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v3.19.3

Guarantor and Non-Guarantor Consolidating Condensed Financial Statements (Tables) | 9 Months Ended
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Sep. 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 September 30,
| 2019 |  | 2018
| Non-Guarantor |  | Total |  | Non-Guarantor |  | Total
Cash and cash equivalents | $ | 600 |  |  | $ | 615 |  |  | $ | 529 |  |  | $ | 605 |
Program cash | 89 |  |  | 89 |  |  | 151 |  |  | 151 |
Restricted cash (a) | 4 |  |  | 4 |  |  | 12 |  |  | 12 |
Total cash and cash equivalents, program and restricted cash | $ | 693 |  |  | $ | 708 |  |  | $ | 692 |  |  | $ | 768 |
_________ (a) Included within other current assets.
Consolidating Condensed Statements of Comprehensive Income | Three Months Ended September 30, 2019
|  |  | Parent |  | Subsidiary Issuers |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Total
Revenues | $ | — |  |  | $ | — |  |  | $ | 1,606 |  |  | $ | 1,745 |  |  | $ | (598 | ) |  | $ | 2,753 |
Expenses |  |  |  |  |  |  |  |  |  |  |
| Operating | 1 |  |  | 1 |  |  | 755 |  |  | 534 |  |  | — |  |  | 1,291 |
| Vehicle depreciation and lease charges, net | — |  |  | — |  |  | 553 |  |  | 526 |  |  | (528 | ) |  | 551 |
| Selling, general and administrative | 14 |  |  | 5 |  |  | 195 |  |  | 136 |  |  | — |  |  | 350 |
| Vehicle interest, net | — |  |  | 1 |  |  | 70 |  |  | 89 |  |  | (70 | ) |  | 90 |
| Non-vehicle related depreciation and amortization | — |  |  | 1 |  |  | 37 |  |  | 24 |  |  | — |  |  | 62 |
| Interest expense related to corporate debt, net: |  |  |  |  |  |  |  |  |  |  |
|  | Interest expense | — |  |  | 36 |  |  | 1 |  |  | 12 |  |  | — |  |  | 49 |
|  | Intercompany interest expense (income) | (3 | ) |  | (34 | ) |  | 6 |  |  | 31 |  |  | — |  |  | — |
|  | Early extinguishment of debt | — |  |  | 10 |  |  | — |  |  | — |  |  | — |  |  | 10 |
| Restructuring and other related charges | 4 |  |  | — |  |  | 8 |  |  | 10 |  |  | — |  |  | 22 |
| Transaction-related costs, net | — |  |  | 2 |  |  | — |  |  | (2 | ) |  | — |  |  | — |
Total expenses | 16 |  |  | 22 |  |  | 1,625 |  |  | 1,360 |  |  | (598 | ) |  | 2,425 |
Income (loss) before income taxes and equity in earnings of subsidiaries | (16 | ) |  | (22 | ) |  | (19 | ) |  | 385 |  |  | — |  |  | 328 |
Provision for (benefit from) income taxes | (5 | ) |  | (8 | ) |  | 70 |  |  | 82 |  |  | — |  |  | 139 |
Equity in earnings of subsidiaries | 200 |  |  | 214 |  |  | 303 |  |  | — |  |  | (717 | ) |  | — |
Net income | $ | 189 |  |  | $ | 200 |  |  | $ | 214 |  |  | $ | 303 |  |  | $ | (717 | ) |  | $ | 189 |
Comprehensive income | $ | 155 |  |  | $ | 166 |  |  | $ | 185 |  |  | $ | 273 |  |  | $ | (624 | ) |  | $ | 155 |
Nine Months Ended September 30, 2019
|  |  | Parent |  | Subsidiary Issuers |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Total
Revenues | $ | — |  |  | $ | — |  |  | $ | 4,236 |  |  | $ | 4,590 |  |  | $ | (1,816 | ) |  | $ | 7,010 |
Expenses |  |  |  |  |  |  |  |  |  |  |
| Operating | 2 |  |  | 1 |  |  | 2,089 |  |  | 1,442 |  |  | — |  |  | 3,534 |
| Vehicle depreciation and lease charges, net | — |  |  | — |  |  | 1,679 |  |  | 1,511 |  |  | (1,611 | ) |  | 1,579 |
| Selling, general and administrative | 35 |  |  | 13 |  |  | 526 |  |  | 373 |  |  | — |  |  | 947 |
| Vehicle interest, net | — |  |  | 1 |  |  | 205 |  |  | 260 |  |  | (205 | ) |  | 261 |
| Non-vehicle related depreciation and amortization | — |  |  | 6 |  |  | 110 |  |  | 79 |  |  | — |  |  | 195 |
| Interest expense related to corporate debt, net: |  |  |  |  |  |  |  |  |  |  |
|  | Interest expense | — |  |  | 104 |  |  | 2 |  |  | 33 |  |  | — |  |  | 139 |
|  | Intercompany interest expense (income) | (9 | ) |  | (26 | ) |  | 20 |  |  | 15 |  |  | — |  |  | — |
|  | Early extinguishment of debt | — |  |  | 10 |  |  | — |  |  | — |  |  | — |  |  | 10 |
| Restructuring and other related charges | 15 |  |  | — |  |  | 33 |  |  | 18 |  |  | — |  |  | 66 |
| Transaction-related costs, net | — |  |  | 3 |  |  | (6 | ) |  | 9 |  |  | — |  |  | 6 |
Total expenses | 43 |  |  | 112 |  |  | 4,658 |  |  | 3,740 |  |  | (1,816 | ) |  | 6,737 |
Income (loss) before income taxes and equity in earnings of subsidiaries | (43 | ) |  | (112 | ) |  | (422 | ) |  | 850 |  |  | — |  |  | 273 |
Provision for (benefit from) income taxes | (15 | ) |  | (40 | ) |  | 94 |  |  | 74 |  |  | — |  |  | 113 |
Equity in earnings of subsidiaries | 188 |  |  | 260 |  |  | 776 |  |  | — |  |  | (1,224 | ) |  | — |
Net income | $ | 160 |  |  | $ | 188 |  |  | $ | 260 |  |  | $ | 776 |  |  | $ | (1,224 | ) |  | $ | 160 |
Comprehensive income | $ | 119 |  |  | $ | 147 |  |  | $ | 243 |  |  | $ | 757 |  |  | $ | (1,147 | ) |  | $ | 119 |
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 |
Schedule Of Condensed Consolidating Balance Sheet Table | As of September 30, 2019
|  |  | Parent |  | Subsidiary Issuers |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Total
Assets |  |  |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |  |  |
| Cash and cash equivalents | $ | 1 |  |  | $ | 13 |  |  | $ | 1 |  |  | $ | 600 |  |  | $ | — |  |  | $ | 615 |
| Receivables, net | — |  |  | — |  |  | 257 |  |  | 615 |  |  | — |  |  | 872 |
| Other current assets | 1 |  |  | 118 |  |  | 125 |  |  | 416 |  |  | — |  |  | 660 |
Total current assets | 2 |  |  | 131 |  |  | 383 |  |  | 1,631 |  |  | — |  |  | 2,147 |
Property and equipment, net | — |  |  | 223 |  |  | 328 |  |  | 201 |  |  | — |  |  | 752 |
Operating lease right-of-use assets | — |  |  | 707 |  |  | 1,123 |  |  | 535 |  |  | — |  |  | 2,365 |
Deferred income taxes | 14 |  |  | 1,076 |  |  | 207 |  |  | 63 |  |  | — |  |  | 1,360 |
Goodwill | — |  |  | — |  |  | 470 |  |  | 613 |  |  | — |  |  | 1,083 |
Other intangibles, net | — |  |  | 25 |  |  | 474 |  |  | 293 |  |  | — |  |  | 792 |
Other non-current assets | 49 |  |  | 31 |  |  | 15 |  |  | 126 |  |  | — |  |  | 221 |
Intercompany receivables | 168 |  |  | 422 |  |  | 2,332 |  |  | 1,315 |  |  | (4,237 | ) |  | — |
Investment in subsidiaries | 323 |  |  | 5,035 |  |  | 3,982 |  |  | — |  |  | (9,340 | ) |  | — |
Total assets exclusive of assets under vehicle programs | 556 |  |  | 7,650 |  |  | 9,314 |  |  | 4,777 |  |  | (13,577 | ) |  | 8,720 |
Assets under vehicle programs: |  |  |  |  |  |  |  |  |  |  |
| Program cash | — |  |  | — |  |  | — |  |  | 89 |  |  | — |  |  | 89 |
| Vehicles, net | — |  |  | 155 |  |  | 55 |  |  | 12,542 |  |  | — |  |  | 12,752 |
| Receivables from vehicle manufacturers and other | — |  |  | 3 |  |  | 100 |  |  | 802 |  |  | — |  |  | 905 |
| Investment in Avis Budget Rental Car Funding (AESOP) LLC-related party | — |  |  | — |  |  | — |  |  | 642 |  |  | — |  |  | 642 |
|  |  | — |  |  | 158 |  |  | 155 |  |  | 14,075 |  |  | — |  |  | 14,388 |
Total assets | $ | 556 |  |  | $ | 7,808 |  |  | $ | 9,469 |  |  | $ | 18,852 |  |  | $ | (13,577 | ) |  | $ | 23,108 |
Liabilities and stockholders’ equity |  |  |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |  |  |
| Accounts payable and other current liabilities | $ | 17 |  |  | $ | 295 |  |  | $ | 826 |  |  | $ | 1,057 |  |  | $ | — |  |  | $ | 2,195 |
| Short-term debt and current portion of long-term debt | — |  |  | 92 |  |  | 2 |  |  | 1 |  |  | — |  |  | 95 |
Total current liabilities | 17 |  |  | 387 |  |  | 828 |  |  | 1,058 |  |  | — |  |  | 2,290 |
Long-term debt | — |  |  | 2,417 |  |  | 2 |  |  | 969 |  |  | — |  |  | 3,388 |
Long-term operating lease liabilities | — |  |  | 643 |  |  | 941 |  |  | 382 |  |  | — |  |  | 1,966 |
Other non-current liabilities | 44 |  |  | 106 |  |  | 226 |  |  | 372 |  |  | — |  |  | 748 |
Intercompany payables | — |  |  | 3,813 |  |  | 422 |  |  | 2 |  |  | (4,237 | ) |  | — |
Total liabilities exclusive of liabilities under vehicle programs | 61 |  |  | 7,366 |  |  | 2,419 |  |  | 2,783 |  |  | (4,237 | ) |  | 8,392 |
Liabilities under vehicle programs: |  |  |  |  |  |  |  |  |  |  |
| Debt | — |  |  | 91 |  |  | 41 |  |  | 3,590 |  |  | — |  |  | 3,722 |
| Due to Avis Budget Rental Car Funding (AESOP) LLC-related party | — |  |  | — |  |  | — |  |  | 7,870 |  |  | — |  |  | 7,870 |
Deferred income taxes | — |  |  | — |  |  | 1,874 |  |  | 184 |  |  | — |  |  | 2,058 |
Other | — |  |  | 28 |  |  | 100 |  |  | 443 |  |  | — |  |  | 571 |
|  |  | — |  |  | 119 |  |  | 2,015 |  |  | 12,087 |  |  | — |  |  | 14,221 |
Total stockholders’ equity | 495 |  |  | 323 |  |  | 5,035 |  |  | 3,982 |  |  | (9,340 | ) |  | 495 |
Total liabilities and stockholders’ equity | $ | 556 |  |  | $ | 7,808 |  |  | $ | 9,469 |  |  | $ | 18,852 |  |  | $ | (13,577 | ) |  | $ | 23,108 |
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 | Nine Months Ended September 30, 2019
| Parent |  | Subsidiary Issuers |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total
Net cash provided by (used in) operating activities | $ | 65 |  |  | $ | 196 |  |  | $ | 167 |  |  | $ | 1,765 |  |  | $ | (262 | ) |  | $ | 1,931 |
Investing activities |  |  |  |  |  |  |  |  |  |  |
Property and equipment additions | — |  |  | (56 | ) |  | (74 | ) |  | (48 | ) |  | — |  |  | (178 | )
Proceeds received on asset sales | — |  |  | 1 |  |  | — |  |  | 6 |  |  | — |  |  | 7 |
Net assets acquired (net of cash acquired) | — |  |  | (5 | ) |  | (12 | ) |  | (51 | ) |  | — |  |  | (68 | )
Other, net | — |  |  | (75 | ) |  | 11 |  |  | 69 |  |  | 75 |  |  | 80 |
Net cash provided by (used in) investing activities exclusive of vehicle programs | — |  |  | (135 | ) |  | (75 | ) |  | (24 | ) |  | 75 |  |  | (159 | )
Vehicle programs: |  |  |  |  |  |  |  |  |  |  |
Investment in vehicles | — |  |  | (42 | ) |  | (16 | ) |  | (10,563 | ) |  | — |  |  | (10,621 | )
Proceeds received on disposition of vehicles | — |  |  | 34 |  |  | — |  |  | 7,792 |  |  | — |  |  | 7,826 |
Investment in debt securities of Avis Budget Rental Car Funding (AESOP) LLC—related party | — |  |  | — |  |  | — |  |  | (221 | ) |  | — |  |  | (221 | )
Proceeds from debt securities of Avis Budget Rental Car Funding (AESOP) LLC—related party | — |  |  | — |  |  | — |  |  | 137 |  |  | — |  |  | 137 |
| — |  |  | (8 | ) |  | (16 | ) |  | (2,855 | ) |  | — |  |  | (2,879 | )
Net cash provided by (used in) investing activities | — |  |  | (143 | ) |  | (91 | ) |  | (2,879 | ) |  | 75 |  |  | (3,038 | )
Financing activities |  |  |  |  |  |  |  |  |  |  |
Proceeds from long-term borrowings | — |  |  | 400 |  |  | — |  |  | 2 |  |  | — |  |  | 402 |
Payments on long-term borrowings | — |  |  | (420 | ) |  | (2 | ) |  | (5 | ) |  | — |  |  | (427 | )
Repurchases of common stock | (65 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (65 | )
Debt financing fees | — |  |  | (6 | ) |  | — |  |  | — |  |  | — |  |  | (6 | )
Other, net | — |  |  | (59 | ) |  | (64 | ) |  | (64 | ) |  | 187 |  |  | — |
Net cash provided by (used in) financing activities exclusive of vehicle programs | (65 | ) |  | (85 | ) |  | (66 | ) |  | (67 | ) |  | 187 |  |  | (96 | )
Vehicle programs: |  |  |  |  |  |  |  |  |  |  |
Proceeds from borrowings | — |  |  | 38 |  |  | — |  |  | 16,004 |  |  | — |  |  | 16,042 |
Payments on borrowings | — |  |  | (5 | ) |  | (10 | ) |  | (14,823 | ) |  | — |  |  | (14,838 | )
Debt financing fees | — |  |  | — |  |  | — |  |  | (18 | ) |  | — |  |  | (18 | )
| — |  |  | 33 |  |  | (10 | ) |  | 1,163 |  |  | — |  |  | 1,186 |
Net cash provided by (used in) financing activities | (65 | ) |  | (52 | ) |  | (76 | ) |  | 1,096 |  |  | 187 |  |  | 1,090 |
Effect of changes in exchange rates on cash and cash equivalents, program and restricted cash | — |  |  | — |  |  | — |  |  | (10 | ) |  | — |  |  | (10 | )
Net increase (decrease) in cash and cash equivalents, program and restricted cash | — |  |  | 1 |  |  | — |  |  | (28 | ) |  | — |  |  | (27 | )
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 |  |  | $ | 13 |  |  | $ | 1 |  |  | $ | 693 |  |  | $ | — |  |  | $ | 708 |
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 |

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