Form |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(Exact name of registrant as specified in its charter) |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) | |||||||||||||||||||||||||
(Address of principal executive offices) | (Zip Code) | |||||||||||||||||||||||||
(Registrant’s telephone number, including area code) |
☒ | Accelerated Filer | ☐ | Non-accelerated Filer | ☐ | |||||||||||||
Smaller Reporting Company | Emerging Growth Company |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Page | ||||||||
PART I | ||||||||
Item 1. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
PART II | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 6. | ||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||
2019 | 2019 | ||||||||||||||||||||||||||||
Revenues | $ | $ | $ | $ | |||||||||||||||||||||||||
Expenses | |||||||||||||||||||||||||||||
Operating | |||||||||||||||||||||||||||||
Vehicle depreciation and lease charges, net | |||||||||||||||||||||||||||||
Selling, general and administrative | |||||||||||||||||||||||||||||
Vehicle interest, net | |||||||||||||||||||||||||||||
Non-vehicle related depreciation and amortization | |||||||||||||||||||||||||||||
Interest expense related to corporate debt, net: | |||||||||||||||||||||||||||||
Interest expense | |||||||||||||||||||||||||||||
Early extinguishment of debt | |||||||||||||||||||||||||||||
Restructuring and other related charges | |||||||||||||||||||||||||||||
Transaction-related costs, net | |||||||||||||||||||||||||||||
Total expenses | |||||||||||||||||||||||||||||
Income (loss) before income taxes | ( | ( | ( | ||||||||||||||||||||||||||
Provision for (benefit from) income taxes | ( | ( | ( | ||||||||||||||||||||||||||
Net income (loss) | $ | ( | $ | $ | ( | $ | ( | ||||||||||||||||||||||
Comprehensive income (loss) | $ | ( | $ | $ | ( | $ | ( | ||||||||||||||||||||||
Earnings (loss) per share | |||||||||||||||||||||||||||||
Basic | $ | ( | $ | $ | ( | $ | ( | ||||||||||||||||||||||
Diluted | $ | ( | $ | $ | ( | $ | ( |
June 30, 2020 | December 31, 2019 | |||||||||||||
Assets | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | $ | $ | ||||||||||||
Receivables, net | ||||||||||||||
Other current assets | ||||||||||||||
Total current assets | ||||||||||||||
Property and equipment, net | ||||||||||||||
Operating lease right-of-use assets | ||||||||||||||
Deferred income taxes | ||||||||||||||
Goodwill | ||||||||||||||
Other intangibles, net | ||||||||||||||
Other non-current assets | ||||||||||||||
Total assets exclusive of assets under vehicle programs | ||||||||||||||
Assets under vehicle programs: | ||||||||||||||
Program cash | ||||||||||||||
Vehicles, net | ||||||||||||||
Receivables from vehicle manufacturers and other | ||||||||||||||
Investment in Avis Budget Rental Car Funding (AESOP) LLC—related party | ||||||||||||||
Total assets | $ | $ | ||||||||||||
Liabilities and stockholders’ equity | ||||||||||||||
Current liabilities: | ||||||||||||||
Accounts payable and other current liabilities | $ | $ | ||||||||||||
Short-term debt and current portion of long-term debt | ||||||||||||||
Total current liabilities | ||||||||||||||
Long-term debt | ||||||||||||||
Long-term operating lease liabilities | ||||||||||||||
Other non-current liabilities | ||||||||||||||
Total liabilities exclusive of liabilities under vehicle programs | ||||||||||||||
Liabilities under vehicle programs: | ||||||||||||||
Debt | ||||||||||||||
Debt due to Avis Budget Rental Car Funding (AESOP) LLC—related party | ||||||||||||||
Deferred income taxes | ||||||||||||||
Other | ||||||||||||||
Commitments and contingencies (Note 13) | ||||||||||||||
Stockholders’ equity: | ||||||||||||||
Preferred stock, $0.01 par value—authorized 10 shares; none issued and outstanding, respectively | ||||||||||||||
Common stock, $0.01 par value—authorized 250 shares; issued 137 shares, respectively | ||||||||||||||
Additional paid-in capital | ||||||||||||||
Accumulated deficit | ( | ( | ||||||||||||
Accumulated other comprehensive loss | ( | ( | ||||||||||||
Treasury stock, at cost—67 and 63 shares, respectively | ( | ( | ||||||||||||
Total stockholders’ equity | ( | |||||||||||||
Total liabilities and stockholders’ equity | $ | $ |
Six Months Ended June 30, | |||||||||||||||||
2019 | |||||||||||||||||
Operating activities | |||||||||||||||||
Net loss | $ | ( | ( | ||||||||||||||
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||||||||||||
Vehicle depreciation | |||||||||||||||||
Amortization of right-of-use assets | |||||||||||||||||
(Gain) loss on sale of vehicles, net | ( | ( | |||||||||||||||
Non-vehicle related depreciation and amortization | |||||||||||||||||
Stock-based compensation | |||||||||||||||||
Amortization of debt financing fees | |||||||||||||||||
Early extinguishment of debt costs | |||||||||||||||||
Net change in assets and liabilities: | |||||||||||||||||
Receivables | ( | ||||||||||||||||
Income taxes and deferred income taxes | ( | ( | |||||||||||||||
Accounts payable and other current liabilities | ( | ||||||||||||||||
Operating lease liabilities | ( | ( | |||||||||||||||
Other, net | |||||||||||||||||
Net cash provided by operating activities | |||||||||||||||||
Investing activities | |||||||||||||||||
Property and equipment additions | ( | ( | |||||||||||||||
Proceeds received on asset sales | |||||||||||||||||
Net assets acquired (net of cash acquired) | ( | ( | |||||||||||||||
Other, net | |||||||||||||||||
Net cash used in investing activities exclusive of vehicle programs | ( | ( | |||||||||||||||
Vehicle programs: | |||||||||||||||||
Investment in vehicles | ( | ( | |||||||||||||||
Proceeds received on disposition of vehicles | |||||||||||||||||
Investment in debt securities of Avis Budget Rental Car Funding (AESOP) LLC—related party | ( | ( | |||||||||||||||
Proceeds from debt securities of Avis Budget Rental Car Funding (AESOP) LLC—related party | |||||||||||||||||
( | |||||||||||||||||
Net cash provided by (used in) investing activities | ( |
Six Months Ended June 30, | ||||||||||||||
2019 | ||||||||||||||
Financing activities | ||||||||||||||
Proceeds from long-term borrowings | ||||||||||||||
Payments on long-term borrowings | ( | ( | ||||||||||||
Issuance of common stock | ||||||||||||||
Repurchases of common stock | ( | ( | ||||||||||||
Debt financing fees | ( | |||||||||||||
Other, net | ( | |||||||||||||
Net cash provided by (used in) financing activities exclusive of vehicle programs | ( | |||||||||||||
Vehicle programs: | ||||||||||||||
Proceeds from borrowings | ||||||||||||||
Payments on borrowings | ( | ( | ||||||||||||
Debt financing fees | ( | ( | ||||||||||||
( | ||||||||||||||
Net cash provided by (used in) financing activities | ( | |||||||||||||
Effect of changes in exchange rates on cash and cash equivalents, program and restricted cash | ( | |||||||||||||
Net increase (decrease) in cash and cash equivalents, program and restricted cash | ( | |||||||||||||
Cash and cash equivalents, program and restricted cash, beginning of period | ||||||||||||||
Cash and cash equivalents, program and restricted cash, end of period | $ | $ |
Common Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Total Stockholders’ Equity | ||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2020 | $ | $ | $ | ( | $ | ( | ( | $ | ( | $ | |||||||||||||||||||||||||||||||||||||
Comprehensive loss: | |||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | ( | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive loss | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Non-controlling interest | — | — | ( | — | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||
Net activity related to restricted stock units | — | — | ( | — | — | ||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | $ | $ | $ | ( | $ | ( | ( | $ | ( | $ | ( | ||||||||||||||||||||||||||||||||||||
Balance at March 31, 2019 | $ | $ | $ | ( | $ | ( | ( | $ | ( | $ | |||||||||||||||||||||||||||||||||||||
Comprehensive income: | |||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | ( | — | — | ||||||||||||||||||||||||||||||||||||||||
Total comprehensive income | |||||||||||||||||||||||||||||||||||||||||||||||
Net activity related to restricted stock units | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Option premiums paid | — | — | ( | — | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2019 | $ | $ | $ | ( | $ | ( | ( | $ | ( | $ |
Common Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Total Stockholders’ Equity | ||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | $ | $ | $ | ( | $ | ( | ( | $ | ( | $ | |||||||||||||||||||||||||||||||||||||
Cumulative effect of accounting change | — | — | — | ( | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||
Comprehensive loss: | |||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | ( | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | ( | — | — | ||||||||||||||||||||||||||||||||||||||||
Total comprehensive loss | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Non-controlling interest | — | — | ( | — | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||
Net activity related to restricted stock units | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||||
Issuance of common stock | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock | — | — | — | — | — | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | $ | $ | $ | ( | $ | ( | ( | $ | ( | $ | ( | ||||||||||||||||||||||||||||||||||||
Balance at December 31, 2018 | $ | $ | $ | ( | $ | ( | ( | $ | ( | $ | |||||||||||||||||||||||||||||||||||||
Cumulative effect of accounting change | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Comprehensive loss | |||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | ( | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | ( | — | — | ||||||||||||||||||||||||||||||||||||||||
Total comprehensive loss | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Net activity related to restricted stock units | — | — | ( | — | — | ||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | — | — | ( | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Option premiums paid | — | — | ( | — | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2019 | $ | $ | $ | ( | $ | ( | ( | $ | ( | $ |
As of June 30, | |||||||||||
2019 | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Program cash | |||||||||||
