Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Jul. 31, 2015 | |
Document Documentand Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | CAR | |
Entity Registrant Name | AVIS BUDGET GROUP, INC. | |
Entity Central Index Key | 723,612 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 103,465,185 |
CONSOLIDATED CONDENSED STATEMEN
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Revenues | ||||
Vehicle rental | $ 1,533 | $ 1,553 | $ 2,852 | $ 2,882 |
Other | 640 | 641 | 1,171 | 1,174 |
Net revenues | 2,173 | 2,194 | 4,023 | 4,056 |
Expenses | ||||
Operating | 1,092 | 1,105 | 2,077 | 2,105 |
Vehicle depreciation and lease charges, net | 498 | 517 | 930 | 950 |
Selling, general and administrative | 281 | 287 | 529 | 535 |
Vehicle interest, net | 75 | 72 | 143 | 136 |
Non-vehicle related depreciation and amortization | 56 | 45 | 105 | 86 |
Interest expense related to corporate debt, net: | ||||
Interest expense | 45 | 55 | 97 | 111 |
Early extinguishment of debt | 23 | 56 | 23 | 56 |
Transaction-related costs | 18 | 8 | 49 | 16 |
Restructuring expense | 3 | 1 | 4 | 8 |
Total expenses | 2,091 | 2,146 | 3,957 | 4,003 |
Income before income taxes | 82 | 48 | 66 | 53 |
Provision for (benefit from) income taxes | (61) | 22 | (68) | 23 |
Net income | 143 | 26 | 134 | 30 |
Comprehensive income | $ 151 | $ 31 | $ 48 | $ 38 |
Earnings per share | ||||
Basic | $ 1.36 | $ 0.25 | $ 1.27 | $ 0.29 |
Diluted | $ 1.34 | $ 0.24 | $ 1.25 | $ 0.28 |
CONSOLIDATED CONDENSED BALANCE
CONSOLIDATED CONDENSED BALANCE SHEETS - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 529 | $ 624 |
Receivables, net | 685 | 599 |
Deferred income taxes | 144 | 159 |
Other current assets | 763 | 456 |
Total current assets | 2,121 | 1,838 |
Property and equipment, net | 637 | 638 |
Deferred income taxes | 1,261 | 1,352 |
Goodwill | 971 | 842 |
Other intangibles, net | 946 | 886 |
Other non-current assets | 343 | 355 |
Total assets exclusive of assets under vehicle programs | 6,279 | 5,911 |
Assets under vehicle programs: | ||
Program cash | 143 | 119 |
Vehicles, net | 13,395 | 10,215 |
Receivables from vehicle manufacturers and other | 220 | 362 |
Investment in Avis Budget Rental Car Funding (AESOP) LLC—related party | 362 | 362 |
Total assets under vehicle programs: | 14,120 | 11,058 |
Total assets | 20,399 | 16,969 |
Current liabilities: | ||
Accounts payable and other current liabilities | 1,697 | 1,491 |
Short-term debt and current portion of long-term debt | 32 | 28 |
Total current liabilities | 1,729 | 1,519 |
Long-term debt | 3,520 | 3,392 |
Other non-current liabilities | 723 | 766 |
Total liabilities exclusive of liabilities under vehicle programs | 5,972 | 5,677 |
Liabilities under vehicle programs: | ||
Debt | 2,736 | 1,776 |
Debt due to Avis Budget Rental Car Funding (AESOP) LLC—related party | 8,350 | 6,340 |
Deferred income taxes | 2,141 | 2,267 |
Other | 604 | 244 |
Total Liabilities under vehicle programs | $ 13,831 | $ 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 | 7,033 | 7,212 |
Accumulated deficit | (1,981) | (2,115) |
Accumulated other comprehensive loss | (108) | (22) |
Treasury stock, at cost—32,699,990 and 31,386,746 shares | (4,349) | (4,411) |
Total stockholders’ equity | 596 | 665 |
Total liabilities and stockholders’ equity | $ 20,399 | $ 16,969 |
CONSOLIDATED CONDENSED BALANCE4
CONSOLIDATED CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 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 STATEME5
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Operating activities | ||
Net income | $ 134 | $ 30 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Vehicle depreciation | 913 | 898 |
Gain on sale of vehicles, net | (51) | (24) |
Non-vehicle related depreciation and amortization | 105 | 86 |
Amortization of debt financing fees | 23 | 20 |
Net change in assets and liabilities, excluding the impact of acquisitions and dispositions: | ||
Receivables | (68) | (131) |
Income taxes and deferred income taxes | (72) | 5 |
Accounts payable and other current liabilities | (72) | 20 |
Other, net | 115 | 107 |
Net cash provided by operating activities | 1,027 | 1,011 |
Investing activities | ||
Property and equipment additions | (80) | (80) |
Proceeds received on asset sales | 6 | 6 |
Net assets acquired (net of cash acquired) | (222) | (125) |
Other, net | (1) | (8) |
Net cash used in investing activities exclusive of vehicle programs | (297) | (207) |
Vehicle programs: | ||
Increase in program cash | (30) | (29) |
Investment in vehicles | (7,939) | (8,214) |
Proceeds received on disposition of vehicles | 4,549 | 4,382 |
Net cash used in investing activities of vehicle programs | (3,420) | (3,861) |
Net cash used in investing activities | (3,717) | (4,068) |
Financing activities | ||
Proceeds from long-term borrowings | 376 | 695 |
Payments on long-term borrowings | (281) | (747) |
Net change in short-term borrowings | (13) | 0 |
Repurchases of common stock | (114) | (146) |
Debt financing fees | (7) | (11) |
Other, net | 0 | (1) |
Net cash used in financing activities exclusive of vehicle programs | (39) | (210) |
Vehicle programs: | ||
Proceeds from borrowings | 9,018 | 9,536 |
Payments on borrowings | (6,347) | (6,417) |
Debt financing fees | (17) | (10) |
Net cash provided by financing activities of vehicle programs | 2,654 | 3,109 |
Net cash provided by financing activities | 2,615 | 2,899 |
Effect of changes in exchange rates on cash and cash equivalents | (20) | 2 |
Net decrease in cash and cash equivalents | (95) | (156) |
Cash and cash equivalents, beginning of period | 624 | 693 |
Cash and cash equivalents, end of period | $ 529 | $ 537 |
Basis of Presentation and Recen
Basis of Presentation and Recently Issued Accounting Pronouncements | 6 Months Ended |
Jun. 30, 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 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 (the “2014 Form 10-K”) and the Company’s Current Report on Form 8-K filed May 6, 2015, which updated the 2014 Form 10-K for a change in the Company’s reportable segments. Vehicle Programs. The Company presents separately the financial data of its vehicle programs. These programs are distinct from the Company’s other activities since the assets under vehicle programs are generally funded through the issuance of debt that is collateralized by such assets. The income generated by these assets is used, in part, to repay the principal and interest associated with the debt. Cash inflows and outflows relating to the acquisition of such assets and the principal debt repayment or financing of such assets are classified as activities of the Company’s vehicle programs. The Company believes it is appropriate to segregate the financial data of its vehicle programs because, ultimately, the source of repayment of such debt is the realization of such assets. Transaction-related costs. Transaction-related costs are classified separately in the Consolidated Condensed Statements of Comprehensive Income. These costs are comprised of expenses related to acquisition-related activities such as due-diligence and other advisory costs, expenses related to the integration of the acquiree’s operations with those of the Company, including the implementation of best practices and process improvements, non-cash charges related to re-acquired rights, expenses related to pre-acquisition contingencies and contingent consideration related to acquisitions. 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 and six months ended June 30, 2015 , the Company recorded losses of $6 million and $10 million , respectively, on such items. During the three and six months ended June 30, 2014 , the Company recorded losses of $2 million and $4 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 2015-05, “Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement,” which provides guidance on determining whether a cloud computing arrangement contains a software license that should be accounted for as internal-use software. If a cloud computing arrangement does not contain a software license, it should be accounted for as a service contract. ASU 2015-05 becomes effective for the Company on January 1, 2016. The Company is currently evaluating the impact of this accounting pronouncement on its consolidated financial statements. In April 2015, the 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 affects how reporting entities 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 consolidated 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 consolidated 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 consolidated 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 consolidated 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, 2018. The Company is currently evaluating the impact of this accounting pronouncement on its consolidated financial statements. |
Restructuring
Restructuring | 6 Months Ended |
