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

3 Months Ended

Mar. 31, 2019

Condensed Financial Information Disclosure [Abstract]

Reconciliation of cash and cash equivalents GNG (2016-18) [Table Text Block]

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 March 31,
	2019						2018
	Subsidiary Issuers		Non-Guarantor		Total		Non-Guarantor		Total
Cash and cash equivalents	$	7	$	529	$	540	$	518	$	544
Program cash	—		131		131		147		147
Restricted cash (a)	1		4		5		10		10
Total cash and cash equivalents, program and restricted cash	$	8	$	664	$	676	$	675	$	701

_________

^(a)  Included within other current assets.

Consolidating Condensed Statements of Comprehensive Income

Three Months Ended March 31, 2019

			Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Total
Revenues			$	—		$	—		$	1,188		$	1,304		$	(572	)	$	1,920
Expenses
	Operating		—			—			614			457			—			1,071
	Vehicle depreciation and lease charges, net		—			—			529			464			(508		)	485
	Selling, general and administrative		11			2			163			108			—			284
	Vehicle interest, net		—			—			63			82			(64		)	81
	Non-vehicle related depreciation and amortization		—			—			38			29			—			67
	Interest expense related to corporate debt, net:
		Interest expense	—			34			—			8			—			42
		Intercompany interest expense (income)	(3		)	(14		)	7			10			—			—
		Early extinguishment of debt	—			—			—			—			—			—
	Restructuring and other related charges		3			—			14			4			—			21
	Transaction-related costs, net		—			—			1			4			—			5
Total expenses			11			22			1,429			1,166			(572		)	2,056
Income (loss) before income taxes and equity in earnings of subsidiaries			(11		)	(22		)	(241		)	138			—			(136		)
Provision for (benefit from) income taxes			(4		)	(8		)	(15		)	(18		)	—			(45		)
Equity in earnings (loss) of subsidiaries			(84		)	(70		)	156			—			(2		)	—
Net income (loss)			$	(91	)	$	(84	)	$	(70	)	$	156		$	(2	)	$	(91	)
Comprehensive income (loss)			$	(96	)	$	(89	)	$	(68	)	$	158		$	(1	)	$	(96	)

Three Months Ended March 31, 2018

			Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Total
Revenues			$	—		$	—		$	1,184		$	1,359		$	(575	)	$	1,968
Expenses
	Operating		1			4			621			466			—			1,092
	Vehicle depreciation and lease charges, net		—			—			536			504			(525		)	515
	Selling, general and administrative		18			3			155			120			—			296
	Vehicle interest, net		—			—			52			70			(50		)	72
	Non-vehicle related depreciation and amortization		—			—			36			25			—			61
	Interest expense related to corporate debt, net:
		Interest expense	—			39			1			6			—			46
		Intercompany interest expense (income)	(3		)	22			6			(25		)	—			—
		Early extinguishment of debt	—			5			—			—			—			5
	Restructuring and other related charges		—			—			3			3			—			6
	Transaction-related costs, net		—			—			—			4			—			4
Total expenses			16			73			1,410			1,173			(575		)	2,097
Income (loss) before income taxes and equity in earnings of subsidiaries			(16		)	(73		)	(226		)	186			—			(129		)
Provision for (benefit from) income taxes			(6		)	(19		)	(19		)	2			—			(42		)
Equity in earnings (loss) of subsidiaries			(77		)	(23		)	184			—			(84		)	—
Net income (loss)			$	(87	)	$	(77	)	$	(23	)	$	184		$	(84	)	$	(87	)
Comprehensive income (loss)			$	(79	)	$	(69	)	$	(21	)	$	184		$	(94	)	$	(79	)

Schedule Of Condensed Consolidating Balance Sheet Table

As of March 31, 2019

		Parent		Subsidiary Issuers		Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations			Total
Assets
Current assets:
	Cash and cash equivalents	$	1	$	7	$	3	$	529	$	—		$	540
	Receivables, net	—		—		238		677		—			915
	Other current assets	8		130		134		410		—			682
Total current assets		9		137		375		1,616		—			2,137
Property and equipment, net		—		206		317		214		—			737
Operating lease right-of-use assets		—		722		1,148		636		—			2,506
Deferred income taxes		14		1,095		206		74		—			1,389
Goodwill		—		—		470		616		—			1,086
Other intangibles, net		—		25		475		309		—			809
Other non-current assets		48		38		28		144		—			258
Intercompany receivables		162		410		2,157		1,382		(4,111		)	—
Investment in subsidiaries		148		4,722		3,814		—		(8,684		)	—
Total assets exclusive of assets under vehicle programs		381		7,355		8,990		4,991		(12,795		)	8,922
Assets under vehicle programs:
	Program cash	—		—		—		131		—			131
	Vehicles, net	—		60		52		12,473		—			12,585
	Receivables from vehicle manufacturers and other	—		1		82		544		—			627
	Investment in Avis Budget Rental Car Funding (AESOP) LLC-related party	—		—		—		637		—			637
		—		61		134		13,785		—			13,980
Total assets		$	381	$	7,416	$	9,124	$	18,776	$	(12,795	)	$	22,902
Liabilities and stockholders’ equity
Current liabilities:
	Accounts payable and other current liabilities	$	16	$	308	$	850	$	1,061	$	—		$	2,235
	Short-term debt and current portion of long-term debt	—		18		2		3		—			23
Total current liabilities		16		326		852		1,064		—			2,258
Long-term debt		—		2,498		3		1,000		—			3,501
Long-term operating lease liabilities		—		629		960		457		—			2,046
Other non-current liabilities		41		90		242		366		—			739
Intercompany payables		—		3,700		410		1		(4,111		)	—
Total liabilities exclusive of liabilities under vehicle programs		57		7,243		2,467		2,888		(4,111		)	8,544
Liabilities under vehicle programs:
	Debt	—		25		47		2,593		—			2,665
	Due to Avis Budget Rental Car Funding (AESOP) LLC-related party	—		—		—		8,540		—			8,540
Deferred income taxes		—		—		1,802		193		—			1,995
Other		—		—		86		748		—			834
		—		25		1,935		12,074		—			14,034
Total stockholders’ equity		324		148		4,722		3,814		(8,684		)	324
Total liabilities and stockholders’ equity		$	381	$	7,416	$	9,124	$	18,776	$	(12,795	)	$	22,902

