Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | Apr. 30, 2014 | |
Document Documentand Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
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 | ' | 105,396,505 |
CONSOLIDATED_CONDENSED_STATEME
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (USD $) | 1 Months Ended | 3 Months Ended | |||
In Millions, except Per Share data, unless otherwise specified | Apr. 30, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | ||
Income Statement [Abstract] | ' | ' | ' | ||
Vehicle Depreciation And Lease Charges Net | ' | $433 | $386 | ||
Revenues | ' | ' | ' | ||
Vehicle rental | ' | 1,329 | 1,217 | ||
Other | ' | 533 | 474 | ||
Net revenues | ' | 1,862 | 1,691 | ||
Expenses | ' | ' | ' | ||
Operating | ' | 1,000 | 931 | ||
Vehicle depreciation and lease charges, net | ' | 433 | 386 | ||
Selling, general and administrative | ' | 248 | 224 | ||
Vehicle interest, net | ' | 64 | 57 | ||
Non-vehicle related depreciation and amortization | ' | 41 | 34 | ||
Interest expense related to corporate debt, net: | ' | ' | ' | ||
Interest expense | ' | 56 | 58 | ||
Early extinguishment of debt | 26 | 0 | 40 | ||
Transaction-related costs | ' | 8 | 8 | ||
Restructuring expense | ' | 7 | [1] | 10 | [2] |
Total expenses | ' | 1,857 | 1,748 | ||
Income (loss) before income taxes | ' | 5 | -57 | ||
Provision for (benefit from) income taxes | ' | 1 | -11 | ||
Net income (loss) | ' | 4 | -46 | ||
Comprehensive income (loss) | ' | $7 | ($69) | ||
Earnings (loss) per share | ' | ' | ' | ||
Basic (US$ per share) | ' | $0.03 | ($0.43) | ||
Diluted (US$ per share) | ' | $0.03 | ($0.43) | ||
[1] | (d) During the three months ended March 31, 2014, transaction-related costs primarily comprised of a non-cash charge for re-acquired license rights and acquisition integration expenses. During the three months ended March 31, 2013, transaction-related costs primarily related to the integration of Avis Europe and the acquisition of Zipcar. | ||||
[2] | (c)Â Includes unallocated corporate overhead which is not attributable to a particular segment. |
CONSOLIDATED_CONDENSED_BALANCE
CONSOLIDATED CONDENSED BALANCE SHEETS (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $841 | $693 |
Receivables, net | 646 | 619 |
Deferred income taxes | 174 | 177 |
Other current assets | 501 | 455 |
Total current assets | 2,162 | 1,944 |
Property and equipment, net | 613 | 614 |
Deferred income taxes | 1,264 | 1,299 |
Goodwill | 713 | 691 |
Other intangibles, net | 932 | 923 |
Other non-current assets | 362 | 361 |
Total assets exclusive of assets under vehicle programs | 6,046 | 5,832 |
Assets under vehicle programs: | ' | ' |
Program cash | 104 | 116 |
Vehicles, net | 10,617 | 9,582 |
Receivables from vehicle manufacturers and other | 240 | 391 |
Investment in Avis Budget Rental Car Funding (AESOP) LLC—related party | 362 | 363 |
Total assets under vehicle programs: | 11,323 | 10,452 |
Total assets | 17,369 | 16,284 |
Current liabilities: | ' | ' |
Accounts payable and other current liabilities | 1,474 | 1,479 |
Short-term debt and current portion of long-term debt | 393 | 89 |
Total current liabilities | 1,867 | 1,568 |
Long-term debt | 3,303 | 3,305 |
Other non-current liabilities | 840 | 847 |
Total liabilities exclusive of liabilities under vehicle programs | 6,010 | 5,720 |
Liabilities under vehicle programs: | ' | ' |
Debt | 1,640 | 1,681 |
Debt due to Avis Budget Rental Car Funding (AESOP) LLC—related party | 6,359 | 5,656 |
Deferred income taxes | 2,141 | 2,177 |
Other | 516 | 279 |
Total Liabilities under vehicle programs | 10,656 | 9,793 |
Commitments and contingencies (Note 10) | ' | ' |
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 137,081,117 and 137,081,056 shares | 1 | 1 |
Additional paid-in capital | 7,729 | 7,893 |
Accumulated deficit | -2,356 | -2,360 |
Accumulated other comprehensive income | 120 | 117 |
Treasury stock, at cost—31,457,613 and 30,515,721 shares | -4,791 | -4,880 |
Total stockholders’ equity | 703 | 771 |
Total liabilities and stockholders’ equity | $17,369 | $16,284 |
CONSOLIDATED_CONDENSED_BALANCE1
CONSOLIDATED CONDENSED BALANCE SHEETS (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
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 | 137,081,117 | 137,081,056 |
Treasury stock,shares | 31,457,613 | 30,515,721 |
CONSOLIDATED_CONDENSED_STATEME1
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Operating activities | ' | ' |
Net income (loss) | $4 | ($46) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' |
Vehicle depreciation | 407 | 353 |
Gain on sale of vehicles, net | -11 | 0 |
Non-vehicle related depreciation and amortization | 41 | 34 |
Amortization of debt financing fees | 9 | 11 |
Net change in assets and liabilities, excluding the impact of acquisitions and dispositions: | ' | ' |
Receivables | -27 | -57 |
Income taxes and deferred income taxes | 1 | -21 |
Accounts payable and other current liabilities | -71 | -35 |
Other, net | 37 | 61 |
Net cash provided by operating activities | 390 | 300 |
Investing activities | ' | ' |
Property and equipment additions | -36 | -21 |
Proceeds received on asset sales | 3 | 4 |
Net assets acquired (net of cash acquired) | -124 | -476 |
Other, net | -7 | 26 |
Net cash used in investing activities exclusive of vehicle programs | -164 | -467 |
Vehicle programs: | ' | ' |
Decrease (increase) in program cash | 12 | -24 |
Investment in vehicles | -3,275 | -3,111 |
Proceeds received on disposition of vehicles | 2,470 | 2,394 |
Net cash used in investing activities of vehicle programs | -793 | -741 |
Net cash used in investing activities | -957 | -1,208 |
Financing activities | ' | ' |
Proceeds from long-term borrowings | 295 | 1,225 |
Payments on long-term borrowings | -5 | -788 |
Net change in short-term borrowings | 11 | -31 |
Purchases of warrants | 0 | -28 |
Proceeds from sale of call options | 0 | 37 |
Repurchases of common stock | -67 | 0 |
Debt financing fees | -5 | -10 |
Other, net | -1 | 2 |
Net cash provided by financing activities exclusive of vehicle programs | 228 | 407 |
Vehicle programs: | ' | ' |
Proceeds from borrowings | 3,775 | 3,762 |
Payments on borrowings | -3,280 | -3,279 |
Debt financing fees | -7 | -17 |
Net cash provided by financing activities of vehicle programs | 488 | 466 |
Net cash provided by financing activities | 716 | 873 |
Effect of changes in exchange rates on cash and cash equivalents | -1 | -2 |
Net increase (decrease) in cash and cash equivalents | 148 | -37 |
Cash and cash equivalents, beginning of period | 693 | 606 |
Cash and cash equivalents, end of period | $841 | $569 |
Basis_of_Presentation_and_Rece
Basis of Presentation and Recently Issued Accounting Pronouncements | 3 Months Ended | |
Mar. 31, 2014 | ||
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 in North America. | |
• | International—provides and licenses the Company’s brands to third parties for vehicle rentals and ancillary products and services in Europe, the Middle East, Africa, Asia, South America, Central America, the Caribbean, Australia and New Zealand, and operates the Company's car sharing business in certain of these markets. | |
• | Truck Rental—provides truck rentals and ancillary products and services to consumers and commercial users in the United States. | |
In conjunction with a change in the Company’s management structure, the financial results of the Company’s Zipcar operations outside of North America will now be reported in the Company’s International segment rather than in the Company’s North America segment. The Company’s business segment financial information presented in these Notes to Consolidated Condensed Financial Statements has been recast to conform with the Company’s current business segment reporting alignment for all periods presented. The Company’s consolidated condensed results were not affected by this change. | ||
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 2013 Annual Report on Form 10-K. | ||
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. | ||
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 months ended March 31, 2014 and 2013, the Company recorded losses of $2 million and $4 million, respectively, on such items. | ||
Adoption of New Accounting Standards | ||
On January 1, 2014, the Company adopted, as required, Accounting Standards Update No. 2013-04, “Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligations Is Fixed at the Reporting Date,” which requires companies to measure obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date. The adoption of this pronouncement did not have a material impact on the Company’s financial statements. |
Restructuring
Restructuring | 3 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||||
Restructuring Activities | ' | |||||||||||||
Restructuring Activities | ||||||||||||||
Subsequent to the acquisition of Avis Europe, the Company began a restructuring initiative, identifying synergies across the Company, enhancing organizational efficiencies and consolidating and rationalizing processes. During the three months ended March 31, 2014, as part of this process, the Company formally communicated the termination of employment to approximately 130 employees and recorded $7 million of expense in connection with these initiatives. These expenses primarily represent severance, outplacement services and other costs associated with employee terminations. As of March 31, 2014, the Company has terminated approximately 90 of these employees. The Company expects further restructuring expense of approximately $15 million to be incurred in 2014. | ||||||||||||||
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 expense and corresponding payments and utilizations: | ||||||||||||||
North | International | Total | ||||||||||||
America | ||||||||||||||
Balance as of January 1, 2014 | $ | 1 | $ | 21 | $ | 22 | ||||||||
Restructuring expense | 1 | 6 | 7 | |||||||||||
Cash payment/utilization | (1 | ) | (11 | ) | (12 | ) | ||||||||
Balance as of March 31, 2014 | $ | 1 | $ | 16 | $ | 17 | ||||||||
Personnel | Facility | Total | ||||||||||||
Related | Related | |||||||||||||
Balance as of January 1, 2014 | $ | 17 | $ | 5 | $ | 22 | ||||||||
Restructuring expense | 7 | — | 7 | |||||||||||
Cash payment/utilization | (12 | ) | — | (12 | ) | |||||||||
Balance as of March 31, 2014 | $ | 12 | $ | 5 | $ | 17 | ||||||||
Earnings_Per_Share_Earnings_Pe
Earnings Per Share Earnings Per Share (Notes) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
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 | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Net income (loss) for basic and diluted EPS | $ | 4 | $ | (46 | ) | ||||
Basic weighted average shares outstanding | 106.6 | 107.7 | |||||||
Options, warrants and non-vested stock (a) (b) | 2 | — | |||||||
Convertible debt (c) (d) | — | — | |||||||
Diluted weighted average shares outstanding | 108.6 | 107.7 | |||||||
Earnings per share: | |||||||||
Basic | $ | 0.03 | $ | (0.43 | ) | ||||
Diluted | $ | 0.03 | $ | (0.43 | ) | ||||
__________ | |||||||||
(a) | For the three months ended March 31, 2014, the number of anti-dilutive securities which were excluded from the computation of diluted earnings per share was not significant. | ||||||||
(b) | As the Company incurred a net loss for the three months ended March 31, 2013, 1.5 million outstanding options, 4.7 million warrants and 3.4 million non-vested stock awards have an anti-dilutive effect and therefore are excluded from the computation of diluted weighted average shares outstanding. | ||||||||
(c) | For the three months ended March 31, 2014, 4.0 million issuable shares underlying the 3½% convertible notes due 2014 have an anti-dilutive effect and therefore are excluded from the computation of diluted weighted average shares outstanding. | ||||||||
(d) | For the three months ended March 31, 2013, 4.7 million issuable shares underlying the 3½% convertible notes due 2014 have an anti-dilutive effect and therefore are excluded from the computation of diluted weighted average shares outstanding. |
Acquisitions
Acquisitions | 3 Months Ended |
Mar. 31, 2014 | |
Business Combinations [Abstract] | ' |
Acquisitions | ' |
Acquisitions | |
Edmonton | |
In February 2014, the Company completed the acquisition of its Budget licensee for Edmonton and certain other cities in Alberta for approximately $33 million, plus $86 million for acquired fleet. The investment will enable the Company to expand its footprint of Company-operated locations in Canada. The acquired fleet was financed under the Company's existing vehicle financing arrangements in Canada. 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 and most of which is 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, approximately $17 million was recorded in identifiable intangible assets (consisting of $11 million related to customer relationships and $6 million related to the reacquired license agreements) and $9 million was recorded in goodwill. The customer relationships will be amortized over a weighted average useful life of approximately 12 years and the license agreements will be amortized over approximately 4 years. In addition, at the time of the acquisition, the Company recorded a $3 million non-cash charge related to the unfavorable license rights reacquired by the Company. | |
Portugal | |
In February 2014, the Company reacquired the right to operate the Budget brand in Portugal for approximately $15 million. Approximately $9 million of the total consideration was paid during first quarter 2014 and the remainder is expected to be paid in 2014. The fair value of the intangible assets acquired has not yet been finalized and is therefore subject to change. In connection with this acquisition, approximately $2 million was recorded within license agreements and $13 million was recorded in goodwill. The license agreements will be amortized over 2 years. The goodwill, which was assigned to the Company’s International segment, is expected to be deductible for tax purposes. | |
Brazil | |
In August 2013, the Company acquired a 50% ownership stake in its Brazilian licensee for $53 million, of which the remaining consideration of $6 million was paid during first quarter 2014. | |
Zipcar | |
In March 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. Differences between the preliminary allocation of the purchase price and the final allocation were not material. |
Intangible_Assets
Intangible Assets | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||
Intangible Assets | ' | |||||||||||||||||||||||
Intangible Assets | ||||||||||||||||||||||||
Intangible assets consisted of: | ||||||||||||||||||||||||
As of March 31, 2014 | As of December 31, 2013 | |||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||||||
Carrying | Amortization | Carrying | Carrying | Amortization | Carrying | |||||||||||||||||||
Amount | Amount | Amount | Amount | |||||||||||||||||||||
Amortized Intangible Assets | ||||||||||||||||||||||||
License agreements (a)(b) | $ | 280 | $ | 55 | $ | 225 | $ | 272 | $ | 52 | $ | 220 | ||||||||||||
Customer relationships (a) | 177 | 39 | 138 | 166 | 35 | 131 | ||||||||||||||||||
Other | 2 | 1 | 1 | 2 | 1 | 1 | ||||||||||||||||||
Total | $ | 459 | $ | 95 | $ | 364 | $ | 440 | $ | 88 | $ | 352 | ||||||||||||
Unamortized Intangible Assets | ||||||||||||||||||||||||
Goodwill (a)(b) | $ | 713 | $ | 691 | ||||||||||||||||||||
Trademarks | $ | 568 | $ | 571 | ||||||||||||||||||||
__________ | ||||||||||||||||||||||||
(a) | The increases in carrying amounts reflect the acquisition of the Budget licensee for Edmonton. | |||||||||||||||||||||||
(b) | The increases in carrying amounts reflect the reacquired right to operate the Budget brand in Portugal. | |||||||||||||||||||||||
Amortization expense relating to all intangible assets was approximately $7 million and $5 million during first quarter 2014 and 2013, respectively. Based on the Company’s amortizable assets at March 31, 2014, the Company expects amortization expense of approximately $25 million for the remainder of 2014 and approximately $31 million for each of the five fiscal years thereafter. |
Financial_Instruments
Financial Instruments | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Investments, All Other Investments [Abstract] | ' | ||||||||||||||||
Financial Instruments | ' | ||||||||||||||||
Financial Instruments | |||||||||||||||||
Derivative Instruments and Hedging Activities | |||||||||||||||||
The Company uses currency exchange contracts to manage its exposure to changes in currency exchange rates associated with its non-U.S.-dollar denominated receivables and forecasted royalties, forecasted earnings of non-U.S. subsidiaries and forecasted non-U.S.-dollar denominated acquisitions. The Company primarily hedges a portion of its current-year currency exposure to the Australian, Canadian and New Zealand dollars, the Euro and the British pound sterling. The majority of forward contracts do not qualify for hedge accounting treatment. The fluctuations in the value of these forward contracts do, however, largely offset the impact of changes in the value of the underlying risk they economically hedge. Forward contracts used to hedge forecasted third-party receipts and disbursements up to 12 months are designated and do qualify as cash flow hedges. | |||||||||||||||||
The Company has designated its 6% Euro-denominated notes as a hedge of its net investment in Euro-denominated foreign operations. For the three months ended March 31, 2014, the Company recorded no gain or loss in accumulated other comprehensive income as part of currency translation adjustments. There was no ineffectiveness related to the Company's cash flow or net investment hedges during the three months ended March 31, 2014 and the Company does not expect to reclassify any amounts from accumulated other comprehensive income into earnings over the next 12 months. | |||||||||||||||||
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 and interest rate caps 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 $6 million of losses currently recorded in accumulated other comprehensive income will be recognized in earnings over the next 12 months. | |||||||||||||||||
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 March 31, 2014 was approximately $1 million, for which the Company has posted cash collateral in the normal course of business. | |||||||||||||||||
The Company held derivative instruments with absolute notional values as follows: | |||||||||||||||||
As of | |||||||||||||||||
31-Mar-14 | |||||||||||||||||
Interest rate caps (a) | $ | 11,981 | |||||||||||||||
Interest rate swaps | 1,503 | ||||||||||||||||
Foreign exchange swaps | 548 | ||||||||||||||||
Foreign exchange forward contracts | 400 | ||||||||||||||||
Commodity contracts (millions of gallons of unleaded gasoline) | 7 | ||||||||||||||||
__________ | |||||||||||||||||
(a) | Represents $9.7 billion of interest rate caps sold, partially offset by approximately $2.3 billion of interest rate caps purchased. These amounts exclude $7.5 billion of interest rate caps purchased by the Company’s Avis Budget Rental Car Funding subsidiary. | ||||||||||||||||
Fair values (Level 2) of derivative instruments were as follows: | |||||||||||||||||
As of March 31, 2014 | As of December 31, 2013 | ||||||||||||||||
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) | $ | 3 | $ | — | $ | 2 | $ | 1 | |||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||
Interest rate caps (b) | 1 | 9 | 2 | 13 | |||||||||||||
Interest rate swaps | — | — | — | — | |||||||||||||
Foreign exchange swaps and forward contracts (c) | 3 | 13 | 3 | 5 | |||||||||||||
Commodity contracts | — | — | — | — | |||||||||||||