Jun. 30, 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 six months ended June 30, 2015 , as part of this process, the Company formally communicated the termination of employment to approximately 250 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 June 30, 2015 , the Company has terminated approximately 100 of these employees. The Company expects further restructuring expense of approximately $5 million related to this initiative to be incurred in 2015, plus approximately $20 million to be incurred in 2015 in connection with other initiatives. 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 (the “Avis Europe restructuring”). During the six months ended June 30, 2015 , the Company did not record restructuring expense related to this restructuring initiative. 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 2 2 4 Avis Europe restructuring payment (1 ) (6 ) (7 ) T15 restructuring payment (3 ) (2 ) (5 ) Balance as of June 30, 2015 $ 2 $ 7 $ 9 Personnel Facility Total Balance as of January 1, 2015 $ 14 $ 3 $ 17 T15 restructuring expense 4 — 4 Avis Europe restructuring payment (6 ) (1 ) (7 ) T15 restructuring payment (5 ) — (5 ) Balance as of June 30, 2015 $ 7 $ 2 $ 9 |
Earnings Per Share Earnings Per
Earnings Per Share Earnings Per Share (Notes) | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share (“EPS”) (shares in millions): Three Months Ended Six Months Ended 2015 2014 2015 2014 Net income for basic EPS $ 143 $ 26 $ 134 $ 30 Convertible note interest, net of tax — 1 — 1 Net income for diluted EPS $ 143 $ 27 $ 134 $ 31 Basic weighted average shares outstanding 105.5 105.1 105.8 105.8 Options and non-vested stock (a) 1.2 1.9 1.3 2.0 Convertible debt — 4.0 — 4.0 Diluted weighted average shares outstanding 106.7 111.0 107.1 111.8 Earnings per share: Basic $ 1.36 $ 0.25 $ 1.27 $ 0.29 Diluted $ 1.34 $ 0.24 $ 1.25 $ 0.28 __________ (a) For the three and six months ended June 30, 2015, 0.2 million and 0.1 million non-vested stock awards, respectively, have an anti-dilutive effect and are therefore excluded from the computation of diluted weighted average shares outstanding. For the three and six months ended June 30, 2014, the number of anti-dilutive securities which were excluded from the computation of diluted earnings per share was not significant. |
Acquisitions
Acquisitions | 6 Months Ended |
Jun. 30, 2015 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions 2015 Maggiore Group In April 2015 , the Company completed the acquisition of Maggiore Group (“Maggiore”) for approximately $160 million , net of acquired cash and short-term investments. The investment will enable the Company to expand its footprint with a leading provider of vehicle rental services in Italy. 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. In connection with this acquisition, approximately $77 million was recorded in goodwill, $51 million was recorded in customer relationships, $34 million related to the trade name was recorded in other intangibles and $11 million was recorded in license agreements. The customer relationships, trade name and license agreements will be amortized over a weighted average useful life of approximately ten years . 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. Brazil In April 2015 , the Company acquired the remaining 50% equity interest in its Brazilian Licensee (“Brazil”), which is now a wholly-owned subsidiary, for cash consideration of $8 million plus $46 million principally to acquire debt interests and settle certain debt and accrued interest obligations. The acquisition will enable the Company to significantly increase its presence in the Brazilian car rental market. The Company previously accounted for its 50% interest in Brazil as an equity-method investment and accordingly, to recognize Brazil as a wholly-owned subsidiary, remeasured its previously held equity method investment to fair value using the Income approach-discounted cash flow method (Level 3), resulting in a loss of $8 million during second quarter 2015 as part of transaction-related costs. The results of the operations of Brazil and the fair value of its assets and liabilities have been included in the Company’s Consolidated Condensed Financial Statements from the date of the acquisition. As the fair value of the licensee’s liabilities exceeded its assets, $73 million was allocated to goodwill for the excess of the purchase price over preliminary fair value of net assets acquired, which was assigned to the Company’s Americas 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. 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. 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. 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. 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 an aggregate of approximately $263 million , plus $132 million for acquired fleet. These investments enabled 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. 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 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. Goodwill is 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. |
Other Current Assets Other Curr
Other Current Assets Other Current Assets | 6 Months Ended |
Jun. 30, 2015 | |
Other Current Assets Disclosure [Abstract] | |
Other Current Assets [Text Block] | 5. Other Current Assets Other current assets consisted of: As of June 30, 2015 As of December 31, 2014 Sales and use taxes $ 389 $ 125 Prepaid expenses 219 192 Other 155 139 Other current assets $ 763 $ 456 |
Intangible Assets
Intangible Assets | 6 Months Ended |
Jun. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Intangible Assets Intangible assets consisted of: As of June 30, 2015 As of December 31, 2014 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Amortized Intangible Assets License agreements $ 261 $ 66 $ 195 $ 259 $ 59 $ 200 Customer relationships (a) 213 58 155 167 50 117 Other (a) 44 6 38 8 3 5 Total $ 518 $ 130 $ 388 $ 434 $ 112 $ 322 Unamortized Intangible Assets Goodwill (b) $ 971 $ 842 Trademarks $ 558 $ 564 __________ (a) The increases in carrying amounts reflect the acquisition of Maggiore. (b) The change in the carrying amount since December 31, 2014 reflects acquisitions, partially offset by a currency translation reduction of $43 million . For the three months ended June 30, 2015 and 2014 , amortization expense related to amortizable intangible assets was approximately $16 million and $9 million , respectively. For the six months ended June 30, 2015 and 2014 , amortization expense related to amortizable intangible assets was approximately $27 million and $16 million , respectively. Based on the Company’s amortizable intangible assets at June 30, 2015 , the Company expects amortization expense of approximately $30 million for the remainder of 2015 , $57 million for 2016, $52 million for 2017, $41 million for 2018, $40 million for 2019 and $40 million for 2020. |
Vehicle Rental Activities
Vehicle Rental Activities | 6 Months Ended |
Jun. 30, 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 June 30, December 31, 2015 2014 Rental vehicles $ 14,298 $ 11,006 Less: Accumulated depreciation (1,398 ) (1,465 ) 12,900 9,541 Vehicles held for sale 495 674 Vehicles, net $ 13,395 $ 10,215 The components of vehicle depreciation and lease charges, net are summarized below: Three Months Ended Six Months Ended 2015 2014 2015 2014 Depreciation expense $ 490 $ 491 $ 913 $ 898 Lease charges 35 39 68 76 Gain on sales of vehicles, net (27 ) (13 ) (51 ) (24 ) Vehicle depreciation and lease charges, net $ 498 $ 517 $ 930 $ 950 At June 30, 2015 and 2014 , the Company had payables related to vehicle purchases included in liabilities under vehicle programs - other of $577 million and $498 million , respectively, and receivables related to vehicle sales included in assets under vehicle programs - receivables from vehicle manufacturers and other of $217 million and $170 million , respectively. |
Income Taxes Income Taxes
Income Taxes Income Taxes | 6 Months Ended |
Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | 8. Income Taxes The Company’s effective tax rate for the six months ended June 30, 2015 is a benefit of 103.0% . Such rate differed from the Federal statutory rate of 35.0% primarily due to a $98 million income tax benefit related to resolution of a prior-year tax matter. The Company’s effective tax rate for the six months ended June 30, 2014 is a provision of 43.4% . Such rate differed from the Federal statutory rate of 35.0% primarily due to the non-deductibility of certain transaction-related costs. |
Long-term Debt and Borrowing Ar
Long-term Debt and Borrowing Arrangements | 6 Months Ended |
Jun. 30, 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 Dates June 30, December 31, 2015 2014 4⅞% Senior Notes November 2017 $ 300 $ 300 Floating Rate Senior Notes (a) December 2017 248 248 Floating Rate Term Loan (b) March 2019 975 980 9¾% Senior Notes March 2020 — 223 6% Euro-denominated Senior Notes (c) March 2021 516 561 5⅛% Senior Notes June 2022 400 400 5½% Senior Notes April 2023 674 674 5¼% Senior Notes March 2025 375 — Other 64 34 Total 3,552 3,420 Less: Short-term debt and current portion of long-term debt 32 28 Long-term debt $ 3,520 $ 3,392 __________ (a) The interest rate on these notes is equal to three-month LIBOR plus 275 basis points, for an aggregate rate of 3.03% at June 30, 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 June 30, 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. COMMITTED CREDIT FACILITIES AND AVAILABLE FUNDING ARRANGEMENTS At June 30, 2015 , the committed corporate credit facilities available to the Company and/or its subsidiaries were as follows: Total Capacity Outstanding Borrowings Letters of Credit Issued Available Capacity Senior revolving credit facility maturing 2018 (a) $ 1,800 $ — $ 1,057 $ 743 Other facilities (b) 24 13 — 11 __________ (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 1.50% to 2.95%. At June 30, 2015 , the Company had various uncommitted credit facilities available, under which it had drawn approximately $1 million , which bear interest at rates between 1.09% 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 June 30, 2015 , the Company is in compliance with the financial covenants governing its indebtedness. |