Restricted cash (a) | |||||||||||
Total cash and cash equivalents, program and restricted cash | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Americas | $ | $ | $ | $ | |||||||||||||||||||
Europe, Middle East and Africa | |||||||||||||||||||||||
Asia and Australasia | |||||||||||||||||||||||
Total revenues | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Avis | $ | $ | $ | $ | |||||||||||||||||||
Budget | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Total revenues | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Americas | $ | $ | $ | $ | |||||||||||||||||||
Europe, Middle East and Africa | |||||||||||||||||||||||
Asia and Australasia | |||||||||||||||||||||||
Total lease revenues | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Avis | $ | $ | $ | $ | |||||||||||||||||||
Budget | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Total lease revenues | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Property leases (a) | |||||||||||||||||||||||
Operating lease expense | $ | $ | $ | $ | |||||||||||||||||||
Variable lease expense | |||||||||||||||||||||||
Total property lease expense | $ | $ | $ | $ |
As of June 30, 2020 | As of December 31, 2019 | ||||||||||
Property leases | |||||||||||
Operating lease ROU assets | $ | $ | |||||||||
Short-term operating lease liabilities (a) | $ | $ | |||||||||
Long-term operating lease liabilities | |||||||||||
Operating lease liabilities | $ | $ | |||||||||
Weighted average remaining lease term | |||||||||||
Weighted average discount rate | % | % |
Six Months Ended June 30, | |||||||||||
2020 | 2019 | ||||||||||
Cash payments for lease liabilities within operating activities: | |||||||||||
Property operating leases | $ | $ | |||||||||
Non-cash activities - increase (decrease) in ROU assets in exchange for lease liabilities: | |||||||||||
Property operating leases (a) | ( |
Americas | International | Total | ||||||||||||||||||||||||
Balance as of January 1, 2020 | $ | $ | $ | |||||||||||||||||||||||
Restructuring expense: | ||||||||||||||||||||||||||
2020 Optimization Plan | ||||||||||||||||||||||||||
Brazil | ||||||||||||||||||||||||||
T19 | ||||||||||||||||||||||||||
Restructuring payment/utilization: | ||||||||||||||||||||||||||
2020 Optimization Plan | ( | ( | ( | |||||||||||||||||||||||
Brazil | ( | ( | ||||||||||||||||||||||||
T19 | ( | ( | ( | |||||||||||||||||||||||
Balance as of June 30, 2020 | $ | $ | $ | |||||||||||||||||||||||
Personnel | Facility Related | Other (a) | Total | |||||||||||||||||||||||
Balance as of January 1, 2020 | $ | $ | $ | $ | ||||||||||||||||||||||
Restructuring expense: | ||||||||||||||||||||||||||
2020 Optimization Plan | ||||||||||||||||||||||||||
Brazil | ||||||||||||||||||||||||||
T19 | ||||||||||||||||||||||||||
Restructuring payment/utilization: | ||||||||||||||||||||||||||
2020 Optimization Plan | ( | ( | ( | |||||||||||||||||||||||
Brazil | ( | ( | ( | |||||||||||||||||||||||
T19 | ( | ( | ( | |||||||||||||||||||||||
Balance as of June 30, 2020 | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2020 | 2019 | 2019 | ||||||||||||||||||||||||
Net income (loss) for basic and diluted EPS | $ | ( | $ | $ | ( | $ | ( | |||||||||||||||||||
Basic weighted average shares outstanding | ||||||||||||||||||||||||||
Options and non-vested stock (a) | ||||||||||||||||||||||||||
Diluted weighted average shares outstanding | ||||||||||||||||||||||||||
Earnings (Loss) per share: | ||||||||||||||||||||||||||
Basic | $ | ( | $ | $ | ( | $ | ( | |||||||||||||||||||
Diluted | $ | ( | $ | $ | ( | $ | ( |
As of June 30, 2020 | As of December 31, 2019 | ||||||||||
Prepaid expenses | $ | $ | |||||||||
Sales and use taxes | |||||||||||
Other | |||||||||||
Other current assets | $ | $ |
As of June 30, 2020 | As of December 31, 2019 | ||||||||||||||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||||||||||||||
Amortized Intangible Assets | |||||||||||||||||||||||||||||||||||
License agreements | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Customer relationships | |||||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Unamortized Intangible Assets | |||||||||||||||||||||||||||||||||||
Goodwill | $ | $ | |||||||||||||||||||||||||||||||||
Trademarks | $ | $ |
As of | As of | ||||||||||
June 30, | December 31, | ||||||||||
2019 | |||||||||||
Rental vehicles | $ | $ | |||||||||
Less: Accumulated depreciation | ( | ( | |||||||||
Vehicles held for sale | |||||||||||
Vehicles, net | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2020 | 2019 | 2019 | |||||||||||||||||||||
Depreciation expense | $ | $ | |||||||||||||||||||||
Lease charges | |||||||||||||||||||||||
(Gain) loss on sale of vehicles, net | ( | ( | ( | ( | |||||||||||||||||||
Vehicle depreciation and lease charges, net | $ | $ | $ | $ |
As of | As of | ||||||||||
June 30, | December 31, | ||||||||||
2019 | |||||||||||
Short-term operating lease liabilities | $ | $ | |||||||||
Accounts payable | |||||||||||
Accrued sales and use taxes | |||||||||||
Public liability and property damage insurance liabilities – current | |||||||||||
Accrued advertising and marketing | |||||||||||
Accrued payroll and related | |||||||||||
Deferred lease revenues – current | |||||||||||
Other | |||||||||||
Accounts payable and other current liabilities | $ | $ |
As of | As of | ||||||||||||||||
Maturity Date | June 30, | December 31, | |||||||||||||||
2019 | |||||||||||||||||
5½% Senior Notes | $ | $ | |||||||||||||||
6⅜% Senior Notes | |||||||||||||||||
4⅛% euro-denominated Senior Notes | |||||||||||||||||
5¼% Senior Notes | |||||||||||||||||
4½% euro-denominated Senior Notes | |||||||||||||||||
10½% Senior Secured Notes | |||||||||||||||||
4¾% euro-denominated Senior Notes | |||||||||||||||||
5¾% Senior Notes | |||||||||||||||||
Floating Rate Term Loan (a) | |||||||||||||||||
Other (b) | |||||||||||||||||
Deferred financing fees | ( | ( | |||||||||||||||
Total | |||||||||||||||||
Less: Short-term debt and current portion of long-term debt | |||||||||||||||||
Long-term debt | $ | $ |
Total Capacity | Outstanding Borrowings | Letters of Credit Issued | Available Capacity | ||||||||||||||||||||
Senior revolving credit facility maturing 2023 (a) | $ | $ | $ | $ |
As of | As of | ||||||||||
June 30, | December 31, | ||||||||||
2019 | |||||||||||
Americas - Debt due to Avis Budget Rental Car Funding | $ | $ | |||||||||
Americas - Debt borrowings | |||||||||||
International - Debt borrowings | |||||||||||
International - Finance leases | |||||||||||
Other | |||||||||||
Deferred financing fees (a) | ( | ( | |||||||||
Total | $ | $ |
Debt under Vehicle Programs (a) | |||||
Within 1 year (b) | $ | ||||
Between 1 and 2 years (c) | |||||
Between 2 and 3 years | |||||
Between 3 and 4 years | |||||
Between 4 and 5 years | |||||
Thereafter | |||||
Total | $ |
Total Capacity (a) | Outstanding Borrowings (b) | Available Capacity | |||||||||||||||
Americas - Debt due to Avis Budget Rental Car Funding | $ | $ | $ | ||||||||||||||
Americas - Debt borrowings | |||||||||||||||||
International - Debt borrowings | |||||||||||||||||
International - Finance leases | |||||||||||||||||
Other | |||||||||||||||||
Total | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2019 | 2019 | |||||||||||||||||||||||||
Net income (loss) | $ | ( | $ | $ | ( | $ | ( | |||||||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||||||||
Currency translation adjustments (net of tax of $4, $4, $0, and $(2) respectively) | ( | |||||||||||||||||||||||||
Net unrealized gain (loss) on cash flow hedges (net of tax of $3, $4, $9, and $7 respectively) | ( | ( | ( | ( | ||||||||||||||||||||||
Minimum pension liability adjustment (net of tax of $0, $0, $0, and $0, respectively) | ||||||||||||||||||||||||||
( | ( | ( | ||||||||||||||||||||||||
Comprehensive income (loss) | $ | ( | $ | $ | ( | $ | ( |
Currency Translation Adjustments | Net Unrealized Gains (Losses) on Cash Flow Hedges(a) | Minimum Pension Liability Adjustment(b) | Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||||||
Balance, January 1, 2020 | $ | $ | ( | $ | ( | $ | ( | |||||||||||||||||||
Other comprehensive income (loss) before reclassifications | ( | ( | ( | |||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | ||||||||||||||||||||||||||
Net current-period other comprehensive income (loss) | ( | ( | ( | |||||||||||||||||||||||
Balance, June 30, 2020 | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||
Balance, December 31, 2018 | $ | ( | $ | $ | ( | $ | ( | |||||||||||||||||||
Cumulative effect of accounting change | ||||||||||||||||||||||||||
Balance, January 1, 2019 | $ | ( | $ | $ | ( | $ | ( | |||||||||||||||||||
Other comprehensive income (loss) before reclassifications | ( | ( | ||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | ( | |||||||||||||||||||||||||
Net current-period other comprehensive income (loss) | ( | ( | ||||||||||||||||||||||||
Balance, June 30, 2019 | $ | $ | ( | $ | ( | $ | ( |
Six Months Ended June 30, 2020 | ||||||||
Expected volatility of stock price | ||||||||
Risk-free interest rate | ||||||||
Valuation period | ||||||||
Dividend yield |
Number of Shares | Weighted Average Grant Date Fair Value | Weighted Average Remaining Contractual Term (years) | Aggregate Intrinsic Value (in millions) | ||||||||||||||||||||||||||
Time-based RSUs | |||||||||||||||||||||||||||||
Outstanding at January 1, 2020 | $ | ||||||||||||||||||||||||||||
Granted (a) | |||||||||||||||||||||||||||||
Vested (b) | ( | ||||||||||||||||||||||||||||
Forfeited | ( | ||||||||||||||||||||||||||||
Outstanding and expected to vest at June 30, 2020 (c) | $ | $ | |||||||||||||||||||||||||||
Performance-based and market-based RSUs | |||||||||||||||||||||||||||||
Outstanding at January 1, 2020 | $ | ||||||||||||||||||||||||||||
Granted (a) | |||||||||||||||||||||||||||||
Vested (b) | ( | ||||||||||||||||||||||||||||
Forfeited | ( | ||||||||||||||||||||||||||||
Outstanding at June 30, 2020 | $ | $ | |||||||||||||||||||||||||||
Outstanding and expected to vest at June 30, 2020 (c) | $ | $ |
As of June 30, 2020 | |||||
Foreign exchange contracts | $ | ||||
Interest rate caps (a) | |||||
Interest rate swaps | |||||
Commodity contracts (millions of gallons of unleaded gasoline) |
As of June 30, 2020 | As of December 31, 2019 | |||||||||||||||||||||||||
