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

6 Months Ended

Jun. 30, 2017

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Consolidating Condensed Statements of Comprehensive Income

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 and other related charges		—			—			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 and other related charges		—			—			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

Three Months Ended June 30, 2017

			Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Total
Revenues
	Vehicle rental		$	—		$	—		$	1,055		$	508		$	—		$	1,563
	Other		—			—			316			1,022			(663		)	675
Net revenues			—			—			1,371			1,530			(663		)	2,238
Expenses
	Operating		1			9			644			454			—			1,108
	Vehicle depreciation and lease charges, net		—			—			614			592			(609		)	597
	Selling, general and administrative		10			2			158			123			—			293
	Vehicle interest, net		—			—			52			75			(54		)	73
	Non-vehicle related depreciation and amortization		—			1			40			24			—			65
	Interest expense related to corporate debt, net:
		Interest expense (income)	—			83			—			(35		)	—			48
		Intercompany interest expense (income)	(3		)	5			5			(7		)	—			—
		Early extinguishment of debt	—			1			—			(1		)	—			—
	Restructuring and other related charges		—			2			33			3			—			38
	Transaction-related costs, net		—			—			—			5			—			5
Total expenses			8			103			1,546			1,233			(663		)	2,227
Income (loss) before income taxes and equity in earnings of subsidiaries			(8		)	(103		)	(175		)	297			—			11
Provision for (benefit from) income taxes			(2		)	(39		)	11			38			—			8
Equity in earnings of subsidiaries			9			73			259			—			(341		)	—
Net income			$	3		$	9		$	73		$	259		$	(341	)	$	3
Comprehensive income			$	51		$	58		$	123		$	309		$	(490	)	$	51

Six Months Ended June 30, 2017

			Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Total
Revenues
	Vehicle rental		$	—		$	—		$	1,941		$	908		$	—		$	2,849
	Other		—			—			583			1,893			(1,248		)	1,228
Net revenues			—			—			2,524			2,801			(1,248		)	4,077
Expenses
	Operating		2			13			1,284			858			—			2,157
	Vehicle depreciation and lease charges, net		—			—			1,160			1,085			(1,144		)	1,101
	Selling, general and administrative		20			4			311			220			—			555
	Vehicle interest, net		—			—			97			144			(104		)	137
	Non-vehicle related depreciation and amortization		—			1			80			47			—			128
	Interest expense related to corporate debt, net:
		Interest expense (income)	—			129			1			(33		)	—			97
		Intercompany interest expense (income)	(6		)	6			11			(11		)	—			—
		Early extinguishment of debt	—			4			—			(1		)	—			3
	Restructuring and other related charges		—			2			39			4			—			45
	Transaction-related costs, net		—			—			—			8			—			8
Total expenses			16			159			2,983			2,321			(1,248		)	4,231
Income (loss) before income taxes and equity in earnings of subsidiaries			(16		)	(159		)	(459		)	480			—			(154		)
Provision for (benefit from) income taxes			(4		)	(62		)	(28		)	44			—			(50		)
Equity in earnings (loss) of subsidiaries			(92		)	5			436			—			(349		)	—
Net income (loss)			$	(104	)	$	(92	)	$	5		$	436		$	(349	)	$	(104	)
Comprehensive income (loss)			$	(28	)	$	(16	)	$	82		$	512		$	(578	)	$	(28	)