Debt Under Vehicle Programs and
Debt Under Vehicle Programs and Borrowing Arrangements | 6 Months Ended |
Jun. 30, 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 June 30, December 31, 2015 2014 Americas - Debt due to Avis Budget Rental Car Funding (a) $ 8,350 $ 6,340 Americas - Debt borrowings (a) (b) 946 746 International - Debt borrowings (a) (c) 1,476 685 International - Capital leases 304 314 Other 10 31 Total $ 11,086 $ 8,116 __________ (a) The increase reflects additional borrowings principally to fund increases in the Company’s car rental fleet. (b) The increase also includes additional borrowings related to the acquisition of Brazil. (c) The increase also includes additional borrowings related to the acquisition of Maggiore. 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 June 30, 2015 . Debt Under Vehicle Programs Within 1 year (a) $ 1,348 Between 1 and 2 years 4,340 Between 2 and 3 years 1,344 Between 3 and 4 years 1,842 Between 4 and 5 years 1,363 Thereafter 849 Total $ 11,086 __________ (a) Vehicle-backed debt maturing within one year primarily represents term asset-backed securities. COMMITTED CREDIT FACILITIES AND AVAILABLE FUNDING ARRANGEMENTS As of June 30, 2015 , available funding under the Company’s vehicle programs (including related party debt due to Avis Budget Rental Car Funding) consisted of: Total Capacity (a) Outstanding Borrowings Available Capacity Americas - Debt due to Avis Budget Rental Car Funding (b) $ 9,650 $ 8,350 $ 1,300 Americas - Debt borrowings (c) 1,102 946 156 International - Debt borrowings (d) 2,183 1,476 707 International - Capital leases (e) 326 304 22 Other 10 10 — Total $ 13,271 $ 11,086 $ 2,185 __________ (a) Capacity is subject to maintaining sufficient assets to collateralize debt. (b) The outstanding debt is collateralized by approximately $9.9 billion of underlying vehicles and related assets. (c) The outstanding debt is collateralized by approximately $1.2 billion of underlying vehicles and related assets. (d) The outstanding debt is collateralized by approximately $1.8 billion of underlying vehicles and related assets. (e) The outstanding debt is collateralized by approximately $0.3 billion 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 June 30, 2015 , the Company is not aware of any instances of non-compliance with any of the financial covenants contained in the debt agreements under its vehicle-backed funding programs. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 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 it is 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 it is 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 June 30, 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 $3.6 billion of vehicles from manufacturers over the next 12 months. The majority of these commitments are subject to the vehicle manufacturers’ satisfying their obligations under their respective repurchase and guaranteed depreciation agreements. The purchase of such vehicles is financed primarily through the issuance of vehicle-backed debt and cash received upon the disposition of vehicles. Concentrations Concentrations of credit risk at June 30, 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 | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders’ Equity Share Repurchases The Company’s Board of Directors has authorized the repurchase of 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 six months ended June 30, 2015 , the Company repurchased approximately 2.2 million shares of common stock at a cost of approximately $116 million under the program. During the six months ended June 30, 2014 , the Company repurchased approximately 3.0 million shares of common stock at a cost of approximately $150 million under the program. As of June 30, 2015 , $169 million of authorization remains available to repurchase common stock under this plan. Total Comprehensive Income Comprehensive income consists of net income and other gains and losses affecting stockholders’ equity that, under GAAP, are excluded from net income. The components of other comprehensive income were as follows: Three Months Ended Six Months Ended June 30, 2015 2014 2015 2014 Net income $ 143 $ 26 $ 134 $ 30 Other comprehensive income (loss): Currency translation adjustments (net of tax of $7, $(2), $(17) and $(2), respectively) 8 5 (84 ) 8 Net unrealized gain (loss) on available-for-sale securities (net of tax of $0, $0, $0 and $0, respectively) (1 ) 2 (1 ) 1 Net unrealized gain (loss) on cash flow hedges (net of tax of $0, $1, $2 and $1, respectively) — (3 ) (3 ) (2 ) Minimum pension liability adjustment (net of tax of $(1), $(1), $(1) and $(1), respectively) 1 1 2 1 8 5 (86 ) 8 Total comprehensive income $ 151 $ 31 $ 48 $ 38 __________ Currency translation adjustments exclude income taxes related to indefinite investments in foreign subsidiaries. Accumulated Other Comprehensive Income (Loss) The components of accumulated other comprehensive income (loss) were as follows: Currency Translation Adjustments Net Unrealized Gains (Losses) on Cash Flow Hedges (a) Net Unrealized Gains (Losses) on Available-for Sale Securities Minimum Pension Liability Adjustment (b) Accumulated Other Comprehensive Income (Loss) Balance, January 1, 2015 $ 51 $ (1 ) $ 2 $ (74 ) $ (22 ) Other comprehensive income (loss) before reclassifications (84 ) — (1 ) 3 (82 ) Amounts reclassified from accumulated other comprehensive income (loss) — (3 ) — (1 ) (4 ) Net current-period other comprehensive income (loss) (84 ) (3 ) (1 ) 2 (86 ) Balance, June 30, 2015 $ (33 ) $ (4 ) $ 1 $ (72 ) $ (108 ) Balance, January 1, 2014 $ 166 $ 1 $ 2 $ (52 ) $ 117 Other comprehensive income (loss) before reclassifications 8 — 1 1 10 Amounts reclassified from accumulated other comprehensive income (loss) — (2 ) — — (2 ) Net current-period other comprehensive income (loss) 8 (2 ) 1 1 8 Balance, June 30, 2014 $ 174 $ (1 ) $ 3 $ (51 ) $ 125 __________ 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 $61 million gain, net of tax, as of June 30, 2015 related to the Company’s hedge of its net investment in Euro-denominated foreign operations (See Note 14 - Financial Instruments). (a) For the three and six months ended June 30, 2015 , amounts reclassified from accumulated other comprehensive income (loss) into interest expense were $2 million ( $2 million , net of tax) and $4 million ( $3 million , net of tax), respectively. For the three and six months ended June 30, 2014 , amounts reclassified from accumulated other comprehensive income (loss) $2 million ( $1 million , net of tax) and $4 million ( $2 million , net of tax), respectively. (b) For the three and six months ended June 30, 2015 , amounts reclassified from accumulated other comprehensive income (loss) into selling, general and administrative expenses were $1 million ( $0 million , net of tax) and $2 million ( $1 million , net of tax), respectively. For the three and six months ended June 30, 2014 , amounts reclassified from accumulated other comprehensive income (loss) were not material. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation The Company recorded stock-based compensation expense of $6 million and $8 million ( $4 million and $5 million , net of tax) during the three months ended June 30, 2015 and 2014 , respectively, and $11 million and $16 million ( $7 million and $10 million , net of tax) during the six months ended June 30, 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 June 30, 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: Six Months Ended 2015 2014 Expected volatility of stock price 37% 40% Risk-free interest rate 0.74% 0.83% Expected term of awards 3 years 3 years Dividend yield 0.0% 0.0% 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 Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Number of Units Weighted Average Grant Date Fair Value Outstanding at January 1, 2015 (a) 998 $ 27.26 1,884 $ 19.17 267 $ 14.90 Granted 250 61.17 230 55.51 — — Vested (b) (536 ) 22.16 (982 ) 12.05 (156 ) 12.65 Forfeited/expired (16 ) 38.59 (168 ) 18.89 — — Outstanding at June 30, 2015 (c) 696 $ 43.09 964 $ 35.12 111 $ 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 six months ended June 30, 2014 was $41.94 and $41.97 , respectively. (b) The total grant date fair value of RSUs vested during the six months ended June 30, 2015 and 2014 was $24 million and $15 million , respectively. The total grant date fair value of cash units vested during the six months ended June 30, 2015 was $2 million . (c) The Company’s outstanding time-based RSUs, performance-based and market-based RSUs, and cash units had aggregate intrinsic values of $31 million , $42 million and $5 million , respectively. Aggregate unrecognized compensation expense related to time-based RSUs and performance-based and market-based RSUs amounted to $39 million and will be recognized over a weighted average vesting period of 1.2 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 (20 ) 5.40 1 Forfeited/expired (1 ) 0.79 — Outstanding and exercisable at June 30, 2015 827 $ 2.87 $ 34 3.8 |
Financial Instruments
Financial Instruments | 6 Months Ended |
