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v3.19.1

Guarantor and Non-Guarantor Consolidating Condensed Financial Statements (Tables) | 3 Months Ended
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Mar. 31, 2019
Condensed Financial Information Disclosure [Abstract] |
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,
| 2019 |  | 2018
| Subsidiary Issuers |  | Non-Guarantor |  | Total |  | Non-Guarantor |  | Total
Cash and cash equivalents | $ | 7 |  |  | $ | 529 |  |  | $ | 540 |  |  | $ | 518 |  |  | $ | 544 |
Program cash | — |  |  | 131 |  |  | 131 |  |  | 147 |  |  | 147 |
Restricted cash (a) | 1 |  |  | 4 |  |  | 5 |  |  | 10 |  |  | 10 |
Total cash and cash equivalents, program and restricted cash | $ | 8 |  |  | $ | 664 |  |  | $ | 676 |  |  | $ | 675 |  |  | $ | 701 |
_________
(a) | Included within other current assets.
Consolidating Condensed Statements of Comprehensive Income | Three Months Ended March 31, 2019
|  |  | Parent |  | Subsidiary Issuers |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Total
Revenues | $ | — |  |  | $ | — |  |  | $ | 1,188 |  |  | $ | 1,304 |  |  | $ | (572 | ) |  | $ | 1,920 |
Expenses |  |  |  |  |  |  |  |  |  |  |
| Operating | — |  |  | — |  |  | 614 |  |  | 457 |  |  | — |  |  | 1,071 |
| Vehicle depreciation and lease charges, net | — |  |  | — |  |  | 529 |  |  | 464 |  |  | (508 | ) |  | 485 |
| Selling, general and administrative | 11 |  |  | 2 |  |  | 163 |  |  | 108 |  |  | — |  |  | 284 |
| Vehicle interest, net | — |  |  | — |  |  | 63 |  |  | 82 |  |  | (64 | ) |  | 81 |
| Non-vehicle related depreciation and amortization | — |  |  | — |  |  | 38 |  |  | 29 |  |  | — |  |  | 67 |
| Interest expense related to corporate debt, net: |  |  |  |  |  |  |  |  |  |  |
|  | Interest expense | — |  |  | 34 |  |  | — |  |  | 8 |  |  | — |  |  | 42 |
|  | Intercompany interest expense (income) | (3 | ) |  | (14 | ) |  | 7 |  |  | 10 |  |  | — |  |  | — |
|  | Early extinguishment of debt | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
| Restructuring and other related charges | 3 |  |  | — |  |  | 14 |  |  | 4 |  |  | — |  |  | 21 |
| Transaction-related costs, net | — |  |  | — |  |  | 1 |  |  | 4 |  |  | — |  |  | 5 |
Total expenses | 11 |  |  | 22 |  |  | 1,429 |  |  | 1,166 |  |  | (572 | ) |  | 2,056 |
Income (loss) before income taxes and equity in earnings of subsidiaries | (11 | ) |  | (22 | ) |  | (241 | ) |  | 138 |  |  | — |  |  | (136 | )
Provision for (benefit from) income taxes | (4 | ) |  | (8 | ) |  | (15 | ) |  | (18 | ) |  | — |  |  | (45 | )
Equity in earnings (loss) of subsidiaries | (84 | ) |  | (70 | ) |  | 156 |  |  | — |  |  | (2 | ) |  | — |
Net income (loss) | $ | (91 | ) |  | $ | (84 | ) |  | $ | (70 | ) |  | $ | 156 |  |  | $ | (2 | ) |  | $ | (91 | )
Comprehensive income (loss) | $ | (96 | ) |  | $ | (89 | ) |  | $ | (68 | ) |  | $ | 158 |  |  | $ | (1 | ) |  | $ | (96 | )
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 | )
Schedule Of Condensed Consolidating Balance Sheet Table | As of March 31, 2019
|  |  | Parent |  | Subsidiary Issuers |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Total
Assets |  |  |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |  |  |
| Cash and cash equivalents | $ | 1 |  |  | $ | 7 |  |  | $ | 3 |  |  | $ | 529 |  |  | $ | — |  |  | $ | 540 |