Schedule Of Condensed Consolidating Balance Sheet Table

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

As of June 30, 2017

		Parent			Subsidiary Issuers			Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations			Total
Assets
Current assets:
	Cash and cash equivalents	$	3		$	121		$	—	$	652	$	—		$	776
	Receivables, net	—			—			225		537		—			762
	Other current assets	5			83			105		644		—			837
Total current assets		8			204			330		1,833		—			2,375
Property and equipment, net		—			157			324		203		—			684
Deferred income taxes		19			1,341			271		11		—			1,642
Goodwill		—			—			488		555		—			1,043
Other intangibles, net		—			28			491		348		—			867
Other non-current assets		76			23			17		86		—			202
Intercompany receivables		178			370			1,590		972		(3,110		)	—
Investment in subsidiaries		(42		)	3,799			3,839		—		(7,596		)	—
Total assets exclusive of assets under vehicle programs		239			5,922			7,350		4,008		(10,706		)	6,813
Assets under vehicle programs:
	Program cash	—			—			—		65		—			65
	Vehicles, net	—			25			68		13,229		—			13,322
	Receivables from vehicle manufacturers and other	—			1			1		235		—			237
	Investment in Avis Budget Rental Car Funding (AESOP) LLC-related party	—			—			—		395		—			395
		—			26			69		13,924		—			14,019
Total assets		$	239		$	5,948		$	7,419	$	17,932	$	(10,706	)	$	20,832
Liabilities and stockholders’ equity
Current liabilities:
	Accounts payable and other current liabilities	$	21		$	223		$	686	$	919	$	—		$	1,849
	Short-term debt and current portion of long-term debt	—			17			3		6		—			26
Total current liabilities		21			240			689		925		—			1,875
Long-term debt		—			2,916			2		628		—			3,546
Other non-current liabilities		70			87			231		380		—			768
Intercompany payables		—			2,738			370		2		(3,110		)	—
Total liabilities exclusive of liabilities under vehicle programs		91			5,981			1,292		1,935		(3,110		)	6,189
Liabilities under vehicle programs:
	Debt	—			9			61		3,416		—			3,486
	Due to Avis Budget Rental Car Funding (AESOP) LLC-related party	—			—			—		7,876		—			7,876
Deferred income taxes		—			—			2,267		170		—			2,437
Other		—			—			—		696		—			696
		—			9			2,328		12,158		—			14,495
Total stockholders’ equity		148			(42		)	3,799		3,839		(7,596		)	148
Total liabilities and stockholders’ equity		$	239		$	5,948		$	7,419	$	17,932	$	(10,706	)	$	20,832

Consolidating Condensed Statements Of Cash Flows

Six Months Ended June 30, 2017

	Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Net cash provided by (used in) operating activities	$	9		$	(41	)	$	47		$	1,124		$	—		$	1,139
Investing activities
Property and equipment additions	—			(22		)	(34		)	(30		)	—			(86		)
Proceeds received on asset sales	—			1			—			3			—			4
Net assets acquired (net of cash acquired)	—			—			(4		)	(10		)	—			(14		)
Intercompany loan receipts (advances)	—			—			(1		)	(313		)	314			—
Other, net	100			—			—			(1		)	(100		)	(1		)
Net cash provided by (used in) investing activities exclusive of vehicle programs	100			(21		)	(39		)	(351		)	214			(97		)
Vehicle programs:
Decrease in program cash	—			—			—			168			—			168
Investment in vehicles	—			1			(2		)	(8,115		)	—			(8,116		)
Proceeds received on disposition of vehicles	—			31			—			5,028			—			5,059
Investment in debt securities of Avis Budget Rental Car Funding (AESOP) LLC—related party	—			—			—			(33		)	—			(33		)
	—			32			(2		)	(2,952		)	—			(2,922		)
Net cash provided by (used in) investing activities	100			11			(41		)	(3,303		)	214			(3,019		)
Financing activities
Proceeds from long-term borrowings	—			325			—			264			—			589
Payments on long-term borrowings	—			(396		)	(1		)	(194		)	—			(591		)
Net change in short-term borrowings	—			—			—			(1		)	—			(1		)
Intercompany loan borrowings (payments)	—			313			—			1			(314		)	—
Repurchases of common stock	(109		)	—			—			—						(109		)
Debt financing fees	—			(3		)	—			(5		)	—			(8		)
Other, net	—			(100		)	—			—			100			—
Net cash provided by (used in) financing activities exclusive of vehicle programs	(109		)	139			(1		)	65			(214		)	(120		)
Vehicle programs:
Proceeds from borrowings	—			—			—			11,255			—			11,255
Payments on borrowings	—			—			(5		)	(8,983		)	—			(8,988		)
Debt financing fees	—			—			—			(8		)	—			(8		)
	—			—			(5		)	2,264			—			2,259
Net cash provided by (used in) financing activities	(109		)	139			(6		)	2,329			(214		)	2,139
Effect of changes in exchange rates on cash and cash equivalents	—			—			—			27			—			27
Net increase in cash and cash equivalents	—			109			—			177			—			286
Cash and cash equivalents, beginning of period	3			12			—			475			—			490
Cash and cash equivalents, end of period	$	3		$	121		$	—		$	652		$	—		$	776

Six Months Ended June 30, 2016

	Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Net cash provided by (used in) operating activities	$	89		$	144		$	30		$	896		$	(80	)	$	1,079
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	(183		)	—			—			—			—			(183		)
Debt financing fees	—			(10		)	—			—			—			(10		)
Other, net	—			(173		)	—			—			173			—
Net cash provided by (used in) financing activities exclusive of vehicle programs	(183		)	(144		)	(1		)	(28		)	201			(155		)
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	(183		)	(144		)	(5		)	2,195			201			2,064
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