Jun. 30, 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 and six months ended June 30, 2015 , the Company recorded an $11 million loss and a $26 million gain, respectively, 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 and six months ended June 30, 2015 and 2014 . 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 and six months ended June 30, 2015 and 2014 . 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 June 30, 2015 Interest rate caps (a) $ 8,642 Interest rate swaps 1,837 Foreign exchange contracts 885 Commodity contracts (millions of gallons of unleaded gasoline) 11 __________ (a) Represents $ 6.4 billion of interest rate caps sold, partially offset by approximately $ 2.2 billion of interest rate caps purchased. These amounts exclude $ 4.2 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 June 30, 2015 As of December 31, 2014 Fair Value, Asset Derivatives Fair Value, Liability Derivatives Fair Value, Asset Derivatives Fair Value, Liability Derivatives Derivatives designated as hedging instruments Interest rate swaps (a) $ — $ 7 $ 1 $ 3 Derivatives not designated as hedging instruments Interest rate caps (b) — 3 — 10 Foreign exchange contracts (c) 15 12 5 2 Commodity contracts (c) 3 — — 1 Total $ 18 $ 22 $ 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 Six Months Ended 2015 2014 2015 2014 Derivatives designated as hedging instruments Interest rate swaps (a) $ — $ (3 ) $ (3 ) $ (2 ) Derivatives not designated as hedging instruments (b) Foreign exchange contracts (c) (19 ) (11 ) 16 (29 ) Commodity contracts (d) 4 1 4 1 Total $ (15 ) $ (13 ) $ 17 $ (30 ) __________ (a) Recognized, net of tax, as a component of other comprehensive income within stockholders’ equity. (b) Gains (losses) related to derivative instruments are expected to be largely offset by (losses) gains on the underlying exposures being hedged. (c) For the three months ended June 30, 2015 , included a $19 million loss in interest expense and for the six months ended June 30, 2015 , included a $2 million gain in interest expense and a $14 million gain in operating expense. For the three months ended June 30, 2014 , included a $11 million loss in interest expense, and for the six months ended June 30, 2014 , included a $26 million loss in interest expense and a $3 million loss in operating expense. (d) Included in operating expense. Debt Instruments The carrying amounts and estimated fair values (Level 2) of debt instruments were as follows: As of June 30, 2015 As of December 31, 2014 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Corporate debt Short-term debt and current portion of long-term debt $ 32 $ 32 $ 28 $ 28 Long-term debt 3,520 3,491 3,392 3,439 Debt under vehicle programs Vehicle-backed debt due to Avis Budget Rental Car Funding $ 8,350 $ 8,411 $ 6,340 $ 6,407 Vehicle-backed debt 2,733 2,748 1,766 1,771 Interest rate swaps and interest rate caps (a) 3 3 10 10 __________ (a) Derivatives in a liability position. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 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 June 30, 2015 2014 Revenues Adjusted EBITDA Revenues (a) Adjusted EBITDA (b) Americas $ 1,556 $ 178 $ 1,542 $ 172 International 617 61 652 55 Corporate and Other (c) — (12 ) — (14 ) Total Company $ 2,173 227 $ 2,194 213 Less: Non-vehicle related depreciation and amortization 56 45 Interest expense related to corporate debt, net: Interest expense 45 55 Early extinguishment of debt 23 56 Transaction-related costs 18 8 Restructuring expense 3 1 Income before income taxes $ 82 $ 48 __________ 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, $15 million of revenues previously reported in International are now reported in the Americas in the three months ended June 30, 2014 . (b) As a result of the change in the Company’s reportable segments, $2 million of Adjusted EBITDA previously reported in International is now reported in the Americas in the three months ended June 30, 2014 . (c) Includes unallocated corporate overhead which is not attributable to a particular segment. Six Months Ended June 30, 2015 2014 Revenues Adjusted EBITDA Revenues (a) Adjusted EBITDA (b) Americas $ 2,931 $ 293 $ 2,872 $ 287 International 1,092 77 1,184 69 Corporate and Other (c) — (26 ) — (26 ) Total Company $ 4,023 344 $ 4,056 330 Less: Non-vehicle related depreciation and amortization 105 86 Interest expense related to corporate debt, net: Interest expense 97 111 Early extinguishment of debt 23 56 Transaction-related costs 49 16 Restructuring expense 4 8 Income before income taxes $ 66 $ 53 __________ 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, $34 million of revenues previously reported in International are now reported in the Americas in the six months ended June 30, 2014 . (b) As a result of the change in the Company’s reportable segments, $5 million of Adjusted EBITDA previously reported in International is now reported in the Americas in the six months ended June 30, 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 other than in the Company’s Americas and International segment assets under vehicle programs. As of June 30, 2015 and December 31, 2014 , Americas assets under vehicle programs were approximately $11.3 billion and $9.2 billion , respectively, and International assets under vehicle programs were approximately $2.8 billion and $1.9 billion , respectively. |
Guarantor and Non-Guarantor Con
Guarantor and Non-Guarantor Consolidating Condensed Financial Statements | 6 Months Ended |
Jun. 30, 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 and six months ended June 30, 2015 and 2014 , Consolidating Condensed Balance Sheets as of June 30, 2015 and December 31, 2014 , and Consolidating Condensed Statements of Cash Flows for the six months ended June 30, 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 9 - 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 | 6 Months Ended |
Jun. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | 17. Subsequent Event In August 2015, the Company’s Board of Directors increased the Company’s share repurchase program authorization by $250 million . |
Basis of Presentation and Rec23
Basis of Presentation and Recently Issued Accounting Pronouncements (Policies) | 6 Months Ended |
Jun. 30, 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 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 (the “2014 Form 10-K”) and the Company’s Current Report on Form 8-K filed May 6, 2015, which updated the 2014 Form 10-K for a change in the Company’s reportable segments. |
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 and six months ended June 30, 2015 , the Company recorded losses of $6 million and $10 million , respectively, on such items. During the three and six months ended June 30, 2014 , the Company recorded losses of $2 million and $4 million , respectively, on such items. |
Adoption of New Accounting Standards | Adoption of New Accounting Standards On January 1, 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 2015-05, “Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement,” which provides guidance on determining whether a cloud computing arrangement contains a software license that should be accounted for as internal-use software. If a cloud computing arrangement does not contain a software license, it should be accounted for as a service contract. ASU 2015-05 becomes effective for the Company on January 1, 2016. The Company is currently evaluating the impact of this accounting pronouncement on its consolidated financial statements. In April 2015, the 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 affects how reporting entities 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 consolidated 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 consolidated 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 consolidated 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 consolidated 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, 2018. The Company is currently evaluating the impact of this accounting pronouncement on its consolidated financial statements. |
Restructuring (Tables)
Restructuring (Tables) | 6 Months Ended |
Jun. 30, 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 2 2 4 Avis Europe restructuring payment (1 ) (6 ) (7 ) T15 restructuring payment (3 ) (2 ) (5 ) Balance as of June 30, 2015 $ 2 $ 7 $ 9 Personnel Facility Total Balance as of January 1, 2015 $ 14 $ 3 $ 17 T15 restructuring expense 4 — 4 Avis Europe restructuring payment (6 ) (1 ) (7 ) T15 restructuring payment (5 ) — (5 ) Balance as of June 30, 2015 $ 7 $ 2 $ 9 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 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 per share (“EPS”) (shares in millions): Three Months Ended Six Months Ended 2015 2014 2015 2014 Net income for basic EPS $ 143 $ 26 $ 134 $ 30 Convertible note interest, net of tax — 1 — 1 Net income for diluted EPS $ 143 $ 27 $ 134 $ 31 Basic weighted average shares outstanding 105.5 105.1 105.8 105.8 Options and non-vested stock (a) 1.2 1.9 1.3 2.0 Convertible debt — 4.0 — 4.0 Diluted weighted average shares outstanding 106.7 111.0 107.1 111.8 Earnings per share: Basic $ 1.36 $ 0.25 $ 1.27 $ 0.29 Diluted $ 1.34 $ 0.24 $ 1.25 $ 0.28 |
Other Current Assets (Tables)
Other Current Assets (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Other Current Assets Disclosure [Abstract] | |