| Receivables, net | — |  |  | — |  |  | 238 |  |  | 677 |  |  | — |  |  | 915 |
| Other current assets | 8 |  |  | 130 |  |  | 134 |  |  | 410 |  |  | — |  |  | 682 |
Total current assets | 9 |  |  | 137 |  |  | 375 |  |  | 1,616 |  |  | — |  |  | 2,137 |
Property and equipment, net | — |  |  | 206 |  |  | 317 |  |  | 214 |  |  | — |  |  | 737 |
Operating lease right-of-use assets | — |  |  | 722 |  |  | 1,148 |  |  | 636 |  |  | — |  |  | 2,506 |
Deferred income taxes | 14 |  |  | 1,095 |  |  | 206 |  |  | 74 |  |  | — |  |  | 1,389 |
Goodwill | — |  |  | — |  |  | 470 |  |  | 616 |  |  | — |  |  | 1,086 |
Other intangibles, net | — |  |  | 25 |  |  | 475 |  |  | 309 |  |  | — |  |  | 809 |
Other non-current assets | 48 |  |  | 38 |  |  | 28 |  |  | 144 |  |  | — |  |  | 258 |
Intercompany receivables | 162 |  |  | 410 |  |  | 2,157 |  |  | 1,382 |  |  | (4,111 | ) |  | — |
Investment in subsidiaries | 148 |  |  | 4,722 |  |  | 3,814 |  |  | — |  |  | (8,684 | ) |  | — |
Total assets exclusive of assets under vehicle programs | 381 |  |  | 7,355 |  |  | 8,990 |  |  | 4,991 |  |  | (12,795 | ) |  | 8,922 |
Assets under vehicle programs: |  |  |  |  |  |  |  |  |  |  |
| Program cash | — |  |  | — |  |  | — |  |  | 131 |  |  | — |  |  | 131 |
| Vehicles, net | — |  |  | 60 |  |  | 52 |  |  | 12,473 |  |  | — |  |  | 12,585 |
| Receivables from vehicle manufacturers and other | — |  |  | 1 |  |  | 82 |  |  | 544 |  |  | — |  |  | 627 |
| Investment in Avis Budget Rental Car Funding (AESOP) LLC-related party | — |  |  | — |  |  | — |  |  | 637 |  |  | — |  |  | 637 |
|  |  | — |  |  | 61 |  |  | 134 |  |  | 13,785 |  |  | — |  |  | 13,980 |
Total assets | $ | 381 |  |  | $ | 7,416 |  |  | $ | 9,124 |  |  | $ | 18,776 |  |  | $ | (12,795 | ) |  | $ | 22,902 |
Liabilities and stockholders’ equity |  |  |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |  |  |
| Accounts payable and other current liabilities | $ | 16 |  |  | $ | 308 |  |  | $ | 850 |  |  | $ | 1,061 |  |  | $ | — |  |  | $ | 2,235 |
| Short-term debt and current portion of long-term debt | — |  |  | 18 |  |  | 2 |  |  | 3 |  |  | — |  |  | 23 |
Total current liabilities | 16 |  |  | 326 |  |  | 852 |  |  | 1,064 |  |  | — |  |  | 2,258 |
Long-term debt | — |  |  | 2,498 |  |  | 3 |  |  | 1,000 |  |  | — |  |  | 3,501 |
Long-term operating lease liabilities | — |  |  | 629 |  |  | 960 |  |  | 457 |  |  | — |  |  | 2,046 |
Other non-current liabilities | 41 |  |  | 90 |  |  | 242 |  |  | 366 |  |  | — |  |  | 739 |
Intercompany payables | — |  |  | 3,700 |  |  | 410 |  |  | 1 |  |  | (4,111 | ) |  | — |
Total liabilities exclusive of liabilities under vehicle programs | 57 |  |  | 7,243 |  |  | 2,467 |  |  | 2,888 |  |  | (4,111 | ) |  | 8,544 |
Liabilities under vehicle programs: |  |  |  |  |  |  |  |  |  |  |
| Debt | — |  |  | 25 |  |  | 47 |  |  | 2,593 |  |  | — |  |  | 2,665 |
| Due to Avis Budget Rental Car Funding (AESOP) LLC-related party | — |  |  | — |  |  | — |  |  | 8,540 |  |  | — |  |  | 8,540 |
Deferred income taxes | — |  |  | — |  |  | 1,802 |  |  | 193 |  |  | — |  |  | 1,995 |
Other | — |  |  | — |  |  | 86 |  |  | 748 |  |  | — |  |  | 834 |
|  |  | — |  |  | 25 |  |  | 1,935 |  |  | 12,074 |  |  | — |  |  | 14,034 |
Total stockholders’ equity | 324 |  |  | 148 |  |  | 4,722 |  |  | 3,814 |  |  | (8,684 | ) |  | 324 |
