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

3 Months Ended

Mar. 31, 2018

Mar. 31, 2017

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Cash Flows reconciliation GNG (2016-18) [Table Text Block]

The following tables provide the impact of adoption of ASU 2016-18 on the Company’s Consolidating Condensed Statements of Cash Flows for the three months ended March 31, 2017.



	Three Months Ended March 31, 2017
	As Previously Reported Non-Guarantor			Effect of Change			As Adjusted Non-Guarantor			As Previously Reported Total			Effect of Change			As Adjusted Total
Decrease in program cash	$	87		$	(87	)	$	—		$	87		$	(87	)	$	—
Net cash used in investing activities	(1,223		)	(87		)	(1,310		)	(972		)	(87		)	(1,059		)

Effect of changes in exchange rates on cash and cash equivalents, program and restricted cash	8			4			12			8			4			12

Net increase in cash and cash equivalents, program and restricted cash	166			(83		)	83			433			(83		)	350
Cash and cash equivalents, program and restricted cash, beginning of period	475			230			705			490			230			720
Cash and cash equivalents, program and restricted cash, end of period	$	641		$	147		$	788		$	923		$	147		$	1,070

Reconciliation of cash and cash equivalents GNG (2016-18) [Table Text Block]

The following table provides a reconciliation of the cash and cash equivalents, program and restricted cash reported within the Consolidating Condensed Balance Sheets to the amounts shown in the Consolidating Condensed Statements of Cash Flows.



	As of March 31,
	2018				2017
	Non-Guarantor		Total		Non-Guarantor		Total
Cash and cash equivalents	$	518	$	544	$	641	$	923
Program cash	147		147		142		142
Restricted cash ^(a)	10		10		5		5
Total cash and cash equivalents, program and restricted cash	$	675	$	701	$	788	$	1,070

_________


^(a)	Included within other current assets.

Consolidating Condensed Statements of Comprehensive Income

Three Months Ended March 31, 2018



			Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Total
Revenues			$	—		$	—		$	1,184		$	1,359		$	(575	)	$	1,968

Expenses
	Operating		1			4			621			466			—			1,092
	Vehicle depreciation and lease charges, net		—			—			536			504			(525		)	515
	Selling, general and administrative		18			3			155			120			—			296
	Vehicle interest, net		—			—			52			70			(50		)	72
	Non-vehicle related depreciation and amortization		—			—			36			25			—			61
	Interest expense related to corporate debt, net:
		Interest expense	—			39			1			6			—			46
		Intercompany interest expense (income)	(3		)	22			6			(25		)	—			—
		Early extinguishment of debt	—			5			—			—			—			5
	Restructuring and other related charges		—			—			3			3			—			6
	Transaction-related costs, net		—			—			—			4			—			4
Total expenses			16			73			1,410			1,173			(575		)	2,097
Income (loss) before income taxes and equity in earnings of subsidiaries			(16		)	(73		)	(226		)	186			—			(129		)
Provision for (benefit from) income taxes			(6		)	(19		)	(19		)	2			—			(42		)
Equity in earnings (loss) of subsidiaries			(77		)	(23		)	184			—			(84		)	—
Net income (loss)			$	(87	)	$	(77	)	$	(23	)	$	184		$	(84	)	$	(87	)

Comprehensive income (loss)			$	(79	)	$	(69	)	$	(21	)	$	184		$	(94	)	$	(79	)

Three Months Ended March 31, 2017



			Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Total
Revenues			$	—		$	—		$	1,153		$	1,271		$	(585	)	$	1,839

Expenses
	Operating		1			4			640			404			—			1,049
	Vehicle depreciation and lease charges, net		—			—			546			493			(535		)	504
	Selling, general and administrative		10			2			153			97			—			262
	Vehicle interest, net		—			—			45			69			(50		)	64
	Non-vehicle related depreciation and amortization		—			—			40			23			—			63
	Interest expense related to corporate debt, net:
		Interest expense	—			46			1			2			—			49
		Intercompany interest expense (income)	(3		)	1			6			(4		)	—			—
		Early extinguishment of debt	—			3			—			—			—			3
	Restructuring and other related charges		—			—			6			1			—			7
	Transaction-related costs, net		—			—			—			3			—			3
Total expenses			8			56			1,437			1,088			(585		)	2,004
Income (loss) before income taxes and equity in earnings of subsidiaries			(8		)	(56		)	(284		)	183			—			(165		)
Provision for (benefit from) income taxes			(2		)	(23		)	(39		)	6			—			(58		)
Equity in earnings (loss) of subsidiaries			(101		)	(68		)	177			—			(8		)	—
Net income (loss)			$	(107	)	$	(101	)	$	(68	)	$	177		$	(8	)	$	(107	)

Comprehensive income (loss)			$	(79	)	$	(74	)	$	(41	)	$	203		$	(88	)	$	(79	)

