Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | Apr. 30, 2015 | |
Document Documentand Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2014 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | CAR | |
Entity Registrant Name | AVIS BUDGET GROUP, INC. | |
Entity Central Index Key | 723612 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 105,820,581 |
CONSOLIDATED_CONDENSED_STATEME
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Revenues | ||
Vehicle rental | $1,319 | $1,329 |
Other | 531 | 533 |
Net revenues | 1,850 | 1,862 |
Expenses | ||
Operating | 985 | 1,000 |
Vehicle depreciation and lease charges, net | 432 | 433 |
Selling, general and administrative | 248 | 248 |
Vehicle interest, net | 68 | 64 |
Non-vehicle related depreciation and amortization | 49 | 41 |
Interest expense related to corporate debt, net | 52 | 56 |
Transaction-related costs | 31 | 8 |
Restructuring expense | 1 | 7 |
Total expenses | 1,866 | 1,857 |
Income (loss) before income taxes | -16 | 5 |
Provision for (benefit from) income taxes | -7 | 1 |
Net income (loss) | -9 | 4 |
Comprehensive income (loss) | ($103) | $7 |
Earnings (loss) per share | ||
Basic | ($0.09) | $0.03 |
Diluted | ($0.09) | $0.03 |
CONSOLIDATED_CONDENSED_BALANCE
CONSOLIDATED CONDENSED BALANCE SHEETS (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $854 | $624 |
Receivables, net | 564 | 599 |
Deferred income taxes | 142 | 159 |
Other current assets | 517 | 456 |
Total current assets | 2,077 | 1,838 |
Property and equipment, net | 629 | 638 |
Deferred income taxes | 1,324 | 1,352 |
Goodwill | 813 | 842 |
Other intangibles, net | 856 | 886 |
Other non-current assets | 342 | 355 |
Total assets exclusive of assets under vehicle programs | 6,041 | 5,911 |
Assets under vehicle programs: | ||
Program cash | 61 | 119 |
Vehicles, net | 10,777 | 10,215 |
Receivables from vehicle manufacturers and other | 251 | 362 |
Investment in Avis Budget Rental Car Funding (AESOP) LLC—related party | 362 | 362 |
Total assets under vehicle programs: | 11,451 | 11,058 |
Total assets | 17,492 | 16,969 |
Current liabilities: | ||
Accounts payable and other current liabilities | 1,489 | 1,491 |
Short-term debt and current portion of long-term debt | 244 | 28 |
Total current liabilities | 1,733 | 1,519 |
Long-term debt | 3,481 | 3,392 |
Other non-current liabilities | 732 | 766 |
Total liabilities exclusive of liabilities under vehicle programs | 5,946 | 5,677 |
Liabilities under vehicle programs: | ||
Debt | 1,503 | 1,776 |
Debt due to Avis Budget Rental Car Funding (AESOP) LLC—related party | 6,838 | 6,340 |
Deferred income taxes | 2,236 | 2,267 |
Other | 448 | 244 |
Total Liabilities under vehicle programs | 11,025 | 10,627 |
Commitments and contingencies | ||
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 137,093,424 and 137,093,424 shares | 1 | 1 |
Additional paid-in capital | 7,028 | 7,212 |
Accumulated deficit | -2,124 | -2,115 |
Accumulated other comprehensive loss | -116 | -22 |
Treasury stock, at cost—31,063,328 and 31,386,746 shares | -4,268 | -4,411 |
Total stockholders’ equity | 521 | 665 |
Total liabilities and stockholders’ equity | $17,492 | $16,969 |
CONSOLIDATED_CONDENSED_BALANCE1
CONSOLIDATED CONDENSED BALANCE SHEETS (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
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 | 137,093,424 | 137,093,424 |
Treasury stock,shares | 31,063,328 | 31,386,746 |
CONSOLIDATED_CONDENSED_STATEME1
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Operating activities | ||
Net income (loss) | ($9) | $4 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Vehicle depreciation | 423 | 407 |
Gain on sale of vehicles, net | -24 | -11 |
Non-vehicle related depreciation and amortization | 49 | 41 |
Amortization of debt financing fees | 11 | 9 |
Net change in assets and liabilities, excluding the impact of acquisitions and dispositions: | ||
Receivables | 0 | -27 |
Income taxes and deferred income taxes | -15 | 1 |
Accounts payable and other current liabilities | -20 | -71 |
Other, net | 88 | 37 |
Net cash provided by operating activities | 503 | 390 |
Investing activities | ||
Property and equipment additions | -41 | -36 |
Proceeds received on asset sales | 3 | 3 |
Net assets acquired (net of cash acquired) | -36 | -124 |
Other, net | 0 | -7 |
Net cash used in investing activities exclusive of vehicle programs | -74 | -164 |
Vehicle programs: | ||
Decrease in program cash | 51 | 12 |
Investment in vehicles | -3,195 | -3,275 |
Proceeds received on disposition of vehicles | 2,444 | 2,470 |
Net cash used in investing activities of vehicle programs | -700 | -793 |
Net cash used in investing activities | -774 | -957 |
Financing activities | ||
Proceeds from long-term borrowings | 376 | 295 |
Payments on long-term borrowings | -6 | -5 |
Net change in short-term borrowings | -7 | 11 |
Repurchases of common stock | -33 | -67 |
Debt financing fees | -6 | -5 |
Other, net | 0 | -1 |
Net cash provided by financing activities exclusive of vehicle programs | 324 | 228 |
Vehicle programs: | ||
Proceeds from borrowings | 3,667 | 3,775 |
Payments on borrowings | -3,458 | -3,280 |
Debt financing fees | -6 | -7 |
Net cash provided by financing activities of vehicle programs | 203 | 488 |
Net cash provided by financing activities | 527 | 716 |
Effect of changes in exchange rates on cash and cash equivalents | -26 | -1 |
Net increase in cash and cash equivalents | 230 | 148 |
Cash and cash equivalents, beginning of period | 624 | 693 |
Cash and cash equivalents, end of period | $854 | $841 |
Basis_of_Presentation_and_Rece
Basis of Presentation and Recently Issued Accounting Pronouncements | 3 Months Ended | |
Mar. 31, 2015 | ||
Basis Of Presentation And Recently Issued Accounting Pronouncements [Abstract] | ||
Basis of Presentation | Basis of Presentation | |
Avis Budget Group, Inc. provides car and truck rentals, car sharing services 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, as well as entities in which Avis Budget Group, Inc. 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 reportable business segments: | ||
• | Americas—provides and licenses the Company’s brands to third parties for vehicle rentals and ancillary products and services in North America, South America, Central America and the Caribbean, and operates the Company’s car sharing business in certain of these markets. | |
• | 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, Australia and New Zealand, and operates the Company’s car sharing business in certain of these markets. | |
In 2015 and 2014, the Company completed the business acquisitions discussed in Note 4 to these Consolidated Condensed Financial Statements. The operating results of the acquired businesses are included in the accompanying Consolidated Condensed Financial Statements from the dates of acquisition. | ||
In conjunction with a change in the Company’s management structure in first quarter 2015 which resulted in a change to reportable segments, the financial results of the Company’s North America, South America, Central America and Caribbean operations are now included in the Company’s Americas reportable segment. The Company’s business segment financial information presented in these Notes to Consolidated Condensed Financial Statements has been recast for all periods presented. The Company’s consolidated 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 2014 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 on 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, 2015 and 2014, the Company recorded losses of $4 million and $2 million, respectively, on such items. | ||
Adoption of New Accounting Standards | ||
On January 1, 2015, as a result of the issuance of a new accounting pronouncement, the Company adopted Accounting Standards Update (“ASU”) 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity,” which changes the criteria for determining which disposals can be presented as discontinued operations and also modifies related disclosure requirements. The adoption of this accounting pronouncement did not have an impact on the Company’s financial statements. | ||
Recently Issued Accounting Standards | ||
In April 2015, the Financial Accounting Standards Board (“FASB”) issued ASU 2015-03, “Simplifying the Presentation of Debt Issuance Costs,” which changes the presentation of debt issuance costs in financial statements. ASU 2015-03 becomes effective for the Company on January 1, 2016 and will be applied retrospectively to all periods presented. The adoption of this accounting pronouncement will result in the Company presenting debt issuance costs as a direct deduction from the carrying amount of debt on the Company's balance sheet, rather than in other non-current assets. | ||
In February 2015, the FASB issued ASU 2015-02, “Amendments to the Consolidation Analysis,” which affect reporting entities that are required to evaluate whether they should consolidate certain legal entities. ASU 2015-02 becomes effective for the Company on January 1, 2016. The adoption of this accounting pronouncement is not expected to have an impact on the Company’s financial statements. | ||
In January 2015, the FASB issued ASU 2015-01, “Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items,” which eliminates from GAAP the concept of extraordinary items. ASU 2015-01 becomes effective for the Company on January 1, 2016. The adoption of this accounting pronouncement is not expected to have an impact on the Company’s financial statements. | ||
In August 2014, the FASB issued ASU 2014-15, “Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” which requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date the financial statements are issued and to provide related footnote disclosures in certain circumstances. ASU 2014-15 becomes effective for the Company on January 1, 2016. The adoption of this accounting pronouncement is not expected to have an impact on the Company’s financial statements. | ||
In June 2014, the FASB issued ASU 2014-12, “Accounting for Share-Based Payments When the Terms of an Award Allow a Performance Target to Be Achieved After the Requisite Service Period,” which requires that a performance target that could be achieved after the requisite service period be treated as a performance condition that affects the vesting of the award. ASU 2014-12 becomes effective for the Company on January 1, 2016. The adoption of this accounting pronouncement is not expected to have an impact on the Company’s financial statements. | ||
In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers,” which outlines a single model for entities to use in accounting for revenue arising from contracts with customers and supersedes current revenue recognition guidance. ASU 2014-09 becomes effective for the Company on January 1, 2017. In April 2015, the FASB voted to propose a deferral of the effective date by one year. The proposed deferral would result in ASU 2014-09 being effective for the Company on January 1, 2018. The Company is currently evaluating the effect of this accounting pronouncement. |
Restructuring
Restructuring | 3 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
Restructuring and Related Activities [Abstract] | ||||||||||||||
Restructuring Activities | Restructuring Activities | |||||||||||||
In 2014, the Company committed to various strategic initiatives to identify best practices and drive efficiency throughout its organization, by reducing headcount, improving processes and consolidating functions (the “T15 restructuring”). During the three months ended March 31, 2015, as part of this process, the Company formally communicated the termination of employment to approximately 35 employees. The costs associated with this initiative primarily represent severance, outplacement services and other costs associated with employee terminations, the majority of which have been or are expected to be settled in cash. As of March 31, 2015, the Company has terminated substantially all of these employees. The Company expects further restructuring expense of approximately $9 million related to this initiative to be incurred in 2015. | ||||||||||||||
Subsequent to the acquisition of Avis Europe plc, the Company began a restructuring initiative, identifying synergies across the Company, enhancing organizational efficiencies and consolidating and rationalizing processes (“Avis Europe restructuring”). During the three months ended March 31, 2015, the Company did not record restructuring expense related to this initiative, which is substantially complete. | ||||||||||||||
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: | ||||||||||||||
Americas | International | Total | ||||||||||||
Balance as of January 1, 2015 | $ | 4 | $ | 13 | $ | 17 | ||||||||
T15 restructuring expense | 1 | — | 1 | |||||||||||
Avis Europe restructuring payment | (1 | ) | (4 | ) | (5 | ) | ||||||||
T15 restructuring payment | (3 | ) | (1 | ) | (4 | ) | ||||||||
Balance as of March 31, 2015 | $ | 1 | $ | 8 | $ | 9 | ||||||||
Personnel | Facility | Total | ||||||||||||
Related | Related | |||||||||||||
Balance as of January 1, 2015 | $ | 14 | $ | 3 | $ | 17 | ||||||||
T15 restructuring expense | 1 | — | 1 | |||||||||||
Avis Europe restructuring payment | (4 | ) | (1 | ) | (5 | ) | ||||||||
T15 restructuring payment | (4 | ) | — | (4 | ) | |||||||||
Balance as of March 31, 2015 | $ | 7 | $ | 2 | $ | 9 | ||||||||
Earnings_Per_Share_Earnings_Pe
Earnings Per Share Earnings Per Share (Notes) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Earnings Per Share | Earnings Per Share | ||||||||
The following table sets forth the computation of basic and diluted earnings (loss) per share (“EPS”) (shares in millions): | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Net income (loss) for basic and diluted EPS | $ | (9 | ) | $ | 4 | ||||
Basic weighted average shares outstanding | 106.1 | 106.6 | |||||||
Options and non-vested stock (a) | — | 2 | |||||||
Convertible debt (b) | — | — | |||||||
Diluted weighted average shares outstanding | 106.1 | 108.6 | |||||||
Earnings (loss) per share: | |||||||||
Basic | $ | (0.09 | ) | $ | 0.03 | ||||
Diluted | $ | (0.09 | ) | $ | 0.03 | ||||
__________ | |||||||||
(a) | As the Company incurred a net loss for the three months ended March 31, 2015, 0.8 million outstanding options and 2.1 million non-vested stock awards have an anti-dilutive effect and therefore are excluded from the computation of diluted weighted average shares outstanding. 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) | 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. |
Acquisitions
Acquisitions | 3 Months Ended |
Mar. 31, 2015 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions |
2015 | |
Scandinavian Licensee | |
In January 2015, the Company completed the acquisition of its Avis and Budget licensees in Norway, Sweden and Denmark for approximately $39 million, net of acquired cash. The investment will enable the Company to expand its footprint of Company-operated locations. 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 International reportable segment. The goodwill is not expected to be deductible for tax purposes. The fair value of the assets acquired and liabilities assumed has not yet been finalized and is therefore subject to change. In connection with this acquisition, approximately $31 million was recorded in license agreements and $21 million was recorded in goodwill. The license agreements will be amortized over a weighted average useful life of approximately eight years. In addition, at the time of acquisition, the Company recorded a $22 million non-cash charge within transaction-related costs in connection with license rights reacquired by the Company. | |
2014 | |
Budget Licensees | |
During 2014, the Company completed the acquisition of its Budget licensees for Edmonton, Canada; Southern California and Las Vegas, and reacquired the right to operate the Budget brand in Portugal, for approximately $263 million, plus $132 million for acquired fleet. These investments will enable the Company to expand its footprint of Company-operated locations. The acquired fleet was financed under the Company's existing vehicle financing arrangements. 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 Americas reportable segment for Edmonton, Southern California and Las Vegas and to the Company's International reportable segment for Portugal. Goodwill is expected to be deductible for tax purposes. The fair value of the assets acquired and liabilities assumed has not yet been finalized for Southern California and Las Vegas and is therefore subject to change. Differences between the preliminary allocation of purchase price and the final allocation were not material for Edmonton and Portugal. In connection with these acquisitions, approximately $58 million was recorded in identifiable intangible assets (consisting of $10 million related to customer relationships and $48 million related to the license agreements) and $192 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 a weighted average useful life of approximately three years. During 2014, the Company recorded a non-cash gain of approximately $20 million within transaction-related costs in connection with license rights reacquired by the Company. |
Intangible_Assets
Intangible Assets | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||
Intangible Assets | Intangible Assets | |||||||||||||||||||||||
Intangible assets consisted of: | ||||||||||||||||||||||||
As of March 31, 2015 | As of December 31, 2014 | |||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||||||
Carrying | Amortization | Carrying | Carrying | Amortization | Carrying | |||||||||||||||||||
Amount | Amount | Amount | Amount | |||||||||||||||||||||
Amortized Intangible Assets | ||||||||||||||||||||||||
