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

6 Months Ended

Jun. 30, 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 June 30,
	2019				2018
	Non-Guarantor		Total		Non-Guarantor		Total
Cash and cash equivalents	$	520	$	534	$	475	$	489
Program cash	48		48		161		161
Restricted cash (a)	3		3		11		11
Total cash and cash equivalents, program and restricted cash	$	571	$	585	$	647	$	661

_________

^(a)  Included within other current assets.

Consolidating Condensed Statements of Comprehensive Income

Three Months Ended June 30, 2019

			Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Total
Revenues			$	—		$	—		$	1,442		$	1,541		$	(646	)	$	2,337
Expenses
	Operating		1			—			720			451			—			1,172
	Vehicle depreciation and lease charges, net		—			—			597			521			(575		)	543
	Selling, general and administrative		10			6			168			129			—			313
	Vehicle interest, net		—			—			72			89			(71		)	90
	Non-vehicle related depreciation and amortization		—			5			35			26			—			66
	Interest expense related to corporate debt, net:
		Interest expense	—			34			1			13			—			48
		Intercompany interest expense (income)	(3		)	22			7			(26		)	—			—
	Restructuring and other related charges		8			—			11			4			—			23
	Transaction-related costs, net		—			1			(7		)	7			—			1
Total expenses			16			68			1,604			1,214			(646		)	2,256
Income (loss) before income taxes and equity in earnings of subsidiaries			(16		)	(68		)	(162		)	327			—			81
Provision for (benefit from) income taxes			(6		)	(24		)	39			10			—			19
Equity in earnings of subsidiaries			72			116			317			—			(505		)	—
Net income			$	62		$	72		$	116		$	317		$	(505	)	$	62
Comprehensive income			$	60		$	70		$	126		$	326		$	(522	)	$	60

Six Months Ended June 30, 2019

			Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Total
Revenues			$	—		$	—		$	2,630		$	2,845		$	(1,218	)	$	4,257
Expenses
	Operating		1			—			1,334			908			—			2,243
	Vehicle depreciation and lease charges, net		—			—			1,126			985			(1,083		)	1,028
	Selling, general and administrative		21			8			331			237			—			597
	Vehicle interest, net		—			—			135			171			(135		)	171
	Non-vehicle related depreciation and amortization		—			5			73			55			—			133
	Interest expense related to corporate debt, net:
		Interest expense	—			68			1			21			—			90
		Intercompany interest expense (income)	(6		)	8			14			(16		)	—			—
	Restructuring and other related charges		11			—			25			8			—			44
	Transaction-related costs, net		—			1			(6		)	11			—			6
Total expenses			27			90			3,033			2,380			(1,218		)	4,312
Income (loss) before income taxes and equity in earnings of subsidiaries			(27		)	(90		)	(403		)	465			—			(55		)
Provision for (benefit from) income taxes			(10		)	(32		)	24			(8		)	—			(26		)
Equity in earnings (loss) of subsidiaries			(12		)	46			473			—			(507		)	—
Net income (loss)			$	(29	)	$	(12	)	$	46		$	473		$	(507	)	$	(29	)
Comprehensive income (loss)			$	(36	)	$	(19	)	$	58		$	484		$	(523	)	$	(36	)

Three Months Ended June 30, 2018 

			Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non- Guarantor Subsidiaries		Eliminations			Total
Revenues			$	—		$	—		$	1,395		$	1,590	$	(657	)	$	2,328
Expenses
	Operating		1			(3		)	677			500		—			1,175
	Vehicle depreciation and lease charges, net		—			—			605			582		(596		)	591
	Selling, general and administrative		10			3			176			132		—			321
	Vehicle interest, net		—			—			61			80		(61		)	80
	Non-vehicle related depreciation and amortization		—			1			36			30		—			67
	Interest expense related to corporate debt, net:
		Interest expense	—			39			1			9		—			49
		Intercompany interest expense (income)	(3		)	(31		)	5			29		—			—
	Restructuring and other related charges		—			—			1			3		—			4
	Transaction-related costs, net		—			1			1			1		—			3
Total expenses			8			10			1,563			1,366		(657		)	2,290
Income (loss) before income taxes and equity in earnings of subsidiaries			(8		)	(10		)	(168		)	224		—			38
Provision for (benefit from) income taxes			(5		)	(3		)	14			6		—			12
Equity in earnings of subsidiaries			29			36			218			—		(283		)	—
Net income			$	26		$	29		$	36		$	218	$	(283	)	$	26
Comprehensive income (loss)			$	(24	)	$	(21	)	$	(16	)	$	165	$	(128	)	$	(24	)

