) LLC-related party	—		—		—		6,695		—			6,695
	Deferred income taxes	—		—		2,258		171		—			2,429
	Other	—		—		—		340		—			340
		—		14		2,324		9,309		—			11,647
Total stockholders’ equity		221		42		3,717		3,698		(7,457		)	221
Total liabilities and stockholders’ equity		$	313	$	5,633	$	7,171	$	14,663	$	(10,137	)	$	17,643

Consolidating Condensed Cash Flow Statement

For the Year Ended December 31, 2015

	Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Net cash provided by (used in) operating activities	$	60		$	249		$	146		$	2,204		$	(75	)	$	2,584
Investing activities
Property and equipment additions	—			(26		)	(98		)	(75		)	—			(199		)
Proceeds received on asset sales	—			7			1			7			—			15
Net assets acquired (net of cash acquired)	—			(8		)	(9		)	(239		)	—			(256		)
Intercompany loan receipts (advances)	—			(30		)	(96		)	—			126			—
Other, net	334			(127		)	1			8			(210		)	6
Net cash provided by (used in) investing activities exclusive of vehicle programs	334			(184		)	(201		)	(299		)	(84		)	(434		)
Vehicle programs:
Increase in program cash	—			—			—			(148		)	—			(148		)
Investment in vehicles	—			(1		)	(2		)	(11,925		)	—			(11,928		)
Proceeds received on disposition of vehicles	—			19			—			9,661			—			9,680
	—			18			(2		)	(2,412		)	—			(2,396		)
Net cash provided by (used in) investing activities	334			(166		)	(203		)	(2,711		)	(84		)	(2,830		)
Financing activities
Proceeds from long-term borrowings	—			375			—			2			—			377
Payments on long-term borrowings	—			(256		)	(4		)	(41		)	—			(301		)
Net change in short-term borrowings	—			—			—			(22		)	—			(22		)
Debt financing fees	—			(7		)	—			—			—			(7		)
Repurchases of common stock	(393		)	—			—			—			—			(393		)
Intercompany loan borrowings (payments)	—			—			—			126			(126		)	—
Other, net	1			(335		)	70			(28		)	285			(7		)
Net cash provided by (used in) financing activities exclusive of vehicle programs	(392		)	(223		)	66			37			159			(353		)
Vehicle programs:
Proceeds from borrowings	—			—			—			14,138			—			14,138
Payments on borrowings	—			—			(9		)	(13,639		)	—			(13,648		)
Debt financing fees	—			—			—			(22		)	—			(22		)
	—			—			(9		)	477			—			468
Net cash provided by (used in) financing activities	(392		)	(223		)	57			514			159			115
Effect of changes in exchange rates on cash and cash equivalents	—			—			—			(41		)	—			(41		)
Net decrease in cash and cash equivalents	2			(140		)	—			(34		)	—			(172		)
Cash and cash equivalents, beginning of period	2			210			—			412			—			624
Cash and cash equivalents, end of period	$	4		$	70		$	—		$	378		$	—		$	452