Fair Value, Derivative Assets | Fair Value, Derivative Liabilities | Fair Value, Derivative Assets | Fair Value, Derivative Liabilities | |||||||||||||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||||||||||||||
Interest rate swaps (a) | $ | $ | $ | $ | ||||||||||||||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||||||||||||||
Foreign exchange contracts (b) | ||||||||||||||||||||||||||
Interest rate caps (c) | ||||||||||||||||||||||||||
Commodity contracts (b) | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2019 | 2019 | |||||||||||||||||||||||||
Derivatives designated as hedging instruments (a) | ||||||||||||||||||||||||||
Interest rate swaps (b) | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||
Euro-denominated notes (c) | ( | ( | ( | |||||||||||||||||||||||
Derivatives not designated as hedging instruments (d) | ||||||||||||||||||||||||||
Foreign exchange contracts (e) | ( | |||||||||||||||||||||||||
Interest rate caps (f) | ( | ( | ||||||||||||||||||||||||
Commodity contracts (g) | ( | |||||||||||||||||||||||||
Total | $ | ( | $ | ( | $ | ( | $ | ( |
As of June 30, 2020 | As of December 31, 2019 | |||||||||||||||||||||||||
Carrying Amount | Estimated Fair Value | Carrying Amount | Estimated Fair Value | |||||||||||||||||||||||
Corporate debt | ||||||||||||||||||||||||||
Short-term debt and current portion of long-term debt | $ | $ | $ | $ | ||||||||||||||||||||||
Long-term debt | ||||||||||||||||||||||||||
Debt under vehicle programs | ||||||||||||||||||||||||||
Vehicle-backed debt due to Avis Budget Rental Car Funding | $ | $ | $ | $ | ||||||||||||||||||||||
Vehicle-backed debt | ||||||||||||||||||||||||||
Interest rate swaps and interest rate caps (a) |
Three Months Ended June 30, | ||||||||||||||||||||||||||||||||
2019 | ||||||||||||||||||||||||||||||||
Revenues | Adjusted EBITDA | Revenues | Adjusted EBITDA | |||||||||||||||||||||||||||||
Americas | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||
International | ( | |||||||||||||||||||||||||||||||
Corporate and Other (a) | ( | ( | ||||||||||||||||||||||||||||||
Total Company | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||
Reconciliation of Adjusted EBITDA to income (loss) before income taxes | ||||||||||||||||||||||||||||||||
2019 | ||||||||||||||||||||||||||||||||
Adjusted EBITDA | $ | ( | $ | |||||||||||||||||||||||||||||
Less: | COVID-19 charges (b) | — | ||||||||||||||||||||||||||||||
Non-vehicle related depreciation and amortization | ||||||||||||||||||||||||||||||||
Interest expense related to corporate debt, net: | ||||||||||||||||||||||||||||||||
Interest expense | ||||||||||||||||||||||||||||||||
Early extinguishment of debt | ||||||||||||||||||||||||||||||||
Restructuring and other related charges | ||||||||||||||||||||||||||||||||
Transaction-related costs, net | ||||||||||||||||||||||||||||||||
Gain on sale of equity method investment in China (c) | ( | |||||||||||||||||||||||||||||||
Income (loss) before income taxes | $ | ( | $ |
Six Months Ended June 30, | ||||||||||||||||||||||||||||||||
2020 | 2019 | |||||||||||||||||||||||||||||||
Revenues | Adjusted EBITDA | Revenues | Adjusted EBITDA | |||||||||||||||||||||||||||||
Americas | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||
International | ( | |||||||||||||||||||||||||||||||
Corporate and Other (a) | ( | ( | ||||||||||||||||||||||||||||||
Total Company | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||
Reconciliation of Adjusted EBITDA to loss before income taxes | ||||||||||||||||||||||||||||||||
2020 | 2019 | |||||||||||||||||||||||||||||||
Adjusted EBITDA | $ | ( | $ | |||||||||||||||||||||||||||||
Less: | Non-vehicle related depreciation and amortization | |||||||||||||||||||||||||||||||
Interest expense related to corporate debt, net: | ||||||||||||||||||||||||||||||||
Interest expense | ||||||||||||||||||||||||||||||||
Early extinguishment of debt | ||||||||||||||||||||||||||||||||
COVID-19 charges (b) | ||||||||||||||||||||||||||||||||
Restructuring and other related charges | ||||||||||||||||||||||||||||||||
Non-operational charges related to shareholder activist activity (c) | ||||||||||||||||||||||||||||||||
Transaction-related costs, net | ||||||||||||||||||||||||||||||||
Gain on sale of equity method investment in China (d) | ( | |||||||||||||||||||||||||||||||
Loss before income taxes | $ | ( | $ | ( |
OVERVIEW |
Three Months Ended June 30, | ||||||||||||||||||||||||||||||||
2020 | 2019 | $ Change | % Change | |||||||||||||||||||||||||||||
Revenues | $ | 760 | $ | 2,337 | $ | (1,577) | (67 | %) | ||||||||||||||||||||||||
Expenses | ||||||||||||||||||||||||||||||||
Operating | 622 | 1,172 | (550) | (47 | %) | |||||||||||||||||||||||||||
Vehicle depreciation and lease charges, net | 374 | 543 | (169) | (31 | %) | |||||||||||||||||||||||||||
Selling, general and administrative | 132 | 313 | (181) | (58 | %) | |||||||||||||||||||||||||||
Vehicle interest, net | 87 | 90 | (3) | (3 | %) | |||||||||||||||||||||||||||
Non-vehicle related depreciation and amortization | 71 | 66 | 5 | 8 | % | |||||||||||||||||||||||||||
Interest expense related to corporate debt, net: | ||||||||||||||||||||||||||||||||
Interest expense | 51 | 48 | 3 | 6 | % | |||||||||||||||||||||||||||
Early extinguishment of debt | 3 | — | 3 | n/m | ||||||||||||||||||||||||||||
Restructuring and other related charges | 28 | 23 | 5 | 22 | % | |||||||||||||||||||||||||||
Transaction-related costs, net | 1 | 1 | — | 0 | % | |||||||||||||||||||||||||||
Total expenses | 1,369 | 2,256 | (887) | (39 | %) | |||||||||||||||||||||||||||
Income (loss) before income taxes | (609) | 81 | (690) | n/m | ||||||||||||||||||||||||||||
Provision for (benefit from) income taxes | (128) | 19 | (147) | n/m | ||||||||||||||||||||||||||||
Net income (loss) | $ | (481) | $ | 62 | $ | (543) | n/m |
Three Months Ended June 30, | ||||||||||||||||||||||||||||||||
2020 | 2019 | |||||||||||||||||||||||||||||||
Revenues | Adjusted EBITDA | Revenues | Adjusted EBITDA | |||||||||||||||||||||||||||||
Americas | $ | 565 | $ | (233) | $ | 1,627 | $ | 152 | ||||||||||||||||||||||||
International | 195 | (140) | 710 | 39 | ||||||||||||||||||||||||||||
Corporate and Other (a) | — | (9) | — | (16) | ||||||||||||||||||||||||||||
Total Company | $ | 760 | $ | (382) | $ | 2,337 | $ | 175 | ||||||||||||||||||||||||
Reconciliation to Adjusted EBITDA | ||||||||||||||||||||||||||||||||
2020 | 2019 | |||||||||||||||||||||||||||||||
Net income (loss) | $ | (481) | $ | 62 | ||||||||||||||||||||||||||||
Provision for (benefit from) income taxes | (128) | 19 | ||||||||||||||||||||||||||||||
Income (loss) before income taxes | (609) | 81 | ||||||||||||||||||||||||||||||
Add: | COVID-19 charges (b) | 73 | — | |||||||||||||||||||||||||||||
Non-vehicle related depreciation and amortization | 71 | 66 | ||||||||||||||||||||||||||||||
Interest expense related to corporate debt, net: | ||||||||||||||||||||||||||||||||
Interest expense | 51 | 48 | ||||||||||||||||||||||||||||||
Early extinguishment of debt | 3 | — | ||||||||||||||||||||||||||||||
Restructuring and other related charges | 28 | 23 | ||||||||||||||||||||||||||||||
Transaction-related costs, net (c) | 1 | 1 | ||||||||||||||||||||||||||||||
Gain on sale of equity method investment in China (d) | — | (44) | ||||||||||||||||||||||||||||||
Adjusted EBITDA | $ | (382) | $ | 175 |
Three Months Ended June 30, | ||||||||||||||||||||
2020 | 2019 | % Change | ||||||||||||||||||
Revenues | $ | 565 | $ | 1,627 | (65 | %) | ||||||||||||||
Adjusted EBITDA | (233) | 152 | n/m |
Three Months Ended June 30, | ||||||||||||||||||||
2020 | 2019 | % Change | ||||||||||||||||||
Revenues | $ | 195 | $ | 710 | (73 | %) | ||||||||||||||
Adjusted EBITDA | (140) | 39 | n/m |
Six Months Ended June 30, | ||||||||||||||||||||||||||||||||
2020 | 2019 | $ Change | % Change | |||||||||||||||||||||||||||||
Revenues | $ | 2,513 | $ | 4,257 | $ | (1,744) | (41 | %) | ||||||||||||||||||||||||
Expenses | ||||||||||||||||||||||||||||||||
Operating | 1,680 | 2,243 | (563) | (25 | %) | |||||||||||||||||||||||||||
Vehicle depreciation and lease charges, net | 833 | 1,028 | (195) | (19 | %) | |||||||||||||||||||||||||||
Selling, general and administrative | 383 | 597 | (214) | (36 | %) | |||||||||||||||||||||||||||
Vehicle interest, net | 170 | 171 | (1) | (1 | %) | |||||||||||||||||||||||||||
Non-vehicle related depreciation and amortization | 140 | 133 | 7 | 5 | % | |||||||||||||||||||||||||||
Interest expense related to corporate debt, net: | ||||||||||||||||||||||||||||||||
Interest expense | 99 | 90 | 9 | 10 | % | |||||||||||||||||||||||||||
Early extinguishment of debt | 7 | — | 7 | n/m | ||||||||||||||||||||||||||||
Restructuring and other related charges | 72 | 44 | 28 | 64 | % | |||||||||||||||||||||||||||
Transaction-related costs, net | 3 | 6 | (3) | (50 | %) | |||||||||||||||||||||||||||
Total expenses | 3,387 | 4,312 | (925) | (21 | %) | |||||||||||||||||||||||||||
Loss before income taxes | (874) | (55) | (819) | n/m | ||||||||||||||||||||||||||||
Benefit from income taxes | (235) | (26) | (209) | n/m | ||||||||||||||||||||||||||||
Net loss | $ | (639) | $ | (29) | $ | (610) | n/m |
Six Months Ended June 30, | ||||||||||||||||||||||||||||||||
2020 | 2019 | |||||||||||||||||||||||||||||||
Revenues | Adjusted EBITDA | Revenues | Adjusted EBITDA | |||||||||||||||||||||||||||||
Americas | $ | 1,822 | $ | (263) | $ | 2,954 | $ | 187 | ||||||||||||||||||||||||
International | 691 | (180) | 1,303 | 18 | ||||||||||||||||||||||||||||
Corporate and Other (a) | — | (26) | — | (31) | ||||||||||||||||||||||||||||
Total Company | $ | 2,513 | $ | (469) | $ | 4,257 | $ | 174 | ||||||||||||||||||||||||
Reconciliation to Adjusted EBITDA | ||||||||||||||||||||||||||||||||
2020 | 2019 | |||||||||||||||||||||||||||||||
Net loss | $ | (639) | $ | (29) | ||||||||||||||||||||||||||||
Benefit from income taxes | (235) | (26) | ||||||||||||||||||||||||||||||
Loss before income taxes | (874) | (55) | ||||||||||||||||||||||||||||||
Add: | Non-vehicle related depreciation and amortization | 140 | 133 | |||||||||||||||||||||||||||||
Interest expense related to corporate debt, net: | ||||||||||||||||||||||||||||||||
Interest expense | 99 | 90 | ||||||||||||||||||||||||||||||
Early extinguishment of debt | 7 | — | ||||||||||||||||||||||||||||||
COVID-19 charges (b) | 80 | — | ||||||||||||||||||||||||||||||
