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Guarantor and Non-Guarantor Consolidating Condensed Financial Statements | 9 Months Ended
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Sep. 30, 2018
Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | Guarantor and Non-Guarantor Consolidating Condensed Financial Statements The following consolidating financial information presents Consolidating Condensed Statements of Comprehensive Income for the three and nine months ended September 30, 2018 and 2017, Consolidating Condensed Balance Sheets as of September 30, 2018 and December 31, 2017, and Consolidating Condensed Statements of Cash Flows for the nine months ended September 30, 2018 and 2017 for: (i) Avis Budget Group, Inc. (the “Parent”); (ii) ABCR and Avis Budget Finance, Inc. (the “Subsidiary Issuers”); (iii) the guarantor subsidiaries; (iv) the non-guarantor subsidiaries; (v) elimination entries necessary to consolidate the Parent with the Subsidiary Issuers, and the guarantor and non-guarantor subsidiaries; and (vi) the Company on a consolidated basis. The Subsidiary Issuers and the guarantor and non-guarantor subsidiaries are 100% owned by the Parent, either directly or indirectly. All guarantees are full and unconditional and joint and several. This financial information is being presented in relation to the Company’s guarantee of the payment of principal, premium (if any) and interest on the notes issued by the Subsidiary Issuers. See Note 11 - Long-term Corporate Debt and Borrowing Arrangements for additional description of these guaranteed notes. The Senior Notes are guaranteed by the Parent and certain subsidiaries. Investments in subsidiaries are accounted for using the equity method of accounting for purposes of the consolidating presentation. The principal elimination entries relate to investments in subsidiaries and intercompany balances and transactions. For purposes of the accompanying Consolidating Condensed Statements of Comprehensive Income, certain expenses incurred by the Subsidiary Issuers are allocated to the guarantor and non-guarantor subsidiaries. The following tables provide the impact of adoption of ASU 2016-18 on the Company’s Consolidating Condensed Statements of Cash Flows for the nine months ended September 30, 2017.
| Nine Months Ended September 30, 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 | $ | 53 |  |  | $ | (53 | ) |  | $ | — |  |  | $ | 53 |  |  | $ | (53 | ) |  | $ | — |
Other, net | 5 |  |  | 1 |  |  | 6 |  |  | 5 |  |  | 1 |  |  | 6 |
Net cash used in investing activities | (3,130 | ) |  | (52 | ) |  | (3,182 | ) |  | (2,924 | ) |  | (52 | ) |  | (2,976 | )
Effect of changes in exchange rates on cash and cash equivalents, program and restricted cash | 32 |  |  | 9 |  |  | 41 |  |  | 32 |  |  | 9 |  |  | 41 |
Net increase in cash and cash equivalents, program and restricted cash | 319 |  |  | (43 | ) |  | 276 |  |  | 324 |  |  | (43 | ) |  | 281 |
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 | $ | 794 |  |  | $ | 187 |  |  | $ | 981 |  |  | $ | 814 |  |  | $ | 187 |  |  | $ | 1,001 |
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 September 30,
| 2018 |  | 2017
| Non-Guarantor |  | Total |  | Non-Guarantor |  | Total
Cash and cash equivalents | $ | 529 |  |  | $ | 605 |  |  | $ | 794 |  |  | $ | 814 |
Program cash | 151 |  |  | 151 |  |  | 180 |  |  | 180 |
Restricted cash (a) | 12 |  |  | 12 |  |  | 7 |  |  | 7 |
Total cash and cash equivalents, program and restricted cash | $ | 692 |  |  | $ | 768 |  |  | $ | 981 |  |  | $ | 1,001 |
_________
(a) | Included within other current assets.
