XML 49 R35.htm IDEA: XBRL DOCUMENT
v3.3.0.814

Guarantor and Non-Guarantor Consolidating Condensed Financial Statements (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2015
Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
Consolidating Condensed Statements of Comprehensive Income | Three Months Ended September 30, 2015
|  |  | Parent |  | Subsidiary Issuers |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Total
Revenues |  |  |  |  |  |  |  |  |  |  |
| Vehicle rental | $ | — |  |  | $ | — |  |  | $ | 1,196 |  |  | $ | 636 |  |  | $ | — |  |  | $ | 1,832 |
| Other | — |  |  | — |  |  | 336 |  |  | 951 |  |  | (542 | ) |  | 745 |
Net revenues | — |  |  | — |  |  | 1,532 |  |  | 1,587 |  |  | (542 | ) |  | 2,577 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |
| Operating | — |  |  | 3 |  |  | 716 |  |  | 483 |  |  | — |  |  | 1,202 |
| Vehicle depreciation and lease charges, net | — |  |  | 1 |  |  | 485 |  |  | 556 |  |  | (487 | ) |  | 555 |
| Selling, general and administrative | 7 |  |  | 5 |  |  | 175 |  |  | 127 |  |  | — |  |  | 314 |
| Vehicle interest, net | — |  |  | — |  |  | 53 |  |  | 77 |  |  | (55 | ) |  | 75 |
| Non-vehicle related depreciation and amortization | — |  |  | — |  |  | 33 |  |  | 23 |  |  | — |  |  | 56 |
| Interest expense related to corporate debt, net: |  |  |  |  |  |  |  |  |  |  |
|  | Interest expense | — |  |  | 39 |  |  | 1 |  |  | 9 |  |  | — |  |  | 49 |
|  | Intercompany interest expense (income) | (3 | ) |  | (3 | ) |  | 5 |  |  | 1 |  |  | — |  |  | — |
| Transaction-related costs | — |  |  | 2 |  |  | 2 |  |  | 4 |  |  | — |  |  | 8 |
| Restructuring expense | — |  |  | — |  |  | 4 |  |  | 2 |  |  | — |  |  | 6 |
Total expenses | 4 |  |  | 47 |  |  | 1,474 |  |  | 1,282 |  |  | (542 | ) |  | 2,265 |
Income (loss) before income taxes and equity in earnings of subsidiaries | (4 | ) |  | (47 | ) |  | 58 |  |  | 305 |  |  | — |  |  | 312 |
Provision for (benefit from) income taxes | (1 | ) |  | (18 | ) |  | 101 |  |  | 46 |  |  | — |  |  | 128 |
Equity in earnings of subsidiaries | 187 |  |  | 216 |  |  | 259 |  |  | — |  |  | (662 | ) |  | — |
Net income | $ | 184 |  |  | $ | 187 |  |  | $ | 216 |  |  | $ | 259 |  |  | $ | (662 | ) |  | $ | 184 |
Comprehensive income | $ | 150 |  |  | $ | 155 |  |  | $ | 186 |  |  | $ | 228 |  |  | $ | (569 | ) |  | $ | 150 |
Nine Months Ended September 30, 2014
|  |  | Parent |  | Subsidiary Issuers |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Total
Revenues |  |  |  |  |  |  |  |  |  |  |
| Vehicle rental | $ | — |  |  | $ | — |  |  | $ | 3,126 |  |  | $ | 1,566 |  |  | $ | — |  |  | $ | 4,692 |
| Other | — |  |  | — |  |  | 903 |  |  | 2,634 |  |  | (1,631 | ) |  | 1,906 |
Net revenues | — |  |  | — |  |  | 4,029 |  |  | 4,200 |  |  | (1,631 | ) |  | 6,598 |
Expenses |  |  |  |  |  |  |  |  |  |  |
| Operating | 6 |  |  | 9 |  |  | 1,938 |  |  | 1,320 |  |  | — |  |  | 3,273 |
