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v3.19.2

Guarantor and Non-Guarantor Consolidating Condensed Financial Statements (Tables) | 6 Months Ended
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Jun. 30, 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 June 30,
| 2019 |  | 2018
| Non-Guarantor |  | Total |  | Non-Guarantor |  | Total
Cash and cash equivalents | $ | 520 |  |  | $ | 534 |  |  | $ | 475 |  |  | $ | 489 |
Program cash | 48 |  |  | 48 |  |  | 161 |  |  | 161 |
Restricted cash (a) | 3 |  |  | 3 |  |  | 11 |  |  | 11 |
Total cash and cash equivalents, program and restricted cash | $ | 571 |  |  | $ | 585 |  |  | $ | 647 |  |  | $ | 661 |
_________
(a) | Included within other current assets.
Consolidating Condensed Statements of Comprehensive Income | Three Months Ended June 30, 2019
|  |  | Parent |  | Subsidiary Issuers |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Total
Revenues | $ | — |  |  | $ | — |  |  | $ | 1,442 |  |  | $ | 1,541 |  |  | $ | (646 | ) |  | $ | 2,337 |
Expenses |  |  |  |  |  |  |  |  |  |  |
| Operating | 1 |  |  | — |  |  | 720 |  |  | 451 |  |  | — |  |  | 1,172 |
| Vehicle depreciation and lease charges, net | — |  |  | — |  |  | 597 |  |  | 521 |  |  | (575 | ) |  | 543 |
| Selling, general and administrative | 10 |  |  | 6 |  |  | 168 |  |  | 129 |  |  | — |  |  | 313 |
| Vehicle interest, net | — |  |  | — |  |  | 72 |  |  | 89 |  |  | (71 | ) |  | 90 |
| Non-vehicle related depreciation and amortization | — |  |  | 5 |  |  | 35 |  |  | 26 |  |  | — |  |  | 66 |
| Interest expense related to corporate debt, net: |  |  |  |  |  |  |  |  |  |  |
|  | Interest expense | — |  |  | 34 |  |  | 1 |  |  | 13 |  |  | — |  |  | 48 |
|  | Intercompany interest expense (income) | (3 | ) |  | 22 |  |  | 7 |  |  | (26 | ) |  | — |  |  | — |
| Restructuring and other related charges | 8 |  |  | — |  |  | 11 |  |  | 4 |  |  | — |  |  | 23 |
| Transaction-related costs, net | — |  |  | 1 |  |  | (7 | ) |  | 7 |  |  | — |  |  | 1 |
Total expenses | 16 |  |  | 68 |  |  | 1,604 |  |  | 1,214 |  |  | (646 | ) |  | 2,256 |
Income (loss) before income taxes and equity in earnings of subsidiaries | (16 | ) |  | (68 | ) |  | (162 | ) |  | 327 |  |  | — |  |  | 81 |
Provision for (benefit from) income taxes | (6 | ) |  | (24 | ) |  | 39 |  |  | 10 |  |  | — |  |  | 19 |
Equity in earnings of subsidiaries | 72 |  |  | 116 |  |  | 317 |  |  | — |  |  | (505 | ) |  | — |
Net income | $ | 62 |  |  | $ | 72 |  |  | $ | 116 |  |  | $ | 317 |  |  | $ | (505 | ) |  | $ | 62 |
Comprehensive income | $ | 60 |  |  | $ | 70 |  |  | $ | 126 |  |  | $ | 326 |  |  | $ | (522 | ) |  | $ | 60 |
Six Months Ended June 30, 2019
|  |  | Parent |  | Subsidiary Issuers |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Total
Revenues | $ | — |  |  | $ | — |  |  | $ | 2,630 |  |  | $ | 2,845 |  |  | $ | (1,218 | ) |  | $ | 4,257 |
Expenses |  |  |  |  |  |  |  |  |  |  |
| Operating | 1 |  |  | — |  |  | 1,334 |  |  | 908 |  |  | — |  |  | 2,243 |
| Vehicle depreciation and lease charges, net | — |  |  | — |  |  | 1,126 |  |  | 985 |  |  | (1,083 | ) |  | 1,028 |
