XML 70 R28.htm IDEA: XBRL DOCUMENT v3.10.0.1
Guarantor and Non-Guarantor Consolidating Financial Statements
 12 Months Ended
Dec. 31, 2018
Condensed Financial Information Disclosure [Abstract]  
Condensed Financial Information of Parent Company Only Disclosure [Text Block]
Guarantor and Non-Guarantor Consolidating Financial Statements
The following consolidating financial information presents Consolidating Condensed Statements of Operations for the years ended December 31, 2018, 2017 and 2016, Consolidating Condensed Balance Sheets as of December 31, 2018 and December 31, 2017 and Consolidating Condensed Statements of Cash Flows for the years ended December 31, 2018, 2017 and 2016 for: (i) Avis Budget Group, Inc. (the “Parent”); (ii) ABCR and Avis Budget Finance, Inc. (the “Subsidiary Issuers”); (iii) the guarantor subsidiaries; (iv) the non-guarantor subsidiaries; (v) elimination entries necessary to consolidate the Parent with the Subsidiary Issuers, the guarantor and non-guarantor subsidiaries; and (vi) the Company on a consolidated basis. The Subsidiary Issuers and the guarantor and non-guarantor subsidiaries are 100% owned by the Parent, either directly or indirectly. All guarantees are full and unconditional and joint and several. This financial information is being presented in relation to the Company’s guarantee of the payment of principal, premium (if any) and interest on the notes issued by the Subsidiary Issuers. See Note 12-Long-term Corporate Debt and Borrowing Arrangements for additional description of these guaranteed notes. The Senior Notes have separate investors than the equity investors of the Company and are guaranteed by the Parent and certain subsidiaries.
Investments in subsidiaries are accounted for using the equity method of accounting for purposes of the consolidating presentation. The principal elimination entries relate to investments in subsidiaries and intercompany balances and transactions. For purposes of the accompanying Consolidating Condensed Statements of Operations, certain expenses incurred by the Subsidiary Issuers are allocated to the guarantor and non-guarantor subsidiaries.
The following table provides a reconciliation of the cash and cash equivalents, program and restricted cash reported within the Consolidating Condensed Balance Sheets to the amounts shown in the Consolidating Condensed Statements of Cash Flows.
 
As of December 31,
 
2018
 
2017
 
Non-Guarantor
Total
 
Non-Guarantor
Total
Cash and cash equivalents
$
601

$
615

 
$
593

$
611

Program cash
115

115

 
283

283

Restricted cash (a)
5

5

 
7

7

Total cash and cash equivalents, program and restricted cash
$
721

$
735

 
$
883

$
901

_________
(a) 
Included within other current assets.
Guarantor and Non-Guarantor Condensed Cash Flow Statements [Text Block]
For the Year Ended December 31, 2018
 
 
Parent
 
Subsidiary Issuers
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Total
Net cash provided by (used in) operating activities
$
210

 
$
235

 
$
193

 
$
2,380

 
$
(409
)
 
$
2,609

 
 
 
 
 
 
 
 
 
 
 
 
Investing activities
 
 
 
 
 
 
 
 
 
 
 
Property and equipment additions
—

 
(64
)
 
(88
)
 
(79
)
 
—

 
(231
)
Proceeds received on asset sales
—

 
2

 
4

 
11

 
—

 
17

Net assets acquired (net of cash acquired)
—

 
(3
)
 
(10
)
 
(78
)
 
—

 
(91
)
Intercompany loan receipts (advances)
—

 
—

 
—

 
(404
)
 
404

 
—

Other, net
—

 
(8
)
 
—

 
(36
)
 
—

 
(44
)
Net cash provided by (used in) investing activities exclusive of vehicle programs
—

 
(73
)
 
(94
)
 
(586
)
 
404

 
(349
)
 
 
 
 
 
 
 
 
 
 
 
 
Vehicle programs:
 
 
 
 
 
 
 
 
 
 
 
Investment in vehicles
—

 
(2
)
 
(1
)
 
(12,586
)
 
—

 
(12,589
)
Proceeds received on disposition of vehicles
—

 
42

 
—

 
9,606

 
—

 
9,648

Investment in debt securities of Avis Budget Rental Car Funding (AESOP) LLC — related party
—

 
—

 
—

 
(188
)
 
—

 
(188
)
Proceeds from debt securities of Avis Budget Rental Car Funding (AESOP) LLC — related party
—