License agreements | $ | 245 | $ | 57 | $ | 188 | $ | 259 | $ | 59 | $ | 200 | ||||||||||||
Customer relationships | 159 | 52 | 107 | 167 | 50 | 117 | ||||||||||||||||||
Other | 8 | 4 | 4 | 8 | 3 | 5 | ||||||||||||||||||
Total | $ | 412 | $ | 113 | $ | 299 | $ | 434 | $ | 112 | $ | 322 | ||||||||||||
Unamortized Intangible Assets | ||||||||||||||||||||||||
Goodwill (a) | $ | 813 | $ | 842 | ||||||||||||||||||||
Trademarks | $ | 557 | $ | 564 | ||||||||||||||||||||
__________ | ||||||||||||||||||||||||
(a) | The change in the carrying amount since December 31, 2014 reflects a currency translation loss of $51 million, partially offset by acquisitions. | |||||||||||||||||||||||
For the three months ended March 31, 2015 and 2014, amortization expense related to amortizable intangible assets was approximately $11 million and $7 million, respectively. Based on the Company’s amortizable intangible assets at March 31, 2015, the Company expects amortization expense of approximately $37 million for the remainder of 2015, $45 million for 2016, $39 million for 2017, $29 million for 2018, $28 million for 2019 and $28 million for 2020. |
Vehicle_Rental_Activities
Vehicle Rental Activities | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Vehicle Rental Activities [Abstract] | ||||||||
Vehicle Rental Activities | Vehicle Rental Activities | |||||||
The components of vehicles, net within assets under vehicle programs were as follows: | ||||||||
As of | As of | |||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Rental vehicles | $ | 11,661 | $ | 11,006 | ||||
Less: Accumulated depreciation | (1,335 | ) | (1,465 | ) | ||||
10,326 | 9,541 | |||||||
Vehicles held for sale | 451 | 674 | ||||||
Vehicles, net | $ | 10,777 | $ | 10,215 | ||||
The components of vehicle depreciation and lease charges, net are summarized below: | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
Depreciation expense | $ | 423 | $ | 407 | ||||
Lease charges | 33 | 37 | ||||||
Gain on sales of vehicles, net | (24 | ) | (11 | ) | ||||
Vehicle depreciation and lease charges, net | $ | 432 | $ | 433 | ||||
At March 31, 2015 and 2014, the Company had purchases of vehicles included in liabilities under vehicle programs - other of $428 million and $498 million, respectively, and sales of vehicles included in assets under vehicle programs - receivables from vehicle manufacturers and other of $246 million and $231 million, respectively. |
Longterm_Debt_and_Borrowing_Ar
Long-term Debt and Borrowing Arrangements | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
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 | 2015 | 2014 | ||||||||||||||
4⅞% Senior Notes | Nov-17 | $ | 300 | $ | 300 | |||||||||||
Floating Rate Senior Notes (a) | Dec-17 | 248 | 248 | |||||||||||||
Floating Rate Term Loan (b) | Mar-19 | 977 | 980 | |||||||||||||
9¾% Senior Notes | Mar-20 | 223 | 223 | |||||||||||||
6% Euro-denominated Senior Notes (c) | Mar-21 | 499 | 561 | |||||||||||||
5⅛% Senior Notes | Jun-22 | 400 | 400 | |||||||||||||
5½% Senior Notes | Apr-23 | 674 | 674 | |||||||||||||
5¼% Senior Notes | Mar-25 | 375 | — | |||||||||||||
Other | 29 | 34 | ||||||||||||||
Total | 3,725 | 3,420 | ||||||||||||||
Less: Short-term debt and current portion of long-term debt | 244 | 28 | ||||||||||||||
Long-term debt | $ | 3,481 | $ | 3,392 | ||||||||||||
__________ | ||||||||||||||||
(a) | The interest rate on these notes is equal to three-month LIBOR plus 275 basis points, for an aggregate rate of 3.01% at March 31, 2015; 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%. | |||||||||||||||
(b) | 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, 2015, the floating rate term 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%. | |||||||||||||||
(c) | The reduction in the balance principally reflects currency translation adjustments. | |||||||||||||||
In March 2015, the Company issued $375 million of 5¼% Senior Notes due 2025 at par. In April 2015, the Company used net proceeds from the offering to redeem the remaining $223 million principal amount of its 9¾% Senior Notes due 2020 for $243 million plus accrued interest and to finance a portion of its acquisition of Maggiore Group (See Note 15 - Subsequent Events). | ||||||||||||||||
COMMITTED CREDIT FACILITIES AND AVAILABLE FUNDING ARRANGEMENTS | ||||||||||||||||
At March 31, 2015, 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 | ||||||||||||||
Senior revolving credit facility maturing 2018 (a) | $ | 1,800 | $ | — | $ | 741 | $ | 1,059 | ||||||||
Other facilities (b) | 11 | 1 | — | 10 | ||||||||||||
__________ | ||||||||||||||||
(a) | The senior revolving credit facility bears interest at one-month LIBOR plus 200 basis points and 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 2.95% to 5.69% as of March 31, 2015. | |||||||||||||||
At March 31, 2015, the Company had various uncommitted credit facilities available, under which it had drawn approximately $1 million, which bear interest at rates between 0.41% 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 also contains a maximum leverage ratio requirement. As of March 31, 2015, the Company was in compliance with the financial covenants governing its indebtedness. |
Debt_Under_Vehicle_Programs_an
Debt Under Vehicle Programs and Borrowing Arrangements | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
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, | |||||||||||
2015 | 2014 | |||||||||||
Americas - Debt due to Avis Budget Rental Car Funding (a) | $ | 6,838 | $ | 6,340 | ||||||||
Americas - Debt borrowings (b) | 602 | 746 | ||||||||||
International - Debt borrowings (c) | 591 | 685 | ||||||||||
International - Capital leases (c) | 289 | 314 | ||||||||||
Other | 21 | 31 | ||||||||||
Total | $ | 8,341 | $ | 8,116 | ||||||||
__________ | ||||||||||||
(a) | The increase reflects additional borrowings principally to fund increases in the Company’s car rental fleet. | |||||||||||
(b) | The decrease results from the timing of borrowings. | |||||||||||
(c) | The decrease principally reflects currency translation adjustments. | |||||||||||
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, 2015. | ||||||||||||
Debt Under Vehicle Programs | ||||||||||||
Within 1 year (a) | $ | 1,791 | ||||||||||
Between 1 and 2 years | 1,878 | |||||||||||
Between 2 and 3 years | 1,007 | |||||||||||
Between 3 and 4 years | 1,701 | |||||||||||
Between 4 and 5 years | 1,319 | |||||||||||
Thereafter | 645 | |||||||||||
Total | $ | 8,341 | ||||||||||
__________ | ||||||||||||
(a) | Vehicle-backed debt maturing within one year primarily represents term asset-backed securities. | |||||||||||
COMMITTED CREDIT FACILITIES AND AVAILABLE FUNDING ARRANGEMENTS | ||||||||||||
As of March 31, 2015, 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 | ||||||||||
Americas - Debt due to Avis Budget Rental Car Funding (b) | $ | 9,458 | $ | 6,838 | $ | 2,620 | ||||||
Americas - Debt borrowings (c) | 929 | 602 | 327 | |||||||||
International - Debt borrowings (d) | 1,596 | 591 | 1,005 | |||||||||
International - Capital leases (e) | 340 | 289 | 51 | |||||||||
Other | 21 | 21 | — | |||||||||
Total | $ | 12,344 | $ | 8,341 | $ | 4,003 | ||||||
__________ | ||||||||||||
(a) | Capacity is subject to maintaining sufficient assets to collateralize debt. | |||||||||||
(b) | The outstanding debt is collateralized by approximately $8.5 billion of underlying vehicles and related assets. | |||||||||||
(c) | The outstanding debt is collateralized by approximately $832 million of underlying vehicles and related assets. | |||||||||||
(d) | The outstanding debt is collateralized by approximately $1.1 billion of underlying vehicles and related assets. | |||||||||||
(e) | The outstanding debt is collateralized by approximately $283 million of underlying vehicles and related assets. | |||||||||||
DEBT COVENANTS | ||||||||||||
The 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, 2015, 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, 2015 | |
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, the Company does not believe that the impact of any resolution of pre-existing contingent liabilities should result in a material liability to the Company in relation to its consolidated financial position or liquidity, as Realogy and Wyndham each have agreed to assume responsibility for these liabilities. The Company is also named in various litigation that is primarily related to the businesses of its former subsidiaries, including Realogy, Wyndham and their current or former subsidiaries. The Company is entitled to indemnification from such entities for any liability resulting from such litigation. | |
In February 2015, the French Competition Authority issued a statement of objections alleging that several car rental companies, including the Company and two of its European subsidiaries, violated competition law by exchanging confidential information with twelve French airports and the car rental companies operating at those airports and by engaging in a concerted practice relating to train station surcharges. The Company believes that it has valid defenses and intends to vigorously defend against the allegations, but we are currently unable to predict the outcome of the proceedings or range of reasonably possible losses, which may be material. | |
Additionally, in March 2015, the Canadian Competition Bureau filed an application with the Competition Tribunal alleging that the Company and two of its Canadian subsidiaries engaged in deceptive marketing practices with regard to certain charges that consumers are invoiced related to renting a vehicle and associated products in Canada. The application seeks penalties against the Company and its subsidiaries totaling approximately $25 million as well as reimbursements to current and former customers of amounts collected and retained by the Company related to the alleged deceptive marketing practices. The Company believes that it has valid defenses and intends to vigorously defend against the allegations, but we are currently unable to predict the outcome of the proceedings or range of reasonably possible losses, which may be material. | |
The Company is involved in claims, legal proceedings and governmental inquiries related, among other | |
things, to its vehicle rental operations, including contract and licensee disputes, competition matters, employment matters, insurance claims, intellectual property claims, business practice disputes 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. Excluding the French and Canadian competition matters discussed above, the Company estimates that the potential exposure resulting from adverse outcomes of legal proceedings in which it is reasonably possible that a loss may be incurred could, in the aggregate, range up to approximately $20 million in excess of amounts accrued as of March 31, 2015; however, the Company does not believe that the impact should result in a material liability to the Company in relation to its consolidated financial condition or results of operations. | |
Commitments to Purchase Vehicles | |
The Company maintains agreements with vehicle manufacturers under which the Company has agreed to purchase approximately $5.3 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, 2015, the Company had approximately $114 million of purchase obligations, which extend through 2018. | |
Concentrations | |
Concentrations of credit risk at March 31, 2015 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, Toyota, Mercedes, Volvo and BMW, 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 $54 million and $33 million, respectively, related to certain contingent, income tax and other corporate liabilities assumed by Realogy and Wyndham in connection with their disposition. |
Stockholders_Equity
Stockholders' Equity | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||
Stockholders' Equity | Stockholders’ Equity | ||||||||||||||||||||
Share Repurchases | |||||||||||||||||||||
The Company obtained Board approval to repurchase up to $635 million of its common stock under a plan originally approved in August 2013 and subsequently expanded in April and October 2014. During the three months ended March 31, 2015, the Company repurchased approximately 0.5 million shares of common stock at a cost of approximately $31 million under the program. During the three months ended March 31, 2014, the Company repurchased approximately 1.6 million shares of common stock at a cost of approximately $75 million under the program. As of March 31, 2015, $254 million of authorization remains available to repurchase common stock under this plan. | |||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||||
The components of accumulated other comprehensive income (loss) were as follows: | |||||||||||||||||||||
Currency | Net Unrealized | Net Unrealized | Minimum | Accumulated | |||||||||||||||||
Translation | Gains (Losses) | Gains (Losses) on | Pension | Other | |||||||||||||||||
Adjustments | on Cash Flow | Available-for | Liability | Comprehensive | |||||||||||||||||
Hedges(a) | Sale Securities | Adjustment(b) | Income (Loss) | ||||||||||||||||||
Balance, January 1, 2015 | $ | 51 | $ | (1 | ) | $ | 2 | $ | (74 | ) | $ | (22 | ) | ||||||||
Other comprehensive income (loss) before reclassifications | (92 | ) | (4 | ) | — | 2 | (94 | ) | |||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | 1 | — | (1 | ) | — | |||||||||||||||
Net current-period other comprehensive income (loss) | (92 | ) | (3 | ) | — | 1 | (94 | ) | |||||||||||||
Balance, March 31, 2015 | $ | (41 | ) | $ | (4 | ) | $ | 2 | $ | (73 | ) | $ | (116 | ) | |||||||
Balance, January 1, 2014 | $ | 166 | $ | 1 | $ | 2 | $ | (52 | ) | $ | 117 | ||||||||||
Other comprehensive income (loss) before reclassifications | 3 | 1 | (1 | ) | — | 3 | |||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | — | — | — | — | ||||||||||||||||
Net current-period other comprehensive income (loss) | 3 | 1 | (1 | ) | — | 3 | |||||||||||||||
Balance, March 31, 2014 | $ | 169 | $ | 2 | $ | 1 | $ | (52 | ) | $ | 120 | ||||||||||
__________ | |||||||||||||||||||||
All components of accumulated other comprehensive income (loss) are net of tax, except currency translation adjustments, which exclude income taxes related to indefinite investments in foreign subsidiaries and include a $72 million gain, net of tax, as of March 31, 2015 related to the Company’s hedge of its net investment in Euro-denominated foreign operations (See Note 12 - Financial Instruments). | |||||||||||||||||||||
(a) | For the three months ended March 31, 2015, amounts reclassified from accumulated other comprehensive income (loss) into interest expense were $2 million ($1 million, net of tax). For the three months ended March 31, 2014, amounts reclassified from accumulated other comprehensive income (loss) were not material. | ||||||||||||||||||||
(b) | For the three months ended March 31, 2015, amounts reclassified from accumulated other comprehensive income (loss) into selling, general and administrative expenses were $1 million ($1 million, net of tax). For the three months ended March 31, 2014, amounts reclassified from accumulated other comprehensive income (loss) were not material. | ||||||||||||||||||||
Total Comprehensive Income (Loss) | |||||||||||||||||||||
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, | |||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||
Net income (loss) | $ | (9 | ) | $ | 4 | ||||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||
Currency translation adjustments (net of tax of $(24) and $0, respectively) | (92 | ) | 3 | ||||||||||||||||||
Net unrealized gain (loss) on available-for-sale securities (net of tax of $0 and $0, respectively) | — | (1 | ) | ||||||||||||||||||
Net unrealized gain (loss) on cash flow hedges (net of tax of $2 and $0, respectively) | (3 | ) | 1 | ||||||||||||||||||
Minimum pension liability adjustment (net of tax of $0 and $0, respectively) | 1 | — | |||||||||||||||||||
(94 | ) | 3 | |||||||||||||||||||
Total comprehensive income (loss) | $ | (103 | ) | $ | 7 | ||||||||||||||||
__________ | |||||||||||||||||||||
Currency translation adjustments exclude income taxes related to indefinite investments in foreign subsidiaries. |
StockBased_Compensation
Stock-Based Compensation | 3 Months Ended | |||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||||
Stock-Based Compensation | Stock-Based Compensation | |||||||||||||||||||||
The Company recorded stock-based compensation expense of $5 million and $8 million ($3 million and $5 million, net of tax) during the three months ended March 31, 2015 and 2014, respectively. In jurisdictions with net operating loss carryforwards, exercises and/or vestings of stock-based awards have generated $56 million of total tax deductions at March 31, 2015. Approximately $22 million of tax benefits will be recorded in additional paid-in capital when these tax deductions are realized in these jurisdictions. | ||||||||||||||||||||||
The weighted average assumptions used in the Monte Carlo simulation model to calculate the fair value of the Company’s stock unit awards containing a market condition are as follows: | ||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||
March 31, | ||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||
Expected volatility of stock price | 37% | 40% | ||||||||||||||||||||
Risk-free interest rate | 0.74% | 0.85% | ||||||||||||||||||||
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, 2015 (a) | 998 | $ | 27.26 | 1,884 | $ | 19.17 | 267 | $ | 14.9 | |||||||||||||
Granted | 250 | 61.17 | 230 | 55.51 | — | — | ||||||||||||||||
Vested (b) | (528 | ) | 22.19 | (976 | ) | 12.07 | (156 | ) | 12.65 | |||||||||||||
Forfeited/expired | (9 | ) | 43.57 | (159 | ) | 18.18 | — | — | ||||||||||||||