Schedule of Other Current Assets [Table Text Block] | As of June 30, 2015 As of December 31, 2014 Sales and use taxes $ 389 $ 125 Prepaid expenses 219 192 Other 155 139 Other current assets $ 763 $ 456 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule Of Intangible Assets | Intangible assets consisted of: As of June 30, 2015 As of December 31, 2014 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Amortized Intangible Assets License agreements $ 261 $ 66 $ 195 $ 259 $ 59 $ 200 Customer relationships (a) 213 58 155 167 50 117 Other (a) 44 6 38 8 3 5 Total $ 518 $ 130 $ 388 $ 434 $ 112 $ 322 Unamortized Intangible Assets Goodwill (b) $ 971 $ 842 Trademarks $ 558 $ 564 __________ |
Vehicle Rental Activities (Tabl
Vehicle Rental Activities (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, December 31, 2015 2014 Rental vehicles $ 14,298 $ 11,006 Less: Accumulated depreciation (1,398 ) (1,465 ) 12,900 9,541 Vehicles held for sale 495 674 Vehicles, net $ 13,395 $ 10,215 |
Components Of Vehicle Depreciation And Lease Charges | The components of vehicle depreciation and lease charges, net are summarized below: Three Months Ended Six Months Ended 2015 2014 2015 2014 Depreciation expense $ 490 $ 491 $ 913 $ 898 Lease charges 35 39 68 76 Gain on sales of vehicles, net (27 ) (13 ) (51 ) (24 ) Vehicle depreciation and lease charges, net $ 498 $ 517 $ 930 $ 950 |
Long-term Debt and Borrowing 29
Long-term Debt and Borrowing Arrangements (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Schedule Of Long-Term Debt | Long-term and other borrowing arrangements consisted of: As of As of Maturity Dates June 30, December 31, 2015 2014 4⅞% Senior Notes November 2017 $ 300 $ 300 Floating Rate Senior Notes (a) December 2017 248 248 Floating Rate Term Loan (b) March 2019 975 980 9¾% Senior Notes March 2020 — 223 6% Euro-denominated Senior Notes (c) March 2021 516 561 5⅛% Senior Notes June 2022 400 400 5½% Senior Notes April 2023 674 674 5¼% Senior Notes March 2025 375 — Other 64 34 Total 3,552 3,420 Less: Short-term debt and current portion of long-term debt 32 28 Long-term debt $ 3,520 $ 3,392 __________ (a) The interest rate on these notes is equal to three-month LIBOR plus 275 basis points, for an aggregate rate of 3.03% at June 30, 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 June 30, 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 June 30, 2015 , the committed corporate credit facilities available to the Company and/or its subsidiaries were as follows: Total Capacity Outstanding Borrowings Letters of Credit Issued Available Capacity Senior revolving credit facility maturing 2018 (a) $ 1,800 $ — $ 1,057 $ 743 Other facilities (b) 24 13 — 11 __________ (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 1.50% to 2.95%. |
Debt Under Vehicle Programs a30
Debt Under Vehicle Programs and Borrowing Arrangements (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, December 31, 2015 2014 Americas - Debt due to Avis Budget Rental Car Funding (a) $ 8,350 $ 6,340 Americas - Debt borrowings (a) (b) 946 746 International - Debt borrowings (a) (c) 1,476 685 International - Capital leases 304 314 Other 10 31 Total $ 11,086 $ 8,116 __________ (a) The increase reflects additional borrowings principally to fund increases in the Company’s car rental fleet. (b) The increase also includes additional borrowings related to the acquisition of Brazil. (c) The increase also includes additional borrowings related to the acquisition of Maggiore. |
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 June 30, 2015 . Debt Under Vehicle Programs Within 1 year (a) $ 1,348 Between 1 and 2 years 4,340 Between 2 and 3 years 1,344 Between 3 and 4 years 1,842 Between 4 and 5 years 1,363 Thereafter 849 Total $ 11,086 __________ (a) Vehicle-backed debt maturing within one year primarily represents term asset-backed securities. |
Schedule Of Available Funding Under The Vehicle Programs | As of June 30, 2015 , available funding under the Company’s vehicle programs (including related party debt due to Avis Budget Rental Car Funding) consisted of: Total Capacity (a) Outstanding Borrowings Available Capacity Americas - Debt due to Avis Budget Rental Car Funding (b) $ 9,650 $ 8,350 $ 1,300 Americas - Debt borrowings (c) 1,102 946 156 International - Debt borrowings (d) 2,183 1,476 707 International - Capital leases (e) 326 304 22 Other 10 10 — Total $ 13,271 $ 11,086 $ 2,185 __________ (a) Capacity is subject to maintaining sufficient assets to collateralize debt. (b) The outstanding debt is collateralized by approximately $9.9 billion of underlying vehicles and related assets. (c) The outstanding debt is collateralized by approximately $1.2 billion of underlying vehicles and related assets. (d) The outstanding debt is collateralized by approximately $1.8 billion of underlying vehicles and related assets. (e) The outstanding debt is collateralized by approximately $0.3 billion of underlying vehicles and related assets. |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income | The components of accumulated other comprehensive income (loss) were as follows: Currency Translation Adjustments Net Unrealized Gains (Losses) on Cash Flow Hedges (a) Net Unrealized Gains (Losses) on Available-for Sale Securities Minimum Pension Liability Adjustment (b) Accumulated Other Comprehensive Income (Loss) Balance, January 1, 2015 $ 51 $ (1 ) $ 2 $ (74 ) $ (22 ) Other comprehensive income (loss) before reclassifications (84 ) — (1 ) 3 (82 ) Amounts reclassified from accumulated other comprehensive income (loss) — (3 ) — (1 ) (4 ) Net current-period other comprehensive income (loss) (84 ) (3 ) (1 ) 2 (86 ) Balance, June 30, 2015 $ (33 ) $ (4 ) $ 1 $ (72 ) $ (108 ) Balance, January 1, 2014 $ 166 $ 1 $ 2 $ (52 ) $ 117 Other comprehensive income (loss) before reclassifications 8 — 1 1 10 Amounts reclassified from accumulated other comprehensive income (loss) — (2 ) — — (2 ) Net current-period other comprehensive income (loss) 8 (2 ) 1 1 8 Balance, June 30, 2014 $ 174 $ (1 ) $ 3 $ (51 ) $ 125 __________ 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 $61 million gain, net of tax, as of June 30, 2015 related to the Company’s hedge of its net investment in Euro-denominated foreign operations (See Note 14 - Financial Instruments). (a) For the three and six months ended June 30, 2015 , amounts reclassified from accumulated other comprehensive income (loss) into interest expense were $2 million ( $2 million , net of tax) and $4 million ( $3 million , net of tax), respectively. For the three and six months ended June 30, 2014 , amounts reclassified from accumulated other comprehensive income (loss) $2 million ( $1 million , net of tax) and $4 million ( $2 million , net of tax), respectively. (b) For the three and six months ended June 30, 2015 , amounts reclassified from accumulated other comprehensive income (loss) into selling, general and administrative expenses were $1 million ( $0 million , net of tax) and $2 million ( $1 million , net of tax), respectively. For the three and six months ended June 30, 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 Six Months Ended June 30, 2015 2014 2015 2014 Net income $ 143 $ 26 $ 134 $ 30 Other comprehensive income (loss): Currency translation adjustments (net of tax of $7, $(2), $(17) and $(2), respectively) 8 5 (84 ) 8 Net unrealized gain (loss) on available-for-sale securities (net of tax of $0, $0, $0 and $0, respectively) (1 ) 2 (1 ) 1 Net unrealized gain (loss) on cash flow hedges (net of tax of $0, $1, $2 and $1, respectively) — (3 ) (3 ) (2 ) Minimum pension liability adjustment (net of tax of $(1), $(1), $(1) and $(1), respectively) 1 1 2 1 8 5 (86 ) 8 Total comprehensive income $ 151 $ 31 $ 48 $ 38 __________ Currency translation adjustments exclude income taxes related to indefinite investments in foreign subsidiaries. |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary Of Share Based Payment Other Than Options Valuation Assumptions | Six Months Ended 2015 2014 Expected volatility of stock price 37% 40% Risk-free interest rate 0.74% 0.83% Expected term of awards 3 years 3 years Dividend yield 0.0% 0.0% |