| Selling, general and administrative | 21 |  |  | 8 |  |  | 331 |  |  | 237 |  |  | — |  |  | 597 |
| Vehicle interest, net | — |  |  | — |  |  | 135 |  |  | 171 |  |  | (135 | ) |  | 171 |
| Non-vehicle related depreciation and amortization | — |  |  | 5 |  |  | 73 |  |  | 55 |  |  | — |  |  | 133 |
| Interest expense related to corporate debt, net: |  |  |  |  |  |  |  |  |  |  |
|  | Interest expense | — |  |  | 68 |  |  | 1 |  |  | 21 |  |  | — |  |  | 90 |
|  | Intercompany interest expense (income) | (6 | ) |  | 8 |  |  | 14 |  |  | (16 | ) |  | — |  |  | — |
| Restructuring and other related charges | 11 |  |  | — |  |  | 25 |  |  | 8 |  |  | — |  |  | 44 |
| Transaction-related costs, net | — |  |  | 1 |  |  | (6 | ) |  | 11 |  |  | — |  |  | 6 |
Total expenses | 27 |  |  | 90 |  |  | 3,033 |  |  | 2,380 |  |  | (1,218 | ) |  | 4,312 |
Income (loss) before income taxes and equity in earnings of subsidiaries | (27 | ) |  | (90 | ) |  | (403 | ) |  | 465 |  |  | — |  |  | (55 | )
Provision for (benefit from) income taxes | (10 | ) |  | (32 | ) |  | 24 |  |  | (8 | ) |  | — |  |  | (26 | )
Equity in earnings (loss) of subsidiaries | (12 | ) |  | 46 |  |  | 473 |  |  | — |  |  | (507 | ) |  | — |
Net income (loss) | $ | (29 | ) |  | $ | (12 | ) |  | $ | 46 |  |  | $ | 473 |  |  | $ | (507 | ) |  | $ | (29 | )
Comprehensive income (loss) | $ | (36 | ) |  | $ | (19 | ) |  | $ | 58 |  |  | $ | 484 |  |  | $ | (523 | ) |  | $ | (36 | )
Three Months Ended June 30, 2018
|  |  | Parent |  | Subsidiary Issuers |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Total
Revenues | $ | — |  |  | $ | — |  |  | $ | 1,395 |  |  | $ | 1,590 |  |  | $ | (657 | ) |  | $ | 2,328 |
Expenses |  |  |  |  |  |  |  |  |  |  |
| Operating | 1 |  |  | (3 | ) |  | 677 |  |  | 500 |  |  | — |  |  | 1,175 |
| Vehicle depreciation and lease charges, net | — |  |  | — |  |  | 605 |  |  | 582 |  |  | (596 | ) |  | 591 |
| Selling, general and administrative | 10 |  |  | 3 |  |  | 176 |  |  | 132 |  |  | — |  |  | 321 |
| Vehicle interest, net | — |  |  | — |  |  | 61 |  |  | 80 |  |  | (61 | ) |  | 80 |
| Non-vehicle related depreciation and amortization | — |  |  | 1 |  |  | 36 |  |  | 30 |  |  | — |  |  | 67 |
| Interest expense related to corporate debt, net: |  |  |  |  |  |  |  |  |  |  |
|  | Interest expense | — |  |  | 39 |  |  | 1 |  |  | 9 |  |  | — |  |  | 49 |
|  | Intercompany interest expense (income) | (3 | ) |  | (31 | ) |  | 5 |  |  | 29 |  |  | — |  |  | — |
| Restructuring and other related charges | — |  |  | — |  |  | 1 |  |  | 3 |  |  | — |  |  | 4 |
| Transaction-related costs, net | — |  |  | 1 |  |  | 1 |  |  | 1 |  |  | — |  |  | 3 |
Total expenses | 8 |  |  | 10 |  |  | 1,563 |  |  | 1,366 |  |  | (657 | ) |  | 2,290 |
Income (loss) before income taxes and equity in earnings of subsidiaries | (8 | ) |  | (10 | ) |  | (168 | ) |  | 224 |  |  | — |  |  | 38 |
Provision for (benefit from) income taxes | (5 | ) |  | (3 | ) |  | 14 |  |  | 6 |  |  | — |  |  | 12 |
Equity in earnings of subsidiaries | 29 |  |  | 36 |  |  | 218 |  |  | — |  |  | (283 | ) |  | — |