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

Consolidating Condensed Statements Of Cash Flows

Three Months Ended March 31, 2019

	Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Total
Net cash provided by (used in) operating activities	$	4		$	5		$	34		$	397		$	—	$	440
Investing activities
Property and equipment additions	—			(16		)	(25		)	(16		)	—		(57		)
Proceeds received on asset sales	—			—			—			2			—		2
Net assets acquired (net of cash acquired)	—			—			(4		)	(1		)	—		(5		)
Other, net	—			—			—			(3		)	—		(3		)
Net cash provided by (used in) investing activities exclusive of vehicle programs	—			(16		)	(29		)	(18		)	—		(63		)
Vehicle programs:
Investment in vehicles	—			(1		)	—			(4,375		)	—		(4,376		)
Proceeds received on disposition of vehicles	—			13			—			3,070			—		3,083
Investment in debt securities of Avis Budget Rental Car Funding (AESOP) LLC—related party	—			—			—			(78		)	—		(78		)
	—			12			—			(1,383		)	—		(1,371		)
Net cash provided by (used in) investing activities	—			(4		)	(29		)	(1,401		)	—		(1,434		)
Financing activities
Payments on long-term borrowings	—			(4		)	—			(1		)	—		(5		)
Repurchases of common stock	(4		)	—			—			—			—		(4		)
Net cash provided by (used in) financing activities exclusive of vehicle programs	(4		)	(4		)	—			(1		)	—		(9		)
Vehicle programs:
Proceeds from borrowings	—			—			—			5,989			—		5,989
Payments on borrowings	—			(1		)	(3		)	(5,034		)	—		(5,038		)
Debt financing fees	—			—			—			(5		)	—		(5		)
	—			(1		)	(3		)	950			—		946
Net cash provided by (used in) financing activities	(4		)	(5		)	(3		)	949			—		937
Effect of changes in exchange rates on cash and cash equivalents, program and restricted cash	—			—			—			(2		)	—		(2		)
Net increase (decrease) in cash and cash equivalents, program and restricted cash	—			(4		)	2			(57		)	—		(59		)
Cash and cash equivalents, program and restricted cash, beginning of period	1			12			1			721			—		735
Cash and cash equivalents, program and restricted cash, end of period	$	1		$	8		$	3		$	664		$	—	$	676

Three Months Ended March 31, 2018

	Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Net cash provided by (used-in) operating activities	$	12		$	41		$	30		$	427		$	(7	)	$	503
Investing activities
Property and equipment additions	—			(15		)	(23		)	(19		)	—			(57		)
Proceeds received on asset sales	—			2			—			2			—			4
Net assets acquired (net of cash acquired)	—			(3		)	(3		)	(4		)	—			(10		)
Other, net	—			—			—			(19		)	—			(19		)
Net cash provided by (used in) investing activities exclusive of vehicle programs	—			(16		)	(26		)	(40		)	—			(82		)
Vehicle programs:
Investment in vehicles	—			—			(1		)	(4,225		)	—			(4,226		)
Proceeds received on disposition of vehicles	—			7			—			2,565			—			2,572
	—			7			(1		)	(1,660		)	—			(1,654		)
Net cash provided by (used in) investing activities	—			(9		)	(27		)	(1,700		)	—			(1,736		)
Financing activities
Proceeds from long-term borrowings	—			81			—			—			—			81
Payments on long-term borrowings	—			(88		)	(1		)	—			—			(89		)
Net change in short-term borrowings	—			—			—			(1		)	—			(1		)
Repurchases of common stock	(14		)	—			—			—			—			(14		)
Debt financing fees	—			(8		)	—			—			—			(8		)
Other, net	1			(7		)	—			—			7			1
Net cash provided by (used in) financing activities exclusive of vehicle programs	(13		)	(22		)	(1		)	(1		)	7			(30		)
Vehicle programs:
Proceeds from borrowings	—			—			—			5,100			—			5,100
Payments on borrowings	—			(1		)	(2		)	(4,042		)	—			(4,045		)
Debt financing fees	—			—			—			(1		)	—			(1		)
	—			(1		)	(2		)	1,057			—			1,054
Net cash provided by (used in) financing activities	(13		)	(23		)	(3		)	1,056			7			1,024
Effect of changes in exchange rates on cash and cash equivalents, program and restricted cash	—			—			—			9			—			9
Net increase (decrease) in cash and cash equivalents, program and restricted cash	(1		)	9			—			(208		)	—			(200		)
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	$	3		$	23		$	—		$	675		$	—		$	701