Schedule Of Condensed Consolidating Balance Sheet Table

As of March 31, 2018



		Parent		Subsidiary Issuers		Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations			Total
Assets
Current assets:
	Cash and cash equivalents	$	3	$	23	$	—	$	518	$	—		$	544
	Receivables, net	—		—		233		647		—			880
	Other current assets	2		102		119		476		—			699
Total current assets		5		125		352		1,641		—			2,123

Property and equipment, net		—		176		319		221		—			716
Deferred income taxes		13		720		169		65		—			967
Goodwill		—		—		471		614		—			1,085
Other intangibles, net		—		27		479		343		—			849
Other non-current assets		46		37		13		130		—			226
Intercompany receivables		192		387		1,529		933		(3,041		)	—
Investment in subsidiaries		252		4,619		3,948		—		(8,819		)	—
Total assets exclusive of assets under vehicle programs		508		6,091		7,280		3,947		(11,860		)	5,966

Assets under vehicle programs:
	Program cash	—		—		—		147		—			147
	Vehicles, net	—		46		57		12,251		—			12,354
	Receivables from vehicle manufacturers and other	—		2		—		330		—			332
	Investment in Avis Budget Rental Car Funding (AESOP) LLC-related party	—		—		—		423		—			423
		—		48		57		13,151		—			13,256
Total assets		$	508	$	6,139	$	7,337	$	17,098	$	(11,860	)	$	19,222

Liabilities and stockholders’ equity
Current liabilities:
	Accounts payable and other current liabilities	$	14	$	219	$	621	$	923	$	—		$	1,777
	Short-term debt and current portion of long-term debt	—		17		2		7		—			26
Total current liabilities		14		236		623		930		—			1,803

Long-term debt		—		2,902		3		676		—			3,581
Other non-current liabilities		39		80		259		385		—			763
Intercompany payables		—		2,652		387		2		(3,041		)	—
Total liabilities exclusive of liabilities under vehicle programs		53		5,870		1,272		1,993		(3,041		)	6,147

Liabilities under vehicle programs:
	Debt	—		17		55		2,556		—			2,628
	Due to Avis Budget Rental Car Funding (AESOP) LLC-related party	—		—		—		7,754		—			7,754
Deferred income taxes		—		—		1,391		176		—			1,567
Other		—		—		—		671		—			671
		—		17		1,446		11,157		—			12,620
Total stockholders’ equity		455		252		4,619		3,948		(8,819		)	455
Total liabilities and stockholders’ equity		$	508	$	6,139	$	7,337	$	17,098	$	(11,860	)	$	19,222

As of December 31, 2017



		Parent		Subsidiary Issuers		Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations			Total
Assets
Current assets:
	Cash and cash equivalents	$	4	$	14	$	—	$	593	$	—		$	611
	Receivables, net	—		—		255		667		—			922
	Other current assets	4		89		101		339		—			533
Total current assets		8		103		356		1,599		—			2,066

Property and equipment, net		—		167		321		216		—			704
Deferred income taxes		14		704		154		59		—			931
Goodwill		—		—		471		602		—			1,073
Other intangibles, net		—		27		480		343		—			850
Other non-current assets		46		29		16		105		—			196
Intercompany receivables		187		382		1,506		824		(2,899		)	—
Investment in subsidiaries		381		4,681		3,938		—		(9,000		)	—
Total assets exclusive of assets under vehicle programs		636		6,093		7,242		3,748		(11,899		)	5,820

Assets under vehicle programs:
	Program cash	—		—		—		283		—			283
	Vehicles, net	—		34		61		10,531		—			10,626
	Receivables from vehicle manufacturers and other	—		1		—		546		—			547
	Investment in Avis Budget Rental Car Funding (AESOP) LLC-related party	—		—		—		423		—			423
		—		35		61		11,783		—			11,879
Total assets		$	636	$	6,128	$	7,303	$	15,531	$	(11,899	)	$	17,699

Liabilities and stockholders’ equity
Current liabilities:
	Accounts payable and other current liabilities	$	23	$	207	$	552	$	837	$	—		$	1,619
	Short-term debt and current portion of long-term debt	—		17		3		6		—			26
Total current liabilities		23		224		555		843		—			1,645

Long-term debt		—		2,910		3		660		—			3,573
Other non-current liabilities		40		83		216		378		—			717
Intercompany payables		—		2,515		382		2		(2,899		)	—
Total liabilities exclusive of liabilities under vehicle programs		63		5,732		1,156		1,883		(2,899		)	5,935

Liabilities under vehicle programs:
	Debt	—		15		57		2,669		—			2,741
	Due to Avis Budget Rental Car Funding (AESOP) LLC-related party	—		—		—		6,480		—			6,480
	Deferred income taxes	—		—		1,407		187		—			1,594
	Other	—		—		2		374		—			376
		—		15		1,466		9,710		—			11,191
Total stockholders’ equity		573		381		4,681		3,938		(9,000		)	573
Total liabilities and stockholders’ equity		$	636	$	6,128	$	7,303	$	15,531	$	(11,899	)	$	17,699