Consolidating Condensed Statements of Comprehensive Income Three Months Ended September 30, 2018
|  |  | Parent |  | Subsidiary Issuers |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Total
Revenues | $ | — |  |  | $ | — |  |  | $ | 1,592 |  |  | $ | 1,746 |  |  | $ | (560 | ) |  | $ | 2,778 |
Expenses |  |  |  |  |  |  |  |  |  |  |
| Operating | — |  |  | 3 |  |  | 737 |  |  | 554 |  |  | — |  |  | 1,294 |
| Vehicle depreciation and lease charges, net | — |  |  | — |  |  | 540 |  |  | 551 |  |  | (504 | ) |  | 587 |
| Selling, general and administrative | 10 |  |  | 3 |  |  | 182 |  |  | 141 |  |  | — |  |  | 336 |
| Vehicle interest, net | — |  |  | — |  |  | 59 |  |  | 82 |  |  | (56 | ) |  | 85 |
| Non-vehicle related depreciation and amortization | — |  |  | — |  |  | 36 |  |  | 26 |  |  | — |  |  | 62 |
| Interest expense related to corporate debt, net: |  |  |  |  |  |  |  |  |  |  |
|  | Interest expense | — |  |  | 37 |  |  | — |  |  | 7 |  |  | — |  |  | 44 |
|  | Intercompany interest expense (income) | (3 | ) |  | 1 |  |  | 9 |  |  | (7 | ) |  | — |  |  | — |
| Transaction-related costs, net | — |  |  | — |  |  | 2 |  |  | 9 |  |  | — |  |  | 11 |
| Restructuring and other related charges | — |  |  | — |  |  | 2 |  |  | 2 |  |  | — |  |  | 4 |
Total expenses | 7 |  |  | 44 |  |  | 1,567 |  |  | 1,365 |  |  | (560 | ) |  | 2,423 |
Income (loss) before income taxes and equity in earnings of subsidiaries | (7 | ) |  | (44 | ) |  | 25 |  |  | 381 |  |  | — |  |  | 355 |
Provision for (benefit from) income taxes | (2 | ) |  | (12 | ) |  | 119 |  |  | 37 |  |  | — |  |  | 142 |
Equity in earnings of subsidiaries | 218 |  |  | 250 |  |  | 344 |  |  | — |  |  | (812 | ) |  | — |
Net income | $ | 213 |  |  | $ | 218 |  |  | $ | 250 |  |  | $ | 344 |  |  | $ | (812 | ) |  | $ | 213 |
Comprehensive income | $ | 207 |  |  | $ | 212 |  |  | $ | 244 |  |  | $ | 338 |  |  | $ | (794 | ) |  | $ | 207 |
Nine Months Ended September 30, 2018
|  |  | Parent |  | Subsidiary Issuers |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Total
Revenues | $ | — |  |  | $ | — |  |  | $ | 4,171 |  |  | $ | 4,695 |  |  | $ | (1,792 | ) |  | $ | 7,074 |
Expenses |  |  |  |  |  |  |  |  |  |  |
| Operating | 2 |  |  | 4 |  |  | 2,035 |  |  | 1,520 |  |  | — |  |  | 3,561 |
| Vehicle depreciation and lease charges, net | — |  |  | — |  |  | 1,681 |  |  | 1,637 |  |  | (1,625 | ) |  | 1,693 |
| Selling, general and administrative | 38 |  |  | 9 |  |  | 513 |  |  | 393 |  |  | — |  |  | 953 |
| Vehicle interest, net | — |  |  | — |  |  | 172 |  |  | 232 |  |  | (167 | ) |  | 237 |
| Non-vehicle related depreciation and amortization | — |  |  | 1 |  |  | 108 |  |  | 81 |  |  | — |  |  | 190 |
| Interest expense related to corporate debt, net: |  |  |  |  |  |  |  |  |  |  |
|  | Interest expense | — |  |  | 115 |  |  | 2 |  |  | 22 |  |  | — |  |  | 139 |
|  | Intercompany interest expense (income) | (9 | ) |  | (8 | ) |  | 20 |  |  | (3 | ) |  | — |  |  | — |