Outstanding at March 31, 2015 (c) | 711 | $ | 42.7 | 979 | $ | 34.92 | 111 | $ | 18.04 | |||||||||||||
__________ | ||||||||||||||||||||||
(a) | Reflects the maximum number of stock units assuming achievement of all time-, performance- and market-vesting criteria and does not include those for non-employee directors. The weighted-average fair value of time-based RSUs and performance-based and market-based RSUs granted during the three months ended March 31, 2014 was $41.15 and $39.37, respectively. | |||||||||||||||||||||
(b) | The total grant date fair value of RSUs vested during the three months ended March 31, 2015 and 2014 was $23 million and $14 million, respectively. The total grant date fair value of cash units vested during the three months ended March 31, 2015 was $2 million. | |||||||||||||||||||||
(c) | The Company’s outstanding time-based RSUs, performance-based and market-based RSUs, and cash units had aggregate intrinsic value of $42 million, $58 million and $7 million, respectively. Aggregate unrecognized compensation expense related to time-based RSUs and performance-based and market-based RSUs amounted to $46 million and will be recognized over a weighted average vesting period of 1.4 years. The Company assumes that substantially all outstanding awards will vest over time. | |||||||||||||||||||||
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, 2015 | 848 | $ | 2.92 | $ | 54 | 4.3 | ||||||||||||||||
Granted | — | — | — | |||||||||||||||||||
Exercised | (11 | ) | 9.12 | 1 | ||||||||||||||||||
Forfeited/expired | (1 | ) | 0.79 | — | ||||||||||||||||||
Outstanding at March 31, 2015 | 836 | 2.85 | 47 | 4 | ||||||||||||||||||
Exercisable at March 31, 2015 | 836 | $ | 2.85 | $ | 47 | 4 | ||||||||||||||||
Financial_Instruments
Financial Instruments | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
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, 2015, the Company recorded a $37 million gain in accumulated other comprehensive income as part of currency translation adjustments. There was no ineffectiveness related to the Company’s net investment hedges during the three months ended March 31, 2015 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. There was no ineffectiveness related to the Company’s cash flow hedges during the three months ended March 31, 2015. The Company estimates that $8 million of losses currently recorded in accumulated other comprehensive income will be recognized in earnings over the next 12 months. | |||||||||||||||||
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. | |||||||||||||||||
The Company held derivative instruments with absolute notional values as follows: | |||||||||||||||||
As of March 31, 2015 | |||||||||||||||||
Interest rate caps (a) | $ | 8,096 | |||||||||||||||
Interest rate swaps | 1,663 | ||||||||||||||||
Foreign exchange contracts | 1,062 | ||||||||||||||||
Commodity contracts (millions of gallons of unleaded gasoline) | 17 | ||||||||||||||||
__________ | |||||||||||||||||
(a) | Represents $6.1 billion of interest rate caps sold, partially offset by approximately $2.0 billion of interest rate caps purchased. These amounts exclude $4.1 billion of interest rate caps purchased by the Company’s Avis Budget Rental Car Funding subsidiary as it is not consolidated by the Company. | ||||||||||||||||
Fair values (Level 2) of derivative instruments were as follows: | |||||||||||||||||
As of March 31, 2015 | As of December 31, 2014 | ||||||||||||||||
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) | $ | — | $ | 8 | $ | 1 | $ | 3 | |||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||
Interest rate caps (b) | — | 5 | — | 10 | |||||||||||||
Interest rate swaps | — | — | — | — | |||||||||||||
Foreign exchange contracts (c) | 17 | 8 | 5 | 2 | |||||||||||||
Commodity contracts (c) | 1 | — | — | 1 | |||||||||||||
Total | $ | 18 | $ | 21 | $ | 6 | $ | 16 | |||||||||
__________ | |||||||||||||||||
Amounts in this table exclude derivatives issued by Avis Budget Rental Car Funding; however, certain amounts related to the derivatives held by Avis Budget Rental Car Funding are included within accumulated other comprehensive income. | |||||||||||||||||
(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, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
Derivatives designated as hedging instruments | |||||||||||||||||
Interest rate swaps (a) | $ | (3 | ) | $ | 1 | ||||||||||||
Derivatives not designated as hedging instruments (b) | |||||||||||||||||
Interest rate caps (c) | — | — | |||||||||||||||
Foreign exchange contracts (d) | 35 | (18 | ) | ||||||||||||||
Commodity contracts (e) | — | — | |||||||||||||||
Total | $ | 32 | $ | (17 | ) | ||||||||||||
__________ | |||||||||||||||||
(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, 2015, included a $21 million gain in interest expense and a $14 million gain in operating expense. For the three months ended March 31, 2014 included a $14 million loss in interest expense and a $4 million loss in operating expense. | ||||||||||||||||
(e) | Included in operating expense. | ||||||||||||||||
Debt Instruments | |||||||||||||||||
The carrying amounts and estimated fair values (Level 2) of debt instruments were as follows: | |||||||||||||||||
As of March 31, 2015 | As of December 31, 2014 | ||||||||||||||||
Carrying | Estimated | Carrying | Estimated | ||||||||||||||
Amount | Fair | Amount | Fair | ||||||||||||||
Value | Value | ||||||||||||||||
Corporate debt | |||||||||||||||||
Short-term debt and current portion of long-term debt | $ | 244 | $ | 264 | $ | 28 | $ | 28 | |||||||||
Long-term debt | 3,481 | 3,541 | 3,392 | 3,439 | |||||||||||||
Debt under vehicle programs | |||||||||||||||||
Vehicle-backed debt due to Avis Budget Rental Car Funding | $ | 6,838 | $ | 6,927 | $ | 6,340 | $ | 6,407 | |||||||||
Vehicle-backed debt | 1,497 | 1,508 | 1,766 | 1,771 | |||||||||||||
Interest rate swaps and interest rate contracts (a) | 6 | 6 | 10 | 10 | |||||||||||||
__________ | |||||||||||||||||
(a) | Derivatives in a liability position. |
Segment_Information
Segment Information | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||
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 has aggregated certain of its operating segments into its 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. | |||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||
2015 | 2014 | ||||||||||||||||||
Revenues | Adjusted EBITDA | Revenues (a) | Adjusted EBITDA (b) | ||||||||||||||||
Americas | $ | 1,375 | $ | 115 | $ | 1,330 | $ | 115 | |||||||||||
International | 475 | 16 | 532 | 14 | |||||||||||||||
Corporate and Other (c) | — | (14 | ) | — | (12 | ) | |||||||||||||
Total Company | $ | 1,850 | 117 | $ | 1,862 | 117 | |||||||||||||
Less: | Non-vehicle related depreciation and amortization | 49 | 41 | ||||||||||||||||
Interest expense related to corporate debt, net | 52 | 56 | |||||||||||||||||
Transaction-related costs | 31 | 8 | |||||||||||||||||
Restructuring expense | 1 | 7 | |||||||||||||||||
Income (loss) before income taxes | $ | (16 | ) | $ | 5 | ||||||||||||||
__________ | |||||||||||||||||||
Previously reported amounts were recast for a change in the Company’s reportable segments. The financial results of the Company’s North America, South America, Central America and Caribbean operations are now reported in the Company’s Americas segment. | |||||||||||||||||||
(a) | As a result of the change in the Company’s reportable segments, $19 million of revenues previously reported in International are now reported in the Americas in the three months ended March 31, 2014. | ||||||||||||||||||
(b) | As a result of the change in the Company’s reportable segments, $3 million of Adjusted EBITDA previously reported in International is now reported in the Americas in the three months ended March 31, 2014. | ||||||||||||||||||
(c) | Includes unallocated corporate overhead which is not attributable to a particular segment. | ||||||||||||||||||
Since December 31, 2014, there have been no significant changes in segment assets and segment assets under vehicle programs. |
Guarantor_and_NonGuarantor_Con
Guarantor and Non-Guarantor Consolidating Condensed Financial Statements | 3 Months Ended |
Mar. 31, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | Guarantor and Non-Guarantor Consolidating Condensed Financial Statements |
The following consolidating financial information presents Consolidating Condensed Statements of Comprehensive Income for the three months ended March 31, 2015 and 2014, Consolidating Condensed Balance Sheets as of March 31, 2015 and December 31, 2014, and Consolidating Condensed Statements of Cash Flows for the three months ended March 31, 2015 and 2014 for: (i) Avis Budget Group, Inc. (the “Parent”); (ii) ABCR and Avis Budget Finance, Inc. (the “Subsidiary Issuers”); (iii) the guarantor subsidiaries; (iv) the non-guarantor subsidiaries; (v) elimination entries necessary to consolidate the Parent with the Subsidiary Issuers, and the guarantor and non-guarantor subsidiaries; and (vi) the Company on a consolidated basis. The Subsidiary Issuers and the guarantor and non-guarantor subsidiaries are 100% owned by the Parent, either directly or indirectly. All guarantees are full and unconditional and joint and several. This financial information is being presented in relation to the Company’s guarantee of the payment of principal, premium (if any) and interest on the notes issued by the Subsidiary Issuers. See Note 7 - Long-term Debt and Borrowing Arrangements for additional description of these guaranteed notes. The Senior Notes have separate investors than the equity investors of the Company and are guaranteed by the Parent and certain subsidiaries. | |
Investments in subsidiaries are accounted for using the equity method of accounting for purposes of the consolidating presentation. The principal elimination entries relate to investments in subsidiaries and intercompany balances and transactions. For purposes of the accompanying Consolidating Condensed Statements of Comprehensive Income, certain expenses incurred by the Subsidiary Issuers are allocated to the guarantor and non-guarantor subsidiaries. |
Subsequent_Events
Subsequent Events | 3 Months Ended | |
Mar. 31, 2015 | ||
Subsequent Events [Abstract] | ||
Subsequent Events | Subsequent Events | |
In April 2015, the Company used proceeds from its issuance of $375 million 5¼% Senior Notes due 2025 to redeem the remaining $223 million principal amount of its 9¾% Senior Notes due 2020 and to finance a portion of its acquisition of Maggiore Group. In connection with this redemption, the Company expects to record debt extinguishment costs of approximately $23 million. | ||
In April 2015, the Company completed the acquisition of Maggiore Group, a leading provider of vehicle rental services in Italy, for approximately $160 million, net of acquired cash and short-term investments. | ||
In April 2015, the Company amended its European fleet securitization program to extend its maturity, lower its cost and increase its capacity to €1.0 billion. |
Basis_of_Presentation_and_Rece1
Basis of Presentation and Recently Issued Accounting Pronouncements (Policies) | 3 Months Ended | |
Mar. 31, 2015 | ||
Basis Of Presentation And Recently Issued Accounting Pronouncements [Abstract] | ||
Basis of Presentation | Avis Budget Group, Inc. provides car and truck rentals, car sharing services 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, as well as entities in which Avis Budget Group, Inc. 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 reportable business segments: | ||
• | Americas—provides and licenses the Company’s brands to third parties for vehicle rentals and ancillary products and services in North America, South America, Central America and the Caribbean, and operates the Company’s car sharing business in certain of these markets. | |
• | 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, Australia and New Zealand, and operates the Company’s car sharing business in certain of these markets. | |
In 2015 and 2014, the Company completed the business acquisitions discussed in Note 4 to these Consolidated Condensed Financial Statements. The operating results of the acquired businesses are included in the accompanying Consolidated Condensed Financial Statements from the dates of acquisition. | ||
In conjunction with a change in the Company’s management structure in first quarter 2015 which resulted in a change to reportable segments, the financial results of the Company’s North America, South America, Central America and Caribbean operations are now included in the Company’s Americas reportable segment. The Company’s business segment financial information presented in these Notes to Consolidated Condensed Financial Statements has been recast for all periods presented. The Company’s consolidated 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 2014 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 on 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, 2015 and 2014, the Company recorded losses of $4 million and $2 million, respectively, on such items. | |
Adoption of New Accounting Standards | Adoption of New Accounting Standards | |
On January 1, 2015, as a result of the issuance of a new accounting pronouncement, the Company adopted Accounting Standards Update (“ASU”) 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity,” which changes the criteria for determining which disposals can be presented as discontinued operations and also modifies related disclosure requirements. The adoption of this accounting pronouncement did not have an impact on the Company’s financial statements. | ||
Recently Issued Accounting Standards | ||
In April 2015, the Financial Accounting Standards Board (“FASB”) issued ASU 2015-03, “Simplifying the Presentation of Debt Issuance Costs,” which changes the presentation of debt issuance costs in financial statements. ASU 2015-03 becomes effective for the Company on January 1, 2016 and will be applied retrospectively to all periods presented. The adoption of this accounting pronouncement will result in the Company presenting debt issuance costs as a direct deduction from the carrying amount of debt on the Company's balance sheet, rather than in other non-current assets. | ||
In February 2015, the FASB issued ASU 2015-02, “Amendments to the Consolidation Analysis,” which affect reporting entities that are required to evaluate whether they should consolidate certain legal entities. ASU 2015-02 becomes effective for the Company on January 1, 2016. The adoption of this accounting pronouncement is not expected to have an impact on the Company’s financial statements. | ||
In January 2015, the FASB issued ASU 2015-01, “Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items,” which eliminates from GAAP the concept of extraordinary items. ASU 2015-01 becomes effective for the Company on January 1, 2016. The adoption of this accounting pronouncement is not expected to have an impact on the Company’s financial statements. | ||
In August 2014, the FASB issued ASU 2014-15, “Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” which requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date the financial statements are issued and to provide related footnote disclosures in certain circumstances. ASU 2014-15 becomes effective for the Company on January 1, 2016. The adoption of this accounting pronouncement is not expected to have an impact on the Company’s financial statements. | ||
In June 2014, the FASB issued ASU 2014-12, “Accounting for Share-Based Payments When the Terms of an Award Allow a Performance Target to Be Achieved After the Requisite Service Period,” which requires that a performance target that could be achieved after the requisite service period be treated as a performance condition that affects the vesting of the award. ASU 2014-12 becomes effective for the Company on January 1, 2016. The adoption of this accounting pronouncement is not expected to have an impact on the Company’s financial statements. | ||
In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers,” which outlines a single model for entities to use in accounting for revenue arising from contracts with customers and supersedes current revenue recognition guidance. ASU 2014-09 becomes effective for the Company on January 1, 2017. In April 2015, the FASB voted to propose a deferral of the effective date by one year. The proposed deferral would result in ASU 2014-09 being effective for the Company on January 1, 2018. The Company is currently evaluating the effect of this accounting pronouncement. |
Restructuring_Tables
Restructuring (Tables) | 3 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
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: | |||||||||||||
Americas | International | Total | ||||||||||||
Balance as of January 1, 2015 | $ | 4 | $ | 13 | $ | 17 | ||||||||
T15 restructuring expense | 1 | — | 1 | |||||||||||
Avis Europe restructuring payment | (1 | ) | (4 | ) | (5 | ) | ||||||||
T15 restructuring payment | (3 | ) | (1 | ) | (4 | ) | ||||||||
Balance as of March 31, 2015 | $ | 1 | $ | 8 | $ | 9 | ||||||||
Personnel | Facility | Total | ||||||||||||
Related | Related | |||||||||||||
Balance as of January 1, 2015 | $ | 14 | $ | 3 | $ | 17 | ||||||||
T15 restructuring expense | 1 | — | 1 | |||||||||||
Avis Europe restructuring payment | (4 | ) | (1 | ) | (5 | ) | ||||||||
T15 restructuring payment | (4 | ) | — | (4 | ) | |||||||||
Balance as of March 31, 2015 | $ | 7 | $ | 2 | $ | 9 | ||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Computation Of Basic And Diluted Earnings Per Share | The following table sets forth the computation of basic and diluted earnings (loss) per share (“EPS”) (shares in millions): | ||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Net income (loss) for basic and diluted EPS | $ | (9 | ) | $ | 4 | ||||