Total liabilities and stockholders’ equity | $ | 381 |  |  | $ | 7,416 |  |  | $ | 9,124 |  |  | $ | 18,776 |  |  | $ | (12,795 | ) |  | $ | 22,902 |
As of December 31, 2018
|  |  | Parent |  | Subsidiary Issuers |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Total
Assets |  |  |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |  |  |
| Cash and cash equivalents | $ | 1 |  |  | $ | 12 |  |  | $ | 1 |  |  | $ | 601 |  |  | $ | — |  |  | $ | 615 |
| Receivables, net | — |  |  | — |  |  | 239 |  |  | 716 |  |  | — |  |  | 955 |
| Other current assets | 5 |  |  | 112 |  |  | 116 |  |  | 371 |  |  | — |  |  | 604 |
Total current assets | 6 |  |  | 124 |  |  | 356 |  |  | 1,688 |  |  | — |  |  | 2,174 |
Property and equipment, net | — |  |  | 199 |  |  | 319 |  |  | 218 |  |  | — |  |  | 736 |
Deferred income taxes | 13 |  |  | 1,015 |  |  | 207 |  |  | 66 |  |  | — |  |  | 1,301 |
Goodwill | — |  |  | — |  |  | 471 |  |  | 621 |  |  | — |  |  | 1,092 |
Other intangibles, net | — |  |  | 26 |  |  | 475 |  |  | 324 |  |  | — |  |  | 825 |
Other non-current assets | 47 |  |  | 39 |  |  | 16 |  |  | 140 |  |  | — |  |  | 242 |
Intercompany receivables | 159 |  |  | 404 |  |  | 2,104 |  |  | 1,262 |  |  | (3,929 | ) |  | — |
Investment in subsidiaries | 246 |  |  | 4,786 |  |  | 3,852 |  |  | — |  |  | (8,884 | ) |  | — |
Total assets exclusive of assets under vehicle programs | 471 |  |  | 6,593 |  |  | 7,800 |  |  | 4,319 |  |  | (12,813 | ) |  | 6,370 |
Assets under vehicle programs: |  |  |  |  |  |  |  |  |  |  |
| Program cash | — |  |  | — |  |  | — |  |  | 115 |  |  | — |  |  | 115 |
| Vehicles, net | — |  |  | 55 |  |  | 54 |  |  | 11,365 |  |  | — |  |  | 11,474 |
| Receivables from vehicle manufacturers and other | — |  |  | 2 |  |  | — |  |  | 629 |  |  | — |  |  | 631 |
| Investment in Avis Budget Rental Car Funding (AESOP) LLC-related party | — |  |  | — |  |  | — |  |  | 559 |  |  | — |  |  | 559 |
|  |  | — |  |  | 57 |  |  | 54 |  |  | 12,668 |  |  | — |  |  | 12,779 |
Total assets | $ | 471 |  |  | $ | 6,650 |  |  | $ | 7,854 |  |  | $ | 16,987 |  |  | $ | (12,813 | ) |  | $ | 19,149 |
Liabilities and stockholders’ equity |  |  |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |  |  |
| Accounts payable and other current liabilities | $ | 16 |  |  | $ | 246 |  |  | $ | 582 |  |  | $ | 849 |  |  | $ | — |  |  | $ | 1,693 |
| Short-term debt and current portion of long-term debt | — |  |  | 18 |  |  | 3 |  |  | 2 |  |  | — |  |  | 23 |
Total current liabilities | 16 |  |  | 264 |  |  | 585 |  |  | 851 |  |  | — |  |  | 1,716 |
Long-term debt | — |  |  | 2,501 |  |  | 3 |  |  | 1,024 |  |  | — |  |  | 3,528 |
Other non-current liabilities | 41 |  |  | 87 |  |  | 257 |  |  | 382 |  |  | — |  |  | 767 |
Intercompany payables | — |  |  | 3,524 |  |  | 404 |  |  | 1 |  |  | (3,929 | ) |  | — |
Total liabilities exclusive of liabilities under vehicle programs | 57 |  |  | 6,376 |  |  | 1,249 |  |  | 2,258 |  |  | (3,929 | ) |  | 6,011 |
Liabilities under vehicle programs: |  |  |  |  |  |  |  |  |  |  |
| Debt | — |  |  | 28 |  |  | 49 |  |  | 2,797 |  |  | — |  |  | 2,874 |
| Due to Avis Budget Rental Car Funding (AESOP) LLC-related party | — |  |  | — |  |  | — |  |  | 7,358 |  |  | — |  |  | 7,358 |
| Deferred income taxes | — |  |  | — |  |  | 1,770 |  |  | 191 |  |  | — |  |  | 1,961 |
| Other | — |  |  | — |  |  | — |  |  | 531 |  |  | — |  |  | 531 |