Six Months Ended June 30, 2018

			Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non- Guarantor Subsidiaries		Eliminations			Total
Revenues			$	—		$	—		$	2,579		$	2,949	$	(1,232	)	$	4,296
Expenses
	Operating		2			1			1,298			966		—			2,267
	Vehicle depreciation and lease charges, net		—			—			1,141			1,086		(1,121		)	1,106
	Selling, general and administrative		28			6			331			252		—			617
	Vehicle interest, net		—			—			113			150		(111		)	152
	Non-vehicle related depreciation and amortization		—			1			72			55		—			128
	Interest expense related to corporate debt, net:
		Interest expense	—			78			2			15		—			95
		Intercompany interest expense (income)	(6		)	(9		)	11			4		—			—
		Early extinguishment of debt	—			5			—			—		—			5
	Restructuring and other related charges		—			—			4			6		—			10
	Transaction-related costs, net		—			1			1			5		—			7
Total expenses			24			83			2,973			2,539		(1,232		)	4,387
Income (loss) before income taxes and equity in earnings of subsidiaries			(24		)	(83		)	(394		)	410		—			(91		)
Provision for (benefit from) income taxes			(11		)	(22		)	(5		)	8		—			(30		)
Equity in earnings (loss) of subsidiaries			(48		)	13			402			—		(367		)	—
Net income (loss)			$	(61	)	$	(48	)	$	13		$	402	$	(367	)	$	(61	)
Comprehensive income (loss)			$	(103	)	$	(90	)	$	(37	)	$	349	$	(222	)	$	(103	)

Schedule Of Condensed Consolidating Balance Sheet Table

As of June 30, 2019

		Parent		Subsidiary Issuers		Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations			Total
Assets
Current assets:
	Cash and cash equivalents	$	1	$	12	$	1	$	520	$	—		$	534
	Receivables, net	—		—		277		643		—			920
	Other current assets	1		134		131		566		—			832
Total current assets		2		146		409		1,729		—			2,286
Property and equipment, net		—		214		326		209		—			749
Operating lease right-of-use assets		—		700		1,138		571		—			2,409
Deferred income taxes		14		1,136		207		81		—			1,438
Goodwill		—		—		471		636		—			1,107
Other intangibles, net		—		25		471		310		—			806
Other non-current assets		49		32		15		127		—			223
Intercompany receivables		165		416		2,213		1,372		(4,166		)	—
Investment in subsidiaries		203		4,779		3,847		—		(8,829		)	—
Total assets exclusive of assets under vehicle programs		433		7,448		9,097		5,035		(12,995		)	9,018
Assets under vehicle programs:
	Program cash	—		—		—		48		—			48
	Vehicles, net	—		68		52		14,158		—			14,278
	Receivables from vehicle manufacturers and other	—		3		94		335		—			432
	Investment in Avis Budget Rental Car Funding (AESOP) LLC-related party	—		—		—		679		—			679
		—		71		146		15,220		—			15,437
Total assets		$	433	$	7,519	$	9,243	$	20,255	$	(12,995	)	$	24,455
Liabilities and stockholders’ equity
Current liabilities:
	Accounts payable and other current liabilities	$	15	$	297	$	862	$	1,075	$	—		$	2,249
	Short-term debt and current portion of long-term debt	—		415		2		3		—			420
Total current liabilities		15		712		864		1,078		—			2,669
Long-term debt		—		2,099		2		1,014		—			3,115
Long-term operating lease liabilities		—		622		968		405		—			1,995
Other non-current liabilities		42		102		229		379		—			752
Intercompany payables		—		3,749		416		1		(4,166		)	—
Total liabilities exclusive of liabilities under vehicle programs		57		7,284		2,479		2,877		(4,166		)	8,531
Liabilities under vehicle programs:
	Debt	—		32		46		3,465		—			3,543
	Due to Avis Budget Rental Car Funding (AESOP) LLC-related party	—		—		—		8,913		—			8,913
Deferred income taxes		—		—		1,840		189		—			2,029
Other		—		—		99		964		—			1,063
		—		32		1,985		13,531		—			15,548
Total stockholders’ equity		376		203		4,779		3,847		(8,829		)	376
Total liabilities and stockholders’ equity		$	433	$	7,519	$	9,243	$	20,255	$	(12,995	)	$	24,455