| Vehicle depreciation and lease charges, net | — |  |  | 1 |  |  | 1,474 |  |  | 1,529 |  |  | (1,472 | ) |  | 1,532 |
| Selling, general and administrative | 20 |  |  | 15 |  |  | 459 |  |  | 339 |  |  | — |  |  | 833 |
| Vehicle interest, net | — |  |  | — |  |  | 150 |  |  | 222 |  |  | (159 | ) |  | 213 |
| Non-vehicle related depreciation and amortization | — |  |  | 1 |  |  | 82 |  |  | 49 |  |  | — |  |  | 132 |
| Interest expense related to corporate debt, net: |  |  |  |  |  |  |  |  |  |  |
|  | Interest expense | 2 |  |  | 124 |  |  | 1 |  |  | 34 |  |  | — |  |  | 161 |
|  | Intercompany interest expense (income) | (9 | ) |  | (9 | ) |  | 1 |  |  | 17 |  |  | — |  |  | — |
|  | Early extinguishment of debt | — |  |  | 56 |  |  | — |  |  | — |  |  | — |  |  | 56 |
| Transaction-related costs | — |  |  | 6 |  |  | — |  |  | 17 |  |  | — |  |  | 23 |
| Restructuring expense | — |  |  | — |  |  | 3 |  |  | 13 |  |  | — |  |  | 16 |
Total expenses | 19 |  |  | 203 |  |  | 4,108 |  |  | 3,540 |  |  | (1,631 | ) |  | 6,239 |
Income (loss) before income taxes and equity in earnings of subsidiaries | (19 | ) |  | (203 | ) |  | (79 | ) |  | 660 |  |  | — |  |  | 359 |
Provision for (benefit from) income taxes | (5 | ) |  | (85 | ) |  | 161 |  |  | 66 |  |  | — |  |  | 137 |
Equity in earnings of subsidiaries | 236 |  |  | 354 |  |  | 594 |  |  | — |  |  | (1,184 | ) |  | — |
Net income | $ | 222 |  |  | $ | 236 |  |  | $ | 354 |  |  | $ | 594 |  |  | $ | (1,184 | ) |  | $ | 222 |
Comprehensive income | $ | 154 |  |  | $ | 167 |  |  | $ | 284 |  |  | $ | 524 |  |  | $ | (975 | ) |  | $ | 154 |
Nine Months Ended September 30, 2015
|  |  | Parent |  | Subsidiary Issuers |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Total
Revenues |  |  |  |  |  |  |  |  |  |  |
| Vehicle rental | $ | — |  |  | $ | — |  |  | $ | 3,193 |  |  | $ | 1,491 |  |  | $ | — |  |  | $ | 4,684 |
| Other | — |  |  | — |  |  | 910 |  |  | 2,570 |  |  | (1,564 | ) |  | 1,916 |
Net revenues | — |  |  | — |  |  | 4,103 |  |  | 4,061 |  |  | (1,564 | ) |  | 6,600 |
Expenses |  |  |  |  |  |  |  |  |  |  |
| Operating | 1 |  |  | 12 |  |  | 1,978 |  |  | 1,288 |  |  | — |  |  | 3,279 |
| Vehicle depreciation and lease charges, net | — |  |  | 1 |  |  | 1,397 |  |  | 1,487 |  |  | (1,400 | ) |  | 1,485 |
| Selling, general and administrative | 24 |  |  | 11 |  |  | 477 |  |  | 331 |  |  | — |  |  | 843 |
| Vehicle interest, net | — |  |  | — |  |  | 154 |  |  | 228 |  |  | (164 | ) |  | 218 |
| Non-vehicle related depreciation and amortization | — |  |  | 1 |  |  | 99 |  |  | 61 |  |  | — |  |  | 161 |
| Interest expense related to corporate debt, net: |  |  |  |  |  |  |  |  |  |  |
|  | Interest expense (income) | — |  |  | 121 |  |  | (6 | ) |  | 31 |  |  | — |  |  | 146 |
|  | Intercompany interest expense (income) | (9 | ) |  | (8 | ) |  | 11 |  |  | 6 |  |  | — |  |  | — |
|  | Early extinguishment of debt | — |  |  | 23 |  |  | — |  |  | — |  |  | — |  |  | 23 |