Total | $ | 7 | $ | 22 | $ | 7 | $ | 19 | |||||||||
__________ | |||||||||||||||||
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 11—Stockholders’ Equity. | |||||||||||||||||
(a) | Included in other non-current assets or other non-current liabilities. | ||||||||||||||||
(b) | Included in assets under vehicle programs or liabilities under vehicle programs. | ||||||||||||||||
(c) | Included in other current assets or other current liabilities. | ||||||||||||||||
The effects of derivatives recognized in the Company’s Consolidated Condensed Financial Statements were as follows: | |||||||||||||||||
Three Months Ended | |||||||||||||||||
March 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Derivatives designated as hedging instruments | |||||||||||||||||
Interest rate swaps (a) | $ | 1 | $ | — | |||||||||||||
Derivatives not designated as hedging instruments (b) | |||||||||||||||||
Interest rate caps (c) | — | 3 | |||||||||||||||
Foreign exchange swaps and forward contracts (d) | (18 | ) | 1 | ||||||||||||||
Commodity contracts (e) | — | 2 | |||||||||||||||
Total | $ | (17 | ) | $ | 6 | ||||||||||||
__________ | |||||||||||||||||
(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) | Included in interest expense. | ||||||||||||||||
(d) | For the three months ended March 31, 2014, included a $14 million loss in interest expense and a $4 million loss in operating expenses. For the three months ended March 31, 2013, included a $1 million loss in interest expense and a $2 million gain in operating expenses. | ||||||||||||||||
(e) | Included in operating expenses. | ||||||||||||||||
Debt Instruments | |||||||||||||||||
The carrying amounts and estimated fair values (Level 2) of debt instruments were as follows: | |||||||||||||||||
As of March 31, 2014 | As of December 31, 2013 | ||||||||||||||||
Carrying | Estimated | Carrying | Estimated | ||||||||||||||
Amount | Fair | Amount | Fair | ||||||||||||||
Value | Value | ||||||||||||||||
Corporate debt | |||||||||||||||||
Short-term debt and current portion of long-term debt, excluding convertible debt | $ | 327 | $ | 348 | $ | 23 | $ | 23 | |||||||||
Convertible debt | 66 | 197 | 66 | 159 | |||||||||||||
Long-term debt | 3,303 | 3,397 | 3,305 | 3,416 | |||||||||||||
Debt under vehicle programs | |||||||||||||||||
Vehicle-backed debt due to Avis Budget Rental Car Funding | $ | 6,359 | $ | 6,493 | $ | 5,656 | $ | 5,732 | |||||||||
Vehicle-backed debt | 1,631 | 1,640 | 1,668 | 1,675 | |||||||||||||
Interest rate swaps and interest rate contracts (a) | 9 | 9 | 13 | 13 | |||||||||||||
__________ | |||||||||||||||||
(a) | Derivatives in a liability position. |
Vehicle_Rental_Activities
Vehicle Rental Activities | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
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 | |||||||
March 31, | December 31, | |||||||
2014 | 2013 | |||||||
Rental vehicles | $ | 11,657 | $ | 10,234 | ||||
Less: Accumulated depreciation | (1,388 | ) | (1,411 | ) | ||||
10,269 | 8,823 | |||||||
Vehicles held for sale | 348 | 759 | ||||||
Vehicles, net | $ | 10,617 | $ | 9,582 | ||||
The components of vehicle depreciation and lease charges, net are summarized below: | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Depreciation expense | $ | 407 | $ | 353 | ||||
Lease charges | 37 | 33 | ||||||
Gain on sales of vehicles, net | (11 | ) | — | |||||
Vehicle depreciation and lease charges, net | $ | 433 | $ | 386 | ||||
At March 31, 2014 and 2013, the Company had purchases of vehicles included in payables of $498 million and $496 million, respectively, and sales of vehicles included in receivables of $231 million and $285 million, respectively. |
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
The Company’s effective tax rate for the three months ended March 31, 2014 is a provision of 20.0%. Such rate differs from the Federal statutory rate of 35.0% primarily due to state income taxes. | |
The Company’s effective tax rate for the three months ended March 31, 2013 was a benefit of 19.3%. Such rate differs from the Federal statutory rate of 35.0% primarily due to the treatment of the expenses for the early extinguishment of corporate debt. |
Longterm_Debt_and_Borrowing_Ar
Long-term Debt and Borrowing Arrangements | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
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 | March 31, | December 31, | ||||||||||||||
Dates | 2014 | 2013 | ||||||||||||||
3½% Convertible Notes (a) | Oct-14 | $ | 66 | $ | 66 | |||||||||||
4⅞% Senior Notes | Nov-17 | 300 | 300 | |||||||||||||
Floating Rate Senior Notes (b) | Dec-17 | 247 | 247 | |||||||||||||
8¼% Senior Notes (c) | Jan-19 | 691 | 691 | |||||||||||||
Floating Rate Term Loan (d) | Mar-19 | 988 | 989 | |||||||||||||
9¾% Senior Notes | Mar-20 | 223 | 223 | |||||||||||||
6% Euro-denominated Senior Notes | Mar-21 | 638 | 344 | |||||||||||||
5½% Senior Notes | Apr-23 | 500 | 500 | |||||||||||||
3,653 | 3,360 | |||||||||||||||
Other | 43 | 34 | ||||||||||||||
Total | 3,696 | 3,394 | ||||||||||||||
Less: Short-term debt and current portion of long-term debt | 393 | 89 | ||||||||||||||
Long-term debt | $ | 3,303 | $ | 3,305 | ||||||||||||
__________ | ||||||||||||||||
(a) | As of March 31, 2014, the 3½% convertible notes are convertible by the holders into approximately 4 million shares of the Company’s common stock. | |||||||||||||||
(b) | The interest rate on these notes is equal to three-month LIBOR plus 275 basis points, for an aggregate rate of 3.00% at March 31, 2014; the Company has entered into an interest rate swap to hedge its interest rate exposure related to these notes at an aggregate rate of 3.58%. | |||||||||||||||
(c) | As of March 31, 2014, the Company called $292 million of the 8¼% Senior Notes due 2019 for redemption; accordingly, these are included in current portion of long-term debt. | |||||||||||||||
(d) | The floating rate term loan is part of the Company’s senior credit facility, which is secured by pledges of capital stock of certain subsidiaries of the Company, and liens on substantially all of the Company’s intellectual property and certain other real and personal property. As of March 31, 2014, 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 2014, the Company issued €200 million (approximately $275 million) of additional 6% Euro-denominated Senior Notes due 2021. These additional notes were sold at 106.75% of their face value, for aggregate proceeds of approximately $295 million, with a yield to maturity of 4.85%. In April 2014, the Company used the proceeds to repurchase $292 million principal amount of its 8¼% Senior Notes for $316 million plus accrued interest. | ||||||||||||||||
COMMITTED CREDIT FACILITIES AND AVAILABLE FUNDING ARRANGEMENTS | ||||||||||||||||
At March 31, 2014, the committed corporate credit facilities available to the Company and/or its subsidiaries were as follows: | ||||||||||||||||
Total | Outstanding | Letters of Credit Issued | Available | |||||||||||||
Capacity | Borrowings | Capacity | ||||||||||||||
Revolving credit facility maturing 2018 (a) | $ | 1,650 | $ | — | $ | 638 | $ | 1,012 | ||||||||
Other facilities (b) | 13 | 1 | — | 12 | ||||||||||||
__________ | ||||||||||||||||
(a) | The senior revolving credit facility bears interest at one-month LIBOR, plus 225 basis points. The senior revolving credit facility is part of the Company’s senior credit facility, which is secured by pledges of capital stock of certain subsidiaries of the Company, 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 5.14% to 5.69% as of March 31, 2014. | |||||||||||||||
At March 31, 2014, the Company had various uncommitted credit facilities available, under which it had drawn approximately $16 million, which bear interest at rates between 0.52% and 2.50%. | ||||||||||||||||
DEBT COVENANTS | ||||||||||||||||
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 March 31, 2014, 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 | 3 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
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 (AESOP) LLC (“Avis Budget Rental Car Funding”), consisted of: | ||||||||||||
As of | As of | |||||||||||
March 31, | December 31, | |||||||||||
2014 | 2013 | |||||||||||
North America - Debt due to Avis Budget Rental Car Funding (a) | $ | 6,359 | $ | 5,656 | ||||||||
North America - Canadian borrowings (a)(b) | 482 | 400 | ||||||||||
International - Debt borrowings (c) | 584 | 731 | ||||||||||
International - Capital leases (a) | 353 | 289 | ||||||||||
Truck Rental - Debt borrowings | 211 | 226 | ||||||||||
Other | 10 | 35 | ||||||||||
Total | $ | 7,999 | $ | 7,337 | ||||||||
__________ | ||||||||||||
(a) | The increase reflects additional borrowings principally to fund an increase in the Company’s fleet driven by increased rental volume. | |||||||||||
(b) | The increase reflects additional borrowings principally to fund an increase in the Company’s fleet driven by the acquisition of its Budget licensee for Edmonton. | |||||||||||
(c) | The decrease is principally related to the timing of borrowings related to recently acquired fleet. | |||||||||||
DEBT 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 March 31, 2014. | ||||||||||||
Debt Under Vehicle Programs | ||||||||||||
Within 1 year (a) | $ | 1,131 | ||||||||||
Between 1 and 2 years | 2,218 | |||||||||||
Between 2 and 3 years | 1,571 | |||||||||||
Between 3 and 4 years | 902 | |||||||||||
Between 4 and 5 years | 1,601 | |||||||||||
Thereafter | 576 | |||||||||||
Total | $ | 7,999 | ||||||||||
__________ | ||||||||||||
(a) | Vehicle-backed debt maturing within one year includes term asset-backed securities of approximately $952 million and bank and bank-sponsored borrowings of $179 million. | |||||||||||
COMMITTED CREDIT FACILITIES AND AVAILABLE FUNDING ARRANGEMENTS | ||||||||||||
As of March 31, 2014, 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) | $ | 8,544 | $ | 6,359 | $ | 2,185 | ||||||
North America - Canadian borrowings (c) | 724 | 482 | 242 | |||||||||
International - Debt borrowings (d) | 1,511 | 584 | 927 | |||||||||
International - Capital leases (e) | 468 | 353 | 115 | |||||||||
Truck Rental - Debt borrowings (f) | 230 | 211 | 19 | |||||||||
Other | 10 | 10 | — | |||||||||
Total | $ | 11,487 | $ | 7,999 | $ | 3,488 | ||||||
__________ | ||||||||||||
(a) | Capacity is subject to maintaining sufficient assets to collateralize debt. | |||||||||||
(b) | The outstanding debt is collateralized by approximately $8.1 billion of underlying vehicles and related assets. | |||||||||||
(c) | The outstanding debt is collateralized by $604 million of underlying vehicles and related assets. | |||||||||||
(d) | The outstanding debt is collateralized by approximately $1.0 billion of underlying vehicles and related assets. | |||||||||||
(e) | The outstanding debt is collateralized by $387 million of underlying vehicles and related assets. | |||||||||||
(f) | The outstanding debt is collateralized by $351 million of underlying vehicles and related assets. | |||||||||||
DEBT COVENANTS | ||||||||||||
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 March 31, 2014, 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 | 3 Months Ended |
Mar. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
Contingencies | |
In 2006, the Company completed the spin-offs of its Realogy and Wyndham subsidiaries. In connection with the spin-offs, Realogy assumed 62.5% and Wyndham assumed 37.5% of certain contingent and other corporate liabilities of the Company that are not primarily related to any of the respective businesses of Realogy, Wyndham, our former Travelport subsidiary and/or the Company’s vehicle rental operations, and in each case incurred or allegedly incurred on or prior to each subsidiary’s disposition (“Assumed Liabilities”). 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. 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. In accordance with the terms of relevant documents, 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. | |
The Company is also named in various litigation that is primarily related to the businesses of its former subsidiaries, including Realogy, and Wyndham and their current or former subsidiaries. The Company is entitled to indemnification from such entities for any liability resulting from such litigation. | |
Additionally, the Company is also involved in claims, legal proceedings and governmental inquiries related, among other things, to its vehicle rental operations, including, among others, contract and licensee disputes, wage-and-hour claims, competition matters, employment 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 $5.6 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 marketing, advertising and capital expenditures. As of March 31, 2014, the Company had approximately $154 million of purchase obligations, which extend through 2018. | |
Concentrations | |
Concentrations of credit risk at March 31, 2014 include (i) risks related to the Company’s repurchase and guaranteed depreciation agreements with domestic and foreign car manufacturers, including Ford, General Motors, Chrysler, Peugeot, Volkswagen, Kia, Fiat, Subaru, BMW and Toyota, 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 $37 million, respectively, related to certain contingent, income tax and other corporate liabilities assumed by Realogy and Wyndham in connection with their disposition. | |
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 sold or spun-off 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 $47 million, the majority of which expire by the end of 2015. At March 31, 2014, the liability recorded by the Company in connection with these guarantees was approximately $1 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 and Wyndham, as applicable. The Company monitors the credit ratings and other relevant information for Realogy and Wyndham in order to assess the status of the payment/performance risk of these guarantees. |
Stockholders_Equity
Stockholders' Equity | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||
Stockholders' Equity | ' | ||||||||||||||||||||
Stockholders’ Equity | |||||||||||||||||||||
Share Repurchases | |||||||||||||||||||||
In August 2013, the Company obtained Board approval to repurchase of up to $200 million of its common stock. During the three months ended March 31, 2014, the Company repurchased approximately 1,635,000 shares of common stock at a cost of approximately $75 million under the repurchase program. The Company did not repurchase any of its common stock during the three months ended March 31, 2013. | |||||||||||||||||||||
Accumulated Other Comprehensive Income | |||||||||||||||||||||
The components of accumulated other comprehensive income were as follows: | |||||||||||||||||||||
Currency | Net Unrealized | Net Unrealized | Minimum | Accumulated | |||||||||||||||||
Translation | Gains | Gains (Losses) on | Pension | Other | |||||||||||||||||
Adjustments | on Cash Flow | Available-for | Liability | Comprehensive | |||||||||||||||||
Hedges | Sale Securities | Adjustment | Income | ||||||||||||||||||
Balance, January 1, 2014 | $ | 166 | $ | 1 | $ | 2 | $ | (52 | ) | $ | 117 | ||||||||||
Net current-period other comprehensive income (a) | 3 | 1 | (1 | ) | — | 3 | |||||||||||||||
Balance, March 31, 2014 | $ | 169 | $ | 2 | $ | 1 | $ | (52 | ) | $ | 120 | ||||||||||
Balance, January 1, 2013 | $ | 193 | $ | — | $ | 2 | $ | (85 | ) | $ | 110 | ||||||||||
Net current-period other comprehensive loss (a) | (23 | ) | — | — | — | (23 | ) | ||||||||||||||
Balance, March 31, 2013 | $ | 170 | $ | — | $ | 2 | $ | (85 | ) | $ | 87 | ||||||||||
__________ | |||||||||||||||||||||
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 and include $11 million loss, net of tax, related to the Company's hedge of its net investment in Euro-denominated foreign operations (See Note 13 - Financial Instruments). | |||||||||||||||||||||
(a) | For the periods ended March 31, 2014 and 2013, amounts reclassified from accumulated other comprehensive income were not material. | ||||||||||||||||||||
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 | |||||||||||||||||||||
March 31, | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Net income (loss) | $ | 4 | $ | (46 | ) | ||||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||
Currency translation adjustments | 3 | (23 | ) | ||||||||||||||||||
Net unrealized loss on available-for-sale securities | (1 | ) | — | ||||||||||||||||||
Net unrealized gain on cash flow hedges (a) | 1 | — | |||||||||||||||||||
3 | (23 | ) | |||||||||||||||||||
Total comprehensive income (loss) | $ | 7 | $ | (69 | ) | ||||||||||||||||
__________ | |||||||||||||||||||||
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) | The Company’s net unrealized gain on cash flow hedges was $1 million before tax during the three months ended March 31, 2014 and was not material for the three months ended March 31, 2013. |
StockBased_Compensation
Stock-Based Compensation | 3 Months Ended | |||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||
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 $8 million and $4 million ($5 million and $3 million, net of tax) during the three months ended March 31, 2014 and 2013, respectively, related to stock-based awards that were granted by the Company. In jurisdictions with net operating loss carryforwards, tax deductions for exercises and/or vestings of stock-based awards have generated a $57 million tax benefit at March 31, 2014, with a corresponding increase to additional paid-in capital. Approximately $22 million of incremental tax benefits will be recorded in additional paid-in capital when realized in these jurisdictions. | ||||||||||||||||||||||
Stock Unit Awards | ||||||||||||||||||||||
The Company’s performance-based restricted stock units granted in 2014 and 2013 incorporate a total shareholder return metric. The grant date fair value of these awards is estimated using a Monte Carlo simulation model to estimate the Company’s shareholder-return ranking relative to an applicable stock index. The weighted average assumptions used in the Monte Carlo simulation model to calculate the fair value of the Company’s stock unit awards are as follows: | ||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||
March 31, | ||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||
Expected volatility of stock price | 40% | 43% | ||||||||||||||||||||
Risk-free interest rate | 0.85% | 0.39% | ||||||||||||||||||||
Expected term of awards | 3 years | 3 years | ||||||||||||||||||||
Dividend yield | 0.00% | 0.00% | ||||||||||||||||||||
The activity related to the Company’s restricted stock units (“RSUs”) and cash units, consisted of (in thousands of shares): | ||||||||||||||||||||||
Time-Based RSUs | Performance-Based and Market-Based RSUs | Cash Unit Awards | ||||||||||||||||||||
Number of Shares | Weighted | Number of Shares | Weighted | Number of Units | Weighted | |||||||||||||||||
Average Grant Date | Average Grant Date | Average Grant Date | ||||||||||||||||||||
Fair Value | Fair Value | Fair Value | ||||||||||||||||||||
Outstanding at January 1, 2014 (a) | 1,308 | $ | 17.92 | 2,043 | $ | 13.79 | 267 | $ | 14.9 | |||||||||||||
Granted | 352 | 41.15 | 235 | 39.37 | — | — | ||||||||||||||||
Vested (b) | (588 | ) | 16.62 | (432 | ) | 10.91 | — | — | ||||||||||||||
Forfeited/expired | (56 | ) | 23.49 | (32 | ) | 21.48 | — | — | ||||||||||||||
Outstanding at March 31, 2014 (c) | 1,016 | $ | 26.4 | 1,814 | $ | 17.66 | 267 | $ | 14.9 | |||||||||||||