|  | Early extinguishment of debt | — |  |  | 5 |  |  | — |  |  | — |  |  | — |  |  | 5 |
| Transaction-related costs, net | — |  |  | 1 |  |  | 3 |  |  | 14 |  |  | — |  |  | 18 |
| Restructuring and other related charges | — |  |  | — |  |  | 6 |  |  | 8 |  |  | — |  |  | 14 |
Total expenses | 31 |  |  | 127 |  |  | 4,540 |  |  | 3,904 |  |  | (1,792 | ) |  | 6,810 |
Income (loss) before income taxes and equity in earnings of subsidiaries | (31 | ) |  | (127 | ) |  | (369 | ) |  | 791 |  |  | — |  |  | 264 |
Provision for (benefit from) income taxes | (13 | ) |  | (34 | ) |  | 114 |  |  | 45 |  |  | — |  |  | 112 |
Equity in earnings of subsidiaries | 170 |  |  | 263 |  |  | 746 |  |  | — |  |  | (1,179 | ) |  | — |
Net income | $ | 152 |  |  | $ | 170 |  |  | $ | 263 |  |  | $ | 746 |  |  | $ | (1,179 | ) |  | $ | 152 |
Comprehensive income | $ | 104 |  |  | $ | 122 |  |  | $ | 207 |  |  | $ | 687 |  |  | $ | (1,016 | ) |  | $ | 104 |
Three Months Ended September 30, 2017
|  |  | Parent |  | Subsidiary Issuers |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Total
Revenues | $ | — |  |  | $ | — |  |  | $ | 1,569 |  |  | $ | 1,794 |  |  | $ | (611 | ) |  | $ | 2,752 |
Expenses |  |  |  |  |  |  |  |  |  |  |
| Operating | — |  |  | 5 |  |  | 710 |  |  | 541 |  |  | — |  |  | 1,256 |
| Vehicle depreciation and lease charges, net | — |  |  | — |  |  | 568 |  |  | 605 |  |  | (557 | ) |  | 616 |
| Selling, general and administrative | 9 |  |  | 2 |  |  | 174 |  |  | 135 |  |  | — |  |  | 320 |
| Vehicle interest, net | — |  |  | — |  |  | 53 |  |  | 79 |  |  | (54 | ) |  | 78 |
| Non-vehicle related depreciation and amortization | — |  |  | — |  |  | 41 |  |  | 25 |  |  | — |  |  | 66 |
| Interest expense related to corporate debt, net: |  |  |  |  |  |  |  |  |  |  |
|  | Interest expense | — |  |  | 38 |  |  | 2 |  |  | 5 |  |  | — |  |  | 45 |
|  | Intercompany interest expense (income) | (3 | ) |  | 25 |  |  | 6 |  |  | (28 | ) |  | — |  |  | — |
| Restructuring and other related charges | — |  |  | 5 |  |  | (2 | ) |  | 4 |  |  | — |  |  | 7 |
Total expenses | 6 |  |  | 75 |  |  | 1,552 |  |  | 1,366 |  |  | (611 | ) |  | 2,388 |
Income (loss) before income taxes and equity in earnings of subsidiaries | (6 | ) |  | (75 | ) |  | 17 |  |  | 428 |  |  | — |  |  | 364 |
Provision for (benefit from) income taxes | (6 | ) |  | (30 | ) |  | 87 |  |  | 68 |  |  | — |  |  | 119 |
Equity in earnings of subsidiaries | 245 |  |  | 290 |  |  | 360 |  |  | — |  |  | (895 | ) |  | — |
Net income | $ | 245 |  |  | $ | 245 |  |  | $ | 290 |  |  | $ | 360 |  |  | $ | (895 | ) |  | $ | 245 |
Comprehensive income | $ | 279 |  |  | $ | 278 |  |  | $ | 323 |  |  | $ | 392 |  |  | $ | (993 | ) |  | $ | 279 |
Nine Months Ended September 30, 2017
|  |  | Parent |  | Subsidiary Issuers |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Total
Revenues | $ | — |  |  | $ | — |  |  | $ | 4,093 |  |  | $ | 4,595 |  |  | $ | (1,859 | ) |  | $ | 6,829 |
Expenses |  |  |  |  |  |  |  |  |  |  |
| Operating | 2 |  |  | 18 |  |  | 1,994 |  |  | 1,399 |  |  | — |  |  | 3,413 |