Net income | $ | 26 |  |  | $ | 29 |  |  | $ | 36 |  |  | $ | 218 |  |  | $ | (283 | ) |  | $ | 26 |
Comprehensive income (loss) | $ | (24 | ) |  | $ | (21 | ) |  | $ | (16 | ) |  | $ | 165 |  |  | $ | (128 | ) |  | $ | (24 | )
Six Months Ended June 30, 2018
|  |  | Parent |  | Subsidiary Issuers |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Total
Revenues | $ | — |  |  | $ | — |  |  | $ | 2,579 |  |  | $ | 2,949 |  |  | $ | (1,232 | ) |  | $ | 4,296 |
Expenses |  |  |  |  |  |  |  |  |  |  |
| Operating | 2 |  |  | 1 |  |  | 1,298 |  |  | 966 |  |  | — |  |  | 2,267 |
| Vehicle depreciation and lease charges, net | — |  |  | — |  |  | 1,141 |  |  | 1,086 |  |  | (1,121 | ) |  | 1,106 |
| Selling, general and administrative | 28 |  |  | 6 |  |  | 331 |  |  | 252 |  |  | — |  |  | 617 |
| Vehicle interest, net | — |  |  | — |  |  | 113 |  |  | 150 |  |  | (111 | ) |  | 152 |
| Non-vehicle related depreciation and amortization | — |  |  | 1 |  |  | 72 |  |  | 55 |  |  | — |  |  | 128 |
| Interest expense related to corporate debt, net: |  |  |  |  |  |  |  |  |  |  |
|  | Interest expense | — |  |  | 78 |  |  | 2 |  |  | 15 |  |  | — |  |  | 95 |
|  | Intercompany interest expense (income) | (6 | ) |  | (9 | ) |  | 11 |  |  | 4 |  |  | — |  |  | — |
|  | Early extinguishment of debt | — |  |  | 5 |  |  | — |  |  | — |  |  | — |  |  | 5 |
| Restructuring and other related charges | — |  |  | — |  |  | 4 |  |  | 6 |  |  | — |  |  | 10 |
| Transaction-related costs, net | — |  |  | 1 |  |  | 1 |  |  | 5 |  |  | — |  |  | 7 |
Total expenses | 24 |  |  | 83 |  |  | 2,973 |  |  | 2,539 |  |  | (1,232 | ) |  | 4,387 |
Income (loss) before income taxes and equity in earnings of subsidiaries | (24 | ) |  | (83 | ) |  | (394 | ) |  | 410 |  |  | — |  |  | (91 | )
Provision for (benefit from) income taxes | (11 | ) |  | (22 | ) |  | (5 | ) |  | 8 |  |  | — |  |  | (30 | )
Equity in earnings (loss) of subsidiaries | (48 | ) |  | 13 |  |  | 402 |  |  | — |  |  | (367 | ) |  | — |
Net income (loss) | $ | (61 | ) |  | $ | (48 | ) |  | $ | 13 |  |  | $ | 402 |  |  | $ | (367 | ) |  | $ | (61 | )
Comprehensive income (loss) | $ | (103 | ) |  | $ | (90 | ) |  | $ | (37 | ) |  | $ | 349 |  |  | $ | (222 | ) |  | $ | (103 | )
Schedule Of Condensed Consolidating Balance Sheet Table | As of June 30, 2019
|  |  | Parent |  | Subsidiary Issuers |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Total
Assets |  |  |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |  |  |
| Cash and cash equivalents | $ | 1 |  |  | $ | 12 |  |  | $ | 1 |  |  | $ | 520 |  |  | $ | — |  |  | $ | 534 |
| Receivables, net | — |  |  | — |  |  | 277 |  |  | 643 |  |  | — |  |  | 920 |
| Other current assets | 1 |  |  | 134 |  |  | 131 |  |  | 566 |  |  | — |  |  | 832 |
Total current assets | 2 |  |  | 146 |  |  | 409 |  |  | 1,729 |  |  | — |  |  | 2,286 |
Property and equipment, net | — |  |  | 214 |  |  | 326 |  |  | 209 |  |  | — |  |  | 749 |
Operating lease right-of-use assets | — |  |  | 700 |  |  | 1,138 |  |  | 571 |  |  | — |  |  | 2,409 |
