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

9 Months Ended

Sep. 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 September 30,
	2019				2018
	Non-Guarantor		Total		Non-Guarantor		Total
Cash and cash equivalents	$	600	$	615	$	529	$	605
Program cash	89		89		151		151
Restricted cash (a)	4		4		12		12
Total cash and cash equivalents, program and restricted cash	$	693	$	708	$	692	$	768

_________

^(a) 

Included within other current assets.

Consolidating Condensed Statements of Comprehensive Income

Three Months Ended September 30, 2019

			Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Total
Revenues			$	—		$	—		$	1,606		$	1,745		$	(598	)	$	2,753
Expenses
	Operating		1			1			755			534			—			1,291
	Vehicle depreciation and lease charges, net		—			—			553			526			(528		)	551
	Selling, general and administrative		14			5			195			136			—			350
	Vehicle interest, net		—			1			70			89			(70		)	90
	Non-vehicle related depreciation and amortization		—			1			37			24			—			62
	Interest expense related to corporate debt, net:
		Interest expense	—			36			1			12			—			49
		Intercompany interest expense (income)	(3		)	(34		)	6			31			—			—
		Early extinguishment of debt	—			10			—			—			—			10
	Restructuring and other related charges		4			—			8			10			—			22
	Transaction-related costs, net		—			2			—			(2		)	—			—
Total expenses			16			22			1,625			1,360			(598		)	2,425
Income (loss) before income taxes and equity in earnings of subsidiaries			(16		)	(22		)	(19		)	385			—			328
Provision for (benefit from) income taxes			(5		)	(8		)	70			82			—			139
Equity in earnings of subsidiaries			200			214			303			—			(717		)	—
Net income			$	189		$	200		$	214		$	303		$	(717	)	$	189
Comprehensive income			$	155		$	166		$	185		$	273		$	(624	)	$	155

Nine Months Ended September 30, 2019

			Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non- Guarantor Subsidiaries		Eliminations			Total
Revenues			$	—		$	—		$	4,236		$	4,590	$	(1,816	)	$	7,010
Expenses
	Operating		2			1			2,089			1,442		—			3,534
	Vehicle depreciation and lease charges, net		—			—			1,679			1,511		(1,611		)	1,579
	Selling, general and administrative		35			13			526			373		—			947
	Vehicle interest, net		—			1			205			260		(205		)	261
	Non-vehicle related depreciation and amortization		—			6			110			79		—			195
	Interest expense related to corporate debt, net:
		Interest expense	—			104			2			33		—			139
		Intercompany interest expense (income)	(9		)	(26		)	20			15		—			—
		Early extinguishment of debt	—			10			—			—		—			10
	Restructuring and other related charges		15			—			33			18		—			66
	Transaction-related costs, net		—			3			(6		)	9		—			6
Total expenses			43			112			4,658			3,740		(1,816		)	6,737
Income (loss) before income taxes and equity in earnings of subsidiaries			(43		)	(112		)	(422		)	850		—			273
Provision for (benefit from) income taxes			(15		)	(40		)	94			74		—			113
Equity in earnings of subsidiaries			188			260			776			—		(1,224		)	—
Net income			$	160		$	188		$	260		$	776	$	(1,224	)	$	160
Comprehensive income			$	119		$	147		$	243		$	757	$	(1,147	)	$	119

Three Months Ended September 30, 2018 

			Parent			Subsidiary Issuers			Guarantor Subsidiaries		Non- Guarantor Subsidiaries			Eliminations			Total
Revenues			$	—		$	—		$	1,592	$	1,746		$	(560	)	$	2,778
Expenses
	Operating		—			3			737		554			—			1,294
	Vehicle depreciation and lease charges, net		—			—			540		551			(504		)	587
	Selling, general and administrative		10			3			182		141			—			336
	Vehicle interest, net		—			—			59		82			(56		)	85
	Non-vehicle related depreciation and amortization		—			—			36		26			—			62
	Interest expense related to corporate debt, net:
		Interest expense	—			37			—		7			—			44
		Intercompany interest expense (income)	(3		)	1			9		(7		)	—			—
	Transaction-related costs, net		—			—			2		9			—			11
	Restructuring and other related charges		—			—			2		2			—			4
Total expenses			7			44			1,567		1,365			(560		)	2,423
Income (loss) before income taxes and equity in earnings of subsidiaries			(7		)	(44		)	25		381			—			355
Provision for (benefit from) income taxes			(2		)	(12		)	119		37			—			142
Equity in earnings of subsidiaries			218			250			344		—			(812		)	—
Net income			$	213		$	218		$	250	$	344		$	(812	)	$	213
Comprehensive income			$	207		$	212		$	244	$	338		$	(794	)	$	207

