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

3 Months Ended

Mar. 31, 2017

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Consolidating Condensed Statements of Comprehensive Income

Three Months Ended March 31, 2017

			Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Total
Revenues
	Vehicle rental		$	—		$	—		$	886		$	400		$	—		$	1,286
	Other		—			—			267			871			(585		)	553
Net revenues			—			—			1,153			1,271			(585		)	1,839
Expenses
	Operating		1			4			640			404			—			1,049
	Vehicle depreciation and lease charges, net		—			—			546			493			(535		)	504
	Selling, general and administrative		10			2			153			97			—			262
	Vehicle interest, net		—			—			45			69			(50		)	64
	Non-vehicle related depreciation and amortization		—			—			40			23			—			63
	Interest expense related to corporate debt, net:
		Interest expense	—			46			1			2			—			49
		Intercompany interest expense (income)	(3		)	1			6			(4		)	—			—
		Early extinguishment of debt	—			3			—			—			—			3
	Restructuring expense		—			—			6			1			—			7
	Transaction-related costs, net		—			—			—			3			—			3
Total expenses			8			56			1,437			1,088			(585		)	2,004
Income (loss) before income taxes and equity in earnings of subsidiaries			(8		)	(56		)	(284		)	183			—			(165		)
Provision for (benefit from) income taxes			(2		)	(23		)	(39		)	6			—			(58		)
Equity in earnings (loss) of subsidiaries			(101		)	(68		)	177			—			(8		)	—
Net income (loss)			$	(107	)	$	(101	)	$	(68	)	$	177		$	(8	)	$	(107	)
Comprehensive income (loss)			$	(79	)	$	(74	)	$	(41	)	$	203		$	(88	)	$	(79	)

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		)
Provision for (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

Schedule Of Condensed Consolidating Balance Sheet Table

As of March 31, 2017

		Parent			Subsidiary Issuers			Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations			Total
Assets
Current assets:
	Cash and cash equivalents	$	2		$	280		$	—	$	641	$	—		$	923
	Receivables, net	—			—			216		502		—			718
	Other current assets	2			103			110		436		—			651
Total current assets		4			383			326		1,579		—			2,292
Property and equipment, net		—			155			332		197		—			684
Deferred income taxes		19			1,348			272		—		(8		)	1,631
Goodwill		—			—			489		524		—			1,013
Other intangibles, net		—			28			496		335		—			859
Other non-current assets		75			26			16		78		—			195
Intercompany receivables		175			365			1,478		945		(2,963		)	—
Investment in subsidiaries		(49		)	3,679			3,723		—		(7,353		)	—
Total assets exclusive of assets under vehicle programs		224			5,984			7,132		3,658		(10,324		)	6,674
Assets under vehicle programs:
	Program cash	—			—			—		142		—			142
	Vehicles, net	—			37			69		11,380		—			11,486
	Receivables from vehicle manufacturers and other	—			2			1		278		—			281
	Investment in Avis Budget Rental Car Funding (AESOP) LLC-related party	—			—			—		395		—			395
		—			39			70		12,195		—			12,304
Total assets		$	224		$	6,023		$	7,202	$	15,853	$	(10,324	)	$	18,978
Liabilities and stockholders’ equity
Current liabilities:
	Accounts payable and other current liabilities	$	13		$	195		$	568	$	813	$	—		$	1,589
	Short-term debt and current portion of long-term debt	—			266			3		205		—			474
Total current liabilities		13			461			571		1,018		—			2,063
Long-term debt		—			2,918			3		585		—			3,506
Other non-current liabilities		70			86			237		362		(8		)	747
Intercompany payables		—			2,597			365		1		(2,963		)	—
Total liabilities exclusive of liabilities under vehicle programs		83			6,062			1,176		1,966		(2,971		)	6,316
Liabilities under vehicle programs:
	Debt	—			10			64		2,321		—			2,395
	Due to Avis Budget Rental Car Funding (AESOP) LLC-related party	—			—			—		7,106		—			7,106
Deferred income taxes		—			—			2,283		170		—			2,453
Other		—			—			—		567		—			567
		—			10			2,347		10,164		—			12,521
Total stockholders’ equity		141			(49		)	3,679		3,723		(7,353		)	141
Total liabilities and stockholders’ equity		$	224		$	6,023		$	7,202	$	15,853	$	(10,324	)	$	18,978

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 Statements Of Cash Flows

Three Months Ended March 31, 2016

	Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Net cash provided by (used in) operating activities	$	9		$	17		$	(2	)	$	448		$	—		$	472
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	(95		)	—			—			—			—			(95		)
Debt financing fees	—			(5		)	—			—			—			(5		)
Other, net	—			(86		)	—			—			86			—
Net cash provided by (used in) financing activities exclusive of vehicle programs	(95		)	255			(1		)	(26		)	113			246
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	(95		)	255			(3		)	868			113			1,138
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

Three Months Ended March 31, 2017

	Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Net cash provided by (used in) operating activities	$	7		$	(130	)	$	24		$	546		$	—		$	447
Investing activities
Property and equipment additions	—			(8		)	(19		)	(15		)	—			(42		)
Proceeds received on asset sales	—			1			—			1			—			2
Intercompany loan receipts (advances)	—			—			—			(270		)	270			—
Other, net	53			—			—			—			(53		)	—
Net cash provided by (used in) investing activities exclusive of vehicle programs	53			(7		)	(19		)	(284		)	217			(40		)
Vehicle programs:
Decrease in program cash	—			—			—			87			—			87
Investment in vehicles	—			—			(1		)	(3,943		)	—			(3,944		)
Proceeds received on disposition of vehicles	—			8			—			2,950			—			2,958
Investment in debt securities of Avis Budget Rental Car Funding (AESOP) LLC—related party	—			—			—			(33		)	—			(33		)
	—			8			(1		)	(939		)	—			(932		)
Net cash provided by (used in) investing activities	53			1			(20		)	(1,223		)	217			(972		)
Financing activities
Proceeds from long-term borrowings	—			325			—			265			—			590
Payments on long-term borrowings	—			(142		)	(1		)	—			—			(143		)
Intercompany loan borrowings (payments)	—			270			—			—			(270		)	—
Repurchases of common stock	(61		)	—			—			—			—			(61		)
Debt financing fees	—			(3		)	—			(4		)	—			(7		)
Other, net	—			(53		)	—			—			53			—
Net cash provided by (used in) financing activities exclusive of vehicle programs	(61		)	397			(1		)	261			(217		)	379
Vehicle programs:
Proceeds from borrowings	—			—			—			5,812			—			5,812
Payments on borrowings	—			—			(3		)	(5,233		)	—			(5,236		)
Debt financing fees	—			—			—			(5		)	—			(5		)
	—			—			(3		)	574			—			571
Net cash provided by (used in) financing activities	(61		)	397			(4		)	835			(217		)	950
Effect of changes in exchange rates on cash and cash equivalents	—			—			—			8			—			8
Net increase (decrease) in cash and cash equivalents	(1		)	268			—			166			—			433
Cash and cash equivalents, beginning of period	3			12			—			475			—			490
Cash and cash equivalents, end of period	$	2		$	280		$	—		$	641		$	—		$	923