__________ | ||||||||||||||||||||||
(a) | Reflects the maximum number of stock units assuming achievement of all performance-, market- and time-vesting criteria and does not include those for non-employee directors. The weighted-average fair value of time-based RSUs, performance-based and market-based RSUs, and cash units granted in 2013 was $21.20, $20.30 and $17.14, respectively. | |||||||||||||||||||||
(b) | The total grant date fair value of RSUs vested during the three months ended March 31, 2014 and 2013 was $14 million and $14 million, respectively. | |||||||||||||||||||||
(c) | The Company’s outstanding time-based RSUs, performance-based and market-based RSUs, and cash units had aggregate intrinsic value of $49 million, $88 million and $13 million, respectively. Aggregate unrecognized compensation expense related to time-based RSUs and performance-based and market-based RSUs amounted to $43 million and will be recognized over a weighted average vesting period of 1.3 years. The Company assumes that substantially all outstanding awards will vest over time. | |||||||||||||||||||||
Stock Options | ||||||||||||||||||||||
The stock option activity consisted of (in thousands of shares): | ||||||||||||||||||||||
Number of Options | Weighted Average Exercise Price | Aggregate Intrinsic Value (in millions) | Weighted Average Remaining Contractual Term (years) | |||||||||||||||||||
Outstanding at January 1, 2014 | 979 | $ | 2.82 | $ | 37 | 5.2 | ||||||||||||||||
Granted | — | — | — | |||||||||||||||||||
Exercised | (87 | ) | 2.22 | 4 | ||||||||||||||||||
Forfeited/expired | — | — | — | |||||||||||||||||||
Outstanding at March 31, 2014 (a) | 892 | 2.88 | 41 | 5 | ||||||||||||||||||
Exercisable at March 31, 2014 | 860 | $ | 2.56 | $ | 40 | 5 | ||||||||||||||||
__________ | ||||||||||||||||||||||
(a) | The Company assumes that substantially all outstanding stock options will vest over time. |
Segment_Information
Segment Information | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||
Segment Information | ' | ||||||||||||||||||
Segment Information | |||||||||||||||||||
The Company’s chief operating decision maker assesses performance and allocates resources based upon the separate financial information from the Company’s operating segments. In identifying its reportable segments, the Company considered the nature of services provided, the geographical areas in which the segments operated and other relevant factors. The Company aggregates two of its operating segments into each of its North America and International reportable segments. | |||||||||||||||||||
Management evaluates the operating results of each of its reportable segments based upon revenue and “Adjusted EBITDA,” which the Company defines as income from continuing operations before non-vehicle related depreciation and amortization, any impairment charge, restructuring expense, early extinguishment of debt costs, non-vehicle related interest, transaction-related costs and income taxes. The Company’s presentation of Adjusted EBITDA may not be comparable to similarly-titled measures used by other companies. In the first quarter of 2014, the Company revised its definition of Adjusted EBITDA to exclude restructuring expense and has recast its 2013 Adjusted EBITDA to conform with the revised definition, consistent with the manner in which management assesses performance and allocates resources. The Company’s presentation of Adjusted EBITDA may not be comparable to similarly-titled measures used by other companies. | |||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Revenues | Adjusted EBITDA | Revenues (a) | Adjusted EBITDA (b) | ||||||||||||||||
North America | $ | 1,236 | $ | 114 | $ | 1,098 | $ | 93 | |||||||||||
International | 551 | 17 | 517 | 17 | |||||||||||||||
Truck Rental | 75 | (2 | ) | 76 | (5 | ) | |||||||||||||
Corporate and Other (c) | — | (12 | ) | — | (12 | ) | |||||||||||||
Total Company | $ | 1,862 | 117 | $ | 1,691 | 93 | |||||||||||||
Less: | Non-vehicle related depreciation and amortization | 41 | 34 | ||||||||||||||||
Interest expense related to corporate debt, net: | |||||||||||||||||||
Interest expense | 56 | 58 | |||||||||||||||||
Early extinguishment of debt | — | 40 | |||||||||||||||||
Transaction-related costs (d) | 8 | 8 | |||||||||||||||||
Restructuring expense | 7 | 10 | |||||||||||||||||
Income (loss) before income taxes | $ | 5 | $ | (57 | ) | ||||||||||||||
__________ | |||||||||||||||||||
(a) | Amounts reflect the Company’s realignment of its operating segments (see Note 1 - Basis of Presentation for details). As a result, previously reported amounts were recast decreasing North America revenues and increasing International revenues by $2 million in the three months ended March 31, 2013. | ||||||||||||||||||
(b) | Amounts reflect the revised definition of Adjusted EBITDA to exclude restructuring expense, which resulted in an increase in Adjusted EBITDA in North America, International and Truck Rental of $3 million, $3 million and $4 million, respectively, in the three months ended March 31, 2013. The realignment of the Company's operating segments had no effect on Adjusted EBITDA for the three months ended March 31, 2013. | ||||||||||||||||||
(c) | Includes unallocated corporate overhead which is not attributable to a particular segment. | ||||||||||||||||||
(d) | During the three months ended March 31, 2014, transaction-related costs primarily comprised of a non-cash charge for re-acquired license rights and acquisition integration expenses. During the three months ended March 31, 2013, transaction-related costs primarily related to the integration of Avis Europe and the acquisition of Zipcar. | ||||||||||||||||||
Since December 31, 2013, there have been no significant changes in segment assets other than in the Company’s North America segment. As of March 31, 2014 and December 31, 2013, North America assets under vehicle programs were approximately $8.8 billion and $7.9 billion, respectively. |
Subsequent_Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Subsequent Events | |
In April 2014, the Company's Board of Directors authorized a $235 million increase to the Company's share repurchase program. | |
In April 2014, the Company used proceeds from its issuance of €200 million of additional 6% Euro-denominated Senior Notes to repurchase $292 million principal amount of its 8¼% Senior Notes. In connection with this repurchase, the Company expects to record debt extinguishment costs of approximately $26 million. |
Basis_of_Presentation_and_Rece1
Basis of Presentation and Recently Issued Accounting Pronouncements (Policies) | 3 Months Ended | |
Mar. 31, 2014 | ||
Basis Of Presentation And Recently Issued Accounting Pronouncements [Abstract] | ' | |
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 in North America. | |
• | International—provides and licenses the Company’s brands to third parties for vehicle rentals and ancillary products and services in Europe, the Middle East, Africa, Asia, South America, Central America, the Caribbean, Australia and New Zealand, and operates the Company's car sharing business in certain of these markets. | |
• | Truck Rental—provides truck rentals and ancillary products and services to consumers and commercial users in the United States. | |
In conjunction with a change in the Company’s management structure, the financial results of the Company’s Zipcar operations outside of North America will now be reported in the Company’s International segment rather than in the Company’s North America segment. The Company’s business segment financial information presented in these Notes to Consolidated Condensed Financial Statements has been recast to conform with the Company’s current business segment reporting alignment for all periods presented. The Company’s consolidated condensed results were not affected by this change. | ||
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 2013 Annual Report on Form 10-K. | ||
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. | ||
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 months ended March 31, 2014 and 2013, the Company recorded losses of $2 million and $4 million, respectively, on such items. | ||
Adoption of New Accounting Standards | ' | |
. | ||
Adoption of New Accounting Standards | ||
On January 1, 2014, the Company adopted, as required, Accounting Standards Update No. 2013-04, “Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligations Is Fixed at the Reporting Date,” which requires companies to measure obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date. The adoption of this pronouncement did not have a material impact on the Company’s financial statements. |
Restructuring_Tables
Restructuring (Tables) | 3 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
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 expense and corresponding payments and utilizations: | ||||||||||||||
North | International | Total | ||||||||||||
America | ||||||||||||||
Balance as of January 1, 2014 | $ | 1 | $ | 21 | $ | 22 | ||||||||
Restructuring expense | 1 | 6 | 7 | |||||||||||
Cash payment/utilization | (1 | ) | (11 | ) | (12 | ) | ||||||||
Balance as of March 31, 2014 | $ | 1 | $ | 16 | $ | 17 | ||||||||
Personnel | Facility | Total | ||||||||||||
Related | Related | |||||||||||||
Balance as of January 1, 2014 | $ | 17 | $ | 5 | $ | 22 | ||||||||
Restructuring expense | 7 | — | 7 | |||||||||||
Cash payment/utilization | (12 | ) | — | (12 | ) | |||||||||
Balance as of March 31, 2014 | $ | 12 | $ | 5 | $ | 17 | ||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
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 | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Net income (loss) for basic and diluted EPS | $ | 4 | $ | (46 | ) | ||||
Basic weighted average shares outstanding | 106.6 | 107.7 | |||||||
Options, warrants and non-vested stock (a) (b) | 2 | — | |||||||
Convertible debt (c) (d) | — | — | |||||||
Diluted weighted average shares outstanding | 108.6 | 107.7 | |||||||
Earnings per share: | |||||||||
Basic | $ | 0.03 | $ | (0.43 | ) | ||||
Diluted | $ | 0.03 | $ | (0.43 | ) | ||||
__________ | |||||||||
Intangible_Assets_Tables
Intangible Assets (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||
Schedule Of Intangible Assets | ' | |||||||||||||||||||||||
Intangible assets consisted of: | ||||||||||||||||||||||||
As of March 31, 2014 | As of December 31, 2013 | |||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||||||
Carrying | Amortization | Carrying | Carrying | Amortization | Carrying | |||||||||||||||||||
Amount | Amount | Amount | Amount | |||||||||||||||||||||
Amortized Intangible Assets | ||||||||||||||||||||||||
License agreements (a)(b) | $ | 280 | $ | 55 | $ | 225 | $ | 272 | $ | 52 | $ | 220 | ||||||||||||
Customer relationships (a) | 177 | 39 | 138 | 166 | 35 | 131 | ||||||||||||||||||
Other | 2 | 1 | 1 | 2 | 1 | 1 | ||||||||||||||||||
Total | $ | 459 | $ | 95 | $ | 364 | $ | 440 | $ | 88 | $ | 352 | ||||||||||||
Unamortized Intangible Assets | ||||||||||||||||||||||||
Goodwill (a)(b) | $ | 713 | $ | 691 | ||||||||||||||||||||
Trademarks | $ | 568 | $ | 571 | ||||||||||||||||||||
__________ | ||||||||||||||||||||||||
(a) | The increases in carrying amounts reflect the acquisition of the Budget licensee for Edmonton. | |||||||||||||||||||||||
(b) | The increases in carrying amounts reflect the reacquired right to operate the Budget brand in Portugal. |
Financial_Instruments_Tables
Financial Instruments (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Investments, All Other Investments [Abstract] | ' | ||||||||||||||||
Schedule of Notional Amounts of Outstanding Derivative Positions | ' | ||||||||||||||||
The Company held derivative instruments with absolute notional values as follows: | |||||||||||||||||
As of | |||||||||||||||||
31-Mar-14 | |||||||||||||||||
Interest rate caps (a) | $ | 11,981 | |||||||||||||||
Interest rate swaps | 1,503 | ||||||||||||||||
Foreign exchange swaps | 548 | ||||||||||||||||
Foreign exchange forward contracts | 400 | ||||||||||||||||
Commodity contracts (millions of gallons of unleaded gasoline) | 7 | ||||||||||||||||
__________ | |||||||||||||||||
(a) | Represents $9.7 billion of interest rate caps sold, partially offset by approximately $2.3 billion of interest rate caps purchased. These amounts exclude $7.5 billion of interest rate caps purchased by the Company’s Avis Budget Rental Car Funding subsidiary. | ||||||||||||||||
Fair Value Of Derivative Instruments | ' | ||||||||||||||||
Fair values (Level 2) of derivative instruments were as follows: | |||||||||||||||||
As of March 31, 2014 | As of December 31, 2013 | ||||||||||||||||
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) | $ | 3 | $ | — | $ | 2 | $ | 1 | |||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||
Interest rate caps (b) | 1 | 9 | 2 | 13 | |||||||||||||
Interest rate swaps | — | — | — | — | |||||||||||||
Foreign exchange swaps and forward contracts (c) | 3 | 13 | 3 | 5 | |||||||||||||
Commodity contracts | — | — | — | — | |||||||||||||
Total | $ | 7 | $ | 22 | $ | 7 | $ | 19 | |||||||||
__________ | |||||||||||||||||
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 11—Stockholders’ Equity. | |||||||||||||||||
(a) | Included in other non-current assets or other non-current liabilities. | ||||||||||||||||
(b) | Included in assets under vehicle programs or liabilities under vehicle programs. | ||||||||||||||||
(c) | Included in other current assets or other current liabilities. |
Vehicle_Rental_Activities_Tabl
Vehicle Rental Activities (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
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 | |||||||
March 31, | December 31, | |||||||
2014 | 2013 | |||||||
Rental vehicles | $ | 11,657 | $ | 10,234 | ||||
Less: Accumulated depreciation | (1,388 | ) | (1,411 | ) | ||||
10,269 | 8,823 | |||||||
Vehicles held for sale | 348 | 759 | ||||||
Vehicles, net | $ | 10,617 | $ | 9,582 | ||||
Components Of Vehicle Depreciation And Lease Charges | ' | |||||||
The components of vehicle depreciation and lease charges, net are summarized below: | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Depreciation expense | $ | 407 | $ | 353 | ||||
Lease charges | 37 | 33 | ||||||
Gain on sales of vehicles, net | (11 | ) | — | |||||
Vehicle depreciation and lease charges, net | $ | 433 | $ | 386 | ||||
Longterm_Debt_and_Borrowing_Ar1
Long-term Debt and Borrowing Arrangements (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||
Schedule Of Long-Term Debt | ' | |||||||||||||||
Long-term and other borrowing arrangements consisted of: | ||||||||||||||||
As of | As of | |||||||||||||||
Maturity | March 31, | December 31, | ||||||||||||||
Dates | 2014 | 2013 | ||||||||||||||
3½% Convertible Notes (a) | Oct-14 | $ | 66 | $ | 66 | |||||||||||
4⅞% Senior Notes | Nov-17 | 300 | 300 | |||||||||||||
Floating Rate Senior Notes (b) | Dec-17 | 247 | 247 | |||||||||||||
8¼% Senior Notes (c) | Jan-19 | 691 | 691 | |||||||||||||
Floating Rate Term Loan (d) | Mar-19 | 988 | 989 | |||||||||||||
9¾% Senior Notes | Mar-20 | 223 | 223 | |||||||||||||
6% Euro-denominated Senior Notes | Mar-21 | 638 | 344 | |||||||||||||
5½% Senior Notes | Apr-23 | 500 | 500 | |||||||||||||
3,653 | 3,360 | |||||||||||||||
Other | 43 | 34 | ||||||||||||||
Total | 3,696 | 3,394 | ||||||||||||||
Less: Short-term debt and current portion of long-term debt | 393 | 89 | ||||||||||||||
Long-term debt | $ | 3,303 | $ | 3,305 | ||||||||||||
__________ | ||||||||||||||||
(a) | As of March 31, 2014, the 3½% convertible notes are convertible by the holders into approximately 4 million shares of the Company’s common stock. | |||||||||||||||
(b) | The interest rate on these notes is equal to three-month LIBOR plus 275 basis points, for an aggregate rate of 3.00% at March 31, 2014; the Company has entered into an interest rate swap to hedge its interest rate exposure related to these notes at an aggregate rate of 3.58%. | |||||||||||||||
(c) | As of March 31, 2014, the Company called $292 million of the 8¼% Senior Notes due 2019 for redemption; accordingly, these are included in current portion of long-term debt. | |||||||||||||||
(d) | The floating rate term loan is part of the Company’s senior credit facility, which is secured by pledges of capital stock of certain subsidiaries of the Company, and liens on substantially all of the Company’s intellectual property and certain other real and personal property. As of March 31, 2014, 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%. | |||||||||||||||
Schedule Of Committed Credit Facilities | ' | |||||||||||||||
At March 31, 2014, the committed corporate credit facilities available to the Company and/or its subsidiaries were as follows: | ||||||||||||||||
Total | Outstanding | Letters of Credit Issued | Available | |||||||||||||
Capacity | Borrowings | Capacity | ||||||||||||||
Revolving credit facility maturing 2018 (a) | $ | 1,650 | $ | — | $ | 638 | $ | 1,012 | ||||||||
Other facilities (b) | 13 | 1 | — | 12 | ||||||||||||
__________ | ||||||||||||||||
(a) | The senior revolving credit facility bears interest at one-month LIBOR, plus 225 basis points. The senior revolving credit facility is part of the Company’s senior credit facility, which is secured by pledges of capital stock of certain subsidiaries of the Company, 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 5.14% to 5.69% as of March 31, 2014. |
Debt_Under_Vehicle_Programs_an1
Debt Under Vehicle Programs and Borrowing Arrangements (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||
Schedule Of Debt Under Vehicle Programs | ' | |||||||||||
Debt under vehicle programs including related party debt due to Avis Budget Rental Car Funding (AESOP) LLC (“Avis Budget Rental Car Funding”), consisted of: | ||||||||||||
As of | As of | |||||||||||
March 31, | December 31, | |||||||||||
2014 | 2013 | |||||||||||
North America - Debt due to Avis Budget Rental Car Funding (a) | $ | 6,359 | $ | 5,656 | ||||||||
North America - Canadian borrowings (a)(b) | 482 | 400 | ||||||||||
International - Debt borrowings (c) | 584 | 731 | ||||||||||
International - Capital leases (a) | 353 | 289 | ||||||||||
Truck Rental - Debt borrowings | 211 | 226 | ||||||||||
Other | 10 | 35 | ||||||||||
Total | $ | 7,999 | $ | 7,337 | ||||||||
__________ | ||||||||||||
(a) | The increase reflects additional borrowings principally to fund an increase in the Company’s fleet driven by increased rental volume. | |||||||||||
(b) | The increase reflects additional borrowings principally to fund an increase in the Company’s fleet driven by the acquisition of its Budget licensee for Edmonton. | |||||||||||
(c) | The decrease is principally related to the timing of | |||||||||||
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 March 31, 2014. | ||||||||||||
Debt Under Vehicle Programs | ||||||||||||
Within 1 year (a) | $ | 1,131 | ||||||||||
Between 1 and 2 years | 2,218 | |||||||||||
Between 2 and 3 years | 1,571 | |||||||||||
Between 3 and 4 years | 902 | |||||||||||
Between 4 and 5 years | 1,601 | |||||||||||
Thereafter | 576 | |||||||||||
Total | $ | 7,999 | ||||||||||
__________ | ||||||||||||
(a) | Vehicle-backed debt maturing within one year includes term asset-backed securities of approximately $952 million and bank and bank-sponsored borrowings of $179 million. | |||||||||||
Schedule Of Available Funding Under The Vehicle Programs | ' | |||||||||||
As of March 31, 2014, 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) | $ | 8,544 | $ | 6,359 | $ | 2,185 | ||||||
North America - Canadian borrowings (c) | 724 | 482 | 242 | |||||||||
International - Debt borrowings (d) | 1,511 | 584 | 927 | |||||||||
International - Capital leases (e) | 468 | 353 | 115 | |||||||||
Truck Rental - Debt borrowings (f) | 230 | 211 | 19 | |||||||||
Other | 10 | 10 | — | |||||||||