Basic weighted average shares outstanding | 106.1 | 106.6 | |||||||
Options and non-vested stock (a) | — | 2 | |||||||
Convertible debt (b) | — | — | |||||||
Diluted weighted average shares outstanding | 106.1 | 108.6 | |||||||
Earnings (loss) per share: | |||||||||
Basic | $ | (0.09 | ) | $ | 0.03 | ||||
Diluted | $ | (0.09 | ) | $ | 0.03 | ||||
Intangible_Assets_Tables
Intangible Assets (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||
Schedule Of Intangible Assets | Intangible assets consisted of: | |||||||||||||||||||||||
As of March 31, 2015 | As of December 31, 2014 | |||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||||||
Carrying | Amortization | Carrying | Carrying | Amortization | Carrying | |||||||||||||||||||
Amount | Amount | Amount | Amount | |||||||||||||||||||||
Amortized Intangible Assets | ||||||||||||||||||||||||
License agreements | $ | 245 | $ | 57 | $ | 188 | $ | 259 | $ | 59 | $ | 200 | ||||||||||||
Customer relationships | 159 | 52 | 107 | 167 | 50 | 117 | ||||||||||||||||||
Other | 8 | 4 | 4 | 8 | 3 | 5 | ||||||||||||||||||
Total | $ | 412 | $ | 113 | $ | 299 | $ | 434 | $ | 112 | $ | 322 | ||||||||||||
Unamortized Intangible Assets | ||||||||||||||||||||||||
Goodwill (a) | $ | 813 | $ | 842 | ||||||||||||||||||||
Trademarks | $ | 557 | $ | 564 | ||||||||||||||||||||
__________ |
Vehicle_Rental_Activities_Tabl
Vehicle Rental Activities (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Vehicle Rental Activities [Abstract] | ||||||||
Components Of The Company's Vehicles | The components of vehicles, net within assets under vehicle programs were as follows: | |||||||
As of | As of | |||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Rental vehicles | $ | 11,661 | $ | 11,006 | ||||
Less: Accumulated depreciation | (1,335 | ) | (1,465 | ) | ||||
10,326 | 9,541 | |||||||
Vehicles held for sale | 451 | 674 | ||||||
Vehicles, net | $ | 10,777 | $ | 10,215 | ||||
Components Of Vehicle Depreciation And Lease Charges | The components of vehicle depreciation and lease charges, net are summarized below: | |||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
Depreciation expense | $ | 423 | $ | 407 | ||||
Lease charges | 33 | 37 | ||||||
Gain on sales of vehicles, net | (24 | ) | (11 | ) | ||||
Vehicle depreciation and lease charges, net | $ | 432 | $ | 433 | ||||
Longterm_Debt_and_Borrowing_Ar1
Long-term Debt and Borrowing Arrangements (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
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 | 2015 | 2014 | ||||||||||||||
4⅞% Senior Notes | Nov-17 | $ | 300 | $ | 300 | |||||||||||
Floating Rate Senior Notes (a) | Dec-17 | 248 | 248 | |||||||||||||
Floating Rate Term Loan (b) | Mar-19 | 977 | 980 | |||||||||||||
9¾% Senior Notes | Mar-20 | 223 | 223 | |||||||||||||
6% Euro-denominated Senior Notes (c) | Mar-21 | 499 | 561 | |||||||||||||
5⅛% Senior Notes | Jun-22 | 400 | 400 | |||||||||||||
5½% Senior Notes | Apr-23 | 674 | 674 | |||||||||||||
5¼% Senior Notes | Mar-25 | 375 | — | |||||||||||||
Other | 29 | 34 | ||||||||||||||
Total | 3,725 | 3,420 | ||||||||||||||
Less: Short-term debt and current portion of long-term debt | 244 | 28 | ||||||||||||||
Long-term debt | $ | 3,481 | $ | 3,392 | ||||||||||||
__________ | ||||||||||||||||
(a) | The interest rate on these notes is equal to three-month LIBOR plus 275 basis points, for an aggregate rate of 3.01% at March 31, 2015; 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%. | |||||||||||||||
(b) | 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, 2015, the floating rate term 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%. | |||||||||||||||
(c) | The reduction in the balance principally reflects currency translation adjustments. | |||||||||||||||
Schedule Of Committed Credit Facilities | At March 31, 2015, 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 | ||||||||||||||
Senior revolving credit facility maturing 2018 (a) | $ | 1,800 | $ | — | $ | 741 | $ | 1,059 | ||||||||
Other facilities (b) | 11 | 1 | — | 10 | ||||||||||||
__________ | ||||||||||||||||
(a) | The senior revolving credit facility bears interest at one-month LIBOR plus 200 basis points and 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 2.95% to 5.69% as of March 31, 2015. | |||||||||||||||
Debt_Under_Vehicle_Programs_an1
Debt Under Vehicle Programs and Borrowing Arrangements (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
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, | |||||||||||
2015 | 2014 | |||||||||||
Americas - Debt due to Avis Budget Rental Car Funding (a) | $ | 6,838 | $ | 6,340 | ||||||||
Americas - Debt borrowings (b) | 602 | 746 | ||||||||||
International - Debt borrowings (c) | 591 | 685 | ||||||||||
International - Capital leases (c) | 289 | 314 | ||||||||||
Other | 21 | 31 | ||||||||||
Total | $ | 8,341 | $ | 8,116 | ||||||||
__________ | ||||||||||||
(a) | The increase reflects additional borrowings principally to fund increases in the Company’s car rental fleet. | |||||||||||
(b) | The decrease results from the timing of borrowings. | |||||||||||
(c) | The decrease principally reflects currency translation adjustments. | |||||||||||
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, 2015. | |||||||||||
Debt Under Vehicle Programs | ||||||||||||
Within 1 year (a) | $ | 1,791 | ||||||||||
Between 1 and 2 years | 1,878 | |||||||||||
Between 2 and 3 years | 1,007 | |||||||||||
Between 3 and 4 years | 1,701 | |||||||||||
Between 4 and 5 years | 1,319 | |||||||||||
Thereafter | 645 | |||||||||||
Total | $ | 8,341 | ||||||||||
__________ | ||||||||||||
(a) | Vehicle-backed debt maturing within one year primarily represents term asset-backed securities. | |||||||||||
Schedule Of Available Funding Under The Vehicle Programs | As of March 31, 2015, 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 | ||||||||||
Americas - Debt due to Avis Budget Rental Car Funding (b) | $ | 9,458 | $ | 6,838 | $ | 2,620 | ||||||
Americas - Debt borrowings (c) | 929 | 602 | 327 | |||||||||
International - Debt borrowings (d) | 1,596 | 591 | 1,005 | |||||||||
International - Capital leases (e) | 340 | 289 | 51 | |||||||||
Other | 21 | 21 | — | |||||||||
Total | $ | 12,344 | $ | 8,341 | $ | 4,003 | ||||||
__________ | ||||||||||||
(a) | Capacity is subject to maintaining sufficient assets to collateralize debt. | |||||||||||
(b) | The outstanding debt is collateralized by approximately $8.5 billion of underlying vehicles and related assets. | |||||||||||
(c) | The outstanding debt is collateralized by approximately $832 million of underlying vehicles and related assets. | |||||||||||
(d) | The outstanding debt is collateralized by approximately $1.1 billion of underlying vehicles and related assets. | |||||||||||
(e) | The outstanding debt is collateralized by approximately $283 million of underlying vehicles and related assets. | |||||||||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||
Accumulated Other Comprehensive Income | The components of accumulated other comprehensive income (loss) were as follows: | ||||||||||||||||||||
Currency | Net Unrealized | Net Unrealized | Minimum | Accumulated | |||||||||||||||||
Translation | Gains (Losses) | Gains (Losses) on | Pension | Other | |||||||||||||||||
Adjustments | on Cash Flow | Available-for | Liability | Comprehensive | |||||||||||||||||
Hedges(a) | Sale Securities | Adjustment(b) | Income (Loss) | ||||||||||||||||||
Balance, January 1, 2015 | $ | 51 | $ | (1 | ) | $ | 2 | $ | (74 | ) | $ | (22 | ) | ||||||||
Other comprehensive income (loss) before reclassifications | (92 | ) | (4 | ) | — | 2 | (94 | ) | |||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | 1 | — | (1 | ) | — | |||||||||||||||
Net current-period other comprehensive income (loss) | (92 | ) | (3 | ) | — | 1 | (94 | ) | |||||||||||||
Balance, March 31, 2015 | $ | (41 | ) | $ | (4 | ) | $ | 2 | $ | (73 | ) | $ | (116 | ) | |||||||
Balance, January 1, 2014 | $ | 166 | $ | 1 | $ | 2 | $ | (52 | ) | $ | 117 | ||||||||||
Other comprehensive income (loss) before reclassifications | 3 | 1 | (1 | ) | — | 3 | |||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | — | — | — | — | ||||||||||||||||
Net current-period other comprehensive income (loss) | 3 | 1 | (1 | ) | — | 3 | |||||||||||||||
Balance, March 31, 2014 | $ | 169 | $ | 2 | $ | 1 | $ | (52 | ) | $ | 120 | ||||||||||
__________ | |||||||||||||||||||||
All components of accumulated other comprehensive income (loss) are net of tax, except currency translation adjustments, which exclude income taxes related to indefinite investments in foreign subsidiaries and include a $72 million gain, net of tax, as of March 31, 2015 related to the Company’s hedge of its net investment in Euro-denominated foreign operations (See Note 12 - Financial Instruments). | |||||||||||||||||||||
(a) | For the three months ended March 31, 2015, amounts reclassified from accumulated other comprehensive income (loss) into interest expense were $2 million ($1 million, net of tax). For the three months ended March 31, 2014, amounts reclassified from accumulated other comprehensive income (loss) were not material. | ||||||||||||||||||||
(b) | For the three months ended March 31, 2015, amounts reclassified from accumulated other comprehensive income (loss) into selling, general and administrative expenses were $1 million ($1 million, net of tax). For the three months ended March 31, 2014, amounts reclassified from accumulated other comprehensive income (loss) were not material. | ||||||||||||||||||||
Components Of Other Comprehensive Income | The components of other comprehensive income were as follows: | ||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||
March 31, | |||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||
Net income (loss) | $ | (9 | ) | $ | 4 | ||||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||
Currency translation adjustments (net of tax of $(24) and $0, respectively) | (92 | ) | 3 | ||||||||||||||||||
Net unrealized gain (loss) on available-for-sale securities (net of tax of $0 and $0, respectively) | — | (1 | ) | ||||||||||||||||||
Net unrealized gain (loss) on cash flow hedges (net of tax of $2 and $0, respectively) | (3 | ) | 1 | ||||||||||||||||||
Minimum pension liability adjustment (net of tax of $0 and $0, respectively) | 1 | — | |||||||||||||||||||
(94 | ) | 3 | |||||||||||||||||||
Total comprehensive income (loss) | $ | (103 | ) | $ | 7 | ||||||||||||||||
__________ | |||||||||||||||||||||
Currency translation adjustments exclude income taxes related to indefinite investments in foreign subsidiaries. |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 3 Months Ended | |||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||||
Summary Of Share Based Payment Other Than Options Valuation Assumptions | ||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||
March 31, | ||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||
Expected volatility of stock price | 37% | 40% | ||||||||||||||||||||
Risk-free interest rate | 0.74% | 0.85% | ||||||||||||||||||||
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, 2015 (a) | 998 | $ | 27.26 | 1,884 | $ | 19.17 | 267 | $ | 14.9 | |||||||||||||
Granted | 250 | 61.17 | 230 | 55.51 | — | — | ||||||||||||||||
Vested (b) | (528 | ) | 22.19 | (976 | ) | 12.07 | (156 | ) | 12.65 | |||||||||||||
Forfeited/expired | (9 | ) | 43.57 | (159 | ) | 18.18 | — | — | ||||||||||||||
Outstanding at March 31, 2015 (c) | 711 | $ | 42.7 | 979 | $ | 34.92 | 111 | $ | 18.04 | |||||||||||||
__________ | ||||||||||||||||||||||
(a) | Reflects the maximum number of stock units assuming achievement of all time-, performance- and market-vesting criteria and does not include those for non-employee directors. The weighted-average fair value of time-based RSUs and performance-based and market-based RSUs granted during the three months ended March 31, 2014 was $41.15 and $39.37, respectively. | |||||||||||||||||||||
(b) | The total grant date fair value of RSUs vested during the three months ended March 31, 2015 and 2014 was $23 million and $14 million, respectively. The total grant date fair value of cash units vested during the three months ended March 31, 2015 was $2 million. | |||||||||||||||||||||
(c) | The Company’s outstanding time-based RSUs, performance-based and market-based RSUs, and cash units had aggregate intrinsic value of $42 million, $58 million and $7 million, respectively. Aggregate unrecognized compensation expense related to time-based RSUs and performance-based and market-based RSUs amounted to $46 million and will be recognized over a weighted average vesting period of 1.4 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, 2015 | 848 | $ | 2.92 | $ | 54 | 4.3 | ||||||||||||||||
Granted | — | — | — | |||||||||||||||||||
Exercised | (11 | ) | 9.12 | 1 | ||||||||||||||||||
Forfeited/expired | (1 | ) | 0.79 | — | ||||||||||||||||||
Outstanding at March 31, 2015 | 836 | 2.85 | 47 | 4 | ||||||||||||||||||
Exercisable at March 31, 2015 | 836 | $ | 2.85 | $ | 47 | 4 | ||||||||||||||||
Financial_Instruments_Tables
Financial Instruments (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
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 March 31, 2015 | |||||||||||||||||
Interest rate caps (a) | $ | 8,096 | |||||||||||||||
Interest rate swaps | 1,663 | ||||||||||||||||
Foreign exchange contracts | 1,062 | ||||||||||||||||
Commodity contracts (millions of gallons of unleaded gasoline) | 17 | ||||||||||||||||
__________ | |||||||||||||||||
(a) | Represents $6.1 billion of interest rate caps sold, partially offset by approximately $2.0 billion of interest rate caps purchased. These amounts exclude $4.1 billion of interest rate caps purchased by the Company’s Avis Budget Rental Car Funding subsidiary as it is not consolidated by the Company. | ||||||||||||||||
Fair Value Of Derivative Instruments | Fair values (Level 2) of derivative instruments were as follows: | ||||||||||||||||
As of March 31, 2015 | As of December 31, 2014 | ||||||||||||||||
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) | $ | — | $ | 8 | $ | 1 | $ | 3 | |||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||
Interest rate caps (b) | — | 5 | — | 10 | |||||||||||||
Interest rate swaps | — | — | — | — | |||||||||||||
Foreign exchange contracts (c) | 17 | 8 | 5 | 2 | |||||||||||||
Commodity contracts (c) | 1 | — | — | 1 | |||||||||||||
Total | $ | 18 | $ | 21 | $ | 6 | $ | 16 | |||||||||
__________ | |||||||||||||||||
Amounts in this table exclude derivatives issued by Avis Budget Rental Car Funding; however, certain amounts related to the derivatives held by Avis Budget Rental Car Funding are included within accumulated other comprehensive income. | |||||||||||||||||
(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. |
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||
Summary Of Segments Information | |||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||
2015 | 2014 | ||||||||||||||||||
Revenues | Adjusted EBITDA | Revenues (a) | Adjusted EBITDA (b) | ||||||||||||||||
Americas | $ | 1,375 | $ | 115 | $ | 1,330 | $ | 115 | |||||||||||
International | 475 | 16 | 532 | 14 | |||||||||||||||
Corporate and Other (c) | — | (14 | ) | — | (12 | ) | |||||||||||||
Total Company | $ | 1,850 | 117 | $ | 1,862 | 117 | |||||||||||||
Less: | Non-vehicle related depreciation and amortization | 49 | 41 | ||||||||||||||||
Interest expense related to corporate debt, net | 52 | 56 | |||||||||||||||||
Transaction-related costs | 31 | 8 | |||||||||||||||||
Restructuring expense | 1 | 7 | |||||||||||||||||
Income (loss) before income taxes | $ | (16 | ) | $ | 5 | ||||||||||||||
__________ | |||||||||||||||||||
Previously reported amounts were recast for a change in the Company’s reportable segments. The financial results of the Company’s North America, South America, Central America and Caribbean operations are now reported in the Company’s Americas segment. | |||||||||||||||||||
(a) | As a result of the change in the Company’s reportable segments, $19 million of revenues previously reported in International are now reported in the Americas in the three months ended March 31, 2014. | ||||||||||||||||||
(b) | As a result of the change in the Company’s reportable segments, $3 million of Adjusted EBITDA previously reported in International is now reported in the Americas in the three months ended March 31, 2014. | ||||||||||||||||||
(c) | Includes unallocated corporate overhead which is not attributable to a particular segment. |
Guarantor_and_NonGuarantor_Con1
Guarantor and Non-Guarantor Consolidating Condensed Financial Statements (Tables) | 3 Months Ended | |||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ||||||||||||||||||||||||||
Consolidating Condensed Statements of Comprehensive Income | Three Months Ended March 31, 2015 | |||||||||||||||||||||||||
Parent | Subsidiary | Guarantor | Non- | Eliminations | Total | |||||||||||||||||||||
Issuers | Subsidiaries | Guarantor | ||||||||||||||||||||||||
Subsidiaries | ||||||||||||||||||||||||||
Revenues | ||||||||||||||||||||||||||
Vehicle rental | $ | — | $ | — | $ | 942 | $ | 377 | $ | — | $ | 1,319 | ||||||||||||||
Other | — | — | 267 | 753 | (489 | ) | 531 | |||||||||||||||||||
Net revenues | — | — | 1,209 | 1,130 | (489 | ) | 1,850 | |||||||||||||||||||
Expenses | ||||||||||||||||||||||||||
Operating | — | 4 | 608 | 373 | — | 985 | ||||||||||||||||||||
Vehicle depreciation and lease charges, net | — | — | 436 | 431 | (435 | ) | 432 | |||||||||||||||||||
Selling, general and administrative | 8 | 3 | 140 | 97 | — | 248 | ||||||||||||||||||||
Vehicle interest, net | — | — | 49 | 73 | (54 | ) | 68 | |||||||||||||||||||
