Guarantor and Non-Guarantor Consolidating Financial Statements (Tables)

12 Months Ended

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

Condensed Financial Information Disclosure [Abstract]

Consolidating Condensed Income Statement

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

Consolidating Condensed Balance Sheet

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

Consolidating Condensed Cash Flow Statement

Consolidating Condensed Statements of Cash Flows

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