Total | $ | 11,487 | $ | 7,999 | $ | 3,488 | ||||||
__________ | ||||||||||||
(a) | Capacity is subject to maintaining sufficient assets to collateralize debt. | |||||||||||
(b) | The outstanding debt is collateralized by approximately $8.1 billion of underlying vehicles and related assets. | |||||||||||
(c) | The outstanding debt is collateralized by $604 million of underlying vehicles and related assets. | |||||||||||
(d) | The outstanding debt is collateralized by approximately $1.0 billion of underlying vehicles and related assets. | |||||||||||
(e) | The outstanding debt is collateralized by $387 million of underlying vehicles and related assets. | |||||||||||
(f) | The outstanding debt is collateralized by $351 million of underlying vehicles and related assets. |
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
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 (Losses) on | Pension | Other | |||||||||||||||||
Adjustments | on Cash Flow | Available-for | Liability | Comprehensive | |||||||||||||||||
Hedges | Sale Securities | Adjustment | Income | ||||||||||||||||||
Balance, January 1, 2014 | $ | 166 | $ | 1 | $ | 2 | $ | (52 | ) | $ | 117 | ||||||||||
Net current-period other comprehensive income (a) | 3 | 1 | (1 | ) | — | 3 | |||||||||||||||
Balance, March 31, 2014 | $ | 169 | $ | 2 | $ | 1 | $ | (52 | ) | $ | 120 | ||||||||||
Balance, January 1, 2013 | $ | 193 | $ | — | $ | 2 | $ | (85 | ) | $ | 110 | ||||||||||
Net current-period other comprehensive loss (a) | (23 | ) | — | — | — | (23 | ) | ||||||||||||||
Balance, March 31, 2013 | $ | 170 | $ | — | $ | 2 | $ | (85 | ) | $ | 87 | ||||||||||
__________ | |||||||||||||||||||||
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 and include $11 million loss, net of tax, related to the Company's hedge of its net investment in Euro-denominated foreign operations (See Note 13 - Financial Instruments). | |||||||||||||||||||||
(a) | For the periods ended March 31, 2014 and 2013, amounts reclassified from accumulated other comprehensive income were not material. | ||||||||||||||||||||
Components Of Other Comprehensive Income | ' | ||||||||||||||||||||
The components of other comprehensive income were as follows: | |||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||
March 31, | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Net income (loss) | $ | 4 | $ | (46 | ) | ||||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||
Currency translation adjustments | 3 | (23 | ) | ||||||||||||||||||
Net unrealized loss on available-for-sale securities | (1 | ) | — | ||||||||||||||||||
Net unrealized gain on cash flow hedges (a) | 1 | — | |||||||||||||||||||
3 | (23 | ) | |||||||||||||||||||
Total comprehensive income (loss) | $ | 7 | $ | (69 | ) | ||||||||||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 3 Months Ended | |||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||||||||
Summary Of Share Based Payment Other Than Options Valuation Assumptions | ' | |||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||
March 31, | ||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||
Expected volatility of stock price | 40% | 43% | ||||||||||||||||||||
Risk-free interest rate | 0.85% | 0.39% | ||||||||||||||||||||
Expected term of awards | 3 years | 3 years | ||||||||||||||||||||
Dividend yield | 0.00% | 0.00% | ||||||||||||||||||||
Stock Based Compensation Activity | ' | |||||||||||||||||||||
The activity related to the Company’s restricted stock units (“RSUs”) and cash units, consisted of (in thousands of shares): | ||||||||||||||||||||||
Time-Based RSUs | Performance-Based and Market-Based RSUs | Cash Unit Awards | ||||||||||||||||||||
Number of Shares | Weighted | Number of Shares | Weighted | Number of Units | Weighted | |||||||||||||||||
Average Grant Date | Average Grant Date | Average Grant Date | ||||||||||||||||||||
Fair Value | Fair Value | Fair Value | ||||||||||||||||||||
Outstanding at January 1, 2014 (a) | 1,308 | $ | 17.92 | 2,043 | $ | 13.79 | 267 | $ | 14.9 | |||||||||||||
Granted | 352 | 41.15 | 235 | 39.37 | — | — | ||||||||||||||||
Vested (b) | (588 | ) | 16.62 | (432 | ) | 10.91 | — | — | ||||||||||||||
Forfeited/expired | (56 | ) | 23.49 | (32 | ) | 21.48 | — | — | ||||||||||||||
Outstanding at March 31, 2014 (c) | 1,016 | $ | 26.4 | 1,814 | $ | 17.66 | 267 | $ | 14.9 | |||||||||||||
__________ | ||||||||||||||||||||||
(a) | Reflects the maximum number of stock units assuming achievement of all performance-, market- and time-vesting criteria and does not include those for non-employee directors. The weighted-average fair value of time-based RSUs, performance-based and market-based RSUs, and cash units granted in 2013 was $21.20, $20.30 and $17.14, respectively. | |||||||||||||||||||||
(b) | The total grant date fair value of RSUs vested during the three months ended March 31, 2014 and 2013 was $14 million and $14 million, respectively. | |||||||||||||||||||||
(c) | The Company’s outstanding time-based RSUs, performance-based and market-based RSUs, and cash units had aggregate intrinsic value of $49 million, $88 million and $13 million, respectively. Aggregate unrecognized compensation expense related to time-based RSUs and performance-based and market-based RSUs amounted to $43 million and will be recognized over a weighted average vesting period of 1.3 years. The Company assumes that substantially all outstanding awards will vest over time. | |||||||||||||||||||||
Summary Of Share Based Compensation Shares Authorized Under Stock Option Plans By Exercise Price Range | ' | |||||||||||||||||||||
The stock option activity consisted of (in thousands of shares): | ||||||||||||||||||||||
Number of Options | Weighted Average Exercise Price | Aggregate Intrinsic Value (in millions) | Weighted Average Remaining Contractual Term (years) | |||||||||||||||||||
Outstanding at January 1, 2014 | 979 | $ | 2.82 | $ | 37 | 5.2 | ||||||||||||||||
Granted | — | — | — | |||||||||||||||||||
Exercised | (87 | ) | 2.22 | 4 | ||||||||||||||||||
Forfeited/expired | — | — | — | |||||||||||||||||||
Outstanding at March 31, 2014 (a) | 892 | 2.88 | 41 | 5 | ||||||||||||||||||
Exercisable at March 31, 2014 | 860 | $ | 2.56 | $ | 40 | 5 | ||||||||||||||||
__________ | ||||||||||||||||||||||
(a) | The Company assumes that substantially all outstanding stock options will vest over time. |
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||
Summary Of Segments Information | ' | ||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Revenues | Adjusted EBITDA | Revenues (a) | Adjusted EBITDA (b) | ||||||||||||||||
North America | $ | 1,236 | $ | 114 | $ | 1,098 | $ | 93 | |||||||||||
International | 551 | 17 | 517 | 17 | |||||||||||||||
Truck Rental | 75 | (2 | ) | 76 | (5 | ) | |||||||||||||
Corporate and Other (c) | — | (12 | ) | — | (12 | ) | |||||||||||||
Total Company | $ | 1,862 | 117 | $ | 1,691 | 93 | |||||||||||||
Less: | Non-vehicle related depreciation and amortization | 41 | 34 | ||||||||||||||||
Interest expense related to corporate debt, net: | |||||||||||||||||||
Interest expense | 56 | 58 | |||||||||||||||||
Early extinguishment of debt | — | 40 | |||||||||||||||||
Transaction-related costs (d) | 8 | 8 | |||||||||||||||||
Restructuring expense | 7 | 10 | |||||||||||||||||
Income (loss) before income taxes | $ | 5 | $ | (57 | ) | ||||||||||||||
__________ | |||||||||||||||||||
(a) | Amounts reflect the Company’s realignment of its operating segments (see Note 1 - Basis of Presentation for details). As a result, previously reported amounts were recast decreasing North America revenues and increasing International revenues by $2 million in the three months ended March 31, 2013. | ||||||||||||||||||
(b) | Amounts reflect the revised definition of Adjusted EBITDA to exclude restructuring expense, which resulted in an increase in Adjusted EBITDA in North America, International and Truck Rental of $3 million, $3 million and $4 million, respectively, in the three months ended March 31, 2013. The realignment of the Company's operating segments had no effect on Adjusted EBITDA for the three months ended March 31, 2013. | ||||||||||||||||||
(c) | Includes unallocated corporate overhead which is not attributable to a particular segment. | ||||||||||||||||||
(d) | During the three months ended March 31, 2014, transaction-related costs primarily comprised of a non-cash charge for re-acquired license rights and acquisition integration expenses. During the three months ended March 31, 2013, transaction-related costs primarily related to the integration of Avis Europe and the acquisition of Zipcar. | ||||||||||||||||||
Guarantor_and_NonGuarantor_Con
Guarantor and Non-Guarantor Consolidating Condensed Financial Statements (Tables) | 3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidating Condensed Statements of Comprehensive Income | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidating Condensed Statements of Comprehensive Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2014 | Parent | Subsidiary | Guarantor | Non- | Eliminations | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuers | Subsidiaries | Guarantor | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Parent | Subsidiary | Guarantor | Non- | Eliminations | Total | Revenues | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuers | Subsidiaries | Guarantor | Vehicle rental | $ | — | $ | — | $ | 837 | $ | 380 | $ | — | $ | 1,217 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues | Other | — | — | 246 | 526 | (298 | ) | 474 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vehicle rental | $ | — | $ | — | $ | 916 | $ | 413 | $ | — | $ | 1,329 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net revenues | — | — | 1,083 | 906 | (298 | ) | 1,691 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | 267 | 755 | (489 | ) | 533 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net revenues | — | — | 1,183 | 1,168 | (489 | ) | 1,862 | Expenses | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating | 2 | 1 | 558 | 370 | — | 931 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vehicle depreciation and lease charges, net | — | — | 260 | 243 | (117 | ) | 386 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expenses | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Selling, general and administrative | 9 | 1 | 131 | 83 | — | 224 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating | — | 4 | 604 | 392 | — | 1,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vehicle interest, net | — | — | 42 | 58 | (43 | ) | 57 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vehicle depreciation and lease charges, net | — | — | 441 | 432 | (440 | ) | 433 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-vehicle related depreciation and amortization | — | — | 22 | 12 | — | 34 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Selling, general and administrative | 7 | 4 | 140 | 97 | — | 248 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense related to corporate debt, net: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vehicle interest, net | — | — | 45 | 68 | (49 | ) | 64 | Interest expense | 1 | 54 | — | 3 | — | 58 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-vehicle related depreciation and amortization | — | — | 27 | 14 | — | 41 | Intercompany interest expense (income) | (3 | ) | (11 | ) | 3 | 11 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense related to corporate debt, net: | Early extinguishment of debt | 39 | 1 | — | — | — | 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | 1 | 47 | — | 8 | — | 56 | Restructuring expense | — | — | 6 | 4 | — | 10 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intercompany interest expense (income) | (3 | ) | (3 | ) | 1 | 5 | — | — | Transaction-related costs | — | 4 | 1 | 3 | — | 8 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transaction-related costs | — | 2 | 3 | 3 | — | 8 | Total expenses | 48 | 50 | 1,023 | 787 | (160 | ) | 1,748 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring expense | — | — | 2 | 5 | — | 7 | Income (loss) before income taxes and equity in earnings of subsidiaries | (48 | ) | (50 | ) | 60 | 119 | (138 | ) | (57 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total expenses | 5 | 54 | 1,263 | 1,024 | (489 | ) | 1,857 | Provision for (benefit from) income taxes | (4 | ) | (20 | ) | 14 | (1 | ) | — | (11 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes and equity in earnings of subsidiaries | (5 | ) | (54 | ) | (80 | ) | 144 | — | 5 | Equity in earnings of subsidiaries | (2 | ) | 28 | (18 | ) | — | (8 | ) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for (benefit from) income taxes | (2 | ) | (21 | ) | 18 | 6 | — | 1 | Net income (loss) | $ | (46 | ) | $ | (2 | ) | $ | 28 | $ | 120 | $ | (146 | ) | $ | (46 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity in earnings of subsidiaries | 7 | 40 | 138 | — | (185 | ) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income (loss) | $ | (69 | ) | $ | (25 | ) | $ | 2 | $ | 95 | $ | (72 | ) | $ | (69 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | $ | 4 | $ | 7 | $ | 40 | $ | 138 | $ | (185 | ) | $ | 4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income | $ | 7 | $ | 11 | $ | 43 | $ | 141 | $ | (195 | ) | $ | 7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Condensed Consolidating Balance Sheet Table [Text Block] | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidating Condensed Balance Sheets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of March 31, 2014 | Parent | Subsidiary | Guarantor | Non- | Eliminations | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuers | Subsidiaries | Guarantor | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Parent | Subsidiary | Guarantor | Non- | Eliminations | Total | Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuers | Subsidiaries | Guarantor | Current assets: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsidiaries | Cash and cash equivalents | $ | 14 | $ | 242 | $ | 12 | $ | 425 | $ | — | $ | 693 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current assets: | Receivables, net | — | — | 150 | 469 | — | 619 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 5 | $ | 459 | $ | — | $ | 377 | $ | — | $ | 841 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred income taxes | 1 | — | 156 | 21 | (1 | ) | 177 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables, net | — | — | 183 | 463 | — | 646 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other current assets | 4 | 80 | 82 | 289 | — | 455 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred income taxes | 1 | — | 155 | 23 | (5 | ) | 174 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total current assets | 19 | 322 | 400 | 1,204 | (1 | ) | 1,944 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other current assets | 3 | 75 | 93 | 330 | — | 501 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total current assets | 9 | 534 | 431 | 1,193 | (5 | ) | 2,162 | Property and equipment, net | — | 109 | 312 | 193 | — | 614 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred income taxes | 20 | 1,142 | 141 | — | (4 | ) | 1,299 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property and equipment, net | — | 104 | 312 | 197 | — | 613 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill | — | — | 342 | 349 | — | 691 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred income taxes | 20 | 1,107 | 141 | — | (4 | ) | 1,264 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other intangibles, net | — | 41 | 519 | 363 | — | 923 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill | — | — | 339 | 374 | — | 713 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other non-current assets | 104 | 96 | 18 | 143 | — | 361 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other intangibles, net | — | 41 | 516 | 375 | — | 932 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intercompany receivables | 145 | 210 | 853 | 331 | (1,539 | ) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other non-current assets | 104 | 91 | 18 | 149 | — | 362 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment in subsidiaries | 671 | 2,900 | 3,347 | — | (6,918 | ) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intercompany receivables | 146 | — | 865 | 626 | (1,637 | ) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets exclusive of assets under vehicle programs | 959 | 4,820 | 5,932 | 2,583 | (8,462 | ) | 5,832 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment in subsidiaries | 617 | 2,944 | 3,340 | — | (6,901 | ) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets exclusive of assets under vehicle programs | 896 | 4,821 | 5,962 | 2,914 | (8,547 | ) | 6,046 | Assets under vehicle programs: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Program cash | — | — | — | 116 | — | 116 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets under vehicle programs: | Vehicles, net | — | 10 | 9 | 9,563 | — | 9,582 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Program cash | — | — | — | 104 | — | 104 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables from vehicle manufacturers and other | — | — | — | 391 | — | 391 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vehicles, net | — | 7 | 14 | 10,596 | — | 10,617 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment in Avis Budget Rental Car Funding (AESOP) LLC-related party | — | — | — | 363 | — | 363 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables from vehicle manufacturers and other | — | — | — | 240 | — | 240 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
— | 10 | 9 | 10,433 | — | 10,452 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment in Avis Budget Rental Car Funding (AESOP) LLC-related party | — | — | — | 362 | — | 362 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 959 | $ | 4,830 | $ | 5,941 | $ | 13,016 | $ | (8,462 | ) | $ | 16,284 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
— | 7 | 14 | 11,302 | — | 11,323 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 896 | $ | 4,828 | $ | 5,976 | $ | 14,216 | $ | (8,547 | ) | $ | 17,369 | Liabilities and stockholders’ equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts payable and other current liabilities | $ | 25 | $ | 238 | $ | 487 | $ | 730 | $ | (1 | ) | $ | 1,479 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities and stockholders’ equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current liabilities: | Short-term debt and current portion of long-term debt | 65 | 14 | 3 | 7 | — | 89 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts payable and other current liabilities | $ | 28 | $ | 211 | $ | 502 | $ | 738 | $ | (5 | ) | $ | 1,474 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total current liabilities | 90 | 252 | 490 | 737 | (1 | ) | 1,568 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term debt and current portion of long-term debt | 66 | 306 | 3 | 18 | — | 393 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total current liabilities | 94 | 517 | 505 | 756 | (5 | ) | 1,867 | Long-term debt | — | 2,955 | 6 | 344 | — | 3,305 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other non-current liabilities | 98 | 96 | 221 | 436 | (4 | ) | 847 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt | — | 2,660 | 5 | 638 | — | 3,303 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intercompany payables | — | 844 | 340 | 355 | (1,539 | ) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other non-current liabilities | 99 | 93 | 229 | 423 | (4 | ) | 840 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities exclusive of liabilities under vehicle programs | 188 | 4,147 | 1,057 | 1,872 | (1,544 | ) | 5,720 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intercompany payables | — | 932 | 345 | 360 | (1,637 | ) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities exclusive of liabilities under vehicle programs | 193 | 4,202 | 1,084 | 2,177 | (1,646 | ) | 6,010 | Liabilities under vehicle programs: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | — | 11 | — | 1,670 | — | 1,681 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities under vehicle programs: | Due to Avis Budget Rental Car Funding (AESOP) LLC-related party | — | — | — | 5,656 | — | 5,656 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | — | 9 | — | 1,631 | — | 1,640 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred income taxes | — | — | 1,984 | 193 | — | 2,177 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Due to Avis Budget Rental Car Funding (AESOP) LLC-related party | — | — | — | 6,359 | — | 6,359 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | — | 1 | — | 278 | — | 279 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred income taxes | — | — | 1,948 | 193 | — | 2,141 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