Non-vehicle related depreciation and amortization | — | — | 33 | 16 | — | 49 | ||||||||||||||||||||
Interest expense related to corporate debt, net: | ||||||||||||||||||||||||||
Interest expense | — | 40 | 1 | 11 | — | 52 | ||||||||||||||||||||
Intercompany interest expense (income) | (3 | ) | (2 | ) | — | 5 | — | — | ||||||||||||||||||
Transaction-related costs | — | 6 | 1 | 24 | — | 31 | ||||||||||||||||||||
Restructuring expense | — | — | 1 | — | — | 1 | ||||||||||||||||||||
Total expenses | 5 | 51 | 1,269 | 1,030 | (489 | ) | 1,866 | |||||||||||||||||||
Income (loss) before income taxes and equity in earnings of subsidiaries | (5 | ) | (51 | ) | (60 | ) | 100 | — | (16 | ) | ||||||||||||||||
Provision for (benefit from) income taxes | (2 | ) | (20 | ) | 8 | 7 | — | (7 | ) | |||||||||||||||||
Equity in earnings (loss) of subsidiaries | (6 | ) | 25 | 93 | — | (112 | ) | — | ||||||||||||||||||
Net income (loss) | $ | (9 | ) | $ | (6 | ) | $ | 25 | $ | 93 | $ | (112 | ) | $ | (9 | ) | ||||||||||
Comprehensive income (loss) | $ | (103 | ) | $ | (100 | ) | $ | (67 | ) | $ | 1 | $ | 166 | $ | (103 | ) | ||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||||||||
Parent | Subsidiary | Guarantor | Non- | Eliminations | Total | |||||||||||||||||||||
Issuers | Subsidiaries | Guarantor | ||||||||||||||||||||||||
Subsidiaries | ||||||||||||||||||||||||||
Revenues | ||||||||||||||||||||||||||
Vehicle rental | $ | — | $ | — | $ | 916 | $ | 413 | $ | — | $ | 1,329 | ||||||||||||||
Other | — | — | 267 | 755 | (489 | ) | 533 | |||||||||||||||||||
Net revenues | — | — | 1,183 | 1,168 | (489 | ) | 1,862 | |||||||||||||||||||
Expenses | ||||||||||||||||||||||||||
Operating | — | 4 | 604 | 392 | — | 1,000 | ||||||||||||||||||||
Vehicle depreciation and lease charges, net | — | — | 441 | 432 | (440 | ) | 433 | |||||||||||||||||||
Selling, general and administrative | 7 | 4 | 140 | 97 | — | 248 | ||||||||||||||||||||
Vehicle interest, net | — | — | 45 | 68 | (49 | ) | 64 | |||||||||||||||||||
Non-vehicle related depreciation and amortization | — | — | 27 | 14 | — | 41 | ||||||||||||||||||||
Interest expense related to corporate debt, net: | ||||||||||||||||||||||||||
Interest expense | 1 | 47 | — | 8 | — | 56 | ||||||||||||||||||||
Intercompany interest expense (income) | (3 | ) | (3 | ) | 1 | 5 | — | — | ||||||||||||||||||
Transaction-related costs | — | 2 | 3 | 3 | — | 8 | ||||||||||||||||||||
Restructuring expense | — | — | 2 | 5 | — | 7 | ||||||||||||||||||||
Total expenses | 5 | 54 | 1,263 | 1,024 | (489 | ) | 1,857 | |||||||||||||||||||
Income (loss) before income taxes and equity in earnings of subsidiaries | (5 | ) | (54 | ) | (80 | ) | 144 | — | 5 | |||||||||||||||||
Provision for (benefit from) income taxes | (2 | ) | (21 | ) | 18 | 6 | — | 1 | ||||||||||||||||||
Equity in earnings of subsidiaries | 7 | 40 | 138 | — | (185 | ) | — | |||||||||||||||||||
Net income | $ | 4 | $ | 7 | $ | 40 | $ | 138 | $ | (185 | ) | $ | 4 | |||||||||||||
Comprehensive income | $ | 7 | $ | 11 | $ | 43 | $ | 141 | $ | (195 | ) | $ | 7 | |||||||||||||
Schedule Of Condensed Consolidating Balance Sheet Table | As of December 31, 2014 | |||||||||||||||||||||||||
Parent | Subsidiary | Guarantor | Non- | Eliminations | Total | |||||||||||||||||||||
Issuers | Subsidiaries | Guarantor | ||||||||||||||||||||||||
Subsidiaries | ||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||||
Cash and cash equivalents | $ | 2 | $ | 210 | $ | — | $ | 412 | $ | — | $ | 624 | ||||||||||||||
Receivables, net | — | — | 177 | 422 | — | 599 | ||||||||||||||||||||
Deferred income taxes | — | 23 | 102 | 34 | — | 159 | ||||||||||||||||||||
Other current assets | 3 | 86 | 78 | 289 | — | 456 | ||||||||||||||||||||
Total current assets | 5 | 319 | 357 | 1,157 | — | 1,838 | ||||||||||||||||||||
Property and equipment, net | — | 112 | 325 | 201 | — | 638 | ||||||||||||||||||||
Deferred income taxes | 19 | 1,199 | 138 | — | (4 | ) | 1,352 | |||||||||||||||||||
Goodwill | — | — | 487 | 355 | — | 842 | ||||||||||||||||||||
Other intangibles, net | — | 38 | 545 | 303 | — | 886 | ||||||||||||||||||||
Other non-current assets | 104 | 81 | 22 | 148 | — | 355 | ||||||||||||||||||||
Intercompany receivables | 205 | 344 | 978 | 672 | (2,199 | ) | — | |||||||||||||||||||
Investment in subsidiaries | 468 | 3,072 | 3,316 | — | (6,856 | ) | — | |||||||||||||||||||
Total assets exclusive of assets under vehicle programs | 801 | 5,165 | 6,168 | 2,836 | (9,059 | ) | 5,911 | |||||||||||||||||||
Assets under vehicle programs: | ||||||||||||||||||||||||||
Program cash | — | — | — | 119 | — | 119 | ||||||||||||||||||||
Vehicles, net | — | 7 | 87 | 10,121 | — | 10,215 | ||||||||||||||||||||
Receivables from vehicle manufacturers and other | — | 1 | — | 361 | — | 362 | ||||||||||||||||||||
Investment in Avis Budget Rental Car Funding (AESOP) LLC-related party | — | — | — | 362 | — | 362 | ||||||||||||||||||||
— | 8 | 87 | 10,963 | — | 11,058 | |||||||||||||||||||||
Total assets | $ | 801 | $ | 5,173 | $ | 6,255 | $ | 13,799 | $ | (9,059 | ) | $ | 16,969 | |||||||||||||
Liabilities and stockholders’ equity | ||||||||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||||||||
Accounts payable and other current liabilities | $ | 39 | $ | 200 | $ | 462 | $ | 790 | $ | — | $ | 1,491 | ||||||||||||||
Short-term debt and current portion of long-term debt | — | 13 | 4 | 11 | — | 28 | ||||||||||||||||||||
Total current liabilities | 39 | 213 | 466 | 801 | — | 1,519 | ||||||||||||||||||||
Long-term debt | — | 2,825 | 6 | 561 | — | 3,392 | ||||||||||||||||||||
Other non-current liabilities | 97 | 100 | 232 | 341 | (4 | ) | 766 | |||||||||||||||||||
Intercompany payables | — | 1,558 | 313 | 328 | (2,199 | ) | — | |||||||||||||||||||
Total liabilities exclusive of liabilities under vehicle programs | 136 | 4,696 | 1,017 | 2,031 | (2,203 | ) | 5,677 | |||||||||||||||||||
Liabilities under vehicle programs: | ||||||||||||||||||||||||||
Debt | — | 9 | 84 | 1,683 | — | 1,776 | ||||||||||||||||||||
Due to Avis Budget Rental Car Funding (AESOP) LLC-related party | — | — | — | 6,340 | — | 6,340 | ||||||||||||||||||||
Deferred income taxes | — | — | 2,082 | 185 | — | 2,267 | ||||||||||||||||||||
Other | — | — | — | 244 | — | 244 | ||||||||||||||||||||
— | 9 | 2,166 | 8,452 | — | 10,627 | |||||||||||||||||||||
Total stockholders’ equity | 665 | 468 | 3,072 | 3,316 | (6,856 | ) | 665 | |||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 801 | $ | 5,173 | $ | 6,255 | $ | 13,799 | $ | (9,059 | ) | $ | 16,969 | |||||||||||||
As of March 31, 2015 | ||||||||||||||||||||||||||
Parent | Subsidiary | Guarantor | Non- | Eliminations | Total | |||||||||||||||||||||
Issuers | Subsidiaries | Guarantor | ||||||||||||||||||||||||
Subsidiaries | ||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||||
Cash and cash equivalents | $ | 2 | $ | 552 | $ | — | $ | 300 | $ | — | $ | 854 | ||||||||||||||
Receivables, net | — | — | 172 | 392 | — | 564 | ||||||||||||||||||||
Deferred income taxes | — | 9 | 102 | 31 | — | 142 | ||||||||||||||||||||
Other current assets | 2 | 82 | 98 | 335 | — | 517 | ||||||||||||||||||||
Total current assets | 4 | 643 | 372 | 1,058 | — | 2,077 | ||||||||||||||||||||
Property and equipment, net | — | 118 | 323 | 188 | — | 629 | ||||||||||||||||||||
Deferred income taxes | 20 | 1,196 | 139 | — | (31 | ) | 1,324 | |||||||||||||||||||
Goodwill | — | — | 487 | 326 | — | 813 | ||||||||||||||||||||
Other intangibles, net | — | 32 | 539 | 285 | — | 856 | ||||||||||||||||||||
Other non-current assets | 95 | 79 | 22 | 146 | — | 342 | ||||||||||||||||||||
Intercompany receivables | 208 | 350 | 1,016 | 714 | (2,288 | ) | — | |||||||||||||||||||
Investment in subsidiaries | 299 | 3,004 | 3,191 | — | (6,494 | ) | — | |||||||||||||||||||
Total assets exclusive of assets under vehicle programs | 626 | 5,422 | 6,089 | 2,717 | (8,813 | ) | 6,041 | |||||||||||||||||||
Assets under vehicle programs: | ||||||||||||||||||||||||||
Program cash | — | — | — | 61 | — | 61 | ||||||||||||||||||||
Vehicles, net | — | 17 | 85 | 10,675 | — | 10,777 | ||||||||||||||||||||
Receivables from vehicle manufacturers and other | — | 3 | — | 248 | — | 251 | ||||||||||||||||||||
Investment in Avis Budget Rental Car Funding (AESOP) LLC-related party | — | — | — | 362 | — | 362 | ||||||||||||||||||||
— | 20 | 85 | 11,346 | — | 11,451 | |||||||||||||||||||||
Total assets | $ | 626 | $ | 5,442 | $ | 6,174 | $ | 14,063 | $ | (8,813 | ) | $ | 17,492 | |||||||||||||
Liabilities and stockholders’ equity | ||||||||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||||||||
Accounts payable and other current liabilities | $ | 17 | $ | 211 | $ | 472 | $ | 789 | $ | — | $ | 1,489 | ||||||||||||||
Short-term debt and current portion of long-term debt | — | 236 | 5 | 3 | — | 244 | ||||||||||||||||||||
Total current liabilities | 17 | 447 | 477 | 792 | — | 1,733 | ||||||||||||||||||||
Long-term debt | — | 2,978 | 4 | 499 | — | 3,481 | ||||||||||||||||||||
Other non-current liabilities | 88 | 99 | 235 | 341 | (31 | ) | 732 | |||||||||||||||||||
Intercompany payables | — | 1,614 | 318 | 356 | (2,288 | ) | — | |||||||||||||||||||
Total liabilities exclusive of liabilities under vehicle programs | 105 | 5,138 | 1,034 | 1,988 | (2,319 | ) | 5,946 | |||||||||||||||||||
Liabilities under vehicle programs: | ||||||||||||||||||||||||||
Debt | — | 5 | 82 | 1,416 | — | 1,503 | ||||||||||||||||||||
Due to Avis Budget Rental Car Funding (AESOP) LLC-related party | — | — | — | 6,838 | — | 6,838 | ||||||||||||||||||||
Deferred income taxes | — | — | 2,054 | 182 | — | 2,236 | ||||||||||||||||||||
Other | — | — | — | 448 | — | 448 | ||||||||||||||||||||
— | 5 | 2,136 | 8,884 | — | 11,025 | |||||||||||||||||||||
Total stockholders’ equity | 521 | 299 | 3,004 | 3,191 | (6,494 | ) | 521 | |||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 626 | $ | 5,442 | $ | 6,174 | $ | 14,063 | $ | (8,813 | ) | $ | 17,492 | |||||||||||||
Consolidating Condensed Statements Of Cash Flows | Three Months Ended March 31, 2015 | |||||||||||||||||||||||||
Parent | Subsidiary | Guarantor | Non-Guarantor | Eliminations | Total | |||||||||||||||||||||
Issuers | Subsidiaries | Subsidiaries | ||||||||||||||||||||||||
Net cash provided by operating activities | $ | — | $ | 12 | $ | 45 | $ | 446 | $ | — | $ | 503 | ||||||||||||||
Investing activities | ||||||||||||||||||||||||||
Property and equipment additions | — | (4 | ) | (19 | ) | (18 | ) | — | (41 | ) | ||||||||||||||||
Proceeds received on asset sales | — | 1 | — | 2 | — | 3 | ||||||||||||||||||||
Net assets acquired (net of cash acquired) | — | — | — | (36 | ) | — | (36 | ) | ||||||||||||||||||
Intercompany loan advances | — | — | (24 | ) | — | 24 | — | |||||||||||||||||||
Other, net | 33 | — | 1 | — | (34 | ) | — | |||||||||||||||||||
Net cash provided by (used in) investing activities exclusive of vehicle programs | 33 | (3 | ) | (42 | ) | (52 | ) | (10 | ) | (74 | ) | |||||||||||||||
Vehicle programs: | ||||||||||||||||||||||||||
Decrease in program cash | — | — | — | 51 | — | 51 | ||||||||||||||||||||
Investment in vehicles | — | (3 | ) | — | (3,192 | ) | — | (3,195 | ) | |||||||||||||||||
Proceeds received on disposition of vehicles | — | 4 | — | 2,440 | — | 2,444 | ||||||||||||||||||||
— | 1 | — | (701 | ) | — | (700 | ) | |||||||||||||||||||
Net cash provided by (used in) investing activities | 33 | (2 | ) | (42 | ) | (753 | ) | (10 | ) | (774 | ) | |||||||||||||||
Financing activities | ||||||||||||||||||||||||||
Proceeds from long-term borrowings | — | 375 | — | 1 | — | 376 | ||||||||||||||||||||
Payments on long-term borrowings | — | (4 | ) | (1 | ) | (1 | ) | — | (6 | ) | ||||||||||||||||
Net change in short-term borrowings | — | — | — | (7 | ) | — | (7 | ) | ||||||||||||||||||
Intercompany loan borrowings | — | — | — | 24 | (24 | ) | — | |||||||||||||||||||
Repurchases of common stock | (33 | ) | — | — | — | — | (33 | ) | ||||||||||||||||||
Debt financing fees | — | (6 | ) | — | — | — | (6 | ) | ||||||||||||||||||
Other, net | — | (33 | ) | — | (1 | ) | 34 | — | ||||||||||||||||||
Net cash provided by (used in) financing activities exclusive of vehicle programs | (33 | ) | 332 | (1 | ) | 16 | 10 | 324 | ||||||||||||||||||
Vehicle programs: | ||||||||||||||||||||||||||
Proceeds from borrowings | — | — | — | 3,667 | — | 3,667 | ||||||||||||||||||||
Payments on borrowings | — | — | (2 | ) | (3,456 | ) | — | (3,458 | ) | |||||||||||||||||
Debt financing fees | — | — | — | (6 | ) | — | (6 | ) | ||||||||||||||||||
— | — | (2 | ) | 205 | — | 203 | ||||||||||||||||||||
Net cash provided by (used in) financing activities | (33 | ) | 332 | (3 | ) | 221 | 10 | 527 | ||||||||||||||||||
Effect of changes in exchange rates on cash and cash equivalents | — | — | — | (26 | ) | — | (26 | ) | ||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | 342 | — | (112 | ) | — | 230 | |||||||||||||||||||
Cash and cash equivalents, beginning of period | 2 | 210 | — | 412 | — | 624 | ||||||||||||||||||||
Cash and cash equivalents, end of period | $ | 2 | $ | 552 | $ | — | $ | 300 | $ | — | $ | 854 | ||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||||||||
Parent | Subsidiary | Guarantor | Non-Guarantor | Eliminations | Total | |||||||||||||||||||||
Issuers | Subsidiaries | Subsidiaries | ||||||||||||||||||||||||
Net cash provided by 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, 2015 | Mar. 31, 2014 |
Basis Of Presentation And Recently Issued Accounting Pronouncements [Abstract] | ||
Net unrealized gain or loss on foreign-currency transactions of intercompany loan hedges | ($4) | ($2) |
Restructuring_Narrative_Detail
Restructuring (Narrative) (Detail) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2015 |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | $1 | $7 | |
2014 T15 Restructuring [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Expected Number of Positions Eliminated | 35 | ||
Restructuring Charges | 1 | ||
Restructuring and Related Cost, Expected Cost | $9 |
Restructuring_Summary_Of_Chang
Restructuring (Summary Of Changes To Restructuring-Related Liabilities) (Detail) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Restructuring Reserve [Roll Forward] | |||
31-Mar-15 | $17 | ||
Restructuring expense | 1 | 7 | |
Balance as of March 31, 2015 | 9 | ||
Americas | |||
Restructuring Reserve [Roll Forward] | |||
31-Mar-15 | 4 | ||
Balance as of March 31, 2015 | 1 | 4 | |
International | |||
Restructuring Reserve [Roll Forward] | |||
31-Mar-15 | 13 | ||
Balance as of March 31, 2015 | 8 | 13 | |
Personnel Related | |||
Restructuring Reserve [Roll Forward] | |||
31-Mar-15 | 14 | ||
Balance as of March 31, 2015 | 7 | 14 | |
Facility Related | |||
Restructuring Reserve [Roll Forward] | |||
31-Mar-15 | 3 | ||
Balance as of March 31, 2015 | 2 | 3 | |
2014 T15 Restructuring [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring expense | 1 | ||
Payment for Restructuring | -4 | ||
2014 T15 Restructuring [Member] | Americas | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring expense | 1 | ||
Payment for Restructuring | -3 | ||
2014 T15 Restructuring [Member] | International | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring expense | 0 | ||
Payment for Restructuring | -1 | ||
2014 T15 Restructuring [Member] | Personnel Related | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring expense | 1 | ||
Payment for Restructuring | -4 | ||
2014 T15 Restructuring [Member] | Facility Related | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring expense | 0 | ||
Payment for Restructuring | 0 | ||
2011 Avis Europe Restructuring [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Payment for Restructuring | -5 | ||
2011 Avis Europe Restructuring [Member] | Americas | |||
Restructuring Reserve [Roll Forward] | |||
Payment for Restructuring | -1 | ||
2011 Avis Europe Restructuring [Member] | International | |||
Restructuring Reserve [Roll Forward] | |||
Payment for Restructuring | -4 | ||
2011 Avis Europe Restructuring [Member] | Personnel Related | |||
Restructuring Reserve [Roll Forward] | |||
Payment for Restructuring | -4 | ||
2011 Avis Europe Restructuring [Member] | Facility Related | |||
Restructuring Reserve [Roll Forward] | |||
Payment for Restructuring | ($1) |
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, 2015 | Mar. 31, 2014 |
Earnings Per Share [Abstract] | ||
Net income (loss) for basic and diluted EPS | ($9) | $4 |
Basic weighted average shares outstanding | 106.1 | 106.6 |
Options and non-vested stock (a) | 0 | 2 |
Convertible debt (b) | 0 | 0 |
Diluted weighted average shares outstanding | 106.1 | 108.6 |
Basic | ($0.09) | $0.03 |
Diluted | ($0.09) | $0.03 |
Employee Stock Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0.8 | |
Restricted Stock Units (RSUs) [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2.1 | |
Convertible Debt Securities [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 4 |
Acquisitions_Narrative_Detail
Acquisitions (Narrative) (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ||
Goodwill | $813 | $842 |
Scandinavian Licensee [Member] | ||
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ||
Business Acquisition, Date of Acquisition Agreement | 1-Jan-15 | |
Business Combination, Consideration Transferred | 39 | |
Goodwill | 21 | |
Non Cash Charge On Unfavorable License Rights Reacquired With Acquisition With Subsidiaries | 22 | |
Budget Licensees [Member] | ||
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ||
Business Combination, Consideration Transferred | 263 | |
Business Acquisition Purchase Price Allocation Vehicles Net | 132 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 58 | |
Goodwill | 192 | |
Non Cash Charge On Unfavorable License Rights Reacquired With Acquisition With Subsidiaries | 20 | |
Customer Relationships [Member] | Budget Licensees [Member] | ||
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ||