| Vehicle depreciation and lease charges, net | — |  |  | — |  |  | 1,728 |  |  | 1,690 |  |  | (1,701 | ) |  | 1,717 |
| Selling, general and administrative | 29 |  |  | 6 |  |  | 485 |  |  | 355 |  |  | — |  |  | 875 |
| Vehicle interest, net | — |  |  | — |  |  | 150 |  |  | 223 |  |  | (158 | ) |  | 215 |
| Non-vehicle related depreciation and amortization | — |  |  | 1 |  |  | 121 |  |  | 72 |  |  | — |  |  | 194 |
| Interest expense related to corporate debt, net: |  |  |  |  |  |  |  |  |  |  |
|  | Interest expense | — |  |  | 118 |  |  | 3 |  |  | 21 |  |  | — |  |  | 142 |
|  | Intercompany interest expense (income) | (9 | ) |  | 80 |  |  | 17 |  |  | (88 | ) |  | — |  |  | — |
|  | Early extinguishment of debt | — |  |  | 4 |  |  | — |  |  | (1 | ) |  | — |  |  | 3 |
| Restructuring and other related charges | — |  |  | 7 |  |  | 37 |  |  | 8 |  |  | — |  |  | 52 |
| Transaction-related costs, net | — |  |  | — |  |  | — |  |  | 8 |  |  | — |  |  | 8 |
Total expenses | 22 |  |  | 234 |  |  | 4,535 |  |  | 3,687 |  |  | (1,859 | ) |  | 6,619 |
Income (loss) before income taxes and equity in earnings of subsidiaries | (22 | ) |  | (234 | ) |  | (442 | ) |  | 908 |  |  | — |  |  | 210 |
Provision for (benefit from) income taxes | (10 | ) |  | (92 | ) |  | 59 |  |  | 112 |  |  | — |  |  | 69 |
Equity in earnings of subsidiaries | 153 |  |  | 295 |  |  | 796 |  |  | — |  |  | (1,244 | ) |  | — |
Net income | $ | 141 |  |  | $ | 153 |  |  | $ | 295 |  |  | $ | 796 |  |  | $ | (1,244 | ) |  | $ | 141 |
Comprehensive income | $ | 251 |  |  | $ | 262 |  |  | $ | 405 |  |  | $ | 904 |  |  | $ | (1,571 | ) |  | $ | 251 |
Consolidating Condensed Balance Sheets As of September 30, 2018
|  |  | Parent |  | Subsidiary Issuers |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Total
Assets |  |  |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |  |  |
| Cash and cash equivalents | $ | 3 |  |  | $ | 73 |  |  | $ | — |  |  | $ | 529 |  |  | $ | — |  |  | $ | 605 |
| Receivables, net | — |  |  | — |  |  | 247 |  |  | 671 |  |  | — |  |  | 918 |
| Other current assets | 1 |  |  | 100 |  |  | 109 |  |  | 447 |  |  | — |  |  | 657 |
Total current assets | 4 |  |  | 173 |  |  | 356 |  |  | 1,647 |  |  | — |  |  | 2,180 |
Property and equipment, net | — |  |  | 191 |  |  | 312 |  |  | 216 |  |  | — |  |  | 719 |
Deferred income taxes | 13 |  |  | 842 |  |  | 169 |  |  | 41 |  |  | — |  |  | 1,065 |
Goodwill | — |  |  | — |  |  | 471 |  |  | 593 |  |  | — |  |  | 1,064 |
Other intangibles, net | — |  |  | 26 |  |  | 474 |  |  | 344 |  |  | — |  |  | 844 |
Other non-current assets | 46 |  |  | 48 |  |  | 16 |  |  | 157 |  |  | — |  |  | 267 |
Intercompany receivables | 156 |  |  | 399 |  |  | 1,880 |  |  | 906 |  |  | (3,341 | ) |  | — |
Investment in subsidiaries | 355 |  |  | 4,841 |  |  | 4,043 |  |  | — |  |  | (9,239 | ) |  | — |
Total assets exclusive of assets under vehicle programs | 574 |  |  | 6,520 |  |  | 7,721 |  |  | 3,904 |  |  | (12,580 | ) |  | 6,139 |