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

Six Months Ended June 30, 2019 

	Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Net cash provided by (used in) operating activities	$	20		$	43		$	50		$	868		$	(16	)	$	965
Investing activities
Property and equipment additions	—			(35		)	(49		)	(33		)	—			(117		)
Proceeds received on asset sales	—			1			—			5			—			6
Net assets acquired (net of cash acquired)	—			—			(4		)	(50		)	—			(54		)
Other, net	—			—			12			69			—			81
Net cash provided by (used in) investing activities exclusive of vehicle programs	—			(34		)	(41		)	(9		)	—			(84		)
Vehicle programs:
Investment in vehicles	—			(5		)	(2		)	(8,708		)	—			(8,715		)
Proceeds received on disposition of vehicles	—			24			—			5,749			—			5,773
Investment in debt securities of Avis Budget Rental Car Funding (AESOP) LLC—related party	—			—			—			(167		)	—			(167		)
Proceeds from debt securities of Avis Budget Rental Car Funding (AESOP) LLC—related party	—			—			—			47			—			47
	—			19			(2		)	(3,079		)	—			(3,062		)
Net cash provided by (used in) investing activities	—			(15		)	(43		)	(3,088		)	—			(3,146		)
Financing activities
Proceeds from long-term borrowings	—			—			—			2			—			2
Payments on long-term borrowings	—			(9		)	(2		)	(1		)	—			(12		)
Repurchases of common stock	(4		)	—			—			—			—			(4		)
Other, net	(16		)	(17		)	—			—			16			(17		)
Net cash provided by (used in) financing activities exclusive of vehicle programs	(20		)	(26		)	(2		)	1			16			(31		)
Vehicle programs:
Proceeds from borrowings	—			—			—			11,758			—			11,758
Payments on borrowings	—			(2		)	(5		)	(9,681		)	—			(9,688		)
Debt financing fees	—			—			—			(12		)	—			(12		)
	—			(2		)	(5		)	2,065			—			2,058
Net cash provided by (used in) financing activities	(20		)	(28		)	(7		)	2,066			16			2,027
Effect of changes in exchange rates on cash and cash equivalents, program and restricted cash	—			—			—			4			—			4
Net decrease in cash and cash equivalents, program and restricted cash	—			—			—			(150		)	—			(150		)
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		$	12		$	1		$	571		$	—		$	585

Six Months Ended June 30, 2018 

	Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Net cash provided by (used-in) operating activities	$	75		$	107		$	66		$	968		$	(95	)	$	1,121
Investing activities
Property and equipment additions	—			(33		)	(43		)	(39		)	—			(115		)
Proceeds received on asset sales	—			2			—			4			—			6
Net assets acquired (net of cash acquired)	—			(3		)	(4		)	(21		)	—			(28		)
Other, net	—			—			—			(37		)	—			(37		)
Net cash provided by (used in) investing activities exclusive of vehicle programs	—			(34		)	(47		)	(93		)	—			(174		)
Vehicle programs:
Investment in vehicles	—			(1		)	(1		)	(8,357		)	—			(8,359		)
Proceeds received on disposition of vehicles	—			17			—			4,790			—			4,807
Investment in debt securities of Avis Budget Rental Car Funding (AESOP) LLC—related party	—			—			—			(22		)	—			(22		)
	—			16			(1		)	(3,589		)	—			(3,574		)
Net cash provided by (used in) investing activities	—			(18		)	(48		)	(3,682		)	—			(3,748		)
Financing activities
Proceeds from long-term borrowings	—			81			—			—			—			81
Payments on long-term borrowings	—			(92		)	(1		)	(1		)	—			(94		)
Net change in short-term borrowings	—			—			—			(2		)	—			(2		)
Repurchases of common stock	(78		)	—			—			—			—			(78		)
Debt financing fees	—			(9		)	—			—			—			(9		)
Other, net	2			(71		)	(12		)	(12		)	95			2
Net cash provided by (used in) financing activities exclusive of vehicle programs	(76		)	(91		)	(13		)	(15		)	95			(100		)
Vehicle programs:
Proceeds from borrowings	—			—			—			10,145			—			10,145
Payments on borrowings	—			(1		)	(5		)	(7,637		)	—			(7,643		)
Debt financing fees	—			—			—			(13		)	—			(13		)
	—			(1		)	(5		)	2,495			—			2,489
Net cash provided by (used in) financing activities	(76		)	(92		)	(18		)	2,480			95			2,389
Effect of changes in exchange rates on cash and cash equivalents, program and restricted cash	—			—			—			(2		)	—			(2		)
Net decrease in cash and cash equivalents, program and restricted cash	(1		)	(3		)	—			(236		)	—			(240		)
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		$	11		$	—		$	647		$	—		$	661