|  |  | — |  |  | 28 |  |  | 1,819 |  |  | 10,877 |  |  | — |  |  | 12,724 |
Total stockholders’ equity | 414 |  |  | 246 |  |  | 4,786 |  |  | 3,852 |  |  | (8,884 | ) |  | 414 |
Total liabilities and stockholders’ equity | $ | 471 |  |  | $ | 6,650 |  |  | $ | 7,854 |  |  | $ | 16,987 |  |  | $ | (12,813 | ) |  | $ | 19,149 |
Consolidating Condensed Statements Of Cash Flows | Three Months Ended March 31, 2019
| Parent |  | Subsidiary Issuers |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total
Net cash provided by (used in) operating activities | $ | 4 |  |  | $ | 5 |  |  | $ | 34 |  |  | $ | 397 |  |  | $ | — |  |  | $ | 440 |
Investing activities |  |  |  |  |  |  |  |  |  |  |
Property and equipment additions | — |  |  | (16 | ) |  | (25 | ) |  | (16 | ) |  | — |  |  | (57 | )
Proceeds received on asset sales | — |  |  | — |  |  | — |  |  | 2 |  |  | — |  |  | 2 |
Net assets acquired (net of cash acquired) | — |  |  | — |  |  | (4 | ) |  | (1 | ) |  | — |  |  | (5 | )
Other, net | — |  |  | — |  |  | — |  |  | (3 | ) |  | — |  |  | (3 | )
Net cash provided by (used in) investing activities exclusive of vehicle programs | — |  |  | (16 | ) |  | (29 | ) |  | (18 | ) |  | — |  |  | (63 | )
Vehicle programs: |  |  |  |  |  |  |  |  |  |  |
Investment in vehicles | — |  |  | (1 | ) |  | — |  |  | (4,375 | ) |  | — |  |  | (4,376 | )
Proceeds received on disposition of vehicles | — |  |  | 13 |  |  | — |  |  | 3,070 |  |  | — |  |  | 3,083 |
Investment in debt securities of Avis Budget Rental Car Funding (AESOP) LLC—related party | — |  |  | — |  |  | — |  |  | (78 | ) |  | — |  |  | (78 | )
| — |  |  | 12 |  |  | — |  |  | (1,383 | ) |  | — |  |  | (1,371 | )
Net cash provided by (used in) investing activities | — |  |  | (4 | ) |  | (29 | ) |  | (1,401 | ) |  | — |  |  | (1,434 | )
Financing activities |  |  |  |  |  |  |  |  |  |  |
Payments on long-term borrowings | — |  |  | (4 | ) |  | — |  |  | (1 | ) |  | — |  |  | (5 | )
Repurchases of common stock | (4 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (4 | )
Net cash provided by (used in) financing activities exclusive of vehicle programs | (4 | ) |  | (4 | ) |  | — |  |  | (1 | ) |  | — |  |  | (9 | )
Vehicle programs: |  |  |  |  |  |  |  |  |  |  |
Proceeds from borrowings | — |  |  | — |  |  | — |  |  | 5,989 |  |  | — |  |  | 5,989 |
Payments on borrowings | — |  |  | (1 | ) |  | (3 | ) |  | (5,034 | ) |  | — |  |  | (5,038 | )
Debt financing fees | — |  |  | — |  |  | — |  |  | (5 | ) |  | — |  |  | (5 | )
| — |  |  | (1 | ) |  | (3 | ) |  | 950 |  |  | — |  |  | 946 |
Net cash provided by (used in) financing activities | (4 | ) |  | (5 | ) |  | (3 | ) |  | 949 |  |  | — |  |  | 937 |
Effect of changes in exchange rates on cash and cash equivalents, program and restricted cash | — |  |  | — |  |  | — |  |  | (2 | ) |  | — |  |  | (2 | )
Net increase (decrease) in cash and cash equivalents, program and restricted cash | — |  |  | (4 | ) |  | 2 |  |  | (57 | ) |  | — |  |  | (59 | )
Cash and cash equivalents, program and restricted cash, beginning of period | 1 |  |  | 12 |  |  | 1 |  |  | 721 |  |  | — |  |  | 735 |
Cash and cash equivalents, program and restricted cash, end of period | $ | 1 |  |  | $ | 8 |  |  | $ | 3 |  |  | $ | 664 |  |  | $ | — |  |  | $ | 676 |
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 |

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