| Transaction-related costs | — |  |  | 20 |  |  | 3 |  |  | 34 |  |  | — |  |  | 57 |
| Restructuring expenses | — |  |  | — |  |  | 5 |  |  | 5 |  |  | — |  |  | 10 |
Total expenses | 16 |  |  | 181 |  |  | 4,118 |  |  | 3,471 |  |  | (1,564 | ) |  | 6,222 |
Income (loss) before income taxes and equity in earnings of subsidiaries | (16 | ) |  | (181 | ) |  | (15 | ) |  | 590 |  |  | — |  |  | 378 |
Provision for (benefit from) income taxes | (6 | ) |  | (165 | ) |  | 162 |  |  | 69 |  |  | — |  |  | 60 |
Equity in earnings of subsidiaries | 328 |  |  | 344 |  |  | 521 |  |  | — |  |  | (1,193 | ) |  | — |
Net income | $ | 318 |  |  | $ | 328 |  |  | $ | 344 |  |  | $ | 521 |  |  | $ | (1,193 | ) |  | $ | 318 |
Comprehensive income | $ | 198 |  |  | $ | 210 |  |  | $ | 230 |  |  | $ | 406 |  |  | $ | (846 | ) |  | $ | 198 |
Three Months Ended September 30, 2014
|  |  | Parent |  | Subsidiary Issuers |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Total
Revenues |  |  |  |  |  |  |  |  |  |  |
| Vehicle rental | $ | — |  |  | $ | — |  |  | $ | 1,161 |  |  | $ | 649 |  |  | $ | — |  |  | $ | 1,810 |
| Other | — |  |  | — |  |  | 327 |  |  | 988 |  |  | (583 | ) |  | 732 |
Net revenues | — |  |  | — |  |  | 1,488 |  |  | 1,637 |  |  | (583 | ) |  | 2,542 |
Expenses |  |  |  |  |  |  |  |  |  |  |
| Operating | 4 |  |  | 1 |  |  | 674 |  |  | 489 |  |  | — |  |  | 1,168 |
| Vehicle depreciation and lease charges, net | — |  |  | 1 |  |  | 528 |  |  | 581 |  |  | (528 | ) |  | 582 |
| Selling, general and administrative | 7 |  |  | 4 |  |  | 162 |  |  | 125 |  |  | — |  |  | 298 |
| Vehicle interest, net | — |  |  | — |  |  | 54 |  |  | 78 |  |  | (55 | ) |  | 77 |
| Non-vehicle related depreciation and amortization | — |  |  | — |  |  | 27 |  |  | 19 |  |  | — |  |  | 46 |
| Interest expense related to corporate debt, net: |  |  |  |  |  |  |  |  |  |  |
|  | Interest expense (income) | 1 |  |  | 36 |  |  | (1 | ) |  | 14 |  |  | — |  |  | 50 |
|  | Intercompany interest expense (income) | (3 | ) |  | (4 | ) |  | — |  |  | 7 |  |  | — |  |  | — |
| Transaction-related costs | — |  |  | 2 |  |  | 1 |  |  | 4 |  |  | — |  |  | 7 |
| Restructuring expense | — |  |  | — |  |  | 1 |  |  | 7 |  |  | — |  |  | 8 |
Total expenses | 9 |  |  | 40 |  |  | 1,446 |  |  | 1,324 |  |  | (583 | ) |  | 2,236 |
Income (loss) before income taxes and equity in earnings of subsidiaries | (9 | ) |  | (40 | ) |  | 42 |  |  | 313 |  |  | — |  |  | 306 |
Provision for (benefit from) income taxes | (2 | ) |  | (21 | ) |  | 91 |  |  | 46 |  |  | — |  |  | 114 |
Equity in earnings of subsidiaries | 199 |  |  | 218 |  |  | 267 |  |  | — |  |  | (684 | ) |  | — |
Net income | $ | 192 |  |  | $ | 199 |  |  | $ | 218 |  |  | $ | 267 |  |  | $ | (684 | ) |  | $ | 192 |
Comprehensive income | $ | 116 |  |  | $ | 123 |  |  | $ | 140 |  |  | $ | 189 |  |  | $ | (452 | ) |  | $ | 116 |