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 Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Number of Units Weighted Average Grant Date Fair Value Outstanding at January 1, 2015 (a) 998 $ 27.26 1,884 $ 19.17 267 $ 14.90 Granted 250 61.17 230 55.51 — — Vested (b) (536 ) 22.16 (982 ) 12.05 (156 ) 12.65 Forfeited/expired (16 ) 38.59 (168 ) 18.89 — — Outstanding at June 30, 2015 (c) 696 $ 43.09 964 $ 35.12 111 $ 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 six months ended June 30, 2014 was $41.94 and $41.97 , respectively. (b) The total grant date fair value of RSUs vested during the six months ended June 30, 2015 and 2014 was $24 million and $15 million , respectively. The total grant date fair value of cash units vested during the six months ended June 30, 2015 was $2 million . (c) The Company’s outstanding time-based RSUs, performance-based and market-based RSUs, and cash units had aggregate intrinsic values of $31 million , $42 million and $5 million , respectively. Aggregate unrecognized compensation expense related to time-based RSUs and performance-based and market-based RSUs amounted to $39 million and will be recognized over a weighted average vesting period of 1.2 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 (20 ) 5.40 1 Forfeited/expired (1 ) 0.79 — Outstanding and exercisable at June 30, 2015 827 $ 2.87 $ 34 3.8 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, 2015 Interest rate caps (a) $ 8,642 Interest rate swaps 1,837 Foreign exchange contracts 885 Commodity contracts (millions of gallons of unleaded gasoline) 11 __________ (a) Represents $ 6.4 billion of interest rate caps sold, partially offset by approximately $ 2.2 billion of interest rate caps purchased. These amounts exclude $ 4.2 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 June 30, 2015 As of December 31, 2014 Fair Value, Asset Derivatives Fair Value, Liability Derivatives Fair Value, Asset Derivatives Fair Value, Liability Derivatives Derivatives designated as hedging instruments Interest rate swaps (a) $ — $ 7 $ 1 $ 3 Derivatives not designated as hedging instruments Interest rate caps (b) — 3 — 10 Foreign exchange contracts (c) 15 12 5 2 Commodity contracts (c) 3 — — 1 Total $ 18 $ 22 $ 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) | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Summary Of Segments Information | Six Months Ended June 30, 2015 2014 Revenues Adjusted EBITDA Revenues (a) Adjusted EBITDA (b) Americas $ 2,931 $ 293 $ 2,872 $ 287 International 1,092 77 1,184 69 Corporate and Other (c) — (26 ) — (26 ) Total Company $ 4,023 344 $ 4,056 330 Less: Non-vehicle related depreciation and amortization 105 86 Interest expense related to corporate debt, net: Interest expense 97 111 Early extinguishment of debt 23 56 Transaction-related costs 49 16 Restructuring expense 4 8 Income before income taxes $ 66 $ 53 __________ 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, $34 million of revenues previously reported in International are now reported in the Americas in the six months ended June 30, 2014 . (b) As a result of the change in the Company’s reportable segments, $5 million of Adjusted EBITDA previously reported in International is now reported in the Americas in the six months ended June 30, 2014 . (c) Includes unallocated corporate overhead which is not attributable to a particular segment. Three Months Ended June 30, 2015 2014 Revenues Adjusted EBITDA Revenues (a) Adjusted EBITDA (b) Americas $ 1,556 $ 178 $ 1,542 $ 172 International 617 61 652 55 Corporate and Other (c) — (12 ) — (14 ) Total Company $ 2,173 227 $ 2,194 213 Less: Non-vehicle related depreciation and amortization 56 45 Interest expense related to corporate debt, net: Interest expense 45 55 Early extinguishment of debt 23 56 Transaction-related costs 18 8 Restructuring expense 3 1 Income before income taxes $ 82 $ 48 __________ 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, $15 million of revenues previously reported in International are now reported in the Americas in the three months ended June 30, 2014 . (b) As a result of the change in the Company’s reportable segments, $2 million of Adjusted EBITDA previously reported in International is now reported in the Americas in the three months ended June 30, 2014 . (c) Includes unallocated corporate overhead which is not attributable to a particular segment. |
Guarantor and Non-Guarantor C35
Guarantor and Non-Guarantor Consolidating Condensed Financial Statements (Tables) | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ||
Consolidating Condensed Statements of Comprehensive Income | Three Months Ended June 30, 2015 Parent Subsidiary Issuers Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Total Revenues Vehicle rental $ — $ — $ 1,055 $ 478 $ — $ 1,533 Other — — 307 866 (533 ) 640 Net revenues — — 1,362 1,344 (533 ) 2,173 Expenses Operating 1 5 654 432 — 1,092 Vehicle depreciation and lease charges, net — — 476 500 (478 ) 498 Selling, general and administrative 9 3 162 107 — 281 Vehicle interest, net — — 52 78 (55 ) 75 Non-vehicle related depreciation and amortization — 1 33 22 — 56 Interest expense related to corporate debt, net: Interest expense (income) — 42 (8 ) 11 — 45 Intercompany interest expense (income) (3 ) (3 ) 6 — — — Early extinguishment of debt — 23 — — — 23 Transaction-related costs — 12 — 6 — 18 Restructuring expense — — — 3 — 3 Total expenses 7 83 1,375 1,159 (533 ) 2,091 Income (loss) before income taxes and equity in earnings of subsidiaries (7 ) (83 ) (13 ) 185 — 82 Provision for (benefit from) income taxes (3 ) (127 ) 53 16 — (61 ) Equity in earnings of subsidiaries 147 103 169 — (419 ) — Net income $ 143 $ 147 $ 103 $ 169 $ (419 ) $ 143 Comprehensive income $ 151 $ 155 $ 111 $ 177 $ (443 ) $ 151 Six Months Ended June 30, 2015 Parent Subsidiary Guarantor Non- Eliminations Total Revenues Vehicle rental $ — $ — $ 1,997 $ 855 $ — $ 2,852 Other — — 574 1,619 (1,022 ) 1,171 Net revenues — — 2,571 2,474 (1,022 ) 4,023 Expenses Operating 1 9 1,262 805 — 2,077 Vehicle depreciation and lease charges, net — — 912 931 (913 ) 930 Selling, general and administrative 17 6 302 204 — 529 Vehicle interest, net — — 101 151 (109 ) 143 Non-vehicle related depreciation and amortization — 1 66 38 — 105 Interest expense related to corporate debt, net: Interest expense (income) — 82 (7 ) 22 — 97 Intercompany interest expense (income) (6 ) (5 ) 6 5 — — Early extinguishment of debt — 23 — — — 23 Transaction-related costs — 18 1 30 — 49 Restructuring expenses — — 1 3 — 4 Total expenses 12 134 2,644 2,189 (1,022 ) 3,957 Income (loss) before income taxes and equity in earnings of subsidiaries (12 ) (134 ) (73 ) 285 — 66 Provision for (benefit from) income taxes (5 ) (147 ) 61 23 — (68 ) Equity in earnings of subsidiaries 141 128 262 — (531 ) — Net income $ 134 $ 141 $ 128 $ 262 $ (531 ) $ 134 Comprehensive income $ 48 $ 55 $ 44 $ 178 $ (277 ) $ 48 | Six Months Ended June 30, 2014 Parent Subsidiary Guarantor Non- Eliminations Total Revenues Vehicle rental $ — $ — $ 1,965 $ 917 $ — $ 2,882 Other — — 576 1,646 (1,048 ) 1,174 Net revenues — — 2,541 2,563 (1,048 ) 4,056 Expenses Operating 2 8 1,264 831 — 2,105 Vehicle depreciation and lease charges, net — — 946 948 (944 ) 950 Selling, general and administrative 13 11 297 214 — 535 Vehicle interest, net — — 96 144 (104 ) 136 Non-vehicle related depreciation and amortization — 1 55 30 — 86 Interest expense related to corporate debt, net: Interest expense 1 88 2 20 — 111 Intercompany interest expense (income) (6 ) (5 ) 1 10 — — Early extinguishment of debt — 56 — — — 56 Transaction-related costs — 4 (1 ) 13 — 16 Restructuring expense — — 2 6 — 8 Total expenses 10 163 2,662 2,216 (1,048 ) 4,003 Income (loss) before income taxes and equity in earnings of subsidiaries (10 ) (163 ) (121 ) 347 — 53 Provision for (benefit from) income taxes (3 ) (64 ) 70 20 — 23 Equity in earnings of subsidiaries 37 136 327 — (500 ) — Net income $ 30 $ 37 $ 136 $ 327 $ (500 ) $ 30 Comprehensive income $ 38 $ 44 $ 144 $ 335 $ (523 ) $ 38 Three Months Ended June 30, 2014 Parent Subsidiary Issuers Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Total Revenues Vehicle rental $ — $ — $ 1,049 $ 504 $ — $ 1,553 Other — — 309 891 (559 ) 641 Net revenues — — 1,358 1,395 (559 ) 2,194 Expenses Operating 2 4 660 439 — 1,105 Vehicle depreciation and lease charges, net — — 505 516 (504 ) 517 Selling, general and administrative 6 7 157 117 — 287 Vehicle interest, net — — 51 76 (55 ) 72 Non-vehicle related depreciation and amortization — 1 28 16 — 45 Interest expense related to corporate debt, net: Interest expense — 41 2 12 — 55 Intercompany interest expense (income) (3 ) (2 ) — 5 — — Early extinguishment of debt — 56 — — — 56 Transaction-related costs — 2 (4 ) 10 — 8 Restructuring expense — — — 1 — 1 Total expenses 5 109 1,399 1,192 (559 ) 2,146 Income (loss) before income taxes and equity in earnings of subsidiaries (5 ) (109 ) (41 ) 203 — 48 Provision for (benefit from) income taxes (1 ) (43 ) 52 14 — 22 Equity in earnings of subsidiaries 30 96 189 — (315 ) — Net income $ 26 $ 30 $ 96 $ 189 $ (315 ) $ 26 Comprehensive income $ 31 $ 33 $ 101 $ 194 $ (328 ) $ 31 |
Schedule Of Condensed Consolidating Balance Sheet Table | As of June 30, 2015 Parent Subsidiary Issuers Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Total Assets Current assets: Cash and cash equivalents $ 5 $ 239 $ — $ 285 $ — $ 529 Receivables, net — — 180 505 — 685 Deferred income taxes — 9 103 32 — 144 Other current assets 3 100 91 569 — 763 Total current assets 8 348 374 1,391 — 2,121 Property and equipment, net — 118 324 195 — 637 Deferred income taxes 20 1,150 140 — (49 ) 1,261 Goodwill — — 487 484 — 971 Other intangibles, net — 32 532 382 — 946 Other non-current assets 95 65 22 161 — 343 Intercompany receivables 210 356 676 774 (2,016 ) — Investment in subsidiaries 376 3,186 3,677 — (7,239 ) — Total assets exclusive of assets under vehicle programs 709 5,255 6,232 3,387 (9,304 ) 6,279 Assets under vehicle programs: Program cash — — — 143 — 143 Vehicles, net — 16 83 13,296 — 13,395 Receivables from vehicle manufacturers and other — 1 1 218 — 220 Investment in Avis Budget Rental Car Funding (AESOP) LLC-related party — — — 362 — 362 — 17 84 14,019 — 14,120 Total assets $ 709 $ 5,272 $ 6,316 $ 17,406 $ (9,304 ) $ 20,399 Liabilities and stockholders’ equity Current liabilities: Accounts payable and other current liabilities $ 24 $ 185 $ 523 $ 965 $ — $ 1,697 Short-term debt and current portion of long-term debt — 12 5 15 — 32 Total current liabilities 24 197 528 980 — 1,729 Long-term debt — 2,977 3 540 — 3,520 Other non-current liabilities 89 86 225 372 (49 ) 723 Intercompany payables — 1,634 325 57 (2,016 ) — Total liabilities exclusive of liabilities under vehicle programs 113 4,894 1,081 1,949 (2,065 ) 5,972 Liabilities under vehicle programs: Debt — 2 80 2,654 — 2,736 Due to Avis Budget Rental Car Funding (AESOP) LLC-related party — — — 8,350 — 8,350 Deferred income taxes — — 1,968 173 — 2,141 Other — — 1 603 — 604 — 2 2,049 11,780 — 13,831 Total stockholders’ equity 596 376 3,186 3,677 (7,239 ) 596 Total liabilities and stockholders’ equity $ 709 $ 5,272 $ 6,316 $ 17,406 $ (9,304 ) $ 20,399 | As of December 31, 2014 Parent Subsidiary Issuers Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Total 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 |