Restructuring and other related charges | 72 | 44 | ||||||||||||||||||||||||||||||
Non-operational charges related to shareholder activist activity (c) | 4 | — | ||||||||||||||||||||||||||||||
Transaction-related costs, net (d) | 3 | 6 | ||||||||||||||||||||||||||||||
Gain on sale of equity method investment in China (e) | — | (44) | ||||||||||||||||||||||||||||||
Adjusted EBITDA | $ | (469) | $ | 174 |
Six Months Ended June 30, | ||||||||||||||||||||
2020 | 2019 | % Change | ||||||||||||||||||
Revenues | $ | 1,822 | $ | 2,954 | (38 | %) | ||||||||||||||
Adjusted EBITDA | (263) | 187 | n/m |
Six Months Ended June 30, | ||||||||||||||||||||
2020 | 2019 | % Change | ||||||||||||||||||
Revenues | $ | 691 | $ | 1,303 | (47 | %) | ||||||||||||||
Adjusted EBITDA | (180) | 18 | n/m |
June 30, 2020 | December 31, 2019 | Change | ||||||||||||||||||
Total assets exclusive of assets under vehicle programs | $ | 9,514 | $ | 9,311 | $ | 203 | ||||||||||||||
Total liabilities exclusive of liabilities under vehicle programs | 8,948 | 8,538 | 410 | |||||||||||||||||
Assets under vehicle programs | 12,176 | 13,815 | (1,639) | |||||||||||||||||
Liabilities under vehicle programs | 12,895 | 13,932 | (1,037) | |||||||||||||||||
Stockholders’ equity | (153) | 656 | (809) |
Six Months Ended June 30, | ||||||||||||||||||||
2020 | 2019 | Change | ||||||||||||||||||
Cash provided by (used in): | ||||||||||||||||||||
Operating activities | $ | 350 | $ | 965 | $ | (615) | ||||||||||||||
Investing activities | 317 | (3,146) | 3,463 | |||||||||||||||||
Financing activities | (224) | 2,027 | (2,251) | |||||||||||||||||
Effect of changes in exchange rates on cash and cash equivalents, program and restricted cash | (4) | 4 | (8) | |||||||||||||||||
Net increase (decrease) in cash and cash equivalents, program and restricted cash | 439 | (150) | 589 | |||||||||||||||||
Cash and cash equivalents, program and restricted cash, beginning of period | 900 | 735 | 165 | |||||||||||||||||
Cash and cash equivalents, program and restricted cash, end of period | $ | 1,339 | $ | 585 | $ | 754 |
Six Months Ended June 30, 2020 | |||||||||||
Revenues | $ | 1,648 | |||||||||
Expenses | 2,823 | ||||||||||
Loss before income taxes | (1,175) | ||||||||||
Benefit from income taxes | (177) | ||||||||||
Net loss | $ | (998) |
June 30, 2020 | December 31, 2019 | ||||||||||
Assets | |||||||||||
Current assets | $ | 945 | $ | 485 | |||||||
Non-current assets | 5,226 | 5,067 | |||||||||
Assets under vehicle programs | 366 | 348 | |||||||||
Liabilities | |||||||||||
Current liabilities | $ | 1,210 | $ | 1,244 | |||||||
Non-current liabilities | 5,024 | 4,441 | |||||||||
Liabilities under vehicle programs | 2,133 | 2,311 |
AVIS BUDGET GROUP, INC. | ||||||||||||||
Date: | July 29, 2020 | /s/ Cathleen DeGenova | ||||||||||||
Cathleen DeGenova | ||||||||||||||
Vice President and | ||||||||||||||
Chief Accounting Officer |
Exhibit No. | Description | ||||
3.1 | |||||
3.2 | |||||
4.1 | |||||
4.2 | |||||
4.3 | |||||
10.1 | |||||
22 | |||||
31.1 | |||||
31.2 | |||||
32 | |||||
101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | ||||
101.SCH | XBRL Taxonomy Extension Schema. | ||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase. | ||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase. | ||||
101.LAB | XBRL Taxonomy Extension Label Linkbase. | ||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase. | ||||
104 | Cover Page Interactive Data File - (formatted as Inline XBRL and contained in Exhibit 101) |
The following subsidiaries of Avis Budget Group, Inc. (the "Parent") were, as of June 30, 2020, guarantors of the Company's senior notes: | ||||||||||||||
Entity | Jurisdiction of Incorporation | Senior Notes | ||||||||||||
AB Car Rental Services, Inc. | Delaware | Guarantor | ||||||||||||
Avis Budget Car Rental LLC | Delaware | Issuer | ||||||||||||
Avis Budget Holdings, LLC | Delaware | Guarantor | ||||||||||||
Avis Car Rental Group, LLC | Delaware | Guarantor | ||||||||||||
Avis Caribbean, Limited | Delaware | Guarantor | ||||||||||||
Avis Group Holdings, LLC | Delaware | Guarantor | ||||||||||||
Avis International, Ltd. | Delaware | Guarantor | ||||||||||||
Avis Rent A Car System, LLC | Delaware | Guarantor | ||||||||||||
Budget Rent A Car System, Inc. | Delaware | Guarantor | ||||||||||||
Budget Truck Rental LLC | Delaware | Guarantor | ||||||||||||
PR Holdco, Inc. | Delaware | Guarantor | ||||||||||||
Wizard Services, Inc. | Delaware | Guarantor | ||||||||||||
Wizard Co., Inc. | Delaware | Guarantor | ||||||||||||
Zipcar, Inc. | Delaware | Guarantor |
/s/ Joseph A. Ferraro | ||
President and Chief Executive Officer |
/s/ John F. North, III | ||
Executive Vice President and Chief Financial Officer |
/s/ JOSEPH A. FERRARO | ||
Joseph A. Ferraro | ||
President and Chief Executive Officer | ||
July 29, 2020 | ||
/s/ JOHN F. NORTH, III | ||
John F. North, III | ||
Executive Vice President and Chief Financial Officer | ||
July 29, 2020 |
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Revenues | ||||
Revenues | $ 760,000,000 | $ 2,337,000,000 | $ 2,513,000,000 | $ 4,257,000,000 |
Expenses | ||||
Operating | 622,000,000 | 1,172,000,000 | 1,680,000,000 | 2,243,000,000 |
Vehicle depreciation and lease charges, net | 374,000,000 | 543,000,000 | 833,000,000 | 1,028,000,000 |
Selling, General and Administrative Expense | 132,000,000 | 313,000,000 | 383,000,000 | 597,000,000 |
Vehicle interest, net | 87,000,000 | 90,000,000 | 170,000,000 | 171,000,000 |
Non-vehicle related depreciation and amortization | 71,000,000 | 66,000,000 | 140,000,000 | 133,000,000 |
Interest expense | 51,000,000 | 48,000,000 | 99,000,000 | 90,000,000 |
Early extinguishment of debt | 3,000,000 | 0 | 7,000,000 | 0 |
Restructuring and other related charges | 28,000,000 | 23,000,000 | 72,000,000 | 44,000,000 |
Transaction-related costs, net | 1,000,000 | 1,000,000 | 3,000,000 | 6,000,000 |
Total expenses | 1,369,000,000 | 2,256,000,000 | 3,387,000,000 | 4,312,000,000 |
Income (loss) before income taxes | (609,000,000) | 81,000,000 | (874,000,000) | (55,000,000) |
Provision for (benefit from) income taxes | (128,000,000) | 19,000,000 | (235,000,000) | (26,000,000) |
Net income (loss) | (481,000,000) | 62,000,000 | (639,000,000) | (29,000,000) |
Comprehensive income (loss) | $ (448,000,000) | $ 60,000,000 | $ (705,000,000) | $ (36,000,000) |
Earnings (loss) per share | ||||
Basic | $ (6.91) | $ 0.81 | $ (8.96) | $ (0.39) |
Diluted | $ (6.91) | $ 0.81 | $ (8.96) | $ (0.39) |
CONSOLIDATED CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares shares in Millions |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 10 | 10 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 250 | 250 |
Common stock, shares issued | 137 | 137 |
Treasury stock, shares | 61 | 61 |
Restructuring |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities Disclosure | Restructuring and Other Related Charges Restructuring During first quarter 2020, the Company initiated a global restructuring plan to reduce operating costs, such as headcount and facilities, due to declining reservations and revenue resulting from the COVID-19 outbreak (“2020 Optimization Plan”). During the six months ended June 30, 2020, as part of this process, the Company formally communicated the termination of employment to approximately 2,400 employees. The Company expects further restructuring expense of approximately $20 million related to this initiative to be incurred in 2020. During third quarter 2019, the Company initiated a restructuring plan to exit its operations in Brazil by closing rental facilities, disposing of assets and terminating personnel (“Brazil”). During the six months ended June 30, 2020, as part of this initiative, the Company formally communicated the termination of employment to approximately 20 employees. The Company expects further restructuring expense of approximately $7 million to be incurred. During first quarter 2019, the Company initiated a restructuring plan to drive global efficiency by improving processes and consolidating functions, and to create new objectives and strategies for its U.S. truck rental operations by reducing headcount, large vehicles and rental locations (“T19”). This initiative is substantially complete. The following tables summarize the changes to our restructuring-related liabilities and identifies the amounts recorded within the Company’s reporting segments for restructuring charges and corresponding payments and utilizations:
__________ (a)Includes expenses primarily related to the disposition of vehicles. Other Related Charges Limited Voluntary Opportunity Plan (“LVOP”) During 2020, the Company offered a voluntary termination program to certain employees in field operations, shared services, and general and administrative functions for a limited time. These employees, if qualified, elected resignation from employment in return for enhanced severance benefits to be settled in cash. During the six months ended June 30, 2020, the Company recorded other related charges of approximately $18 million in connection with the LVOP. As of June 30, 2020, approximately 400 qualified employees elected to participate in the plan and the employment of all participants had been terminated. Officer Separation Costs In March 2020, the Company announced the departure of Michael K. Tucker as Executive Vice President, General Counsel effective March 27, 2020. In connection with Mr. Tucker’s separation, the Company recorded other related charges of approximately $2 million for the six months ended June 30, 2020. In March 2019, the Company announced the resignation of Mark J. Servodidio as the Company’s President, International effective June 14, 2019. In connection with Mr. Servodidio’s departure, the Company recorded other related charges of approximately $3 million, inclusive of accelerated stock-based compensation expense for the six months ended June 30, 2019. In May 2019, the Company announced the resignation of Larry D. De Shon as the Company’s President and Chief Executive Officer. Mr. De Shon continued to serve in his role until December 31, 2019. In connection with Mr. De Shon’s departure, the Company recorded other related charges of approximately $8 million, inclusive of accelerated stock-based compensation expense for the six months ended June 30, 2019.