— | 12 | 1,984 | 7,797 | — | 9,793 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | 516 | — | 516 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total stockholders’ equity | 771 | 671 | 2,900 | 3,347 | (6,918 | ) | 771 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
— | 9 | 1,948 | 8,699 | — | 10,656 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 959 | $ | 4,830 | $ | 5,941 | $ | 13,016 | $ | (8,462 | ) | $ | 16,284 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total stockholders’ equity | 703 | 617 | 2,944 | 3,340 | (6,901 | ) | 703 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 896 | $ | 4,828 | $ | 5,976 | $ | 14,216 | $ | (8,547 | ) | $ | 17,369 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidating Condensed Statements Of Cash Flows | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Parent | Subsidiary | Guarantor | Non-Guarantor | Eliminations | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuers | Subsidiaries | Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 2 | $ | 284 | $ | 14 | $ | 90 | $ | — | $ | 390 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investing activities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property and equipment additions | — | (3 | ) | (17 | ) | (16 | ) | — | (36 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds received on asset sales | — | 2 | — | 1 | — | 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net assets acquired (net of cash acquired) | — | — | — | (124 | ) | — | (124 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other, net | 57 | (7 | ) | — | — | (57 | ) | (7 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net cash provided by (used in) investing activities exclusive of vehicle programs | 57 | (8 | ) | (17 | ) | (139 | ) | (57 | ) | (164 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vehicle programs: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Decrease in program cash | — | — | — | 12 | — | 12 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment in vehicles | — | (1 | ) | (8 | ) | (3,266 | ) | — | (3,275 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds received on disposition of vehicles | — | 3 | — | 2,467 | — | 2,470 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
— | 2 | (8 | ) | (787 | ) | — | (793 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net cash provided by (used in) investing activities | 57 | (6 | ) | (25 | ) | (926 | ) | (57 | ) | (957 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financing activities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from long-term borrowings | — | — | — | 295 | — | 295 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payments on long-term borrowings | — | (4 | ) | (1 | ) | — | — | (5 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net change in short-term borrowings | — | — | — | 11 | — | 11 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchases of common stock | (67 | ) | — | — | — | — | (67 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt financing fees | — | — | — | (5 | ) | — | (5 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other, net | (1 | ) | (57 | ) | — | — | 57 | (1 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net cash provided by (used in) financing activities exclusive of vehicle programs | (68 | ) | (61 | ) | (1 | ) | 301 | 57 | 228 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vehicle programs: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from borrowings | — | — | — | 3,775 | — | 3,775 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payments on borrowings | — | — | — | (3,280 | ) | — | (3,280 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt financing fees | — | — | — | (7 | ) | — | (7 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
— | — | — | 488 | — | 488 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | (68 | ) | (61 | ) | (1 | ) | 789 | 57 | 716 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effect of changes in exchange rates on cash and cash equivalents | — | — | — | (1 | ) | — | (1 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | (9 | ) | 217 | (12 | ) | (48 | ) | — | 148 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, beginning of period | 14 | 242 | 12 | 425 | — | 693 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, end of period | $ | 5 | $ | 459 | $ | — | $ | 377 | $ | — | $ | 841 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recovered_Sheet1
Basis Of Presentation And Recently Issued Accounting Pronouncements (Narrative) (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Basis Of Presentation And Recently Issued Accounting Pronouncements [Abstract] | ' | ' |
Net unrealized gain or loss on foreign-currency transactions of intercompany loan hedges | ($2) | ($4) |
Restructuring_Narrative_Detail
Restructuring (Narrative) (Detail) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Employee | ||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ||
Number of employees terminated during the period | 90 | ' | ||
Restructuring Charges | $7 | [1] | $10 | [2] |
Worldwide Restructuring Initiative [Member] | ' | ' | ||
Restructuring Cost and Reserve [Line Items] | ' | ' | ||
Number of employees terminated during the period | 130 | ' | ||
Restructuring Charges | 7 | ' | ||
Restructuring and Related Cost, Expected Cost | $15 | ' | ||
[1] | (d) During the three months ended March 31, 2014, transaction-related costs primarily comprised of a non-cash charge for re-acquired license rights and acquisition integration expenses. During the three months ended March 31, 2013, transaction-related costs primarily related to the integration of Avis Europe and the acquisition of Zipcar. | |||
[2] | (c)Â Includes unallocated corporate overhead which is not attributable to a particular segment. |
Restructuring_Summary_Of_Chang
Restructuring (Summary Of Changes To Restructuring-Related Liabilities) (Detail) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Restructuring Reserve [Roll Forward] | ' | ' | ||
31-Mar-14 | $22 | ' | ||
Restructuring expense | 7 | [1] | 10 | [2] |
Cash payment/utilization | -12 | ' | ||
Balance as of March 31, 2014 | 17 | ' | ||
North America | ' | ' | ||
Restructuring Reserve [Roll Forward] | ' | ' | ||
31-Mar-14 | 1 | ' | ||
Restructuring expense | 1 | ' | ||
Cash payment/utilization | -1 | ' | ||
Balance as of March 31, 2014 | 1 | ' | ||
International | ' | ' | ||
Restructuring Reserve [Roll Forward] | ' | ' | ||
31-Mar-14 | 21 | ' | ||
Restructuring expense | 6 | ' | ||
Cash payment/utilization | -11 | ' | ||
Balance as of March 31, 2014 | 16 | ' | ||
Personnel Related | ' | ' | ||
Restructuring Reserve [Roll Forward] | ' | ' | ||
31-Mar-14 | 17 | ' | ||
Restructuring expense | 7 | ' | ||
Cash payment/utilization | -12 | ' | ||
Balance as of March 31, 2014 | 12 | ' | ||
Facility Related | ' | ' | ||
Restructuring Reserve [Roll Forward] | ' | ' | ||
31-Mar-14 | 5 | ' | ||
Restructuring expense | 0 | ' | ||
Cash payment/utilization | 0 | ' | ||
Balance as of March 31, 2014 | $5 | ' | ||
[1] | (d) During the three months ended March 31, 2014, transaction-related costs primarily comprised of a non-cash charge for re-acquired license rights and acquisition integration expenses. During the three months ended March 31, 2013, transaction-related costs primarily related to the integration of Avis Europe and the acquisition of Zipcar. | |||
[2] | (c)Â Includes unallocated corporate overhead which is not attributable to a particular segment. |
Earnings_Per_Share_Computation
Earnings Per Share (Computation Of Basic And Diluted Earnings Per Share) (Detail) (USD $) | 3 Months Ended | |||
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Earnings Per Share [Abstract] | ' | ' | ||
Net income (loss) for basic and diluted EPS | $4 | ($46) | ||
Weighted Average Number of Shares Outstanding, Basic | 106.6 | 107.7 | ||
Options, warrants and non-vested stock | 2 | [1],[2] | 0 | [1],[2] |
Convertible debt | 0 | [3],[4] | 0 | [3],[4] |
Diluted weighted average shares outstanding | 108.6 | 107.7 | ||
Basic (US$ per share) | $0.03 | ($0.43) | ||
Diluted (US$ per share) | $0.03 | ($0.43) | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' | ||
Anti-dilutive shares | ' | 3.4 | ||
Options [Member] | ' | ' | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' | ||
Anti-dilutive shares | ' | 1.5 | ||
Warrants [Member] | ' | ' | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' | ||
Anti-dilutive shares | ' | 4.7 | ||
Convertible Debt Securities [Member] | ' | ' | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' | ||
Anti-dilutive shares | 4 | 4.7 | ||
[1] | For the three months ended March 31, 2014, the number of anti-dilutive securities which were excluded from the computation of diluted earnings per share was not significant. | |||
[2] | As the Company incurred a net loss for the three months ended March 31, 2013, 1.5 million outstanding options, 4.7 million warrants and 3.4 million non-vested stock awards have an anti-dilutive effect and therefore are excluded from the computation of diluted weighted average shares outstanding. | |||
[3] | For the three months ended March 31, 2014, 4.0 million issuable shares underlying the 3½% convertible notes due 2014 have an anti-dilutive effect and therefore are excluded from the computation of diluted weighted average shares outstanding. | |||
[4] | For the three months ended March 31, 2013, 4.7 million issuable shares underlying the 3½% convertible notes due 2014 have an anti-dilutive effect and therefore are excluded from the computation of diluted weighted average shares outstanding. |
Earnings_Per_Share_Outstanding
Earnings Per Share (Outstanding Common Stock Equivalents That Were Anti-Dilutive) (Detail) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2013 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' |
Anti-dilutive shares | 3.4 |
Options [Member] | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' |
Anti-dilutive shares | 1.5 |
Warrants [Member] | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' |
Anti-dilutive shares | 4.7 |
Earnings_Per_Share_Outstanding1
Earnings Per Share (Outstanding Common Stock Equivalents That Were Anti-Dilutive) (Parenthetical) (Detail) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Anti-dilutive shares | ' | 3.4 |
Options [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Anti-dilutive shares | ' | 1.5 |
Warrants [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Anti-dilutive shares | ' | 4.7 |
Convertible Debt Securities [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Anti-dilutive shares | 4 | 4.7 |
Acquisitions_Narrative_Detail
Acquisitions (Narrative) (Detail) (USD $) | 3 Months Ended | 3 Months Ended | 3 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Aug. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 |
Edmonton [Member] | Customer Relationships [Member] | License Agreement Terms [Member] | Portugal [Member] | Zipcar [Member] | Zipcar [Member] | Brazil [Member] | Brazil [Member] | Brazil [Member] | |||
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Date of acquisition | ' | ' | 1-Feb-14 | ' | ' | 1-Feb-14 | ' | 14-Mar-13 | ' | ' | 12-Aug-13 |
Business Combination, Consideration Transferred | ' | ' | $33 | ' | ' | $9 | $473 | ' | ' | ' | ' |
Business Acquisition Purchase Price Allocation Vehicles Net | 86 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 17 | ' | ' | 11 | 6 | 2 | ' | ' | ' | ' | ' |
Goodwill | 713 | 691 | 9 | ' | ' | 13 | ' | ' | ' | ' | ' |
Other intangibles, useful life, in years | '12 years 0 months 0 days | ' | '4 years 0 months 0 days | ' | ' | '2 years 0 months 0 days | ' | ' | ' | ' | ' |
Indefinite-Lived License Agreements | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Consideration Transferred, Other | ' | ' | ' | ' | ' | 15 | ' | ' | ' | ' | ' |
Equity Method Investment, Ownership Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' |
Payments to Acquire Equity Method Investments | ' | ' | ' | ' | ' | ' | ' | ' | $53 | $6 | ' |
Intangible_Assets_Schedule_Of_
Intangible Assets (Schedule Of Intangible Assets) (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Finite And Indefinite Lived Intangible Assets [Line Items] | ' | ' | ||
Amortized Intangible Assets, Gross Carrying Amount | $459 | $440 | ||
Amortized Intangible Assets, Accumulated Amortization | 95 | 88 | ||
Amortized Intangible Assets, Net Carrying Amount | 364 | 352 | ||
Unamortized Intangible Assets, Goodwill, Gross Carrying Amount | 713 | 691 | ||
License Agreements [Member] | ' | ' | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ' | ' | ||
Amortized Intangible Assets, Gross Carrying Amount | 280 | [1],[2] | 272 | [1],[2] |
Amortized Intangible Assets, Accumulated Amortization | 55 | [1],[2] | 52 | [1],[2] |
Amortized Intangible Assets, Net Carrying Amount | 225 | [1],[2] | 220 | [1],[2] |
Customer Relationships [Member] | ' | ' | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ' | ' | ||
Amortized Intangible Assets, Gross Carrying Amount | 177 | [1] | 166 | [1] |
Amortized Intangible Assets, Accumulated Amortization | 39 | [1] | 35 | [1] |
Amortized Intangible Assets, Net Carrying Amount | 138 | [1] | 131 | [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 | 713 | [1],[2] | 691 | [1],[2] |
Trademarks [Member] | ' | ' | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ' | ' | ||
Unamortized Intangible Assets, Trademarks, Gross Carrying Amount | $568 | [1] | $571 | [1] |
[1] | The increases in carrying amounts reflect the acquisition of the Budget licensee for Edmonton. | |||
[2] | The increases in carrying amounts reflect the reacquired right to operate the Budget brand in Portugal. |
Intangible_Assets_Narrative_De
Intangible Assets (Narrative) (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' |
Amortization expense relating to all intangible assets | $7 | $5 |
Amortization expense for remainder of the year | 25 | ' |
Intangible assets amortization expense, year one | 31 | ' |
Intangible assets amortization expense, year two | 31 | ' |
Intangible assets amortization expense, year three | 31 | ' |
Intangible assets amortization expense, year four | 31 | ' |
Intangible assets amortization expense, year five | $31 | ' |
Financial_Instruments_Schedule
Financial Instruments (Schedule Of Carrying Amounts And Estimated Fair Values) (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Debt Instrument [Line Items] | ' | ' | ||
Short-term debt and current portion of long-term debt | $393 | $89 | ||
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Short-term debt and current portion of long-term debt | 327 | 23 | ||
Long Term Debt Excluding Convertible Debt | 3,303 | 3,305 | ||
Convertible debt | 66 | 66 | ||
Debt Due To Avis Budget Rental Car Funding Aesop Llc Related Party | 6,359 | 5,656 | ||
Vehicle-backed debt | 1,631 | 1,668 | ||
Debt Under Vehicle Programs Interest Rate Swaps And Interest Rate Contracts | 9 | [1] | 13 | [1] |
Estimate Of Fair Value, Fair Value Disclosure [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Short-term debt and current portion of long-term debt | 348 | 23 | ||
Long Term Debt Excluding Convertible Debt | 3,397 | 3,416 | ||
Convertible debt | 197 | 159 | ||
Debt Due To Avis Budget Rental Car Funding Aesop Llc Related Party | 6,493 | 5,732 | ||
Vehicle-backed debt | 1,640 | 1,675 | ||
Debt Under Vehicle Programs Interest Rate Swaps And Interest Rate Contracts | $9 | [1] | $13 | [1] |
[1] | Derivatives in a liability position. |
Financial_Instruments_Narrativ
Financial Instruments (Narrative) (Detail) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Schedule of Cost-method Investments [Line Items] | ' | ' | ||
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | $6 | ' | ||
Cash posted as collateral for derivatives in a liability position | 1 | ' | ||
Derivative Instruments, Gain (Loss) Recognized in Income, Net | -17 | [1] | 6 | [1] |
Interest Rate Caps [Member] | ' | ' | ||
Schedule of Cost-method Investments [Line Items] | ' | ' | ||
Absolute notional values of derivative instruments | 11,981 | [2] | ' | |
Interest Rate Caps [Member] | Interest Rate Caps Purchased [Member] | ' | ' | ||
Schedule of Cost-method Investments [Line Items] | ' | ' | ||
Absolute notional values of derivative instruments | 2,300 | ' | ||
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 | 7,500 | ' | ||
Interest Rate Caps [Member] | Interest Rate Caps Sold [Member] | ' | ' | ||
Schedule of Cost-method Investments [Line Items] | ' | ' | ||
Absolute notional values of derivative instruments | 9,700 | ' | ||
Interest Rate Swaps [Member] | ' | ' | ||
Schedule of Cost-method Investments [Line Items] | ' | ' | ||
Absolute notional values of derivative instruments | 1,503 | ' | ||
Commodity Contracts [Member] | ' | ' | ||
Schedule of Cost-method Investments [Line Items] | ' | ' | ||
Units Of Gasoline | 7,000,000 | ' | ||
Currency Swap [Member] | ' | ' | ||
Schedule of Cost-method Investments [Line Items] | ' | ' | ||
Absolute notional values of derivative instruments | 548 | ' | ||
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 | [3] | 2 | [3] |
Operating Expense [Member] | ' | ' | ||
Schedule of Cost-method Investments [Line Items] | ' | ' | ||
Derivative Instruments, Gain (Loss) Recognized in Income, Net | $4 | $2 | ||
[1] | Gains (losses) related to derivative instruments are expected to be largely offset by (losses) gains on the underlying exposures being hedged. | |||
[2] | Represents $9.7 billion of interest rate caps sold, partially offset by approximately $2.3 billion of interest rate caps purchased. These amounts exclude $7.5 billion of interest rate caps purchased by the Company’s Avis Budget Rental Car Funding subsidiary. | |||
[3] | Included in operating expenses. |
Financial_Instruments_Fair_Val
Financial Instruments (Fair Values Of Derivatives Instruments) (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Schedule of Cost-method Investments [Line Items] | ' | ' | ||
Fair Value, Asset Derivatives | $7 | $7 | ||
Fair Value, Liability Derivatives | 22 | 19 | ||
Designated As Hedging Instruments [Member] | Interest Rate Swaps [Member] | ' | ' | ||
Schedule of Cost-method Investments [Line Items] | ' | ' | ||
Fair Value, Asset Derivatives | 3 | [1] | 2 | [1] |
Fair Value, Liability Derivatives | 0 | [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 | 0 | ||
Fair Value, Liability Derivatives | 0 | 0 | ||
Not Designated As Hedging Instruments [Member] | Foreign Exchange Contract [Member] | ' | ' | ||