Consolidating Condensed Statements Of Cash Flows | Six Months Ended June 30, 2015 Parent Subsidiary Issuers Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Net cash provided by operating activities $ 3 $ 158 $ 69 $ 797 $ — $ 1,027 Investing activities Property and equipment additions — (11 ) (38 ) (31 ) — (80 ) Proceeds received on asset sales — 3 — 3 — 6 Net assets acquired (net of cash acquired) — (8 ) — (214 ) — (222 ) Intercompany loan advances — (30 ) (94 ) — 124 — Other, net 114 (95 ) 1 — (21 ) (1 ) Net cash provided by (used in) investing activities exclusive of vehicle programs 114 (141 ) (131 ) (242 ) 103 (297 ) Vehicle programs: Increase in program cash — — — (30 ) — (30 ) Investment in vehicles — (1 ) (2 ) (7,936 ) — (7,939 ) Proceeds received on disposition of vehicles — 9 — 4,540 — 4,549 — 8 (2 ) (3,426 ) — (3,420 ) Net cash provided by (used in) investing activities 114 (133 ) (133 ) (3,668 ) 103 (3,717 ) Financing activities Proceeds from long-term borrowings — 375 — 1 — 376 Payments on long-term borrowings — (250 ) (2 ) (29 ) — (281 ) Net change in short-term borrowings — — — (13 ) — (13 ) Intercompany loan borrowings — — — 124 (124 ) — Repurchases of common stock (114 ) — — — — (114 ) Debt financing fees — (7 ) — — — (7 ) Other, net — (114 ) 70 23 21 — Net cash provided by (used in) financing activities exclusive of vehicle programs (114 ) 4 68 106 (103 ) (39 ) Vehicle programs: Proceeds from borrowings — — — 9,018 — 9,018 Payments on borrowings — — (4 ) (6,343 ) — (6,347 ) Debt financing fees — — — (17 ) — (17 ) — — (4 ) 2,658 — 2,654 Net cash provided by (used in) financing activities (114 ) 4 64 2,764 (103 ) 2,615 Effect of changes in exchange rates on cash and cash equivalents — — — (20 ) — (20 ) Net increase (decrease) in cash and cash equivalents 3 29 — (127 ) — (95 ) Cash and cash equivalents, beginning of period 2 210 — 412 — 624 Cash and cash equivalents, end of period $ 5 $ 239 $ — $ 285 $ — $ 529 | Six Months Ended June 30, 2014 Parent Subsidiary Issuers Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Net cash provided by operating activities $ 2 $ 502 $ 45 $ 462 $ — $ 1,011 Investing activities Property and equipment additions — (7 ) (39 ) (34 ) — (80 ) Proceeds received on asset sales — 2 — 4 — 6 Net assets acquired (net of cash acquired) — — — (125 ) — (125 ) Other, net 136 (7 ) (1 ) — (136 ) (8 ) Net cash provided by (used in) investing activities exclusive of vehicle programs 136 (12 ) (40 ) (155 ) (136 ) (207 ) Vehicle programs: Increase in program cash — — — (29 ) — (29 ) Investment in vehicles — (3 ) (86 ) (8,125 ) — (8,214 ) Proceeds received on disposition of vehicles — 5 — 4,377 — 4,382 — 2 (86 ) (3,777 ) — (3,861 ) Net cash provided by (used in) investing activities 136 (10 ) (126 ) (3,932 ) (136 ) (4,068 ) Financing activities Proceeds from long-term borrowings — 400 — 295 — 695 Payments on long-term borrowings — (744 ) (3 ) — — (747 ) Repurchases of common stock (146 ) — — — — (146 ) Debt financing fees — (6 ) — (5 ) — (11 ) Other, net (1 ) (136 ) — — 136 (1 ) Net cash provided by (used in) financing activities exclusive of vehicle programs (147 ) (486 ) (3 ) 290 136 (210 ) Vehicle programs: Proceeds from borrowings — — 73 9,463 — 9,536 Payments on borrowings — — — (6,417 ) — (6,417 ) Debt financing fees — — (1 ) (9 ) — (10 ) — — 72 3,037 — 3,109 Net cash provided by (used in) financing activities (147 ) (486 ) 69 3,327 136 2,899 Effect of changes in exchange rates on cash and cash equivalents — — — 2 — 2 Net increase (decrease) in cash and cash equivalents (9 ) 6 (12 ) (141 ) — (156 ) Cash and cash equivalents, beginning of period 14 242 12 425 — 693 Cash and cash equivalents, end of period $ 5 $ 248 $ — $ 284 $ — $ 537 |
Basis Of Presentation And Rec36
Basis Of Presentation And Recently Issued Accounting Pronouncements (Narrative) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Basis Of Presentation And Recently Issued Accounting Pronouncements [Abstract] | ||||
Net unrealized gain or loss on foreign-currency transactions of intercompany loan hedges | $ (6) | $ (2) | $ (10) | $ (4) |
Restructuring (Narrative) (Deta
Restructuring (Narrative) (Detail) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($)Employee | Jun. 30, 2014USD ($) | Dec. 31, 2015USD ($) | |
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges | $ 3 | $ 1 | $ 4 | $ 8 | |
Restructuring and Related Cost, Expected Cost | $ 20 | ||||
2014 T15 Restructuring [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Expected Number of Positions Eliminated | Employee | 250 | ||||
Restructuring and Related Cost, Number of Positions Eliminated | Employee | 100 | ||||
Restructuring Charges | $ 4 | ||||
Restructuring and Related Cost, Expected Cost | $ 5 |
Restructuring (Summary Of Chang
Restructuring (Summary Of Changes To Restructuring-Related Liabilities) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Restructuring Reserve [Roll Forward] | ||||
June 30, 2015 | $ 17 | |||
Restructuring expense | $ 3 | $ 1 | 4 | $ 8 |
Balance as of June 30, 2015 | 9 | 9 | ||
Americas | ||||
Restructuring Reserve [Roll Forward] | ||||
June 30, 2015 | 4 | |||
Balance as of June 30, 2015 | 2 | 2 | ||
International | ||||
Restructuring Reserve [Roll Forward] | ||||
June 30, 2015 | 13 | |||
Balance as of June 30, 2015 | 7 | 7 | ||
Personnel Related | ||||
Restructuring Reserve [Roll Forward] | ||||
June 30, 2015 | 14 | |||
Balance as of June 30, 2015 | 7 | 7 | ||
Facility Related | ||||
Restructuring Reserve [Roll Forward] | ||||
June 30, 2015 | 3 | |||
Balance as of June 30, 2015 | $ 2 | 2 | ||
2014 T15 Restructuring [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring expense | 4 | |||
Payment for Restructuring | (5) | |||
2014 T15 Restructuring [Member] | Americas | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring expense | 2 | |||
Payment for Restructuring | (3) | |||
2014 T15 Restructuring [Member] | International | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring expense | 2 | |||
Payment for Restructuring | (2) | |||
2014 T15 Restructuring [Member] | Personnel Related | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring expense | 4 | |||
Payment for Restructuring | (5) | |||
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 | (7) | |||
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 | (6) | |||
2011 Avis Europe Restructuring [Member] | Personnel Related | ||||
Restructuring Reserve [Roll Forward] | ||||
Payment for Restructuring | (6) | |||
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 ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Earnings Per Share [Abstract] | ||||
Net income for basic EPS | $ 143 | $ 26 | $ 134 | $ 30 |
Convertible note interest, net of tax | 0 | 1 | 0 | 1 |
Net income for diluted EPS | $ 143 | $ 27 | $ 134 | $ 31 |
Basic weighted average shares outstanding | 105.5 | 105.1 | 105.8 | 105.8 |
Options and non-vested stock (a) | 1.2 | 1.9 | 1.3 | 2 |
Convertible debt | 0 | 4 | 0 | 4 |
Diluted weighted average shares outstanding | 106.7 | 111 | 107.1 | 111.8 |
Basic | $ 1.36 | $ 0.25 | $ 1.27 | $ 0.29 |
Diluted | $ 1.34 | $ 0.24 | $ 1.25 | $ 0.28 |
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 | 0.2 | 0.1 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Detail) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ||
Goodwill | $ 971 | $ 842 |
Maggiore Group [Member] | ||
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ||
Business Acquisition, Date of Acquisition Agreement | Apr. 1, 2015 | |
Business Combination, Consideration Transferred | $ 160 | |
Goodwill | $ 77 | |
Other intangibles, useful life, in years | 10 years | |
Brazil [Member] | ||
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ||
Business Acquisition, Date of Acquisition Agreement | Apr. 1, 2015 | |
Equity Method Investment, Additional Information | 0.5 | |
Payments to Acquire Equity Method Investments | $ 8 | |
Due to Related Parties | 46 | |
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Loss | 8 | |
Goodwill | $ 73 | |
Scandinavian Licensee [Member] | ||
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ||
Business Acquisition, Date of Acquisition Agreement | Jan. 1, 2015 | |
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] | Maggiore Group [Member] | ||
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ||
Finite-lived Intangible Assets Acquired | 51 | |
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 | |
Other Intangible Assets [Member] | Maggiore Group [Member] | ||
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ||
Finite-lived Intangible Assets Acquired | 34 | |
License Agreements [Member] | Maggiore Group [Member] | ||
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ||
Finite-lived Intangible Assets Acquired | $ 11 | |
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 |
Other Current Assets (Details)