Assets under vehicle programs: |  |  |  |  |  |  |  |  |  |  |
| Program cash | — |  |  | — |  |  | — |  |  | 151 |  |  | — |  |  | 151 |
| Vehicles, net | — |  |  | 38 |  |  | 58 |  |  | 12,067 |  |  | — |  |  | 12,163 |
| Receivables from vehicle manufacturers and other | — |  |  | 2 |  |  | — |  |  | 770 |  |  | — |  |  | 772 |
| Investment in Avis Budget Rental Car Funding (AESOP) LLC-related party | — |  |  | — |  |  | — |  |  | 516 |  |  | — |  |  | 516 |
|  |  | — |  |  | 40 |  |  | 58 |  |  | 13,504 |  |  | — |  |  | 13,602 |
Total assets | $ | 574 |  |  | $ | 6,560 |  |  | $ | 7,779 |  |  | $ | 17,408 |  |  | $ | (12,580 | ) |  | $ | 19,741 |
Liabilities and stockholders’ equity |  |  |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |  |  |
| Accounts payable and other current liabilities | $ | 13 |  |  | $ | 248 |  |  | $ | 633 |  |  | $ | 991 |  |  | $ | — |  |  | $ | 1,885 |
| Short-term debt and current portion of long-term debt | — |  |  | 17 |  |  | 2 |  |  | 4 |  |  | — |  |  | 23 |
Total current liabilities | 13 |  |  | 265 |  |  | 635 |  |  | 995 |  |  | — |  |  | 1,908 |
Long-term debt | — |  |  | 2,900 |  |  | 2 |  |  | 636 |  |  | — |  |  | 3,538 |
Other non-current liabilities | 40 |  |  | 80 |  |  | 261 |  |  | 386 |  |  | — |  |  | 767 |
Intercompany payables | — |  |  | 2,941 |  |  | 399 |  |  | 1 |  |  | (3,341 | ) |  | — |
Total liabilities exclusive of liabilities under vehicle programs | 53 |  |  | 6,186 |  |  | 1,297 |  |  | 2,018 |  |  | (3,341 | ) |  | 6,213 |
Liabilities under vehicle programs: |  |  |  |  |  |  |  |  |  |  |
| Debt | — |  |  | 19 |  |  | 50 |  |  | 3,731 |  |  | — |  |  | 3,800 |
| Due to Avis Budget Rental Car Funding (AESOP) LLC-related party | — |  |  | — |  |  | — |  |  | 7,122 |  |  | — |  |  | 7,122 |
Deferred income taxes | — |  |  | — |  |  | 1,591 |  |  | 184 |  |  | — |  |  | 1,775 |
Other | — |  |  | — |  |  | — |  |  | 310 |  |  | — |  |  | 310 |
|  |  | — |  |  | 19 |  |  | 1,641 |  |  | 11,347 |  |  | — |  |  | 13,007 |
Total stockholders’ equity | 521 |  |  | 355 |  |  | 4,841 |  |  | 4,043 |  |  | (9,239 | ) |  | 521 |
Total liabilities and stockholders’ equity | $ | 574 |  |  | $ | 6,560 |  |  | $ | 7,779 |  |  | $ | 17,408 |  |  | $ | (12,580 | ) |  | $ | 19,741 |
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 Nine Months Ended September 30, 2018
| Parent |  | Subsidiary Issuers |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total
Net cash provided by (used in) operating activities | $ | 139 |  |  | $ | 202 |  |  | $ | 88 |  |  | $ | 1,785 |  |  | $ | (119 | ) |  | $ | 2,095 |
Investing activities |  |  |  |  |  |  |  |  |  |  |
Property and equipment additions | — |  |  | (45 | ) |  | (60 | ) |  | (52 | ) |  | — |  |  | (157 | )
Proceeds received on asset sales | — |  |  | 2 |  |  | 2 |  |  | 5 |  |  | — |  |  | 9 |
Net assets acquired (net of cash acquired) | — |  |  | (3 | ) |  | (5 | ) |  | (56 | ) |  | — |  |  | (64 | )
Other, net | — |  |  | (8 | ) |  | — |  |  | (36 | ) |  | — |  |  | (44 | )