Schedule of Cost-method Investments [Line Items] | ' | ' | ||
Fair Value, Asset Derivatives | 3 | [2] | 3 | [2] |
Fair Value, Liability Derivatives | 13 | [2] | 5 | [2] |
Not Designated As Hedging Instruments [Member] | Interest Rate Contracts [Member] | ' | ' | ||
Schedule of Cost-method Investments [Line Items] | ' | ' | ||
Fair Value, Asset Derivatives | 1 | [3] | 2 | [3] |
Fair Value, Liability Derivatives | 9 | [3] | 13 | [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 | $0 | $0 | ||
[1] | Included in other non-current assets or other non-current liabilities. | |||
[2] | Included in other current assets or other current liabilities. | |||
[3] | Included in assets under vehicle programs or liabilities under vehicle programs. |
Financial_Instruments_Schedule1
Financial Instruments (Schedule Of Effect Of Derivatives Recognized) (Detail) (USD $) | 3 Months Ended | ||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | ||
Schedule of Cost-method Investments [Line Items] | ' | ' | ' | ||
Long-term Debt, Current Maturities | $393 | ' | $89 | ||
Derivatives not designated as hedging instruments | -17 | [1] | 6 | [1] | ' |
Interest Rate Swaps [Member] | ' | ' | ' | ||
Schedule of Cost-method Investments [Line Items] | ' | ' | ' | ||
Derivative, Notional Amount | 1,503 | ' | ' | ||
Foreign Exchange Contracts [Member] | ' | ' | ' | ||
Schedule of Cost-method Investments [Line Items] | ' | ' | ' | ||
Derivative, Notional Amount | 400 | ' | ' | ||
Designated As Hedging Instruments [Member] | Interest Rate Swaps [Member] | ' | ' | ' | ||
Schedule of Cost-method Investments [Line Items] | ' | ' | ' | ||
Interest rate swaps | 1 | [2] | 0 | [2] | ' |
Not Designated As Hedging Instruments [Member] | Foreign Exchange Contracts [Member] | ' | ' | ' | ||
Schedule of Cost-method Investments [Line Items] | ' | ' | ' | ||
Derivatives not designated as hedging instruments | -18 | [3] | 1 | [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] | 2 | [4] | ' |
Not Designated As Hedging Instruments [Member] | Interest Rate Contracts [Member] | ' | ' | ' | ||
Schedule of Cost-method Investments [Line Items] | ' | ' | ' | ||
Derivatives not designated as hedging instruments | 0 | [5] | 3 | [5] | ' |
Operating Expense [Member] | ' | ' | ' | ||
Schedule of Cost-method Investments [Line Items] | ' | ' | ' | ||
Derivatives not designated as hedging instruments | 4 | 2 | ' | ||
Foreign Exchange Contract [Member] | ' | ' | ' | ||
Schedule of Cost-method Investments [Line Items] | ' | ' | ' | ||
Derivatives not designated as hedging instruments | $14 | $1 | ' | ||
[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 stockholders’ equity. | ||||
[3] | For the three months ended March 31, 2014, included a $14 million loss in interest expense and a $4 million loss in operating expenses. For the three months ended March 31, 2013, included a $1 million loss in interest expense and a $2 million gain in operating expenses. | ||||
[4] | Included in operating expenses. | ||||
[5] | Included in interest expense. |
Vehicle_Rental_Activities_Comp
Vehicle Rental Activities (Components Of The Company's Vehicles) (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 |
In Millions, unless otherwise specified | |||
Vehicle Rental Activities [Abstract] | ' | ' | ' |
Rental vehicles | $11,657 | $10,234 | ' |
Less: Accumulated depreciation | -1,388 | -1,411 | ' |
Rental Vehicles Net, Total | 10,269 | 8,823 | ' |
Vehicles held for sale | 348 | 759 | ' |
Vehicles, net | 10,617 | 9,582 | ' |
Accounts Payable, Other, Current | 498 | ' | 496 |
Receivables due from former subsidiaries | $231 | ' | $285 |
Vehicle_Rental_Activities_Comp1
Vehicle Rental Activities (Components Of Vehicle Depreciation And Lease Charges) (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Vehicle Rental Activities [Abstract] | ' | ' |
Depreciation expense | $407 | $353 |
Lease charges | 37 | 33 |
Gain on sales of vehicles, net | -11 | 0 |
Vehicle depreciation and lease charges, net | 433 | 386 |
Cost of Services, Depreciation | $433 | $386 |
Income_Taxes_Narrative_Detail
Income Taxes (Narrative) (Detail) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Income Tax Disclosure [Abstract] | ' | ' |
Effective tax provision (benefit) rate | 20.00% | -19.30% |
Federal statutory rate | 35.00% | 35.00% |
Recovered_Sheet2
Long-Term Debt And Borrowing Arrangements (Schedule Of Long-Term Debt) (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | ||||||
In Millions, unless otherwise specified | Floating Rate Notes [Member] | 3 1/2% Convertible Notes [Member] | 3 1/2% Convertible Notes [Member] | 3 1/2% Convertible Notes [Member] | Floating Rate Term Loan Due May Two Thousand Sixteen [Member] | Four And Seven Over Eight Senior Notes [Member] | Four And Seven Over Eight Senior Notes [Member] | Four And Seven Over Eight Senior Notes [Member] | 8 1/4% Notes [Member] | 8 1/4% Notes [Member] | 8 1/4% Notes [Member] | Floating Rate Term Loan Due March Two Thousand Nineteen [Member] | Floating Rate Term Loan Due March Two Thousand Nineteen [Member] | 9 3/4% Notes [Member] | 9 3/4% Notes [Member] | 9 3/4% Notes [Member] | Six Euro-Denominated Senior Notes [Member] | Six Euro-Denominated Senior Notes [Member] | Six Euro-Denominated Senior Notes [Member] | Five And One Over Two Senior Notes [Member] | Five And One Over Two Senior Notes [Member] | Five And One Over Two Senior Notes [Member] | Long-term Debt [Member] | Long-term Debt [Member] | Revolving Credit Facility Maturing Two Thousand Sixteen [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | ||||||||
Long Term Borrowings [Member] | Long Term Borrowings [Member] | Long Term Borrowings [Member] | Long Term Borrowings [Member] | Long Term Borrowings [Member] | Long Term Borrowings [Member] | Floating Rate Senior Notes Due December 2017 [Member] | Floating Rate Senior Notes Due December 2017 [Member] | 8 1/4% Notes [Member] | Six Euro-Denominated Senior Notes [Member] | ||||||||||||||||||||||||||||
Convertible Note [Member] | |||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Repayments of Long-term Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $316 | ' | ||||||
Convertible Senior Note Issuance Price As Percentage Of Face Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 106.75% | ||||||
Debt Instrument, Basis Spread on Variable Rate | ' | ' | 3.58% | ' | ' | ' | 3.27% | ' | ' | ' | ' | ' | ' | 3.96% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | ' | ' | ' | ' | ||||||
Convertible number of common stock shares | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Long-term debt | ' | ' | ' | 66 | [1] | 66 | ' | ' | 300 | 300 | ' | 691 | [2] | 691 | ' | 988 | [3] | 989 | [3] | 223 | 223 | ' | 638 | 344 | ' | 500 | 500 | ' | 3,653 | 3,360 | ' | 247 | [4] | 247 | [4] | ' | ' |
Debt instrument stated interest percentage | ' | ' | ' | ' | ' | 3.50% | ' | ' | ' | 4.88% | ' | ' | 8.25% | ' | ' | ' | ' | 9.75% | ' | ' | 6.00% | ' | ' | 5.50% | ' | ' | ' | ' | ' | ' | ' | ||||||
Other | 43 | 34 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Long-term Debt | 3,696 | 3,394 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Long-term Debt, Current Maturities | 393 | 89 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Long-term debt | 3,303 | 3,305 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Maturity Dates | ' | ' | ' | 'October 2014 | ' | ' | ' | 'November 2017 | ' | ' | 'January 2019 | ' | ' | 'March 2019 | ' | 'March 2020 | ' | ' | 'March 2021 | ' | ' | 'April 2023 | ' | ' | ' | ' | ' | 'December 2017 | ' | ' | ' | ||||||
Proceeds from Issuance of Senior Long-term Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $295 | ||||||
Debt Instrument, Description of Variable Rate Basis | ' | ' | '275 basis points | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '225 basis points | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '225 basis points | ' | ' | ' | ' | ||||||
Percentage Of Margin Aggregate Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | ' | ' | 4.85% | ||||||
[1] | As of March 31, 2014, the 3½% convertible notes are convertible by the holders into approximately 4 million shares of the Company’s common stock. | ||||||||||||||||||||||||||||||||||||
[2] | As of March 31, 2014, the Company called $292 million of the 8¼% Senior Notes due 2019 for redemption; accordingly, these are included in current portion of long-term debt. | ||||||||||||||||||||||||||||||||||||
[3] | The floating rate term loan is part of the Company’s senior credit facility, which is secured by pledges of capital stock of certain subsidiaries of the Company, and liens on substantially all of the Company’s intellectual property and certain other real and personal property. As of March 31, 2014, 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%. | ||||||||||||||||||||||||||||||||||||
[4] | The interest rate on these notes is equal to three-month LIBOR plus 275 basis points, for an aggregate rate of 3.00% at March 31, 2014; the Company has entered into an interest rate swap to hedge its interest rate exposure related to these notes at an aggregate rate of 3.58%. |
Recovered_Sheet3
Long-Term Debt And Borrowing Arrangements (Schedule Of Long-Term Debt) (Parenthetical) (Detail) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
Floating Rate Notes [Member] | ' |
Debt Instrument [Line Items] | ' |
Basis spread over variable rate | 3.58% |
Floating Rate Term Loan Due May Two Thousand Sixteen [Member] | ' |
Debt Instrument [Line Items] | ' |
Basis spread over variable rate | 3.27% |
Floating Rate Term Loan Due March Two Thousand Nineteen [Member] | ' |
Debt Instrument [Line Items] | ' |
Basis spread over variable rate | 3.96% |
Floating rate | 0.75% |
Senior Notes [Member] | 8 1/4% Notes [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Repurchased Face Amount | 292 |
Loans Payable [Member] | Floating Rate Term Loan Due March Two Thousand Nineteen [Member] | ' |
Debt Instrument [Line Items] | ' |
Derivative, Amount of Hedged Item | 600 |
LongTerm_Debt_And_Borrowing_Ar2
Long-Term Debt And Borrowing Arrangements (Narrative) (Detail) | 1 Months Ended | 3 Months Ended | ||||||
In Millions, unless otherwise specified | Apr. 30, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 |
USD ($) | USD ($) | USD ($) | Uncommitted Credit Facility [Member] | Uncommitted Credit Facility [Member] | Six Euro-Denominated Senior Notes [Member] | Six Euro-Denominated Senior Notes [Member] | 8 1/4% Notes [Member] | |
Minimum [Member] | Maximum [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | ||||
USD ($) | EUR (€) | USD ($) | ||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issue of senior notes | ' | ' | ' | ' | ' | $275 | € 200 | ' |
Credit facilities bearing interest | ' | ' | ' | 0.52% | 2.50% | ' | ' | ' |
Early extinguishment of debt | 26 | 0 | 40 | ' | ' | ' | ' | ' |
Debt Instrument, Repurchased Face Amount | ' | ' | ' | ' | ' | ' | ' | $292 |
LongTerm_Debt_And_Borrowing_Ar3
Long-Term Debt And Borrowing Arrangements (Schedule Of Committed Credit Facilities) (Detail) (USD $) | Mar. 31, 2014 | |
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 | 638 | [1] |
Available Capacity | 1,012 | [1] |
Other Facilities [Member] | ' | |
Line of Credit Facility [Line Items] | ' | |
Total Capacity | 13 | [2] |
Outstanding Borrowings | 1 | [2] |
Letters of Credit Issued | 0 | [2] |
Available Capacity | $12 | [2] |
[1] | The senior revolving credit facility bears interest at one-month LIBOR, plus 225 basis points. The senior revolving credit facility is part of the Company’s senior credit facility, which is secured by pledges of capital stock of certain subsidiaries of the Company, and liens on substantially all of the Company’s intellectual property and certain other real and personal property. | |
[2] | These facilities encompass bank overdraft lines of credit, bearing interest of 5.14% to 5.69% as of March 31, 2014. |
LongTerm_Debt_And_Borrowing_Ar4
Long-Term Debt And Borrowing Arrangements (Schedule Of Committed Credit Facilities) (Parenthetical) (Detail) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
Line of Credit Facility [Line Items] | ' |
Amounts drawn under uncommitted credit facilities | 16 |
Minimum [Member] | Bank Overdraft [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Credit facilities bearing interest | 5.14% |
Minimum [Member] | Uncommitted Credit Facility [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Credit facilities bearing interest | 0.52% |
Maximum [Member] | Bank Overdraft [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Credit facilities bearing interest | 5.69% |
Maximum [Member] | Uncommitted Credit Facility [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Credit facilities bearing interest | 2.50% |
Recovered_Sheet4
Debt Under Vehicle Programs And Borrowing Arrangements (Schedule Of Debt Under Vehicle Programs) (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | ' | ' | ||
Debt under vehicle programs | $7,999 | $7,337 | ||
Debt Due To Avis Budget Rental Car Funding (Member) | ' | ' | ||
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | ' | ' | ||
Debt under vehicle programs | 6,359 | [1] | 5,656 | [1] |
Canada Debt Borrowings [Member] [Domain] | ' | ' | ||
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | ' | ' | ||
Debt under vehicle programs | 482 | [1],[2] | 400 | [1],[2] |
International Debt Borrowings [Domain] | ' | ' | ||
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | ' | ' | ||
Debt under vehicle programs | 584 | [3] | 731 | [3] |
International Capital Leases [Domain] | ' | ' | ||
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | ' | ' | ||
Debt under vehicle programs | 353 | [1] | 289 | [1] |
Budget Truck Financing (Member) | ' | ' | ||
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | ' | ' | ||
Debt under vehicle programs | 211 | 226 | ||
Other (Member) | ' | ' | ||
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | ' | ' | ||
Debt under vehicle programs | $10 | $35 | ||
[1] | The increase reflects additional borrowings principally to fund an increase in the Company’s fleet driven by increased rental volume. | |||
[2] | The increase reflects additional borrowings principally to fund an increase in the Company’s fleet driven by the acquisition of its Budget licensee for Edmonton. | |||
[3] | The decrease is principally related to the timing of borrowings related to recently acquired fleet. |
Recovered_Sheet5
Debt Under Vehicle Programs And Borrowing Arrangements (Schedule Of Contractual Maturities) (Detail) (USD $) | Mar. 31, 2014 | |
In Millions, unless otherwise specified | ||
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | ' | |
Vehicle Program Debt Amount Outstanding | $7,999 | |
Vehicle backed debt [Member] | ' | |
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | ' | |
Within 1 year | 1,131 | [1] |
Between 1 and 2 years | 2,218 | |
Between 2 and 3 years | 1,571 | |
Between 3 and 4 years | 902 | |
Between 4 and 5 years | 1,601 | |
Thereafter | 576 | |
Vehicle Program Debt Amount Outstanding | 7,999 | |
Asset-Backed Securities, at Carrying Value | 952 | |
Bank-sponsored borrowings | $179 | |
[1] | Vehicle-backed debt maturing within one year includes term asset-backed securities of approximately $952 million and bank and bank-sponsored borrowings of $179 million. |
Debt_Under_Vehicle_Programs_An2
Debt Under Vehicle Programs And Borrowing Arrangements (Schedule Of Available Funding Under The Vehicle Programs) (Detail) (USD $) | Mar. 31, 2014 | |
In Millions, unless otherwise specified | ||
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | ' | |
Total Capacity | $11,487 | [1] |
Outstanding Borrowings | 7,999 | |
Available Capacity | 3,488 | |
Debt Due To Avis Budget Rental Car Funding (Member) | ' | |
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | ' | |
Total Capacity | 8,544 | [1],[2] |
Outstanding Borrowings | 6,359 | [2] |
Available Capacity | 2,185 | [2] |
Leasing vehicles and related assets, pledged as collateralized debt | 8,100 | |
Canada Debt Borrowings [Member] [Domain] | ' | |
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | ' | |
Total Capacity | 724 | [1],[3] |
Outstanding Borrowings | 482 | [3] |
Available Capacity | 242 | [3] |
Leasing vehicles and related assets, pledged as collateralized debt | 604 | |
International Debt Borrowings [Domain] | ' | |
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | ' | |
Total Capacity | 1,511 | [1],[4] |
Outstanding Borrowings | 584 | [4] |
Available Capacity | 927 | [4] |
Leasing vehicles and related assets, pledged as collateralized debt | 1,000 | |
International Capital Leases [Domain] | ' | |
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | ' | |
Total Capacity | 468 | [1],[5] |
Outstanding Borrowings | 353 | [5] |
Available Capacity | 115 | [5] |
Budget Truck Financing (Member) | ' | |
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | ' | |
Total Capacity | 230 | [1],[6] |
Outstanding Borrowings | 211 | [6] |
Available Capacity | 19 | [6] |
Leasing vehicles and related assets, pledged as collateralized debt | 387 | |
European Rental Fleet Securitization [Member] | ' | |
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | ' | |
Leasing vehicles and related assets, pledged as collateralized debt | 351 | |
Other (Member) | ' | |
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | ' | |
Total Capacity | 10 | [1] |
Outstanding Borrowings | 10 | |
Available Capacity | $0 | |
[1] | Capacity is subject to maintaining sufficient assets to collateralize debt. | |
[2] | The outstanding debt is collateralized by approximately $8.1 billion of underlying vehicles and related assets. | |
[3] | The outstanding debt is collateralized by $604 million of underlying vehicles and related assets. | |
[4] | The outstanding debt is collateralized by approximately $1.0 billion of underlying vehicles and related assets. | |
[5] | The outstanding debt is collateralized by $387 million of underlying vehicles and related assets. | |
[6] | The outstanding debt is collateralized by $351 million of underlying vehicles and related assets. |
Commitments_And_Contingencies_
Commitments And Contingencies (Narrative) (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 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 | $5,600,000,000 | ' |
Aggregate purchase obligations | 154,000,000 | ' |
Receivables due from former subsidiaries | 231,000,000 | 285,000,000 |
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 | 37,000,000 | ' |
Realogy, Wyndham And Travelport [Member] | Real Estate Leases [Member] | ' | ' |
Schedule Of Commitments And Contingencies [Line Items] | ' | ' |
Maximum potential amount of future payments under guarantees | 47,000,000 | ' |
Liability recorded in connection with guarantees | $1,000,000 | ' |
Stockholders_Equity_Narrative_
Stockholders' Equity (Narrative) (Detail) (USD $) | 0 Months Ended | 1 Months Ended | 3 Months Ended |
In Millions, except Share data in Thousands, unless otherwise specified | Aug. 06, 2013 | Apr. 30, 2014 | Mar. 31, 2014 |
Equity [Abstract] | ' | ' | ' |
Net unrealized gain (losses) on cash flow hedges, before tax | ' | ' | $1 |
Stockholders Equity [Line Items] | ' | ' | ' |
Stock Repurchase Program, Authorized Amount | 200 | 235 | ' |
Stock Repurchased During Period, Shares | ' | ' | 1,635 |
Stock Repurchased During Period, Value | ' | ' | $75 |
Stockholders_Equity_Accumulate
Stockholders' Equity (Accumulated Other Comprehensive Income) (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' |
Currency Translation Adjustments, Balance | $166 | $193 |
Net Unrealized Gains (Losses) on Cash Flow Hedges, Balance | 2 | 0 |
Net Unrealized Gains on Available- For-Sale Securities, Balance | 2 | 2 |