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Earnings Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share (“EPS”) (shares in millions):
__________ (a)For the three and six months ended June 30, 2020, 1.3 million, respectively non-vested stock awards, have an anti-dilutive effect and therefore are excluded from the computation of diluted weighted average shares outstanding. For the three months ended June 30, 2019, 0.5 million non-vested stock awards at June 30, 2019, have an anti-dilutive effect and therefore are excluded from the computation of diluted weighted average shares outstanding. As the Company incurred a net loss for the six months ended June 30, 2019, 1.2 million non-vested stock awards at June 30, 2019 have an anti-dilutive effect and therefore are excluded from the computation of diluted weighted average shares outstanding.
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Acquisitions |
6 Months Ended |
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Jun. 30, 2020 | |
Acquisitions [Abstract] | |
Business Combination Disclosure [Text Block] | Acquisitions Avis and Budget LicenseesDuring the six months ended June 30, 2020, the Company completed the acquisitions of various licensees in North America and Europe, for approximately $27 million, plus $21 million for acquired fleet. These investments were in-line with the Company’s strategy to re-acquire licensees when advantageous to expand its footprint of Company-operated locations. The acquired fleet was financed under the Company’s existing financing arrangements. In connection with these acquisitions, approximately $27 million was recorded in other intangibles related to license agreements. The license agreements are being amortized over a weighted average useful life of approximately two years. The fair value of the assets acquired and liabilities assumed has not yet been finalized and is therefore subject to change. |
Other Current Assets |
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Other Current Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Current Assets [Text Block] | Other Current Assets Other current assets consisted of:
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Vehicle Rental Activities |
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Vehicle Rental Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vehicle Rental Activities | Vehicle Rental Activities The components of vehicles, net within assets under vehicle programs were as follows:
The components of vehicle depreciation and lease charges, net are summarized below:
At June 30, 2020 and 2019, the Company had payables related to vehicle purchases included in liabilities under vehicle programs - other of $150 million and $782 million, respectively, and receivables related to vehicle sales included in assets under vehicle programs - receivables from vehicle manufacturers and other of $419 million and $214 million, respectively.
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Income Taxes |
6 Months Ended |
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Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | Income Taxes The Company’s effective tax rate for the six months ended June 30, 2020 was a benefit of 26.9%. Such rate differed from the Federal Statutory rate of 21.0% primarily due to foreign taxes on our International operations and state taxes. The Company’s effective tax rate for the six months ended June 30, 2019 was a benefit of 47.3%. Such rate differed from the Federal statutory rate of 21.0% primarily due to foreign taxes on our International operations, state taxes and a one-time net tax benefit from the sale of equity investment in China during the second quarter of 2019.
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Accounts Payable and Other Current Liabilities |
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Accounts Payable and Other Current Liabilities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | Accounts Payable and Other Current Liabilities Accounts payable and other current liabilities consisted of:
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Debt Under Vehicle Programs and Borrowing Arrangements |
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Debt Under Vehicle Programs and Borrowing Arrangements | Debt Under Vehicle Programs and Borrowing Arrangements Debt under vehicle programs, including related party debt due to Avis Budget Rental Car Funding (AESOP) LLC (“Avis Budget Rental Car Funding”), consisted of:
__________ (a)Deferred financing fees related to Debt due to Avis Budget Rental Car Funding as of June 30, 2020 and December 31, 2019 was $38 million and $40 million, respectively In January 2020, the Company’s Avis Budget Rental Car Funding subsidiary issued approximately $700 million in asset-backed notes with an expected final payment date of August 2025 incurring interest at a weighted average rate of 2.42%. Debt Maturities The following table provides the contractual maturities of the Company’s debt under vehicle programs, including related party debt due to Avis Budget Rental Car Funding, at June 30, 2020.
__________ (a) Vehicle-backed debt primarily represents asset-backed securities. (b) Includes $1.3 billion of bank and bank-sponsored facilities. (c) Includes $2.5 billion of bank and bank-sponsored facilities. Committed Credit Facilities and Available Funding Arrangements As of June 30, 2020, available funding under the Company’s vehicle programs, including related party debt due to Avis Budget Rental Car Funding, consisted of:
__________ (a) Capacity is subject to maintaining sufficient assets to collateralize debt. (b) The outstanding debt is collateralized by vehicles and related assets of $8.8 billion for Americas - Debt due to Avis Budget Rental Car Funding; $1.0 billion for Americas - Debt borrowings; $1.9 billion for International - Debt borrowings; and $0.2 billion for International - Finance leases. Debt Covenants The agreements under the Company’s vehicle-backed funding programs contain restrictive covenants, including restrictions on dividends paid to the Company by certain of its subsidiaries and restrictions on indebtedness, mergers, liens, liquidations, and sale and leaseback transactions and in some cases also require compliance with certain financial requirements. As of June 30, 2020, the Company is not aware of any instances of non-compliance with any of the financial covenants contained in the debt agreements under its vehicle-backed funding programs.
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Commitments and Contingencies |
6 Months Ended |
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Jun. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Contingencies In 2006, the Company completed the spin-offs of its Realogy and Wyndham subsidiaries. The Company does not believe that the impact of any resolution of pre-existing contingent liabilities in connection with the spin-offs should result in a material liability to the Company in relation to its consolidated financial position or liquidity, as Realogy and Wyndham each have agreed to assume responsibility for these liabilities. The Company is also named in litigation that is primarily related to the businesses of its former subsidiaries, including Realogy and Wyndham. The Company is entitled to indemnification from such entities for any liability resulting from such litigation. In February 2017, following a state court trial in Georgia, a jury found the Company liable for damages in a case brought by a plaintiff who was injured in a vehicle accident allegedly caused by an employee of an independent contractor of the Company who was acting outside of the scope of employment. In fourth quarter 2019, the Company appealed both verdicts resulting in a reversal of the opinions rendered. The plaintiffs filed a petition to have the Georgia Supreme Court review the state appellate court’s reversal of the opinion. The Company has recognized a liability related to these cases, net of recoverable insurance proceeds, of approximately $12 million. The Company is currently involved, and in the future may be involved, in claims, legal proceedings and governmental inquiries that are incidental to its vehicle rental and car sharing operations, including, among others, contract and licensee disputes, competition matters, employment and wage-and-hour claims, insurance and liability claims, intellectual property claims, business practice disputes and other regulatory, environmental, commercial and tax matters. Litigation is inherently unpredictable and, although the Company believes that its accruals are adequate and/or that it has valid defenses in these matters, unfavorable resolutions could occur. The Company estimates that the potential exposure resulting from adverse outcomes of current legal proceedings in which it is reasonably possible that a loss may be incurred could, in the aggregate, be up to approximately $35 million in excess of amounts accrued as of June 30, 2020. The Company does not believe that the impact should result in a material liability to the Company in relation to its consolidated financial condition or results of operations. Commitments to Purchase Vehicles The Company maintains agreements with vehicle manufacturers under which the Company has agreed to purchase approximately $1.4 billion of vehicles from manufacturers over the next 12 months, a $6.4 billion decrease compared to December 31, 2019, financed primarily through the issuance of vehicle-backed debt and cash received upon the disposition of vehicles. Certain of these commitments are subject to the vehicle manufacturers satisfying their obligations under their respective repurchase and guaranteed depreciation agreements. Concentrations Concentrations of credit risk at June 30, 2020 include (i) risks related to the Company’s repurchase and guaranteed depreciation agreements with domestic and foreign car manufacturers, primarily with respect to receivables for program cars that have been disposed but for which the Company has not yet received payment from the manufacturers and (ii) risks related to Realogy and Wyndham, including receivables of $24 million and $15 million, respectively, related to certain contingent, income tax and other corporate liabilities assumed by Realogy and Wyndham in connection with their disposition.