Deferred income taxes | 14 |  |  | 1,136 |  |  | 207 |  |  | 81 |  |  | — |  |  | 1,438 |
Goodwill | — |  |  | — |  |  | 471 |  |  | 636 |  |  | — |  |  | 1,107 |
Other intangibles, net | — |  |  | 25 |  |  | 471 |  |  | 310 |  |  | — |  |  | 806 |
Other non-current assets | 49 |  |  | 32 |  |  | 15 |  |  | 127 |  |  | — |  |  | 223 |
Intercompany receivables | 165 |  |  | 416 |  |  | 2,213 |  |  | 1,372 |  |  | (4,166 | ) |  | — |
Investment in subsidiaries | 203 |  |  | 4,779 |  |  | 3,847 |  |  | — |  |  | (8,829 | ) |  | — |
Total assets exclusive of assets under vehicle programs | 433 |  |  | 7,448 |  |  | 9,097 |  |  | 5,035 |  |  | (12,995 | ) |  | 9,018 |
Assets under vehicle programs: |  |  |  |  |  |  |  |  |  |  |
| Program cash | — |  |  | — |  |  | — |  |  | 48 |  |  | — |  |  | 48 |
| Vehicles, net | — |  |  | 68 |  |  | 52 |  |  | 14,158 |  |  | — |  |  | 14,278 |
| Receivables from vehicle manufacturers and other | — |  |  | 3 |  |  | 94 |  |  | 335 |  |  | — |  |  | 432 |
| Investment in Avis Budget Rental Car Funding (AESOP) LLC-related party | — |  |  | — |  |  | — |  |  | 679 |  |  | — |  |  | 679 |
|  |  | — |  |  | 71 |  |  | 146 |  |  | 15,220 |  |  | — |  |  | 15,437 |
Total assets | $ | 433 |  |  | $ | 7,519 |  |  | $ | 9,243 |  |  | $ | 20,255 |  |  | $ | (12,995 | ) |  | $ | 24,455 |
Liabilities and stockholders’ equity |  |  |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |  |  |
| Accounts payable and other current liabilities | $ | 15 |  |  | $ | 297 |  |  | $ | 862 |  |  | $ | 1,075 |  |  | $ | — |  |  | $ | 2,249 |
| Short-term debt and current portion of long-term debt | — |  |  | 415 |  |  | 2 |  |  | 3 |  |  | — |  |  | 420 |
Total current liabilities | 15 |  |  | 712 |  |  | 864 |  |  | 1,078 |  |  | — |  |  | 2,669 |
Long-term debt | — |  |  | 2,099 |  |  | 2 |  |  | 1,014 |  |  | — |  |  | 3,115 |
Long-term operating lease liabilities | — |  |  | 622 |  |  | 968 |  |  | 405 |  |  | — |  |  | 1,995 |
Other non-current liabilities | 42 |  |  | 102 |  |  | 229 |  |  | 379 |  |  | — |  |  | 752 |
Intercompany payables | — |  |  | 3,749 |  |  | 416 |  |  | 1 |  |  | (4,166 | ) |  | — |
Total liabilities exclusive of liabilities under vehicle programs | 57 |  |  | 7,284 |  |  | 2,479 |  |  | 2,877 |  |  | (4,166 | ) |  | 8,531 |
Liabilities under vehicle programs: |  |  |  |  |  |  |  |  |  |  |
| Debt | — |  |  | 32 |  |  | 46 |  |  | 3,465 |  |  | — |  |  | 3,543 |
| Due to Avis Budget Rental Car Funding (AESOP) LLC-related party | — |  |  | — |  |  | — |  |  | 8,913 |  |  | — |  |  | 8,913 |
Deferred income taxes | — |  |  | — |  |  | 1,840 |  |  | 189 |  |  | — |  |  | 2,029 |
Other | — |  |  | — |  |  | 99 |  |  | 964 |  |  | — |  |  | 1,063 |
|  |  | — |  |  | 32 |  |  | 1,985 |  |  | 13,531 |  |  | — |  |  | 15,548 |
Total stockholders’ equity | 376 |  |  | 203 |  |  | 4,779 |  |  | 3,847 |  |  | (8,829 | ) |  | 376 |
Total liabilities and stockholders’ equity | $ | 433 |  |  | $ | 7,519 |  |  | $ | 9,243 |  |  | $ | 20,255 |  |  | $ | (12,995 | ) |  | $ | 24,455 |
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 | Six Months Ended June 30, 2019