Nine Months Ended September 30, 2018

			Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Total
Revenues			$	—		$	—		$	4,171		$	4,695		$	(1,792	)	$	7,074
Expenses
	Operating		2			4			2,035			1,520			—			3,561
	Vehicle depreciation and lease charges, net		—			—			1,681			1,637			(1,625		)	1,693
	Selling, general and administrative		38			9			513			393			—			953
	Vehicle interest, net		—			—			172			232			(167		)	237
	Non-vehicle related depreciation and amortization		—			1			108			81			—			190
	Interest expense related to corporate debt, net:
		Interest expense	—			115			2			22			—			139
		Intercompany interest expense (income)	(9		)	(8		)	20			(3		)	—			—
		Early extinguishment of debt	—			5			—			—			—			5
	Transaction-related costs, net		—			1			3			14			—			18
	Restructuring and other related charges		—			—			6			8			—			14
Total expenses			31			127			4,540			3,904			(1,792		)	6,810
Income (loss) before income taxes and equity in earnings of subsidiaries			(31		)	(127		)	(369		)	791			—			264
Provision for (benefit from) income taxes			(13		)	(34		)	114			45			—			112
Equity in earnings of subsidiaries			170			263			746			—			(1,179		)	—
Net income			$	152		$	170		$	263		$	746		$	(1,179	)	$	152
Comprehensive income			$	104		$	122		$	207		$	687		$	(1,016	)	$	104

Schedule Of Condensed Consolidating Balance Sheet Table

As of September 30, 2019

		Parent		Subsidiary Issuers		Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations			Total
Assets
Current assets:
	Cash and cash equivalents	$	1	$	13	$	1	$	600	$	—		$	615
	Receivables, net	—		—		257		615		—			872
	Other current assets	1		118		125		416		—			660
Total current assets		2		131		383		1,631		—			2,147
Property and equipment, net		—		223		328		201		—			752
Operating lease right-of-use assets		—		707		1,123		535		—			2,365
Deferred income taxes		14		1,076		207		63		—			1,360
Goodwill		—		—		470		613		—			1,083
Other intangibles, net		—		25		474		293		—			792
Other non-current assets		49		31		15		126		—			221
Intercompany receivables		168		422		2,332		1,315		(4,237		)	—
Investment in subsidiaries		323		5,035		3,982		—		(9,340		)	—
Total assets exclusive of assets under vehicle programs		556		7,650		9,314		4,777		(13,577		)	8,720
Assets under vehicle programs:
	Program cash	—		—		—		89		—			89
	Vehicles, net	—		155		55		12,542		—			12,752
	Receivables from vehicle manufacturers and other	—		3		100		802		—			905
	Investment in Avis Budget Rental Car Funding (AESOP) LLC-related party	—		—		—		642		—			642
		—		158		155		14,075		—			14,388
Total assets		$	556	$	7,808	$	9,469	$	18,852	$	(13,577	)	$	23,108
Liabilities and stockholders’ equity
Current liabilities:
	Accounts payable and other current liabilities	$	17	$	295	$	826	$	1,057	$	—		$	2,195
	Short-term debt and current portion of long-term debt	—		92		2		1		—			95
Total current liabilities		17		387		828		1,058		—			2,290
Long-term debt		—		2,417		2		969		—			3,388
Long-term operating lease liabilities		—		643		941		382		—			1,966
Other non-current liabilities		44		106		226		372		—			748
Intercompany payables		—		3,813		422		2		(4,237		)	—
Total liabilities exclusive of liabilities under vehicle programs		61		7,366		2,419		2,783		(4,237		)	8,392
Liabilities under vehicle programs:
	Debt	—		91		41		3,590		—			3,722
	Due to Avis Budget Rental Car Funding (AESOP) LLC-related party	—		—		—		7,870		—			7,870
Deferred income taxes		—		—		1,874		184		—			2,058
Other		—		28		100		443		—			571
		—		119		2,015		12,087		—			14,221
Total stockholders’ equity		495		323		5,035		3,982		(9,340		)	495
Total liabilities and stockholders’ equity		$	556	$	7,808	$	9,469	$	18,852	$	(13,577	)	$	23,108