Schedule Of Condensed Consolidating Balance Sheet Table | As of September 30, 2015
|  |  | Parent |  | Subsidiary Issuers |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Total
Assets |  |  |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |  |  |
| Cash and cash equivalents | $ | 4 |  |  | $ | 239 |  |  | $ | — |  |  | $ | 342 |  |  | $ | — |  |  | $ | 585 |
| Receivables, net | — |  |  | — |  |  | 197 |  |  | 508 |  |  | — |  |  | 705 |
| Deferred income taxes | — |  |  | 10 |  |  | 102 |  |  | 32 |  |  | — |  |  | 144 |
| Other current assets | 3 |  |  | 88 |  |  | 89 |  |  | 504 |  |  | — |  |  | 684 |
Total current assets | 7 |  |  | 337 |  |  | 388 |  |  | 1,386 |  |  | — |  |  | 2,118 |
Property and equipment, net | — |  |  | 120 |  |  | 331 |  |  | 191 |  |  | — |  |  | 642 |
Deferred income taxes | 21 |  |  | 1,020 |  |  | 141 |  |  | — |  |  | (46 | ) |  | 1,136 |
Goodwill | — |  |  | — |  |  | 487 |  |  | 477 |  |  | — |  |  | 964 |
Other intangibles, net | — |  |  | 32 |  |  | 526 |  |  | 364 |  |  | — |  |  | 922 |
Other non-current assets | 92 |  |  | 61 |  |  | 23 |  |  | 158 |  |  | — |  |  | 334 |
Intercompany receivables | 156 |  |  | 361 |  |  | 667 |  |  | 814 |  |  | (1,998 | ) |  | — |
Investment in subsidiaries | 443 |  |  | 3,383 |  |  | 3,802 |  |  | — |  |  | (7,628 | ) |  | — |
Total assets exclusive of assets under vehicle programs | 719 |  |  | 5,314 |  |  | 6,365 |  |  | 3,390 |  |  | (9,672 | ) |  | 6,116 |
Assets under vehicle programs: |  |  |  |  |  |  |  |  |  |  |
| Program cash | — |  |  | — |  |  | — |  |  | 183 |  |  | — |  |  | 183 |
| Vehicles, net | — |  |  | 19 |  |  | 81 |  |  | 11,504 |  |  | — |  |  | 11,604 |
| Receivables from vehicle manufacturers and other | — |  |  | 1 |  |  | — |  |  | 636 |  |  | — |  |  | 637 |
| Investment in Avis Budget Rental Car Funding (AESOP) LLC-related party | — |  |  | — |  |  | — |  |  | 362 |  |  | — |  |  | 362 |
|  |  | — |  |  | 20 |  |  | 81 |  |  | 12,685 |  |  | — |  |  | 12,786 |
Total assets | $ | 719 |  |  | $ | 5,334 |  |  | $ | 6,446 |  |  | $ | 16,075 |  |  | $ | (9,672 | ) |  | $ | 18,902 |
Liabilities and stockholders’ equity |  |  |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |  |  |
| Accounts payable and other current liabilities | $ | 30 |  |  | $ | 205 |  |  | $ | 518 |  |  | $ | 1,011 |  |  | $ | — |  |  | $ | 1,764 |
| Short-term debt and current portion of long-term debt | — |  |  | 13 |  |  | 5 |  |  | 9 |  |  | — |  |  | 27 |
Total current liabilities | 30 |  |  | 218 |  |  | 523 |  |  | 1,020 |  |  | — |  |  | 1,791 |
Long-term debt | — |  |  | 2,974 |  |  | 2 |  |  | 529 |  |  | — |  |  | 3,505 |
Other non-current liabilities | 89 |  |  | 87 |  |  | 232 |  |  | 379 |  |  | (46 | ) |  | 741 |
Intercompany payables | — |  |  | 1,611 |  |  | 330 |  |  | 57 |  |  | (1,998 | ) |  | — |
Total liabilities exclusive of liabilities under vehicle programs | 119 |  |  | 4,890 |  |  | 1,087 |  |  | 1,985 |  |  | (2,044 | ) |  | 6,037 |