Net cash provided by (used in) investing activities exclusive of vehicle programs | — |  |  | (54 | ) |  | (63 | ) |  | (139 | ) |  | — |  |  | (256 | )
Vehicle programs: |  |  |  |  |  |  |  |  |  |  |
Investment in vehicles | — |  |  | — |  |  | (4 | ) |  | (10,075 | ) |  | — |  |  | (10,079 | )
Proceeds received on disposition of vehicles | — |  |  | 33 |  |  | — |  |  | 6,719 |  |  | — |  |  | 6,752 |
Investment in debt securities of Avis Budget Rental Car Funding (AESOP) LLC—related party | — |  |  | — |  |  | — |  |  | (116 | ) |  | — |  |  | (116 | )
Proceeds from debt securities of Avis Budget Rental Car Funding (AESOP) LLC—related party | — |  |  | — |  |  | — |  |  | 22 |  |  | — |  |  | 22 |
| — |  |  | 33 |  |  | (4 | ) |  | (3,450 | ) |  | — |  |  | (3,421 | )
Net cash provided by (used in) investing activities | — |  |  | (21 | ) |  | (67 | ) |  | (3,589 | ) |  | — |  |  | (3,677 | )
Financing activities |  |  |  |  |  |  |  |  |  |  |
Proceeds from long-term borrowings | — |  |  | 81 |  |  | — |  |  | — |  |  | — |  |  | 81 |
Payments on long-term borrowings | — |  |  | (97 | ) |  | (2 | ) |  | — |  |  | — |  |  | (99 | )
Net change in short-term borrowings | — |  |  | — |  |  | — |  |  | (4 | ) |  | — |  |  | (4 | )
Debt financing fees | — |  |  | (9 | ) |  | — |  |  | — |  |  | — |  |  | (9 | )
Repurchases of common stock | (143 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (143 | )
Other, net | 3 |  |  | (95 | ) |  | (12 | ) |  | (12 | ) |  | 119 |  |  | 3 |
Net cash provided by (used in) financing activities exclusive of vehicle programs | (140 | ) |  | (120 | ) |  | (14 | ) |  | (16 | ) |  | 119 |  |  | (171 | )
Vehicle programs: |  |  |  |  |  |  |  |  |  |  |
Proceeds from borrowings | — |  |  | — |  |  | — |  |  | 13,371 |  |  | — |  |  | 13,371 |
Payments on borrowings | — |  |  | (2 | ) |  | (7 | ) |  | (11,718 | ) |  | — |  |  | (11,727 | )
Debt financing fees | — |  |  | — |  |  | — |  |  | (19 | ) |  | — |  |  | (19 | )
| — |  |  | (2 | ) |  | (7 | ) |  | 1,634 |  |  | — |  |  | 1,625 |
Net cash provided by (used in) financing activities | (140 | ) |  | (122 | ) |  | (21 | ) |  | 1,618 |  |  | 119 |  |  | 1,454 |
Effect of changes in exchange rates on cash and cash equivalents, program and restricted cash | — |  |  | — |  |  | — |  |  | (5 | ) |  | — |  |  | (5 | )
Net increase (decrease) in cash and cash equivalents, program and restricted cash | (1 | ) |  | 59 |  |  | — |  |  | (191 | ) |  | — |  |  | (133 | )
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 |  |  | $ | 73 |  |  | $ | — |  |  | $ | 692 |  |  | $ | — |  |  | $ | 768 |
Nine Months Ended September 30, 2017
| Parent |  | Subsidiary Issuers |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total
Net cash provided by (used in) operating activities | $ | 44 |  |  | $ | (45 | ) |  | $ | 70 |  |  | $ | 2,007 |  |  | $ | (35 | ) |  | $ | 2,041 |
Investing activities |  |  |  |  |  |  |  |  |  |  |
Property and equipment additions | — |  |  | (36 | ) |  | (56 | ) |  | (46 | ) |  | — |  |  | (138 | )