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

Nine Months Ended September 30, 2019 

	Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Net cash provided by (used in) operating activities	$	65		$	196		$	167		$	1,765		$	(262	)	$	1,931
Investing activities
Property and equipment additions	—			(56		)	(74		)	(48		)	—			(178		)
Proceeds received on asset sales	—			1			—			6			—			7
Net assets acquired (net of cash acquired)	—			(5		)	(12		)	(51		)	—			(68		)
Other, net	—			(75		)	11			69			75			80
Net cash provided by (used in) investing activities exclusive of vehicle programs	—			(135		)	(75		)	(24		)	75			(159		)
Vehicle programs:
Investment in vehicles	—			(42		)	(16		)	(10,563		)	—			(10,621		)
Proceeds received on disposition of vehicles	—			34			—			7,792			—			7,826
Investment in debt securities of Avis Budget Rental Car Funding (AESOP) LLC—related party	—			—			—			(221		)	—			(221		)
Proceeds from debt securities of Avis Budget Rental Car Funding (AESOP) LLC—related party	—			—			—			137			—			137
	—			(8		)	(16		)	(2,855		)	—			(2,879		)
Net cash provided by (used in) investing activities	—			(143		)	(91		)	(2,879		)	75			(3,038		)
Financing activities
Proceeds from long-term borrowings	—			400			—			2			—			402
Payments on long-term borrowings	—			(420		)	(2		)	(5		)	—			(427		)
Repurchases of common stock	(65		)	—			—			—			—			(65		)
Debt financing fees	—			(6		)	—			—			—			(6		)
Other, net	—			(59		)	(64		)	(64		)	187			—
Net cash provided by (used in) financing activities exclusive of vehicle programs	(65		)	(85		)	(66		)	(67		)	187			(96		)
Vehicle programs:
Proceeds from borrowings	—			38			—			16,004			—			16,042
Payments on borrowings	—			(5		)	(10		)	(14,823		)	—			(14,838		)
Debt financing fees	—			—			—			(18		)	—			(18		)
	—			33			(10		)	1,163			—			1,186
Net cash provided by (used in) financing activities	(65		)	(52		)	(76		)	1,096			187			1,090
Effect of changes in exchange rates on cash and cash equivalents, program and restricted cash	—			—			—			(10		)	—			(10		)
Net increase (decrease) in cash and cash equivalents, program and restricted cash	—			1			—			(28		)	—			(27		)
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		$	13		$	1		$	693		$	—		$	708

Nine Months Ended September 30, 2018 

	Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Net cash provided by (used-in) operating activities	$	139		$	202		$	88		$	1,785		$	(119	)	$	2,095
Investing activities
Property and equipment additions	—			(45		)	(60		)	(52		)	—			(157		)
Proceeds received on asset sales	—			2			2			5			—			9
Net assets acquired (net of cash acquired)	—			(3		)	(5		)	(56		)	—			(64		)
Other, net	—			(8		)	—			(36		)	—			(44		)
Net cash provided by (used in) investing activities exclusive of vehicle programs	—			(54		)	(63		)	(139		)	—			(256		)
Vehicle programs:
Investment in vehicles	—			—			(4		)	(10,075		)	—			(10,079		)
Proceeds received on disposition of vehicles	—			33			—			6,719			—			6,752
Investment in debt securities of Avis Budget Rental Car Funding (AESOP) LLC—related party	—			—			—			(116		)	—			(116		)
Proceeds from debt securities of Avis Budget Rental Car Funding (AESOP) LLC—related party	—			—			—			22			—			22
	—			33			(4		)	(3,450		)	—			(3,421		)
Net cash provided by (used in) investing activities	—			(21		)	(67		)	(3,589		)	—			(3,677		)
Financing activities
Proceeds from long-term borrowings	—			81			—			—			—			81
Payments on long-term borrowings	—			(97		)	(2		)	—			—			(99		)
Net change in short-term borrowings	—			—			—			(4		)	—			(4		)
Debt financing fees	—			(9		)	—			—			—			(9		)
Repurchases of common stock	(143		)	—			—			—			—			(143		)
Other, net	3			(95		)	(12		)	(12		)	119			3
Net cash provided by (used in) financing activities exclusive of vehicle programs	(140		)	(120		)	(14		)	(16		)	119			(171		)
Vehicle programs:
Proceeds from borrowings	—			—			—			13,371			—			13,371
Payments on borrowings	—			(2		)	(7		)	(11,718		)	—			(11,727		)
Debt financing fees	—			—			—			(19		)	—			(19		)
	—			(2		)	(7		)	1,634			—			1,625
Net cash provided by (used in) financing activities	(140		)	(122		)	(21		)	1,618			119			1,454
Effect of changes in exchange rates on cash and cash equivalents, program and restricted cash	—			—			—			(5		)	—			(5		)
Net increase (decrease) in cash and cash equivalents, program and restricted cash	(1		)	59			—			(191		)	—			(133		)
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		$	73		$	—		$	692		$	—		$	768