Liabilities under vehicle programs: |  |  |  |  |  |  |  |  |  |  |
| Debt | — |  |  | 1 |  |  | 78 |  |  | 2,678 |  |  | — |  |  | 2,757 |
| Due to Avis Budget Rental Car Funding (AESOP) LLC-related party | — |  |  | — |  |  | — |  |  | 7,239 |  |  | — |  |  | 7,239 |
Deferred income taxes | — |  |  | — |  |  | 1,898 |  |  | 168 |  |  | — |  |  | 2,066 |
Other | — |  |  | — |  |  | — |  |  | 203 |  |  | — |  |  | 203 |
|  |  | — |  |  | 1 |  |  | 1,976 |  |  | 10,288 |  |  | — |  |  | 12,265 |
Total stockholders’ equity | 600 |  |  | 443 |  |  | 3,383 |  |  | 3,802 |  |  | (7,628 | ) |  | 600 |
Total liabilities and stockholders’ equity | $ | 719 |  |  | $ | 5,334 |  |  | $ | 6,446 |  |  | $ | 16,075 |  |  | $ | (9,672 | ) |  | $ | 18,902 |
As of December 31, 2014
|  |  | Parent |  | Subsidiary Issuers |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Total
Assets |  |  |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |  |  |
| Cash and cash equivalents | $ | 2 |  |  | $ | 210 |  |  | $ | — |  |  | $ | 412 |  |  | $ | — |  |  | $ | 624 |
| Receivables, net | — |  |  | — |  |  | 177 |  |  | 422 |  |  | — |  |  | 599 |
| Deferred income taxes | — |  |  | 23 |  |  | 102 |  |  | 34 |  |  | — |  |  | 159 |
| Other current assets | 3 |  |  | 86 |  |  | 78 |  |  | 289 |  |  | — |  |  | 456 |
Total current assets | 5 |  |  | 319 |  |  | 357 |  |  | 1,157 |  |  | — |  |  | 1,838 |
Property and equipment, net | — |  |  | 112 |  |  | 325 |  |  | 201 |  |  | — |  |  | 638 |
Deferred income taxes | 19 |  |  | 1,199 |  |  | 138 |  |  | — |  |  | (4 | ) |  | 1,352 |
Goodwill | — |  |  | — |  |  | 487 |  |  | 355 |  |  | — |  |  | 842 |
Other intangibles, net | — |  |  | 38 |  |  | 545 |  |  | 303 |  |  | — |  |  | 886 |
Other non-current assets | 104 |  |  | 81 |  |  | 22 |  |  | 148 |  |  | — |  |  | 355 |
Intercompany receivables | 205 |  |  | 344 |  |  | 978 |  |  | 672 |  |  | (2,199 | ) |  | — |
Investment in subsidiaries | 468 |  |  | 3,072 |  |  | 3,316 |  |  | — |  |  | (6,856 | ) |  | — |
Total assets exclusive of assets under vehicle programs | 801 |  |  | 5,165 |  |  | 6,168 |  |  | 2,836 |  |  | (9,059 | ) |  | 5,911 |
Assets under vehicle programs: |  |  |  |  |  |  |  |  |  |  |
| Program cash | — |  |  | — |  |  | — |  |  | 119 |  |  | — |  |  | 119 |
| Vehicles, net | — |  |  | 7 |  |  | 87 |  |  | 10,121 |  |  | — |  |  | 10,215 |
| Receivables from vehicle manufacturers and other | — |  |  | 1 |  |  | — |  |  | 361 |  |  | — |  |  | 362 |
| Investment in Avis Budget Rental Car Funding (AESOP) LLC-related party | — |  |  | — |  |  | — |  |  | 362 |  |  | — |  |  | 362 |
|  |  | — |  |  | 8 |  |  | 87 |  |  | 10,963 |  |  | — |  |  | 11,058 |
Total assets | $ | 801 |  |  | $ | 5,173 |  |  | $ | 6,255 |  |  | $ | 13,799 |  |  | $ | (9,059 | ) |  | $ | 16,969 |
Liabilities and stockholders’ equity |  |  |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |  |  |