Proceeds received on asset sales | — |  |  | 1 |  |  | — |  |  | 5 |  |  | — |  |  | 6 |
Net assets acquired (net of cash acquired) | — |  |  | (1 | ) |  | (5 | ) |  | (11 | ) |  | — |  |  | (17 | )
Intercompany loan receipts (advances) | — |  |  | — |  |  | — |  |  | (264 | ) |  | 264 |  |  | — |
Other, net | 100 |  |  | — |  |  | — |  |  | 6 |  |  | (100 | ) |  | 6 |
Net cash provided by (used in) investing activities exclusive of vehicle programs | 100 |  |  | (36 | ) |  | (61 | ) |  | (310 | ) |  | 164 |  |  | (143 | )
Vehicle programs: |  |  |  |  |  |  |  |  |  |  |
Investment in vehicles | — |  |  | — |  |  | — |  |  | (9,672 | ) |  | — |  |  | (9,672 | )
Proceeds received on disposition of vehicles | — |  |  | 39 |  |  | — |  |  | 6,833 |  |  | — |  |  | 6,872 |
Investment in debt securities of Avis Budget Rental Car Funding (AESOP) LLC—related party | — |  |  | — |  |  | — |  |  | (33 | ) |  | — |  |  | (33 | )
| — |  |  | 39 |  |  | — |  |  | (2,872 | ) |  | — |  |  | (2,833 | )
Net cash provided by (used in) investing activities | 100 |  |  | 3 |  |  | (61 | ) |  | (3,182 | ) |  | 164 |  |  | (2,976 | )
Financing activities |  |  |  |  |  |  |  |  |  |  |
Proceeds from long-term borrowings | — |  |  | 325 |  |  | — |  |  | 264 |  |  | — |  |  | 589 |
Payments on long-term borrowings | — |  |  | (401 | ) |  | (2 | ) |  | (193 | ) |  | — |  |  | (596 | )
Net change in short-term borrowings | — |  |  | — |  |  | — |  |  | (3 | ) |  | — |  |  | (3 | )
Intercompany loan borrowings (payments) | — |  |  | 264 |  |  | — |  |  | — |  |  | (264 | ) |  | — |
Repurchases of common stock | (144 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (144 | )
Debt financing fees | — |  |  | (5 | ) |  | — |  |  | (4 | ) |  | — |  |  | (9 | )
Other, net | — |  |  | (135 | ) |  | — |  |  | — |  |  | 135 |  |  | — |
Net cash provided by (used in) financing activities exclusive of vehicle programs | (144 | ) |  | 48 |  |  | (2 | ) |  | 64 |  |  | (129 | ) |  | (163 | )
Vehicle programs: |  |  |  |  |  |  |  |  |  |  |
Proceeds from borrowings | — |  |  | — |  |  | — |  |  | 14,276 |  |  | — |  |  | 14,276 |
Payments on borrowings | — |  |  | (1 | ) |  | (7 | ) |  | (12,922 | ) |  | — |  |  | (12,930 | )
Debt financing fees | — |  |  | — |  |  | — |  |  | (8 | ) |  | — |  |  | (8 | )
| — |  |  | (1 | ) |  | (7 | ) |  | 1,346 |  |  | — |  |  | 1,338 |
Net cash provided by (used in) financing activities | (144 | ) |  | 47 |  |  | (9 | ) |  | 1,410 |  |  | (129 | ) |  | 1,175 |
Effect of changes in exchange rates on cash and cash equivalents, program and restricted cash | — |  |  | — |  |  | — |  |  | 41 |  |  | — |  |  | 41 |
Net increase in cash and cash equivalents, program and restricted cash | — |  |  | 5 |  |  | — |  |  | 276 |  |  | — |  |  | 281 |
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 | $ | 3 |  |  | $ | 17 |  |  | $ | — |  |  | $ | 981 |  |  | $ | — |  |  | $ | 1,001 |

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