| Parent |  | Subsidiary Issuers |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total
Net cash provided by (used in) operating activities | $ | 20 |  |  | $ | 43 |  |  | $ | 50 |  |  | $ | 868 |  |  | $ | (16 | ) |  | $ | 965 |
Investing activities |  |  |  |  |  |  |  |  |  |  |
Property and equipment additions | — |  |  | (35 | ) |  | (49 | ) |  | (33 | ) |  | — |  |  | (117 | )
Proceeds received on asset sales | — |  |  | 1 |  |  | — |  |  | 5 |  |  | — |  |  | 6 |
Net assets acquired (net of cash acquired) | — |  |  | — |  |  | (4 | ) |  | (50 | ) |  | — |  |  | (54 | )
Other, net | — |  |  | — |  |  | 12 |  |  | 69 |  |  | — |  |  | 81 |
Net cash provided by (used in) investing activities exclusive of vehicle programs | — |  |  | (34 | ) |  | (41 | ) |  | (9 | ) |  | — |  |  | (84 | )
Vehicle programs: |  |  |  |  |  |  |  |  |  |  |
Investment in vehicles | — |  |  | (5 | ) |  | (2 | ) |  | (8,708 | ) |  | — |  |  | (8,715 | )
Proceeds received on disposition of vehicles | — |  |  | 24 |  |  | — |  |  | 5,749 |  |  | — |  |  | 5,773 |
Investment in debt securities of Avis Budget Rental Car Funding (AESOP) LLC—related party | — |  |  | — |  |  | — |  |  | (167 | ) |  | — |  |  | (167 | )
Proceeds from debt securities of Avis Budget Rental Car Funding (AESOP) LLC—related party | — |  |  | — |  |  | — |  |  | 47 |  |  | — |  |  | 47 |
| — |  |  | 19 |  |  | (2 | ) |  | (3,079 | ) |  | — |  |  | (3,062 | )
Net cash provided by (used in) investing activities | — |  |  | (15 | ) |  | (43 | ) |  | (3,088 | ) |  | — |  |  | (3,146 | )
Financing activities |  |  |  |  |  |  |  |  |  |  |
Proceeds from long-term borrowings | — |  |  | — |  |  | — |  |  | 2 |  |  | — |  |  | 2 |
Payments on long-term borrowings | — |  |  | (9 | ) |  | (2 | ) |  | (1 | ) |  | — |  |  | (12 | )
Repurchases of common stock | (4 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (4 | )
Other, net | (16 | ) |  | (17 | ) |  | — |  |  | — |  |  | 16 |  |  | (17 | )
Net cash provided by (used in) financing activities exclusive of vehicle programs | (20 | ) |  | (26 | ) |  | (2 | ) |  | 1 |  |  | 16 |  |  | (31 | )
Vehicle programs: |  |  |  |  |  |  |  |  |  |  |
Proceeds from borrowings | — |  |  | — |  |  | — |  |  | 11,758 |  |  | — |  |  | 11,758 |
Payments on borrowings | — |  |  | (2 | ) |  | (5 | ) |  | (9,681 | ) |  | — |  |  | (9,688 | )
Debt financing fees | — |  |  | — |  |  | — |  |  | (12 | ) |  | — |  |  | (12 | )
| — |  |  | (2 | ) |  | (5 | ) |  | 2,065 |  |  | — |  |  | 2,058 |
Net cash provided by (used in) financing activities | (20 | ) |  | (28 | ) |  | (7 | ) |  | 2,066 |  |  | 16 |  |  | 2,027 |
Effect of changes in exchange rates on cash and cash equivalents, program and restricted cash | — |  |  | — |  |  | — |  |  | 4 |  |  | — |  |  | 4 |
Net decrease in cash and cash equivalents, program and restricted cash | — |  |  | — |  |  | — |  |  | (150 | ) |  | — |  |  | (150 | )
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 |  |  | $ | 12 |  |  | $ | 1 |  |  | $ | 571 |  |  | $ | — |  |  | $ | 585 |
Six Months Ended June 30, 2018
| Parent |  | Subsidiary Issuers |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total
