Guarantor and Non-Guarantor Consolidating Financial Statements (Tables)

12 Months Ended

Dec. 31, 2017

Dec. 31, 2016

Dec. 31, 2015

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Consolidating Condensed Income Statement

For the Year Ended December 31, 2017

			Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non- Guarantor  Subsidiaries			Eliminations			Total
Revenues
	Vehicle rental		$	—		$	—		$	4,108		$	2,111		$	—		$	6,219
	Other		—			—			1,204			3,820			(2,395		)	2,629
Net revenues			—			—			5,312			5,931			(2,395		)	8,848
Expenses
	Operating		3			20			2,598			1,851			—			4,472
	Vehicle depreciation and lease charges, net		—			—			2,226			2,183			(2,188		)	2,221
	Selling, general and administrative		39			8			619			454			—			1,120
	Vehicle interest, net		—			—			199			294			(207		)	286
	Non-vehicle related depreciation and amortization		—			1			160			98			—			259
	Interest expense related to corporate debt, net:
		Interest expense	—			157			1			30			—			188
		Intercompany interest expense (income)	(12		)	95			23			(106		)	—			—
		Early extinguishment of debt	—			4			—			(1		)	—			3
	Restructuring and other related charges		—			7			44			12			—			63
	Transaction-related costs, net		—			1			3			19			—			23
Transaction-related costs, net	Impairment		—			—			2			—			—			2
Total expenses			30			293			5,875			4,834			(2,395		)	8,637
Income (loss) before income taxes and equity in earnings of subsidiaries			(30		)	(293		)	(563		)	1,097			—			211
Provision for (benefit from) income taxes			(5		)	267			(527		)	115			—			(150		)
Equity in earnings of subsidiaries			386			946			982			—			(2,314		)	—
Net income			$	361		$	386		$	946		$	982		$	(2,314	)	$	361
Comprehensive income			$	491		$	515		$	1,073		$	1,103		$	(2,691	)	$	491

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 and other related charges		—			—			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

For the Year Ended December 31, 2015

			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 and other related charges		—			—			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

Consolidating Condensed Balance Sheet

As of December 31, 2017

		Parent		Subsidiary Issuers		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Total
Assets
Current assets:
	Cash and cash equivalents	$	4	$	14	$	—	$	593	$	—		$	611
	Receivables, net	—		—		255		667		—			922
	Other current assets	4		89		101		339		—			533
Total current assets		8		103		356		1,599		—			2,066
Property and equipment, net		—		167		321		216		—			704
Deferred income taxes		14		704		154		59		—			931
Goodwill		—		—		471		602		—			1,073
Other intangibles, net		—		27		480		343		—			850
Other non-current assets		46		29		16		105		—			196
Intercompany receivables		187		382		1,506		824		(2,899		)	—
Investment in subsidiaries		381		4,681		3,938		—		(9,000		)	—
Total assets exclusive of assets under vehicle programs		636		6,093		7,242		3,748		(11,899		)	5,820
Assets under vehicle programs:
	Program cash	—		—		—		283		—			283
	Vehicles, net	—		34		61		10,531		—			10,626
	Receivables from vehicle manufacturers and other	—		1		—		546		—			547
	Investment in Avis Budget Rental Car Funding (AESOP) LLC-related party	—		—		—		423		—			423
		—		35		61		11,783		—			11,879
Total assets		$	636	$	6,128	$	7,303	$	15,531	$	(11,899	)	$	17,699
Liabilities and stockholders’ equity
Current liabilities:
	Accounts payable and other current liabilities	$	23	$	207	$	552	$	837	$	—		$	1,619
	Short-term debt and current portion of long-term debt	—		17		3		6		—			26
Total current liabilities		23		224		555		843		—			1,645
Long-term debt		—		2,910		3		660		—			3,573
Other non-current liabilities		40		83		216		378		—			717
Intercompany payables		—		2,515		382		2		(2,899		)	—
Total liabilities exclusive of liabilities under vehicle programs		63		5,732		1,156		1,883		(2,899		)	5,935
Liabilities under vehicle programs:
	Debt	—		15		57		2,669		—			2,741
	Due to Avis Budget Rental Car Funding (AESOP) LLC-related party	—		—		—		6,480		—			6,480
	Deferred income taxes	—		—		1,407		187		—			1,594
	Other	—		—		2		374		—			376
		—		15		1,466		9,710		—			11,191
Total stockholders’ equity		573		381		4,681		3,938		(9,000		)	573
Total liabilities and stockholders’ equity		$	636	$	6,128	$	7,303	$	15,531	$	(11,899	)	$	17,699