| Accounts payable and other current liabilities | $ | 39 |  |  | $ | 200 |  |  | $ | 462 |  |  | $ | 790 |  |  | $ | — |  |  | $ | 1,491 |
| Short-term debt and current portion of long-term debt | — |  |  | 13 |  |  | 4 |  |  | 11 |  |  | — |  |  | 28 |
Total current liabilities | 39 |  |  | 213 |  |  | 466 |  |  | 801 |  |  | — |  |  | 1,519 |
Long-term debt | — |  |  | 2,825 |  |  | 6 |  |  | 561 |  |  | — |  |  | 3,392 |
Other non-current liabilities | 97 |  |  | 100 |  |  | 232 |  |  | 341 |  |  | (4 | ) |  | 766 |
Intercompany payables | — |  |  | 1,558 |  |  | 313 |  |  | 328 |  |  | (2,199 | ) |  | — |
Total liabilities exclusive of liabilities under vehicle programs | 136 |  |  | 4,696 |  |  | 1,017 |  |  | 2,031 |  |  | (2,203 | ) |  | 5,677 |
Liabilities under vehicle programs: |  |  |  |  |  |  |  |  |  |  |
| Debt | — |  |  | 9 |  |  | 84 |  |  | 1,683 |  |  | — |  |  | 1,776 |
| Due to Avis Budget Rental Car Funding (AESOP) LLC-related party | — |  |  | — |  |  | — |  |  | 6,340 |  |  | — |  |  | 6,340 |
| Deferred income taxes | — |  |  | — |  |  | 2,082 |  |  | 185 |  |  | — |  |  | 2,267 |
| Other | — |  |  | — |  |  | — |  |  | 244 |  |  | — |  |  | 244 |
|  |  | — |  |  | 9 |  |  | 2,166 |  |  | 8,452 |  |  | — |  |  | 10,627 |
Total stockholders’ equity | 665 |  |  | 468 |  |  | 3,072 |  |  | 3,316 |  |  | (6,856 | ) |  | 665 |
Total liabilities and stockholders’ equity | $ | 801 |  |  | $ | 5,173 |  |  | $ | 6,255 |  |  | $ | 13,799 |  |  | $ | (9,059 | ) |  | $ | 16,969 |
Consolidating Condensed Statements Of Cash Flows | Nine Months Ended September 30, 2014
| Parent |  | Subsidiary Issuers |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total
Net cash provided by operating activities | $ | 1 |  |  | $ | 728 |  |  | $ | 58 |  |  | $ | 1,280 |  |  | $ | — |  |  | $ | 2,067 |
Investing activities |  |  |  |  |  |  |  |  |  |  |
Property and equipment additions | — |  |  | (12 | ) |  | (60 | ) |  | (55 | ) |  | — |  |  | (127 | )
Proceeds received on asset sales | — |  |  | 3 |  |  | — |  |  | 6 |  |  | — |  |  | 9 |
Net assets acquired (net of cash acquired) | — |  |  | — |  |  | — |  |  | (149 | ) |  | — |  |  | (149 | )
Other, net | 191 |  |  | (8 | ) |  | (1 | ) |  | — |  |  | (191 | ) |  | (9 | )
Net cash provided by (used in) investing activities exclusive of vehicle programs | 191 |  |  | (17 | ) |  | (61 | ) |  | (198 | ) |  | (191 | ) |  | (276 | )
Vehicle programs: |  |  |  |  |  |  |  |  |  |  |
Decrease in program cash | — |  |  | — |  |  | — |  |  | 23 |  |  | — |  |  | 23 |
Investment in vehicles | — |  |  | (6 | ) |  | (91 | ) |  | (9,738 | ) |  | — |  |  | (9,835 | )
Proceeds received on disposition of vehicles | — |  |  | 7 |  |  | — |  |  | 6,528 |  |  | — |  |  | 6,535 |
| — |  |  | 1 |  |  | (91 | ) |  | (3,187 | ) |  | — |  |  | (3,277 | )
Net cash provided by (used in) investing activities | 191 |  |  | (16 | ) |  | (152 | ) |  | (3,385 | ) |  | (191 | ) |  | (3,553 | )