 
—

 
—

 
52

 
—

 
52

 
—

 
40

 
(1
)
 
(3,116
)
 
—

 
(3,077
)
Net cash provided by (used in) investing activities
—

 
(33
)
 
(95
)
 
(3,702
)
 
404

 
(3,426
)
 
 
 
 
 
 
 
 
 
 
 
 
Financing activities
 
 
 
 
 
 
 
 
 
 
 
Proceeds from long-term borrowings
—

 
81

 
—

 
404

 
—

 
485

Payments on long-term borrowings
—

 
(510
)
 
(3
)
 
(2
)
 
—

 
(515
)
Net change in short-term borrowings
—

 
—

 
—

 
(4
)
 
—

 
(4
)
Debt financing fees
—

 
(9
)
 
—

 
(6
)
 
—

 
(15
)
Repurchases of common stock
(216
)
 
—

 
—

 
—

 
—

 
(216
)
Intercompany loan borrowings (payments)
—

 
404

 
—

 
—

 
(404
)
 
—

Other, net
3

 
(167
)
 
(85
)
 
(157
)
 
409

 
3

Net cash provided by (used in) financing activities exclusive of vehicle programs
(213
)
 
(201
)
 
(88
)
 
235

 
5

 
(262
)
 
 
 
 
 
 
 
 
 
 
 
 
Vehicle programs:
 
 
 
 
 
 
 
 
 
 
 
Proceeds from borrowings
—

 
—

 
—

 
17,339

 
—

 
17,339

Payments on borrowings
—

 
(3
)
 
(9
)
 
(16,373
)
 
—

 
(16,385
)
Debt financing fees
—

 
—

 
—

 
(25
)
 
—

 
(25
)
 
—

 
(3
)
 
(9
)
 
941

 
—

 
929

Net cash provided by (used in) financing activities
(213
)
 
(204
)
 
(97
)
 
1,176

 
5

 
667

Effect of changes in exchange rates on cash and cash equivalents, program and restricted cash
—

 
—

 
—

 
(16
)
 
—

 
(16
)
Net increase in cash and cash equivalents, program and restricted cash
(3
)
 
(2
)
 
1

 
(162
)
 
—

 
(166
)
Cash and cash equivalents, program and restricted cash, beginning of period
4

 
14

 
—

 
883

 
—

 
901

Cash and cash equivalents, program and restricted cash, end of period
$
1

 
$
12

 
$
1

 
$
721

 
$
—

 
$
735


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 (decrease) 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
Guarantor and Non-Guarantor Condensed Balance Sheet [Text Block]
Consolidating Condensed Balance Sheets
As of December 31, 2018
 
 
 
Parent
 
Subsidiary Issuers
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Total
Assets
 
 
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
1

 
$
12

 
$
1

 
$
601

 
$
—

 
$
615

 
Receivables, net
—

 
—

 
239

 
716

 
—

 
955

 
Other current assets
5

 
112

 
116

 
371

 
—

 
604

Total current assets
6

 
124

 
356

 
1,688

 
—

 
2,174

 
 
 
 
 
 
 
 
 
 
 
 
 
Property and equipment, net
—

 
199

 
319

 
218

 
—

 
736

Deferred income taxes
13

 
1,015

 
207

 
66

 
—

 
1,301

Goodwill
—

 
—

 
471

 
621

 
—

 
1,092

Other intangibles, net
—

 
26

 
475

 
324

 
—

 
825

Other non-current assets
47

 
39

 
16

 
140

 
—

 
242

Intercompany receivables
159

 
404

 
2,104

 
1,262

 
(3,929
)
 
—

Investment in subsidiaries
246

 
4,786

 
3,852

 
—

 
(8,884
)
 
—

Total assets exclusive of assets under vehicle programs
471

 
6,593

 
7,800

 
4,319

 
(12,813
)
 
6,370

 
 
 
 
 
 
 
 
 
 
 
 
 
Assets under vehicle programs:
 
 
 
 
 
 
 
 
 
 
 
 
Program cash
—

 
—

 
—

 
115

 
—

 
115

 
Vehicles, net
—

 
55

 
54

 
11,365

 
—

 
11,474

 
Receivables from vehicle manufacturers and other
—

 
2

 
—

 
629

 
—

 
631

 
Investment in Avis Budget Rental Car Funding (AESOP) LLC-related party
—

 
—

 
—

 
559

 
—

 
559

 
 
