Guarantor and Non-Guarantor Consolidating Financial Statements (Tables)

12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

Condensed Financial Information Disclosure [Abstract]

Consolidating Condensed Income Statement

For the Year Ended December 31, 2019

			Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non- Guarantor  Subsidiaries			Eliminations			Total
Revenues			$	—		$	—		$	5,613		$	5,923		$	(2,364	)	$	9,172
Expenses
	Operating		2			—			2,788			1,908			—			4,698
	Vehicle depreciation and lease charges, net		—			—			2,188			1,969			(2,094		)	2,063
	Selling, general and administrative		50			17			700			470			—			1,237
	Vehicle interest, net		—			3			269			342			(270		)	344
	Non-vehicle related depreciation and amortization		—			10			153			100			—			263
	Interest expense related to corporate debt, net:
		Interest expense	—			131			2			45			—			178
		Intercompany interest expense (income)	(12		)	10			59			(57		)	—			—
		Early extinguishment of debt	—			12			—			—			—			12
	Restructuring and other related charges		18			—			38			24			—			80
	Transaction-related costs, net		—			4			(6		)	12			—			10
Total expenses			58			187			6,191			4,813			(2,364		)	8,885
Income (loss) before income taxes and equity in earnings of subsidiaries			(58		)	(187		)	(578		)	1,110			—			287
Provision for (benefit from) income taxes			(12		)	(220		)	(24		)	241			—			(15		)
Equity in earnings of subsidiaries			348			315			869			—			(1,532		)	—
Net income			$	302		$	348		$	315		$	869		$	(1,532	)	$	302
Comprehensive income			$	277		$	323		$	312		$	860		$	(1,495	)	$	277

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

Consolidating Condensed Balance Sheet

As of December 31, 2019

		Parent		Subsidiary Issuers		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Total
Assets
Current assets:
	Cash and cash equivalents	$	1	$	12	$	—	$	673	$	—		$	686
	Receivables, net	—		—		262		649		—			911
	Other current assets	—		115		95		338		—			548
Total current assets		1		127		357		1,660		—			2,145
Property and equipment, net		—		234		338		220		—			792
Operating lease right-of-use assets		—		778		1,174		644		—			2,596
Deferred income taxes		13		1,238		222		189		—			1,662
Goodwill		—		—		471		630		—			1,101
Other intangibles, net		—		24		481		293		—			798
Other non-current assets		47		32		15		123		—			217
Intercompany receivables		172		427		2,715		1,028		(4,342		)	—
Investment in subsidiaries		483		5,070		3,778		—		(9,331		)	—
Total assets exclusive of assets under vehicle programs		716		7,930		9,551		4,787		(13,673		)	9,311
Assets under vehicle programs:
	Program cash	—		—		—		211		—			211
	Vehicles, net	—		191		54		11,932		—			12,177
	Receivables from vehicle manufacturers and other	—		4		99		675		—			778
	Investment in Avis Budget Rental Car Funding (AESOP) LLC-related party	—		—		—		649		—			649
		—		195		153		13,467		—			13,815
Total assets		$	716	$	8,125	$	9,704	$	18,254	$	(13,673	)	$	23,126
Liabilities and stockholders’ equity
Current liabilities:
	Accounts payable and other current liabilities	$	20	$	338	$	867	$	981	$	—		$	2,206
	Short-term debt and current portion of long-term debt	—		17		2		—		—			19
Total current liabilities		20		355		869		981		—			2,225
Long-term debt		—		2,417		1		998		—			3,416
Long-term operating lease liabilities		—		698		971		471		—			2,140
Other non-current liabilities		40		99		215		403		—			757
Intercompany payables		—		3,913		427		2		(4,342		)	—
Total liabilities exclusive of liabilities under vehicle programs		60		7,482		2,483		2,855		(4,342		)	8,538
Liabilities under vehicle programs:
	Debt	—		160		38		2,934		—			3,132
	Due to Avis Budget Rental Car Funding (AESOP) LLC-related party	—		—		—		7,936		—			7,936
	Deferred income taxes	—		—		2,014		175		—			2,189
	Other	—		—		99		576		—			675
		—		160		2,151		11,621		—			13,932
Total stockholders’ equity		656		483		5,070		3,778		(9,331		)	656
Total liabilities and stockholders’ equity		$	716	$	8,125	$	9,704	$	18,254	$	(13,673	)	$	23,126

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 Cash Flow Statement

Consolidating Condensed Statements of Cash Flows

For the Year Ended December 31, 2019

	Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Net cash provided by (used in) operating activities	$	67		$	293		$	246		$	2,394		$	(414	)	$	2,586
Investing activities
Property and equipment additions	—			(79		)	(100		)	(71		)	—			(250		)
Proceeds received on asset sales	—			1			—			10			—			11
Net assets acquired (net of cash acquired)	—			(1		)	(24		)	(52		)	—			(77		)
Other, net	—			(75		)	12			69			75			81
Net cash provided by (used in) investing activities exclusive of vehicle programs	—			(154		)	(112		)	(44		)	75			(235		)
Vehicle programs:
Investment in vehicles	—			(118		)	(22		)	(12,747		)	—			(12,887		)
Proceeds received on disposition of vehicles	—			48			—			10,412			—			10,460
Investment in debt securities of Avis Budget Rental Car Funding (AESOP) LLC — related party	—			—			—			(251		)	—			(251		)
Proceeds from debt securities of Avis Budget Rental Car Funding (AESOP) LLC — related party	—			—			—			161			—			161
	—			(70		)	(22		)	(2,425		)	—			(2,517		)
Net cash provided by (used in) investing activities	—			(224		)	(134		)	(2,469		)	75			(2,752		)
Financing activities
Proceeds from long-term borrowings	—			400			—			2			—			402
Payments on long-term borrowings	—			(502		)	(3		)	(4		)	—			(509		)
Net change in short-term borrowings	—			—			—			(1		)	—			(1		)
Debt financing fees	—			(7		)	—			—			—			(7		)
Repurchases of common stock	(67		)	—			—			—			—			(67		)
Other, net	—			(61		)	(98		)	(180		)	339			—
Net cash provided by (used in) financing activities exclusive of vehicle programs	(67		)	(170		)	(101		)	(183		)	339			(182		)
Vehicle programs:
Proceeds from borrowings	—			114			—			19,755			—			19,869
Payments on borrowings	—			(13		)	(12		)	(19,321		)	—			(19,346		)
Debt financing fees	—			—			—			(23		)	—			(23		)
	—			101			(12		)	411			—			500
Net cash provided by (used in) financing activities	(67		)	(69		)	(113		)	228			339			318
Effect of changes in exchange rates on cash and cash equivalents, program and restricted cash	—			—			—			13			—			13
Net increase (decrease) in cash and cash equivalents, program and restricted cash	—			—			(1		)	166			—			165
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		$	—		$	887		$	—		$	900

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 (decrease) 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