Other intangibles, useful life, in years | 12 years | |
Finite-lived Intangible Assets Acquired | 10 | |
License Agreements [Member] | Scandinavian Licensee [Member] | ||
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ||
Other intangibles, useful life, in years | 8 years | |
Finite-lived Intangible Assets Acquired | 31 | |
License Agreements [Member] | Budget Licensees [Member] | ||
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ||
Other intangibles, useful life, in years | 3 years | |
Finite-lived Intangible Assets Acquired | $48 |
Intangible_Assets_Schedule_Of_
Intangible Assets (Schedule Of Intangible Assets) (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Amortized Intangible Assets, Gross Carrying Amount | $412 | $434 |
Amortized Intangible Assets, Accumulated Amortization | 113 | 112 |
Amortized Intangible Assets, Net Carrying Amount | 299 | 322 |
Unamortized Intangible Assets, Goodwill, Gross Carrying Amount | 813 | 842 |
License Agreements [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Amortized Intangible Assets, Gross Carrying Amount | 245 | 259 |
Amortized Intangible Assets, Accumulated Amortization | 57 | 59 |
Amortized Intangible Assets, Net Carrying Amount | 188 | 200 |
Customer Relationships [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Amortized Intangible Assets, Gross Carrying Amount | 159 | 167 |
Amortized Intangible Assets, Accumulated Amortization | 52 | 50 |
Amortized Intangible Assets, Net Carrying Amount | 107 | 117 |
Other Intangible Assets [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Amortized Intangible Assets, Gross Carrying Amount | 8 | 8 |
Amortized Intangible Assets, Accumulated Amortization | 4 | 3 |
Amortized Intangible Assets, Net Carrying Amount | 4 | 5 |
Goodwill [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Goodwill, Translation Adjustments | 51 | |
Unamortized Intangible Assets, Goodwill, Gross Carrying Amount | 813 | 842 |
Trademarks [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Unamortized Intangible Assets, Trademarks, Gross Carrying Amount | $557 | $564 |
Intangible_Assets_Narrative_De
Intangible Assets (Narrative) (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Amortization expense relating to all intangible assets | $11 | $7 |
Amortization expense for remainder of the year | 37 | |
Intangible assets amortization expense, year one | 45 | |
Intangible assets amortization expense, year two | 39 | |
Intangible assets amortization expense, year three | 29 | |
Intangible assets amortization expense, year four | 28 | |
Intangible assets amortization expense, year five | $28 |
Vehicle_Rental_Activities_Comp
Vehicle Rental Activities (Components Of The Company's Vehicles) (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
In Millions, unless otherwise specified | |||
Vehicle Rental Activities [Abstract] | |||
Rental vehicles | $11,661 | $11,006 | |
Less: Accumulated depreciation | -1,335 | -1,465 | |
Rental Vehicles Net, Total | 10,326 | 9,541 | |
Vehicles held for sale | 451 | 674 | |
Vehicles, net | 10,777 | 10,215 | |
Accounts Payable, Other, Current | 428 | 498 | |
Other Receivables | $246 | $231 |
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, 2015 | Mar. 31, 2014 |
Vehicle Rental Activities [Abstract] | ||
Other Receivables | $246 | $231 |
Depreciation expense | 423 | 407 |
Lease charges | 33 | 37 |
Gain on sales of vehicles, net | -24 | -11 |
Vehicle depreciation and lease charges, net | $432 | $433 |
Recovered_Sheet2
Long-Term Debt And Borrowing Arrangements (Schedule Of Long-Term Debt) (Detail) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | |||
Other | $29 | $34 | |
Long-term Debt | 3,725 | 3,420 | |
Long-term Debt, Current Maturities | 244 | 28 | |
Long-term debt | 3,481 | 3,392 | |
Four And Seven Over Eight Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 300 | 300 | |
Debt Instrument, Maturity Date, Description | Nov-17 | ||
Four And Seven Over Eight Senior Notes [Member] | Long Term Borrowings [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument stated interest percentage | 4.88% | ||
Floating Rate Term Loan Due March Two Thousand Nineteen [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 3.96% | ||
Long-term debt | 977 | 980 | |
Debt Instrument, Maturity Date, Description | Mar-19 | ||
Debt Instrument, Description of Variable Rate Basis | 225 basis points | ||
Percentage Of Margin Aggregate Interest Rate | 3.00% | ||
Nine And Three Over Four Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 223 | 223 | |
Debt Instrument, Maturity Date, Description | Mar-20 | ||
Nine And Three Over Four Senior Notes [Member] | Long Term Borrowings [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument stated interest percentage | 9.75% | ||
Six Euro-Denominated Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 499 | 561 | |
Debt Instrument, Maturity Date, Description | Mar-21 | ||
Six Euro-Denominated Senior Notes [Member] | Long Term Borrowings [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument stated interest percentage | 6.00% | ||
Five and One over Eight Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 400 | 400 | |
Debt Instrument, Maturity Date, Description | Jun-22 | ||
Five and One over Eight Senior Notes [Member] | Long Term Borrowings [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument stated interest percentage | 5.13% | ||
Five And One Over Two Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 674 | 674 | |
Debt Instrument, Maturity Date, Description | Apr-23 | ||
Five And One Over Two Senior Notes [Member] | Long Term Borrowings [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument stated interest percentage | 5.50% | ||
Five And One Over Four Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 375 | 0 | |
Debt Instrument, Maturity Date, Description | Mar-25 | ||
Five And One Over Four Senior Notes [Member] | Long Term Borrowings [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument stated interest percentage | 5.25% | ||
Senior Notes [Member] | Floating Rate Senior Notes Due December 2017 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 248 | 248 | |
Debt Instrument, Maturity Date, Description | Dec-17 | ||
Percentage Of Margin Aggregate Interest Rate | 3.01% | ||
Senior Notes [Member] | Nine And Three Over Four Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Repayments of Long-term Debt | $243 |
Recovered_Sheet3
Long-Term Debt And Borrowing Arrangements (Schedule Of Long-Term Debt) (Parenthetical) (Detail) (USD $) | 3 Months Ended |
Mar. 31, 2015 | |
Floating Rate Notes [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Description of Variable Rate Basis | 275 basis points |
Debt Instrument, Basis Spread on Variable Rate | 3.58% |
Floating Rate Term Loan Due March Two Thousand Nineteen [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Description of Variable Rate Basis | 225 basis points |
Floating Rate Term Loan Due March Two Thousand Nineteen [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Description of Variable Rate Basis | 225 basis points |
Percentage Of Margin Aggregate Interest Rate | 3.00% |
Debt Instrument, Basis Spread on Variable Rate | 3.96% |
Floating rate | 0.75% |
Long Term Borrowings [Member] | Five And One Over Four Senior Notes [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | 5.25% |
Long Term Borrowings [Member] | Five and One over Eight Senior Notes [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | 5.13% |
Long Term Borrowings [Member] | 8 1/4% Notes [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | 8.25% |
Senior Notes [Member] | Floating Rate Senior Notes Due December 2017 [Member] | |
Debt Instrument [Line Items] | |
Percentage Of Margin Aggregate Interest Rate | 3.01% |
Loans Payable [Member] | Floating Rate Term Loan Due March Two Thousand Nineteen [Member] | |
Debt Instrument [Line Items] | |
Derivative, Amount of Hedged Item | 600,000,000 |
Minimum [Member] | Bank Overdraft [Member] | |
Debt Instrument [Line Items] | |
Line of Credit Facility, Interest Rate During Period | 2.95% |
Maximum [Member] | Bank Overdraft [Member] | |
Debt Instrument [Line Items] | |
Line of Credit Facility, Interest Rate During Period | 5.69% |
LongTerm_Debt_And_Borrowing_Ar2
Long-Term Debt And Borrowing Arrangements (Narrative) (Detail) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | Apr. 01, 2015 |
Debt Instrument [Line Items] | ||||
Other Long-term Debt | 29 | $34 | ||
Long-term Debt | 3,725 | 3,420 | ||
Uncommitted Credit Facility [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Interest Rate During Period | 0.41% | |||
Uncommitted Credit Facility [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Interest Rate During Period | 2.50% | |||
Floating Rate Term Loan Due March Two Thousand Nineteen [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Maturity Date, Description | Mar-19 | |||
Debt Instrument, Description of Variable Rate Basis | 225 basis points | |||
Floating Rate Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Description of Variable Rate Basis | 275 basis points | |||
Five and One over Eight Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Maturity Date, Description | Jun-22 | |||
Five And One Over Four Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Maturity Date, Description | Mar-25 | |||
Five And One Over Four Senior Notes [Member] | Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | 375 | |||
Nine And Three Over Four Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Maturity Date, Description | Mar-20 | |||
Nine And Three Over Four Senior Notes [Member] | Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Repurchased Face Amount | 223 | |||
Repayments of Long-term Debt | $243 |
LongTerm_Debt_And_Borrowing_Ar3
Long-Term Debt And Borrowing Arrangements (Schedule Of Committed Credit Facilities) (Detail) (USD $) | Mar. 31, 2015 |
In Millions, unless otherwise specified | |
Revolving Credit Facility Maturing Two Thousand Sixteen [Member] | |
Line of Credit Facility [Line Items] | |
Total Capacity | $1,800 |
Outstanding Borrowings | 0 |
Letters of Credit Issued | 741 |
Available Capacity | 1,059 |
Other Facilities [Member] | |
Line of Credit Facility [Line Items] | |
Total Capacity | 11 |
Outstanding Borrowings | 1 |
Letters of Credit Issued | 0 |
Available Capacity | $10 |
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, 2015 |
Line of Credit Facility [Line Items] | |
Amounts drawn under uncommitted credit facilities | 1 |
Minimum [Member] | Bank Overdraft [Member] | |
Line of Credit Facility [Line Items] | |
Line of Credit Facility, Interest Rate During Period | 2.95% |
Minimum [Member] | Uncommitted Credit Facility [Member] | |
Line of Credit Facility [Line Items] | |
Line of Credit Facility, Interest Rate During Period | 0.41% |
Maximum [Member] | Bank Overdraft [Member] | |
Line of Credit Facility [Line Items] | |
Line of Credit Facility, Interest Rate During Period | 5.69% |
Maximum [Member] | Uncommitted Credit Facility [Member] | |
Line of Credit Facility [Line Items] | |
Line of Credit Facility, Interest Rate During Period | 2.50% |
Recovered_Sheet4
Debt Under Vehicle Programs And Borrowing Arrangements (Schedule Of Debt Under Vehicle Programs) (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | ||
Debt under vehicle programs | $8,341,000,000 | $8,116,000,000 |
Debt Due To Avis Budget Rental Car Funding (Member) | ||
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | ||
Leasing Vehicles And Related Assets Pledged As Collateralized Debt | 8,500,000,000 | |
Debt under vehicle programs | 6,838,000,000 | 6,340,000,000 |
Americas Debt Borrowings [Member] | ||
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | ||
Leasing Vehicles And Related Assets Pledged As Collateralized Debt | 832,000,000 | |
Debt under vehicle programs | 602,000,000 | 746,000,000 |
International Debt Borrowings [Domain] | ||
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | ||
Leasing Vehicles And Related Assets Pledged As Collateralized Debt | 1,100,000,000 | |
Debt under vehicle programs | 591,000,000 | 685,000,000 |
International Capital Leases [Domain] | ||
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | ||
Leasing Vehicles And Related Assets Pledged As Collateralized Debt | 283,000,000 | |
Debt under vehicle programs | 289,000,000 | 314,000,000 |
Other (Member) | ||
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | ||
Debt under vehicle programs | $21,000,000 | $31,000,000 |
Recovered_Sheet5
Debt Under Vehicle Programs And Borrowing Arrangements (Schedule Of Contractual Maturities) (Detail) (USD $) | Mar. 31, 2015 |
In Millions, unless otherwise specified | |
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | |
Vehicle Program Debt Amount Outstanding | $8,341 |
Vehicle backed debt [Member] | |
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | |
Within 1 year (a) | 1,791 |
Between 1 and 2 years | 1,878 |
Between 2 and 3 years | 1,007 |
Between 3 and 4 years | 1,701 |
Between 4 and 5 years | 1,319 |
Thereafter | 645 |
Vehicle Program Debt Amount Outstanding | $8,341 |
Debt_Under_Vehicle_Programs_An2
Debt Under Vehicle Programs And Borrowing Arrangements (Schedule Of Available Funding Under The Vehicle Programs) (Detail) (USD $) | Mar. 31, 2015 |
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | |
Total Capacity (a) | $12,344,000,000 |
Outstanding Borrowings | 8,341,000,000 |
Available Capacity | 4,003,000,000 |
Debt Due To Avis Budget Rental Car Funding (Member) | |
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | |
Total Capacity (a) | 9,458,000,000 |
Outstanding Borrowings | 6,838,000,000 |
Available Capacity | 2,620,000,000 |
Leasing Vehicles And Related Assets Pledged As Collateralized Debt | 8,500,000,000 |
Americas Debt Borrowings [Member] | |
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | |
Total Capacity (a) | 929,000,000 |
Outstanding Borrowings | 602,000,000 |
Available Capacity | 327,000,000 |
Leasing Vehicles And Related Assets Pledged As Collateralized Debt | 832,000,000 |
International Debt Borrowings [Domain] | |
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | |
Total Capacity (a) | 1,596,000,000 |
Outstanding Borrowings | 591,000,000 |
Available Capacity | 1,005,000,000 |
Leasing Vehicles And Related Assets Pledged As Collateralized Debt | 1,100,000,000 |
International Capital Leases [Domain] | |
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | |
Total Capacity (a) | 340,000,000 |
Outstanding Borrowings | 289,000,000 |
Available Capacity | 51,000,000 |
Leasing Vehicles And Related Assets Pledged As Collateralized Debt | 283,000,000 |
Other (Member) | |
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | |
Total Capacity (a) | 21,000,000 |
Outstanding Borrowings | 21,000,000 |
Available Capacity | $0 |
Commitments_And_Contingencies_
Commitments And Contingencies (Narrative) (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Schedule Of Commitments And Contingencies [Line Items] | ||
Loss Contingency, Damages Sought, Value | $25,000,000 | |
Loss Contingency, Range of Possible Loss, Portion Not Accrued | 20,000,000 | |
Purchase obligation over the next twelve months | 5,300,000,000 | |
Aggregate purchase obligations | 114,000,000 | |
Other Receivables | 246,000,000 | 231,000,000 |
Realogy [Member] | ||
Schedule Of Commitments And Contingencies [Line Items] | ||
Other Receivables | 54,000,000 | |
Wyndham [Member] | ||
Schedule Of Commitments And Contingencies [Line Items] | ||
Other Receivables | $33,000,000 |
Stockholders_Equity_Narrative_
Stockholders' Equity (Narrative) (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Stockholders Equity [Line Items] | ||
Stock Repurchase Program, Authorized Amount | $635 | |
Stock Repurchased During Period, Shares | 0.5 | 1.6 |
Stock Repurchased During Period, Value | 31 | 75 |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $254 |
Stockholders_Equity_Accumulate
Stockholders' Equity (Accumulated Other Comprehensive Income) (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Currency Translation Adjustments, Balance | $51 | $166 |
Net Unrealized Gains (Losses) on Cash Flow Hedges, Balance | -4 | 2 |
Net Unrealized Gains on Available- For-Sale Securities, Balance | 2 | 2 |
Currency Translation Adjustments, Balance | -74 | -52 |
Accumulated Other Comprehensive Income, Balance | -22 | 117 |
Currency Translation Adjustments, Current period change | -92 | 3 |
Net unrealized gain (loss) on cash flow hedges (net of tax of $2 and $0, respectively) | -3 | 1 |
Net unrealized gains on available-for-sale securities, net of tax | 0 | -1 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | -1 | 0 |
Accumulated Other Comprehensive Income, Current period change | -94 | 3 |
Currency Translation Adjustments, Balance | -41 | 169 |
Net Unrealized Gains (Losses) on Cash Flow Hedges, Balance | -1 | 1 |
Net Unrealized Gains on Available- For-Sale Securities, Balance | 2 | 1 |
Currency Translation Adjustments, Balance | -73 | -52 |
Accumulated Other Comprehensive Income, Balance | -116 | 120 |
Derivatives used in Net Investment Hedge, Net of Tax | 72 | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent | -92 | 3 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), before Tax | 1 | |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net (Gain) Loss, Net of Tax | -1 | 0 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | -94 | 3 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Net of Tax | 0 | 0 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | 0 | 0 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | -4 | 1 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | 2 | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | 1 | 0 |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Reclassification Adjustments, Net of Tax | 0 | -1 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Net of Tax | $2 | $0 |