—

 
57

 
54

 
12,668

 
—

 
12,779

Total assets
$
471

 
$
6,650

 
$
7,854

 
$
16,987

 
$
(12,813
)
 
$
19,149

 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities and stockholders’ equity
 
 
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
Accounts payable and other current liabilities
$
16

 
$
246

 
$
582

 
$
849

 
$
—

 
$
1,693

 
Short-term debt and current portion of long-term debt
—

 
18

 
3

 
2

 
—

 
23

Total current liabilities
16

 
264

 
585

 
851

 
—

 
1,716

 
 
 
 
 
 
 
 
 
 
 
 
 
Long-term debt
—

 
2,501

 
3

 
1,024

 
—

 
3,528

Other non-current liabilities
41

 
87

 
257

 
382

 
—

 
767

Intercompany payables
—

 
3,524

 
404

 
1

 
(3,929
)
 
—

Total liabilities exclusive of liabilities under vehicle programs
57

 
6,376

 
1,249

 
2,258

 
(3,929
)
 
6,011

Liabilities under vehicle programs:
 
 
 
 
 
 
 
 
 
 
 
 
Debt
—

 
28

 
49

 
2,797

 
—

 
2,874

 
Due to Avis Budget Rental Car Funding (AESOP) LLC-related party
—

 
—

 
—

 
7,358

 
—

 
7,358

 
Deferred income taxes
—

 
—

 
1,770

 
191

 
—

 
1,961

 
Other
—

 
—

 
—

 
531

 
—

 
531

 
 
—

 
28

 
1,819

 
10,877

 
—

 
12,724

Total stockholders’ equity
414

 
246

 
4,786

 
3,852

 
(8,884
)
 
414

Total liabilities and stockholders’ equity
$
471

 
$
6,650

 
$
7,854

 
$
16,987

 
$
(12,813
)
 
$
19,149


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
Guarantor and Non-guarantor Consolidating Financial Statements
Consolidating Condensed Statements of Operations
For the Year Ended December 31, 2018
 
 
 
 
Parent
 
Subsidiary Issuers
 
Guarantor
Subsidiaries
 
Non-
Guarantor 
Subsidiaries
 
Eliminations
 
Total
Revenues
$
—

 
$
—

 
$
5,431

 
$
6,006

 
$
(2,313
)
 
$
9,124

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Expenses
 
 
 
 
 
 
 
 
 
 
 
 
Operating
4

 
7

 
2,668

 
1,960

 
—

 
4,639

 
Vehicle depreciation and lease charges, net
—

 
—

 
2,162

 
2,102

 
(2,085
)
 
2,179

 
Selling, general and administrative
48

 
11

 
662

 
499

 
—

 
1,220

 
Vehicle interest, net
—

 
—

 
229

 
313

 
(228
)
 
314

 
Non-vehicle related depreciation and amortization
—

 
1

 
145

 
110

 
—

 
256

 
Interest expense related to corporate debt, net:
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense
—

 
153

 
3

 
32

 
—

 
188

 
 
Intercompany interest expense (income)
(12
)
 
(11
)
 
26

 
(3
)
 
—

 
—

 
 
Early extinguishment of debt
—

 
19

 
—

 
—

 
—

 
19

 
Restructuring and other related charges
—

 
—

 
11

 
11

 
—

 
22

 
Transaction-related costs, net
—

 
1

 
4

 
15

 
—

 
20

Total expenses
40

 
181

 
5,910

 
5,039

 
(2,313
)
 
8,857

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) before income taxes and equity in earnings of subsidiaries
(40
)
 
(181
)
 
(479
)
 
967

 
—

 
267

Provision for (benefit from) income taxes
(10
)
 
(48
)
 
93

 
67

 
—

 
102

Equity in earnings of subsidiaries
195

 
328

 
900

 
—

 
(1,423
)
 
—

Net income
$
165

 
$
195

 
$
328

 
$
900

 
$
(1,423
)
 
$
165

 
 
 
 
 
 
 
 
 
 
 
 
Comprehensive income
$
62

 
$
92

 
$
228

 
$
806

 
$
(1,126
)
 
$
62



For the Year Ended December 31, 2017
 
 
 
 
Parent
 
Subsidiary Issuers
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Total
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

 
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
$
—

 
$
—

 
$
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