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Financial Instruments |
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Financial Instruments | Financial Instruments Derivative Instruments and Hedging Activities Currency Risk. The Company uses currency exchange contracts to manage its exposure to changes in currency exchange rates associated with certain of its non-U.S.-dollar denominated receivables and forecasted royalties, forecasted earnings of non-U.S. subsidiaries and forecasted non-U.S.-dollar denominated acquisitions. The Company primarily hedges a portion of its current-year currency exposure to the Australian, Canadian and New Zealand dollars, the euro and the British pound sterling. The majority of forward contracts do not qualify for hedge accounting treatment. The fluctuations in the value of these forward contracts do, however, largely offset the impact of changes in the value of the underlying risk they economically hedge. Forward contracts used to hedge forecasted third-party receipts and disbursements up to 12 months are designated and do qualify as cash flow hedges. The Company has designated its euro-denominated notes as a hedge of its investment in euro-denominated foreign operations. The estimated net amount of existing gains or losses the Company expects to reclassify from accumulated other comprehensive income (loss) to earnings for cash flow and net investment hedges over the next 12 months is not material. Interest Rate Risk. The Company uses various hedging strategies including interest rate swaps and interest rate caps to create what it deems an appropriate mix of fixed and floating rate assets and liabilities. The Company uses interest rate swaps and interest rate caps to manage the risk related to its floating rate corporate debt and its floating rate vehicle-backed debt. The Company records the changes in the fair value of its cash flow hedges to other comprehensive income (loss), net of tax, and subsequently reclassifies these amounts into earnings in the period during which the hedged transaction affects earnings and is presented in the same income statement line item as the earnings effect of the hedged item. The Company records the gains or losses related to freestanding derivatives, which are not designated as a hedge for accounting purposes, currently in earnings and are presented in the same line of the income statement expected for the hedged item. The Company estimates that approximately $17 million of losses currently recorded in accumulated other comprehensive income (loss) will be recognized in earnings over the next 12 months. Commodity Risk. The Company periodically enters into derivative commodity contracts to manage its exposure to changes in the price of gasoline. These instruments were designated as freestanding derivatives and the changes in fair value are recorded in earnings and are presented in the same line of the income statement expected for the hedged item. The Company held derivative instruments with absolute notional values as follows:
__________ (a)Represents $5.7 billion of interest rate caps sold, partially offset by approximately $2.7 billion of interest rate caps purchased. These amounts exclude $3.0 billion of interest rate caps purchased by the Company’s Avis Budget Rental Car Funding subsidiary as it is not consolidated by the Company. Estimated fair values (Level 2) of derivative instruments were as follows:
__________ Amounts in this table exclude derivatives issued by Avis Budget Rental Car Funding, as it is not consolidated by the Company; however, certain amounts related to the derivatives held by Avis Budget Rental Car Funding are included within accumulated other comprehensive income (loss), as discussed in Note 14–Stockholders’ Equity. (a)Included in other non-current assets or other non-current liabilities. (b)Included in other current assets or other current liabilities. (c)Included in assets under vehicle programs or liabilities under vehicle programs. The effects of derivatives recognized in the Company’s Consolidated Condensed Financial Statements were as follows:
__________ (a)Recognized, net of tax, as a component of other comprehensive income (loss) within stockholders’ equity. (b)Classified as a net unrealized gain (loss) on cash flow hedges in accumulated other comprehensive income (loss). Refer to Note 14–Stockholders’ Equity for amounts reclassified from accumulated other comprehensive income into earnings. (c)Classified as a net investment hedge within currency translation adjustment in accumulated other comprehensive income (loss). (d)Gains (losses) related to derivative instruments are expected to be largely offset by (losses) gains on the underlying exposures being hedged. (e)For the three months ended June 30, 2020, included a $8 million loss in operating expense and for the six months ended June 30, 2020, included a $28 million gain in interest expense and $2 million loss in operating expense. For the three months ended June 30, 2019, included $15 million gain in interest expense and a $5 million loss in operating expense and for the six months ended June 30, 2019, included a $11 million gain in interest expense. (f)Included primarily in vehicle interest, net. (g)Included in operating expense. Debt Instruments The carrying amounts and estimated fair values (Level 2) of debt instruments were as follows:
__________ (a) Derivatives in a liability position.
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Basis of Presentation Basis of Presentation (Policies) |
6 Months Ended |
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Jun. 30, 2020 | |
Basis of Presentation [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation Avis Budget Group, Inc. provides mobility solutions to businesses and consumers worldwide. The accompanying unaudited Consolidated Condensed Financial Statements include the accounts and transactions of Avis Budget Group, Inc. and its subsidiaries, as well as entities in which Avis Budget Group, Inc. directly or indirectly has a controlling financial interest (collectively, the “Company”), and have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission for interim financial reporting. The Company operates the following reportable business segments: •Americas—consisting primarily of (i) vehicle rental operations in North America, South America, Central America and the Caribbean, (ii) car sharing operations in certain of these markets, and (iii) licensees in the areas in which the Company does not operate directly. •International—consisting primarily of (i) vehicle rental operations in Europe, the Middle East, Africa, Asia and Australasia, (ii) car sharing operations in certain of these markets, and (iii) licensees in the areas in which the Company does not operate directly. The operating results of acquired businesses are included in the accompanying Consolidated Condensed Financial Statements from the dates of acquisition. The fair value of the assets acquired and liabilities assumed in connection with the Company’s 2019 acquisitions of various licensees has not yet been finalized; however, there have been no significant changes to the preliminary allocation of the purchase price during the six months ended June 30, 2020. In presenting the Consolidated Condensed Financial Statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”), management makes estimates and assumptions that affect the amounts reported and related disclosures. Estimates, by their nature, are based on judgment and available information. Accordingly, actual results could differ from those estimates. In management’s opinion, the Consolidated Condensed Financial Statements contain all adjustments necessary for a fair presentation of interim results reported. The results of operations reported for interim periods are not necessarily indicative of the results of operations for the entire year or any subsequent interim period. These financial statements should be read in conjunction with the Company’s 2019 Form 10-K.
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Vehicle Program Policy [Policy Text Block] | Vehicle Programs. The Company presents separately the financial data of its vehicle programs. These programs are distinct from the Company’s other activities since the assets under vehicle programs are generally funded through the issuance of debt that is collateralized by such assets. The income generated by these assets is used, in part, to repay the principal and interest associated with the debt. Cash inflows and outflows relating to the acquisition of such assets and the principal debt repayment or financing of such assets are classified as activities of the Company’s vehicle programs. The Company believes it is appropriate to segregate the financial data of its vehicle programs because, ultimately, the source of repayment of such debt is the realization of such assets. |
Transaction Related Costs Policy [Policy Text Block] | Transaction-related costs, net. Transaction-related costs, net are classified separately in the Consolidated Condensed Statements of Comprehensive Income. These costs are comprised of expenses related to acquisition-related activities such as due diligence and other advisory costs, expenses related to the integration of the acquiree’s operations with those of the Company, including the implementation of best practices and process improvements, non-cash gains and losses related to re-acquired rights, expenses related to pre-acquisition contingencies and contingent consideration related to acquisitions. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Currency Transactions. The Company records the gain or loss on foreign-currency transactions on certain intercompany loans and the gain or loss on intercompany loan hedges within interest expense related to corporate debt, net. During the three months ended June 30, 2020 and 2019, the Company recorded an immaterial amount, in each period, related to such items. During the six months ended June 30, 2020 and 2019, the Company recorded a loss of $6 million and a gain of $3 million in each period, related to such items. |
New Accounting Pronouncements, Policy [Policy Text Block] | Adoption of New Accounting Pronouncements Intangibles—Goodwill and Other—Internal-Use Software On January 1, 2020, as the result of a new accounting pronouncement, the Company adopted Accounting Standard Update (“ASU”) 2018-15 “Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement That Is a Service Contract,” which provides guidance for determining when the arrangement includes a software license. The amendments align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal use software license). The amendments in this Update also require the entity to expense the capitalized implementation costs of a hosting arrangement that is a service contract over the term of the hosting arrangement, to present the expense in the same line in its statement of income as the fees associated with the hosting element (service) of the arrangement and classify payments for capitalized implementation costs in its statement of cash flows in the same manner as payments made for fees associated with the hosting element. The entity is also required to present the capitalized implementation costs in its balance sheet in the same line that a prepayment for the fees of the associated hosting arrangement would be presented. The adoption of this accounting pronouncement did not have a material impact on the Company's Consolidated Condensed Financial Statements. Fair Value Measurement On January 1, 2020, as the result of a new accounting pronouncement, the Company adopted ASU 2018-13, “Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement,” which adds, removes, and modifies disclosure requirements related to fair value measurements. The adoption of this accounting pronouncement did not have a material impact on the Company's Consolidated Condensed Financial Statements. Measurement of Credit Losses on Financial Instruments On January 1, 2020, as the result of a new accounting pronouncement, the Company adopted ASU 2016-13, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” and related updates which sets forth a current expected credit loss impairment model for financial assets that replaces the current incurred loss model. This model requires a financial asset (or group of financial assets), including trade receivables, measured at amortized cost to be presented at the net amount expected to be collected with an allowance for credit losses deducted from the amortized cost basis. The allowance for credit losses should reflect management’s current estimate of credit losses that are expected to occur over the remaining life of a financial asset. The adoption of this accounting pronouncement did not have a material impact on the Company's Consolidated Condensed Financial Statements. Financial Disclosures About Guarantors and Issuers of Guaranteed Securities and Affiliates Whose Securities Collateralize a Registrant’s Securities During first quarter 2020, the Company early adopted the Securities Exchange Commission’s, “Financial Disclosures About Guarantors and Issuers of Guaranteed Securities and Affiliates Whose Securities Collateralize a Registrant’s Securities” rules, which simplify the disclosure requirements related to the Company’s registered securities under Rule 3-10 of Regulation S-X. The final rule also allows for the simplified disclosure to be included within Management’s Discussion and Analysis of Financial Condition and Results of Operations. Recently Issued Accounting Pronouncements Simplifying the Accounting for Income Taxes In December 2019, the FASB issued 2019-12, “Simplifying the Accounting for Income Taxes,” which simplifies the accounting for income taxes by removing certain exceptions and improving the application of existing guidance. ASU 2019-12 becomes effective for the Company on January 1, 2021. Early adoption is permitted. The Company is currently evaluating the impact of this accounting pronouncement on its Consolidated Condensed Financial Statements. Compensation—Retirement Benefits—Defined Benefit Plans In August 2018, the FASB issued ASU 2018-14, “Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans,” which adds, removes, and clarifies disclosure requirements related to defined benefit pension and other postretirement plans. These changes are part of the FASB’s disclosure framework project, which the Board launched in 2014 to improve the effectiveness of disclosures in notes to financial statements. ASU 2018-14 becomes effective for the Company on January 1, 2021. Early adoption is permitted. The adoption of this accounting pronouncement is not expected to have a material impact on the Company's Consolidated Condensed Financial Statements.
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Leases (Policies) |
6 Months Ended |
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Jun. 30, 2020 | |
Leases [Abstract] | |
Lessee, Leases [Policy Text Block] | Lessee The Company has operating and finance leases for rental locations, corporate offices, vehicle rental fleet and equipment. Many of the Company’s operating leases for rental locations contain concession agreements with various airport authorities that allow the Company to conduct its vehicle rental operations on site. In general, concession fees for airport locations are based on a percentage of total commissionable revenue as defined by each airport authority, some of which are subject to minimum annual guaranteed amounts. Concession fees other than minimum annual guaranteed amounts are not included in the measurement of operating lease ROU assets and operating lease liabilities, and are recorded as variable lease expense as incurred. The Company’s operating leases for rental locations often also require the Company to pay or reimburse operating expenses.
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Basis of Presentation Basis of Presentation (Tables) |
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Basis of Presentation [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of cash and cash equivalents (2016-18) [Table Text Block] | Cash and cash equivalents, Program cash and Restricted cash. The following table provides a detail of cash and cash equivalents, program and restricted cash reported within the Consolidated Condensed Balance Sheets to the amounts shown in the Consolidated Condensed Statements of Cash Flows.
________ (a)Included within other current assets.
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Disaggregation of Revenue [Table Text Block] | The following table presents the Company’s revenues disaggregated by geography.
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Disaggregation of Revenue by Brand [Table Text Block] | The following table presents the Company’s revenues disaggregated by brand.
________
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Deferred Revenue Rollforward [Table Text Block] | Other includes Zipcar and other operating brands. |
Leases (Tables) |
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Lease Revenues Disaggregated by Geography [Table Text Block] | Leases The following table presents the Company’s lease revenues disaggregated by geography.
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Lease Revenues Disaggregated by Brand [Table Text Block] | The following table presents the Company’s lease revenues disaggregated by brand.
_______ Other includes Zipcar and other operating brands.
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Supplemental Balance Sheet Information related to Leases [Table Text Block] | Supplemental balance sheet information related to leases is as follows:
_________ (a) Included in Accounts payable and other current liabilities.
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Supplemental Cash Flow Information related to Leases [Table Text Block] | Supplemental cash flow information related to leases is as follows:
_________ (a)For the six months ended June 2019, ROU assets obtained in exchange for lease liabilities from initial recognition.
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Restructuring (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Changes To Restructuring-Related Liabilities | The following tables summarize the changes to our restructuring-related liabilities and identifies the amounts recorded within the Company’s reporting segments for restructuring charges and corresponding payments and utilizations:
__________ (a)Includes expenses primarily related to the disposition of vehicles.
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Earnings Per Share (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Computation Of Basic And Diluted Earnings Per Share | The following table sets forth the computation of basic and diluted earnings per share (“EPS”) (shares in millions):
__________ (a)For the three and six months ended June 30, 2020, 1.3 million, respectively non-vested stock awards, have an anti-dilutive effect and therefore are excluded from the computation of diluted weighted average shares outstanding. For the three months ended June 30, 2019, 0.5 million non-vested stock awards at June 30, 2019, have an anti-dilutive effect and therefore are excluded from the computation of diluted weighted average shares outstanding. As the Company incurred a net loss for the six months ended June 30, 2019, 1.2 million non-vested stock awards at June 30, 2019 have an anti-dilutive effect and therefore are excluded from the computation of diluted weighted average shares outstanding.
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Other Current Assets (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Current Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Current Assets [Table Text Block] | Other current assets consisted of:
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Intangible Assets (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Intangible Assets | Intangible Assets Intangible assets consisted of:
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Vehicle Rental Activities (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vehicle Rental Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components Of The Company's Vehicles | Vehicle Rental Activities The components of vehicles, net within assets under vehicle programs were as follows:
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Components Of Vehicle Depreciation And Lease Charges | The components of vehicle depreciation and lease charges, net are summarized below:
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Accounts Payable and Other Current Liabilities (Tables) |
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Payable and Other Current Liabilities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | Accounts payable and other current liabilities consisted of:
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Long-term Debt and Borrowing Arrangements (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Long-Term Debt | Long-term corporate debt and borrowing arrangements consisted of:
__________ (a)The floating rate term loan is part of the Company’s senior revolving credit facility, which is secured by pledges of capital stock of certain subsidiaries of the Company, and liens on substantially all of the Company’s intellectual property and certain other real and personal property. As of June 30, 2020, the floating rate term loan due 2027 bears interest at one-month LIBOR plus 225 basis points, for an aggregate rate of 2.43%. The Company has entered into a swap to hedge $700 million of its interest rate exposure related to the floating rate term loan at an aggregate rate of 3.92%. (b)Primarily includes finance leases which are secured by liens on the related assets. In February 2020, the Company amended its Floating Rate Term Loan due 2025 to extend its maturity term to 2027 and reduce its interest to one-month LIBOR plus 1.75%. The Company increased the outstanding borrowing principal amount of the Floating Rate Term Loan to $1.2 billion and on April 1, 2020 used the additional loan amount to redeem $100 million of its outstanding 5½% Senior Notes due 2023
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Schedule Of Committed Credit Facilities | Committed Credit Facilities and Available Funding Arrangements At June 30, 2020, the committed corporate credit facilities available to the Company and/or its subsidiaries were as follows:
__________ (a)The senior revolving credit facility bears interest at one-month LIBOR plus 250 basis points and is part of the Company’s senior credit facilities, which include the floating rate term loan and the senior revolving credit facility, and which are secured by pledges of capital stock of certain subsidiaries of the Company, liens on substantially all of the Company’s intellectual property and certain other real and personal property.
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Debt Under Vehicle Programs and Borrowing Arrangements (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Debt Under Vehicle Programs | Debt under vehicle programs, including related party debt due to Avis Budget Rental Car Funding (AESOP) LLC (“Avis Budget Rental Car Funding”), consisted of:
__________ (a)Deferred financing fees related to Debt due to Avis Budget Rental Car Funding as of June 30, 2020 and December 31, 2019 was $38 million and $40 million, respectively In January 2020, the Company’s Avis Budget Rental Car Funding subsidiary issued approximately $700 million in asset-backed notes with an expected final payment date of August 2025 incurring interest at a weighted average rate of 2.42%
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Schedule Of Contractual Maturities | Debt Maturities The following table provides the contractual maturities of the Company’s debt under vehicle programs, including related party debt due to Avis Budget Rental Car Funding, at June 30, 2020.
__________ (a) Vehicle-backed debt primarily represents asset-backed securities. (b) Includes $1.3 billion of bank and bank-sponsored facilities. (c) Includes $2.5 billion of bank and bank-sponsored facilities.
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Schedule Of Available Funding Under The Vehicle Programs | Committed Credit Facilities and Available Funding Arrangements As of June 30, 2020, available funding under the Company’s vehicle programs, including related party debt due to Avis Budget Rental Car Funding, consisted of:
__________ (a) Capacity is subject to maintaining sufficient assets to collateralize debt. (b) The outstanding debt is collateralized by vehicles and related assets of $8.8 billion for Americas - Debt due to Avis Budget Rental Car Funding; $1.0 billion for Americas - Debt borrowings; $1.9 billion for International - Debt borrowings; and $0.2 billion for International - Finance leases.
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Stockholders' Equity (Tables) |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components Of Other Comprehensive Income | The components of other comprehensive income (loss) were as follows:
__________ Currency translation adjustments exclude income taxes related to indefinite investments in foreign subsidiaries.
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Stock-Based Compensation (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Based Compensation Activity | The activity related to restricted stock units (“RSUs”) consisted of (in thousands of shares):
__________ (a)Reflects the maximum number of stock units assuming achievement of all performance-, market- and time-vesting criteria and does not include those for non-employee directors. The weighted-average fair value of time-based RSUs and performance-based and market-based RSUs granted during the six months ended June 30, 2019 was $34.90 and $34.87, respectively. (b)The total fair value of RSUs vested during June 30, 2020 and 2019 was $18 million and $13 million, respectively. (c)Aggregate unrecognized compensation expense related to time-based RSUs and performance-based and market-based RSUs amounted to $25 million and will be recognized over a weighted average vesting period of 1.5 years.
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Financial Instruments (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, All Other Investments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Notional Amounts of Outstanding Derivative Positions | The Company held derivative instruments with absolute notional values as follows:
__________ (a)Represents $5.7 billion of interest rate caps sold, partially offset by approximately $2.7 billion of interest rate caps purchased. These amounts exclude $3.0 billion of interest rate caps purchased by the Company’s Avis Budget Rental Car Funding subsidiary as it is not consolidated by the Company.
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Fair Value Of Derivative Instruments | Estimated fair values (Level 2) of derivative instruments were as follows:
__________ Amounts in this table exclude derivatives issued by Avis Budget Rental Car Funding, as it is not consolidated by the Company; however, certain amounts related to the derivatives held by Avis Budget Rental Car Funding are included within accumulated other comprehensive income (loss), as discussed in Note 14–Stockholders’ Equity. (a)Included in other non-current assets or other non-current liabilities. (b)Included in other current assets or other current liabilities. (c)Included in assets under vehicle programs or liabilities under vehicle programs.
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Derivative Instruments, Gain (Loss) | The effects of derivatives recognized in the Company’s Consolidated Condensed Financial Statements were as follows:
__________ (a)Recognized, net of tax, as a component of other comprehensive income (loss) within stockholders’ equity. (b)Classified as a net unrealized gain (loss) on cash flow hedges in accumulated other comprehensive income (loss). Refer to Note 14–Stockholders’ Equity for amounts reclassified from accumulated other comprehensive income into earnings. (c)Classified as a net investment hedge within currency translation adjustment in accumulated other comprehensive income (loss). (d)Gains (losses) related to derivative instruments are expected to be largely offset by (losses) gains on the underlying exposures being hedged. (e)For the three months ended June 30, 2020, included a $8 million loss in operating expense and for the six months ended June 30, 2020, included a $28 million gain in interest expense and $2 million loss in operating expense. For the three months ended June 30, 2019, included $15 million gain in interest expense and a $5 million loss in operating expense and for the six months ended June 30, 2019, included a $11 million gain in interest expense. (f)Included primarily in vehicle interest, net. (g)Included in operating expense.
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Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | The carrying amounts and estimated fair values (Level 2) of debt instruments were as follows:
__________ (a) Derivatives in a liability position.
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Basis of Presentation Deferred Revenue Rollforward in Basis of Presentation (Details) $ in Millions |
Jun. 30, 2020
USD ($)
|
---|---|
Accounts Payable and Accrued Liabilities [Member] | |
Deferred Revenue Rollforward [Line Items] | |
Deferred Revenue | $ 24 |
Leases Lessor (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Lessor, Lease, Description [Line Items] | ||||
Operating Lease, Lease Income | $ 738 | $ 2,304 | $ 2,459 | $ 4,194 |
Americas [Member] | ||||
Lessor, Lease, Description [Line Items] | ||||
Operating Lease, Lease Income | 552 | 1,617 | 1,796 | 2,936 |
EMEA [Member] | ||||
Lessor, Lease, Description [Line Items] | ||||
Operating Lease, Lease Income | 151 | 553 | 493 | 967 |
Asia and Australasia [Member] | ||||
Lessor, Lease, Description [Line Items] | ||||
Operating Lease, Lease Income | 35 | 134 | 170 | 291 |
Avis [Member] | ||||
Lessor, Lease, Description [Line Items] | ||||
Operating Lease, Lease Income | 389 | 1,311 | 1,357 | 2,394 |
Budget [Member] | ||||
Lessor, Lease, Description [Line Items] | ||||
Operating Lease, Lease Income | 261 | 804 | 869 | 1,444 |
Other Brands [Member] | ||||
Lessor, Lease, Description [Line Items] | ||||
Operating Lease, Lease Income | $ 88 | $ 189 | $ 233 | $ 356 |
Restructuring (Narrative) (Detail) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020
USD ($)
|
Jun. 30, 2019
USD ($)
|
Jun. 30, 2020
USD ($)
Employee
|
Jun. 30, 2019
USD ($)
|
|
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Charges | $ 28 | $ 23 | $ 72 | $ 44 |
2020 Optimization [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Charges | $ 47 | |||
Restructuring and Related Cost, Expected Number of Positions Eliminated | Employee | 2,400 | |||
Restructuring and Related Cost, Expected Cost Remaining | 20 | $ 20 | ||
Brazil Restructuring [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Charges | $ 1 | |||
Restructuring and Related Cost, Number of Positions Eliminated | Employee | 20 | |||
Restructuring and Related Cost, Expected Cost Remaining | $ 7 | $ 7 |
Restructuring Other Related Charges (Details) $ in Millions |
6 Months Ended | |
---|---|---|
Jun. 30, 2020
USD ($)
Employee
|
Jun. 30, 2019
USD ($)
|
|
Restructuring Cost and Reserve [Line Items] | ||
Charges related to voluntary termination program | $ 18 | |
Charges related to voluntary termination program, Number of Positions Eliminated | Employee | 400 | |
Michael K. Tucker [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Other Nonrecurring Expense | $ 2 | |
Mark J. Servodidio [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Other Nonrecurring Expense | $ 3 |
Earnings Per Share (Computation Of Basic And Diluted Earnings Per Share) (Detail) - USD ($) $ / shares in Units, shares in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Earnings Per Share [Abstract] | ||||
Net income (loss) | $ (481,000,000) | $ 62,000,000 | $ (639,000,000) | $ (29,000,000) |
Basic weighted average shares outstanding | 69,600 | 76,000 | 71,300 | 75,900 |
Basic | $ (6.91) | $ 0.81 | $ (8.96) | $ (0.39) |
Diluted | $ (6.91) | $ 0.81 | $ (8.96) | $ (0.39) |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Weighted Average Number of Shares Outstanding, Diluted | 69,600 | 76,400 | 71,300 | 75,900 |
Weighted Average Number Diluted Shares Outstanding Adjustment | 0 | 400 | 0 | 0 |
Restricted Stock Units (RSUs) [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 500 |
Earnings Per Share Earnings Per Share (Details) - $ / shares shares in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Basic weighted average shares outstanding | 69.6 | 76.0 | 71.3 | 75.9 |
Basic | $ (6.91) | $ 0.81 | $ (8.96) | $ (0.39) |
Restricted Stock Units (RSUs) [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0.5 |
Acquisitions (Details) - 2020 Avis and Budget Licensees [Member] $ in Millions |
6 Months Ended |
---|---|
Jun. 30, 2020
USD ($)
| |
Business Acquisition [Line Items] | |
Business Combination, Consideration Transferred, Other | $ 27 |
Business Acquisition Purchase Price Allocation Vehicles, Net | $ 21 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 2 years |
Licensing Agreements | |
Business Acquisition [Line Items] | |
Finite-lived Intangible Assets Acquired | $ 27 |
Other Current Assets (Details) - USD ($) $ in Millions |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Other Current Assets Disclosure [Abstract] | ||
Prepaid expenses | $ 165 | $ 234 |
Sales and use taxes | 134 | 173 |
Other | 146 | 141 |
Other current assets | $ 445 | $ 548 |
Intangible Assets (Narrative) (Detail) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization expense relating to all intangible assets | $ 16 | $ 14 | $ 29 | $ 31 |
Amortization expense for remainder of the year | 35 | $ 35 | ||
Document Fiscal Year Focus | 2020 | |||
Intangible assets amortization expense, year one | 63 | $ 63 | ||
Intangible assets amortization expense, year two | 32 | 32 | ||
Intangible assets amortization expense, year three | 24 | 24 | ||
Intangible assets amortization expense, year four | 21 | 21 | ||
Intangible assets amortization expense, year five | $ 16 | $ 16 |
Vehicle Rental Activities (Components Of The Company's Vehicles) (Detail) - USD ($) $ in Millions |
Jun. 30, 2020 |
Dec. 31, 2019 |
Jun. 30, 2019 |
---|---|---|---|
Vehicle Rental Activities [Abstract] | |||
Rental vehicles | $ 11,964 | $ 13,461 | |
Less: Accumulated depreciation | (1,525) | (1,621) | |
Rental Vehicles Net, Total | 10,439 | 11,840 | |
Vehicles held for sale | 371 | 337 | |
Vehicles, net | 10,810 | $ 12,177 | |
Accounts Payable, Other, Current | 150 | $ 782 | |
Other Receivables | $ 419 | $ 214 |
Vehicle Rental Activities (Components Of Vehicle Depreciation And Lease Charges) (Detail) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Vehicle Rental Activities [Abstract] | ||||
Depreciation expense | $ 334 | $ 505 | $ 748 | $ 941 |
Lease charges | 42 | 62 | 98 | 119 |
(Gain) loss on sale of vehicles, net | (2) | (24) | (13) | (32) |
Vehicle depreciation and lease charges, net | $ 374 | $ 543 | $ 833 | $ 1,028 |
Income Taxes Income Taxes (Narrative) (Details) |
3 Months Ended |
---|---|
Jun. 30, 2020 | |
Income Taxes [Abstract] | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% |
Accounts Payable and Other Current Liabilities (Details) - USD ($) $ in Millions |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Accounts Payable and Other Current Liabilities [Abstract] | ||
Short-term operating lease liabilities | $ 513 | $ 479 |
Accounts payable | 389 | 378 |
Accrued sales and use taxes | 201 | 223 |
Accrued advertising and marketing | 128 | 191 |
Accrued payroll and related | 132 | 195 |
Public liability and property damage insurance liabilities – current | 177 | 178 |
Other | 432 | 437 |
Accounts payable and other current liabilities | 2,084 | 2,206 |
Deferred Revenue, Current | $ 112 | $ 125 |
Long-Term Debt And Borrowing Arrangements (Schedule Of Committed Credit Facilities) (Detail) $ in Millions |
Jun. 30, 2020
USD ($)
|
---|---|
Line of Credit Facility [Line Items] | |
Total Capacity | $ 1,800 |
Revolving Credit Facility Maturing Two Thousand Sixteen [Member] | |
Line of Credit Facility [Line Items] | |
Total Capacity | 1,800 |
Outstanding Borrowings | 0 |
Letters of Credit Issued | 1,581 |
Available Capacity | $ 219 |
Debt Under Vehicle Programs And Borrowing Arrangements (Schedule Of Contractual Maturities) (Detail) $ in Millions |
Jun. 30, 2020
USD ($)
|
---|---|
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | |
Vehicle Program Debt Amount Outstanding | $ 10,585 |
Vehicle backed debt [Member] | |
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | |
Loans Payable to Bank | 1,300 |
Within 1 year (b) | 2,602 |
Between 1 and 2 years (c) | 3,907 |
Between 2 and 3 years | 1,243 |
Between 3 and 4 years | 1,279 |
Between 4 and 5 years | 1,538 |
Thereafter | 16 |
Vehicle Program Debt Amount Outstanding | $ 10,585 |
Debt Under Vehicle Programs and Borrowing Arrangements Debt Under Vehicle Programs and Borrowing Arrangements (Details) $ in Millions |
Jun. 30, 2020
USD ($)
|
---|---|
Debt Due To Avis Budget Rental Car Funding (Member) | |
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | |
Asset-Backed Securities, at Carrying Value | $ 700 |
Avis Budget Rental Car Funding Program March 2022 [Member] | |
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | |
Debt, Weighted Average Interest Rate | 2.42% |
Commitments And Contingencies (Narrative) (Detail) - USD ($) $ in Millions |
Jun. 30, 2020 |
Jun. 30, 2019 |
---|---|---|
Schedule Of Commitments And Contingencies [Line Items] | ||
Loss Contingency Accrual | $ 12 | |
Loss Contingency, Range of Possible Loss, Portion Not Accrued | 35 | |
Purchase obligation over the next twelve months | 1,400 | |
Other Receivables | 419 | $ 214 |
Realogy [Member] | ||
Schedule Of Commitments And Contingencies [Line Items] | ||
Other Receivables | 24 | |
Wyndham [Member] | ||
Schedule Of Commitments And Contingencies [Line Items] | ||
Other Receivables | $ 15 |
Stock-Based Compensation (Narrative) (Detail) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 4 | $ 7 | $ 2 | $ 12 |
Stock-based compensation expense (net of tax) | $ 2 | $ 5 | $ 1 | $ 9 |
Senior Notes [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Debt Instrument, Maturity Date, Description | July 2027 | |||
Ten and One over Two Euro-Denominated Senior Notes | Senior Notes [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Debt Instrument, Maturity Date, Description | May 2025 |
Stock-Based Compensation (Summary of Share Based Payment Other Than Options Valuation Assumptions) (Details) |
6 Months Ended |
---|---|
Jun. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 91.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.18% |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 3 years |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% |
Segment Information (Narrative) (Detail) - USD ($) $ in Millions |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Segment Reporting Information [Line Items] | ||
Assets Under Vehicle Programs | $ 12,176 | $ 13,815 |
Americas [Member] | ||
Segment Reporting Information [Line Items] | ||
Segment Assets Exclusive Of Assets Under Vehicle Program | 6,700 | 6,200 |
Assets Under Vehicle Programs | 9,900 | 10,500 |
International [Member] | ||
Segment Reporting Information [Line Items] | ||
Segment Assets Exclusive Of Assets Under Vehicle Program | 2,800 | 3,000 |
Assets Under Vehicle Programs | $ 2,300 | $ 3,300 |
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