Stockholders_Equity_Components
Stockholders' Equity (Components Of Other Comprehensive Income) (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Equity [Abstract] | ||
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax | ($24) | $0 |
Other Comprehensive Income (Loss), Available-for-sale Securities, Tax | 0 | 0 |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax | 2 | 0 |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Tax | 0 | 0 |
Net income (loss) | -9 | 4 |
Currency translation adjustments (net of tax of $(24) and $0, respectively) | -92 | 3 |
Net unrealized gain (loss) on available-for-sale securities (net of tax of $0 and $0, respectively) | 0 | -1 |
Net unrealized gain (loss) on cash flow hedges (net of tax of $2 and $0, respectively) | -3 | 1 |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 1 | 0 |
Other comprehensive income (loss) | -94 | 3 |
Total comprehensive income (loss) | ($103) | $7 |
StockBased_Compensation_Narrat
Stock-Based Compensation (Narrative) (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | $5 | $8 |
Stock-based compensation expense (net of tax) | 3 | 5 |
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation | 56 | |
Employee service share based compensation incremental tax benefit to be realized from exercise of stock awards | 22 | |
Cash Unit Awards | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $2 |
StockBased_Compensation_Summar
Stock-Based Compensation (Summary Of Share Based Payment Other Than Options Valuation Assumptions) (Detail) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Expected volatility of stock price | 37.00% | 40.00% |
Risk-free interest rate | 0.74% | 0.85% |
Expected term of awards | 3 years | 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, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation | $56 | ||
Number of Options, Balance | 836 | 848 | |
Options outstanding, intrinsic value | 47 | 54 | |
Stock Issued During Period, Value, Restricted Stock Award, Gross | 23 | 14 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 4 years 0 months 0 days | 4 years 3 months 0 days | |
Time-Based RSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted Average Grant Price, Balance | $27.26 | ||
Weighted Average Grant Price, Granted at fair market value | $61.17 | $41.15 | |
Weighted Average Grant Price, Vested/exercised | $22.19 | ||
Weighted Average Grant Price, Canceled | $43.57 | ||
Weighted Average Grant Price, Balance | $42.70 | ||
Number of RSUs, Balance | 998 | ||
Number of RSUs, Granted at fair market value | 250 | ||
Number of RSUs, Vested/exercised | -528 | ||
Number of RSUs, Canceled | -9 | ||
Number of RSUs, Balance | 711 | ||
Performance-Based and Market-Based RSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted Average Grant Price, Balance | $19.17 | ||
Weighted Average Grant Price, Granted at fair market value | $55.51 | $39.37 | |
Weighted Average Grant Price, Vested/exercised | $12.07 | ||
Weighted Average Grant Price, Canceled | $18.18 | ||
Weighted Average Grant Price, Balance | $34.92 | ||
Number of RSUs, Balance | 1,884 | ||
Number of RSUs, Granted at fair market value | 230 | ||
Number of RSUs, Vested/exercised | -976 | ||
Number of RSUs, Canceled | -159 | ||
Number of RSUs, Balance | 979 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding | 58 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 1 year 5 months 0 days | ||
Cash Unit Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted Average Grant Price, Balance | $14.90 | ||
Weighted Average Grant Price, Granted at fair market value | $0 | ||
Weighted Average Grant Price, Vested/exercised | $12.65 | ||
Weighted Average Grant Price, Canceled | $0 | ||
Weighted Average Grant Price, Balance | $18.04 | ||
Number of RSUs, Balance | 267 | ||
Number of RSUs, Granted at fair market value | 0 | ||
Number of RSUs, Vested/exercised | -156 | ||
Number of RSUs, Canceled | 0 | ||
Number of RSUs, Balance | 111 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding | 7 | ||
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 | 42 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $46 |
StockBased_Compensation_Summar1
Stock-Based Compensation (Summary Of Share Based Compensation Shares Authorized Under Stock Option Plans By Exercise Price Range) (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
In Millions, except Share data in Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
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 | 836 | 848 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $2.85 | $2.92 |
Weighted average contractual life | -1 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price | $0.79 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $0 | |
Number of Options | $2.85 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $1 | |
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 | -11 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $9.12 | |
Options outstanding, intrinsic value | 47 | 54 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 4 years 0 months 0 days | 4 years 3 months 0 days |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 836 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $47 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 4 years 0 months 0 days |
Financial_Instruments_Schedule
Financial Instruments (Schedule Of Carrying Amounts And Estimated Fair Values) (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Short-term debt and current portion of long-term debt | $244 | $28 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
Debt Instrument [Line Items] | ||
Short-term debt and current portion of long-term debt | 244 | 28 |
Long Term Debt Excluding Convertible Debt | 3,481 | 3,392 |
Debt Due To Avis Budget Rental Car Funding Aesop Llc Related Party | 6,838 | 6,340 |
Vehicle-backed debt | 1,497 | 1,766 |
Debt Under Vehicle Programs Interest Rate Swaps And Interest Rate Contracts | 6 | 10 |
Estimate Of Fair Value, Fair Value Disclosure [Member] | ||
Debt Instrument [Line Items] | ||
Short-term debt and current portion of long-term debt | 264 | 28 |
Long Term Debt Excluding Convertible Debt | 3,541 | 3,439 |
Debt Due To Avis Budget Rental Car Funding Aesop Llc Related Party | 6,927 | 6,407 |
Vehicle-backed debt | 1,508 | 1,771 |
Debt Under Vehicle Programs Interest Rate Swaps And Interest Rate Contracts | $6 | $10 |
Financial_Instruments_Narrativ
Financial Instruments (Narrative) (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Schedule of Cost-method Investments [Line Items] | ||
Net unrealized gain (loss) on cash flow hedges | $37 | |
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | 8 | |
Derivative Instruments, Gain (Loss) Recognized in Income, Net | 32 | -17 |
Interest Rate Caps [Member] | ||
Schedule of Cost-method Investments [Line Items] | ||
Absolute notional values of derivative instruments | 8,096 | |
Interest Rate Caps [Member] | Interest Rate Caps Purchased [Member] | ||
Schedule of Cost-method Investments [Line Items] | ||
Absolute notional values of derivative instruments | 2,000 | |
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 | 4,100 | |
Interest Rate Caps [Member] | Interest Rate Caps Sold [Member] | ||
Schedule of Cost-method Investments [Line Items] | ||
Absolute notional values of derivative instruments | 6,100 | |
Interest Rate Swaps [Member] | ||
Schedule of Cost-method Investments [Line Items] | ||
Absolute notional values of derivative instruments | 1,663 | |
Commodity Contracts [Member] | ||
Schedule of Cost-method Investments [Line Items] | ||
Units Of Gasoline | 17,000,000 | |
Currency Swap [Member] | ||
Schedule of Cost-method Investments [Line Items] | ||
Absolute notional values of derivative instruments | 1,062 | |
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 | 0 |
Foreign Exchange Contract [Member] | ||
Schedule of Cost-method Investments [Line Items] | ||
Derivative Instruments, Gain (Loss) Recognized in Income, Net | 21 | 14 |
Operating Expense [Member] | ||
Schedule of Cost-method Investments [Line Items] | ||
Derivative Instruments, Gain (Loss) Recognized in Income, Net | $14 | $4 |
Financial_Instruments_Fair_Val
Financial Instruments (Fair Values Of Derivatives Instruments) (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Schedule of Cost-method Investments [Line Items] | ||
Fair Value, Asset Derivatives | $18 | $6 |
Fair Value, Liability Derivatives | 21 | 16 |
Designated As Hedging Instruments [Member] | Interest Rate Swaps [Member] | ||
Schedule of Cost-method Investments [Line Items] | ||
Fair Value, Asset Derivatives | 0 | 1 |
Fair Value, Liability Derivatives | 8 | 3 |
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 | 17 | 5 |
Fair Value, Liability Derivatives | 8 | 2 |
Not Designated As Hedging Instruments [Member] | Interest Rate Contracts [Member] | ||
Schedule of Cost-method Investments [Line Items] | ||
Fair Value, Asset Derivatives | 0 | 0 |
Fair Value, Liability Derivatives | 5 | 10 |
Not Designated As Hedging Instruments [Member] | Commodity Contracts [Member] | ||
Schedule of Cost-method Investments [Line Items] | ||
Fair Value, Asset Derivatives | 1 | 0 |
Fair Value, Liability Derivatives | $0 | $1 |
Financial_Instruments_Schedule1
Financial Instruments (Schedule Of Effect Of Derivatives Recognized) (Detail) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Schedule of Cost-method Investments [Line Items] | |||
Long-term Debt, Current Maturities | $244 | $28 | |
Derivatives not designated as hedging instruments | 32 | -17 | |
Interest Rate Swaps [Member] | |||
Schedule of Cost-method Investments [Line Items] | |||
Derivative, Notional Amount | 1,663 | ||
Designated As Hedging Instruments [Member] | Interest Rate Swaps [Member] | |||
Schedule of Cost-method Investments [Line Items] | |||
Interest rate swaps | -3 | 1 | |
Not Designated As Hedging Instruments [Member] | Foreign Exchange Contracts [Member] | |||
Schedule of Cost-method Investments [Line Items] | |||
Derivatives not designated as hedging instruments | 35 | -18 | |
Not Designated As Hedging Instruments [Member] | Commodity Contracts [Member] | |||
Schedule of Cost-method Investments [Line Items] | |||
Derivatives not designated as hedging instruments | 0 | 0 | |
Not Designated As Hedging Instruments [Member] | Interest Rate Contracts [Member] | |||
Schedule of Cost-method Investments [Line Items] | |||
Derivatives not designated as hedging instruments | 0 | 0 | |
Operating Expense [Member] | |||
Schedule of Cost-method Investments [Line Items] | |||
Derivatives not designated as hedging instruments | 14 | 4 | |
Foreign Exchange Contract [Member] | |||
Schedule of Cost-method Investments [Line Items] | |||
Derivatives not designated as hedging instruments | $21 | $14 |
Segment_Information_Summary_Of
Segment Information (Summary Of Segments Information) (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Segment Reporting Information [Line Items] | ||
Segment Reporting, Change in Measurement Method | $19 | |
Revenues | 1,850 | 1,862 |
Adjusted EBITDA | 117 | 117 |
Non-vehicle related depreciation and amortization | 49 | 41 |
Interest expense related to corporate debt, net | 52 | 56 |
Transaction-related costs | 31 | 8 |
Restructuring expense | 1 | 7 |
Income before income taxes | -16 | 5 |
Americas | ||
Segment Reporting Information [Line Items] | ||
Revenues | 1,375 | 1,330 |
Adjusted EBITDA | 115 | 115 |
International | ||
Segment Reporting Information [Line Items] | ||
Segment Reporting, Change in Measurement Method | 3 | |
Revenues | 475 | 532 |
Adjusted EBITDA | 16 | 14 |
Corporate and Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 0 | 0 |
Adjusted EBITDA | ($14) | ($12) |
Segment_Information_Narrative_
Segment Information (Narrative) (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Segment Reporting Information [Line Items] | ||
Segment Reporting, Change in Measurement Method | $19 | |
Sales Revenue, Services, Net | 1,850 | 1,862 |
Adjusted EBITDA | 117 | 117 |
Non Vehicle Related Depreciation And Amortization | 49 | 41 |
Restructuring expense | 1 | 7 |
Loss before income taxes | -16 | 5 |
International | ||
Segment Reporting Information [Line Items] | ||
Segment Reporting, Change in Measurement Method | 3 | |
Sales Revenue, Services, Net | 475 | 532 |
Adjusted EBITDA | 16 | 14 |
Americas | ||
Segment Reporting Information [Line Items] | ||
Sales Revenue, Services, Net | 1,375 | 1,330 |
Adjusted EBITDA | 115 | 115 |
Corporate and Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Sales Revenue, Services, Net | 0 | 0 |
Adjusted EBITDA | ($14) | ($12) |
Recovered_Sheet6
Guarantor And Non-Guarantor Consolidating Condensed Financial Statements (Consolidating Condensed Statements Of Comprehensive Income) (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Revenues | ||
Vehicle rental | $1,319 | $1,329 |
Other | 531 | 533 |
Net revenues | 1,850 | 1,862 |
Expenses | ||
Operating | 985 | 1,000 |
Vehicle depreciation and lease charges, net | 432 | 433 |
Selling, general and administrative | 248 | 248 |
Vehicle interest, net | 68 | 64 |
Non-vehicle related depreciation and amortization | 49 | 41 |
Interest expense | 52 | 56 |
Intercompany Interest Expense Income | 0 | 0 |
Transaction-related costs | 31 | 8 |
Total expenses | 1,866 | 1,857 |
Interest expense related to corporate debt, net | ||
Income before income taxes | -16 | 5 |
Provision for (benefit from) income taxes | 7 | -1 |
Equity in earnings (loss) of subsidiaries | 0 | 0 |
Net income (loss) | -9 | 4 |
Comprehensive income (loss) | 103 | -7 |
Restructuring Charges | 1 | 7 |
Parent Company [Member] | ||
Revenues | ||
Vehicle rental | 0 | 0 |
Other | 0 | 0 |
Net revenues | 0 | 0 |
Expenses | ||
Operating | 0 | 0 |
Vehicle depreciation and lease charges, net | 0 | 0 |
Selling, general and administrative | 8 | 7 |
Vehicle interest, net | 0 | 0 |
Non-vehicle related depreciation and amortization | 0 | 0 |
Interest expense | 0 | 1 |
Intercompany Interest Expense Income | -3 | -3 |
Transaction-related costs | 0 | 0 |
Total expenses | 5 | 5 |
Interest expense related to corporate debt, net | ||
Income before income taxes | -5 | -5 |
Provision for (benefit from) income taxes | 2 | 2 |
Equity in earnings (loss) of subsidiaries | -6 | 7 |
Net income (loss) | -9 | 4 |
Comprehensive income (loss) | 103 | -7 |
Restructuring Charges | 0 | 0 |
Subsidiary Issuers [Member] | ||
Revenues | ||
Vehicle rental | 0 | 0 |
Other | 0 | 0 |
Net revenues | 0 | 0 |
Expenses | ||
Operating | 4 | 4 |
Vehicle depreciation and lease charges, net | 0 | 0 |
Selling, general and administrative | 3 | 4 |
Vehicle interest, net | 0 | 0 |
Non-vehicle related depreciation and amortization | 0 | 0 |
Interest expense | 40 | 47 |
Intercompany Interest Expense Income | -2 | -3 |
Transaction-related costs | 6 | 2 |
Total expenses | 51 | 54 |
Interest expense related to corporate debt, net | ||
Income before income taxes | -51 | -54 |
Provision for (benefit from) income taxes | 20 | 21 |
Equity in earnings (loss) of subsidiaries | 25 | 40 |
Net income (loss) | -6 | 7 |
Comprehensive income (loss) | 100 | -11 |
Restructuring Charges | 0 | 0 |
Guarantor Subsidiaries [Member] | ||
Revenues | ||
Vehicle rental | 942 | 916 |
Other | 267 | 267 |
Net revenues | 1,209 | 1,183 |
Expenses | ||
Operating | 608 | 604 |
Vehicle depreciation and lease charges, net | 436 | 441 |
Selling, general and administrative | 140 | 140 |
Vehicle interest, net | 49 | 45 |
Non-vehicle related depreciation and amortization | 33 | 27 |
Interest expense | 1 | 0 |
Intercompany Interest Expense Income | 0 | 1 |
Transaction-related costs | 1 | 3 |
Total expenses | 1,269 | 1,263 |
Interest expense related to corporate debt, net | ||
Income before income taxes | -60 | -80 |
Provision for (benefit from) income taxes | -8 | -18 |
Equity in earnings (loss) of subsidiaries | 93 | 138 |
Net income (loss) | 25 | 40 |
Comprehensive income (loss) | 67 | -43 |
Restructuring Charges | 1 | 2 |
Non-Guarantor Subsidiaries [Member] | ||
Revenues | ||
Vehicle rental | 377 | 413 |
Other | 753 | 755 |
Net revenues | 1,130 | 1,168 |
Expenses | ||
Operating | 373 | 392 |
Vehicle depreciation and lease charges, net | 431 | 432 |
Selling, general and administrative | 97 | 97 |
Vehicle interest, net | 73 | 68 |
Non-vehicle related depreciation and amortization | 16 | 14 |
Interest expense | 11 | 8 |
Intercompany Interest Expense Income | 5 | 5 |
Transaction-related costs | 24 | 3 |
Total expenses | 1,030 | 1,024 |
Interest expense related to corporate debt, net | ||
Income before income taxes | 100 | 144 |
Provision for (benefit from) income taxes | -7 | -6 |
Equity in earnings (loss) of subsidiaries | 0 | 0 |
Net income (loss) | 93 | 138 |
Comprehensive income (loss) | -1 | -141 |
Restructuring Charges | 0 | 5 |
Eliminations [Member] | ||
Revenues | ||
Vehicle rental | 0 | 0 |
Other | -489 | -489 |
Net revenues | -489 | -489 |
Expenses | ||
Operating | 0 | 0 |
Vehicle depreciation and lease charges, net | -435 | -440 |
Selling, general and administrative | 0 | 0 |
Vehicle interest, net | -54 | -49 |
Non-vehicle related depreciation and amortization | 0 | 0 |
Interest expense | 0 | 0 |
Intercompany Interest Expense Income | 0 | 0 |
Transaction-related costs | 0 | 0 |
Total expenses | -489 | -489 |
Interest expense related to corporate debt, net | ||
Income before income taxes | 0 | 0 |
Provision for (benefit from) income taxes | 0 | 0 |
Equity in earnings (loss) of subsidiaries | -112 | -185 |
Net income (loss) | -112 | -185 |
Comprehensive income (loss) | -166 | 195 |
Restructuring Charges | $0 | $0 |
Recovered_Sheet7
Guarantor And Non-Guarantor Consolidating Condensed Financial Statements (Consolidating Condensed Balance Sheets) (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||||