Currency Translation Adjustments, Balance | -52 | -85 |
Accumulated Other Comprehensive Income, Balance | 117 | 110 |
Currency Translation Adjustments, Current period change | 3 | -23 |
Net unrealized gain on cash flow hedges (a) | 1 | 0 |
Net unrealized gains on available-for-sale securities, net of tax | -1 | 0 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 0 | 0 |
Accumulated Other Comprehensive Income, Current period change | 3 | -23 |
Currency Translation Adjustments, Balance | 169 | 170 |
Net Unrealized Gains (Losses) on Cash Flow Hedges, Balance | 1 | 0 |
Net Unrealized Gains on Available- For-Sale Securities, Balance | 1 | 2 |
Currency Translation Adjustments, Balance | -52 | -85 |
Accumulated Other Comprehensive Income, Balance | 120 | 87 |
Derivatives used in Net Investment Hedge, Net of Tax | $11 | ' |
Stockholders_Equity_Components
Stockholders' Equity (Components Of Other Comprehensive Income) (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Equity [Abstract] | ' | ' |
Net income (loss) | $4 | ($46) |
Currency translation adjustments | 3 | -23 |
Net unrealized loss on available-for-sale securities | -1 | 0 |
Net unrealized gain on cash flow hedges (a) | 1 | 0 |
Other comprehensive income (loss) | 3 | -23 |
Total comprehensive income (loss) | 7 | -69 |
Net unrealized gain (losses) on cash flow hedges, before tax | $1 | ' |
StockBased_Compensation_Narrat
Stock-Based Compensation (Narrative) (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Stock-based compensation expense | $8 | $4 |
Stock-based compensation expense (net of tax) | 5 | 3 |
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation | ' | 57 |
Employee service share based compensation incremental tax benefit to be realized from exercise of stock awards | $22 | ' |
StockBased_Compensation_Summar
Stock-Based Compensation (Summary Of Share Based Payment Other Than Options Valuation Assumptions) (Detail) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' |
Expected volatility of stock price | 39.60% | 43.00% |
Risk-free interest rate | 0.85% | 0.39% |
Expected term of awards | 'P3Y0M0D | 'P3Y0M0D |
Dividend yield | 0.00% | 0.00% |
StockBased_Compensation_Stock_
Stock-Based Compensation (Stock Based Compensation Activity) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Millions, except Share data in Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | |
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation | ' | $57 | ' | |
Number of Options, Balance | 892 | [1] | ' | 979 |
Options outstanding, intrinsic value | 41 | [1] | ' | 37 |
Stock Issued During Period, Value, Restricted Stock Award, Gross | 14 | 14 | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | '5 years 0 months 0 days | [1] | ' | '5 years 2 months 0 days |
Time-Based RSUs | ' | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | |
Weighted Average Grant Price, Balance | $17.92 | [2] | ' | ' |
Weighted Average Grant Price, Granted at fair market value | $41.15 | $21.20 | ' | |
Weighted Average Grant Price, Vested/exercised | $16.62 | [3] | ' | ' |
Weighted Average Grant Price, Canceled | $23.49 | ' | ' | |
Weighted Average Grant Price, Balance | $26.40 | [4] | ' | ' |
Number of RSUs, Balance | 1,308 | [2] | ' | ' |
Number of RSUs, Granted at fair market value | 352 | ' | ' | |
Number of RSUs, Vested/exercised | -588 | [3] | ' | ' |
Number of RSUs, Canceled | -56 | ' | ' | |
Number of RSUs, Balance | 1,016 | [4] | ' | ' |
Performance-Based and Market-Based RSUs | ' | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | |
Weighted Average Grant Price, Balance | $13.79 | [2] | ' | ' |
Weighted Average Grant Price, Granted at fair market value | $39.37 | $20.30 | ' | |
Weighted Average Grant Price, Vested/exercised | $10.91 | [3] | ' | ' |
Weighted Average Grant Price, Canceled | $21.48 | ' | ' | |
Weighted Average Grant Price, Balance | $17.66 | [4] | ' | ' |
Number of RSUs, Balance | 2,043 | [2] | ' | ' |
Number of RSUs, Granted at fair market value | 235 | ' | ' | |
Number of RSUs, Vested/exercised | -432 | [3] | ' | ' |
Number of RSUs, Canceled | -32 | ' | ' | |
Number of RSUs, Balance | 1,814 | [4] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding | 88 | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | '1 year 3 months 0 days | ' | ' | |
Cash Unit Awards | ' | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | |
Weighted Average Grant Price, Balance | $14.90 | [2] | ' | ' |
Weighted Average Grant Price, Granted at fair market value | $0 | $17.14 | ' | |
Weighted Average Grant Price, Vested/exercised | $0 | [3] | ' | ' |
Weighted Average Grant Price, Canceled | $0 | ' | ' | |
Weighted Average Grant Price, Balance | $14.90 | [4] | ' | ' |
Number of RSUs, Balance | 267 | [2] | ' | ' |
Number of RSUs, Granted at fair market value | 0 | ' | ' | |
Number of RSUs, Vested/exercised | 0 | [3] | ' | ' |
Number of RSUs, Canceled | 0 | ' | ' | |
Number of RSUs, Balance | 267 | [4] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding | 13 | ' | ' | |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding | 49 | ' | ' | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $43 | ' | ' | |
[1] | The Company assumes that substantially all outstanding stock options will vest over time. | |||
[2] | Reflects the maximum number of stock units assuming achievement of all performance-, market- and time-vesting criteria and does not include those for non-employee directors. The weighted-average fair value of time-based RSUs, performance-based and market-based RSUs, and cash units granted in 2013 was $21.20, $20.30 and $17.14, respectively. | |||
[3] | The total grant date fair value of RSUs vested during the three months ended March 31, 2014 and 2013 was $14 million and $14 million, respectively. | |||
[4] | The Company’s outstanding time-based RSUs, performance-based and market-based RSUs, and cash units had aggregate intrinsic value of $49 million, $88 million and $13 million, respectively. Aggregate unrecognized compensation expense related to time-based RSUs and performance-based and market-based RSUs amounted to $43 million and will be recognized over a weighted average vesting period of 1.3 years. The Company assumes that substantially all outstanding awards will vest over time. |
StockBased_Compensation_Summar1
Stock-Based Compensation (Summary Of Share Based Compensation Shares Authorized Under Stock Option Plans By Exercise Price Range) (Detail) | 3 Months Ended | 12 Months Ended | |||
In Millions, except Share data in Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | ||
USD ($) | EUR (€) | USD ($) | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 892 | [1] | 892 | [1] | 979 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $2.88 | [1] | ' | $2.82 | |
Weighted average contractual life | 0 | 0 | ' | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price | $0 | ' | ' | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $0 | ' | ' | ||
Number of Options | $2.56 | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $0 | € 4 | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Grant Date Intrinsic Value | $0 | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | -87 | -87 | ' | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $2.22 | ' | ' | ||
Options outstanding, intrinsic value | 41 | [1] | ' | 37 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | '5 years 0 months 0 days | [1] | '5 years 0 months 0 days | [1] | '5 years 2 months 0 days |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 0 | 0 | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 860 | 860 | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | ' | ' | $40 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | ' | ' | '5 years 0 months 0 days | ||
[1] | The Company assumes that substantially all outstanding stock options will vest over time. |
Segment_Information_Summary_Of
Segment Information (Summary Of Segments Information) (Detail) (USD $) | 1 Months Ended | 3 Months Ended | |||
In Millions, unless otherwise specified | Apr. 30, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ||
Segment Reporting, Change in Measurement Method | ' | $2 | ' | ||
Revenues | ' | 1,862 | 1,691 | ||
Adjusted EBITDA | ' | 117 | [1] | 93 | [1] |
Non-vehicle related depreciation and amortization | ' | 41 | 34 | ||
Interest expense | ' | 56 | 58 | ||
Early extinguishment of debt | 26 | 0 | 40 | ||
Transaction-related costs | ' | 8 | 8 | ||
Restructuring expense | ' | 7 | [2] | 10 | [3] |
Income (loss) before income taxes | ' | 5 | -57 | ||
North America | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ||
Segment Reporting, Change in Measurement Method | ' | 3 | ' | ||
Revenues | ' | 1,236 | 1,098 | ||
Adjusted EBITDA | ' | 114 | 93 | ||
Restructuring expense | ' | 1 | ' | ||
International | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ||
Segment Reporting, Change in Measurement Method | ' | 3 | ' | ||
Revenues | ' | 551 | 517 | ||
Adjusted EBITDA | ' | 17 | 17 | ||
Restructuring expense | ' | 6 | ' | ||
Truck Rental [Member] | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ||
Segment Reporting, Change in Measurement Method | ' | 4 | ' | ||
Revenues | ' | 75 | 76 | ||
Adjusted EBITDA | ' | -2 | -5 | ||
Corporate and Other [Member] | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ||
Revenues | ' | 0 | [3] | 0 | [3] |
Adjusted EBITDA | ' | ($12) | [3] | ($12) | [3] |
[1] | (b) Amounts reflect the revised definition of Adjusted EBITDA to exclude restructuring expense, which resulted in an increase in Adjusted EBITDA in North America, International and Truck Rental of $3 million, $3 million and $4 million, respectively, in the three months ended March 31, 2013. The realignment of the Company's operating segments had no effect on Adjusted EBITDA for the three months ended March 31, 2013. | ||||
[2] | (d) During the three months ended March 31, 2014, transaction-related costs primarily comprised of a non-cash charge for re-acquired license rights and acquisition integration expenses. During the three months ended March 31, 2013, transaction-related costs primarily related to the integration of Avis Europe and the acquisition of Zipcar. | ||||
[3] | (c)Â Includes unallocated corporate overhead which is not attributable to a particular segment. |
Segment_Information_Narrative_
Segment Information (Narrative) (Detail) (USD $) | 1 Months Ended | 3 Months Ended | ||||
In Millions, unless otherwise specified | Apr. 30, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||
Sales Revenue, Services, Net | ' | $1,862 | $1,691 | ' | ||
Adjusted EBITDA | ' | 117 | [1] | 93 | [1] | ' |
Non Vehicle Related Depreciation And Amortization | ' | 41 | 34 | ' | ||
Interest expense | ' | 56 | 58 | ' | ||
Early extinguishment of debt | 26 | 0 | 40 | ' | ||
Transaction-related costs | ' | 8 | 8 | ' | ||
Restructuring expense | ' | 7 | [2] | 10 | [3] | ' |
Assets under vehicle programs | ' | 11,323 | ' | 10,452 | ||
Non current deferred tax assets | ' | 1,264 | ' | 1,299 | ||
Loss before income taxes | ' | 5 | -57 | ' | ||
North America | ' | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||
Sales Revenue, Services, Net | ' | 1,236 | 1,098 | ' | ||
Adjusted EBITDA | ' | 114 | 93 | ' | ||
Restructuring expense | ' | 1 | ' | ' | ||
Assets under vehicle programs | ' | 8,800 | 7,900 | ' | ||
International | ' | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||
Sales Revenue, Services, Net | ' | 551 | 517 | ' | ||
Adjusted EBITDA | ' | 17 | 17 | ' | ||
Restructuring expense | ' | 6 | ' | ' | ||
Truck Rental [Member] | ' | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||
Sales Revenue, Services, Net | ' | 75 | 76 | ' | ||
Adjusted EBITDA | ' | -2 | -5 | ' | ||
Corporate and Other [Member] | ' | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||
Sales Revenue, Services, Net | ' | 0 | [3] | 0 | [3] | ' |
Adjusted EBITDA | ' | ($12) | [3] | ($12) | [3] | ' |
[1] | (b) Amounts reflect the revised definition of Adjusted EBITDA to exclude restructuring expense, which resulted in an increase in Adjusted EBITDA in North America, International and Truck Rental of $3 million, $3 million and $4 million, respectively, in the three months ended March 31, 2013. The realignment of the Company's operating segments had no effect on Adjusted EBITDA for the three months ended March 31, 2013. | |||||
[2] | (d) During the three months ended March 31, 2014, transaction-related costs primarily comprised of a non-cash charge for re-acquired license rights and acquisition integration expenses. During the three months ended March 31, 2013, transaction-related costs primarily related to the integration of Avis Europe and the acquisition of Zipcar. | |||||
[3] | (c)Â Includes unallocated corporate overhead which is not attributable to a particular segment. |
Recovered_Sheet6
Guarantor And Non-Guarantor Consolidating Condensed Financial Statements (Consolidating Condensed Statements Of Comprehensive Income) (Detail) (USD $) | 1 Months Ended | 3 Months Ended | |||
In Millions, unless otherwise specified | Apr. 30, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | ||
Revenues | ' | ' | ' | ||
Vehicle rental | ' | $1,329 | $1,217 | ||
Other | ' | 533 | 474 | ||
Net revenues | ' | 1,862 | 1,691 | ||
Expenses | ' | ' | ' | ||
Operating | ' | 1,000 | 931 | ||
Vehicle depreciation and lease charges, net | ' | 433 | 386 | ||
Selling, general and administrative | ' | 248 | 224 | ||
Vehicle interest, net | ' | 64 | 57 | ||
Non-vehicle related depreciation and amortization | ' | 41 | 34 | ||
Interest expense | ' | 56 | 58 | ||
Intercompany Interest Expense Income | ' | 0 | 0 | ||
Early extinguishment of debt | 26 | 0 | 40 | ||
Transaction-related costs | ' | 8 | 8 | ||
Total expenses | ' | 1,857 | 1,748 | ||
Interest expense related to corporate debt, net: | ' | ' | ' | ||
Income (loss) before income taxes | ' | 5 | -57 | ||
Provision for (benefit from) income taxes | ' | -1 | 11 | ||
Equity in earnings (loss) of subsidiaries | ' | 0 | 0 | ||
Net income (loss) | ' | 4 | -46 | ||
Comprehensive income (loss) | ' | -7 | 69 | ||
Restructuring Charges | ' | 7 | [1] | 10 | [2] |
Parent Company [Member] | ' | ' | ' | ||
Revenues | ' | ' | ' | ||
Vehicle rental | ' | 0 | 0 | ||
Other | ' | 0 | 0 | ||
Net revenues | ' | 0 | 0 | ||
Expenses | ' | ' | ' | ||
Operating | ' | 0 | 2 | ||
Vehicle depreciation and lease charges, net | ' | 0 | 0 | ||
Selling, general and administrative | ' | 7 | 9 | ||
Vehicle interest, net | ' | 0 | 0 | ||
Non-vehicle related depreciation and amortization | ' | 0 | 0 | ||
Interest expense | ' | 1 | 1 | ||
Intercompany Interest Expense Income | ' | -3 | -3 | ||
Early extinguishment of debt | ' | ' | 39 | ||
Transaction-related costs | ' | 0 | 0 | ||
Total expenses | ' | 5 | 48 | ||
Interest expense related to corporate debt, net: | ' | ' | ' | ||
Income (loss) before income taxes | ' | -5 | -48 | ||
Provision for (benefit from) income taxes | ' | 2 | 4 | ||
Equity in earnings (loss) of subsidiaries | ' | 7 | -2 | ||
Net income (loss) | ' | 4 | -46 | ||
Restructuring Charges | ' | 0 | 0 | ||
Subsidiary Issuers [Member] | ' | ' | ' | ||
Revenues | ' | ' | ' | ||
Vehicle rental | ' | 0 | 0 | ||
Other | ' | 0 | 0 | ||
Net revenues | ' | 0 | 0 | ||
Expenses | ' | ' | ' | ||
Operating | ' | 4 | 1 | ||
Vehicle depreciation and lease charges, net | ' | 0 | 0 | ||
Selling, general and administrative | ' | 4 | 1 | ||
Vehicle interest, net | ' | 0 | 0 | ||
Non-vehicle related depreciation and amortization | ' | 0 | 0 | ||
Interest expense | ' | 47 | 54 | ||
Intercompany Interest Expense Income | ' | -3 | -11 | ||
Early extinguishment of debt | ' | ' | 1 | ||
Transaction-related costs | ' | 2 | 4 | ||
Total expenses | ' | 54 | 50 | ||
Interest expense related to corporate debt, net: | ' | ' | ' | ||
Income (loss) before income taxes | ' | -54 | -50 | ||
Provision for (benefit from) income taxes | ' | 21 | 20 | ||
Equity in earnings (loss) of subsidiaries | ' | 40 | 28 | ||
Net income (loss) | ' | 7 | -2 | ||
Comprehensive income (loss) | ' | -11 | 25 | ||
Restructuring Charges | ' | 0 | 0 | ||
Guarantor Subsidiaries [Member] | ' | ' | ' | ||
Revenues | ' | ' | ' | ||
Vehicle rental | ' | 916 | 837 | ||
Other | ' | 267 | 246 | ||
Net revenues | ' | 1,183 | 1,083 | ||
Expenses | ' | ' | ' | ||
Operating | ' | 604 | 558 | ||
Vehicle depreciation and lease charges, net | ' | 441 | 260 | ||
Selling, general and administrative | ' | 140 | 131 | ||
Vehicle interest, net | ' | 45 | 42 | ||
Non-vehicle related depreciation and amortization | ' | 27 | 22 | ||
Interest expense | ' | 0 | 0 | ||
Intercompany Interest Expense Income | ' | 1 | 3 | ||
Early extinguishment of debt | ' | ' | 0 | ||
Transaction-related costs | ' | 3 | 1 | ||
Total expenses | ' | 1,263 | 1,023 | ||
Interest expense related to corporate debt, net: | ' | ' | ' | ||
Income (loss) before income taxes | ' | -80 | 60 | ||
Provision for (benefit from) income taxes | ' | -18 | -14 | ||
Equity in earnings (loss) of subsidiaries | ' | 138 | -18 | ||
Net income (loss) | ' | 40 | 28 | ||
Comprehensive income (loss) | ' | -43 | -2 | ||
Restructuring Charges | ' | 2 | 6 | ||
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ||
Revenues | ' | ' | ' | ||
Vehicle rental | ' | 413 | 380 | ||
Other | ' | 755 | 526 | ||
Net revenues | ' | 1,168 | 906 | ||
Expenses | ' | ' | ' | ||
Operating | ' | 392 | 370 | ||
Vehicle depreciation and lease charges, net | ' | 432 | 243 | ||
Selling, general and administrative | ' | 97 | 83 | ||
Vehicle interest, net | ' | 68 | 58 | ||
Non-vehicle related depreciation and amortization | ' | 14 | 12 | ||
Interest expense | ' | 8 | 3 | ||
Intercompany Interest Expense Income | ' | 5 | 11 | ||
Early extinguishment of debt | ' | ' | 0 | ||
Transaction-related costs | ' | 3 | 3 | ||
Total expenses | ' | 1,024 | 787 | ||
Interest expense related to corporate debt, net: | ' | ' | ' | ||
Income (loss) before income taxes | ' | 144 | 119 | ||
Provision for (benefit from) income taxes | ' | -6 | 1 | ||
Equity in earnings (loss) of subsidiaries | ' | 0 | 0 | ||
Net income (loss) | ' | 138 | 120 | ||
Comprehensive income (loss) | ' | -141 | -95 | ||
Restructuring Charges | ' | 5 | 4 | ||
Eliminations [Member] | ' | ' | ' | ||
Revenues | ' | ' | ' | ||
Vehicle rental | ' | 0 | 0 | ||
Other | ' | -489 | -298 | ||
Net revenues | ' | -489 | -298 | ||
Expenses | ' | ' | ' | ||
Operating | ' | 0 | 0 | ||
Vehicle depreciation and lease charges, net | ' | -440 | -117 | ||
Selling, general and administrative | ' | 0 | 0 | ||
Vehicle interest, net | ' | -49 | -43 | ||
Non-vehicle related depreciation and amortization | ' | 0 | 0 | ||
Interest expense | ' | 0 | 0 | ||
Intercompany Interest Expense Income | ' | 0 | 0 | ||
Early extinguishment of debt | ' | ' | 0 | ||
Transaction-related costs | ' | 0 | 0 | ||
Total expenses | ' | -489 | -160 | ||
Interest expense related to corporate debt, net: | ' | ' | ' | ||
Income (loss) before income taxes | ' | 0 | -138 | ||
Provision for (benefit from) income taxes | ' | 0 | 0 | ||
Equity in earnings (loss) of subsidiaries | ' | -185 | -8 | ||
Net income (loss) | ' | -185 | -146 | ||
Comprehensive income (loss) | ' | 195 | 72 | ||
Restructuring Charges | ' | $0 | $0 | ||
[1] | (d) During the three months ended March 31, 2014, transaction-related costs primarily comprised of a non-cash charge for re-acquired license rights and acquisition integration expenses. During the three months ended March 31, 2013, transaction-related costs primarily related to the integration of Avis Europe and the acquisition of Zipcar. | ||||
[2] | (c)Â Includes unallocated corporate overhead which is not attributable to a particular segment. |
Guarantor_And_NonGuarantor_Con1