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

Consolidating Condensed Statements of Cash Flows

For the Year Ended December 31, 2017

	Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Net cash provided by (used in) operating activities	$	110		$	(89	)	$	97		$	2,697		$	(167	)	$	2,648
Investing activities
Property and equipment additions	—			(49		)	(81		)	(67		)	—			(197		)
Proceeds received on asset sales	—			1			—			7			—			8
Net assets acquired (net of cash acquired)	—			(1		)	(5		)	(15		)	—			(21		)
Intercompany loan receipts (advances)	—			—			—			(264		)	264			—
Other, net	100			110			110			5			(320		)	5
Net cash provided by (used in) investing activities exclusive of vehicle programs	100			61			24			(334		)	(56		)	(205		)
Vehicle programs:
Investment in vehicles	—			(1		)	—			(11,537		)	—			(11,538		)
Proceeds received on disposition of vehicles	—			46			—			9,554			—			9,600
Investment in debt securities of Avis Budget Rental Car Funding (AESOP) LLC — related party	—			—			—			(61		)	—			(61		)
	—			45			—			(2,044		)	—			(1,999		)
Net cash provided by (used in) investing activities	100			106			24			(2,378		)	(56		)	(2,204		)
Financing activities
Proceeds from long-term borrowings	—			325			—			264			—			589
Payments on long-term borrowings	—			(406		)	(2		)	(194		)	—			(602		)
Net change in short-term borrowings	—			—			—			(4		)	—			(4		)
Debt financing fees	—			(5		)	—			(4		)	—			(9		)
Repurchases of common stock	(210		)	—			—			—			—			(210		)
Intercompany loan borrowings (payments)	—			264			—			—			(264		)	—
Other, net	1			(192		)	(110		)	(185		)	487			1
Net cash provided by (used in) financing activities exclusive of vehicle programs	(209		)	(14		)	(112		)	(123		)	223			(235		)
Vehicle programs:
Proceeds from borrowings	—			—			—			17,212			—			17,212
Payments on borrowings	—			(1		)	(9		)	(17,259		)	—			(17,269		)
Debt financing fees	—			—			—			(16		)	—			(16		)
	—			(1		)	(9		)	(63		)	—			(73		)
Net cash provided by (used in) financing activities	(209		)	(15		)	(121		)	(186		)	223			(308		)
Effect of changes in exchange rates on cash and cash equivalents, program and restricted cash	—			—			—			45			—			45
Net increase in cash and cash equivalents, program and restricted cash	1			2			—			178			—			181
Cash and cash equivalents, program and restricted cash, beginning of period	3			12			—			705			—			720
Cash and cash equivalents, program and restricted cash, end of period	$	4		$	14		$	—		$	883		$	—		$	901

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	$	279		$	(10	)	$	80		$	2,633		$	(342	)	$	2,640
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		)	—			2			(118		)	1
Net cash provided by (used in) investing activities exclusive of vehicle programs	118			(26		)	(61		)	(426		)	170			(225		)
Vehicle programs:
Investment in vehicles	—			(9		)	(4		)	(12,448		)	—			(12,461		)
Proceeds received on disposition of vehicles	—			31			—			10,473			—			10,504
	—			22			(4		)	(1,975		)	—			(1,957		)
Net cash provided by (used in) investing activities	118			(4		)	(65		)	(2,401		)	170			(2,182		)
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	(398		)	—			—			—			—			(398		)
Intercompany loan borrowings (payments)	—			316			—			(28		)	(288		)	—
Other, net	—			(385		)	—			(75		)	460			—
Net cash provided by (used in) financing activities exclusive of vehicle programs	(398		)	(52		)	(5		)	(84		)	172			(367		)
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	(398		)	(44		)	(15		)	(164		)	172			(449		)
Effect of changes in exchange rates on cash and cash equivalents, program and restricted cash	—			—			—			(6		)	—			(6		)
Net increase (decrease) in cash and cash equivalents, program and restricted cash	(1		)	(58		)	—			62			—			3
Cash and cash equivalents, program and restricted cash, beginning of period	4			70			—			643			—			717
Cash and cash equivalents, program and restricted cash, end of period	$	3		$	12		$	—		$	705		$	—		$	720

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	$	103		$	249		$	146		$	2,204		$	(75	)	$	2,627
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			5			(210		)	3
Net cash provided by (used in) investing activities exclusive of vehicle programs	334			(184		)	(201		)	(302		)	(84		)	(437		)
Vehicle programs:
Investment in vehicles	—			(1		)	(2		)	(11,925		)	—			(11,928		)
Proceeds received on disposition of vehicles	—			19			—			9,661			—			9,680
	—			18			(2		)	(2,264		)	—			(2,248		)
Net cash provided by (used in) investing activities	334			(166		)	(203		)	(2,566		)	(84		)	(2,685		)
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	(436		)	—			—			—			—			(436		)
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	(435		)	(223		)	66			37			159			(396		)
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	(435		)	(223		)	57			514			159			72
Effect of changes in exchange rates on cash and cash equivalents, program and restricted cash	—			—			—			(50		)	—			(50		)
Net increase (decrease) in cash and cash equivalents, program and restricted cash	2			(140		)	—			102			—			(36		)
Cash and cash equivalents, program and restricted cash, beginning of period	2			210			—			541			—			753
Cash and cash equivalents, program and restricted cash, end of period	$	4		$	70		$	—		$	643		$	—		$	717