Current assets: | ||||
Cash and cash equivalents | $854 | $624 | $841 | $693 |
Receivables, net | 564 | 599 | ||
Deferred income taxes | 142 | 159 | ||
Other current assets | 517 | 456 | ||
Total current assets | 2,077 | 1,838 | ||
Property and equipment, net | 629 | 638 | ||
Deferred income taxes | 1,324 | 1,352 | ||
Goodwill | 813 | 842 | ||
Other intangibles, net | 856 | 886 | ||
Other non-current assets | 342 | 355 | ||
Intercompany receivables (payables) | 0 | 0 | ||
Investment in subsidiaries | 0 | 0 | ||
Total assets exclusive of assets under vehicle programs | 6,041 | 5,911 | ||
Assets under vehicle programs: | ||||
Program cash | 61 | 119 | ||
Vehicles, net | 10,777 | 10,215 | ||
Receivables from vehicle manufacturers and other | 251 | 362 | ||
Investment in Avis Budget Rental Car Funding (AESOP) LLC—related party | 362 | 362 | ||
Total Assets under vehicle programs | 11,451 | 11,058 | ||
Total assets | 17,492 | 16,969 | ||
Current liabilities: | ||||
Accounts payable and other current liabilities | 1,489 | 1,491 | ||
Long-term Debt, Current Maturities | 244 | 28 | ||
Total current liabilities | 1,733 | 1,519 | ||
Long-term debt | 3,481 | 3,392 | ||
Other non-current liabilities | 732 | 766 | ||
Due to Related Parties, Noncurrent | 0 | 0 | ||
Total liabilities exclusive of liabilities under vehicle programs | 5,946 | 5,677 | ||
Liabilities under vehicle programs: | ||||
Debt | 1,503 | 1,776 | ||
Due to Avis Budget Rental Car Funding (AESOP) LLC-related party | 6,838 | 6,340 | ||
Deferred income taxes | 2,236 | 2,267 | ||
Other | 448 | 244 | ||
Total Liabilities under vehicle programs | 11,025 | 10,627 | ||
Total stockholders' equity | 521 | 665 | ||
Total liabilities and stockholders’ equity | 17,492 | 16,969 | ||
Parent [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 2 | 2 | 5 | 14 |
Receivables, net | 0 | 0 | ||
Deferred income taxes | 0 | 0 | ||
Other current assets | 2 | 3 | ||
Total current assets | 4 | 5 | ||
Property and equipment, net | 0 | 0 | ||
Deferred income taxes | 20 | 19 | ||
Goodwill | 0 | 0 | ||
Other intangibles, net | 0 | 0 | ||
Other non-current assets | 95 | 104 | ||
Intercompany receivables (payables) | 208 | 205 | ||
Investment in subsidiaries | 299 | 468 | ||
Total assets exclusive of assets under vehicle programs | 626 | 801 | ||
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 | 626 | 801 | ||
Current liabilities: | ||||
Accounts payable and other current liabilities | 17 | 39 | ||
Long-term Debt, Current Maturities | 0 | 0 | ||
Total current liabilities | 17 | 39 | ||
Long-term debt | 0 | 0 | ||
Other non-current liabilities | 88 | 97 | ||
Due to Related Parties, Noncurrent | 0 | 0 | ||
Total liabilities exclusive of liabilities under vehicle programs | 105 | 136 | ||
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 | 521 | 665 | ||
Total liabilities and stockholders’ equity | 626 | 801 | ||
Subsidiary Issuers [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 552 | 210 | 459 | 242 |
Receivables, net | 0 | 0 | ||
Deferred income taxes | 9 | 23 | ||
Other current assets | 82 | 86 | ||
Total current assets | 643 | 319 | ||
Property and equipment, net | 118 | 112 | ||
Deferred income taxes | 1,196 | 1,199 | ||
Goodwill | 0 | 0 | ||
Other intangibles, net | 32 | 38 | ||
Other non-current assets | 79 | 81 | ||
Intercompany receivables (payables) | 350 | 344 | ||
Investment in subsidiaries | 3,004 | 3,072 | ||
Total assets exclusive of assets under vehicle programs | 5,422 | 5,165 | ||
Assets under vehicle programs: | ||||
Program cash | 0 | 0 | ||
Vehicles, net | 17 | 7 | ||
Receivables from vehicle manufacturers and other | 3 | 1 | ||
Investment in Avis Budget Rental Car Funding (AESOP) LLC—related party | 0 | 0 | ||
Total Assets under vehicle programs | 20 | 8 | ||
Total assets | 5,442 | 5,173 | ||
Current liabilities: | ||||
Accounts payable and other current liabilities | 211 | 200 | ||
Long-term Debt, Current Maturities | 236 | 13 | ||
Total current liabilities | 447 | 213 | ||
Long-term debt | 2,978 | 2,825 | ||
Other non-current liabilities | 99 | 100 | ||
Due to Related Parties, Noncurrent | 1,614 | 1,558 | ||
Total liabilities exclusive of liabilities under vehicle programs | 5,138 | 4,696 | ||
Liabilities under vehicle programs: | ||||
Debt | 5 | 9 | ||
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 | 5 | 9 | ||
Total stockholders' equity | 299 | 468 | ||
Total liabilities and stockholders’ equity | 5,442 | 5,173 | ||
Guarantor Subsidiaries [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 0 | 0 | 0 | 12 |
Receivables, net | 172 | 177 | ||
Deferred income taxes | 102 | 102 | ||
Other current assets | 98 | 78 | ||
Total current assets | 372 | 357 | ||
Property and equipment, net | 323 | 325 | ||
Deferred income taxes | 139 | 138 | ||
Goodwill | 487 | 487 | ||
Other intangibles, net | 539 | 545 | ||
Other non-current assets | 22 | 22 | ||
Intercompany receivables (payables) | 1,016 | 978 | ||
Investment in subsidiaries | 3,191 | 3,316 | ||
Total assets exclusive of assets under vehicle programs | 6,089 | 6,168 | ||
Assets under vehicle programs: | ||||
Program cash | 0 | 0 | ||
Vehicles, net | 85 | 87 | ||
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 | 85 | 87 | ||
Total assets | 6,174 | 6,255 | ||
Current liabilities: | ||||
Accounts payable and other current liabilities | 472 | 462 | ||
Long-term Debt, Current Maturities | 5 | 4 | ||
Total current liabilities | 477 | 466 | ||
Long-term debt | 4 | 6 | ||
Other non-current liabilities | 235 | 232 | ||
Due to Related Parties, Noncurrent | 318 | 313 | ||
Total liabilities exclusive of liabilities under vehicle programs | 1,034 | 1,017 | ||
Liabilities under vehicle programs: | ||||
Debt | 82 | 84 | ||
Due to Avis Budget Rental Car Funding (AESOP) LLC-related party | 0 | 0 | ||
Deferred income taxes | 2,054 | 2,082 | ||
Other | 0 | 0 | ||
Total Liabilities under vehicle programs | 2,136 | 2,166 | ||
Total stockholders' equity | 3,004 | 3,072 | ||
Total liabilities and stockholders’ equity | 6,174 | 6,255 | ||
Non-Guarantor Subsidiaries [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 300 | 412 | 377 | 425 |
Receivables, net | 392 | 422 | ||
Deferred income taxes | 31 | 34 | ||
Other current assets | 335 | 289 | ||
Total current assets | 1,058 | 1,157 | ||
Property and equipment, net | 188 | 201 | ||
Deferred income taxes | 0 | 0 | ||
Goodwill | 326 | 355 | ||
Other intangibles, net | 285 | 303 | ||
Other non-current assets | 146 | 148 | ||
Intercompany receivables (payables) | 714 | 672 | ||
Investment in subsidiaries | 0 | 0 | ||
Total assets exclusive of assets under vehicle programs | 2,717 | 2,836 | ||
Assets under vehicle programs: | ||||
Program cash | 61 | 119 | ||
Vehicles, net | 10,675 | 10,121 | ||
Receivables from vehicle manufacturers and other | 248 | 361 | ||
Investment in Avis Budget Rental Car Funding (AESOP) LLC—related party | 362 | 362 | ||
Total Assets under vehicle programs | 11,346 | 10,963 | ||
Total assets | 14,063 | 13,799 | ||
Current liabilities: | ||||
Accounts payable and other current liabilities | 789 | 790 | ||
Long-term Debt, Current Maturities | 3 | 11 | ||
Total current liabilities | 792 | 801 | ||
Long-term debt | 499 | 561 | ||
Other non-current liabilities | 341 | 341 | ||
Due to Related Parties, Noncurrent | 356 | 328 | ||
Total liabilities exclusive of liabilities under vehicle programs | 1,988 | 2,031 | ||
Liabilities under vehicle programs: | ||||
Debt | 1,416 | 1,683 | ||
Due to Avis Budget Rental Car Funding (AESOP) LLC-related party | 6,838 | 6,340 | ||
Deferred income taxes | 182 | 185 | ||
Other | 448 | 244 | ||
Total Liabilities under vehicle programs | 8,884 | 8,452 | ||
Total stockholders' equity | 3,191 | 3,316 | ||
Total liabilities and stockholders’ equity | 14,063 | 13,799 | ||
Eliminations [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Receivables, net | 0 | 0 | ||
Deferred income taxes | 0 | 0 | ||
Other current assets | 0 | 0 | ||
Total current assets | 0 | 0 | ||
Property and equipment, net | 0 | 0 | ||
Deferred income taxes | -31 | -4 | ||
Goodwill | 0 | 0 | ||
Other intangibles, net | 0 | 0 | ||
Other non-current assets | 0 | 0 | ||
Intercompany receivables (payables) | -2,288 | -2,199 | ||
Investment in subsidiaries | -6,494 | -6,856 | ||
Total assets exclusive of assets under vehicle programs | -8,813 | -9,059 | ||
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 | -8,813 | -9,059 | ||
Current liabilities: | ||||
Accounts payable and other current liabilities | 0 | 0 | ||
Long-term Debt, Current Maturities | 0 | 0 | ||
Total current liabilities | 0 | 0 | ||
Long-term debt | 0 | 0 | ||
Other non-current liabilities | -31 | -4 | ||
Due to Related Parties, Noncurrent | -2,288 | -2,199 | ||
Total liabilities exclusive of liabilities under vehicle programs | -2,319 | -2,203 | ||
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 | -6,494 | -6,856 | ||
Total liabilities and stockholders’ equity | ($8,813) | ($9,059) |
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, 2015 | Mar. 31, 2014 |
Supplemental Guarantor Financial Information [Line Items] | ||
Net cash provided by (used in) operating activities | $503 | $390 |
Property and equipment additions | -41 | -36 |
Proceeds received on asset sales | 3 | 3 |
Payments to Acquire Restricted Investments | -36 | -124 |
Other, net | 0 | -7 |
Net cash used in investing activities exclusive of vehicle programs | -74 | -164 |
Decrease (increase) in program cash | 51 | 12 |
Investment in vehicles | -3,195 | -3,275 |
Proceeds received on disposition of vehicles | 2,444 | 2,470 |
Net cash used in investing activities of vehicle programs | -700 | -793 |
Net cash used in investing activities | -774 | -957 |
Proceeds from long-term borrowings | 376 | 295 |
Principal payments on borrowings | -6 | -5 |
Net change in short-term borrowings | -7 | 11 |
Repurchases of common stock | -33 | -67 |
Debt financing fees | -6 | -5 |
Other, net | 0 | -1 |
Net cash provided by financing activities exclusive of vehicle programs | 324 | 228 |
Proceeds from borrowings | 3,667 | 3,775 |
Principal payments on borrowings | -3,458 | -3,280 |
Debt financing fees | -6 | -7 |
Net cash provided by financing activities of vehicle programs | 203 | 488 |
Net cash provided by financing activities | 527 | 716 |
Effect of changes in exchange rates on cash and cash equivalents | -26 | -1 |
Net increase in cash and cash equivalents | 230 | 148 |
Cash and cash equivalents, beginning of period | 624 | 693 |
Cash and cash equivalents, end of period | 854 | 841 |
Parent [Member] | ||
Supplemental Guarantor Financial Information [Line Items] | ||
Net cash provided by (used in) operating activities | 0 | 2 |
Property and equipment additions | 0 | 0 |
Proceeds received on asset sales | 0 | 0 |
Payments to Acquire Restricted Investments | 0 | 0 |
Other, net | 33 | 57 |
Net cash used in investing activities exclusive of vehicle programs | 33 | 57 |
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 | 33 | 57 |
Proceeds from long-term borrowings | 0 | 0 |
Principal payments on borrowings | 0 | 0 |
Net change in short-term borrowings | 0 | 0 |
Repurchases of common stock | -33 | -67 |
Debt financing fees | 0 | 0 |
Other, net | 0 | -1 |
Net cash provided by financing activities exclusive of vehicle programs | -33 | -68 |
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 | -33 | -68 |
Effect of changes in exchange rates on cash and cash equivalents | 0 | 0 |
Net increase in cash and cash equivalents | 0 | -9 |
Cash and cash equivalents, beginning of period | 2 | 14 |
Cash and cash equivalents, end of period | 2 | 5 |
Subsidiary Issuers [Member] | ||
Supplemental Guarantor Financial Information [Line Items] | ||
Net cash provided by (used in) operating activities | 12 | 284 |
Property and equipment additions | -4 | -3 |
Proceeds received on asset sales | 1 | 2 |
Payments to Acquire Restricted Investments | 0 | 0 |
Other, net | 0 | -7 |
Net cash used in investing activities exclusive of vehicle programs | -3 | -8 |
Decrease (increase) in program cash | 0 | 0 |
Investment in vehicles | -3 | -1 |
Proceeds received on disposition of vehicles | 4 | 3 |
Net cash used in investing activities of vehicle programs | 1 | 2 |
Net cash used in investing activities | -2 | -6 |
Proceeds from long-term borrowings | 375 | 0 |
Principal payments on borrowings | -4 | -4 |
Net change in short-term borrowings | 0 | 0 |
Repurchases of common stock | 0 | 0 |
Debt financing fees | -6 | 0 |
Other, net | -33 | -57 |
Net cash provided by financing activities exclusive of vehicle programs | 332 | -61 |
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 | 332 | -61 |
Effect of changes in exchange rates on cash and cash equivalents | 0 | 0 |
Net increase in cash and cash equivalents | 342 | 217 |
Cash and cash equivalents, beginning of period | 210 | 242 |
Cash and cash equivalents, end of period | 552 | 459 |
Guarantor Subsidiaries [Member] | ||
Supplemental Guarantor Financial Information [Line Items] | ||
Net cash provided by (used in) operating activities | 45 | 14 |
Property and equipment additions | -19 | -17 |
Proceeds received on asset sales | 0 | 0 |
Payments to Acquire Restricted Investments | 0 | 0 |
Intercompany loan advances | -24 | |
Other, net | 1 | 0 |
Net cash used in investing activities exclusive of vehicle programs | -42 | -17 |
Decrease (increase) in program cash | 0 | 0 |
Investment in vehicles | 0 | -8 |
Proceeds received on disposition of vehicles | 0 | 0 |
Net cash used in investing activities of vehicle programs | 0 | -8 |
Net cash used in investing activities | -42 | -25 |
Proceeds from long-term borrowings | 0 | 0 |
Principal payments on borrowings | -1 | -1 |
Net change in short-term borrowings | 0 | 0 |
Repurchases of common stock | 0 | 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 | -2 | 0 |
Debt financing fees | 0 | 0 |
Net cash provided by financing activities of vehicle programs | -2 | 0 |
Net cash provided by financing activities | -3 | -1 |
Effect of changes in exchange rates on cash and cash equivalents | 0 | 0 |
Net increase in cash and cash equivalents | 0 | -12 |
Cash and cash equivalents, beginning of period | 0 | 12 |
Cash and cash equivalents, end of period | 0 | 0 |
Non-Guarantor Subsidiaries [Member] | ||
Supplemental Guarantor Financial Information [Line Items] | ||
Net cash provided by (used in) operating activities | 446 | 90 |
Property and equipment additions | -18 | -16 |
Proceeds received on asset sales | 2 | 1 |
Payments to Acquire Restricted Investments | -36 | -124 |
Other, net | 0 | 0 |
Net cash used in investing activities exclusive of vehicle programs | -52 | -139 |
Decrease (increase) in program cash | 51 | 12 |
Investment in vehicles | -3,192 | -3,266 |
Proceeds received on disposition of vehicles | 2,440 | 2,467 |
Net cash used in investing activities of vehicle programs | -701 | -787 |
Net cash used in investing activities | -753 | -926 |
Proceeds from long-term borrowings | 1 | 295 |
Principal payments on borrowings | -1 | 0 |
Net change in short-term borrowings | -7 | 11 |
Intercompany loan borrowings | 24 | |
Repurchases of common stock | 0 | 0 |
Debt financing fees | 0 | -5 |
Other, net | -1 | 0 |
Net cash provided by financing activities exclusive of vehicle programs | 16 | 301 |
Proceeds from borrowings | 3,667 | 3,775 |
Principal payments on borrowings | -3,456 | -3,280 |
Debt financing fees | -6 | -7 |
Net cash provided by financing activities of vehicle programs | 205 | 488 |
Net cash provided by financing activities | 221 | 789 |
Effect of changes in exchange rates on cash and cash equivalents | -26 | -1 |
Net increase in cash and cash equivalents | -112 | -48 |
Cash and cash equivalents, beginning of period | 412 | 425 |
Cash and cash equivalents, end of period | 300 | 377 |
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 |
Intercompany loan advances | 24 | |
Other, net | -34 | -57 |
Net cash used in investing activities exclusive of vehicle programs | -10 | -57 |
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 | -10 | -57 |
Proceeds from long-term borrowings | 0 | 0 |
Principal payments on borrowings | 0 | 0 |
Net change in short-term borrowings | 0 | 0 |
Intercompany loan borrowings | -24 | |
Repurchases of common stock | 0 | 0 |
Debt financing fees | 0 | 0 |
Other, net | 34 | 57 |
Net cash provided by financing activities exclusive of vehicle programs | 10 | 57 |
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 | 10 | 57 |
Effect of changes in exchange rates on cash and cash equivalents | 0 | 0 |
Net increase in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents, beginning of period | 0 | 0 |
Cash and cash equivalents, end of period | $0 | $0 |
Subsequent_Events_Narrative_De
Subsequent Events (Narrative) (Detail) | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2015 | Jun. 30, 2015 | Apr. 01, 2015 | Mar. 31, 2015 | Apr. 01, 2015 | Apr. 01, 2015 | Apr. 01, 2015 | |
Subsequent Event [Member] | Subsequent Event [Member] | International Debt Borrowings [Member] | Five And One Over Four Senior Notes [Member] | Five And One Over Four Senior Notes [Member] | Nine And Three Over Four Senior Notes [Member] | Nine And Three Over Four Senior Notes [Member] | |
USD ($) | USD ($) | Subsequent Event [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | |
EUR (€) | USD ($) | Subsequent Event [Member] | USD ($) | Subsequent Event [Member] | |||
USD ($) | USD ($) | ||||||
Subsequent Event [Line Items] | |||||||
Debt Instrument, Face Amount | $375,000,000 | $375,000,000 | |||||
Debt Instrument, Repurchased Face Amount | 223,000,000 | 223,000,000 | |||||
Payments of Debt Extinguishment Costs | 23,000,000 | ||||||
Business Combination, Consideration Transferred | 160,000,000 | ||||||
Vehicle Program Debt Total Capacity, increase (decrease), net | € 1,000,000,000 |