Net cash provided by (used-in) operating activities | $ | 75 |  |  | $ | 107 |  |  | $ | 66 |  |  | $ | 968 |  |  | $ | (95 | ) |  | $ | 1,121 |
Investing activities |  |  |  |  |  |  |  |  |  |  |
Property and equipment additions | — |  |  | (33 | ) |  | (43 | ) |  | (39 | ) |  | — |  |  | (115 | )
Proceeds received on asset sales | — |  |  | 2 |  |  | — |  |  | 4 |  |  | — |  |  | 6 |
Net assets acquired (net of cash acquired) | — |  |  | (3 | ) |  | (4 | ) |  | (21 | ) |  | — |  |  | (28 | )
Other, net | — |  |  | — |  |  | — |  |  | (37 | ) |  | — |  |  | (37 | )
Net cash provided by (used in) investing activities exclusive of vehicle programs | — |  |  | (34 | ) |  | (47 | ) |  | (93 | ) |  | — |  |  | (174 | )
Vehicle programs: |  |  |  |  |  |  |  |  |  |  |
Investment in vehicles | — |  |  | (1 | ) |  | (1 | ) |  | (8,357 | ) |  | — |  |  | (8,359 | )
Proceeds received on disposition of vehicles | — |  |  | 17 |  |  | — |  |  | 4,790 |  |  | — |  |  | 4,807 |
Investment in debt securities of Avis Budget Rental Car Funding (AESOP) LLC—related party | — |  |  | — |  |  | — |  |  | (22 | ) |  | — |  |  | (22 | )
| — |  |  | 16 |  |  | (1 | ) |  | (3,589 | ) |  | — |  |  | (3,574 | )
Net cash provided by (used in) investing activities | — |  |  | (18 | ) |  | (48 | ) |  | (3,682 | ) |  | — |  |  | (3,748 | )
Financing activities |  |  |  |  |  |  |  |  |  |  |
Proceeds from long-term borrowings | — |  |  | 81 |  |  | — |  |  | — |  |  | — |  |  | 81 |
Payments on long-term borrowings | — |  |  | (92 | ) |  | (1 | ) |  | (1 | ) |  | — |  |  | (94 | )
Net change in short-term borrowings | — |  |  | — |  |  | — |  |  | (2 | ) |  | — |  |  | (2 | )
Repurchases of common stock | (78 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (78 | )
Debt financing fees | — |  |  | (9 | ) |  | — |  |  | — |  |  | — |  |  | (9 | )
Other, net | 2 |  |  | (71 | ) |  | (12 | ) |  | (12 | ) |  | 95 |  |  | 2 |
Net cash provided by (used in) financing activities exclusive of vehicle programs | (76 | ) |  | (91 | ) |  | (13 | ) |  | (15 | ) |  | 95 |  |  | (100 | )
Vehicle programs: |  |  |  |  |  |  |  |  |  |  |
Proceeds from borrowings | — |  |  | — |  |  | — |  |  | 10,145 |  |  | — |  |  | 10,145 |
Payments on borrowings | — |  |  | (1 | ) |  | (5 | ) |  | (7,637 | ) |  | — |  |  | (7,643 | )
Debt financing fees | — |  |  | — |  |  | — |  |  | (13 | ) |  | — |  |  | (13 | )
| — |  |  | (1 | ) |  | (5 | ) |  | 2,495 |  |  | — |  |  | 2,489 |
Net cash provided by (used in) financing activities | (76 | ) |  | (92 | ) |  | (18 | ) |  | 2,480 |  |  | 95 |  |  | 2,389 |
Effect of changes in exchange rates on cash and cash equivalents, program and restricted cash | — |  |  | — |  |  | — |  |  | (2 | ) |  | — |  |  | (2 | )
Net decrease in cash and cash equivalents, program and restricted cash | (1 | ) |  | (3 | ) |  | — |  |  | (236 | ) |  | — |  |  | (240 | )
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 |  |  | $ | 11 |  |  | $ | — |  |  | $ | 647 |  |  | $ | — |  |  | $ | 661 |

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