Financing activities |  |  |  |  |  |  |  |  |  |  |
Proceeds from long-term borrowings | — |  |  | 400 |  |  | — |  |  | 296 |  |  | — |  |  | 696 |
Payments on long-term borrowings | — |  |  | (747 | ) |  | (4 | ) |  | — |  |  | — |  |  | (751 | )
Net change in short-term borrowings | — |  |  | — |  |  | — |  |  | (3 | ) |  | — |  |  | (3 | )
Repurchases of common stock | (204 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (204 | )
Debt financing fees | — |  |  | (7 | ) |  | — |  |  | (5 | ) |  | — |  |  | (12 | )
Other, net | (1 | ) |  | (191 | ) |  | — |  |  | — |  |  | 191 |  |  | (1 | )
Net cash provided by (used in) financing activities exclusive of vehicle programs | (205 | ) |  | (545 | ) |  | (4 | ) |  | 288 |  |  | 191 |  |  | (275 | )
Vehicle programs: |  |  |  |  |  |  |  |  |  |  |
Proceeds from borrowings | — |  |  | — |  |  | 88 |  |  | 11,774 |  |  | — |  |  | 11,862 |
Payments on borrowings | — |  |  | — |  |  | (1 | ) |  | (10,049 | ) |  | — |  |  | (10,050 | )
Debt financing fees | — |  |  | — |  |  | (1 | ) |  | (16 | ) |  | — |  |  | (17 | )
| — |  |  | — |  |  | 86 |  |  | 1,709 |  |  | — |  |  | 1,795 |
Net cash provided by (used in) financing activities | (205 | ) |  | (545 | ) |  | 82 |  |  | 1,997 |  |  | 191 |  |  | 1,520 |
Effect of changes in exchange rates on cash and cash equivalents | — |  |  | — |  |  | — |  |  | (14 | ) |  | — |  |  | (14 | )
Net increase (decrease) in cash and cash equivalents | (13 | ) |  | 167 |  |  | (12 | ) |  | (122 | ) |  | — |  |  | 20 |
Cash and cash equivalents, beginning of period | 14 |  |  | 242 |  |  | 12 |  |  | 425 |  |  | — |  |  | 693 |
Cash and cash equivalents, end of period | $ | 1 |  |  | $ | 409 |  |  | $ | — |  |  | $ | 303 |  |  | $ | — |  |  | $ | 713 |
Nine Months Ended September 30, 2015
| Parent |  | Subsidiary Issuers |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total
Net cash provided by operating activities | $ | 60 |  |  | $ | 270 |  |  | $ | 104 |  |  | $ | 1,604 |  |  | $ | — |  |  | $ | 2,038 |
Investing activities |  |  |  |  |  |  |  |  |  |  |
Property and equipment additions | — |  |  | (17 | ) |  | (64 | ) |  | (45 | ) |  | — |  |  | (126 | )
Proceeds received on asset sales | — |  |  | 4 |  |  | — |  |  | 4 |  |  | — |  |  | 8 |
Net assets acquired (net of cash acquired) | — |  |  | (8 | ) |  | (3 | ) |  | (214 | ) |  | — |  |  | (225 | )
Intercompany loan advances | — |  |  | (30 | ) |  | (94 | ) |  | — |  |  | 124 |  |  | — |
Other, net | 212 |  |  | (107 | ) |  | 1 |  |  | 3 |  |  | (106 | ) |  | 3 |
Net cash provided by (used in) investing activities exclusive of vehicle programs | 212 |  |  | (158 | ) |  | (160 | ) |  | (252 | ) |  | 18 |  |  | (340 | )
Vehicle programs: |  |  |  |  |  |  |  |  |  |  |
Increase in program cash | — |  |  | — |  |  | — |  |  | (71 | ) |  | — |  |  | (71 | )
Investment in vehicles | — |  |  | (1 | ) |  | (3 | ) |  | (9,758 | ) |  | — |  |  | (9,762 | )