Consolidating Condensed Statements Of Cash Flows

Three Months Ended March 31, 2018



	Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Net cash provided by (used in) operating activities	$	12		$	41		$	30		$	427		$	(7	)	$	503

Investing activities
Property and equipment additions	—			(15		)	(23		)	(19		)	—			(57		)
Proceeds received on asset sales	—			2			—			2			—			4
Net assets acquired (net of cash acquired)	—			(3		)	(3		)	(4		)	—			(10		)
Other, net	—			—			—			(19		)	—			(19		)
Net cash provided by (used in) investing activities exclusive of vehicle programs	—			(16		)	(26		)	(40		)	—			(82		)

Vehicle programs:
Investment in vehicles	—			—			(1		)	(4,225		)	—			(4,226		)
Proceeds received on disposition of vehicles	—			7			—			2,565			—			2,572
	—			7			(1		)	(1,660		)	—			(1,654		)
Net cash provided by (used in) investing activities	—			(9		)	(27		)	(1,700		)	—			(1,736		)

Financing activities
Proceeds from long-term borrowings	—			81			—			—			—			81
Payments on long-term borrowings	—			(88		)	(1		)	—			—			(89		)
Net change in short-term borrowings	—			—			—			(1		)	—			(1		)
Repurchases of common stock	(14		)	—			—			—			—			(14		)
Debt financing fees	—			(8		)	—			—			—			(8		)
Other, net	1			(7		)	—			—			7			1
Net cash provided by (used in) financing activities exclusive of vehicle programs	(13		)	(22		)	(1		)	(1		)	7			(30		)

Vehicle programs:
Proceeds from borrowings	—			—			—			5,100			—			5,100
Payments on borrowings	—			(1		)	(2		)	(4,042		)	—			(4,045		)
Debt financing fees	—			—			—			(1		)	—			(1		)
	—			(1		)	(2		)	1,057			—			1,054
Net cash provided by (used in) financing activities	(13		)	(23		)	(3		)	1,056			7			1,024

Effect of changes in exchange rates on cash and cash equivalents, program and restricted cash	—			—			—			9			—			9

Net increase (decrease) in cash and cash equivalents, program and restricted cash	(1		)	9			—			(208		)	—			(200		)
Cash and cash equivalents, program and restricted cash, beginning of period	4			14			—			883			—			901
Cash and cash equivalents, program and restricted cash, end of period	$	3		$	23		$	—		$	675		$	—		$	701

Three Months Ended March 31, 2017



	Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Net cash provided by operating activities	$	7		$	(130	)	$	24		$	546		$	—		$	447

Investing activities
Property and equipment additions	—			(8		)	(19		)	(15		)	—			(42		)
Proceeds received on asset sales	—			1			—			1			—			2
Intercompany loan receipts (advances)	—			—			—			(270		)	270			—
Other, net	53			—			—			—			(53		)	—
Net cash provided by (used in) investing activities exclusive of vehicle programs	53			(7		)	(19		)	(284		)	217			(40		)

Vehicle programs:
Investment in vehicles	—			—			(1		)	(3,943		)	—			(3,944		)
Proceeds received on disposition of vehicles	—			8			—			2,950			—			2,958
Investment in debt securities of Avis Budget Rental Car Funding (AESOP) LLC—related party	—			—			—			(33		)	—			(33		)
	—			8			(1		)	(1,026		)	—			(1,019		)
Net cash provided by (used in) investing activities	53			1			(20		)	(1,310		)	217			(1,059		)

Financing activities
Proceeds from long-term borrowings	—			325			—			265			—			590
Payments on long-term borrowings	—			(142		)	(1		)	—			—			(143		)
Intercompany loan borrowings (payments)	—			270			—			—			(270		)	—
Repurchases of common stock	(61		)	—			—			—			—			(61		)
Debt financing fees	—			(3		)	—			(4		)	—			(7		)
Other, net	—			(53		)	—			—			53			—
Net cash provided by (used in) financing activities exclusive of vehicle programs	(61		)	397			(1		)	261			(217		)	379

Vehicle programs:
Proceeds from borrowings	—			—			—			5,812			—			5,812
Payments on borrowings	—			—			(3		)	(5,233		)	—			(5,236		)
Debt financing fees	—			—			—			(5		)	—			(5		)
	—			—			(3		)	574			—			571
Net cash provided by (used in) financing activities	(61		)	397			(4		)	835			(217		)	950

Effect of changes in exchange rates on cash and cash equivalents, program and restricted cash	—			—			—			12			—			12

Net increase in cash and cash equivalents, program and restricted cash	(1		)	268			—			83			—			350
Cash and cash equivalents, program and restricted cash, beginning of period	3			12			—			705			—			720
Cash and cash equivalents, program and restricted cash, end of period	$	2		$	280		$	—		$	788		$	—		$	1,070