Consolidating Condensed Statements of Cash Flows

For the Year Ended December 31, 2016

	Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Net cash provided by (used in) operating activities	$	268		$	(10	)	$	80		$	2,633		$	(342	)	$	2,629
Investing activities
Property and equipment additions	—			(32		)	(89		)	(69		)	—			(190		)
Proceeds received on asset sales	—			7			4			8			—			19
Net assets acquired (net of cash acquired)	—			—			(4		)	(51		)	—			(55		)
Intercompany loan receipts (advances)	—			—			28			(316		)	288			—
Other, net	118			(1		)	—			4			(118		)	3
Net cash provided by (used in) investing activities exclusive of vehicle programs	118			(26		)	(61		)	(424		)	170			(223		)
Vehicle programs:
Decrease in program cash	—			—			—			31			—			31
Investment in vehicles	—			(9		)	(4		)	(12,448		)	—			(12,461		)
Proceeds received on disposition of vehicles	—			31			—			10,473			—			10,504
	—			22			(4		)	(1,944		)	—			(1,926		)
Net cash provided by (used in) investing activities	118			(4		)	(65		)	(2,368		)	170			(2,149		)
Financing activities
Proceeds from long-term borrowings	—			557			—			337			—			894
Payments on long-term borrowings	—			(525		)	(5		)	(317		)	—			(847		)
Net change in short-term borrowings	—			—			—			4			—			4
Debt financing fees	—			(15		)	—			(5		)	—			(20		)
Repurchases of common stock	(387		)	—			—			—			—			(387		)
Intercompany loan borrowings (payments)	—			316			—			(28		)	(288		)	—
Other, net	—			(385		)	—			(75		)	460			—
Net cash provided by (used in) financing activities exclusive of vehicle programs	(387		)	(52		)	(5		)	(84		)	172			(356		)
Vehicle programs:
Proceeds from borrowings	—			8			—			15,761			—			15,769
Payments on borrowings	—			—			(9		)	(15,817		)	—			(15,826		)
Debt financing fees	—			—			(1		)	(24		)	—			(25		)
	—			8			(10		)	(80		)	—			(82		)
Net cash provided by (used in) financing activities	(387		)	(44		)	(15		)	(164		)	172			(438		)
Effect of changes in exchange rates on cash and cash equivalents	—			—			—			(4		)	—			(4		)
Net increase (decrease) in cash and cash equivalents	(1		)	(58		)	—			97			—			38
Cash and cash equivalents, beginning of period	4			70			—			378			—			452
Cash and cash equivalents, end of period	$	3		$	12		$	—		$	475		$	—		$	490

For the Year Ended December 31, 2014

	Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Net cash provided by (used in) operating activities	$	—		$	469		$	340		$	1,840		$	(70	)	$	2,579
Investing activities
Property and equipment additions	—			(20		)	(84		)	(78		)	—			(182		)
Proceeds received on asset sales	—			7			8			6			—			21
Net assets acquired (net of cash acquired)	—			—			(263		)	(153		)	—			(416		)
Other, net	285			(9		)	(2		)	—			(285		)	(11		)
Net cash provided by (used in) investing activities exclusive of vehicle programs	285			(22		)	(341		)	(225		)	(285		)	(588		)
Vehicle programs:
Increase in program cash	—			—			—			(10		)	—			(10		)
Investment in vehicles	—			(9		)	(90		)	(11,776		)	—			(11,875		)
Proceeds received on disposition of vehicles	—			8			—			9,658			—			9,666
	—			(1		)	(90		)	(2,128		)	—			(2,219		)
Net cash provided by (used in) investing activities	285			(23		)	(431		)	(2,353		)	(285		)	(2,807		)
Financing activities
Proceeds from long-term borrowings	—			575			—			296			—			871
Payments on long-term borrowings	—			(756		)	(5		)	(1		)	—			(762		)
Net change in short-term borrowings	—			—			—			5			—			5
Debt financing fees	—			(12		)	—			(5		)	—			(17		)
Repurchases of common stock	(297		)	—			—			—			—			(297		)
Other, net	—			(285		)	—			(70		)	355			—
Net cash provided by (used in) financing activities exclusive of vehicle programs	(297		)	(478		)	(5		)	225			355			(200		)
Vehicle programs:
Proceeds from borrowings	—			—			88			14,285			—			14,373
Payments on borrowings	—			—			(3		)	(13,960		)	—			(13,963		)
Debt financing fees	—			—			(1		)	(27		)	—			(28		)
	—			—			84			298			—			382
Net cash provided by (used in) financing activities	(297		)	(478		)	79			523			355			182
Effect of changes in exchange rates on cash and cash equivalents	—			—			—			(23		)	—			(23		)
Net decrease in cash and cash equivalents	(12		)	(32		)	(12		)	(13		)	—			(69		)
Cash and cash equivalents, beginning of period	14			242			12			425			—			693
Cash and cash equivalents, end of period	$	2		$	210		$	—		$	412		$	—		$	624