Guarantor And Non-Guarantor Consolidating Condensed Financial Statements (Consolidating Condensed Balance Sheets) (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||||
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | $841 | $693 | $569 | $606 |
Receivables, net | 646 | 619 | ' | ' |
Deferred income taxes | 174 | 177 | ' | ' |
Other current assets | 501 | 455 | ' | ' |
Total current assets | 2,162 | 1,944 | ' | ' |
Property and equipment, net | 613 | 614 | ' | ' |
Deferred income taxes | 1,264 | 1,299 | ' | ' |
Goodwill | 713 | 691 | ' | ' |
Other intangibles, net | 932 | 923 | ' | ' |
Other non-current assets | 362 | 361 | ' | ' |
Intercompany receivables (payables) | 0 | 0 | ' | ' |
Investment in subsidiaries | 0 | 0 | ' | ' |
Total assets exclusive of assets under vehicle programs | 6,046 | 5,832 | ' | ' |
Assets under vehicle programs: | ' | ' | ' | ' |
Program cash | 104 | 116 | ' | ' |
Vehicles, net | 10,617 | 9,582 | ' | ' |
Receivables from vehicle manufacturers and other | 240 | 391 | ' | ' |
Investment in Avis Budget Rental Car Funding (AESOP) LLC—related party | 362 | 363 | ' | ' |
Total Assets under vehicle programs | 11,323 | 10,452 | ' | ' |
Total assets | 17,369 | 16,284 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Accounts payable and other current liabilities | 1,474 | 1,479 | ' | ' |
Long-term Debt, Current Maturities | 393 | 89 | ' | ' |
Total current liabilities | 1,867 | 1,568 | ' | ' |
Long-term debt | 3,303 | 3,305 | ' | ' |
Other non-current liabilities | 840 | 847 | ' | ' |
Due to Related Parties, Noncurrent | 0 | 0 | ' | ' |
Total liabilities exclusive of liabilities under vehicle programs | 6,010 | 5,720 | ' | ' |
Liabilities under vehicle programs: | ' | ' | ' | ' |
Debt | 1,640 | 1,681 | ' | ' |
Due to Avis Budget Rental Car Funding (AESOP) LLC-related party | 6,359 | 5,656 | ' | ' |
Deferred income taxes | 2,141 | 2,177 | ' | ' |
Other | 516 | 279 | ' | ' |
Total Liabilities under vehicle programs | 10,656 | 9,793 | ' | ' |
Total stockholders' equity | 703 | 771 | ' | ' |
Total liabilities and stockholders’ equity | 17,369 | 16,284 | ' | ' |
Parent [Member] | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 5 | 14 | 6 | 5 |
Receivables, net | 0 | 0 | ' | ' |
Deferred income taxes | 1 | 1 | ' | ' |
Other current assets | 3 | 4 | ' | ' |
Total current assets | 9 | 19 | ' | ' |
Property and equipment, net | 0 | 0 | ' | ' |
Deferred income taxes | 20 | 20 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Other intangibles, net | 0 | 0 | ' | ' |
Other non-current assets | 104 | 104 | ' | ' |
Intercompany receivables (payables) | 146 | 145 | ' | ' |
Investment in subsidiaries | 617 | 671 | ' | ' |
Total assets exclusive of assets under vehicle programs | 896 | 959 | ' | ' |
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 | 896 | 959 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Accounts payable and other current liabilities | 28 | 25 | ' | ' |
Long-term Debt, Current Maturities | 66 | 65 | ' | ' |
Total current liabilities | 94 | 90 | ' | ' |
Long-term debt | 0 | 0 | ' | ' |
Other non-current liabilities | 99 | 98 | ' | ' |
Due to Related Parties, Noncurrent | 0 | 0 | ' | ' |
Total liabilities exclusive of liabilities under vehicle programs | 193 | 188 | ' | ' |
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 | 703 | 771 | ' | ' |
Total liabilities and stockholders’ equity | 896 | 959 | ' | ' |
Subsidiary Issuers [Member] | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 459 | 242 | 17 | 102 |
Receivables, net | 0 | 0 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Other current assets | 75 | 80 | ' | ' |
Total current assets | 534 | 322 | ' | ' |
Property and equipment, net | 104 | 109 | ' | ' |
Deferred income taxes | 1,107 | 1,142 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Other intangibles, net | 41 | 41 | ' | ' |
Other non-current assets | 91 | 96 | ' | ' |
Intercompany receivables (payables) | 0 | 210 | ' | ' |
Investment in subsidiaries | 2,944 | 2,900 | ' | ' |
Total assets exclusive of assets under vehicle programs | 4,821 | 4,820 | ' | ' |
Assets under vehicle programs: | ' | ' | ' | ' |
Program cash | 0 | 0 | ' | ' |
Vehicles, net | 7 | 10 | ' | ' |
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 | 7 | 10 | ' | ' |
Total assets | 4,828 | 4,830 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Accounts payable and other current liabilities | 211 | 238 | ' | ' |
Long-term Debt, Current Maturities | 306 | 14 | ' | ' |
Total current liabilities | 517 | 252 | ' | ' |
Long-term debt | 2,660 | 2,955 | ' | ' |
Other non-current liabilities | 93 | 96 | ' | ' |
Due to Related Parties, Noncurrent | 932 | 844 | ' | ' |
Total liabilities exclusive of liabilities under vehicle programs | 4,202 | 4,147 | ' | ' |
Liabilities under vehicle programs: | ' | ' | ' | ' |
Debt | 9 | 11 | ' | ' |
Due to Avis Budget Rental Car Funding (AESOP) LLC-related party | 0 | 0 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Other | 0 | 1 | ' | ' |
Total Liabilities under vehicle programs | 9 | 12 | ' | ' |
Total stockholders' equity | 617 | 671 | ' | ' |
Total liabilities and stockholders’ equity | 4,828 | 4,830 | ' | ' |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 12 | 8 | 0 |
Receivables, net | 183 | 150 | ' | ' |
Deferred income taxes | 155 | 156 | ' | ' |
Other current assets | 93 | 82 | ' | ' |
Total current assets | 431 | 400 | ' | ' |
Property and equipment, net | 312 | 312 | ' | ' |
Deferred income taxes | 141 | 141 | ' | ' |
Goodwill | 339 | 342 | ' | ' |
Other intangibles, net | 516 | 519 | ' | ' |
Other non-current assets | 18 | 18 | ' | ' |
Intercompany receivables (payables) | 865 | 853 | ' | ' |
Investment in subsidiaries | 3,340 | 3,347 | ' | ' |
Total assets exclusive of assets under vehicle programs | 5,962 | 5,932 | ' | ' |
Assets under vehicle programs: | ' | ' | ' | ' |
Program cash | 0 | 0 | ' | ' |
Vehicles, net | 14 | 9 | ' | ' |
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 | 14 | 9 | ' | ' |
Total assets | 5,976 | 5,941 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Accounts payable and other current liabilities | 502 | 487 | ' | ' |
Long-term Debt, Current Maturities | 3 | 3 | ' | ' |
Total current liabilities | 505 | 490 | ' | ' |
Long-term debt | 5 | 6 | ' | ' |
Other non-current liabilities | 229 | 221 | ' | ' |
Due to Related Parties, Noncurrent | 345 | 340 | ' | ' |
Total liabilities exclusive of liabilities under vehicle programs | 1,084 | 1,057 | ' | ' |
Liabilities under vehicle programs: | ' | ' | ' | ' |
Debt | 0 | 0 | ' | ' |
Due to Avis Budget Rental Car Funding (AESOP) LLC-related party | 0 | 0 | ' | ' |
Deferred income taxes | 1,948 | 1,984 | ' | ' |
Other | 0 | 0 | ' | ' |
Total Liabilities under vehicle programs | 1,948 | 1,984 | ' | ' |
Total stockholders' equity | 2,944 | 2,900 | ' | ' |
Total liabilities and stockholders’ equity | 5,976 | 5,941 | ' | ' |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 377 | 425 | 538 | 499 |
Receivables, net | 463 | 469 | ' | ' |
Deferred income taxes | 23 | 21 | ' | ' |
Other current assets | 330 | 289 | ' | ' |
Total current assets | 1,193 | 1,204 | ' | ' |
Property and equipment, net | 197 | 193 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Goodwill | 374 | 349 | ' | ' |
Other intangibles, net | 375 | 363 | ' | ' |
Other non-current assets | 149 | 143 | ' | ' |
Intercompany receivables (payables) | 626 | 331 | ' | ' |
Investment in subsidiaries | 0 | 0 | ' | ' |
Total assets exclusive of assets under vehicle programs | 2,914 | 2,583 | ' | ' |
Assets under vehicle programs: | ' | ' | ' | ' |
Program cash | 104 | 116 | ' | ' |
Vehicles, net | 10,596 | 9,563 | ' | ' |
Receivables from vehicle manufacturers and other | 240 | 391 | ' | ' |
Investment in Avis Budget Rental Car Funding (AESOP) LLC—related party | 362 | 363 | ' | ' |
Total Assets under vehicle programs | 11,302 | 10,433 | ' | ' |
Total assets | 14,216 | 13,016 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Accounts payable and other current liabilities | 738 | 730 | ' | ' |
Long-term Debt, Current Maturities | 18 | 7 | ' | ' |
Total current liabilities | 756 | 737 | ' | ' |
Long-term debt | 638 | 344 | ' | ' |
Other non-current liabilities | 423 | 436 | ' | ' |
Due to Related Parties, Noncurrent | 360 | 355 | ' | ' |
Total liabilities exclusive of liabilities under vehicle programs | 2,177 | 1,872 | ' | ' |
Liabilities under vehicle programs: | ' | ' | ' | ' |
Debt | 1,631 | 1,670 | ' | ' |
Due to Avis Budget Rental Car Funding (AESOP) LLC-related party | 6,359 | 5,656 | ' | ' |
Deferred income taxes | 193 | 193 | ' | ' |
Other | 516 | 278 | ' | ' |
Total Liabilities under vehicle programs | 8,699 | 7,797 | ' | ' |
Total stockholders' equity | 3,340 | 3,347 | ' | ' |
Total liabilities and stockholders’ equity | 14,216 | 13,016 | ' | ' |
Eliminations [Member] | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Receivables, net | 0 | 0 | ' | ' |
Deferred income taxes | -5 | -1 | ' | ' |
Other current assets | 0 | 0 | ' | ' |
Total current assets | -5 | -1 | ' | ' |
Property and equipment, net | 0 | 0 | ' | ' |
Deferred income taxes | -4 | -4 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Other intangibles, net | 0 | 0 | ' | ' |
Other non-current assets | 0 | 0 | ' | ' |
Intercompany receivables (payables) | -1,637 | -1,539 | ' | ' |
Investment in subsidiaries | -6,901 | -6,918 | ' | ' |
Total assets exclusive of assets under vehicle programs | -8,547 | -8,462 | ' | ' |
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 | -8,547 | -8,462 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Accounts payable and other current liabilities | -5 | -1 | ' | ' |
Long-term Debt, Current Maturities | 0 | 0 | ' | ' |
Total current liabilities | -5 | -1 | ' | ' |
Long-term debt | 0 | 0 | ' | ' |
Other non-current liabilities | -4 | -4 | ' | ' |
Due to Related Parties, Noncurrent | -1,637 | -1,539 | ' | ' |
Total liabilities exclusive of liabilities under vehicle programs | -1,646 | -1,544 | ' | ' |
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 | -6,901 | -6,918 | ' | ' |
Total liabilities and stockholders’ equity | ($8,547) | ($8,462) | ' | ' |
Guarantor_And_NonGuarantor_Con2
Guarantor And Non-Guarantor Consolidating Condensed Financial Statements (Consolidating Condensed Statements Of Cash Flows) (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Supplemental Guarantor Financial Information [Line Items] | ' | ' |
Net cash provided by (used in) operating activities | $390 | $300 |
Property and equipment additions | -36 | -21 |
Proceeds received on asset sales | 3 | 4 |
Payments to Acquire Restricted Investments | -124 | -476 |
Proceeds from (Repayments of) Related Party Debt | ' | 0 |
Other, net | -7 | 26 |
Net cash used in investing activities exclusive of vehicle programs | -164 | -467 |
Decrease (increase) in program cash | 12 | -24 |
Investment in vehicles | -3,275 | -3,111 |
Proceeds received on disposition of vehicles | 2,470 | 2,394 |
Net cash used in investing activities of vehicle programs | -793 | -741 |
Net cash used in investing activities | -957 | -1,208 |
Proceeds from long-term borrowings | 295 | 1,225 |
Principal payments on borrowings | -5 | -788 |
Net change in short-term borrowings | 11 | -31 |
Purchase of warrants | 0 | -28 |
Proceeds from sale of call options | 0 | 37 |
Repurchases of common stock | -67 | 0 |
Net intercompany transactions | ' | 0 |
Debt financing fees | -5 | -10 |
Other, net | -1 | 2 |
Net cash provided by financing activities exclusive of vehicle programs | 228 | 407 |
Proceeds from borrowings | 3,775 | 3,762 |
Principal payments on borrowings | -3,280 | -3,279 |
Debt financing fees | -7 | -17 |
Net cash provided by financing activities of vehicle programs | 488 | 466 |
Net cash provided by financing activities | 716 | 873 |
Effect of changes in exchange rates on cash and cash equivalents | -1 | -2 |
Net increase (decrease) in cash and cash equivalents | 148 | -37 |
Cash and cash equivalents, beginning of period | 693 | 606 |
Cash and cash equivalents, end of period | 841 | 569 |
Parent [Member] | ' | ' |
Supplemental Guarantor Financial Information [Line Items] | ' | ' |
Net cash provided by (used in) operating activities | 2 | -17 |
Property and equipment additions | 0 | 0 |
Proceeds received on asset sales | 0 | 0 |
Payments to Acquire Restricted Investments | 0 | 0 |
Proceeds from (Repayments of) Related Party Debt | ' | 0 |
Other, net | 57 | 96 |
Net cash used in investing activities exclusive of vehicle programs | 57 | 96 |
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 | 57 | 96 |
Proceeds from long-term borrowings | 0 | 0 |
Principal payments on borrowings | 0 | -89 |
Net change in short-term borrowings | 0 | 0 |
Purchase of warrants | ' | -28 |
Proceeds from sale of call options | ' | 37 |
Repurchases of common stock | -67 | ' |
Net intercompany transactions | ' | 0 |
Debt financing fees | 0 | 0 |
Other, net | -1 | 2 |
Net cash provided by financing activities exclusive of vehicle programs | -68 | -78 |
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 | -68 | -78 |
Effect of changes in exchange rates on cash and cash equivalents | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | -9 | 1 |
Cash and cash equivalents, beginning of period | 14 | 5 |
Cash and cash equivalents, end of period | 5 | 6 |
Subsidiary Issuers [Member] | ' | ' |
Supplemental Guarantor Financial Information [Line Items] | ' | ' |
Net cash provided by (used in) operating activities | 284 | -59 |
Property and equipment additions | -3 | -5 |
Proceeds received on asset sales | 2 | 2 |
Payments to Acquire Restricted Investments | 0 | -513 |
Proceeds from (Repayments of) Related Party Debt | ' | 70 |
Other, net | -7 | -1 |
Net cash used in investing activities exclusive of vehicle programs | -8 | -447 |
Decrease (increase) in program cash | 0 | 0 |
Investment in vehicles | -1 | -1 |
Proceeds received on disposition of vehicles | 3 | 1 |
Net cash used in investing activities of vehicle programs | 2 | 0 |
Net cash used in investing activities | -6 | -447 |
Proceeds from long-term borrowings | 0 | 1,225 |
Principal payments on borrowings | -4 | -698 |
Net change in short-term borrowings | 0 | 0 |
Purchase of warrants | ' | 0 |
Proceeds from sale of call options | ' | 0 |
Repurchases of common stock | 0 | ' |
Net intercompany transactions | ' | 0 |
Debt financing fees | 0 | -10 |
Other, net | -57 | -96 |
Net cash provided by financing activities exclusive of vehicle programs | -61 | 421 |
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 | -61 | 421 |
Effect of changes in exchange rates on cash and cash equivalents | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 217 | -85 |
Cash and cash equivalents, beginning of period | 242 | 102 |
Cash and cash equivalents, end of period | 459 | 17 |
Guarantor Subsidiaries [Member] | ' | ' |
Supplemental Guarantor Financial Information [Line Items] | ' | ' |
Net cash provided by (used in) operating activities | 14 | -25 |
Property and equipment additions | -17 | -10 |
Proceeds received on asset sales | 0 | 0 |
Payments to Acquire Restricted Investments | 0 | 16 |
Proceeds from (Repayments of) Related Party Debt | ' | 0 |
Other, net | 0 | 28 |
Net cash used in investing activities exclusive of vehicle programs | -17 | 34 |
Decrease (increase) in program cash | 0 | 0 |
Investment in vehicles | -8 | 0 |
Proceeds received on disposition of vehicles | 0 | 0 |
Net cash used in investing activities of vehicle programs | -8 | 0 |
Net cash used in investing activities | -25 | 34 |
Proceeds from long-term borrowings | 0 | 0 |
Principal payments on borrowings | -1 | -1 |
Net change in short-term borrowings | 0 | 0 |
Purchase of warrants | ' | 0 |
Proceeds from sale of call options | ' | 0 |
Repurchases of common stock | 0 | ' |
Net intercompany transactions | ' | 0 |
Debt financing fees | 0 | 0 |
Other, net | 0 | 0 |
Net cash provided by financing activities exclusive of vehicle programs | -1 | -1 |
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 | -1 | -1 |
Effect of changes in exchange rates on cash and cash equivalents | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | -12 | 8 |
Cash and cash equivalents, beginning of period | 12 | 0 |
Cash and cash equivalents, end of period | 0 | 8 |
Non-Guarantor Subsidiaries [Member] | ' | ' |
Supplemental Guarantor Financial Information [Line Items] | ' | ' |
Net cash provided by (used in) operating activities | 90 | 401 |
Property and equipment additions | -16 | -6 |
Proceeds received on asset sales | 1 | 2 |
Payments to Acquire Restricted Investments | -124 | 21 |
Proceeds from (Repayments of) Related Party Debt | ' | 0 |
Other, net | 0 | -1 |
Net cash used in investing activities exclusive of vehicle programs | -139 | 16 |
Decrease (increase) in program cash | 12 | -24 |
Investment in vehicles | -3,266 | -3,110 |
Proceeds received on disposition of vehicles | 2,467 | 2,393 |
Net cash used in investing activities of vehicle programs | -787 | -741 |
Net cash used in investing activities | -926 | -725 |
Proceeds from long-term borrowings | 295 | 0 |
Principal payments on borrowings | 0 | 0 |
Net change in short-term borrowings | 11 | -31 |
Purchase of warrants | ' | 0 |
Proceeds from sale of call options | ' | 0 |
Repurchases of common stock | 0 | ' |
Net intercompany transactions | ' | -70 |
Debt financing fees | -5 | 0 |
Other, net | 0 | 0 |
Net cash provided by financing activities exclusive of vehicle programs | 301 | -101 |
Proceeds from borrowings | 3,775 | 3,762 |
Principal payments on borrowings | -3,280 | -3,279 |
Debt financing fees | -7 | -17 |
Net cash provided by financing activities of vehicle programs | 488 | 466 |
Net cash provided by financing activities | 789 | 365 |
Effect of changes in exchange rates on cash and cash equivalents | -1 | -2 |
Net increase (decrease) in cash and cash equivalents | -48 | 39 |
Cash and cash equivalents, beginning of period | 425 | 499 |
Cash and cash equivalents, end of period | 377 | 538 |
Eliminations [Member] | ' | ' |
Supplemental Guarantor Financial Information [Line Items] | ' | ' |
Net cash provided by (used in) operating activities | 0 | 0 |
Property and equipment additions | 0 | 0 |
Proceeds received on asset sales | 0 | 0 |
Payments to Acquire Restricted Investments | 0 | 0 |
Proceeds from (Repayments of) Related Party Debt | ' | -70 |
Other, net | -57 | -96 |
Net cash used in investing activities exclusive of vehicle programs | -57 | -166 |
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 | -57 | -166 |
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 |
Proceeds from sale of call options | ' | 0 |
Repurchases of common stock | 0 | ' |
Net intercompany transactions | ' | 70 |
Debt financing fees | 0 | 0 |
Other, net | 57 | 96 |
Net cash provided by financing activities exclusive of vehicle programs | 57 | 166 |
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 | 57 | 166 |
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 |
Subsequent_Events_Narrative_De
Subsequent Events (Narrative) (Detail) (USD $) | 0 Months Ended | 1 Months Ended | 3 Months Ended | |
In Millions, unless otherwise specified | Aug. 06, 2013 | Apr. 30, 2014 | Mar. 31, 2014 | Mar. 31, 2013 |
Subsequent Event [Line Items] | ' | ' | ' | ' |
Stock Repurchase Program, Authorized Amount | $200 | $235 | ' | ' |
Early extinguishment of debt | ' | 26 | 0 | 40 |
Eight And One Over Four Senior Notes [Member] | Senior Notes [Member] | ' | ' | ' | ' |
Subsequent Event [Line Items] | ' | ' | ' | ' |
Debt Instrument, Repurchased Face Amount | ' | ' | 292 | ' |
Eight And One Over Four Senior Notes [Member] | Subsequent Event [Member] | Senior Notes [Member] | ' | ' | ' | ' |
Subsequent Event [Line Items] | ' | ' | ' | ' |
Debt Instrument, Repurchased Face Amount | ' | $292 | ' | ' |