2.	Restructuring

During fourth quarter 2011, subsequent to the acquisition of Avis Europe, the Company implemented a restructuring initiative, to identify synergies across the Company, enhance organizational efficiencies and consolidate and rationalize processes and facilities. During the nine months ended September 30, 2012, as part of this process, the Company formally communicated the termination of employment to approximately 350 employees and recorded $26 million of expenses in connection with these initiatives. These expenses primarily represent costs associated with severance, outplacement services and other costs associated with employee terminations. As of September 30, 2012, the Company has terminated substantially all of these employees. The Company expects further restructuring expenses of approximately $40 million to be incurred through 2013.

The following tables summarize the changes to our restructuring-related liabilities and identify the amounts recorded within the Company’s reportable segments and by category for restructuring expenses and corresponding payments and utilizations:


	North America			International			Total
Balance as of January 1, 2012	$	1		$	1		$	2
Restructuring expense		1			25			26
Cash payment/utilization		(1	)		(16	)		(17	)

Balance as of September 30, 2012	$	1		$	10		$	11


	Personnel Related			Facility Related		Total
Balance as of January 1, 2012	$	1		$	1	$	2
Restructuring expense		26			—		26
Cash payment/utilization		(17	)		—		(17	)

Balance as of September 30, 2012	$	10		$	1	$	11