Proceeds received on disposition of vehicles | — |  |  | 15 |  |  | — |  |  | 6,741 |  |  | — |  |  | 6,756 |
| — |  |  | 14 |  |  | (3 | ) |  | (3,088 | ) |  | — |  |  | (3,077 | )
Net cash provided by (used in) investing activities | 212 |  |  | (144 | ) |  | (163 | ) |  | (3,340 | ) |  | 18 |  |  | (3,417 | )
Financing activities |  |  |  |  |  |  |  |  |  |  |
Proceeds from long-term borrowings | — |  |  | 375 |  |  | — |  |  | 2 |  |  | — |  |  | 377 |
Payments on long-term borrowings | — |  |  | (253 | ) |  | (4 | ) |  | (33 | ) |  | — |  |  | (290 | )
Net change in short-term borrowings | — |  |  | — |  |  | — |  |  | (23 | ) |  | — |  |  | (23 | )
Intercompany loan borrowings | — |  |  | — |  |  | — |  |  | 124 |  |  | (124 | ) |  | — |
Repurchases of common stock | (270 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (270 | )
Debt financing fees | — |  |  | (7 | ) |  | — |  |  | — |  |  | — |  |  | (7 | )
Other, net | — |  |  | (212 | ) |  | 70 |  |  | 36 |  |  | 106 |  |  | — |
Net cash provided by (used in) financing activities exclusive of vehicle programs | (270 | ) |  | (97 | ) |  | 66 |  |  | 106 |  |  | (18 | ) |  | (213 | )
Vehicle programs: |  |  |  |  |  |  |  |  |  |  |
Proceeds from borrowings | — |  |  | — |  |  | — |  |  | 11,532 |  |  | — |  |  | 11,532 |
Payments on borrowings | — |  |  | — |  |  | (7 | ) |  | (9,926 | ) |  | — |  |  | (9,933 | )
Debt financing fees | — |  |  | — |  |  | — |  |  | (17 | ) |  | — |  |  | (17 | )
| — |  |  | — |  |  | (7 | ) |  | 1,589 |  |  | — |  |  | 1,582 |
Net cash provided by (used in) financing activities | (270 | ) |  | (97 | ) |  | 59 |  |  | 1,695 |  |  | (18 | ) |  | 1,369 |
Effect of changes in exchange rates on cash and cash equivalents | — |  |  | — |  |  | — |  |  | (29 | ) |  | — |  |  | (29 | )
Net increase (decrease) in cash and cash equivalents | 2 |  |  | 29 |  |  | — |  |  | (70 | ) |  | — |  |  | (39 | )
Cash and cash equivalents, beginning of period | 2 |  |  | 210 |  |  | — |  |  | 412 |  |  | — |  |  | 624 |
Cash and cash equivalents, end of period | $ | 4 |  |  | $ | 239 |  |  | $ | — |  |  | $ | 342 |  |  | $ | — |  |  | $ | 585 |

X
- Definition Consolidating condensed balance sheets + References No definition available. + Details
Name: | car_ScheduleOfCondensedConsolidatingBalanceSheetTableTableTextBlock
Namespace Prefix: | car_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed cash flow statement, including, but not limited to, cash flow statements of consolidated entities and consolidation eliminations. + References No definition available. + Details
Name: | us-gaap_ScheduleOfCondensedCashFlowStatementTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed income statement, including, but not limited to, income statements of consolidated entities and consolidation eliminations. + References No definition available. + Details
Name: | us-gaap_ScheduleOfCondensedIncomeStatementTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration