Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 28, 2013 | |
Document Documentand Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'CAR | ' |
Entity Registrant Name | 'AVIS BUDGET GROUP, INC. | ' |
Entity Central Index Key | '0000723612 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 107,211,461 |
CONSOLIDATED_CONDENSED_STATEME
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Revenues | ' | ' | ' | ' | ||||
Vehicle rental | $1,734 | $1,582 | $4,388 | $4,084 | ||||
Other | 661 | 588 | 1,699 | 1,575 | ||||
Net revenues | 2,395 | 2,170 | 6,087 | 5,659 | ||||
Expenses | ' | ' | ' | ' | ||||
Operating | 1,142 | 1,036 | 3,080 | 2,882 | ||||
Vehicle depreciation and lease charges, net | 524 | 436 | 1,387 | 1,088 | ||||
Selling, general and administrative | 274 | 244 | 771 | 696 | ||||
Vehicle interest, net | 72 | 77 | 195 | 231 | ||||
Non-vehicle related depreciation and amortization | 39 | 30 | 109 | 92 | ||||
Interest expense related to corporate debt, net: | ' | ' | ' | ' | ||||
Interest expense | 57 | 67 | 170 | 208 | ||||
Early Debt Extinguishment | 0 | 2 | 131 | 52 | ||||
Restructuring expense | 14 | 7 | 39 | 26 | ||||
Other than Temporary Impairment Losses, Investments | 33 | 0 | 33 | 0 | ||||
Transaction-related costs | 10 | [1] | 11 | [1] | 37 | [2] | 21 | [2] |
Total expenses | 2,165 | 1,910 | 5,952 | 5,296 | ||||
Loss before income taxes | 230 | 260 | 135 | 363 | ||||
Benefit from income taxes | 112 | -20 | 91 | 27 | ||||
Net loss | 118 | 280 | 44 | 336 | ||||
Comprehensive income (loss) | 178 | 308 | 44 | 361 | ||||
Earnings (loss) per share | ' | ' | ' | ' | ||||
Basic (US$ per share) | $1.09 | $2.62 | $0.41 | $3.16 | ||||
Diluted (US$ per share) | $1.02 | $2.38 | $0.39 | $2.77 | ||||
Parent Company [Member] | ' | ' | ' | ' | ||||
Revenues | ' | ' | ' | ' | ||||
Vehicle rental | 0 | 0 | 0 | 0 | ||||
Other | 0 | 0 | 0 | 1 | ||||
Net revenues | 0 | 0 | 0 | 1 | ||||
Expenses | ' | ' | ' | ' | ||||
Operating | 2 | 0 | 6 | 0 | ||||
Vehicle depreciation and lease charges, net | 0 | 0 | 0 | 0 | ||||
Selling, general and administrative | 9 | 5 | 25 | 16 | ||||
Vehicle interest, net | 0 | 0 | 0 | 0 | ||||
Non-vehicle related depreciation and amortization | 0 | 0 | 0 | 0 | ||||
Interest expense related to corporate debt, net: | ' | ' | ' | ' | ||||
Interest expense | 1 | 2 | 3 | 7 | ||||
Early Debt Extinguishment | ' | 0 | 41 | 39 | ||||
Restructuring expense | 0 | 0 | 0 | 0 | ||||
Other than Temporary Impairment Losses, Investments | 0 | ' | 0 | ' | ||||
Transaction-related costs | 0 | -3 | 1 | 0 | ||||
Total expenses | 9 | 1 | 67 | 47 | ||||
Loss before income taxes | -9 | -1 | -67 | -46 | ||||
Benefit from income taxes | -2 | 0 | -9 | -4 | ||||
Net loss | $118 | $280 | $44 | $336 | ||||
[1] | During the three months ended September 30, 2013, the Company incurred $10 million in transaction-related costs related to the integration of the operations of Avis Europe and the acquisition of Payless. During the three months ended September 30, 2012, the Company incurred $11 million in transaction-related costs related to the integration of the operations of Avis Europe. | |||||||
[2] | During the nine months ended September 30, 2013, the Company incurred $37 million in transaction-related costs related to the integration of the operations of Avis Europe and costs related to the acquisition and integration of Zipcar and Payless. During the nine months ended September 30, 2012, the Company incurred $21 million in transaction-related costs related to the integration of the operations of Avis Europe. |
CONSOLIDATED_CONDENSED_BALANCE
CONSOLIDATED CONDENSED BALANCE SHEETS (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $589 | $606 |
Receivables, net | 681 | 553 |
Deferred income taxes | 163 | 146 |
Other current assets | 575 | 405 |
Total current assets | 2,008 | 1,710 |
Property and equipment, net | 570 | 529 |
Deferred income taxes | 1,351 | 1,454 |
Goodwill | 689 | 375 |
Other intangibles, net | 928 | 731 |
Other non-current assets | 375 | 320 |
Total assets exclusive of assets under vehicle programs | 5,921 | 5,119 |
Assets under vehicle programs: | ' | ' |
Program cash | 210 | 24 |
Vehicles, net | 10,805 | 9,274 |
Receivables from vehicle manufacturers and other | 506 | 439 |
Investment in Avis Budget Rental Car Funding (AESOP) LLC-related party | 362 | 362 |
Assets under vehicle programs | 11,883 | 10,099 |
Total assets | 17,804 | 15,218 |
Current liabilities: | ' | ' |
Accounts payable and other current liabilities | 1,680 | 1,421 |
Short-term debt and current portion of long-term debt | 181 | 57 |
Total current liabilities | 1,861 | 1,478 |
Long-term debt | 3,203 | 2,848 |
Other non-current liabilities | 878 | 871 |
Total liabilities exclusive of liabilities under vehicle programs | 5,942 | 5,197 |
Liabilities under vehicle programs: | ' | ' |
Debt | 2,508 | 1,603 |
Debt due to Avis Budget Rental Car Funding (AESOP) LLC-related party | 6,128 | 5,203 |
Deferred income taxes | 2,190 | 2,163 |
Other | 232 | 295 |
Total Liabilities under vehicle programs | 11,058 | 9,264 |
Commitments and contingencies (Note 13) | ' | ' |
Stockholders' equity: | ' | ' |
Preferred stock, $0.01 par value-authorized 10 million shares; none issued and outstanding | 0 | 0 |
Common stock, $0.01 par value-authorized 250 million shares; issued 137,081,056 and 137,081,056 shares | 1 | 1 |
Additional paid-in capital | 7,909 | 8,211 |
Accumulated deficit | -2,332 | -2,376 |
Accumulated other comprehensive income | 110 | 110 |
Treasury stock, at cost - 28,943,192 and 30,027,146 shares | -4,884 | -5,189 |
Total stockholders' equity | 804 | 757 |
Total liabilities and stockholders' equity | 17,804 | 15,218 |
Parent Company [Member] | ' | ' |
Current assets: | ' | ' |
Cash and cash equivalents | 7 | 5 |
Receivables, net | 0 | 0 |
Deferred income taxes | 3 | 3 |
Other current assets | 4 | 5 |
Total current assets | 14 | 13 |
Property and equipment, net | 0 | 0 |
Deferred income taxes | 19 | 23 |
Goodwill | 0 | 0 |
Other intangibles, net | 0 | 0 |
Other non-current assets | 106 | 109 |
Total assets exclusive of assets under vehicle programs | 999 | 1,010 |
Assets under vehicle programs: | ' | ' |
Program cash | 0 | 0 |
Vehicles, net | 0 | 0 |
Receivables from vehicle manufacturers and other | 0 | 0 |
Investment in Avis Budget Rental Car Funding (AESOP) LLC-related party | 0 | 0 |
Assets under vehicle programs | 0 | 0 |
Total assets | 999 | 1,010 |
Current liabilities: | ' | ' |
Accounts payable and other current liabilities | 22 | 22 |
Short-term debt and current portion of long-term debt | 0 | 0 |
Total current liabilities | 22 | 22 |
Long-term debt | 75 | 128 |
Other non-current liabilities | 98 | 103 |
Total liabilities exclusive of liabilities under vehicle programs | 195 | 253 |
Liabilities under vehicle programs: | ' | ' |
Debt | 0 | 0 |
Debt due to Avis Budget Rental Car Funding (AESOP) LLC-related party | 0 | 0 |
Deferred income taxes | 0 | 0 |
Other | 0 | 0 |
Total Liabilities under vehicle programs | 0 | 0 |
Stockholders' equity: | ' | ' |
Total stockholders' equity | 804 | 757 |
Total liabilities and stockholders' equity | $999 | $1,010 |
CONSOLIDATED_CONDENSED_BALANCE1
CONSOLIDATED CONDENSED BALANCE SHEETS (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Statement of Financial Position [Abstract] | ' | ' |
Preferred stock,par value | $0.01 | $0.01 |
Preferred stock,shares authorized | 10,000,000 | 10,000,000 |
Preferred stock,shares issued | 0 | 0 |
Preferred stock,shares outstanding | 0 | 0 |
Common stock,par value | $0.01 | $0.01 |
Common stock,shares authorized | 250,000,000 | 250,000,000 |
Common stock,shares issued | 137,081,056 | 137,081,056 |
Treasury stock,shares | 29,384,273 | 30,027,146 |
CONSOLIDATED_CONDENSED_STATEME1
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Operating activities | ' | ' |
Net loss | $44 | $336 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Vehicle depreciation | 1,295 | 1,100 |
Gain on sale of vehicles, net | -10 | -107 |
Non-vehicle related depreciation and amortization | 109 | 92 |
Amortization of debt financing fees | 33 | 43 |
Other than Temporary Impairment Losses, Investments | 33 | 0 |
Net change in assets and liabilities, excluding the impact of acquisitions and dispositions: | ' | ' |
Receivables | -150 | -146 |
Income taxes and deferred income taxes | 61 | -12 |
Accounts payable and other current liabilities | 22 | 28 |
Other, net | 306 | 190 |
Net cash provided by operating activities | 1,743 | 1,524 |
Investing activities | ' | ' |
Property and equipment additions | -92 | -82 |
Proceeds received on asset sales | 13 | 16 |
Net assets acquired, net of cash acquired | -531 | -5 |
Other, net | 37 | -25 |
Net cash used in investing activities exclusive of vehicle programs | -573 | -96 |
Vehicle programs: | ' | ' |
Increase in program cash | -173 | -90 |
Investment in vehicles | -8,865 | -8,962 |
Proceeds received on disposition of vehicles | 6,393 | 6,136 |
Net cash used in investing activities of vehicle programs | -2,645 | -2,916 |
Net cash used in investing activities | -3,218 | -3,012 |
Financing activities | ' | ' |
Proceeds from long-term borrowings | 2,725 | 654 |
Principal payments on long-term borrowings | -2,344 | -907 |
Net change in short-term borrowings | -32 | 1 |
Purchases of warrants | -30 | -26 |
Proceeds from sale of call options | 41 | 38 |
Payments for Repurchase of Common Stock | -21 | 0 |
Debt financing fees | -36 | -11 |
Other, net | 2 | 1 |
Net cash provided by financing activities exclusive of vehicle programs | 305 | -250 |
Vehicle programs: | ' | ' |
Proceeds from borrowings | 10,266 | 9,238 |
Payments on borrowings | -9,079 | -7,467 |
Debt financing fees | -26 | -18 |
Net cash provided by financing activities of vehicle programs | 1,161 | 1,753 |
Net cash provided by financing activities | 1,466 | 1,503 |
Effect of changes in exchange rates on cash and cash equivalents | -8 | 5 |
Net increase (decrease) in cash and cash equivalents | -17 | 20 |
Cash and cash equivalents, beginning of period | 606 | 534 |
Cash and cash equivalents, end of period | 589 | 554 |
Parent Company [Member] | ' | ' |
Operating activities | ' | ' |
Net loss | 44 | 336 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Non-vehicle related depreciation and amortization | 0 | 0 |
Other than Temporary Impairment Losses, Investments | 0 | ' |
Net change in assets and liabilities, excluding the impact of acquisitions and dispositions: | ' | ' |
Net cash provided by operating activities | -4 | -48 |
Investing activities | ' | ' |
Property and equipment additions | 0 | 0 |
Proceeds received on asset sales | 0 | 0 |
Other, net | 0 | 4 |
Net cash used in investing activities exclusive of vehicle programs | 0 | 4 |
Vehicle programs: | ' | ' |
Increase in program cash | 0 | 0 |
Investment in vehicles | 0 | 0 |
Proceeds received on disposition of vehicles | 0 | 0 |
Net cash used in investing activities of vehicle programs | 0 | 0 |
Net cash used in investing activities | 0 | 4 |
Financing activities | ' | ' |
Proceeds from long-term borrowings | 0 | 0 |
Principal payments on long-term borrowings | -94 | -201 |
Net change in short-term borrowings | 0 | 0 |
Purchases of warrants | -30 | -26 |
Proceeds from sale of call options | 41 | 38 |
Payments for Repurchase of Common Stock | -21 | ' |
Debt financing fees | 0 | 0 |
Other, net | 2 | 1 |
Net cash provided by financing activities exclusive of vehicle programs | 6 | 46 |
Vehicle programs: | ' | ' |
Proceeds from borrowings | 0 | 0 |
Payments on borrowings | 0 | 0 |
Debt financing fees | 0 | 0 |
Net cash provided by financing activities of vehicle programs | 0 | 0 |
Net cash provided by financing activities | 6 | 46 |
Effect of changes in exchange rates on cash and cash equivalents | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 2 | 2 |
Cash and cash equivalents, beginning of period | 5 | 2 |
Cash and cash equivalents, end of period | $7 | $4 |
Basis_of_Presentation_and_Rece
Basis of Presentation and Recently Issued Accounting Pronouncements | 9 Months Ended | |
Sep. 30, 2013 | ||
Basis Of Presentation And Recently Issued Accounting Pronouncements [Abstract] | ' | |
Basis of Presentation and Recently Issued Accounting Pronouncements | ' | |
Basis of Presentation and Recently Issued Accounting Pronouncements | ||
Basis of Presentation | ||
Avis Budget Group, Inc. provides car and truck rentals and ancillary services to businesses and consumers worldwide. The accompanying unaudited Consolidated Condensed Financial Statements include the accounts and transactions of Avis Budget Group, Inc. and its subsidiaries (“Avis Budget”), as well as entities in which Avis Budget directly or indirectly has a controlling financial interest (collectively, the “Company”), and have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission for interim financial reporting. | ||
The Company operates the following business segments: | ||
• | North America—provides car rentals in the United States and vehicle rentals in Canada, as well as ancillary products and services, and operates the Company’s Zipcar car sharing business. | |
• | International—provides, and licenses the Company’s brands to third parties for, vehicle rentals and ancillary products and services primarily in Europe, the Middle East, Asia, Africa, South America, Central America, the Caribbean, Australia and New Zealand. | |
• | Truck Rental—provides truck rentals and ancillary products and services to consumers and commercial users in the United States. | |
In presenting the Consolidated Condensed Financial Statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”), management makes estimates and assumptions that affect the amounts reported and related disclosures. Estimates, by their nature, are based on judgment and available information. Accordingly, actual results could differ from those estimates. In management’s opinion, the Consolidated Condensed Financial Statements contain all adjustments necessary for a fair presentation of interim results reported. The results of operations reported for interim periods are not necessarily indicative of the results of operations for the entire year or any subsequent interim period. These financial statements should be read in conjunction with the Company’s 2012 Annual Report on Form 10-K and Form 10-K/A. | ||
Vehicle Programs. The Company presents separately the financial data of its vehicle programs. These programs are distinct from the Company’s other activities since the assets under vehicle programs are generally funded through the issuance of debt that is collateralized by such assets. The income generated by these assets is used, in part, to repay the principal and interest associated with the debt. Cash inflows and outflows relating to the acquisition of such assets and the principal debt repayment or financing of such assets are classified as activities of the Company’s vehicle programs. The Company believes it is appropriate to segregate the financial data of its vehicle programs because, ultimately, the source of repayment of such debt is the realization of such assets. | ||
Transaction-related Costs. The Company completed the acquisition of Zipcar on March 14, 2013 and the acquisition of Payless Car Rental ("Payless") on July 15, 2013. During the three and nine months ended September 30, 2013, transaction-related costs primarily include expenses related to the integration of Avis Europe’s operations with those of the Company and costs related to the acquisition and integration of Zipcar and Payless. In the three and nine months ended September 30, 2012, transaction-related costs primarily included expenses related to the integration of Avis Europe’s operations with the Company’s. | ||
Currency Transactions. The Company records the gain or loss of foreign-currency transactions on certain intercompany loans and gain or loss on intercompany loan hedges within interest expense related to corporate debt, net. During the three and nine months ended September 30, 2013, the Company recorded losses of $1 million and $8 million, respectively, on such items. In the three and nine months ended September 30, 2012, the Company recorded losses of $3 million and $12 million, respectively, on such items. | ||
Adoption of New Accounting Standards | ||
On January 1, 2013, as a result of the issuance of a new accounting pronouncement, the Company adopted, as required, Accounting Standards Update No. 2013-02, “Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income,” which requires companies to disclose additional information about amounts reclassified out of accumulated other comprehensive income by component. The adoption of this pronouncement resulted in incremental disclosure about activity and amounts reclassified out of accumulated other comprehensive income. |
Restructuring
Restructuring | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | ||||||||||||||||
Restructuring | ' | ||||||||||||||||
Restructuring Activities | |||||||||||||||||
During fourth quarter 2012, the Company initiated a strategic restructuring initiative to better position the business of its Truck Rental segment, in which it will close certain rental locations and decrease the size of the rental fleet, which the Company believes will increase fleet utilization and reduce costs. During the nine months ended September 30, 2013, as part of this process, the Company recorded restructuring expense of $19 million. The Company expects further restructuring expenses of approximately $3 million to be incurred, through the completion of this initiative, in 2013. | |||||||||||||||||
In 2011, the Company implemented a restructuring initiative to identify synergies across the Company, enhance organizational efficiencies and consolidate and rationalize processes and facilities. During the nine months ended September 30, 2013, as part of this process, the Company formally communicated the termination of employment to approximately 370 employees and recorded $20 million of expense in connection with these initiatives. These expenses primarily represent severance, outplacement services and other costs associated with employee terminations. As of September 30, 2013, the Company has terminated approximately 300 of these employees. The Company expects further restructuring expenses of approximately $18 million to be incurred in 2013. | |||||||||||||||||
The following tables summarize the changes to our restructuring-related liabilities and identify the amounts recorded within the Company’s reportable segments, and by category, for restructuring expenses and corresponding payments and utilizations: | |||||||||||||||||
North | International | Truck Rental | Total | ||||||||||||||
America | |||||||||||||||||
Balance as of January 1, 2013 | $ | 1 | $ | 12 | $ | — | $ | 13 | |||||||||
Restructuring expense | 6 | 14 | 19 | 39 | |||||||||||||
Cash payment/utilization | (4 | ) | (17 | ) | (19 | ) | (40 | ) | |||||||||
Balance as of September 30, 2013 | $ | 3 | $ | 9 | $ | — | $ | 12 | |||||||||
Personnel | Facility | Other (a) | Total | ||||||||||||||
Related | Related | ||||||||||||||||
Balance as of January 1, 2013 | $ | 12 | $ | 1 | $ | — | $ | 13 | |||||||||
Restructuring expense | 18 | 2 | 19 | 39 | |||||||||||||
Cash payment/utilization | (19 | ) | (2 | ) | (19 | ) | (40 | ) | |||||||||
Balance as of September 30, 2013 | $ | 11 | $ | 1 | $ | — | $ | 12 | |||||||||
__________ | |||||||||||||||||
(a) | Includes expenses related to the disposition of vehicles. |
Earnings_Per_Share_Earnings_Pe
Earnings Per Share Earnings Per Share (Notes) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Earnings Per Share | ' | ||||||||||||||||
Earnings Per Share | |||||||||||||||||
The following table sets forth the computation of basic and diluted earnings per share (“EPS”) (shares in millions): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net income for basic EPS | $ | 118 | $ | 280 | $ | 44 | $ | 336 | |||||||||
Convertible note interest, net of tax | 1 | 1 | 1 | 4 | |||||||||||||
Net income for diluted EPS | $ | 119 | $ | 281 | $ | 45 | $ | 340 | |||||||||
Basic weighted average shares outstanding | 108.3 | 106.8 | 108.1 | 106.5 | |||||||||||||
Options, warrants and non-vested stock (a) | 3.3 | 2.3 | 3.3 | 2.2 | |||||||||||||
Convertible debt | 4.6 | 8.9 | 5.5 | 14 | |||||||||||||
Diluted weighted average shares outstanding | 116.2 | 118 | 116.9 | 122.7 | |||||||||||||
Earnings per share: | |||||||||||||||||
Basic | $ | 1.09 | $ | 2.62 | $ | 0.41 | $ | 3.16 | |||||||||
Diluted | $ | 1.02 | $ | 2.38 | $ | 0.39 | $ | 2.77 | |||||||||
__________ | |||||||||||||||||
(a) | For the three and nine months ended September 30, 2013, the number of anti-dilutive securities which were excluded from the computation of diluted earnings per share was not significant. For the three and nine months ended September 30, 2012, 0.2 million outstanding options and 8.9 million warrants have an anti-dilutive effect and therefore are excluded from the computation of diluted weighted average shares outstanding. |
Acquisitions
Acquisitions | 9 Months Ended |
Sep. 30, 2013 | |
Business Combinations [Abstract] | ' |
Acquisitions | ' |
Acquisitions | |
Zipcar | |
On March 14, 2013, the Company completed the acquisition of the entire issued share capital of Zipcar, the leading car sharing company, for $473 million, net of acquired cash. The acquisition increased the Company’s growth potential and its ability to better serve a greater variety of customer transportation needs. | |
The excess of the purchase price over preliminary fair value of net assets acquired was allocated to goodwill, which was assigned to the Company’s North America segment. The goodwill is not expected to be deductible for tax purposes. The fair value of the assets acquired and liabilities assumed has not yet been finalized and is therefore subject to change. In connection with this acquisition, $188 million was recorded in identifiable intangible assets (consisting of $112 million related to trademarks and $76 million related to customer relationships) and $275 million was recorded in goodwill. The trademark assets are indefinite-lived and the customer relationship intangibles will be amortized over an estimated life of 8 years. | |
Brazilian licensee | |
On August 12, 2013, the Company acquired a 50% ownership stake in its Brazilian licensee for $53 million. Approximately $11 million of the total consideration was paid in the third quarter of 2013 and the remainder is expected to be paid by the end of first quarter 2014. The Company’s investment significantly increases its presence in the Brazilian car rental market. | |
The Company’s investment in its Brazilian licensee was recorded as an equity investment within Other non-current assets, and the Company’s share of the Brazilian licensee’s operating results is reported within Operating expenses. In conjunction with the acquisition, the Company agreed to the payment of contingent consideration of up to $13 million based on the Brazilian licensee’s future financial performance. The fair value of the contingent consideration was estimated by utilizing a Monte Carlo simulation technique, based on a range of possible future results, and no value was attributed to the contingent consideration at the acquisition date. At September 30, 2013, the Company’s investment totaled approximately $20 million, which is net of an impairment charge of $33 million ($33 million, net of tax). The impairment charge was recorded at the time of the investment based on a combination of observable and unobservable fair value inputs (Level 3), specifically a combination of the Income approach‐discounted cash flow method and the Market approach-public company market multiple method. | |
Payless Car Rental | |
On July 15, 2013, the Company completed the acquisition of Payless for $50 million in cash. The acquisition provides the Company with a meaningful position in the deep-value segment of the car rental industry. | |
The excess of the purchase price over preliminary fair value of net assets acquired was allocated to goodwill, which was assigned to the Company’s North America segment. The goodwill is not expected to be deductible for tax purposes. The fair value of the assets acquired and liabilities assumed has not yet been finalized and is therefore subject to change. In connection with this acquisition, $23 million was recorded in identifiable intangible assets (consisting of $16 million related to trademarks and $7 million related to license agreements) and $27 million was recorded in goodwill. The trademark assets are indefinite-lived and the license agreements will be amortized over an estimated life of 15 years. | |
Apex Car Rentals | |
In October 2012, the Company completed the acquisition of the assets of Apex Car Rentals (“Apex”), a leading deep-value car rental company in New Zealand and Australia, operating a fleet of approximately 4,000 rental vehicles. In conjunction with the acquisition, the Company paid $63 million in cash (including the acquisition of fleet) and agreed to the payment of contingent consideration with an estimated acquisition date fair value of $9 million. The contingent consideration consists of a maximum of $26 million in additional payments that are contingent on Apex’ future financial performance, and the fair value of the contingent consideration at the acquisition date was estimated by utilizing a Monte Carlo simulation technique, based on a range of possible future results. The allocation of the purchase price of Apex principally includes vehicles of $33 million, trademarks of $21 million and goodwill of $16 million, which were allocated to the Company’s International segment. The goodwill is not expected to be deductible for tax purposes. |
Other_Current_Assets
Other Current Assets | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | |||||||
Other Current Assets | ' | |||||||
Other Current Assets | ||||||||
Other current assets consisted of: | ||||||||
As of | As of | |||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Sales and use taxes | $ | 223 | $ | 108 | ||||
Prepaid expenses | 200 | 174 | ||||||
Other | 152 | 123 | ||||||
Other current assets | $ | 575 | $ | 405 | ||||
Intangible_Assets
Intangible Assets | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||
Intangible Assets | ' | |||||||||||||||||||||||
Intangible Assets | ||||||||||||||||||||||||
Intangible assets consisted of: | ||||||||||||||||||||||||
As of September 30, 2013 | As of December 31, 2012 | |||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||||||
Carrying | Amortization | Carrying | Carrying | Amortization | Carrying | |||||||||||||||||||
Amount | Amount | Amount | Amount | |||||||||||||||||||||
Amortized Intangible Assets | ||||||||||||||||||||||||
License agreements (a) | $ | 269 | $ | 49 | $ | 220 | $ | 257 | $ | 39 | $ | 218 | ||||||||||||
Customer relationships (b) | 165 | 30 | 135 | 86 | 19 | 67 | ||||||||||||||||||
Other | 2 | 1 | 1 | 2 | 1 | 1 | ||||||||||||||||||
Total | $ | 436 | $ | 80 | $ | 356 | $ | 345 | $ | 59 | $ | 286 | ||||||||||||
Unamortized Intangible Assets | ||||||||||||||||||||||||
Goodwill (a)(b) | $ | 689 | $ | 375 | ||||||||||||||||||||
Trademarks (a)(b) | $ | 572 | $ | 445 | ||||||||||||||||||||
__________ | ||||||||||||||||||||||||
(a) | The increases in carrying amounts primarily relate to the acquisition of Payless. | |||||||||||||||||||||||
(b) | The increases in carrying amounts primarily relate to the acquisition of Zipcar. | |||||||||||||||||||||||
Amortization expense relating to all intangible assets was approximately $7 million and $4 million during third quarter 2013 and 2012, respectively. For the nine months ended September 30, 2013 and 2012, amortization expense was approximately $20 million and $15 million, respectively. Based on the Company’s amortizable assets at September 30, 2013, the Company expects amortization expense of approximately $7 million for the remainder of 2013 and approximately $29 million for each of the five fiscal years thereafter. |
Financial_Instruments
Financial Instruments | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Investments, All Other Investments [Abstract] | ' | ||||||||||||||||
Financial Instruments | ' | ||||||||||||||||
Financial Instruments | |||||||||||||||||
The fair value of the Company’s financial instruments is generally determined by reference to market values resulting from trading on a national securities exchange or in an over-the-counter market. In some cases where quoted market prices are not available, prices are derived by considering the yield of the benchmark security that was issued to initially price the instruments and adjusting this rate by the credit spread that market participants would demand for the instruments as of the measurement date. The carrying amounts of cash and cash equivalents; receivables, net; program cash and accounts payable and other current liabilities approximate fair value due to the short-term maturities of these assets and liabilities. | |||||||||||||||||
Debt Instruments | |||||||||||||||||
The carrying amounts and estimated fair values of debt instruments were as follows: | |||||||||||||||||
As of September 30, 2013 | As of December 31, 2012 | ||||||||||||||||
Carrying | Estimated | Carrying | Estimated | ||||||||||||||
Amount | Fair | Amount | Fair | ||||||||||||||
Value (a) | Value (a) | ||||||||||||||||
Corporate debt | |||||||||||||||||
Short-term debt and current portion of long-term debt | $ | 181 | $ | 181 | $ | 57 | $ | 58 | |||||||||
Long-term debt, excluding convertible debt | 3,128 | 3,192 | 2,720 | 2,903 | |||||||||||||
Convertible debt | 75 | 135 | 128 | 171 | |||||||||||||
Debt under vehicle programs | |||||||||||||||||
Vehicle-backed debt due to Avis Budget Rental Car Funding (AESOP) LLC | $ | 6,128 | $ | 6,231 | $ | 5,203 | $ | 5,391 | |||||||||
Vehicle-backed debt | 2,502 | 2,510 | 1,599 | 1,613 | |||||||||||||
Interest rate swaps and interest rate contracts (b) | 6 | 6 | 4 | 4 | |||||||||||||
__________ | |||||||||||||||||
(a) | The fair value measurements are based on significant observable inputs (Level 2). | ||||||||||||||||
(b) | Derivatives in a liability position. | ||||||||||||||||
Net Investment Hedge | |||||||||||||||||
The Company has designated its 6% Euro-denominated notes issued March 2013 as a hedge of its net investment in Euro-denominated foreign operations. The Company records the effective portion of the gain or loss on this net investment hedge, net of taxes, in accumulated other comprehensive income as part of currency translation adjustments. For the three months and nine months ended September 30, 2013, the Company has recorded an $8 million loss, net of tax, in accumulated other comprehensive income. Any ineffective portion of the net investment hedge is immediately reclassified from accumulated other comprehensive income into earnings. There was no ineffectiveness during the three and nine months ended September 30, 2013 and the Company does not expect to reclassify any amounts from accumulated other comprehensive income into earnings over the next 12 months. | |||||||||||||||||
Derivative Instruments and Hedging Activities | |||||||||||||||||
The Company uses foreign exchange contracts to manage its exposure to changes in currency exchange rates associated with its foreign currency denominated receivables and forecasted royalties, forecasted earnings of foreign subsidiaries and forecasted foreign currency denominated acquisitions. The Company primarily hedges its foreign currency exposure to the Australian, Canadian and New Zealand dollars, the Euro and the British pound sterling. These forward contracts do not qualify for hedge accounting treatment; however, the fluctuations in the value of these forward contracts largely offset the impact of changes in the value of the underlying risk they economically hedge. | |||||||||||||||||
The Company uses various hedging strategies including interest rate swaps and interest rate caps to create an appropriate mix of fixed and floating rate assets and liabilities. The Company uses interest rate swaps to manage the risk related to its floating rate corporate debt and its floating rate vehicle-backed debt. The Company records the effective portion of changes in the fair value of its cash flow hedges to other comprehensive income, net of tax, and subsequently reclassifies these amounts into earnings in the period during which the hedged transaction is recognized. The Company records the gains or losses related to freestanding derivatives, which are not designated as a hedge for accounting purposes, in its consolidated results of operations. The changes in fair values of hedges that are determined to be ineffective are immediately reclassified from accumulated other comprehensive income into earnings. The Company estimates that the amount of gains or losses currently recorded in accumulated other comprehensive income which will be recognized in earnings over the next 12 months is not material. | |||||||||||||||||
From time to time, the Company enters into derivative commodity contracts to manage its exposure to changes in the price of unleaded gasoline. Changes in the fair value of these derivatives are recorded within operating expenses. | |||||||||||||||||
Certain of the Company’s derivative instruments contain collateral support provisions that require the Company to post cash collateral to the extent that such derivatives are in a liability position. The aggregate fair value of such derivatives and the aggregate fair value of assets needed to settle these derivatives as of September 30, 2013 was approximately $3 million, for which the Company has posted cash collateral in the normal course of business. | |||||||||||||||||
As of September 30, 2013, the Company held derivative instruments with absolute notional values as follows: | |||||||||||||||||
As of | |||||||||||||||||
30-Sep-13 | |||||||||||||||||
Interest rate caps (a) | $ | 6,959 | |||||||||||||||
Interest rate swaps | 904 | ||||||||||||||||
Foreign exchange forward contracts | 77 | ||||||||||||||||
Foreign exchange swaps | 704 | ||||||||||||||||
__________ | |||||||||||||||||
(a) | Represents $4.7 billion of interest rate caps sold and approximately $2.2 billion of interest rate caps purchased. These amounts exclude $2.5 billion of interest rate caps purchased by the Company’s Avis Budget Rental Car Funding (AESOP) LLC (“Avis Budget Rental Car Funding”) subsidiary. | ||||||||||||||||
As of September 30, 2013, the Company also had commodity contracts for the purchase of 11 million gallons of unleaded gasoline. | |||||||||||||||||
The Company used significant observable inputs (Level 2 inputs) to determine the fair value of its derivative assets and liabilities. Derivatives entered into by the Company are typically executed over-the-counter and are valued using various valuation techniques, as no quoted market prices exist for such instruments. The valuation technique and inputs depend on the type of derivative and the nature of the underlying exposure. The principal techniques used to value these instruments are discounted cash flows and Black-Scholes option valuation models. These models take into account a variety of factors including, where applicable, maturity, commodity prices, interest rate yield curves of the Company and counterparties, credit curves, counterparty creditworthiness and currency exchange rates. These factors are applied on a consistent basis and are based upon observable inputs. | |||||||||||||||||
Fair values of derivative instruments were as follows: | |||||||||||||||||
As of September 30, 2013 | As of December 31, 2012 | ||||||||||||||||
Fair Value, | Fair Value, | Fair Value, | Fair Value, | ||||||||||||||
Asset | Liability | Asset | Liability | ||||||||||||||
Derivatives | Derivatives | Derivatives | Derivatives | ||||||||||||||
Derivatives designated as hedging instruments | |||||||||||||||||
Interest rate swaps (a) | $ | — | $ | 1 | $ | — | $ | 1 | |||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||
Currency exchange contracts (b) | 4 | 4 | 3 | 8 | |||||||||||||
Interest rate contracts (c) | 3 | 6 | — | 4 | |||||||||||||
Interest rate swaps (a) | — | — | — | 12 | |||||||||||||
Commodity contracts (b) | — | 2 | — | — | |||||||||||||
Total | $ | 7 | $ | 13 | $ | 3 | $ | 25 | |||||||||
__________ | |||||||||||||||||
Amounts in this table exclude derivatives issued by Avis Budget Rental Car Funding, as it is not consolidated by the Company; however, certain amounts related to the derivatives held by Avis Budget Rental Car Funding are included within accumulated other comprehensive income, as discussed in Note 14—Stockholders’ Equity. | |||||||||||||||||
(a) | Included in other non-current liabilities. | ||||||||||||||||
(b) | Included in other current assets or other current liabilities. | ||||||||||||||||
(c) | Included in assets under vehicle programs and liabilities under vehicle programs. | ||||||||||||||||
The effects of derivatives recognized in the Company’s Consolidated Condensed Financial Statements were as follows: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Derivatives designated as hedging instruments | |||||||||||||||||
Interest rate swaps (a) | $ | — | $ | — | $ | 1 | $ | 11 | |||||||||
Derivatives not designated as hedging instruments (b) | |||||||||||||||||
Currency exchange contracts (c) | (13 | ) | (2 | ) | 22 | — | |||||||||||
Commodity contracts (d) | — | 3 | — | 4 | |||||||||||||
Interest rate contracts (e) | (2 | ) | (5 | ) | 5 | (13 | ) | ||||||||||
Total | $ | (15 | ) | $ | (4 | ) | $ | 28 | $ | 2 | |||||||
__________ | |||||||||||||||||
(a) | Recognized, net of tax, as a component of other comprehensive income within stockholders’ equity. | ||||||||||||||||
(b) | Gains (losses) related to derivative instruments are expected to be largely offset by (losses) gains on the underlying exposures being hedged. | ||||||||||||||||
(c) | For the three months ended September 30, 2013, included a $16 million loss in interest expense and a $3 million gain in operating expenses. For the nine months ended September 30, 2013, included a $13 million gain in interest expense and a $9 million gain in operating expenses. For the three and nine months ended September 30, 2012, amounts were included in operating expenses. | ||||||||||||||||
(d) | Included in operating expense. | ||||||||||||||||
(e) | Included in interest expense. |
Vehicle_Rental_Activities
Vehicle Rental Activities | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Vehicle Rental Activities [Abstract] | ' | |||||||||||||||
Vehicle Rental Activities | ' | |||||||||||||||
Vehicle Rental Activities | ||||||||||||||||
The components of the Company’s vehicles, net within assets under vehicle programs were as follows: | ||||||||||||||||
As of | As of | |||||||||||||||
September 30, | December 31, | |||||||||||||||
2013 | 2012 | |||||||||||||||
Rental vehicles | $ | 11,480 | $ | 10,000 | ||||||||||||
Less: Accumulated depreciation | (1,411 | ) | (1,345 | ) | ||||||||||||
10,069 | 8,655 | |||||||||||||||
Vehicles held for sale | 736 | 619 | ||||||||||||||
Vehicles, net | $ | 10,805 | $ | 9,274 | ||||||||||||
The components of vehicle depreciation and lease charges, net are summarized below: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Depreciation expense | $ | 487 | $ | 406 | $ | 1,295 | $ | 1,100 | ||||||||
Lease charges | 45 | 38 | 102 | 95 | ||||||||||||
Gain on sales of vehicles, net | (8 | ) | (8 | ) | (10 | ) | (107 | ) | ||||||||
Vehicle depreciation and lease charges, net | $ | 524 | $ | 436 | $ | 1,387 | $ | 1,088 | ||||||||
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
The Company’s effective tax rate for the nine months ended September 30, 2013 is a provision of 67.4%. Such rate differs from the Federal statutory rate of 35.0% primarily due to the treatment of a portion of the expenses for the early extinguishment of corporate debt and impairment costs. | |
The Company’s effective tax rate for the nine months ended September 30, 2012 was a provision of 7.4%. Such rate differed from the Federal statutory rate of 35.0% primarily due to an effective settlement of a $128 million unrecognized tax benefit for pre-Separation taxes, partially offset by the treatment of a portion of the expenses for the early extinguishment of corporate debt. |
Accounts_Payable_and_Other_Cur
Accounts Payable and Other Current Liabilities | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Accounts Payable and Other Current Liabilities | ' | |||||||
Accounts Payable and Other Current Liabilities | ||||||||
Accounts payable and other current liabilities consisted of: | ||||||||
As of | As of | |||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Accounts payable | $ | 365 | $ | 309 | ||||
Accrued sales and use taxes | 244 | 148 | ||||||
Accrued payroll and related | 204 | 198 | ||||||
Public liability and property damage insurance liabilities – current | 133 | 132 | ||||||
Deferred income - current | 95 | 60 | ||||||
Advertising and marketing | 85 | 82 | ||||||
Income taxes payable – current | 85 | 58 | ||||||
Other | 469 | 434 | ||||||
Accounts payable and other current liabilities | $ | 1,680 | $ | 1,421 | ||||
Longterm_Debt_and_Borrowing_Ar
Long-term Debt and Borrowing Arrangements | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||
Long-term Debt and Borrowing Arrangements | ' | |||||||||||||||
Long-term Debt and Borrowing Arrangements | ||||||||||||||||
Long-term and other borrowing arrangements consisted of: | ||||||||||||||||
As of | As of | |||||||||||||||
Maturity | September 30, | December 31, | ||||||||||||||
Dates | 2013 | 2012 | ||||||||||||||
Floating rate notes (a) | May-14 | $ | 150 | $ | 250 | |||||||||||
3½% convertible notes (c) | Oct-14 | 75 | 128 | |||||||||||||
Floating rate term loan (b) (d) | May-16 | 46 | 49 | |||||||||||||
4⅞% notes | Nov-17 | 300 | 300 | |||||||||||||
9⅝% notes | Mar-18 | — | 446 | |||||||||||||
8¼% notes | Jan-19 | 730 | 730 | |||||||||||||
Floating rate term loan (b) (e) | Mar-19 | 991 | 689 | |||||||||||||
9¾% notes | Mar-20 | 224 | 250 | |||||||||||||
6% Euro-denominated notes | Mar-21 | 338 | — | |||||||||||||
5½% notes | Apr-23 | 500 | — | |||||||||||||
3,354 | 2,842 | |||||||||||||||
Other | 30 | 63 | ||||||||||||||
Total | 3,384 | 2,905 | ||||||||||||||
Less: Short-term debt and current portion of long-term debt | 181 | 57 | ||||||||||||||
Long-term debt | $ | 3,203 | $ | 2,848 | ||||||||||||
__________ | ||||||||||||||||
(a) | As of September 30, 2013, the floating rate notes due 2014 bear interest at three-month LIBOR, plus 250 basis points, for an aggregate rate of 2.76%. | |||||||||||||||
(b) | The floating rate term loans are part of the Company’s senior credit facility, which also includes its revolving credit facility maturing 2018, and are secured by pledges of all of the capital stock of all of the Company’s direct or indirect domestic subsidiaries and 65% of the capital stock of each direct foreign subsidiary, subject to certain exceptions, and liens on substantially all of the Company’s intellectual property and certain other real and personal property. | |||||||||||||||
(c) | As of September 30, 2013, the 3½% convertible notes are convertible by the holders into approximately 5 million shares of the Company’s common stock. | |||||||||||||||
(d) | As of September 30, 2013, the floating rate term loan due 2016 bears interest at three-month LIBOR, plus 300 basis points, for an aggregate rate of 3.27%. | |||||||||||||||
(e) | As of September 30, 2013, the floating term rate loan due 2019 bears interest at the greater of three-month LIBOR or 0.75%, plus 225 basis points, for an aggregate rate of 3.00%. The Company has entered into a swap to hedge $600 million of its interest rate exposure related to the floating rate term loan at an aggregate rate of 3.96%. | |||||||||||||||
In March 2013, the Company issued €250 million of 6% senior notes due 2021, at face value. The notes pay interest semi-annually on March 1 and September 1 of each year, beginning in September 2013. The notes are unsecured obligations of the Company’s Avis Budget Finance plc subsidiary, are guaranteed on a senior basis by the Company and certain of its domestic subsidiaries and rank equally with all of the Company’s existing senior unsecured debt. The Company has the right to redeem these notes in whole or in part on or after April 1, 2016 at specified redemption prices, plus any accrued and unpaid interest. The Company used the proceeds from the issuance to partially fund the acquisition of Zipcar. | ||||||||||||||||
In April 2013, the Company completed an offering of $500 million of 5½% senior notes due 2023. The notes were issued at par and pay interest semi-annually on April 1 and October 1 of each year, beginning on October 1, 2013. The notes are unsecured obligations of the Company’s Avis Budget Car Rental, LLC (“ABCR”) subsidiary are guaranteed on a senior basis by the Company and certain of its domestic subsidiaries and rank equally with all of the Company’s existing senior unsecured debt. The Company has the right to redeem these notes in whole or in part on or after April 1, 2018 at specified redemption prices, plus any accrued and unpaid interest. | ||||||||||||||||
In connection with the issuance of the 5½% senior notes due 2023, the Company completed a cash tender offer pursuant to which approximately $326 million in aggregate principal amount of its 9⅝% notes due 2018 and approximately $26 million of the aggregate principal amount of its 9¾% notes due 2020 were purchased by the Company for $398 million plus accrued interest. In June 2013, the Company redeemed the remaining $124 million principal amount of the 9⅝% notes due 2018 for $139 million plus accrued interest. | ||||||||||||||||
During the nine months ended September 30, 2013, the Company amended and restated its senior credit facility to issue, in aggregate, an additional $300 million of term loan due 2019 (the “New Term Loan”). A portion of the proceeds were used to partially fund the acquisition of Zipcar. The New Term Loan has a committed aggregate principal amount of $1.0 billion and bears interest at the greater of three-month LIBOR or 0.75%, plus 225 basis points. The Company also extended the maturity of the revolving credit facility to 2018, expanded its borrowing capacity to $1.65 billion, and reduced its borrowing spread by 75 basis points. | ||||||||||||||||
During the nine months ended September 30, 2013, the Company repurchased approximately $53 million principal amount of its 3½% convertible notes for approximately $94 million, plus accrued interest, and repaid $100 million principal amount of its floating rate notes due 2014 at face value plus accrued interest. | ||||||||||||||||
In connection with debt amendments and repayments during the nine months ended September 30, 2013, the Company recorded $131 million in debt extinguishment costs. | ||||||||||||||||
Committed Credit Facilities and Available Funding Arrangements | ||||||||||||||||
At September 30, 2013, the committed credit facilities available to the Company and/or its subsidiaries included: | ||||||||||||||||
Total | Outstanding | Letters of | Available | |||||||||||||
Capacity | Borrowings | Credit Issued | Capacity | |||||||||||||
Revolving credit facility maturing 2018 (a) | $ | 1,650 | $ | — | $ | 820 | $ | 830 | ||||||||
Other facilities (b) | 13 | 2 | — | 11 | ||||||||||||
__________ | ||||||||||||||||
(a) | This revolving credit facility matures in 2018 and bears interest of one-month LIBOR plus 225 basis points. The Company’s senior credit facility, which encompasses the floating rate term loans due 2016 and 2019 and the revolving credit facility, is secured by pledges of all of the capital stock of all of the Company’s domestic subsidiaries and 65% of the capital stock of each direct foreign subsidiary, subject to certain exceptions, and liens on substantially all of the Company’s intellectual property and certain other real and personal property. | |||||||||||||||
(b) | These facilities encompass bank overdraft lines of credit, bearing interest of 4.50% to 5.69% as of September 30, 2013. | |||||||||||||||
At September 30, 2013, the Company had various uncommitted credit facilities available, under which it had drawn approximately $9 million, which bear interest at rates between 0.43% and 9.00%. | ||||||||||||||||
The agreements governing the Company’s indebtedness contain restrictive covenants, including restrictions on dividends paid to the Company by certain of its subsidiaries, the incurrence of additional indebtedness by the Company and certain of its subsidiaries, acquisitions, mergers, liquidations, and sale and leaseback transactions. The Company’s senior credit facility contains maximum leverage and minimum interest coverage ratio requirements. As of September 30, 2013, the Company was in compliance with the financial covenants of its senior credit facility. |
Debt_Under_Vehicle_Programs_an
Debt Under Vehicle Programs and Borrowing Arrangements | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||
Debt Under Vehicle Programs and Borrowing Arrangements | ' | |||||||||||
Debt Under Vehicle Programs and Borrowing Arrangements | ||||||||||||
Debt under vehicle programs (including related party debt due to Avis Budget Rental Car Funding) consisted of: | ||||||||||||
As of | As of | |||||||||||
September 30, | December 31, | |||||||||||
2013 | 2012 | |||||||||||
North America - Debt due to Avis Budget Rental Car Funding (a) | $ | 6,128 | $ | 5,203 | ||||||||
North America - Canadian borrowings (a) | 582 | 353 | ||||||||||
International - Debt borrowings (a) | 1,161 | 679 | ||||||||||
International - Capital leases (a) | 437 | 315 | ||||||||||
Truck Rental - Debt borrowings | 241 | 253 | ||||||||||
Other (b) | 87 | 3 | ||||||||||
Total | $ | 8,636 | $ | 6,806 | ||||||||
__________ | ||||||||||||
(a) | The increase principally reflects increased borrowing to fund a seasonal increase in the size of the Company’s car rental fleet. | |||||||||||
(b) | The increase is principally related to the vehicle-backed debt of Zipcar and Payless. | |||||||||||
The following table provides the contractual maturities of the Company’s debt under vehicle programs (including related party debt due to Avis Budget Rental Car Funding) at September 30, 2013: | ||||||||||||
Vehicle- | ||||||||||||
Backed | ||||||||||||
Debt | ||||||||||||
Within 1 year (a) | $ | 1,280 | ||||||||||
Between 1 and 2 years | 2,209 | |||||||||||
Between 2 and 3 years | 1,694 | |||||||||||
Between 3 and 4 years | 1,182 | |||||||||||
Between 4 and 5 years | 1,614 | |||||||||||
Thereafter | 657 | |||||||||||
Total | $ | 8,636 | ||||||||||
__________ | ||||||||||||
(a) | Vehicle-backed debt maturing within one year includes term asset-backed securities of approximately $610 million and bank and bank-sponsored borrowings of $670 million. | |||||||||||
As of September 30, 2013, available funding under the Company’s vehicle programs (including related party debt due to Avis Budget Rental Car Funding) consisted of: | ||||||||||||
Total | Outstanding | Available | ||||||||||
Capacity (a) | Borrowings | Capacity | ||||||||||
North America - Debt due to Avis Budget Rental Car Funding (b) | $ | 7,968 | $ | 6,128 | $ | 1,840 | ||||||
North America - Canadian borrowings (c) | 742 | 582 | 160 | |||||||||
International - Debt borrowings (d) | 1,381 | 1,161 | 220 | |||||||||
International - Capital leases | 466 | 437 | 29 | |||||||||
Truck Rental - Debt borrowings (e) | 246 | 241 | 5 | |||||||||
Other (f) | 100 | 87 | 13 | |||||||||
Total | $ | 10,903 | $ | 8,636 | $ | 2,267 | ||||||
__________ | ||||||||||||
(a) | Capacity is subject to maintaining sufficient assets to collateralize debt. | |||||||||||
(b) | The outstanding debt is collateralized by approximately $7.8 billion of underlying vehicles and related assets. | |||||||||||
(c) | The outstanding debt is collateralized by $889 million of underlying vehicles and related assets. | |||||||||||
(d) | The outstanding debt is collateralized by approximately $1.6 billion of underlying vehicles and related assets. | |||||||||||
(e) | The outstanding debt is collateralized by $440 million of underlying vehicles and related assets. | |||||||||||
(f) | The outstanding debt is collateralized by $165 million of underlying vehicles and related assets. | |||||||||||
In March 2013, the Company entered into a three-year, €500 million (approximately $675 million) European rental fleet securitization program, which matures in 2016 and will be used to finance fleet purchases for certain of the Company’s European operations. | ||||||||||||
Debt agreements under the Company’s vehicle-backed funding programs contain restrictive covenants, including restrictions on dividends paid to the Company by certain of its subsidiaries and restrictions on indebtedness, mergers, liens, liquidations and sale and leaseback transactions and in some cases also require compliance with certain financial requirements. As of September 30, 2013, the Company is not aware of any instances of non-compliance with any of the financial or restrictive covenants contained in the debt agreements under its vehicle-backed funding programs. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
Contingencies | |
In connection with the Company’s 2006 separation into four independent companies (the “Separation”), the Company completed the spin-offs of Realogy Corporation (“Realogy”) and Wyndham Worldwide Corporation (“Wyndham”) on July 31, 2006 and completed the sale of Travelport, Inc. (“Travelport”) on August 23, 2006. In connection with the spin-offs of Realogy and Wyndham, the Company entered into a Separation Agreement, pursuant to which Realogy assumed 62.5% and Wyndham assumed 37.5% of certain contingent and other corporate liabilities of the Company or its subsidiaries, which are not primarily related to any of the respective businesses of Realogy, Wyndham, Travelport and/or the Company’s vehicle rental operations, and in each case incurred or allegedly incurred on or prior to the Separation (“Assumed Liabilities”). Realogy is entitled to receive 62.5% and Wyndham is entitled to receive 37.5% of the proceeds from certain contingent corporate assets of the Company, which are not primarily related to any of the respective businesses of Realogy, Wyndham, Travelport and/or the Company’s vehicle rental operations, arising or accrued on or prior to the Separation (“Assumed Assets”). Additionally, if Realogy or Wyndham were to default on its payment of costs or expenses to the Company related to any Assumed Liabilities, the Company would be responsible for 50% of the defaulting party’s obligation. In such event, the Company would be allowed to use the defaulting party’s share of the proceeds of any Assumed Assets as a right of offset. | |
The Company does not believe that the impact of any resolution of contingent liabilities constituting Assumed Liabilities should result in a material liability to the Company in relation to its consolidated financial position or liquidity, as Realogy and Wyndham each have agreed to assume responsibility for these liabilities. | |
The Company is also named in various litigation that is primarily related to the businesses of its former subsidiaries, including Realogy, Wyndham and Travelport and their current or former subsidiaries. The Company is entitled to indemnification from such entities under the Separation Agreement for any liability resulting from such litigation. | |
In accordance with the terms of the Separation Agreement, Realogy posted a letter of credit in April 2007 for the benefit of the Company to cover its estimated share of the Assumed Liabilities discussed above, subject to adjustment, although there can be no assurance that such letter of credit will be sufficient or effective to cover Realogy’s actual obligations if and when they arise. | |
In October 2009, a judgment was entered against the Company for damages related to breach of contract in Alaska Rent A Car, Inc. v. Cendant Corp., et al., in the United States District Court for the District of Alaska, which court subsequently amended the judgment to add amounts for pre-judgment interest and attorneys’ fees. This proceeding, which began in 2003, concluded in September 2013, commensurate with the Company’s payment of the full amount of the judgment. While the Company is continuing to pursue its appeal, it does not consider such appeal to be material to the Company’s financial condition. | |
Additionally, the Company is also involved in claims, legal proceedings and governmental inquiries related to its vehicle rental operations, including, among others, contract and licensee disputes, wage-and-hour claims, competition matters, insurance claims, intellectual property claims and other regulatory, environmental, commercial and tax matters. Litigation is inherently unpredictable and, although the Company believes that its accruals are adequate and/or that it has valid defenses in these matters, unfavorable resolutions could occur, which could materially impact the Company’s financial position, results of operations or cash flows. | |
Commitments to Purchase Vehicles | |
The Company maintains agreements with vehicle manufacturers under which the Company has agreed to purchase approximately $4.4 billion of vehicles from manufacturers over the next 12 months. The majority of these commitments are subject to the vehicle manufacturers’ satisfying their obligations under their respective repurchase and guaranteed depreciation agreements. The purchase of such vehicles is financed primarily through the issuance of vehicle-backed debt and cash received upon the disposition of vehicles. | |
Other Purchase Commitments | |
In the normal course of business, the Company makes various commitments to purchase other goods or services from specific suppliers, including those related to capital expenditures. The purchase commitments made by the Company as of September 30, 2013 aggregate approximately $168 million. These purchase obligations extend through 2018. | |
Concentrations | |
Concentrations of credit risk at September 30, 2013 include (i) risks related to the Company’s repurchase and guaranteed depreciation agreements with car manufacturers, including Ford Motor Company, General Motors Company, Chrysler Group LLC, PSA Peugeot Citroën, Volkswagen Group, Fiat Group Automobiles S.p.A., BMW Group, Kia Motors America, Toyota Motor Corporation, Subaru of America, Inc., and Diamler AG, and primarily with respect to receivables for program cars that have been disposed but for which the Company has not yet received payment from the manufacturers and (ii) risks related to Realogy and Wyndham, including receivables of $61 million and $38 million, respectively, related to certain contingent, income tax and other corporate liabilities assumed by Realogy and Wyndham in connection with the Separation. | |
Other Guarantees | |
The Company has provided certain guarantees to, or for the benefit of, subsidiaries of Realogy, Wyndham and Travelport, which, as previously discussed, were disposed in 2006. These guarantees relate primarily to various real estate operating leases. The maximum potential amount of future payments that the Company may be required to make under the guarantees relating to these leases is estimated to be approximately $59 million, the majority of which expire by the end of 2015. At September 30, 2013, the liability recorded by the Company in connection with these guarantees was approximately $2 million. To the extent that the Company would be required to perform under any of these guarantees, the Company is entitled to indemnification by Realogy, Wyndham and Travelport, as applicable. The Company monitors the credit ratings and other relevant information for Realogy, Wyndham and Travelport’s parent company in order to assess the status of the payment/performance risk of these guarantees. |
Stockholders_Equity
Stockholders' Equity | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||
Stockholders' Equity | ' | ||||||||||||||||||||
Stockholders’ Equity | |||||||||||||||||||||
During the nine months ended September 30, 2013, concurrently with the Company’s repurchase of $53 million principal amount of its 3½% convertible notes, the Company repurchased warrants for the purchase of the Company’s common stock for $30 million and sold an equal portion of its convertible note hedge for $41 million, reducing the number of shares related to each of the hedge and warrant by approximately 3 million. | |||||||||||||||||||||
Share Repurchases | |||||||||||||||||||||
In August 2013, the Company obtained Board approval to repurchase up to $200 million of its common stock. During the nine months ended September 30, 2013, the Company repurchased approximately 860,000 shares of common stock at a cost of approximately $25 million under the repurchase program. The Company did not repurchase any of its common stock during the nine months ended September 30, 2012. | |||||||||||||||||||||
Accumulated Other Comprehensive Income | |||||||||||||||||||||
The components of accumulated other comprehensive income were as follows: | |||||||||||||||||||||
Currency | Net Unrealized | Net Unrealized | Minimum | Accumulated | |||||||||||||||||
Translation | Gains | Gains on | Pension | Other | |||||||||||||||||
Adjustments | on Cash Flow | Available-for | Liability | Comprehensive | |||||||||||||||||
Hedges | Sale Securities | Adjustment | Income | ||||||||||||||||||
Balance, January 1, 2013 | $ | 193 | $ | — | $ | 2 | $ | (85 | ) | $ | 110 | ||||||||||
Other comprehensive income (loss) before reclassifications | (21 | ) | 1 | 1 | 13 | (6 | ) | ||||||||||||||
Amounts reclassified from accumulated other comprehensive income (a) | — | — | — | 6 | 6 | ||||||||||||||||
Net current-period other comprehensive income (loss) | (21 | ) | 1 | 1 | 19 | — | |||||||||||||||
Balance, September 30, 2013 | $ | 172 | $ | 1 | $ | 3 | $ | (66 | ) | $ | 110 | ||||||||||
__________ | |||||||||||||||||||||
All components of accumulated other comprehensive income are net of tax, except currency translation adjustments, which exclude income taxes related to indefinite investments in foreign subsidiaries. | |||||||||||||||||||||
(a) | For the three and nine months ended September 30, 2013, $10 million ($6 million, net of tax) was reclassified from accumulated other comprehensive income into selling, general and administrative expenses. | ||||||||||||||||||||
Total Comprehensive Income | |||||||||||||||||||||
Comprehensive income consists of net income and other gains and losses affecting stockholders’ equity that, under GAAP, are excluded from net income. | |||||||||||||||||||||
The components of other comprehensive income were as follows: | |||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Net income | $ | 118 | $ | 280 | $ | 44 | $ | 336 | |||||||||||||
Other comprehensive income: | |||||||||||||||||||||
Currency translation adjustments | 39 | 26 | (21 | ) | 14 | ||||||||||||||||
Net unrealized gains on available-for-sale securities | 2 | 2 | 1 | — | |||||||||||||||||
Net unrealized gains on cash flow hedges (a) | — | — | 1 | 11 | |||||||||||||||||
Minimum pension liability adjustment (b) | 19 | — | 19 | — | |||||||||||||||||
60 | 28 | — | 25 | ||||||||||||||||||
Total comprehensive income | $ | 178 | $ | 308 | $ | 44 | $ | 361 | |||||||||||||
__________ | |||||||||||||||||||||
All components of other comprehensive income are net of tax, except currency translation adjustments, which exclude income taxes related to indefinite investments in foreign subsidiaries. | |||||||||||||||||||||
(a) | During the nine months ended September 30, 2013 and 2012, the Company’s net unrealized gains on cash flow hedges were $1 million and $20 million ($1 million and $11 million, net of tax), respectively. | ||||||||||||||||||||
(b) | During the three and nine months ended September 30, 2013, the Company’s minimum pension liability adjustment was $31 million ($19 million, net of tax). |
StockBased_Compensation
Stock-Based Compensation | 9 Months Ended | ||||||||||||||
Sep. 30, 2013 | |||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||
Stock-Based Compensation | ' | ||||||||||||||
Stock-Based Compensation | |||||||||||||||
The Company records compensation expense for all stock-based awards based on the estimated fair value of the award at the grant date, which is recognized over the vesting period. The Company recorded stock-based compensation expense of $5 million and $4 million ($3 million and $2 million, net of tax) during the three months ended September 30, 2013 and 2012, respectively, and $14 million and $12 million ($9 million and $7 million, net of tax), during the nine months ended September 30, 2013 and 2012, respectively, related to stock-based awards that were granted by the Company. | |||||||||||||||
The Company applies the direct method and tax law ordering approach to calculate the tax effects of stock-based compensation. In jurisdictions with net operating loss carryforwards, tax deductions for exercises of stock options and vesting of restricted stock units in 2013 and 2012 did not generate a cash benefit. Approximately $13 million of incremental tax benefits will be recorded in additional paid-in capital when realized in these jurisdictions. | |||||||||||||||
During the nine months ended September 30, 2013, the Company granted the following stock-based awards under the Amended and Restated 2007 Equity and Incentive Plan: | |||||||||||||||
• | 25,000 time-based restricted cash units (“RCUs”) and 87,000 market-vesting restricted cash units (“MCUs”); and | ||||||||||||||
• | 637,000 time-based restricted stock units (“RSUs”), 396,000 performance-based restricted stock units (“PSUs”), and 87,000 market-vesting restricted stock units (“MSUs”). | ||||||||||||||
Restricted Cash Unit Awards | |||||||||||||||
The terms of the RCUs generally provide for vesting on the second anniversary of the grant date, subject to continued employment, and for settlement on the third anniversary of the grant date. The fair value of the RCUs was based on the Company’s stock price of $21.20 on the grant date. | |||||||||||||||
The terms of the MCUs generally provide for vesting of all or a portion of such units on the third anniversary of the grant date, subject to the attainment of performance goals based on total shareholder return over the vesting period in comparison to a specified market index (“TSR”). On the grant date, these units had a fair market value of $17.14, which was calculated using a Monte Carlo simulation model, based on the expected cash payout. | |||||||||||||||
The amount payable in respect of the RCUs and MCUs will be based on the Company’s average closing stock price over a specified number of trading days at the time of settlement. At September 30, 2013, the Company had 268,000 time-based and market-vesting restricted cash units outstanding with a weighted average contractual life of 1.6 years. | |||||||||||||||
Restricted Stock Unit Awards | |||||||||||||||
The terms of substantially all of the RSUs provide for vesting ratably on the first three anniversaries of the grant date, subject to continued employment. The weighted-average fair value of the RSUs of $21.77 was based on the Company’s closing stock price on the date of grant. | |||||||||||||||
The terms of the PSUs generally provide for vesting of a substantial majority of such units (or a portion thereof) on the third anniversary of the grant date, subject to attainment of certain performance goals based on Adjusted EBITDA, subject to certain further adjustments, with full vesting permitted on such anniversary if goals based on TSR are also achieved. | |||||||||||||||
The terms of the MSUs generally provide for vesting of all or a portion of such units on the third anniversary of the grant date, subject to the attainment of performance goals based on TSR. | |||||||||||||||
The Company determined the weighted-average fair value of performance-based and market-vesting restricted stock units granted in the nine months ended September 30, 2013 and 2012 using a Monte Carlo simulation model. The weighted-average fair value of the PSUs and MSUs granted in the nine months ended September 30, 2013, was estimated to be $20.67 and $17.14, respectively. The weighted-average fair value of the Company’s market-vesting restricted stock units issued in the nine months ended September 30, 2012 was estimated to be $10.92. The assumptions used to estimate the weighted-average fair value of the performance-based and market-vesting awards issued during the nine months ended September 30, 2013 and the market-vesting awards issued in the nine months ended September 30, 2012 were as follows: | |||||||||||||||
Nine Months Ended | |||||||||||||||
September 30, | |||||||||||||||
2013 | 2012 | ||||||||||||||
Expected volatility of stock price | 43% | 50% | |||||||||||||
Risk-free interest rate | 0.39% | 0.30% - 0.42% | |||||||||||||
Expected term of awards | 3 years | 2 1/2 - 3 years | |||||||||||||
Dividend yield | 0.00% | 0.00% | |||||||||||||
The activity related to the Company’s time-based, performance-based and market-vesting restricted stock units (collectively, solely for purposes of the table below, “RSUs”), and stock options consisted of: | |||||||||||||||
RSUs | Options | ||||||||||||||
Number | Weighted | Number | Weighted | ||||||||||||
of RSUs | Average | of Options | Average | ||||||||||||
(in 000s) | Fair Value | (in 000s) | Exercise Price | ||||||||||||
Balance at January 1, 2013 | 3,497 | $ | 13.64 | 1,901 | $ | 2.89 | |||||||||
Granted at fair market value | 1,120 | 21.02 | — | — | |||||||||||
Vested/exercised (a) | (1,114 | ) | 12.72 | (754 | ) | 3.32 | |||||||||
Canceled | (67 | ) | 14.2 | (3 | ) | 27.4 | |||||||||
Balance at September 30, 2013 (b) (c) | 3,436 | $ | 16.34 | 1,144 | $ | 2.55 | |||||||||
__________ | |||||||||||||||
(a) | During the nine months ended September 30, 2013, 438,000 market-vesting restricted stock units and 676,000 time-based restricted stock units vested. Stock options exercised during the nine months ended September 30, 2013 had an intrinsic value of $18 million. | ||||||||||||||
(b) | As of September 30, 2013, the Company’s outstanding RSUs had an aggregate intrinsic value of $99 million; aggregate unrecognized compensation expense related to RSUs amounted to $32 million; and the balance of RSUs at September 30, 2013, consists of 1,358,000 related to time-based awards and 2,078,000 related to market-vesting and performance-based awards. Approximately 1,000 time-based restricted stock units are eligible to vest in 2013, if applicable service criteria are satisfied. No market-vesting restricted stock units are eligible to vest in 2013. | ||||||||||||||
(c) | As of September 30, 2013, the Company’s outstanding stock options had aggregate intrinsic value of $30 million; there were 1,135,000 “in-the-money” stock options; and aggregate unrecognized compensation expense related to unvested stock options was immaterial. 1,080,000 stock options are exercisable as of September 30, 2013. | ||||||||||||||
The table below summarizes information regarding the Company’s outstanding stock options as of September 30, 2013: | |||||||||||||||
Range of | Weighted Average | Number of | |||||||||||||
Exercise Prices | Contractual Life (years) | Options (in 000s) | |||||||||||||
Less than $5.00 | 5.3 | 975 | |||||||||||||
$5.01 to $10.00 | 0 | — | |||||||||||||
$10.01 to $15.00 | 6.3 | 160 | |||||||||||||
$15.01 to $20.00 | 0 | — | |||||||||||||
$20.01 and above | 1 | 9 | |||||||||||||
Total | 5.4 | 1,144 | |||||||||||||
As of September 30, 2013, all of the stock appreciation rights outstanding at December 31, 2012 had been exercised. |
Segment_Information
Segment Information | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||
Segment Information | ' | ||||||||||||||||||
Segment Information | |||||||||||||||||||
The reportable segments presented below represent the Company’s operating segments for which separate financial information is available and is utilized on a regular basis by its chief operating decision maker, the Company’s chief executive officer, to assess performance and to allocate resources. In identifying its reportable segments, the Company also considers the nature of services provided by its operating segments, the geographical areas in which the segments operate and other relevant factors. The Company aggregates certain operating segments into its reportable segments. Management evaluates the operating results of each of its reportable segments based upon revenue and “Adjusted EBITDA”, which is defined as income from continuing operations before non-vehicle related depreciation and amortization, any impairment charge, transaction-related costs, non-vehicle related interest and income taxes. The Company’s presentation of Adjusted EBITDA may not be comparable to similarly-titled measures used by other companies. | |||||||||||||||||||
Three Months Ended September 30, | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Revenues | Adjusted | Revenues | Adjusted | ||||||||||||||||
EBITDA | EBITDA | ||||||||||||||||||
North America | $ | 1,513 | $ | 223 | $ | 1,358 | $ | 232 | |||||||||||
International | 773 | 144 | 703 | 129 | |||||||||||||||
Truck Rental | 109 | 13 | 109 | 14 | |||||||||||||||
Corporate and Other (a) | — | (11 | ) | — | (5 | ) | |||||||||||||
Total Company (b) | $ | 2,395 | 369 | $ | 2,170 | 370 | |||||||||||||
Less: | Non-vehicle related depreciation and amortization | 39 | 30 | ||||||||||||||||
Interest expense related to corporate debt, net: | |||||||||||||||||||
Interest expense | 57 | 67 | |||||||||||||||||
Early extinguishment of debt | — | 2 | |||||||||||||||||
Transaction-related costs (c) | 10 | 11 | |||||||||||||||||
Impairment (d) | 33 | — | |||||||||||||||||
Income before income taxes | $ | 230 | $ | 260 | |||||||||||||||
__________ | |||||||||||||||||||
(a) | Includes unallocated corporate overhead and the elimination of transactions between segments. | ||||||||||||||||||
(b) | Adjusted EBITDA for the three months ended September 30, 2013 and 2012, includes $14 million and $7 million, respectively, of restructuring expense. | ||||||||||||||||||
(c) | During the three months ended September 30, 2013, the Company incurred $10 million in transaction-related costs related to the integration of the operations of Avis Europe and the acquisition of Payless. During the three months ended September 30, 2012, the Company incurred $11 million in transaction-related costs related to the integration of the operations of Avis Europe. | ||||||||||||||||||
(d) | During the three months ended September 30, 2013, the Company recorded a charge of $33 million for the impairment of the Company’s equity-method investment in its Brazilian licensee. | ||||||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Revenues | Adjusted | Revenues | Adjusted | ||||||||||||||||
EBITDA | EBITDA | ||||||||||||||||||
North America | $ | 3,905 | $ | 427 | $ | 3,580 | $ | 509 | |||||||||||
International | 1,895 | 211 | 1,791 | 210 | |||||||||||||||
Truck Rental | 287 | 12 | 287 | 32 | |||||||||||||||
Corporate and Other (a) | — | (35 | ) | 1 | (15 | ) | |||||||||||||
Total Company (b) | $ | 6,087 | 615 | $ | 5,659 | 736 | |||||||||||||
Less: | Non-vehicle related depreciation and amortization | 109 | 92 | ||||||||||||||||
Interest expense related to corporate debt, net: | |||||||||||||||||||
Interest expense | 170 | 208 | |||||||||||||||||
Early extinguishment of debt | 131 | 52 | |||||||||||||||||
Transaction-related costs (c) | 37 | 21 | |||||||||||||||||
Impairment (d) | 33 | — | |||||||||||||||||
Income before income taxes | $ | 135 | $ | 363 | |||||||||||||||
__________ | |||||||||||||||||||
(a) | Includes unallocated corporate overhead and the elimination of transactions between segments. | ||||||||||||||||||
(b) | Adjusted EBITDA for the nine months ended September 30, 2013 and 2012, includes $39 million and $26 million, respectively, of restructuring expense. | ||||||||||||||||||
(c) | During the nine months ended September 30, 2013, the Company incurred $37 million in transaction-related costs related to the integration of the operations of Avis Europe and costs related to the acquisition and integration of Zipcar and Payless. During the nine months ended September 30, 2012, the Company incurred $21 million in transaction-related costs related to the integration of the operations of Avis Europe. | ||||||||||||||||||
(d) | During the nine months ended September 30, 2013, the Company recorded a charge of $33 million for the impairment of the Company’s equity-method investment in its Brazilian licensee. | ||||||||||||||||||
Since December 31, 2012, there have been no significant changes in segment assets other than in the Company’s North America segment. As of September 30, 2013 and December 31, 2012, North America segment assets under vehicle programs were approximately $8.7 billion and $7.4 billion, respectively, and assets exclusive of assets under vehicle programs were approximately $3.7 billion and $3.1 billion, respectively. |
Basis_of_Presentation_and_Rece1
Basis of Presentation and Recently Issued Accounting Pronouncements (Policies) | 9 Months Ended | |
Sep. 30, 2013 | ||
Basis Of Presentation And Recently Issued Accounting Pronouncements [Abstract] | ' | |
Basis of Presentation | ' | |
Basis of Presentation | ||
Avis Budget Group, Inc. provides car and truck rentals and ancillary services to businesses and consumers worldwide. The accompanying unaudited Consolidated Condensed Financial Statements include the accounts and transactions of Avis Budget Group, Inc. and its subsidiaries (“Avis Budget”), as well as entities in which Avis Budget directly or indirectly has a controlling financial interest (collectively, the “Company”), and have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission for interim financial reporting. | ||
The Company operates the following business segments: | ||
• | North America—provides car rentals in the United States and vehicle rentals in Canada, as well as ancillary products and services, and operates the Company’s Zipcar car sharing business. | |
• | International—provides, and licenses the Company’s brands to third parties for, vehicle rentals and ancillary products and services primarily in Europe, the Middle East, Asia, Africa, South America, Central America, the Caribbean, Australia and New Zealand. | |
• | Truck Rental—provides truck rentals and ancillary products and services to consumers and commercial users in the United States. | |
In presenting the Consolidated Condensed Financial Statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”), management makes estimates and assumptions that affect the amounts reported and related disclosures. Estimates, by their nature, are based on judgment and available information. Accordingly, actual results could differ from those estimates. In management’s opinion, the Consolidated Condensed Financial Statements contain all adjustments necessary for a fair presentation of interim results reported. The results of operations reported for interim periods are not necessarily indicative of the results of operations for the entire year or any subsequent interim period. These financial statements should be read in conjunction with the Company’s 2012 Annual Report on Form 10-K and Form 10-K/A. | ||
Vehicle Programs | ' | |
Vehicle Programs. The Company presents separately the financial data of its vehicle programs. These programs are distinct from the Company’s other activities since the assets under vehicle programs are generally funded through the issuance of debt that is collateralized by such assets. The income generated by these assets is used, in part, to repay the principal and interest associated with the debt. Cash inflows and outflows relating to the acquisition of such assets and the principal debt repayment or financing of such assets are classified as activities of the Company’s vehicle programs. The Company believes it is appropriate to segregate the financial data of its vehicle programs because, ultimately, the source of repayment of such debt is the realization of such assets. | ||
Transaction-related Costs | ' | |
Transaction-related Costs. The Company completed the acquisition of Zipcar on March 14, 2013 and the acquisition of Payless Car Rental ("Payless") on July 15, 2013. During the three and nine months ended September 30, 2013, transaction-related costs primarily include expenses related to the integration of Avis Europe’s operations with those of the Company and costs related to the acquisition and integration of Zipcar and Payless. In the three and nine months ended September 30, 2012, transaction-related costs primarily included expenses related to the integration of Avis Europe’s operations with the Company’s. | ||
Foreign-currency Transactions | ' | |
Currency Transactions. The Company records the gain or loss of foreign-currency transactions on certain intercompany loans and gain or loss on intercompany loan hedges within interest expense related to corporate debt, net. During the three and nine months ended September 30, 2013, the Company recorded losses of $1 million and $8 million, respectively, on such items. In the three and nine months ended September 30, 2012, the Company recorded losses of $3 million and $12 million, respectively, on such items. | ||
New Accounting Pronouncements, Policy [Policy Text Block] | ' | |
Adoption of New Accounting Standards | ||
On January 1, 2013, as a result of the issuance of a new accounting pronouncement, the Company adopted, as required, Accounting Standards Update No. 2013-02, “Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income,” which requires companies to disclose additional information about amounts reclassified out of accumulated other comprehensive income by component. The adoption of this pronouncement resulted in incremental disclosure about activity and amounts reclassified out of accumulated other comprehensive income. |
Restructuring_Tables
Restructuring (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | ||||||||||||||||
Summary Of Changes To Restructuring-Related Liabilities | ' | ||||||||||||||||
The following tables summarize the changes to our restructuring-related liabilities and identify the amounts recorded within the Company’s reportable segments, and by category, for restructuring expenses and corresponding payments and utilizations: | |||||||||||||||||
North | International | Truck Rental | Total | ||||||||||||||
America | |||||||||||||||||
Balance as of January 1, 2013 | $ | 1 | $ | 12 | $ | — | $ | 13 | |||||||||
Restructuring expense | 6 | 14 | 19 | 39 | |||||||||||||
Cash payment/utilization | (4 | ) | (17 | ) | (19 | ) | (40 | ) | |||||||||
Balance as of September 30, 2013 | $ | 3 | $ | 9 | $ | — | $ | 12 | |||||||||
Personnel | Facility | Other (a) | Total | ||||||||||||||
Related | Related | ||||||||||||||||
Balance as of January 1, 2013 | $ | 12 | $ | 1 | $ | — | $ | 13 | |||||||||
Restructuring expense | 18 | 2 | 19 | 39 | |||||||||||||
Cash payment/utilization | (19 | ) | (2 | ) | (19 | ) | (40 | ) | |||||||||
Balance as of September 30, 2013 | $ | 11 | $ | 1 | $ | — | $ | 12 | |||||||||
__________ | |||||||||||||||||
(a) | Includes expenses related to the disposition of vehicles. |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Computation Of Basic And Diluted Earnings Per Share | ' | ||||||||||||||||
The following table sets forth the computation of basic and diluted earnings per share (“EPS”) (shares in millions): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net income for basic EPS | $ | 118 | $ | 280 | $ | 44 | $ | 336 | |||||||||
Convertible note interest, net of tax | 1 | 1 | 1 | 4 | |||||||||||||
Net income for diluted EPS | $ | 119 | $ | 281 | $ | 45 | $ | 340 | |||||||||
Basic weighted average shares outstanding | 108.3 | 106.8 | 108.1 | 106.5 | |||||||||||||
Options, warrants and non-vested stock (a) | 3.3 | 2.3 | 3.3 | 2.2 | |||||||||||||
Convertible debt | 4.6 | 8.9 | 5.5 | 14 | |||||||||||||
Diluted weighted average shares outstanding | 116.2 | 118 | 116.9 | 122.7 | |||||||||||||
Earnings per share: | |||||||||||||||||
Basic | $ | 1.09 | $ | 2.62 | $ | 0.41 | $ | 3.16 | |||||||||
Diluted | $ | 1.02 | $ | 2.38 | $ | 0.39 | $ | 2.77 | |||||||||
__________ | |||||||||||||||||
Other_Current_Assets_Tables
Other Current Assets (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | |||||||
Schedule of Other Current Assets | ' | |||||||
Other current assets consisted of: | ||||||||
As of | As of | |||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Sales and use taxes | $ | 223 | $ | 108 | ||||
Prepaid expenses | 200 | 174 | ||||||
Other | 152 | 123 | ||||||
Other current assets | $ | 575 | $ | 405 | ||||
Intangible_Assets_Tables
Intangible Assets (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||
Schedule Of Intangible Assets | ' | |||||||||||||||||||||||
Intangible assets consisted of: | ||||||||||||||||||||||||
As of September 30, 2013 | As of December 31, 2012 | |||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||||||
Carrying | Amortization | Carrying | Carrying | Amortization | Carrying | |||||||||||||||||||
Amount | Amount | Amount | Amount | |||||||||||||||||||||
Amortized Intangible Assets | ||||||||||||||||||||||||
License agreements (a) | $ | 269 | $ | 49 | $ | 220 | $ | 257 | $ | 39 | $ | 218 | ||||||||||||
Customer relationships (b) | 165 | 30 | 135 | 86 | 19 | 67 | ||||||||||||||||||
Other | 2 | 1 | 1 | 2 | 1 | 1 | ||||||||||||||||||
Total | $ | 436 | $ | 80 | $ | 356 | $ | 345 | $ | 59 | $ | 286 | ||||||||||||
Unamortized Intangible Assets | ||||||||||||||||||||||||
Goodwill (a)(b) | $ | 689 | $ | 375 | ||||||||||||||||||||
Trademarks (a)(b) | $ | 572 | $ | 445 | ||||||||||||||||||||
__________ | ||||||||||||||||||||||||
(a) | The increases in carrying amounts primarily relate to the acquisition of |
Financial_Instruments_Tables
Financial Instruments (Tables) | 3 Months Ended | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2013 | ||||||||||||||||||||
Investments, All Other Investments [Abstract] | ' | ' | |||||||||||||||||||
Schedule of Notional Amounts of Outstanding Derivative Positions | ' | ' | |||||||||||||||||||
As of September 30, 2013, the Company held derivative instruments with absolute notional values as follows: | |||||||||||||||||||||
As of | |||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||
Interest rate caps (a) | $ | 6,959 | |||||||||||||||||||
Interest rate swaps | 904 | ||||||||||||||||||||
Foreign exchange forward contracts | 77 | ||||||||||||||||||||
Foreign exchange swaps | 704 | ||||||||||||||||||||
__________ | |||||||||||||||||||||
(a) | Represents $4.7 billion of interest rate caps sold and approximately $2.2 billion of interest rate caps purchased. These amounts exclude $2.5 billion of interest rate caps purchased by the Company’s Avis Budget Rental Car Funding (AESOP) LLC (“Avis Budget Rental Car Funding”) subsidiary. | ||||||||||||||||||||
Schedule Of Carrying Amounts And Estimated Fair Values | ' | ' | |||||||||||||||||||
The carrying amounts and estimated fair values of debt instruments were as follows: | |||||||||||||||||||||
As of September 30, 2013 | As of December 31, 2012 | ||||||||||||||||||||
Carrying | Estimated | Carrying | Estimated | ||||||||||||||||||
Amount | Fair | Amount | Fair | ||||||||||||||||||
Value (a) | Value (a) | ||||||||||||||||||||
Corporate debt | |||||||||||||||||||||
Short-term debt and current portion of long-term debt | $ | 181 | $ | 181 | $ | 57 | $ | 58 | |||||||||||||
Long-term debt, excluding convertible debt | 3,128 | 3,192 | 2,720 | 2,903 | |||||||||||||||||
Convertible debt | 75 | 135 | 128 | 171 | |||||||||||||||||
Debt under vehicle programs | |||||||||||||||||||||
Vehicle-backed debt due to Avis Budget Rental Car Funding (AESOP) LLC | $ | 6,128 | $ | 6,231 | $ | 5,203 | $ | 5,391 | |||||||||||||
Vehicle-backed debt | 2,502 | 2,510 | 1,599 | 1,613 | |||||||||||||||||
Interest rate swaps and interest rate contracts (b) | 6 | 6 | 4 | 4 | |||||||||||||||||
__________ | |||||||||||||||||||||
(a) | The fair value measurements are based on significant observable inputs (Level 2). | ||||||||||||||||||||
(b) | Derivatives in a liability position. | ||||||||||||||||||||
Fair Value Of Derivative Instruments | ' | ' | |||||||||||||||||||
Fair values of derivative instruments were as follows: | |||||||||||||||||||||
As of September 30, 2013 | As of December 31, 2012 | ||||||||||||||||||||
Fair Value, | Fair Value, | Fair Value, | Fair Value, | ||||||||||||||||||
Asset | Liability | Asset | Liability | ||||||||||||||||||
Derivatives | Derivatives | Derivatives | Derivatives | ||||||||||||||||||
Derivatives designated as hedging instruments | |||||||||||||||||||||
Interest rate swaps (a) | $ | — | $ | 1 | $ | — | $ | 1 | |||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||
Currency exchange contracts (b) | 4 | 4 | 3 | 8 | |||||||||||||||||
Interest rate contracts (c) | 3 | 6 | — | 4 | |||||||||||||||||
Interest rate swaps (a) | — | — | — | 12 | |||||||||||||||||
Commodity contracts (b) | — | 2 | — | — | |||||||||||||||||
Total | $ | 7 | $ | 13 | $ | 3 | $ | 25 | |||||||||||||
__________ | |||||||||||||||||||||
Amounts in this table exclude derivatives issued by Avis Budget Rental Car Funding, as it is not consolidated by the Company; however, certain amounts related to the derivatives held by Avis Budget Rental Car Funding are included within accumulated other comprehensive income, as discussed in Note 14—Stockholders’ Equity. | |||||||||||||||||||||
(a) | Included in other non-current liabilities. | ||||||||||||||||||||
(b) | Included in other current assets or other current liabilities. | ||||||||||||||||||||
(c) | Included in assets under vehicle programs and liabilities under vehicle programs | ||||||||||||||||||||
Schedule Of Effect Of Derivatives Recognized | ' | ' | |||||||||||||||||||
The effects of derivatives recognized in the Company’s Consolidated Condensed Financial Statements were as follows: | |||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Derivatives designated as hedging instruments | |||||||||||||||||||||
Interest rate swaps (a) | $ | — | $ | — | $ | 1 | $ | 11 | |||||||||||||
Derivatives not designated as hedging instruments (b) | |||||||||||||||||||||
Currency exchange contracts (c) | (13 | ) | (2 | ) | 22 | — | |||||||||||||||
Commodity contracts (d) | — | 3 | — | 4 | |||||||||||||||||
Interest rate contracts (e) | (2 | ) | (5 | ) | 5 | (13 | ) | ||||||||||||||
Total | $ | (15 | ) | $ | (4 | ) | $ | 28 | $ | 2 | |||||||||||
__________ | |||||||||||||||||||||
(a) | Recognized, net of tax, as a component of other comprehensive income within stockholders’ equity. | ||||||||||||||||||||
(b) | Gains (losses) related to derivative instruments are expected to be largely offset by (losses) gains on the underlying exposures being hedged. | ||||||||||||||||||||
(c) | For the three months ended September 30, 2013, included a $16 million loss in interest expense and a $3 million gain in operating expenses. For the nine months ended September 30, 2013, included a $13 million gain in interest expense and a $9 million gain in operating expenses. For the three and nine months ended September 30, 2012, amounts were included in operating expenses. | ||||||||||||||||||||
(d) | Included in operating expense. | ||||||||||||||||||||
(e) | Included in interest expense. |
Vehicle_Rental_Activities_Tabl
Vehicle Rental Activities (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Vehicle Rental Activities [Abstract] | ' | |||||||||||||||
Components Of The Company's Vehicles | ' | |||||||||||||||
The components of the Company’s vehicles, net within assets under vehicle programs were as follows: | ||||||||||||||||
As of | As of | |||||||||||||||
September 30, | December 31, | |||||||||||||||
2013 | 2012 | |||||||||||||||
Rental vehicles | $ | 11,480 | $ | 10,000 | ||||||||||||
Less: Accumulated depreciation | (1,411 | ) | (1,345 | ) | ||||||||||||
10,069 | 8,655 | |||||||||||||||
Vehicles held for sale | 736 | 619 | ||||||||||||||
Vehicles, net | $ | 10,805 | $ | 9,274 | ||||||||||||
Components Of Vehicle Depreciation And Lease Charges | ' | |||||||||||||||
The components of vehicle depreciation and lease charges, net are summarized below: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Depreciation expense | $ | 487 | $ | 406 | $ | 1,295 | $ | 1,100 | ||||||||
Lease charges | 45 | 38 | 102 | 95 | ||||||||||||
Gain on sales of vehicles, net | (8 | ) | (8 | ) | (10 | ) | (107 | ) | ||||||||
Vehicle depreciation and lease charges, net | $ | 524 | $ | 436 | $ | 1,387 | $ | 1,088 | ||||||||
Accounts_Payable_and_Other_Cur1
Accounts Payable and Other Current Liabilities (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Schedule Of Accounts Payable And Other Current Liabilities | ' | |||||||
Accounts payable and other current liabilities consisted of: | ||||||||
As of | As of | |||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Accounts payable | $ | 365 | $ | 309 | ||||
Accrued sales and use taxes | 244 | 148 | ||||||
Accrued payroll and related | 204 | 198 | ||||||
Public liability and property damage insurance liabilities – current | 133 | 132 | ||||||
Deferred income - current | 95 | 60 | ||||||
Advertising and marketing | 85 | 82 | ||||||
Income taxes payable – current | 85 | 58 | ||||||
Other | 469 | 434 | ||||||
Accounts payable and other current liabilities | $ | 1,680 | $ | 1,421 | ||||
Longterm_Debt_and_Borrowing_Ar1
Long-term Debt and Borrowing Arrangements (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||
Schedule Of Long-Term Debt | ' | |||||||||||||||
Long-term and other borrowing arrangements consisted of: | ||||||||||||||||
As of | As of | |||||||||||||||
Maturity | September 30, | December 31, | ||||||||||||||
Dates | 2013 | 2012 | ||||||||||||||
Floating rate notes (a) | May-14 | $ | 150 | $ | 250 | |||||||||||
3½% convertible notes (c) | Oct-14 | 75 | 128 | |||||||||||||
Floating rate term loan (b) (d) | May-16 | 46 | 49 | |||||||||||||
4⅞% notes | Nov-17 | 300 | 300 | |||||||||||||
9⅝% notes | Mar-18 | — | 446 | |||||||||||||
8¼% notes | Jan-19 | 730 | 730 | |||||||||||||
Floating rate term loan (b) (e) | Mar-19 | 991 | 689 | |||||||||||||
9¾% notes | Mar-20 | 224 | 250 | |||||||||||||
6% Euro-denominated notes | Mar-21 | 338 | — | |||||||||||||
5½% notes | Apr-23 | 500 | — | |||||||||||||
3,354 | 2,842 | |||||||||||||||
Other | 30 | 63 | ||||||||||||||
Total | 3,384 | 2,905 | ||||||||||||||
Less: Short-term debt and current portion of long-term debt | 181 | 57 | ||||||||||||||
Long-term debt | $ | 3,203 | $ | 2,848 | ||||||||||||
__________ | ||||||||||||||||
(a) | As of September 30, 2013, the floating rate notes due 2014 bear interest at three-month LIBOR, plus 250 basis points, for an aggregate rate of 2.76%. | |||||||||||||||
(b) | The floating rate term loans are part of the Company’s senior credit facility, which also includes its revolving credit facility maturing 2018, and are secured by pledges of all of the capital stock of all of the Company’s direct or indirect domestic subsidiaries and 65% of the capital stock of each direct foreign subsidiary, subject to certain exceptions, and liens on substantially all of the Company’s intellectual property and certain other real and personal property. | |||||||||||||||
(c) | As of September 30, 2013, the 3½% convertible notes are convertible by the holders into approximately 5 million shares of the Company’s common stock. | |||||||||||||||
(d) | As of September 30, 2013, the floating rate term loan due 2016 bears interest at three-month LIBOR, plus 300 basis points, for an aggregate rate of 3.27%. | |||||||||||||||
(e) | As of September 30, 2013, the floating term rate loan due 2019 bears interest at the greater of three-month LIBOR or 0.75%, plus 225 basis points, for an aggregate rate of 3.00%. | |||||||||||||||
Schedule Of Committed Credit Facilities | ' | |||||||||||||||
At September 30, 2013, the committed credit facilities available to the Company and/or its subsidiaries included: | ||||||||||||||||
Total | Outstanding | Letters of | Available | |||||||||||||
Capacity | Borrowings | Credit Issued | Capacity | |||||||||||||
Revolving credit facility maturing 2018 (a) | $ | 1,650 | $ | — | $ | 820 | $ | 830 | ||||||||
Other facilities (b) | 13 | 2 | — | 11 | ||||||||||||
__________ | ||||||||||||||||
(a) | This revolving credit facility matures in 2018 and bears interest of one-month LIBOR plus 225 basis points. The Company’s senior credit facility, which encompasses the floating rate term loans due 2016 and 2019 and the revolving credit facility, is secured by pledges of all of the capital stock of all of the Company’s domestic subsidiaries and 65% of the capital stock of each direct foreign subsidiary, subject to certain exceptions, and liens on substantially all of the Company’s intellectual property and certain other real and personal property. | |||||||||||||||
(b) | These facilities encompass bank overdraft lines of credit, bearing interest of 4.50% to 5.69% as of September 30, 2013. |
Debt_Under_Vehicle_Programs_an1
Debt Under Vehicle Programs and Borrowing Arrangements (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||
Schedule Of Debt Under Vehicle Programs | ' | |||||||||||
Debt under vehicle programs (including related party debt due to Avis Budget Rental Car Funding) consisted of: | ||||||||||||
As of | As of | |||||||||||
September 30, | December 31, | |||||||||||
2013 | 2012 | |||||||||||
North America - Debt due to Avis Budget Rental Car Funding (a) | $ | 6,128 | $ | 5,203 | ||||||||
North America - Canadian borrowings (a) | 582 | 353 | ||||||||||
International - Debt borrowings (a) | 1,161 | 679 | ||||||||||
International - Capital leases (a) | 437 | 315 | ||||||||||
Truck Rental - Debt borrowings | 241 | 253 | ||||||||||
Other (b) | 87 | 3 | ||||||||||
Total | $ | 8,636 | $ | 6,806 | ||||||||
__________ | ||||||||||||
(a) | The increase principally reflects increased borrowing to fund a seasonal increase in the size of the Company’s car rental fleet. | |||||||||||
(b) | The increase is principally related to the vehicle-backed debt of Zipcar and Payless. | |||||||||||
Schedule Of Contractual Maturities | ' | |||||||||||
The following table provides the contractual maturities of the Company’s debt under vehicle programs (including related party debt due to Avis Budget Rental Car Funding) at September 30, 2013: | ||||||||||||
Vehicle- | ||||||||||||
Backed | ||||||||||||
Debt | ||||||||||||
Within 1 year (a) | $ | 1,280 | ||||||||||
Between 1 and 2 years | 2,209 | |||||||||||
Between 2 and 3 years | 1,694 | |||||||||||
Between 3 and 4 years | 1,182 | |||||||||||
Between 4 and 5 years | 1,614 | |||||||||||
Thereafter | 657 | |||||||||||
Total | $ | 8,636 | ||||||||||
__________ | ||||||||||||
(a) | Vehicle-backed debt maturing within one year includes term asset-backed securities of approximately $610 million and bank and bank-sponsored borrowings of $670 million. | |||||||||||
Schedule Of Available Funding Under The Vehicle Programs | ' | |||||||||||
As of September 30, 2013, available funding under the Company’s vehicle programs (including related party debt due to Avis Budget Rental Car Funding) consisted of: | ||||||||||||
Total | Outstanding | Available | ||||||||||
Capacity (a) | Borrowings | Capacity | ||||||||||
North America - Debt due to Avis Budget Rental Car Funding (b) | $ | 7,968 | $ | 6,128 | $ | 1,840 | ||||||
North America - Canadian borrowings (c) | 742 | 582 | 160 | |||||||||
International - Debt borrowings (d) | 1,381 | 1,161 | 220 | |||||||||
International - Capital leases | 466 | 437 | 29 | |||||||||
Truck Rental - Debt borrowings (e) | 246 | 241 | 5 | |||||||||
Other (f) | 100 | 87 | 13 | |||||||||
Total | $ | 10,903 | $ | 8,636 | $ | 2,267 | ||||||
__________ | ||||||||||||
(a) | Capacity is subject to maintaining sufficient assets to collateralize debt. | |||||||||||
(b) | The outstanding debt is collateralized by approximately $7.8 billion of underlying vehicles and related assets. | |||||||||||
(c) | The outstanding debt is collateralized by $889 million of underlying vehicles and related assets. | |||||||||||
(d) | The outstanding debt is collateralized by approximately $1.6 billion of underlying vehicles and related assets. | |||||||||||
(e) | The outstanding debt is collateralized by $440 million of underlying vehicles and related assets. | |||||||||||
(f) | The outstanding debt is collateralized by $165 million of underlying vehicles and related assets. |
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||
Accumulated Other Comprehensive Income | ' | ||||||||||||||||||||
The components of accumulated other comprehensive income were as follows: | |||||||||||||||||||||
Currency | Net Unrealized | Net Unrealized | Minimum | Accumulated | |||||||||||||||||
Translation | Gains | Gains on | Pension | Other | |||||||||||||||||
Adjustments | on Cash Flow | Available-for | Liability | Comprehensive | |||||||||||||||||
Hedges | Sale Securities | Adjustment | Income | ||||||||||||||||||
Balance, January 1, 2013 | $ | 193 | $ | — | $ | 2 | $ | (85 | ) | $ | 110 | ||||||||||
Other comprehensive income (loss) before reclassifications | (21 | ) | 1 | 1 | 13 | (6 | ) | ||||||||||||||
Amounts reclassified from accumulated other comprehensive income (a) | — | — | — | 6 | 6 | ||||||||||||||||
Net current-period other comprehensive income (loss) | (21 | ) | 1 | 1 | 19 | — | |||||||||||||||
Balance, September 30, 2013 | $ | 172 | $ | 1 | $ | 3 | $ | (66 | ) | $ | 110 | ||||||||||
__________ | |||||||||||||||||||||
All components of accumulated other comprehensive income are net of tax, except currency translation adjustments, which exclude income taxes related to indefinite investments in foreign subsidiaries. | |||||||||||||||||||||
(a) | For the three and nine months ended September 30, 2013, $10 million ($6 million, net of tax) was reclassified from accumulated other comprehensive income into selling, general and administrative expenses. | ||||||||||||||||||||
Components Of Other Comprehensive Income | ' | ||||||||||||||||||||
The components of other comprehensive income were as follows: | |||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Net income | $ | 118 | $ | 280 | $ | 44 | $ | 336 | |||||||||||||
Other comprehensive income: | |||||||||||||||||||||
Currency translation adjustments | 39 | 26 | (21 | ) | 14 | ||||||||||||||||
Net unrealized gains on available-for-sale securities | 2 | 2 | 1 | — | |||||||||||||||||
Net unrealized gains on cash flow hedges (a) | — | — | 1 | 11 | |||||||||||||||||
Minimum pension liability adjustment (b) | 19 | — | 19 | — | |||||||||||||||||
60 | 28 | — | 25 | ||||||||||||||||||
Total comprehensive income | $ | 178 | $ | 308 | $ | 44 | $ | 361 | |||||||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 9 Months Ended | ||||||||||||||
Sep. 30, 2013 | |||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||
Summary Of Share Based Payment Other Than Options Valuation Assumptions | ' | ||||||||||||||
The assumptions used to estimate the weighted-average fair value of the performance-based and market-vesting awards issued during the nine months ended September 30, 2013 and the market-vesting awards issued in the nine months ended September 30, 2012 were as follows: | |||||||||||||||
Nine Months Ended | |||||||||||||||
September 30, | |||||||||||||||
2013 | 2012 | ||||||||||||||
Expected volatility of stock price | 43% | 50% | |||||||||||||
Risk-free interest rate | 0.39% | 0.30% - 0.42% | |||||||||||||
Expected term of awards | 3 years | 2 1/2 - 3 years | |||||||||||||
Dividend yield | 0.00% | 0.00% | |||||||||||||
Stock Based Compensation Activity | ' | ||||||||||||||
The activity related to the Company’s time-based, performance-based and market-vesting restricted stock units (collectively, solely for purposes of the table below, “RSUs”), and stock options consisted of: | |||||||||||||||
RSUs | Options | ||||||||||||||
Number | Weighted | Number | Weighted | ||||||||||||
of RSUs | Average | of Options | Average | ||||||||||||
(in 000s) | Fair Value | (in 000s) | Exercise Price | ||||||||||||
Balance at January 1, 2013 | 3,497 | $ | 13.64 | 1,901 | $ | 2.89 | |||||||||
Granted at fair market value | 1,120 | 21.02 | — | — | |||||||||||
Vested/exercised (a) | (1,114 | ) | 12.72 | (754 | ) | 3.32 | |||||||||
Canceled | (67 | ) | 14.2 | (3 | ) | 27.4 | |||||||||
Balance at September 30, 2013 (b) (c) | 3,436 | $ | 16.34 | 1,144 | $ | 2.55 | |||||||||
__________ | |||||||||||||||
(a) | During the nine months ended September 30, 2013, 438,000 market-vesting restricted stock units and 676,000 time-based restricted stock units vested. Stock options exercised during the nine months ended September 30, 2013 had an intrinsic value of $18 million. | ||||||||||||||
(b) | As of September 30, 2013, the Company’s outstanding RSUs had an aggregate intrinsic value of $99 million; aggregate unrecognized compensation expense related to RSUs amounted to $32 million; and the balance of RSUs at September 30, 2013, consists of 1,358,000 related to time-based awards and 2,078,000 related to market-vesting and performance-based awards. Approximately 1,000 time-based restricted stock units are eligible to vest in 2013, if applicable service criteria are satisfied. No market-vesting restricted stock units are eligible to vest in 2013. | ||||||||||||||
(c) | As of September 30, 2013, the Company’s outstanding stock options had aggregate intrinsic value of $30 million; there were 1,135,000 “in-the-money” stock options; and aggregate unrecognized compensation expense related to unvested stock options was immaterial. 1,080,000 stock options are exercisable as of September 30, 2013. | ||||||||||||||
Summary Of Share Based Compensation Shares Authorized Under Stock Option Plans By Exercise Price Range | ' | ||||||||||||||
The table below summarizes information regarding the Company’s outstanding stock options as of September 30, 2013: | |||||||||||||||
Range of | Weighted Average | Number of | |||||||||||||
Exercise Prices | Contractual Life (years) | Options (in 000s) | |||||||||||||
Less than $5.00 | 5.3 | 975 | |||||||||||||
$5.01 to $10.00 | 0 | — | |||||||||||||
$10.01 to $15.00 | 6.3 | 160 | |||||||||||||
$15.01 to $20.00 | 0 | — | |||||||||||||
$20.01 and above | 1 | 9 | |||||||||||||
Total | 5.4 | 1,144 | |||||||||||||
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | 9 Months Ended | ||||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2013 | |||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ' | ||||||||||||||||||||||||||||||||||||
Summary Of Segments Information | ' | ' | ||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
Revenues | Adjusted | Revenues | Adjusted | Revenues | Adjusted | Revenues | Adjusted | |||||||||||||||||||||||||||||||
EBITDA | EBITDA | EBITDA | EBITDA | |||||||||||||||||||||||||||||||||||
North America | $ | 1,513 | $ | 223 | $ | 1,358 | $ | 232 | North America | $ | 3,905 | $ | 427 | $ | 3,580 | $ | 509 | |||||||||||||||||||||
International | 773 | 144 | 703 | 129 | International | 1,895 | 211 | 1,791 | 210 | |||||||||||||||||||||||||||||
Truck Rental | 109 | 13 | 109 | 14 | Truck Rental | 287 | 12 | 287 | 32 | |||||||||||||||||||||||||||||
Corporate and Other (a) | — | (11 | ) | — | (5 | ) | Corporate and Other (a) | — | (35 | ) | 1 | (15 | ) | |||||||||||||||||||||||||
Total Company (b) | $ | 2,395 | 369 | $ | 2,170 | 370 | Total Company (b) | $ | 6,087 | 615 | $ | 5,659 | 736 | |||||||||||||||||||||||||
Less: | Non-vehicle related depreciation and amortization | 39 | 30 | Less: | Non-vehicle related depreciation and amortization | 109 | 92 | |||||||||||||||||||||||||||||||
Interest expense related to corporate debt, net: | Interest expense related to corporate debt, net: | |||||||||||||||||||||||||||||||||||||
Interest expense | 57 | 67 | Interest expense | 170 | 208 | |||||||||||||||||||||||||||||||||
Early extinguishment of debt | — | 2 | Early extinguishment of debt | 131 | 52 | |||||||||||||||||||||||||||||||||
Transaction-related costs (c) | 10 | 11 | Transaction-related costs (c) | 37 | 21 | |||||||||||||||||||||||||||||||||
Impairment (d) | 33 | — | Impairment (d) | 33 | — | |||||||||||||||||||||||||||||||||
Income before income taxes | $ | 230 | $ | 260 | Income before income taxes | $ | 135 | $ | 363 | |||||||||||||||||||||||||||||
__________ | __________ | |||||||||||||||||||||||||||||||||||||
(a) | Includes unallocated corporate overhead and the elimination of transactions between segments. | (a) | Includes unallocated corporate overhead and the elimination of transactions between segments. | |||||||||||||||||||||||||||||||||||
(b) | Adjusted EBITDA for the three months ended September 30, 2013 and 2012, includes $14 million and $7 million, respectively, of restructuring expense. | (b) | Adjusted EBITDA for the nine months ended September 30, 2013 and 2012, includes $39 million and $26 million, respectively, of restructuring expense. | |||||||||||||||||||||||||||||||||||
(c) | During the three months ended September 30, 2013, the Company incurred $10 million in transaction-related costs related to the integration of the operations of Avis Europe and the acquisition of Payless. During the three months ended September 30, 2012, the Company incurred $11 million in transaction-related costs related to the integration of the operations of Avis Europe. | (c) | During the nine months ended September 30, 2013, the Company incurred $37 million in transaction-related costs related to the integration of the operations of Avis Europe and costs related to the acquisition and integration of Zipcar and Payless. During the nine months ended September 30, 2012, the Company incurred $21 million in transaction-related costs related to the integration of the operations of Avis Europe. | |||||||||||||||||||||||||||||||||||
(d) | During the three months ended September 30, 2013, the Company recorded a charge of $33 million for the impairment of the Company’s equity-method investment in its Brazilian licensee. |
Guarantor_and_NonGuarantor_Con
Guarantor and Non-Guarantor Consolidating Condensed Financial Statements (Tables) | 3 Months Ended | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidating Condensed Statements of Comprehensive Income | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidating Condensed Statements of Comprehensive Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2013 | Parent | Subsidiary | Guarantor | Non- | Eliminations | Total | Parent | Subsidiary | Guarantor | Non- | Eliminations | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Parent | Subsidiary | Guarantor | Non- | Eliminations | Total | Issuers | Subsidiaries | Guarantor | Issuers | Subsidiaries | Guarantor | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuers | Subsidiaries | Guarantor | Subsidiaries | Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Parent | Subsidiary | Guarantor | Non- | Eliminations | Total | Subsidiaries | Revenues | Revenues | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuers | Subsidiaries | Guarantor | Revenues | Vehicle rental | $ | — | $ | — | $ | 2,909 | $ | 1,479 | $ | — | $ | 4,388 | Vehicle rental | $ | — | $ | — | $ | 2,684 | $ | 1,400 | $ | — | $ | 4,084 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsidiaries | Vehicle rental | $ | — | $ | — | $ | 1,007 | $ | 575 | $ | — | $ | 1,582 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues | Other | — | — | 842 | 1,910 | (1,053 | ) | 1,699 | Other | 1 | — | 806 | 1,593 | (825 | ) | 1,575 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vehicle rental | $ | — | $ | — | $ | 1,100 | $ | 634 | $ | — | $ | 1,734 | Other | — | — | 294 | 616 | (322 | ) | 588 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net revenues | — | — | 3,751 | 3,389 | (1,053 | ) | 6,087 | Net revenues | 1 | — | 3,490 | 2,993 | (825 | ) | 5,659 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | 308 | 740 | (387 | ) | 661 | Net revenues | — | — | 1,301 | 1,191 | (322 | ) | 2,170 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net revenues | — | — | 1,408 | 1,374 | (387 | ) | 2,395 | Expenses | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expenses | Expenses | Operating | — | 3 | 1,739 | 1,140 | — | 2,882 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating | — | — | 612 | 424 | — | 1,036 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating | 6 | 8 | 1,843 | 1,223 | — | 3,080 | Vehicle depreciation and lease charges, net | — | — | 650 | 736 | (298 | ) | 1,088 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expenses | Vehicle depreciation and lease charges, net | — | — | 267 | 312 | (143 | ) | 436 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vehicle depreciation and lease charges, net | — | — | 924 | 949 | (486 | ) | 1,387 | Selling, general and administrative | 16 | — | 433 | 247 | — | 696 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating | 2 | 5 | 672 | 463 | — | 1,142 | Selling, general and administrative | 5 | — | 153 | 86 | — | 244 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Selling, general and administrative | 25 | 4 | 450 | 292 | — | 771 | Vehicle interest, net | — | — | 185 | 232 | (186 | ) | 231 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vehicle depreciation and lease charges, net | — | — | 338 | 382 | (196 | ) | 524 | Vehicle interest, net | — | — | 60 | 77 | (60 | ) | 77 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vehicle interest, net | — | — | 136 | 195 | (136 | ) | 195 | Non-vehicle related depreciation and amortization | — | 1 | 56 | 35 | — | 92 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Selling, general and administrative | 9 | 1 | 155 | 109 | — | 274 | Non-vehicle related depreciation and amortization | — | — | 18 | 12 | — | 30 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-vehicle related depreciation and amortization | — | 1 | 71 | 37 | — | 109 | Interest expense related to corporate debt, net: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vehicle interest, net | — | — | 48 | 74 | (50 | ) | 72 | Interest expense related to corporate debt, net: | Interest expense | 7 | 192 | — | 9 | — | 208 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | 2 | 62 | — | 3 | — | 67 | Interest expense related to corporate debt, net: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-vehicle related depreciation and amortization | — | — | 25 | 14 | — | 39 | Interest expense | 3 | 147 | — | 20 | — | 170 | Intercompany interest expense (income) | (15 | ) | (231 | ) | 205 | 41 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intercompany interest expense (income) | (3 | ) | (75 | ) | 64 | 14 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense related to corporate debt, net: | Intercompany interest expense (income) | (9 | ) | (23 | ) | 5 | 27 | — | — | Early extinguishment of debt | 39 | 13 | — | — | — | 52 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Early extinguishment of debt | — | 2 | — | — | — | 2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | 1 | 49 | — | 7 | — | 57 | Early extinguishment of debt | 41 | 90 | — | — | — | 131 | Transaction-related costs | — | — | 1 | 20 | — | 21 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transaction-related costs | (3 | ) | — | — | 14 | — | 11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intercompany interest expense (income) | (3 | ) | (7 | ) | 1 | 9 | — | — | Transaction-related costs | 1 | 21 | 1 | 14 | — | 37 | Restructuring expenses | — | — | 1 | 25 | — | 26 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring expenses | — | — | — | 7 | — | 7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transaction-related costs | — | 8 | — | 2 | — | 10 | Restructuring expense | — | — | 23 | 16 | — | 39 | Total expenses | 47 | (22 | ) | 3,270 | 2,485 | (484 | ) | 5,296 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total expenses | 1 | (11 | ) | 1,174 | 949 | (203 | ) | 1,910 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring expense | — | — | 7 | 7 | — | 14 | Impairment | — | 33 | — | — | — | 33 | Income (loss) before income taxes and equity in earnings of subsidiaries | (46 | ) | 22 | 220 | 508 | (341 | ) | 363 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes and equity in earnings of subsidiaries | (1 | ) | 11 | 127 | 242 | (119 | ) | 260 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impairment | — | 33 | — | — | — | 33 | Total expenses | 67 | 281 | 3,453 | 2,773 | (622 | ) | 5,952 | Provision for (benefit from) income taxes | (4 | ) | (118 | ) | 96 | 53 | — | 27 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for (benefit from) income taxes | — | (124 | ) | 61 | 43 | — | (20 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total expenses | 9 | 89 | 1,246 | 1,067 | (246 | ) | 2,165 | Income (loss) before income taxes and equity in earnings of subsidiaries | (67 | ) | (281 | ) | 298 | 616 | (431 | ) | 135 | Equity in earnings of subsidiaries | 378 | 238 | 114 | — | (730 | ) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity in earnings of subsidiaries | 281 | 146 | 80 | — | (507 | ) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes and equity in earnings of subsidiaries | (9 | ) | (89 | ) | 162 | 307 | (141 | ) | 230 | Provision for (benefit from) income taxes | (9 | ) | (96 | ) | 141 | 55 | — | 91 | Net income | $ | 336 | $ | 378 | $ | 238 | $ | 455 | $ | (1,071 | ) | $ | 336 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | $ | 280 | $ | 281 | $ | 146 | $ | 199 | $ | (626 | ) | $ | 280 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for (benefit from) income taxes | (2 | ) | (21 | ) | 93 | 42 | — | 112 | Equity in earnings of subsidiaries | 102 | 287 | 130 | — | (519 | ) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income | $ | 361 | $ | 403 | $ | 262 | $ | 483 | $ | (1,148 | ) | $ | 361 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity in earnings of subsidiaries | 125 | 193 | 124 | — | (442 | ) | — | Comprehensive income | $ | 308 | $ | 307 | $ | 172 | $ | 225 | $ | (704 | ) | $ | 308 | Net income | $ | 44 | $ | 102 | $ | 287 | $ | 561 | $ | (950 | ) | $ | 44 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | $ | 118 | $ | 125 | $ | 193 | $ | 265 | $ | (583 | ) | $ | 118 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income | $ | 44 | $ | 101 | $ | 285 | $ | 542 | $ | (928 | ) | $ | 44 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income | $ | 178 | $ | 183 | $ | 250 | $ | 303 | $ | (736 | ) | $ | 178 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Condensed Consolidating Balance Sheet Table [Text Block] | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidating Condensed Balance Sheets | Consolidating Condensed Balance Sheets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of September 30, 2013 | As of September 30, 2013 | Parent | Subsidiary | Guarantor | Non- | Eliminations | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuers | Subsidiaries | Guarantor | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Parent | Subsidiary | Guarantor | Non- | Eliminations | Total | Parent | Subsidiary | Guarantor | Non- | Eliminations | Total | Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuers | Subsidiaries | Guarantor | Issuers | Subsidiaries | Guarantor | Current assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsidiaries | Subsidiaries | Cash and cash equivalents | $ | 5 | $ | 102 | $ | — | $ | 499 | $ | — | $ | 606 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current assets: | Current assets: | Receivables, net | — | — | 156 | 397 | — | 553 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 7 | $ | 34 | $ | 10 | $ | 538 | $ | — | $ | 589 | Cash and cash equivalents | $ | 7 | $ | 34 | $ | 10 | $ | 538 | $ | — | $ | 589 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred income taxes | 3 | 1 | 138 | 4 | — | 146 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables, net | — | — | 181 | 500 | — | 681 | Receivables, net | — | — | 181 | 500 | — | 681 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other current assets | 5 | 73 | 81 | 246 | — | 405 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred income taxes | 3 | 1 | 142 | 17 | — | 163 | Deferred income taxes | 3 | 1 | 142 | 17 | — | 163 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total current assets | 13 | 176 | 375 | 1,146 | — | 1,710 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other current assets | 4 | 84 | 86 | 401 | — | 575 | Other current assets | 4 | 84 | 86 | 401 | — | 575 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total current assets | 14 | 119 | 419 | 1,456 | — | 2,008 | Total current assets | 14 | 119 | 419 | 1,456 | — | 2,008 | Property and equipment, net | — | 90 | 276 | 163 | — | 529 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred income taxes | 23 | 1,216 | 223 | — | (8 | ) | 1,454 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property and equipment, net | — | 96 | 307 | 167 | — | 570 | Property and equipment, net | — | 96 | 307 | 167 | — | 570 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill | — | — | 74 | 301 | — | 375 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred income taxes | 19 | 1,200 | 139 | — | (7 | ) | 1,351 | Deferred income taxes | 19 | 1,200 | 139 | — | (7 | ) | 1,351 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other intangibles, net | — | 43 | 341 | 347 | — | 731 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill | — | — | 349 | 340 | — | 689 | Goodwill | — | — | 349 | 340 | — | 689 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other non-current assets | 109 | 80 | 14 | 117 | — | 320 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other intangibles, net | — | 42 | 522 | 364 | — | 928 | Other intangibles, net | — | 42 | 522 | 364 | — | 928 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intercompany receivables (payables) | 142 | 141 | 174 | (457 | ) | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other non-current assets | 106 | 101 | 19 | 149 | — | 375 | Other non-current assets | 106 | 101 | 19 | 149 | — | 375 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment in subsidiaries | 723 | 2,030 | 3,293 | — | (6,046 | ) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intercompany receivables (payables) | 144 | (442 | ) | 522 | (224 | ) | — | — | Intercompany receivables (payables) | 144 | (442 | ) | 522 | (224 | ) | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets exclusive of assets under vehicle programs | 1,010 | 3,776 | 4,770 | 1,617 | (6,054 | ) | 5,119 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment in subsidiaries | 716 | 2,871 | 3,427 | — | (7,014 | ) | — | Investment in subsidiaries | 716 | 2,871 | 3,427 | — | (7,014 | ) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets exclusive of assets under vehicle programs | 999 | 3,987 | 5,704 | 2,252 | (7,021 | ) | 5,921 | Total assets exclusive of assets under vehicle programs | 999 | 3,987 | 5,704 | 2,252 | (7,021 | ) | 5,921 | Assets under vehicle programs: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Program cash | — | — | — | 24 | — | 24 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets under vehicle programs: | Assets under vehicle programs: | Vehicles, net | — | 7 | 13 | 9,254 | — | 9,274 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Program cash | — | — | — | 210 | — | 210 | Program cash | — | — | — | 210 | — | 210 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables from vehicle manufacturers and other | — | — | — | 439 | — | 439 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vehicles, net | — | 23 | 10 | 10,772 | — | 10,805 | Vehicles, net | — | 23 | 10 | 10,772 | — | 10,805 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment in Avis Budget Rental Car Funding (AESOP) LLC-related party | — | — | — | 362 | — | 362 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables from vehicle manufacturers and other | — | 2 | — | 504 | — | 506 | Receivables from vehicle manufacturers and other | — | 2 | — | 504 | — | 506 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
— | 7 | 13 | 10,079 | — | 10,099 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment in Avis Budget Rental Car Funding (AESOP) LLC-related party | — | — | — | 362 | — | 362 | Investment in Avis Budget Rental Car Funding (AESOP) LLC-related party | — | — | — | 362 | — | 362 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 1,010 | $ | 3,783 | $ | 4,783 | $ | 11,696 | $ | (6,054 | ) | $ | 15,218 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
— | 25 | 10 | 11,848 | — | 11,883 | — | 25 | 10 | 11,848 | — | 11,883 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 999 | $ | 4,012 | $ | 5,714 | $ | 14,100 | $ | (7,021 | ) | $ | 17,804 | Total assets | $ | 999 | $ | 4,012 | $ | 5,714 | $ | 14,100 | $ | (7,021 | ) | $ | 17,804 | Liabilities and stockholders’ equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts payable and other current liabilities | $ | 22 | $ | 250 | $ | 490 | $ | 659 | $ | — | $ | 1,421 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities and stockholders’ equity | Liabilities and stockholders’ equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current liabilities: | Current liabilities: | Short-term debt and current portion of long-term debt | — | 13 | 3 | 41 | — | 57 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts payable and other current liabilities | $ | 22 | $ | 253 | $ | 595 | $ | 810 | $ | — | $ | 1,680 | Accounts payable and other current liabilities | $ | 22 | $ | 253 | $ | 595 | $ | 810 | $ | — | $ | 1,680 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total current liabilities | 22 | 263 | 493 | 700 | — | 1,478 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term debt and current portion of long-term debt | — | 167 | 3 | 11 | — | 181 | Short-term debt and current portion of long-term debt | — | 167 | 3 | 11 | — | 181 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total current liabilities | 22 | 420 | 598 | 821 | — | 1,861 | Total current liabilities | 22 | 420 | 598 | 821 | — | 1,861 | Long-term debt | 128 | 2,712 | 8 | — | — | 2,848 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other non-current liabilities | 103 | 79 | 277 | 420 | (8 | ) | 871 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt | 75 | 2,783 | 7 | 338 | — | 3,203 | Long-term debt | 75 | 2,783 | 7 | 338 | — | 3,203 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities exclusive of liabilities under vehicle programs | 253 | 3,054 | 778 | 1,120 | (8 | ) | 5,197 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other non-current liabilities | 98 | 89 | 252 | 446 | (7 | ) | 878 | Other non-current liabilities | 98 | 89 | 252 | 446 | (7 | ) | 878 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities exclusive of liabilities under vehicle programs | 195 | 3,292 | 857 | 1,605 | (7 | ) | 5,942 | Total liabilities exclusive of liabilities under vehicle programs | 195 | 3,292 | 857 | 1,605 | (7 | ) | 5,942 | Liabilities under vehicle programs: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | — | 4 | — | 1,599 | — | 1,603 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities under vehicle programs: | Liabilities under vehicle programs: | Due to Avis Budget Rental Car Funding (AESOP) LLC-related party | — | — | — | 5,203 | — | 5,203 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | — | 4 | — | 2,504 | — | 2,508 | Debt | — | 4 | — | 2,504 | — | 2,508 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred income taxes | — | — | 1,975 | 188 | — | 2,163 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Due to Avis Budget Rental Car Funding (AESOP) LLC-related party | — | — | — | 6,128 | — | 6,128 | Due to Avis Budget Rental Car Funding (AESOP) LLC-related party | — | — | — | 6,128 | — | 6,128 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | — | 2 | — | 293 | — | 295 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred income taxes | — | — | 1,986 | 204 | — | 2,190 | Deferred income taxes | — | — | 1,986 | 204 | — | 2,190 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
— | 6 | 1,975 | 7,283 | — | 9,264 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | 232 | — | 232 | Other | — | — | — | 232 | — | 232 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total stockholders’ equity | 757 | 723 | 2,030 | 3,293 | (6,046 | ) | 757 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
— | 4 | 1,986 | 9,068 | — | 11,058 | — | 4 | 1,986 | 9,068 | — | 11,058 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 1,010 | $ | 3,783 | $ | 4,783 | $ | 11,696 | $ | (6,054 | ) | $ | 15,218 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total stockholders’ equity | 804 | 716 | 2,871 | 3,427 | (7,014 | ) | 804 | Total stockholders’ equity | 804 | 716 | 2,871 | 3,427 | (7,014 | ) | 804 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 999 | $ | 4,012 | $ | 5,714 | $ | 14,100 | $ | (7,021 | ) | $ | 17,804 | Total liabilities and stockholders’ equity | $ | 999 | $ | 4,012 | $ | 5,714 | $ | 14,100 | $ | (7,021 | ) | $ | 17,804 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidating Condensed Statements Of Cash Flows | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Parent | Subsidiary | Guarantor | Non-Guarantor | Eliminations | Total | Parent | Subsidiary | Guarantor | Non-Guarantor | Eliminations | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuers | Subsidiaries | Subsidiaries | Issuers | Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | (4 | ) | $ | 448 | $ | 2 | $ | 1,300 | $ | (3 | ) | $ | 1,743 | Net cash provided by (used in) operating activities | $ | (48 | ) | $ | 128 | $ | 42 | $ | 1,402 | $ | — | $ | 1,524 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investing activities | Investing activities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property and equipment additions | — | (17 | ) | (43 | ) | (32 | ) | — | (92 | ) | Property and equipment additions | — | (19 | ) | (26 | ) | (37 | ) | — | (82 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds received on asset sales | — | 4 | — | 9 | — | 13 | Proceeds received on asset sales | — | 5 | 3 | 8 | — | 16 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net assets acquired, net of cash acquired | — | (563 | ) | 8 | 24 | — | (531 | ) | Net assets acquired, net of cash acquired | — | — | — | (5 | ) | — | (5 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other, net | — | (13 | ) | 47 | 3 | — | 37 | Other, net | 4 | (3 | ) | (1 | ) | (25 | ) | — | (25 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net cash provided by (used in) investing activities exclusive of vehicle programs | — | (589 | ) | 12 | 4 | — | (573 | ) | Net cash provided by (used in) investing activities exclusive of vehicle programs | 4 | (17 | ) | (24 | ) | (59 | ) | — | (96 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vehicle programs: | Vehicle programs: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Increase in program cash | — | — | — | (173 | ) | — | (173 | ) | Increase in program cash | — | — | — | (90 | ) | — | (90 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment in vehicles | — | (40 | ) | (2 | ) | (8,823 | ) | — | (8,865 | ) | Investment in vehicles | — | (2 | ) | (19 | ) | (8,941 | ) | — | (8,962 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds received on disposition of vehicles | — | 22 | — | 6,371 | — | 6,393 | Proceeds received on disposition of vehicles | — | 4 | 2 | 6,130 | — | 6,136 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
— | (18 | ) | (2 | ) | (2,625 | ) | — | (2,645 | ) | — | 2 | (17 | ) | (2,901 | ) | — | (2,916 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net cash provided by (used in) investing activities | — | (607 | ) | 10 | (2,621 | ) | — | (3,218 | ) | Net cash provided by (used in) investing activities | 4 | (15 | ) | (41 | ) | (2,960 | ) | — | (3,012 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financing activities | Financing activities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from long-term borrowings | — | 2,400 | — | 325 | — | 2,725 | Proceeds from long-term borrowings | — | 654 | — | — | — | 654 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payments on long-term borrowings | (94 | ) | (2,248 | ) | (2 | ) | — | — | (2,344 | ) | Payments on long-term borrowings | (201 | ) | (704 | ) | (2 | ) | — | — | (907 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net change in short-term borrowings | — | — | — | (32 | ) | — | (32 | ) | Net change in short-term borrowings | — | — | — | 1 | — | 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase of warrants | (30 | ) | — | — | — | — | (30 | ) | Purchase of warrants | (26 | ) | — | — | — | — | (26 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from sale of call options | 41 | — | — | — | — | 41 | Proceeds from sale of call options | 38 | — | — | — | — | 38 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchases of common stock | (21 | ) | — | — | — | — | (21 | ) | Net intercompany transactions | 234 | (234 | ) | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net intercompany transactions | 108 | (32 | ) | — | (79 | ) | 3 | — | Debt financing fees | — | (11 | ) | — | — | — | (11 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt financing fees | — | (29 | ) | — | (7 | ) | — | (36 | ) | Other, net | 1 | — | — | — | — | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other, net | 2 | — | — | — | — | 2 | Net cash provided by (used in) financing activities exclusive of vehicle programs | 46 | (295 | ) | (2 | ) | 1 | — | (250 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net cash provided by (used in) financing activities exclusive of vehicle programs | 6 | 91 | (2 | ) | 207 | 3 | 305 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vehicle programs: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from borrowings | — | — | — | 9,238 | — | 9,238 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vehicle programs: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from borrowings | — | — | — | 10,266 | — | 10,266 | Payments on borrowings | — | — | — | (7,467 | ) | — | (7,467 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payments on borrowings | — | — | — | (9,079 | ) | — | (9,079 | ) | Debt financing fees | — | — | — | (18 | ) | — | (18 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt financing fees | — | — | — | (26 | ) | — | (26 | ) | — | — | — | 1,753 | — | 1,753 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
— | — | — | 1,161 | — | 1,161 | Net cash provided by (used in) financing activities | 46 | (295 | ) | (2 | ) | 1,754 | — | 1,503 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | 6 | 91 | (2 | ) | 1,368 | 3 | 1,466 | Effect of changes in exchange rates on cash and cash equivalents | — | — | — | 5 | — | 5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effect of changes in exchange rates on cash and cash equivalents | — | — | — | (8 | ) | — | (8 | ) | Net increase (decrease) in cash and cash equivalents | 2 | (182 | ) | (1 | ) | 201 | — | 20 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | 2 | (68 | ) | 10 | 39 | — | (17 | ) | Cash and cash equivalents, beginning of period | 2 | 234 | 1 | 297 | — | 534 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, beginning of period | 5 | 102 | — | 499 | — | 606 | Cash and cash equivalents, end of period | $ | 4 | $ | 52 | $ | — | $ | 498 | $ | — | $ | 554 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, end of period | $ | 7 | $ | 34 | $ | 10 | $ | 538 | $ | — | $ | 589 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recovered_Sheet1
Basis Of Presentation And Recently Issued Accounting Pronouncements (Narrative) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Organization And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Net unrealized gain or loss on foreign-currency transactions of intercompany loan hedges | $1 | $3 | $8 | $12 |
Restructuring_Narrative_Detail
Restructuring (Narrative) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring Charges | $14 | $7 | $39 | $26 |
Number of employees terminated during the period | ' | ' | 300 | ' |
Truck Rental [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring Charges | ' | ' | 19 | ' |
Restructuring and Related Cost, Expected Cost | 3 | ' | ' | ' |
Worldwide Restructuring Initiative [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring Charges | ' | ' | 20 | ' |
Restructuring and Related Cost, Expected Cost | $18 | ' | ' | ' |
Number of employees terminated during the period | ' | ' | 370 | ' |
Restructuring_Summary_Of_Chang
Restructuring (Summary Of Changes To Restructuring-Related Liabilities) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ||
Balance as of January 1, 2012 | ' | ' | $13 | ' | ||
Restructuring expense | 14 | 7 | 39 | 26 | ||
Cash payment/utilization | ' | ' | 40 | ' | ||
Balance as of September 30, 2012 | 12 | ' | 12 | ' | ||
North America [Member] | ' | ' | ' | ' | ||
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ||
Balance as of January 1, 2012 | ' | ' | 1 | ' | ||
Restructuring expense | ' | ' | 6 | ' | ||
Cash payment/utilization | ' | ' | -4 | ' | ||
Balance as of September 30, 2012 | 3 | ' | 3 | ' | ||
International [Member] | ' | ' | ' | ' | ||
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ||
Balance as of January 1, 2012 | ' | ' | 12 | ' | ||
Restructuring expense | ' | ' | 14 | ' | ||
Cash payment/utilization | ' | ' | -17 | ' | ||
Balance as of September 30, 2012 | 9 | ' | 9 | ' | ||
Truck Rental [Member] | ' | ' | ' | ' | ||
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ||
Balance as of January 1, 2012 | ' | ' | 0 | [1] | ' | |
Restructuring expense | ' | ' | 19 | ' | ||
Cash payment/utilization | ' | ' | -19 | ' | ||
Balance as of September 30, 2012 | 0 | [1] | ' | 0 | [1] | ' |
Personnel Related [Member] | ' | ' | ' | ' | ||
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ||
Balance as of January 1, 2012 | ' | ' | 12 | ' | ||
Restructuring expense | ' | ' | 18 | ' | ||
Cash payment/utilization | ' | ' | 19 | ' | ||
Balance as of September 30, 2012 | 11 | ' | 11 | ' | ||
Facility Related [Member] | ' | ' | ' | ' | ||
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ||
Balance as of January 1, 2012 | ' | ' | 1 | ' | ||
Restructuring expense | ' | ' | 2 | ' | ||
Cash payment/utilization | ' | ' | 2 | ' | ||
Balance as of September 30, 2012 | 1 | ' | 1 | ' | ||
Other Restructuring [Member] | ' | ' | ' | ' | ||
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ||
Restructuring expense | ' | ' | 19 | [1] | ' | |
Cash payment/utilization | ' | ' | ($19) | [1] | ' | |
[1] | (a)B Includes expenses related to the disposition of vehicles. |
Earnings_Per_Share_Computation
Earnings Per Share (Computation Of Basic And Diluted Earnings Per Share) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' | ||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $118 | $280 | $44 | $336 | ||||
Interest on Convertible Debt, Net of Tax | 1 | 1 | 1 | 4 | ||||
Net Income (Loss) Available to Common Stockholders, Diluted | $119 | $281 | $45 | $340 | ||||
Weighted Average Number of Shares Outstanding, Basic | 108.3 | 106.8 | 108.1 | 106.5 | ||||
Weighted Average Number Diluted Shares Outstanding Adjustment | 3.3 | [1],[2] | 2.3 | [1],[2] | 3.3 | [1],[2] | 2.2 | [1],[2] |
Incremental Common Shares Attributable to Conversion of Debt Securities | 4.6 | [2] | 8.9 | [2] | 5.5 | [2] | 14 | [2] |
Weighted Average Number of Shares Outstanding, Diluted | 116.2 | 118 | 116.9 | 122.7 | ||||
Basic (US$ per share) | $1.09 | $2.62 | $0.41 | $3.16 | ||||
Diluted (US$ per share) | $1.02 | $2.38 | $0.39 | $2.77 | ||||
Warrants [Member] | ' | ' | ' | ' | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' | ||||
Anti-dilutive shares | ' | ' | ' | 8.9 | ||||
Options [Member] | ' | ' | ' | ' | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' | ||||
Anti-dilutive shares | ' | ' | ' | 0.2 | ||||
[1] | For the three and nine months ended SeptemberB 30, 2012, 0.2 million outstanding options and 8.9 million warrants have an anti-dilutive effect and therefore are excluded from the computation of diluted weighted average shares outstanding. | |||||||
[2] |
Earnings_Per_Share_Outstanding
Earnings Per Share (Outstanding Common Stock Equivalents That Were Anti-Dilutive) (Detail) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2012 |
Options [Member] | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' |
Anti-dilutive shares | 0.2 |
Warrants [Member] | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' |
Anti-dilutive shares | 8.9 |
Earnings_Per_Share_Outstanding1
Earnings Per Share (Outstanding Common Stock Equivalents That Were Anti-Dilutive) (Parenthetical) (Detail) (3 1/2% Convertible Notes [Member]) | Sep. 30, 2013 | Sep. 30, 2012 |
3 1/2% Convertible Notes [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Convertible senior notes interest percentage | 3.50% | 3.50% |
Acquisitions_Narrative_Detail
Acquisitions (Narrative) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ' | ' | ' | ' | ' |
Other than Temporary Impairment Losses, Investments | $33 | $0 | $33 | $0 | ' |
Business Acquisition, Purchase Price Allocation, Intangible Assets Other than Goodwill | 188 | ' | 188 | ' | ' |
Customer Relationships | 76 | ' | 76 | ' | ' |
Equity Method Investments | 0 | ' | 0 | ' | 0 |
Zipcar [Member] | ' | ' | ' | ' | ' |
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ' | ' | ' | ' | ' |
Date of acquisition | 14-Mar-13 | ' | ' | ' | ' |
Acquisition purchase price | 473 | ' | 473 | ' | ' |
Business Acquisition, Purchase Price Allocation, Intangible Assets Other than Goodwill | 112 | ' | 112 | ' | ' |
Business Acquisition, Purchase Price Allocation, Goodwill Amount | 275 | ' | 275 | ' | ' |
Other intangibles, useful life, in years | ' | ' | '8 years | ' | ' |
Brazil [Member] | ' | ' | ' | ' | ' |
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ' | ' | ' | ' | ' |
Date of acquisition | 12-Aug-13 | ' | ' | ' | ' |
Payless [Member] | ' | ' | ' | ' | ' |
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ' | ' | ' | ' | ' |
Date of acquisition | 15-Jul-13 | ' | ' | ' | ' |
Acquisition purchase price | 50 | ' | 50 | ' | ' |
Business Acquisition, Purchase Price Allocation, Intangible Assets Not Amortizable | 23 | ' | 23 | ' | ' |
Business Acquisition, Purchase Price Allocation, Goodwill Amount | 27 | ' | 27 | ' | ' |
Other intangibles, useful life, in years | ' | ' | '15 years | ' | ' |
License Agreements [Member] | ' | ' | ' | ' | ' |
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ' | ' | ' | ' | ' |
Business Acquisition, Purchase Price Allocation, Intangible Assets Other than Goodwill | 7 | ' | 7 | ' | ' |
Apex [Member] | ' | ' | ' | ' | ' |
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ' | ' | ' | ' | ' |
Date of acquisition | 1-Oct-12 | ' | ' | ' | ' |
Business Acquisition, Purchase Price Allocation, Intangible Assets Other than Goodwill | 21 | ' | 21 | ' | ' |
Business Acquisition, Purchase Price Allocation, Goodwill Amount | 16 | ' | 16 | ' | ' |
Number Of Vehicles | 4,000 | ' | 4,000 | ' | ' |
Business Acquisition, Cost of Acquired Entity, Cash Paid | 63 | ' | 63 | ' | ' |
Business Acquisition, Contingent Consideration, Potential Cash Payment | 9 | ' | 9 | ' | ' |
Business Acquisition, Contingent Consideration, Potential Cash Payment | 26 | ' | 26 | ' | ' |
Business Acquisition, Purchase Price Allocation, Property, Plant and Equipment | 33 | ' | 33 | ' | ' |
BRAZIL | ' | ' | ' | ' | ' |
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ' | ' | ' | ' | ' |
Business Acquisition, Contingent Consideration, Potential Cash Payment | 13 | ' | 13 | ' | ' |
Trademarks [Member] | ' | ' | ' | ' | ' |
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ' | ' | ' | ' | ' |
Business Acquisition, Purchase Price Allocation, Intangible Assets Other than Goodwill | 16 | ' | 16 | ' | ' |
Brazil [Member] | ' | ' | ' | ' | ' |
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ' | ' | ' | ' | ' |
Acquisition purchase price | 53 | ' | 53 | ' | ' |
Other than Temporary Impairment Losses, Investments | 33 | ' | ' | ' | ' |
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | 33 | ' | ' | ' | ' |
Equity Method Investment, Ownership Percentage | 50.00% | ' | 50.00% | ' | ' |
Equity Method Investments | $20 | ' | $20 | ' | ' |
Other_Current_Assets_Schedule_
Other Current Assets - (Schedule of Other Current Assets) (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | ' |
Sales and use tax | $223 | $108 |
Prepaid expenses | 200 | 174 |
Other | 152 | 123 |
Total other current assets | $575 | $405 |
Intangible_Assets_Schedule_Of_
Intangible Assets (Schedule Of Intangible Assets) (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Finite And Indefinite Lived Intangible Assets [Line Items] | ' | ' | ||
Amortized Intangible Assets, Gross Carrying Amount | $436 | $345 | ||
Amortized Intangible Assets, Accumulated Amortization | 80 | 59 | ||
Amortized Intangible Assets, Net Carrying Amount | 356 | 286 | ||
Unamortized Intangible Assets, Goodwill, Gross Carrying Amount | 689 | 375 | ||
License Agreements [Member] | ' | ' | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ' | ' | ||
Amortized Intangible Assets, Gross Carrying Amount | 269 | 257 | ||
Amortized Intangible Assets, Accumulated Amortization | 49 | 39 | ||
Amortized Intangible Assets, Net Carrying Amount | 220 | 218 | ||
Customer Relationships [Member] | ' | ' | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ' | ' | ||
Amortized Intangible Assets, Gross Carrying Amount | 165 | [1] | 86 | [1] |
Amortized Intangible Assets, Accumulated Amortization | 30 | [1] | 19 | [1] |
Amortized Intangible Assets, Net Carrying Amount | 135 | [1] | 67 | [1] |
Other Intangible Assets [Member] | ' | ' | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ' | ' | ||
Amortized Intangible Assets, Gross Carrying Amount | 2 | 2 | ||
Amortized Intangible Assets, Accumulated Amortization | 1 | 1 | ||
Amortized Intangible Assets, Net Carrying Amount | 1 | 1 | ||
Goodwill [Member] | ' | ' | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ' | ' | ||
Unamortized Intangible Assets, Goodwill, Gross Carrying Amount | 689 | [1] | 375 | [1] |
Trademarks [Member] | ' | ' | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ' | ' | ||
Unamortized Intangible Assets, Trademarks, Gross Carrying Amount | $572 | [1] | $445 | [1] |
[1] | The increases in carrying amounts primarily relate to the acquisition of |
Intangible_Assets_Narrative_De
Intangible Assets (Narrative) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Amortization expense relating to all intangible assets | $7 | $4 | $20 | $15 |
Amortization expense for remainder of the year | 7 | ' | 7 | ' |
Intangible assets amortization expense, year one | 29 | ' | 29 | ' |
Intangible assets amortization expense, year two | 29 | ' | 29 | ' |
Intangible assets amortization expense, year three | 29 | ' | 29 | ' |
Intangible assets amortization expense, year four | 29 | ' | 29 | ' |
Intangible assets amortization expense, year five | $29 | ' | $29 | ' |
Financial_Instruments_Schedule
Financial Instruments (Schedule Of Carrying Amounts And Estimated Fair Values) (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Debt Instrument [Line Items] | ' | ' | ||
Short-term debt and current portion of long-term debt | $181 | $57 | ||
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Short-term debt and current portion of long-term debt | 181 | 57 | ||
Long-term debt, excluding convertible debt | 3,128 | 2,720 | ||
Convertible debt | 75 | 128 | ||
Debt under vehicle programs Vehicle-backed debt due to Avis Budget Rental Car Funding (AESOP) LLC | 6,128 | 5,203 | ||
Vehicle-backed debt | 2,502 | 1,599 | ||
Interest rate swaps and interest rate contracts | 6 | [1] | 4 | [1] |
Estimate Of Fair Value, Fair Value Disclosure [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Short-term debt and current portion of long-term debt | 181 | [2] | 58 | [2] |
Long-term debt, excluding convertible debt | 3,192 | [2] | 2,903 | [2] |
Convertible debt | 135 | [2] | 171 | [2] |
Debt under vehicle programs Vehicle-backed debt due to Avis Budget Rental Car Funding (AESOP) LLC | 6,231 | [2] | 5,391 | [2] |
Vehicle-backed debt | 2,510 | [2] | 1,613 | [2] |
Interest rate swaps and interest rate contracts | $6 | [1],[2] | $4 | [1],[2] |
[1] | Derivatives in a liability position. | |||
[2] | The fair value measurements are based on significant observable inputs (Level 2). |
Financial_Instruments_Narrativ
Financial Instruments (Narrative) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Schedule of Cost-method Investments [Line Items] | ' | ' | ' | ' | ||||
Gain (Loss) on Derivative Used in Net Investment Hedge, Net of Tax | $8 | ' | ' | ' | ||||
Cash posted as collateral for derivatives in a liability position | 3 | ' | 3 | ' | ||||
Derivative Instruments, Gain (Loss) Recognized in Income, Net | -15 | [1] | -4 | [1] | 28 | [1] | 2 | [1] |
Interest Rate Caps [Member] | ' | ' | ' | ' | ||||
Schedule of Cost-method Investments [Line Items] | ' | ' | ' | ' | ||||
Absolute notional values of derivative instruments | 6,959 | [2] | ' | 6,959 | [2] | ' | ||
Interest Rate Caps [Member] | Interest Rate Caps Purchased [Member] | ' | ' | ' | ' | ||||
Schedule of Cost-method Investments [Line Items] | ' | ' | ' | ' | ||||
Absolute notional values of derivative instruments | 2,200 | ' | 2,200 | ' | ||||
Interest Rate Caps [Member] | Interest Rate Caps Purchased [Member] | Subsidiary Issuers [Member] | ' | ' | ' | ' | ||||
Schedule of Cost-method Investments [Line Items] | ' | ' | ' | ' | ||||
Absolute notional values of derivative instruments | 2,500 | ' | 2,500 | ' | ||||
Interest Rate Caps [Member] | Interest Rate Caps Sold [Member] | ' | ' | ' | ' | ||||
Schedule of Cost-method Investments [Line Items] | ' | ' | ' | ' | ||||
Absolute notional values of derivative instruments | 4,700 | ' | 4,700 | ' | ||||
Interest Rate Swaps [Member] | ' | ' | ' | ' | ||||
Schedule of Cost-method Investments [Line Items] | ' | ' | ' | ' | ||||
Absolute notional values of derivative instruments | 904 | ' | 904 | ' | ||||
Foreign Exchange Contracts [Member] | ' | ' | ' | ' | ||||
Schedule of Cost-method Investments [Line Items] | ' | ' | ' | ' | ||||
Absolute notional values of derivative instruments | 77 | ' | 77 | ' | ||||
Commodity Contracts [Member] | ' | ' | ' | ' | ||||
Schedule of Cost-method Investments [Line Items] | ' | ' | ' | ' | ||||
Units Of Gasoline | 11,000,000 | ' | 11,000,000 | ' | ||||
Foreign Exchange Contract [Member] | ' | ' | ' | ' | ||||
Schedule of Cost-method Investments [Line Items] | ' | ' | ' | ' | ||||
Absolute notional values of derivative instruments | 704 | ' | 704 | ' | ||||
Not Designated As Hedging Instruments [Member] | Foreign Exchange Contracts [Member] | ' | ' | ' | ' | ||||
Schedule of Cost-method Investments [Line Items] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) Recognized in Income, Net | -13 | [3] | -2 | [3] | 22 | [3] | 0 | [3] |
Not Designated As Hedging Instruments [Member] | Commodity Contracts [Member] | ' | ' | ' | ' | ||||
Schedule of Cost-method Investments [Line Items] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) Recognized in Income, Net | 0 | [4] | 3 | [4] | 0 | [4] | 4 | [4] |
Interest Expense [Member] | Not Designated As Hedging Instruments [Member] | Foreign Exchange Contracts [Member] | ' | ' | ' | ' | ||||
Schedule of Cost-method Investments [Line Items] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) Recognized in Income, Net | 16 | ' | 13 | ' | ||||
Operating Expense [Member] | Not Designated As Hedging Instruments [Member] | Foreign Exchange Contracts [Member] | ' | ' | ' | ' | ||||
Schedule of Cost-method Investments [Line Items] | ' | ' | ' | ' | ||||
Derivative Instruments Gain Loss Recognized In Operations | $3 | ' | $9 | ' | ||||
[1] | Gains (losses) related to derivative instruments are expected to be largely offset by (losses) gains on the underlying exposures being hedged. | |||||||
[2] | Represents $4.7 billion of interest rate caps sold and approximately $2.2 billion of interest rate caps purchased. These amounts exclude $2.5 billion of interest rate caps purchased by the Companybs Avis Budget Rental Car Funding (AESOP) LLC (bAvis Budget Rental Car Fundingb) subsidiary. | |||||||
[3] | For the three months ended SeptemberB 30, 2013, included a $16 million loss in interest expense and a $3 million gain in operating expenses. For the nine months ended SeptemberB 30, 2013, included a $13 million gain in interest expense and a $9 million gain in operating expenses. For the three and nine months ended SeptemberB 30, 2012, amounts were included in operating expenses. | |||||||
[4] | Included in operating expense. |
Financial_Instruments_Fair_Val
Financial Instruments (Fair Values Of Derivatives Instruments) (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Schedule of Cost-method Investments [Line Items] | ' | ' | ||
Fair Value, Asset Derivatives | $7 | $3 | ||
Fair Value, Liability Derivatives | 13 | 25 | ||
Designated As Hedging Instruments [Member] | Interest Rate Swaps [Member] | ' | ' | ||
Schedule of Cost-method Investments [Line Items] | ' | ' | ||
Fair Value, Asset Derivatives | 0 | [1] | 0 | [1] |
Fair Value, Liability Derivatives | 1 | [1] | 1 | [1] |
Not Designated As Hedging Instruments [Member] | Interest Rate Swaps [Member] | ' | ' | ||
Schedule of Cost-method Investments [Line Items] | ' | ' | ||
Fair Value, Asset Derivatives | 0 | [1] | 0 | [1] |
Fair Value, Liability Derivatives | 0 | [1] | 12 | [1] |
Not Designated As Hedging Instruments [Member] | Foreign Exchange Contracts [Member] | ' | ' | ||
Schedule of Cost-method Investments [Line Items] | ' | ' | ||
Fair Value, Asset Derivatives | 4 | [2] | 3 | [2] |
Fair Value, Liability Derivatives | 4 | [2] | 8 | [2] |
Not Designated As Hedging Instruments [Member] | Interest Rate Contracts [Member] | ' | ' | ||
Schedule of Cost-method Investments [Line Items] | ' | ' | ||
Fair Value, Asset Derivatives | 3 | [3] | 0 | [3] |
Fair Value, Liability Derivatives | 6 | [3] | 4 | [3] |
Not Designated As Hedging Instruments [Member] | Commodity Contracts [Member] | ' | ' | ||
Schedule of Cost-method Investments [Line Items] | ' | ' | ||
Fair Value, Asset Derivatives | 0 | 0 | ||
Fair Value, Liability Derivatives | $2 | $0 | ||
[1] | Included in other non-current liabilities. | |||
[2] | Included in other current assets or other current liabilities. | |||
[3] | Included in assets under vehicle programs and liabilities under vehicle programs. |
Financial_Instruments_Schedule1
Financial Instruments (Schedule Of Effect Of Derivatives Recognized) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Schedule of Cost-method Investments [Line Items] | ' | ' | ' | ' | ||||
Derivatives not designated as hedging instruments | ($15) | [1] | ($4) | [1] | $28 | [1] | $2 | [1] |
Designated As Hedging Instruments [Member] | Interest Rate Swaps [Member] | ' | ' | ' | ' | ||||
Schedule of Cost-method Investments [Line Items] | ' | ' | ' | ' | ||||
Interest rate swaps | 0 | [2] | 0 | [2] | 1 | [2] | 11 | [2] |
Not Designated As Hedging Instruments [Member] | Foreign Exchange Contracts [Member] | ' | ' | ' | ' | ||||
Schedule of Cost-method Investments [Line Items] | ' | ' | ' | ' | ||||
Derivatives not designated as hedging instruments | -13 | [3] | -2 | [3] | 22 | [3] | 0 | [3] |
Not Designated As Hedging Instruments [Member] | Commodity Contracts [Member] | ' | ' | ' | ' | ||||
Schedule of Cost-method Investments [Line Items] | ' | ' | ' | ' | ||||
Derivatives not designated as hedging instruments | 0 | [4] | 3 | [4] | 0 | [4] | 4 | [4] |
Not Designated As Hedging Instruments [Member] | Interest Rate Contracts [Member] | ' | ' | ' | ' | ||||
Schedule of Cost-method Investments [Line Items] | ' | ' | ' | ' | ||||
Derivatives not designated as hedging instruments | -2 | [5] | -5 | [5] | 5 | [5] | -13 | [5] |
Interest Expense [Member] | Not Designated As Hedging Instruments [Member] | Foreign Exchange Contracts [Member] | ' | ' | ' | ' | ||||
Schedule of Cost-method Investments [Line Items] | ' | ' | ' | ' | ||||
Derivatives not designated as hedging instruments | 16 | ' | 13 | ' | ||||
Operating Expense [Member] | Not Designated As Hedging Instruments [Member] | Foreign Exchange Contracts [Member] | ' | ' | ' | ' | ||||
Schedule of Cost-method Investments [Line Items] | ' | ' | ' | ' | ||||
Derivative Instruments Gain Loss Recognized In Operations | $3 | ' | $9 | ' | ||||
[1] | Gains (losses) related to derivative instruments are expected to be largely offset by (losses) gains on the underlying exposures being hedged. | |||||||
[2] | Recognized, net of tax, as a component of other comprehensive income within stockholdersb equity. | |||||||
[3] | For the three months ended SeptemberB 30, 2013, included a $16 million loss in interest expense and a $3 million gain in operating expenses. For the nine months ended SeptemberB 30, 2013, included a $13 million gain in interest expense and a $9 million gain in operating expenses. For the three and nine months ended SeptemberB 30, 2012, amounts were included in operating expenses. | |||||||
[4] | Included in operating expense. | |||||||
[5] | Included in interest expense. |
Vehicle_Rental_Activities_Comp
Vehicle Rental Activities (Components Of The Company's Vehicles) (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Vehicle Rental Activities [Abstract] | ' | ' |
Rental vehicles | $11,480 | $10,000 |
Less: Accumulated depreciation | -1,411 | -1,345 |
Rental Vehicles Net, Total | 10,069 | 8,655 |
Vehicles held for sale | 736 | 619 |
Vehicles, net | $10,805 | $9,274 |
Vehicle_Rental_Activities_Comp1
Vehicle Rental Activities (Components Of Vehicle Depreciation And Lease Charges) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Vehicle Rental Activities [Abstract] | ' | ' | ' | ' |
Depreciation expense | $487 | $406 | $1,295 | $1,100 |
Lease charges | 45 | 38 | 102 | 95 |
Gain on sales of vehicles, net and cost of vehicle disposition | -8 | -8 | -10 | -107 |
Vehicle Depreciation And Lease Charges Net | ' | ' | 1,387 | 1,088 |
Cost of Services, Depreciation | $524 | $436 | $1,387 | $1,088 |
Income_Taxes_Narrative_Detail
Income Taxes (Narrative) (Detail) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Income Tax Disclosure [Abstract] | ' | ' |
Effective tax benefit rate | 67.40% | 7.40% |
Federal statutory rate | 35.00% | 35.00% |
Recovered_Sheet2
Accounts Payable And Other Current Liabilities (Schedule Of Accounts Payable And Other Current Liabilities) (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Payables and Accruals [Abstract] | ' | ' |
Accounts payable | $365 | $309 |
Accrued sales and use taxes | 204 | 198 |
Accrued payroll and related | 244 | 148 |
Public liability and property damage insurance liabilities - current | 133 | 132 |
Deferred income - current | 95 | 60 |
Advertising and marketing | 85 | 82 |
Income taxes payable - current | 85 | 58 |
Other | 469 | 434 |
Accounts payable and other current liabilities | $1,680 | $1,421 |
Recovered_Sheet3
Long-Term Debt And Borrowing Arrangements (Schedule Of Long-Term Debt) (Detail) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | |
Debt Instrument [Line Items] | ' | ' | ' | |
Other | $30 | $63 | ' | |
Long-term Debt | 3,384 | 2,905 | ' | |
Long-term Debt, Current Maturities | 181 | 57 | ' | |
Long-term debt | 3,203 | 2,848 | ' | |
Floating Rate Notes [Member] | ' | ' | ' | |
Debt Instrument [Line Items] | ' | ' | ' | |
Debt Instrument, Basis Spread on Variable Rate | 2.76% | ' | ' | |
Long-term debt | 150 | [1] | 250 | ' |
Maturity Dates | 'May 2014 | ' | ' | |
3 1/2% Convertible Notes [Member] | ' | ' | ' | |
Debt Instrument [Line Items] | ' | ' | ' | |
Long-term debt | 75 | [2] | 128 | ' |
Interest percentage | 3.50% | ' | 3.50% | |
Maturity Dates | 'October 2014 | ' | ' | |
3 1/2% Convertible Notes [Member] | Long Term Borrowings [Member] | Convertible Note [Member] | ' | ' | ' | |
Debt Instrument [Line Items] | ' | ' | ' | |
Interest percentage | 3.50% | ' | ' | |
Floating Rate Term Loan Due May Two Thousand Sixteen [Member] | ' | ' | ' | |
Debt Instrument [Line Items] | ' | ' | ' | |
Debt Instrument, Basis Spread on Variable Rate | 3.27% | ' | ' | |
Long-term debt | 46 | [3],[4] | 49 | ' |
Maturity Dates | 'May 2016 | ' | ' | |
Four And Seven Over Eight Senior Notes [Member] | ' | ' | ' | |
Debt Instrument [Line Items] | ' | ' | ' | |
Long-term debt | 300 | 300 | ' | |
Maturity Dates | 'November 2017 | ' | ' | |
Four And Seven Over Eight Senior Notes [Member] | Long Term Borrowings [Member] | ' | ' | ' | |
Debt Instrument [Line Items] | ' | ' | ' | |
Interest percentage | 4.88% | ' | ' | |
9 5/8% Notes [Member] | ' | ' | ' | |
Debt Instrument [Line Items] | ' | ' | ' | |
Long-term debt | 0 | 446 | ' | |
Maturity Dates | 'March 2018 | ' | ' | |
9 5/8% Notes [Member] | Long Term Borrowings [Member] | ' | ' | ' | |
Debt Instrument [Line Items] | ' | ' | ' | |
Interest percentage | 9.63% | ' | ' | |
8 1/4% Notes [Member] | ' | ' | ' | |
Debt Instrument [Line Items] | ' | ' | ' | |
Long-term debt | 730 | 730 | ' | |
Maturity Dates | 'January 2019 | ' | ' | |
8 1/4% Notes [Member] | Long Term Borrowings [Member] | ' | ' | ' | |
Debt Instrument [Line Items] | ' | ' | ' | |
Interest percentage | 8.25% | ' | ' | |
Floating Rate Term Loan Due March Two Thousand Nineteen [Member] | ' | ' | ' | |
Debt Instrument [Line Items] | ' | ' | ' | |
Debt Instrument, Basis Spread on Variable Rate | 30.00% | ' | ' | |
Long-term debt | 991 | [3],[5] | 689 | ' |
Maturity Dates | 'March 2019 | ' | ' | |
9 3/4% Notes [Member] | ' | ' | ' | |
Debt Instrument [Line Items] | ' | ' | ' | |
Long-term debt | 224 | 250 | ' | |
Maturity Dates | 'March 2020 | ' | ' | |
9 3/4% Notes [Member] | Long Term Borrowings [Member] | ' | ' | ' | |
Debt Instrument [Line Items] | ' | ' | ' | |
Interest percentage | 9.75% | ' | ' | |
Six Euro-Denominated Senior Notes [Member] | ' | ' | ' | |
Debt Instrument [Line Items] | ' | ' | ' | |
Long-term debt | 338 | 0 | ' | |
Maturity Dates | 'March 2021 | ' | ' | |
Six Euro-Denominated Senior Notes [Member] | Long Term Borrowings [Member] | ' | ' | ' | |
Debt Instrument [Line Items] | ' | ' | ' | |
Interest percentage | 6.00% | ' | ' | |
Five And One Over Two Senior Notes [Member] | ' | ' | ' | |
Debt Instrument [Line Items] | ' | ' | ' | |
Long-term debt | 500 | ' | 0 | |
Maturity Dates | 'April 2023 | ' | ' | |
Long-term Debt [Member] | ' | ' | ' | |
Debt Instrument [Line Items] | ' | ' | ' | |
Long-term debt | $3,354 | $2,842 | ' | |
Revolving Credit Facility Maturing Two Thousand Sixteen [Member] | ' | ' | ' | |
Debt Instrument [Line Items] | ' | ' | ' | |
Debt Instrument, Basis Spread on Variable Rate | 3.00% | ' | ' | |
[1] | As of SeptemberB 30, 2013, the floating rate notes due 2014 bear interest at three-month LIBOR, plus 250 basis points, for an aggregate rate of 2.76%. | |||
[2] | As of SeptemberB 30, 2013, the 3B=% convertible notes are convertible by the holders into approximately 5 million shares of the Companybs common stock. | |||
[3] | The floating rate term loans are part of the Companybs senior credit facility, which also includes its revolving credit facility maturing 2018, and are secured by pledges of all of the capital stock of all of the Companybs direct or indirect domestic subsidiaries and 65% of the capital stock of each direct foreign subsidiary, subject to certain exceptions, and liens on substantially all of the Companybs intellectual property and certain other real and personal property. | |||
[4] | As of SeptemberB 30, 2013, the floating rate term loan due 2016 bears interest at three-month LIBOR, plus 300 basis points, for an aggregate rate of 3.27%. | |||
[5] | As of SeptemberB 30, 2013, the floating term rate loan due 2019 bears interest at the greater of three-month LIBOR or 0.75%, plus 225 basis points, for an aggregate rate of 3.00%. |
Recovered_Sheet4
Long-Term Debt And Borrowing Arrangements (Schedule Of Long-Term Debt) (Parenthetical) (Detail) | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
In Millions, unless otherwise specified | Floating Rate Notes [Member] | Floating Rate Term Loan Due May Two Thousand Sixteen [Member] | Floating Rate Term Loan Due March Two Thousand Nineteen [Member] | Long Term Borrowings [Member] | |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Revolving credit facility, maturity period | '2018 | ' | ' | ' | ' |
Percentage Of Capital Stock Of Direct Foreign Subsidiary Secured By Pledges | ' | ' | ' | ' | 65.00% |
Basis spread over variable rate | ' | 2.76% | 3.27% | 30.00% | ' |
Convertible number of common stock shares | 5 | ' | ' | ' | ' |
Floating rate | ' | ' | ' | 0.75% | ' |
LongTerm_Debt_And_Borrowing_Ar2
Long-Term Debt And Borrowing Arrangements (Narrative) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Apr. 30, 2013 |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Proceeds from issue of senior notes | ' | ' | $250 | ' | ' |
Repayments of Convertible Debt | ' | ' | 53 | ' | ' |
Convertible notes purchase price | ' | ' | 94 | ' | ' |
Tender Offer Paid on Notes | ' | ' | ' | ' | 398 |
Redemption of 9.625% Notes | 139 | ' | 139 | ' | ' |
Early Debt Extinguishment | 0 | 2 | 131 | 52 | ' |
Five And One Over Two Senior Notes [Member] | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Proceeds from issue of senior notes | ' | ' | 500 | ' | ' |
Uncommitted Credit Facility [Member] | Minimum [Member] | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Credit facilities bearing interest | ' | ' | 0.43% | ' | ' |
Uncommitted Credit Facility [Member] | Maximum [Member] | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Credit facilities bearing interest | ' | ' | 9.00% | ' | ' |
9 3/4% Notes [Member] | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Debt Instrument, Decrease, Repayments | ' | ' | 26 | ' | ' |
Floating Rate Term Loan Due March Two Thousand Nineteen [Member] | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Increase in borrowing through the term loan | ' | ' | 300 | ' | ' |
Floating Rate Notes [Member] | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Debt Instrument, Decrease, Repayments | ' | ' | $100 | ' | ' |
LongTerm_Debt_And_Borrowing_Ar3
Long-Term Debt And Borrowing Arrangements (Schedule Of Committed Credit Facilities) (Detail) (USD $) | Sep. 30, 2013 | |
In Millions, unless otherwise specified | ||
Revolving Credit Facility Maturing Two Thousand Sixteen [Member] | ' | |
Line of Credit Facility [Line Items] | ' | |
Total Capacity | $1,650 | [1] |
Outstanding Borrowings | 0 | [1] |
Letters of Credit Issued | 820 | [1] |
Available Capacity | 830 | [1] |
Other Facilities [Member] | ' | |
Line of Credit Facility [Line Items] | ' | |
Total Capacity | 13 | [2] |
Outstanding Borrowings | 2 | [2] |
Letters of Credit Issued | 0 | [2] |
Available Capacity | $11 | [2] |
[1] | This revolving credit facility matures in 2018 and bears interest of one-month LIBOR plus 225 basis points. The Companybs senior credit facility, which encompasses the floating rate term loans due 2016 and 2019 and the revolving credit facility, is secured by pledges of all of the capital stock of all of the Companybs domestic subsidiaries and 65% of the capital stock of each direct foreign subsidiary, subject to certain exceptions, and liens on substantially all of the Companybs intellectual property and certain other real and personal property. | |
[2] | These facilities encompass bank overdraft lines of credit, bearing interest of 4.50% to 5.69% as of SeptemberB 30, 2013. |
LongTerm_Debt_And_Borrowing_Ar4
Long-Term Debt And Borrowing Arrangements (Schedule Of Committed Credit Facilities) (Parenthetical) (Detail) (USD $) | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
In Millions, unless otherwise specified | Uncommitted Credit Facility [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Long Term Borrowings [Member] | Long Term Borrowings [Member] |
Bank Overdraft [Member] | Uncommitted Credit Facility [Member] | Bank Overdraft [Member] | Uncommitted Credit Facility [Member] | Revolving Credit Facility Maturing Two Thousand Sixteen [Member] | |||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Percentage Of Capital Stock Of Direct Foreign Subsidiary Secured By Pledges | ' | ' | ' | ' | ' | 65.00% | 65.00% |
Credit facilities bearing interest | ' | 4.50% | 0.43% | 5.69% | 9.00% | ' | ' |
Amounts drawn under uncommitted credit facilities | $9 | ' | ' | ' | ' | ' | ' |
Recovered_Sheet5
Debt Under Vehicle Programs And Borrowing Arrangements (Narrative) (Detail) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | ' |
Newly Issued European Credit Facility | $500 |
Recovered_Sheet6
Debt Under Vehicle Programs And Borrowing Arrangements (Schedule Of Debt Under Vehicle Programs) (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | ' | ' | ||
Debt under vehicle programs | $8,636 | $6,806 | ||
Debt Due To Avis Budget Rental Car Funding (Member) | ' | ' | ||
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | ' | ' | ||
Debt under vehicle programs | 6,128 | [1] | 5,203 | [1] |
Canada Debt Borrowings [Member] [Domain] | ' | ' | ||
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | ' | ' | ||
Debt under vehicle programs | 582 | [1],[2] | 353 | [1] |
International Debt Borrowings [Domain] | ' | ' | ||
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | ' | ' | ||
Debt under vehicle programs | 1,161 | [1],[3] | 679 | [1] |
International Capital Leases [Domain] | ' | ' | ||
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | ' | ' | ||
Debt under vehicle programs | 437 | [1] | 315 | [1] |
Budget Truck Financing (Member) | ' | ' | ||
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | ' | ' | ||
Debt under vehicle programs | 241 | 253 | ||
Other (Member) | ' | ' | ||
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | ' | ' | ||
Debt under vehicle programs | $87 | $3 | ||
[1] | The increase principally reflects increased borrowing to fund a seasonal increase in the size of the Companybs car rental fleet. | |||
[2] | The outstanding debt is collateralized by $889 million of underlying vehicles and related assets. | |||
[3] | The outstanding debt is collateralized by approximately $1.6 billion of underlying vehicles and related assets. |
Debt_Under_Vehicle_Programs_An2
Debt Under Vehicle Programs And Borrowing Arrangements (Schedule Of Contractual Maturities) (Detail) (USD $) | Sep. 30, 2013 | |
In Millions, unless otherwise specified | ||
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | ' | |
Vehicle Program Debt Amount Outstanding | $8,636 | |
Vehicle backed debt [Member] | ' | |
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | ' | |
Within 1 year | 1,280 | [1] |
Between 1 and 2 years | 2,209 | |
Between 2 and 3 years | 1,694 | |
Between 3 and 4 years | 1,182 | |
Between 4 and 5 years | 1,614 | |
Thereafter | 657 | |
Vehicle Program Debt Amount Outstanding | 8,636 | |
Asset-Backed Securities, at Carrying Value | 610 | |
Bank-sponsored borrowings | $670 | |
[1] | Vehicle-backed debt maturing within one year includes term asset-backed securities of approximately $610 million and bank and bank-sponsored borrowings of $670 million. |
Debt_Under_Vehicle_Programs_An3
Debt Under Vehicle Programs And Borrowing Arrangements (Schedule Of Available Funding Under The Vehicle Programs) (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | ' | ' | ||
Total Capacity | $10,903 | [1] | ' | |
Outstanding Borrowings | 8,636 | ' | ||
Available Capacity | 2,267 | ' | ||
Debt under vehicle programs | 8,636 | 6,806 | ||
Debt Due To Avis Budget Rental Car Funding (Member) | ' | ' | ||
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | ' | ' | ||
Total Capacity | 7,968 | [1],[2] | ' | |
Outstanding Borrowings | 6,128 | [2] | ' | |
Available Capacity | 1,840 | [2] | ' | |
Debt under vehicle programs | 6,128 | [3] | 5,203 | [3] |
Leasing vehicles and related assets, pledged as collateralized debt | 7,800 | ' | ||
Canada Debt Borrowings [Member] [Domain] | ' | ' | ||
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | ' | ' | ||
Total Capacity | 742 | [1],[4] | ' | |
Available Capacity | 160 | [4] | ' | |
Debt under vehicle programs | 582 | [3],[4] | 353 | [3] |
Leasing vehicles and related assets, pledged as collateralized debt | 889 | ' | ||
International Debt Borrowings [Domain] | ' | ' | ||
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | ' | ' | ||
Total Capacity | 1,381 | [1],[5] | ' | |
Available Capacity | 220 | [5] | ' | |
Debt under vehicle programs | 1,161 | [3],[5] | 679 | [3] |
Leasing vehicles and related assets, pledged as collateralized debt | 1,600 | ' | ||
International Capital Leases [Domain] | ' | ' | ||
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | ' | ' | ||
Total Capacity | 466 | [1] | ' | |
Available Capacity | 29 | ' | ||
Debt under vehicle programs | 437 | [3] | 315 | [3] |
Budget Truck Financing (Member) | ' | ' | ||
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | ' | ' | ||
Total Capacity | 246 | [1],[6] | ' | |
Outstanding Borrowings | 241 | [6] | ' | |
Available Capacity | 5 | [6] | ' | |
Debt under vehicle programs | 241 | 253 | ||
Leasing vehicles and related assets, pledged as collateralized debt | 440 | ' | ||
European Rental Fleet Securitization [Member] | ' | ' | ||
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | ' | ' | ||
Leasing vehicles and related assets, pledged as collateralized debt | 165 | ' | ||
Other (Member) | ' | ' | ||
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | ' | ' | ||
Total Capacity | 100 | [1],[7] | ' | |
Outstanding Borrowings | 87 | [7] | ' | |
Available Capacity | 13 | [7] | ' | |
Debt under vehicle programs | $87 | $3 | ||
[1] | Capacity is subject to maintaining sufficient assets to collateralize debt. | |||
[2] | The outstanding debt is collateralized by approximately $7.8 billion of underlying vehicles and related assets. | |||
[3] | The increase principally reflects increased borrowing to fund a seasonal increase in the size of the Companybs car rental fleet. | |||
[4] | The outstanding debt is collateralized by $889 million of underlying vehicles and related assets. | |||
[5] | The outstanding debt is collateralized by approximately $1.6 billion of underlying vehicles and related assets. | |||
[6] | The outstanding debt is collateralized by $440 million of underlying vehicles and related assets. | |||
[7] | The outstanding debt is collateralized by $165 million of underlying vehicles and related assets. |
Commitments_And_Contingencies_
Commitments And Contingencies (Narrative) (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2013 | Sep. 30, 2013 | |
Schedule Of Commitments And Contingencies [Line Items] | ' | ' |
Percentage of payment on defaulting party's obligation on assumed liabilities | 50.00% | ' |
Purchase obligation over the next twelve months | ' | $4,400,000,000 |
Aggregate purchase obligations | ' | 168,000,000 |
Realogy [Member] | ' | ' |
Schedule Of Commitments And Contingencies [Line Items] | ' | ' |
Percentage of assumption of contingent and other corporate liabilities | 62.50% | ' |
Receivables due from former subsidiaries | ' | 61,000,000 |
Wyndham [Member] | ' | ' |
Schedule Of Commitments And Contingencies [Line Items] | ' | ' |
Percentage of assumption of contingent and other corporate liabilities | 37.50% | ' |
Receivables due from former subsidiaries | ' | 38,000,000 |
Realogy, Wyndham And Travelport [Member] | Real Estate Leases [Member] | ' | ' |
Schedule Of Commitments And Contingencies [Line Items] | ' | ' |
Maximum potential amount of future payments under guarantees | ' | 59,000,000 |
Liability recorded in connection with guarantees | ' | $2,000,000 |
Stockholders_Equity_Narrative_
Stockholders' Equity (Narrative) (Detail) (USD $) | 0 Months Ended | 9 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Aug. 06, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Stockholders Equity [Line Items] | ' | ' | ' | ' |
Repayments of Convertible Debt | ' | $53 | ' | ' |
Repurchased warrants for the purchase of the Company's common stock | ' | 30 | 26 | ' |
Proceeds from sale of convertible note hedge | ' | 41 | 38 | ' |
Net unrealized gains (losses) on cash flow hedges | ' | 1 | ' | 0 |
Stock Repurchase Program, Authorized Amount | 200 | ' | ' | ' |
Stock Repurchased During Period, Shares | ' | 860,000 | ' | ' |
Stock Repurchased During Period, Value | ' | 25 | ' | ' |
Company's Vehicle-Backed Debt And Floating Rate Debt [Member] | ' | ' | ' | ' |
Stockholders Equity [Line Items] | ' | ' | ' | ' |
Net unrealized gain (losses) on cash flow hedges, before tax | ' | 1 | 11 | ' |
Floating Rate Vehicle Backed And Corporate Debt [Member] | ' | ' | ' | ' |
Stockholders Equity [Line Items] | ' | ' | ' | ' |
Net unrealized gain (losses) on cash flow hedges, before tax | ' | $1 | $20 | ' |
3 1/2% Convertible Notes [Member] | ' | ' | ' | ' |
Stockholders Equity [Line Items] | ' | ' | ' | ' |
Senior notes interest percentage | ' | 3.50% | 3.50% | ' |
Change in net purchase and issuance of shares | ' | 3,000,000 | ' | ' |
Convertible Notes [Member] | 3 1/2% Convertible Notes [Member] | ' | ' | ' | ' |
Stockholders Equity [Line Items] | ' | ' | ' | ' |
Senior notes interest percentage | ' | 3.50% | ' | ' |
Stockholders_Equity_Accumulate
Stockholders' Equity (Accumulated Other Comprehensive Income) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' |
Currency Translation Adjustments, Balance | ' | ' | $193 | ' |
Net Unrealized Gains (Losses) on Cash Flow Hedges, Balance | ' | ' | 0 | ' |
Net Unrealized Gains on Available- For-Sale Securities, Balance | ' | ' | 2 | ' |
Currency Translation Adjustments, Balance | ' | ' | -85 | ' |
Accumulated Other Comprehensive Income, Balance | ' | ' | 110 | ' |
Currency Translation Adjustments, Current period change | 39 | 26 | -21 | 14 |
Net Unrealized Gains (Losses) on Cash Flow Hedges, Current period change | 0 | 0 | 1 | 11 |
Available-for-sale Securities, Gross Realized Gain (Loss) | ' | ' | ' | 1 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Net of Tax | ' | ' | 13 | ' |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent before reclassifications | ' | ' | -6 | ' |
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, Net of Tax | ' | ' | 6 | ' |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax, Portion Attributable to Parent | ' | ' | 6 | ' |
Net unrealized gains on available-for-sale securities, net of tax | 2 | 2 | 1 | 0 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 19 | 0 | 19 | 0 |
Accumulated Other Comprehensive Income, Current period change | 60 | 28 | 0 | 25 |
Currency Translation Adjustments, Balance | 172 | ' | 172 | ' |
Net Unrealized Gains (Losses) on Cash Flow Hedges, Balance | 1 | ' | 1 | ' |
Net Unrealized Gains on Available- For-Sale Securities, Balance | 3 | ' | 3 | ' |
Currency Translation Adjustments, Balance | -66 | ' | -66 | ' |
Accumulated Other Comprehensive Income, Balance | 110 | ' | 110 | ' |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, before Tax | ' | ' | $10 | ' |
Stockholders_Equity_Components
Stockholders' Equity (Components Of Other Comprehensive Income) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, before Tax | ' | ' | ($31) | ' |
Net loss | 118 | 280 | 44 | 336 |
Currency translation adjustment | 39 | 26 | -21 | 14 |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | 2 | 2 | 1 | 0 |
Net unrealized gains on cash flow hedges, net of tax | 0 | 0 | 1 | 11 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 19 | 0 | 19 | 0 |
Accumulated Other Comprehensive Income, Current period change | 60 | 28 | 0 | 25 |
Total comprehensive income | 178 | 308 | 44 | 361 |
Company's Vehicle-Backed Debt And Floating Rate Debt [Member] | ' | ' | ' | ' |
Net unrealized gain (losses) on cash flow hedges, before tax | ' | ' | 1 | 11 |
Floating Rate Vehicle Backed And Corporate Debt [Member] | ' | ' | ' | ' |
Net unrealized gain (losses) on cash flow hedges, before tax | ' | ' | $1 | $20 |
StockBased_Compensation_Narrat
Stock-Based Compensation (Narrative) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Business Acquisition, Purchase Price Allocation, Intangible Assets Other than Goodwill | $188 | ' | $188 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | ' | ' | 43.00% | 50.00% |
Risk Free Interest Rate, Minimum | ' | ' | 0.39% | ' |
Risk Free Interest Rate, Maximum | ' | ' | ' | 0.42% |
Valuation Period Range Maximum In Years | ' | ' | '3 years | '2 1/2 - 3 years |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | ' | ' | 0.00% | 0.00% |
Stock-based compensation expense | 5 | 4 | 14 | 12 |
Stock-based compensation expense (net of tax) | 3 | 2 | 9 | 7 |
Employee service share based compensation incremental tax benefit to be realized from exercise of stock awards | 13 | ' | 13 | ' |
Restricted Cash Units Outstanding | 268,000 | ' | 268,000 | ' |
Customer Relationships | 76 | ' | 76 | ' |
Time-based vesting schedule [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Fair value of restricted stock units which contain three-year vesting periods | ' | ' | $21.77 | ' |
Market-based vesting schedule [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Fair value of restricted stock units which contain three-year vesting periods | $17.14 | ' | ' | $10.92 |
Performance-Based Vesting Schedule [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Fair value of restricted stock units which contain three-year vesting periods | $20.67 | ' | ' | ' |
Restricted Cash Units (RCUs) [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Weighted average remaining contractual life (in years) | '1 year 7 months 24 days | ' | ' | ' |
Restricted Cash Units (RCUs) [Member] | Time-based vesting schedule [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Granted at fair market value (in number of RSUs) | ' | ' | 25,000 | ' |
Fair Value of Time-Based Restricted Cash Units | ' | ' | $21.20 | ' |
Restricted Cash Units (RCUs) [Member] | Market-based vesting schedule [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Granted at fair market value (in number of RSUs) | ' | ' | 87,000 | ' |
Fair Value of Market-Vesting Restricted Cash Units | ' | ' | $17.14 | ' |
Restricted Stock Units (RSUs) [Member] | Time-based vesting schedule [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Granted at fair market value (in number of RSUs) | ' | ' | 637,000 | ' |
Restricted Stock Units (RSUs) [Member] | Market-based vesting schedule [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Granted at fair market value (in number of RSUs) | ' | ' | 87,000 | ' |
Restricted Stock Units (RSUs) [Member] | Performance-Based Vesting Schedule [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Granted at fair market value (in number of RSUs) | ' | ' | 396,000 | ' |
Zipcar [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Business Acquisition, Purchase Price Allocation, Intangible Assets Other than Goodwill | 112 | ' | 112 | ' |
Business Acquisition, Purchase Price Allocation, Goodwill Amount | 275 | ' | 275 | ' |
Finite-Lived Intangible Asset, Useful Life | ' | ' | '8 years | ' |
Business Acquisition, Effective Date of Acquisition | 14-Mar-13 | ' | ' | ' |
Apex [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Business Acquisition, Purchase Price Allocation, Intangible Assets Other than Goodwill | 21 | ' | 21 | ' |
Business Acquisition, Purchase Price Allocation, Goodwill Amount | 16 | ' | 16 | ' |
Business Acquisition, Effective Date of Acquisition | 1-Oct-12 | ' | ' | ' |
Number Of Vehicles | 4,000 | ' | 4,000 | ' |
Business Acquisition, Cost of Acquired Entity, Cash Paid | 63 | ' | 63 | ' |
Business Acquisition, Contingent Consideration, at Fair Value | 9 | ' | 9 | ' |
Business Acquisition, Contingent Consideration, Potential Cash Payment | 26 | ' | 26 | ' |
Business Acquisition, Purchase Price Allocation, Property, Plant and Equipment | 33 | ' | 33 | ' |
Business Acquisition, Contingent Consideration, Potential Cash Payment | 26 | ' | 26 | ' |
Business Acquisition, Purchase Price Allocation, Property, Plant and Equipment | $33 | ' | $33 | ' |
StockBased_Compensation_Summar
Stock-Based Compensation (Summary Of Share Based Payment Other Than Options Valuation Assumptions) (Detail) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' |
Expected volatility of stock price | 43.00% | 50.00% |
Risk Free Interest Rate, Minimum | ' | 0.30% |
Risk Free Interest Rate, Maximum | ' | 0.42% |
StockBased_Compensation_Stock_
Stock-Based Compensation (Stock Based Compensation Activity) (Detail) (USD $) | 9 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2011 | |
Options [Member] | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | |
Weighted Average Exercise Price, Balance at January 1, 2012 | ' | $2.89 | |
Granted at fair market value | $0 | ' | |
Weighted Average Exercise Price, Vested/exercised | $3.32 | ' | |
Weighted Average Exercise Price, Canceled | $27.40 | ' | |
Weighted Average Exercise Price, Balance at March 31, 2012 | $2.55 | $2.89 | |
Number of Options, Balance at January 1, 2012 | ' | 1,901,000 | |
Number of Options, Vested/exercised | 754,000 | [1] | ' |
Number of Options, Canceled | 3,000 | ' | |
Number of Options, Balance | 1,144,000 | [2],[3] | 1,901,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 0 | ' | |
Options outstanding, intrinsic value | $30 | ' | |
In-the-money' stock options (in number of options) | 1,135,000 | ' | |
Stock options exercisable | 1,080,000 | ' | |
RSU [Member] | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | |
Weighted Average Grant Price, Balance | ' | $13.64 | |
Weighted Average Grant Price, Granted at fair market value | $21.02 | ' | |
Weighted Average Grant Price, Vested/exercised | $12.72 | ' | |
Weighted Average Grant Price, Canceled | $14.20 | ' | |
Weighted Average Grant Price, Balance | $16.34 | $13.64 | |
Number of RSUs, Balance | ' | 3,497,000 | |
Number of RSUs, Granted at fair market value | 1,120,000 | ' | |
Number of RSUs, Vested/exercised | 1,114,000 | [1] | ' |
Number of RSUs, Canceled | 67,000 | ' | |
Number of RSUs, Balance | 3,436,000 | [2],[3] | 3,497,000 |
Restricted Stock Units (RSUs) [Member] | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | |
Number Of Performance Based Stock Vested During Period | 438,000 | ' | |
Number of performance based stock vested, intrinsic value | 18 | ' | |
Options outstanding, intrinsic value | 99 | ' | |
Aggregate unrecognized compensation expense related to awards | $32 | ' | |
Time-based restricted stock units outstanding | 1,358,000 | ' | |
Number of performance-based and market-based stock units outstanding | 2,078,000 | ' | |
Restricted Stock Units (RSUs) [Member] | Time-based vesting schedule [Member] | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | |
Number of RSUs, Granted at fair market value | 637,000 | ' | |
Share-based compensation,RSUs eligible to vest | 1,000 | ' | |
Restricted Stock Units (RSUs) [Member] | Performance-Based Vesting Schedule [Member] | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | |
Number of RSUs, Granted at fair market value | 396,000 | ' | |
Restricted Stock Units (RSUs) [Member] | Market-based vesting schedule [Member] | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | |
Number of RSUs, Granted at fair market value | 87,000 | ' | |
[1] | During the nine months ended SeptemberB 30, 2013, 438,000 market-vesting restricted stock units and 676,000 time-based restricted stock units vested. Stock options exercised during the nine months ended SeptemberB 30, 2013 had an intrinsic value of $18 million. | ||
[2] | As of SeptemberB 30, 2013, the Companybs outstanding RSUs had an aggregate intrinsic value of $99 million; aggregate unrecognized compensation expense related to RSUs amounted to $32 million; and the balance of RSUs at SeptemberB 30, 2013, consists of 1,358,000 related to time-based awards and 2,078,000 related to market-vesting and performance-based awards. Approximately 1,000 time-based restricted stock units are eligible to vest in 2013, if applicable service criteria are satisfied. | ||
[3] | As of SeptemberB 30, 2013, the Companybs outstanding stock options had aggregate intrinsic value of $30 million; there were 1,135,000 bin-the-moneyb stock options; and aggregate unrecognized compensation expense related to unvested stock options was immaterial. 1,080,000 stock options are exercisable as of SeptemberB 30, 2013. |
StockBased_Compensation_Summar1
Stock-Based Compensation (Summary Of Share Based Compensation Shares Authorized Under Stock Option Plans By Exercise Price Range) (Detail) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Weighted average contractual life | '5 years 5 months 12 days |
Number of Options | 1,144,000 |
Less Than $5.00 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Range of Exercise Prices | 5 |
Weighted average contractual life | '5 years 3 months 6 days |
Number of Options | 975,000 |
$5.01 To $10.00 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Range of Exercise Prices | 5.01 |
Range of Exercise Prices | 10 |
Weighted average contractual life | '0 years |
$10.01 To $15.00 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Range of Exercise Prices | 10.01 |
Range of Exercise Prices | 15 |
Weighted average contractual life | '6 years 3 months 6 days |
Number of Options | 160,000 |
$15.01 To $20.00 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Range of Exercise Prices | 15.01 |
Range of Exercise Prices | 20 |
Weighted average contractual life | '0 years |
Number of Options | 0 |
Twenty Point Zero One and Above [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Range of Exercise Prices | 20.01 |
Weighted average contractual life | '1 year 0 months 18 days |
Number of Options | 9,000 |
Restricted Stock Units (RSUs) [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Number Of Performance Based Stock Vested During Period | 438,000 |
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 676,000 |
Segment_Information_Summary_Of
Segment Information (Summary Of Segments Information) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Restructuring expense | $14 | $7 | $39 | $26 | ||||
Revenues | 2,395 | 2,170 | 6,087 | 5,659 | ||||
Adjusted EBITDA | 369 | [1] | 370 | [1] | 615 | [2] | 736 | [2] |
Non-vehicle related depreciation and amortization | 39 | 30 | 109 | 92 | ||||
Interest expense | 57 | 67 | 170 | 208 | ||||
Early extinguishment of debt | 0 | 2 | 131 | 52 | ||||
Loss before income taxes | 230 | 260 | 135 | 363 | ||||
Transaction-related costs | 10 | [3] | 11 | [3] | 37 | [4] | 21 | [4] |
Other than Temporary Impairment Losses, Investments | 33 | 0 | 33 | 0 | ||||
North America [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Restructuring expense | ' | ' | 6 | ' | ||||
Revenues | 1,513 | 1,358 | 3,905 | 3,580 | ||||
Adjusted EBITDA | 223 | 232 | 427 | 509 | ||||
International [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Restructuring expense | ' | ' | 14 | ' | ||||
Revenues | 773 | 703 | 1,895 | 1,791 | ||||
Adjusted EBITDA | 144 | 129 | 211 | 210 | ||||
Truck Rental [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Restructuring expense | ' | ' | 19 | ' | ||||
Revenues | 109 | 109 | 287 | 287 | ||||
Adjusted EBITDA | 13 | 14 | 12 | 32 | ||||
Corporate and Other [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Revenues | 0 | [5] | 0 | [5] | 0 | [5] | 1 | [5] |
Adjusted EBITDA | ($11) | [5] | ($5) | [5] | ($35) | [5] | ($15) | [5] |
[1] | Adjusted EBITDA for the three months ended SeptemberB 30, 2013 and 2012, includes $14B million and $7 million, respectively, of restructuring expense. | |||||||
[2] | Adjusted EBITDA for the nine months ended SeptemberB 30, 2013 and 2012, includes $39 million and $26 million, respectively, of restructuring expense. | |||||||
[3] | During the three months ended SeptemberB 30, 2013, the Company incurred $10B million in transaction-related costs related to the integration of the operations of Avis Europe and the acquisition of Payless. During the three months ended SeptemberB 30, 2012, the Company incurred $11B million in transaction-related costs related to the integration of the operations of Avis Europe. | |||||||
[4] | During the nine months ended SeptemberB 30, 2013, the Company incurred $37 million in transaction-related costs related to the integration of the operations of Avis Europe and costs related to the acquisition and integration of Zipcar and Payless. During the nine months ended SeptemberB 30, 2012, the Company incurred $21 million in transaction-related costs related to the integration of the operations of Avis Europe. | |||||||
[5] | Includes unallocated corporate overhead and the elimination of transactions between segments. |
Segment_Information_Narrative_
Segment Information (Narrative) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Sales Revenue, Services, Net | $2,395,000,000 | $2,170,000,000 | $6,087,000,000 | $5,659,000,000 | ' | ||||
Adjusted EBITDA | 369,000,000 | [1] | 370,000,000 | [1] | 615,000,000 | [2] | 736,000,000 | [2] | ' |
Non Vehicle Related Depreciation And Amortization | 39,000,000 | 30,000,000 | 109,000,000 | 92,000,000 | ' | ||||
Interest expense | 57,000,000 | 67,000,000 | 170,000,000 | 208,000,000 | ' | ||||
Early Debt Extinguishment | 0 | 2,000,000 | 131,000,000 | 52,000,000 | ' | ||||
Transaction-related costs | 10,000,000 | [3] | 11,000,000 | [3] | 37,000,000 | [4] | 21,000,000 | [4] | ' |
Restructuring expense | 14,000,000 | 7,000,000 | 39,000,000 | 26,000,000 | ' | ||||
Assets under vehicle programs | 11,883,000,000 | ' | 11,883,000,000 | ' | 10,099,000,000 | ||||
Non current deferred tax assets | 1,351,000,000 | ' | 1,351,000,000 | ' | 1,454,000,000 | ||||
Loss before income taxes | 230,000,000 | 260,000,000 | 135,000,000 | 363,000,000 | ' | ||||
Other than Temporary Impairment Losses, Investments | 33,000,000 | 0 | 33,000,000 | 0 | ' | ||||
North America [Member] | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Sales Revenue, Services, Net | 1,513,000,000 | 1,358,000,000 | 3,905,000,000 | 3,580,000,000 | ' | ||||
Adjusted EBITDA | 223,000,000 | 232,000,000 | 427,000,000 | 509,000,000 | ' | ||||
Restructuring expense | ' | ' | 6,000,000 | ' | ' | ||||
Assets under vehicle programs | 8,700,000,000 | 7,400,000,000 | 8,700,000,000 | 7,400,000,000 | ' | ||||
Segment Assets Exclusive Of Assets Under Vehicle Program | 3,700,000,000 | 3,100,000,000 | 3,700,000,000 | 3,100,000,000 | ' | ||||
International [Member] | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Sales Revenue, Services, Net | 773,000,000 | 703,000,000 | 1,895,000,000 | 1,791,000,000 | ' | ||||
Adjusted EBITDA | 144,000,000 | 129,000,000 | 211,000,000 | 210,000,000 | ' | ||||
Restructuring expense | ' | ' | 14,000,000 | ' | ' | ||||
Truck Rental [Member] | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Sales Revenue, Services, Net | 109,000,000 | 109,000,000 | 287,000,000 | 287,000,000 | ' | ||||
Adjusted EBITDA | 13,000,000 | 14,000,000 | 12,000,000 | 32,000,000 | ' | ||||
Restructuring expense | ' | ' | 19,000,000 | ' | ' | ||||
Corporate and Other [Member] | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Sales Revenue, Services, Net | 0 | [5] | 0 | [5] | 0 | [5] | 1,000,000 | [5] | ' |
Adjusted EBITDA | ($11,000,000) | [5] | ($5,000,000) | [5] | ($35,000,000) | [5] | ($15,000,000) | [5] | ' |
[1] | Adjusted EBITDA for the three months ended SeptemberB 30, 2013 and 2012, includes $14B million and $7 million, respectively, of restructuring expense. | ||||||||
[2] | Adjusted EBITDA for the nine months ended SeptemberB 30, 2013 and 2012, includes $39 million and $26 million, respectively, of restructuring expense. | ||||||||
[3] | During the three months ended SeptemberB 30, 2013, the Company incurred $10B million in transaction-related costs related to the integration of the operations of Avis Europe and the acquisition of Payless. During the three months ended SeptemberB 30, 2012, the Company incurred $11B million in transaction-related costs related to the integration of the operations of Avis Europe. | ||||||||
[4] | During the nine months ended SeptemberB 30, 2013, the Company incurred $37 million in transaction-related costs related to the integration of the operations of Avis Europe and costs related to the acquisition and integration of Zipcar and Payless. During the nine months ended SeptemberB 30, 2012, the Company incurred $21 million in transaction-related costs related to the integration of the operations of Avis Europe. | ||||||||
[5] | Includes unallocated corporate overhead and the elimination of transactions between segments. |
Recovered_Sheet7
Guarantor And Non-Guarantor Consolidating Condensed Financial Statements (Consolidating Condensed Statements Of Comprehensive Income) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Revenues | ' | ' | ' | ' | ||||
Vehicle rental | $1,734 | $1,582 | $4,388 | $4,084 | ||||
Other | 661 | 588 | 1,699 | 1,575 | ||||
Net revenues | 2,395 | 2,170 | 6,087 | 5,659 | ||||
Expenses | ' | ' | ' | ' | ||||
Operating | 1,142 | 1,036 | 3,080 | 2,882 | ||||
Vehicle depreciation and lease charges, net | 524 | 436 | 1,387 | 1,088 | ||||
Selling, general and administrative | 274 | 244 | 771 | 696 | ||||
Vehicle interest, net | 72 | 77 | 195 | 231 | ||||
Non-vehicle related depreciation and amortization | 39 | 30 | 109 | 92 | ||||
Interest expense | 57 | 67 | 170 | 208 | ||||
Intercompany Interest Expense Income | 0 | 0 | 0 | 0 | ||||
Early extinguishment of debt | 0 | 2 | 131 | 52 | ||||
Restructuring expense | 14 | 7 | 39 | 26 | ||||
Other than Temporary Impairment Losses, Investments | 33 | 0 | 33 | 0 | ||||
Transaction-related costs | 10 | [1] | 11 | [1] | 37 | [2] | 21 | [2] |
Total expenses | 2,165 | 1,910 | 5,952 | 5,296 | ||||
Interest expense related to corporate debt, net: | ' | ' | ' | ' | ||||
Loss before income taxes | 230 | 260 | 135 | 363 | ||||
Provision for (benefit from) income taxes | -112 | 20 | -91 | -27 | ||||
Equity in earnings (loss) of subsidiaries | 0 | 0 | 0 | 0 | ||||
Net loss | 118 | 280 | 44 | 336 | ||||
Comprehensive income (loss) | 178 | 308 | 44 | 361 | ||||
Parent Company [Member] | ' | ' | ' | ' | ||||
Revenues | ' | ' | ' | ' | ||||
Vehicle rental | 0 | 0 | 0 | 0 | ||||
Other | 0 | 0 | 0 | 1 | ||||
Net revenues | 0 | 0 | 0 | 1 | ||||
Expenses | ' | ' | ' | ' | ||||
Operating | 2 | 0 | 6 | 0 | ||||
Vehicle depreciation and lease charges, net | 0 | 0 | 0 | 0 | ||||
Selling, general and administrative | 9 | 5 | 25 | 16 | ||||
Vehicle interest, net | 0 | 0 | 0 | 0 | ||||
Non-vehicle related depreciation and amortization | 0 | 0 | 0 | 0 | ||||
Interest expense | 1 | 2 | 3 | 7 | ||||
Intercompany Interest Expense Income | -3 | -3 | -9 | -15 | ||||
Early extinguishment of debt | ' | 0 | 41 | 39 | ||||
Restructuring expense | 0 | 0 | 0 | 0 | ||||
Other than Temporary Impairment Losses, Investments | 0 | ' | 0 | ' | ||||
Transaction-related costs | 0 | -3 | 1 | 0 | ||||
Total expenses | 9 | 1 | 67 | 47 | ||||
Interest expense related to corporate debt, net: | ' | ' | ' | ' | ||||
Loss before income taxes | -9 | -1 | -67 | -46 | ||||
Provision for (benefit from) income taxes | 2 | 0 | 9 | 4 | ||||
Equity in earnings (loss) of subsidiaries | 125 | 281 | 102 | 378 | ||||
Net loss | 118 | 280 | 44 | 336 | ||||
Subsidiary Issuers [Member] | ' | ' | ' | ' | ||||
Revenues | ' | ' | ' | ' | ||||
Vehicle rental | 0 | 0 | 0 | 0 | ||||
Other | 0 | 0 | 0 | 0 | ||||
Net revenues | 0 | 0 | 0 | 0 | ||||
Expenses | ' | ' | ' | ' | ||||
Operating | 5 | 0 | 8 | 3 | ||||
Vehicle depreciation and lease charges, net | 0 | 0 | 0 | 0 | ||||
Selling, general and administrative | 1 | 0 | 4 | 0 | ||||
Vehicle interest, net | 0 | 0 | 0 | 0 | ||||
Non-vehicle related depreciation and amortization | 0 | 0 | 1 | 1 | ||||
Interest expense | 49 | 62 | 147 | 192 | ||||
Intercompany Interest Expense Income | -7 | -75 | -23 | -231 | ||||
Early extinguishment of debt | ' | 2 | 90 | 13 | ||||
Restructuring expense | 0 | 0 | 0 | 0 | ||||
Other than Temporary Impairment Losses, Investments | 33 | ' | 33 | ' | ||||
Transaction-related costs | 8 | 0 | 21 | 0 | ||||
Total expenses | 89 | -11 | 281 | -22 | ||||
Interest expense related to corporate debt, net: | ' | ' | ' | ' | ||||
Loss before income taxes | -89 | 11 | -281 | 22 | ||||
Provision for (benefit from) income taxes | 21 | 124 | 96 | 118 | ||||
Equity in earnings (loss) of subsidiaries | 193 | 146 | 287 | 238 | ||||
Net loss | 125 | 281 | 102 | 378 | ||||
Comprehensive income (loss) | 183 | 307 | 101 | 403 | ||||
Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ||||
Revenues | ' | ' | ' | ' | ||||
Vehicle rental | 1,100 | 1,007 | 2,909 | 2,684 | ||||
Other | 308 | 294 | 842 | 806 | ||||
Net revenues | 1,408 | 1,301 | 3,751 | 3,490 | ||||
Expenses | ' | ' | ' | ' | ||||
Operating | 672 | 612 | 1,843 | 1,739 | ||||
Vehicle depreciation and lease charges, net | 338 | 267 | 924 | 650 | ||||
Selling, general and administrative | 155 | 153 | 450 | 433 | ||||
Vehicle interest, net | 48 | 60 | 136 | 185 | ||||
Non-vehicle related depreciation and amortization | 25 | 18 | 71 | 56 | ||||
Interest expense | 0 | 0 | 0 | 0 | ||||
Intercompany Interest Expense Income | 1 | 64 | 5 | 205 | ||||
Early extinguishment of debt | ' | 0 | 0 | 0 | ||||
Restructuring expense | 7 | 0 | 23 | 1 | ||||
Other than Temporary Impairment Losses, Investments | 0 | ' | 0 | ' | ||||
Transaction-related costs | 0 | 0 | 1 | 1 | ||||
Total expenses | 1,246 | 1,174 | 3,453 | 3,270 | ||||
Interest expense related to corporate debt, net: | ' | ' | ' | ' | ||||
Loss before income taxes | 162 | 127 | 298 | 220 | ||||
Provision for (benefit from) income taxes | -93 | -61 | -141 | -96 | ||||
Equity in earnings (loss) of subsidiaries | 124 | 80 | 130 | 114 | ||||
Net loss | 193 | 146 | 287 | 238 | ||||
Comprehensive income (loss) | 250 | 172 | 285 | 262 | ||||
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ||||
Revenues | ' | ' | ' | ' | ||||
Vehicle rental | 634 | 575 | 1,479 | 1,400 | ||||
Other | 740 | 616 | 1,910 | 1,593 | ||||
Net revenues | 1,374 | 1,191 | 3,389 | 2,993 | ||||
Expenses | ' | ' | ' | ' | ||||
Operating | 463 | 424 | 1,223 | 1,140 | ||||
Vehicle depreciation and lease charges, net | 382 | 312 | 949 | 736 | ||||
Selling, general and administrative | 109 | 86 | 292 | 247 | ||||
Vehicle interest, net | 74 | 77 | 195 | 232 | ||||
Non-vehicle related depreciation and amortization | 14 | 12 | 37 | 35 | ||||
Interest expense | 7 | 3 | 20 | 9 | ||||
Intercompany Interest Expense Income | 9 | 14 | 27 | 41 | ||||
Early extinguishment of debt | ' | 0 | 0 | 0 | ||||
Restructuring expense | 7 | 7 | 16 | 25 | ||||
Other than Temporary Impairment Losses, Investments | 0 | ' | 0 | ' | ||||
Transaction-related costs | 2 | 14 | 14 | 20 | ||||
Total expenses | 1,067 | 949 | 2,773 | 2,485 | ||||
Interest expense related to corporate debt, net: | ' | ' | ' | ' | ||||
Loss before income taxes | 307 | 242 | 616 | 508 | ||||
Provision for (benefit from) income taxes | -42 | -43 | -55 | -53 | ||||
Equity in earnings (loss) of subsidiaries | 0 | 0 | 0 | 0 | ||||
Net loss | 265 | 199 | 561 | 455 | ||||
Comprehensive income (loss) | 303 | 225 | 542 | 483 | ||||
Eliminations [Member] | ' | ' | ' | ' | ||||
Revenues | ' | ' | ' | ' | ||||
Vehicle rental | 0 | 0 | 0 | 0 | ||||
Other | -387 | -322 | -1,053 | -825 | ||||
Net revenues | -387 | -322 | -1,053 | -825 | ||||
Expenses | ' | ' | ' | ' | ||||
Operating | 0 | 0 | 0 | 0 | ||||
Vehicle depreciation and lease charges, net | -196 | -143 | -486 | -298 | ||||
Selling, general and administrative | 0 | 0 | 0 | 0 | ||||
Vehicle interest, net | -50 | -60 | -136 | -186 | ||||
Non-vehicle related depreciation and amortization | 0 | 0 | 0 | 0 | ||||
Interest expense | 0 | 0 | 0 | 0 | ||||
Intercompany Interest Expense Income | 0 | 0 | 0 | 0 | ||||
Early extinguishment of debt | ' | 0 | 0 | 0 | ||||
Restructuring expense | 0 | 0 | 0 | 0 | ||||
Other than Temporary Impairment Losses, Investments | 0 | ' | 0 | ' | ||||
Transaction-related costs | 0 | 0 | 0 | 0 | ||||
Total expenses | -246 | -203 | -622 | -484 | ||||
Interest expense related to corporate debt, net: | ' | ' | ' | ' | ||||
Loss before income taxes | -141 | -119 | -431 | -341 | ||||
Provision for (benefit from) income taxes | 0 | 0 | 0 | 0 | ||||
Equity in earnings (loss) of subsidiaries | -442 | -507 | -519 | -730 | ||||
Net loss | -583 | -626 | -950 | -1,071 | ||||
Comprehensive income (loss) | ($736) | ($704) | ($928) | ($1,148) | ||||
[1] | During the three months ended SeptemberB 30, 2013, the Company incurred $10B million in transaction-related costs related to the integration of the operations of Avis Europe and the acquisition of Payless. During the three months ended SeptemberB 30, 2012, the Company incurred $11B million in transaction-related costs related to the integration of the operations of Avis Europe. | |||||||
[2] | During the nine months ended SeptemberB 30, 2013, the Company incurred $37 million in transaction-related costs related to the integration of the operations of Avis Europe and costs related to the acquisition and integration of Zipcar and Payless. During the nine months ended SeptemberB 30, 2012, the Company incurred $21 million in transaction-related costs related to the integration of the operations of Avis Europe. |
Guarantor_And_NonGuarantor_Con1
Guarantor And Non-Guarantor Consolidating Condensed Financial Statements (Consolidating Condensed Balance Sheets) (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | ||||
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | $589 | $606 | $554 | $534 |
Receivables, net | 681 | 553 | ' | ' |
Deferred income taxes | 163 | 146 | ' | ' |
Other current assets | 575 | 405 | ' | ' |
Total current assets | 2,008 | 1,710 | ' | ' |
Property and equipment, net | 570 | 529 | ' | ' |
Deferred income taxes | 1,351 | 1,454 | ' | ' |
Goodwill | 689 | 375 | ' | ' |
Other intangibles, net | 928 | 731 | ' | ' |
Other non-current assets | 375 | 320 | ' | ' |
Intercompany receivables (payables) | 0 | 0 | ' | ' |
Investment in subsidiaries | 0 | 0 | ' | ' |
Total assets exclusive of assets under vehicle programs | 5,921 | 5,119 | ' | ' |
Assets under vehicle programs: | ' | ' | ' | ' |
Program cash | 210 | 24 | ' | ' |
Vehicles, net | 10,805 | 9,274 | ' | ' |
Receivables from vehicle manufacturers and other | 506 | 439 | ' | ' |
Investment in Avis Budget Rental Car Funding (AESOP) LLC-related party | 362 | 362 | ' | ' |
Total Assets under vehicle programs | 11,883 | 10,099 | ' | ' |
Total assets | 17,804 | 15,218 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Accounts payable and other current liabilities | 1,680 | 1,421 | ' | ' |
Long-term Debt, Current Maturities | 181 | 57 | ' | ' |
Total current liabilities | 1,861 | 1,478 | ' | ' |
Long-term debt | 3,203 | 2,848 | ' | ' |
Other non-current liabilities | 878 | 871 | ' | ' |
Total liabilities exclusive of liabilities under vehicle programs | 5,942 | 5,197 | ' | ' |
Liabilities under vehicle programs: | ' | ' | ' | ' |
Debt | 2,508 | 1,603 | ' | ' |
Due to Avis Budget Rental Car Funding (AESOP) LLC-related party | 6,128 | 5,203 | ' | ' |
Deferred income taxes | 2,190 | 2,163 | ' | ' |
Other | 232 | 295 | ' | ' |
Total Liabilities under vehicle programs | 11,058 | 9,264 | ' | ' |
Total stockholders' equity | 804 | 757 | ' | ' |
Total liabilities and stockholders' equity | 17,804 | 15,218 | ' | ' |
Parent [Member] | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 7 | 5 | 4 | 2 |
Receivables, net | 0 | 0 | ' | ' |
Deferred income taxes | 3 | 3 | ' | ' |
Other current assets | 4 | 5 | ' | ' |
Total current assets | 14 | 13 | ' | ' |
Property and equipment, net | 0 | 0 | ' | ' |
Deferred income taxes | 19 | 23 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Other intangibles, net | 0 | 0 | ' | ' |
Other non-current assets | 106 | 109 | ' | ' |
Intercompany receivables (payables) | 144 | 142 | ' | ' |
Investment in subsidiaries | 716 | 723 | ' | ' |
Total assets exclusive of assets under vehicle programs | 999 | 1,010 | ' | ' |
Assets under vehicle programs: | ' | ' | ' | ' |
Program cash | 0 | 0 | ' | ' |
Vehicles, net | 0 | 0 | ' | ' |
Receivables from vehicle manufacturers and other | 0 | 0 | ' | ' |
Investment in Avis Budget Rental Car Funding (AESOP) LLC-related party | 0 | 0 | ' | ' |
Total Assets under vehicle programs | 0 | 0 | ' | ' |
Total assets | 999 | 1,010 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Accounts payable and other current liabilities | 22 | 22 | ' | ' |
Long-term Debt, Current Maturities | 0 | 0 | ' | ' |
Total current liabilities | 22 | 22 | ' | ' |
Long-term debt | 75 | 128 | ' | ' |
Other non-current liabilities | 98 | 103 | ' | ' |
Total liabilities exclusive of liabilities under vehicle programs | 195 | 253 | ' | ' |
Liabilities under vehicle programs: | ' | ' | ' | ' |
Debt | 0 | 0 | ' | ' |
Due to Avis Budget Rental Car Funding (AESOP) LLC-related party | 0 | 0 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Other | 0 | 0 | ' | ' |
Total Liabilities under vehicle programs | 0 | 0 | ' | ' |
Total stockholders' equity | 804 | 757 | ' | ' |
Total liabilities and stockholders' equity | 999 | 1,010 | ' | ' |
Subsidiary Issuers [Member] | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 34 | 102 | 52 | 234 |
Receivables, net | 0 | 0 | ' | ' |
Deferred income taxes | 1 | 1 | ' | ' |
Other current assets | 84 | 73 | ' | ' |
Total current assets | 119 | 176 | ' | ' |
Property and equipment, net | 96 | 90 | ' | ' |
Deferred income taxes | 1,200 | 1,216 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Other intangibles, net | 42 | 43 | ' | ' |
Other non-current assets | 101 | 80 | ' | ' |
Intercompany receivables (payables) | -442 | 141 | ' | ' |
Investment in subsidiaries | 2,871 | 2,030 | ' | ' |
Total assets exclusive of assets under vehicle programs | 3,987 | 3,776 | ' | ' |
Assets under vehicle programs: | ' | ' | ' | ' |
Program cash | 0 | 0 | ' | ' |
Vehicles, net | 23 | 7 | ' | ' |
Receivables from vehicle manufacturers and other | 2 | 0 | ' | ' |
Investment in Avis Budget Rental Car Funding (AESOP) LLC-related party | 0 | 0 | ' | ' |
Total Assets under vehicle programs | 25 | 7 | ' | ' |
Total assets | 4,012 | 3,783 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Accounts payable and other current liabilities | 253 | 250 | ' | ' |
Long-term Debt, Current Maturities | 167 | 13 | ' | ' |
Total current liabilities | 420 | 263 | ' | ' |
Long-term debt | 2,783 | 2,712 | ' | ' |
Other non-current liabilities | 89 | 79 | ' | ' |
Total liabilities exclusive of liabilities under vehicle programs | 3,292 | 3,054 | ' | ' |
Liabilities under vehicle programs: | ' | ' | ' | ' |
Debt | 4 | 4 | ' | ' |
Due to Avis Budget Rental Car Funding (AESOP) LLC-related party | 0 | 0 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Other | 0 | 2 | ' | ' |
Total Liabilities under vehicle programs | 4 | 6 | ' | ' |
Total stockholders' equity | 716 | 723 | ' | ' |
Total liabilities and stockholders' equity | 4,012 | 3,783 | ' | ' |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 10 | 0 | 0 | 1 |
Receivables, net | 181 | 156 | ' | ' |
Deferred income taxes | 142 | 138 | ' | ' |
Other current assets | 86 | 81 | ' | ' |
Total current assets | 419 | 375 | ' | ' |
Property and equipment, net | 307 | 276 | ' | ' |
Deferred income taxes | 139 | 223 | ' | ' |
Goodwill | 349 | 74 | ' | ' |
Other intangibles, net | 522 | 341 | ' | ' |
Other non-current assets | 19 | 14 | ' | ' |
Intercompany receivables (payables) | 522 | 174 | ' | ' |
Investment in subsidiaries | 3,427 | 3,293 | ' | ' |
Total assets exclusive of assets under vehicle programs | 5,704 | 4,770 | ' | ' |
Assets under vehicle programs: | ' | ' | ' | ' |
Program cash | 0 | 0 | ' | ' |
Vehicles, net | 10 | 13 | ' | ' |
Receivables from vehicle manufacturers and other | 0 | 0 | ' | ' |
Investment in Avis Budget Rental Car Funding (AESOP) LLC-related party | 0 | 0 | ' | ' |
Total Assets under vehicle programs | 10 | 13 | ' | ' |
Total assets | 5,714 | 4,783 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Accounts payable and other current liabilities | 595 | 490 | ' | ' |
Long-term Debt, Current Maturities | 3 | 3 | ' | ' |
Total current liabilities | 598 | 493 | ' | ' |
Long-term debt | 7 | 8 | ' | ' |
Other non-current liabilities | 252 | 277 | ' | ' |
Total liabilities exclusive of liabilities under vehicle programs | 857 | 778 | ' | ' |
Liabilities under vehicle programs: | ' | ' | ' | ' |
Debt | 0 | 0 | ' | ' |
Due to Avis Budget Rental Car Funding (AESOP) LLC-related party | 0 | 0 | ' | ' |
Deferred income taxes | 1,986 | 1,975 | ' | ' |
Other | 0 | 0 | ' | ' |
Total Liabilities under vehicle programs | 1,986 | 1,975 | ' | ' |
Total stockholders' equity | 2,871 | 2,030 | ' | ' |
Total liabilities and stockholders' equity | 5,714 | 4,783 | ' | ' |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 538 | 499 | 498 | 297 |
Receivables, net | 500 | 397 | ' | ' |
Deferred income taxes | 17 | 4 | ' | ' |
Other current assets | 401 | 246 | ' | ' |
Total current assets | 1,456 | 1,146 | ' | ' |
Property and equipment, net | 167 | 163 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Goodwill | 340 | 301 | ' | ' |
Other intangibles, net | 364 | 347 | ' | ' |
Other non-current assets | 149 | 117 | ' | ' |
Intercompany receivables (payables) | -224 | -457 | ' | ' |
Investment in subsidiaries | 0 | 0 | ' | ' |
Total assets exclusive of assets under vehicle programs | 2,252 | 1,617 | ' | ' |
Assets under vehicle programs: | ' | ' | ' | ' |
Program cash | 210 | 24 | ' | ' |
Vehicles, net | 10,772 | 9,254 | ' | ' |
Receivables from vehicle manufacturers and other | 504 | 439 | ' | ' |
Investment in Avis Budget Rental Car Funding (AESOP) LLC-related party | 362 | 362 | ' | ' |
Total Assets under vehicle programs | 11,848 | 10,079 | ' | ' |
Total assets | 14,100 | 11,696 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Accounts payable and other current liabilities | 810 | 659 | ' | ' |
Long-term Debt, Current Maturities | 11 | 41 | ' | ' |
Total current liabilities | 821 | 700 | ' | ' |
Long-term debt | 338 | 0 | ' | ' |
Other non-current liabilities | 446 | 420 | ' | ' |
Total liabilities exclusive of liabilities under vehicle programs | 1,605 | 1,120 | ' | ' |
Liabilities under vehicle programs: | ' | ' | ' | ' |
Debt | 2,504 | 1,599 | ' | ' |
Due to Avis Budget Rental Car Funding (AESOP) LLC-related party | 6,128 | 5,203 | ' | ' |
Deferred income taxes | 204 | 188 | ' | ' |
Other | 232 | 293 | ' | ' |
Total Liabilities under vehicle programs | 9,068 | 7,283 | ' | ' |
Total stockholders' equity | 3,427 | 3,293 | ' | ' |
Total liabilities and stockholders' equity | 14,100 | 11,696 | ' | ' |
Eliminations [Member] | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Receivables, net | 0 | 0 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Other current assets | 0 | 0 | ' | ' |
Total current assets | 0 | 0 | ' | ' |
Property and equipment, net | 0 | 0 | ' | ' |
Deferred income taxes | -7 | -8 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Other intangibles, net | 0 | 0 | ' | ' |
Other non-current assets | 0 | 0 | ' | ' |
Intercompany receivables (payables) | 0 | 0 | ' | ' |
Investment in subsidiaries | -7,014 | -6,046 | ' | ' |
Total assets exclusive of assets under vehicle programs | -7,021 | -6,054 | ' | ' |
Assets under vehicle programs: | ' | ' | ' | ' |
Program cash | 0 | 0 | ' | ' |
Vehicles, net | 0 | 0 | ' | ' |
Receivables from vehicle manufacturers and other | 0 | 0 | ' | ' |
Investment in Avis Budget Rental Car Funding (AESOP) LLC-related party | 0 | 0 | ' | ' |
Total Assets under vehicle programs | 0 | 0 | ' | ' |
Total assets | -7,021 | -6,054 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Accounts payable and other current liabilities | 0 | 0 | ' | ' |
Long-term Debt, Current Maturities | 0 | 0 | ' | ' |
Total current liabilities | 0 | 0 | ' | ' |
Long-term debt | 0 | 0 | ' | ' |
Other non-current liabilities | -7 | -8 | ' | ' |
Total liabilities exclusive of liabilities under vehicle programs | -7 | -8 | ' | ' |
Liabilities under vehicle programs: | ' | ' | ' | ' |
Debt | 0 | 0 | ' | ' |
Due to Avis Budget Rental Car Funding (AESOP) LLC-related party | 0 | 0 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Other | 0 | 0 | ' | ' |
Total Liabilities under vehicle programs | 0 | 0 | ' | ' |
Total stockholders' equity | -7,014 | -6,046 | ' | ' |
Total liabilities and stockholders' equity | ($7,021) | ($6,054) | ' | ' |
Guarantor_And_NonGuarantor_Con2
Guarantor And Non-Guarantor Consolidating Condensed Financial Statements (Consolidating Condensed Statements Of Cash Flows) (Detail) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Supplemental Guarantor Financial Information [Line Items] | ' | ' |
Net cash provided by (used in) operating activities | $1,743 | $1,524 |
Property and equipment additions | -92 | -82 |
Proceeds received on asset sales | 13 | 16 |
Payments to Acquire Restricted Investments | -531 | -5 |
Other, net | 37 | -25 |
Net cash used in investing activities exclusive of vehicle programs | -573 | -96 |
Decrease (increase) in program cash | -173 | -90 |
Investment in vehicles | -8,865 | -8,962 |
Proceeds received on disposition of vehicles | 6,393 | 6,136 |
Net cash used in investing activities of vehicle programs | -2,645 | -2,916 |
Net cash used in investing activities | -3,218 | -3,012 |
Proceeds from long-term borrowings | 2,725 | 654 |
Principal payments on borrowings | -2,344 | -907 |
Net change in short-term borrowings | -32 | 1 |
Purchase of warrants | -30 | -26 |
Proceeds from sale of call options | 41 | 38 |
Payments for Repurchase of Common Stock | -21 | 0 |
Net intercompany transactions | 0 | 0 |
Debt financing fees | -36 | -11 |
Other, net | -2 | -1 |
Net cash provided by financing activities exclusive of vehicle programs | 305 | -250 |
Proceeds from borrowings | 10,266 | 9,238 |
Principal payments on borrowings | -9,079 | -7,467 |
Debt financing fees | -26 | -18 |
Net cash provided by financing activities of vehicle programs | 1,161 | 1,753 |
Net cash provided by financing activities | 1,466 | 1,503 |
Effect of changes in exchange rates on cash and cash equivalents | -8 | 5 |
Net increase (decrease) in cash and cash equivalents | -17 | 20 |
Cash and cash equivalents, beginning of period | 606 | 534 |
Cash and cash equivalents, end of period | 589 | 554 |
Parent [Member] | ' | ' |
Supplemental Guarantor Financial Information [Line Items] | ' | ' |
Net cash provided by (used in) operating activities | -4 | -48 |
Property and equipment additions | 0 | 0 |
Proceeds received on asset sales | 0 | 0 |
Other, net | 0 | 4 |
Net cash used in investing activities exclusive of vehicle programs | 0 | 4 |
Decrease (increase) in program cash | 0 | 0 |
Investment in vehicles | 0 | 0 |
Proceeds received on disposition of vehicles | 0 | 0 |
Net cash used in investing activities of vehicle programs | 0 | 0 |
Net cash used in investing activities | 0 | 4 |
Proceeds from long-term borrowings | 0 | 0 |
Principal payments on borrowings | -94 | -201 |
Net change in short-term borrowings | 0 | 0 |
Purchase of warrants | -30 | -26 |
Proceeds from sale of call options | 41 | 38 |
Payments for Repurchase of Common Stock | -21 | ' |
Net intercompany transactions | 108 | 234 |
Debt financing fees | 0 | 0 |
Other, net | -2 | -1 |
Net cash provided by financing activities exclusive of vehicle programs | 6 | 46 |
Proceeds from borrowings | 0 | 0 |
Principal payments on borrowings | 0 | 0 |
Debt financing fees | 0 | 0 |
Net cash provided by financing activities of vehicle programs | 0 | 0 |
Net cash provided by financing activities | 6 | 46 |
Effect of changes in exchange rates on cash and cash equivalents | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 2 | 2 |
Cash and cash equivalents, beginning of period | 5 | 2 |
Cash and cash equivalents, end of period | 7 | 4 |
Subsidiary Issuers [Member] | ' | ' |
Supplemental Guarantor Financial Information [Line Items] | ' | ' |
Net cash provided by (used in) operating activities | 448 | 128 |
Property and equipment additions | -17 | -19 |
Proceeds received on asset sales | 4 | 5 |
Payments to Acquire Restricted Investments | -563 | 0 |
Other, net | -13 | -3 |
Net cash used in investing activities exclusive of vehicle programs | -589 | -17 |
Decrease (increase) in program cash | 0 | 0 |
Investment in vehicles | -40 | -2 |
Proceeds received on disposition of vehicles | 22 | 4 |
Net cash used in investing activities of vehicle programs | -18 | 2 |
Net cash used in investing activities | -607 | -15 |
Proceeds from long-term borrowings | 2,400 | 654 |
Principal payments on borrowings | -2,248 | -704 |
Net change in short-term borrowings | 0 | 0 |
Purchase of warrants | 0 | 0 |
Proceeds from sale of call options | 0 | 0 |
Payments for Repurchase of Common Stock | 0 | ' |
Net intercompany transactions | -32 | -234 |
Debt financing fees | -29 | -11 |
Other, net | 0 | 0 |
Net cash provided by financing activities exclusive of vehicle programs | 91 | -295 |
Proceeds from borrowings | 0 | 0 |
Principal payments on borrowings | 0 | 0 |
Debt financing fees | 0 | 0 |
Net cash provided by financing activities of vehicle programs | 0 | 0 |
Net cash provided by financing activities | 91 | -295 |
Effect of changes in exchange rates on cash and cash equivalents | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | -68 | -182 |
Cash and cash equivalents, beginning of period | 102 | 234 |
Cash and cash equivalents, end of period | 34 | 52 |
Guarantor Subsidiaries [Member] | ' | ' |
Supplemental Guarantor Financial Information [Line Items] | ' | ' |
Net cash provided by (used in) operating activities | 2 | 42 |
Property and equipment additions | -43 | -26 |
Proceeds received on asset sales | 0 | 3 |
Payments to Acquire Restricted Investments | 8 | 0 |
Other, net | 47 | -1 |
Net cash used in investing activities exclusive of vehicle programs | 12 | -24 |
Decrease (increase) in program cash | 0 | 0 |
Investment in vehicles | -2 | -19 |
Proceeds received on disposition of vehicles | 0 | 2 |
Net cash used in investing activities of vehicle programs | -2 | -17 |
Net cash used in investing activities | 10 | -41 |
Proceeds from long-term borrowings | 0 | 0 |
Principal payments on borrowings | -2 | -2 |
Net change in short-term borrowings | 0 | 0 |
Purchase of warrants | 0 | 0 |
Proceeds from sale of call options | 0 | ' |
Payments for Repurchase of Common Stock | 0 | ' |
Net intercompany transactions | 0 | 0 |
Debt financing fees | 0 | 0 |
Other, net | 0 | 0 |
Net cash provided by financing activities exclusive of vehicle programs | -2 | -2 |
Proceeds from borrowings | 0 | 0 |
Principal payments on borrowings | 0 | 0 |
Debt financing fees | 0 | 0 |
Net cash provided by financing activities of vehicle programs | 0 | 0 |
Net cash provided by financing activities | -2 | -2 |
Effect of changes in exchange rates on cash and cash equivalents | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 10 | -1 |
Cash and cash equivalents, beginning of period | 0 | 1 |
Cash and cash equivalents, end of period | 10 | 0 |
Non-Guarantor Subsidiaries [Member] | ' | ' |
Supplemental Guarantor Financial Information [Line Items] | ' | ' |
Net cash provided by (used in) operating activities | 1,300 | 1,402 |
Property and equipment additions | -32 | -37 |
Proceeds received on asset sales | 9 | 8 |
Payments to Acquire Restricted Investments | 24 | -5 |
Other, net | 3 | -25 |
Net cash used in investing activities exclusive of vehicle programs | 4 | -59 |
Decrease (increase) in program cash | -173 | -90 |
Investment in vehicles | -8,823 | -8,941 |
Proceeds received on disposition of vehicles | 6,371 | 6,130 |
Net cash used in investing activities of vehicle programs | -2,625 | -2,901 |
Net cash used in investing activities | -2,621 | -2,960 |
Proceeds from long-term borrowings | 325 | 0 |
Principal payments on borrowings | 0 | 0 |
Net change in short-term borrowings | -32 | 1 |
Purchase of warrants | 0 | 0 |
Proceeds from sale of call options | 0 | ' |
Payments for Repurchase of Common Stock | 0 | ' |
Net intercompany transactions | -79 | 0 |
Debt financing fees | -7 | 0 |
Other, net | 0 | 0 |
Net cash provided by financing activities exclusive of vehicle programs | 207 | 1 |
Proceeds from borrowings | 10,266 | 9,238 |
Principal payments on borrowings | -9,079 | -7,467 |
Debt financing fees | -26 | -18 |
Net cash provided by financing activities of vehicle programs | 1,161 | 1,753 |
Net cash provided by financing activities | 1,368 | 1,754 |
Effect of changes in exchange rates on cash and cash equivalents | -8 | 5 |
Net increase (decrease) in cash and cash equivalents | 39 | 201 |
Cash and cash equivalents, beginning of period | 499 | 297 |
Cash and cash equivalents, end of period | 538 | 498 |
Eliminations [Member] | ' | ' |
Supplemental Guarantor Financial Information [Line Items] | ' | ' |
Net cash provided by (used in) operating activities | -3 | 0 |
Property and equipment additions | 0 | 0 |
Proceeds received on asset sales | 0 | 0 |
Payments to Acquire Restricted Investments | 0 | 0 |
Other, net | 0 | 0 |
Net cash used in investing activities exclusive of vehicle programs | 0 | 0 |
Decrease (increase) in program cash | 0 | 0 |
Investment in vehicles | 0 | 0 |
Proceeds received on disposition of vehicles | 0 | 0 |
Net cash used in investing activities of vehicle programs | 0 | 0 |
Net cash used in investing activities | 0 | 0 |
Proceeds from long-term borrowings | 0 | 0 |
Principal payments on borrowings | 0 | 0 |
Net change in short-term borrowings | 0 | 0 |
Purchase of warrants | 0 | 0 |
Proceeds from sale of call options | 0 | 0 |
Payments for Repurchase of Common Stock | 0 | ' |
Net intercompany transactions | 3 | 0 |
Debt financing fees | 0 | 0 |
Other, net | 0 | 0 |
Net cash provided by financing activities exclusive of vehicle programs | 3 | 0 |
Proceeds from borrowings | 0 | 0 |
Principal payments on borrowings | 0 | 0 |
Debt financing fees | 0 | 0 |
Net cash provided by financing activities of vehicle programs | 0 | 0 |
Net cash provided by financing activities | 3 | 0 |
Effect of changes in exchange rates on cash and cash equivalents | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents, beginning of period | 0 | 0 |
Cash and cash equivalents, end of period | 0 | 0 |
Parent [Member] | ' | ' |
Supplemental Guarantor Financial Information [Line Items] | ' | ' |
Payments to Acquire Restricted Investments | $0 | $0 |
Subsequent_Events_Narrative_De
Subsequent Events (Narrative) (Detail) (USD $) | 0 Months Ended | 3 Months Ended | |||||
In Millions, unless otherwise specified | Aug. 06, 2013 | Apr. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
9 5/8% Notes [Member] | 9 3/4% Notes [Member] | Payless [Member] | Revolving Credit Facility Maturing Two Thousand Sixteen [Member] | ||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | |
Acquisition purchase price | ' | ' | ' | ' | $50 | ' | |
Maturity Dates | ' | ' | 'March 2018 | 'March 2020 | ' | ' | |
Basis spread over variable rate | ' | ' | ' | ' | ' | 3.00% | |
Tender Offer Paid on Notes | ' | 398 | ' | ' | ' | ' | |
Stock Repurchase Program, Authorized Amount | 200 | ' | ' | ' | ' | ' | |
Line of Credit Facility, Current Borrowing Capacity | ' | ' | ' | ' | ' | $1,650 | [1] |
[1] | This revolving credit facility matures in 2018 and bears interest of one-month LIBOR plus 225 basis points. The Companybs senior credit facility, which encompasses the floating rate term loans due 2016 and 2019 and the revolving credit facility, is secured by pledges of all of the capital stock of all of the Companybs domestic subsidiaries and 65% of the capital stock of each direct foreign subsidiary, subject to certain exceptions, and liens on substantially all of the Companybs intellectual property and certain other real and personal property. |