Other Current Assets (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Other Current Assets Disclosure [Abstract] | ||
Value Added Tax Receivable, Current | $ 389 | $ 125 |
Prepaid Expense, Current | 219 | 192 |
Other Assets, Miscellaneous, Current | 155 | 139 |
Other current assets | $ 763 | $ 456 |
Intangible Assets (Schedule Of
Intangible Assets (Schedule Of Intangible Assets) (Detail) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Amortized Intangible Assets, Gross Carrying Amount | $ 518 | $ 434 |
Amortized Intangible Assets, Accumulated Amortization | 130 | 112 |
Amortized Intangible Assets, Net Carrying Amount | 388 | 322 |
Unamortized Intangible Assets, Goodwill, Gross Carrying Amount | 971 | 842 |
License Agreements [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Amortized Intangible Assets, Gross Carrying Amount | 261 | 259 |
Amortized Intangible Assets, Accumulated Amortization | 66 | 59 |
Amortized Intangible Assets, Net Carrying Amount | 195 | 200 |
Customer Relationships [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Amortized Intangible Assets, Gross Carrying Amount | 213 | 167 |
Amortized Intangible Assets, Accumulated Amortization | 58 | 50 |
Amortized Intangible Assets, Net Carrying Amount | 155 | 117 |
Other Intangible Assets [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Amortized Intangible Assets, Gross Carrying Amount | 44 | 8 |
Amortized Intangible Assets, Accumulated Amortization | 6 | 3 |
Amortized Intangible Assets, Net Carrying Amount | 38 | 5 |
Goodwill [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Goodwill, Translation Adjustments | 43 | |
Unamortized Intangible Assets, Goodwill, Gross Carrying Amount | 971 | 842 |
Trademarks [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Unamortized Intangible Assets, Trademarks, Gross Carrying Amount | $ 558 | $ 564 |
Intangible Assets (Narrative) (
Intangible Assets (Narrative) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization expense relating to all intangible assets | $ 16 | $ 9 | $ 27 | $ 16 |
Amortization expense for remainder of the year | 30 | 30 | ||
Intangible assets amortization expense, year one | 57 | 57 | ||
Intangible assets amortization expense, year two | 52 | 52 | ||
Intangible assets amortization expense, year three | 41 | 41 | ||
Intangible assets amortization expense, year four | 40 | 40 | ||
Intangible assets amortization expense, year five | $ 40 | $ 40 |
Vehicle Rental Activities (Comp
Vehicle Rental Activities (Components Of The Company's Vehicles) (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 |
Vehicle Rental Activities [Abstract] | |||
Rental vehicles | $ 14,298 | $ 11,006 | |
Less: Accumulated depreciation | (1,398) | (1,465) | |
Rental Vehicles Net, Total | 12,900 | 9,541 | |
Vehicles held for sale | 495 | 674 | |
Vehicles, net | 13,395 | $ 10,215 | |
Accounts Payable, Other, Current | 577 | $ 498 | |
Other Receivables | $ 217 | $ 170 |
Vehicle Rental Activities (Co45
Vehicle Rental Activities (Components Of Vehicle Depreciation And Lease Charges) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Vehicle Rental Activities [Abstract] | ||||
Other Receivables | $ 217 | $ 170 | $ 217 | $ 170 |
Depreciation expense | 490 | 491 | 913 | 898 |
Lease charges | 35 | 39 | 68 | 76 |
Gain on sales of vehicles, net | (27) | (13) | (51) | (24) |
Vehicle depreciation and lease charges, net | $ 498 | $ 517 | $ 930 | $ 950 |
Income Taxes Income Taxes (Narr
Income Taxes Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Income Taxes [Abstract] | ||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent | (103.00%) | 43.40% |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 35.00% |
Income Tax Examination, Liability (Refund) Adjustment from Settlement with Taxing Authority | $ 98 |
Long-Term Debt And Borrowing 47
Long-Term Debt And Borrowing Arrangements (Schedule Of Long-Term Debt) (Detail) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | ||
Other | $ 64 | $ 34 |
Long-term Debt | 3,552 | 3,420 |
Long-term Debt, Current Maturities | 32 | 28 |
Long-term debt | 3,520 | 3,392 |
Four And Seven Over Eight Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 300 | 300 |
Debt Instrument, Maturity Date, Description | November 2,017 | |
Four And Seven Over Eight Senior Notes [Member] | Long Term Borrowings [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument stated interest percentage | 4.875% | |
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 | $ 975 | 980 |
Debt Instrument, Maturity Date, Description | March 2,019 | |
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 | $ 0 | 223 |
Debt Instrument, Maturity Date, Description | March 2,020 | |
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 | $ 516 | 561 |
Debt Instrument, Maturity Date, Description | March 2,021 | |
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 | June 2,022 | |
Five and One over Eight Senior Notes [Member] | Long Term Borrowings [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument stated interest percentage | 5.125% | |
Five And One Over Two Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 674 | 674 |
Debt Instrument, Maturity Date, Description | April 2,023 | |
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 | March 2,025 | |
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 | December 2,017 | |
Percentage Of Margin Aggregate Interest Rate | 3.03% | |
Senior Notes [Member] | Nine And Three Over Four Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Repayments of Long-term Debt | $ 243 |
Long-Term Debt And Borrowing 48
Long-Term Debt And Borrowing Arrangements (Schedule Of Long-Term Debt) (Detail Section) - Jun. 30, 2015 - USD ($) | Total |
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 | 5.125% |
Senior Notes [Member] | Floating Rate Senior Notes Due December 2017 [Member] | |
Debt Instrument [Line Items] | |
Percentage Of Margin Aggregate Interest Rate | 3.03% |
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 | 1.50% |
Maximum [Member] | Bank Overdraft [Member] | |
Debt Instrument [Line Items] | |
Line of Credit Facility, Interest Rate During Period | 2.95% |
Long-Term Debt And Borrowing 49
Long-Term Debt And Borrowing Arrangements (Narrative) (Detail) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | ||
Other Long-term Debt | $ 64 | $ 34 |
Long-term Debt | $ 3,552 | $ 3,420 |
Uncommitted Credit Facility [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Interest Rate During Period | 1.09% | |
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 | March 2,019 | |
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 | June 2,022 | |
Five And One Over Four Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date, Description | March 2,025 | |
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 | March 2,020 | |
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 |
Long-Term Debt And Borrowing 50
Long-Term Debt And Borrowing Arrangements (Schedule Of Committed Credit Facilities) (Detail) $ in Millions | Jun. 30, 2015USD ($) |
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 | 1,057 |
Available Capacity | 743 |
Other Facilities [Member] | |
Line of Credit Facility [Line Items] | |
Total Capacity | 24 |
Outstanding Borrowings | 13 |
Letters of Credit Issued | 0 |
Available Capacity | $ 11 |
Long-Term Debt And Borrowing 51
Long-Term Debt And Borrowing Arrangements (Schedule Of Committed Credit Facilities) (Detail Section) - Jun. 30, 2015 - Debt Instrument, Name [Domain] - USD ($) $ in Millions | Total |
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 | 1.50% |
Minimum [Member] | Uncommitted Credit Facility [Member] | |
Line of Credit Facility [Line Items] | |
Line of Credit Facility, Interest Rate During Period | 1.09% |
Maximum [Member] | Bank Overdraft [Member] | |
Line of Credit Facility [Line Items] | |
Line of Credit Facility, Interest Rate During Period | 2.95% |
Maximum [Member] | Uncommitted Credit Facility [Member] | |
Line of Credit Facility [Line Items] | |
Line of Credit Facility, Interest Rate During Period | 2.50% |
Debt Under Vehicle Programs A52
Debt Under Vehicle Programs And Borrowing Arrangements (Schedule Of Debt Under Vehicle Programs) (Detail) - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | ||
Debt under vehicle programs | $ 11,086,000,000 | $ 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 | 9,900,000,000 | |
Debt under vehicle programs | 8,350,000,000 | 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 | 1,200,000,000 | |
Debt under vehicle programs | 946,000,000 | 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 | 1,800,000,000 | |
Debt under vehicle programs | 1,476,000,000 | 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 | 300,000,000 | |
Debt under vehicle programs | 304,000,000 | 314,000,000 |
Other (Member) | ||
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | ||
Debt under vehicle programs | $ 10,000,000 | $ 31,000,000 |
Debt Under Vehicle Programs A53
Debt Under Vehicle Programs And Borrowing Arrangements (Schedule Of Contractual Maturities) (Detail) $ in Millions | Jun. 30, 2015USD ($) |
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | |
Vehicle Program Debt Amount Outstanding | $ 11,086 |
Vehicle backed debt [Member] | |
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | |
Within 1 year (a) | 1,348 |
Between 1 and 2 years | 4,340 |
Between 2 and 3 years | 1,344 |
Between 3 and 4 years | 1,842 |
Between 4 and 5 years | 1,363 |
Thereafter | 849 |
Vehicle Program Debt Amount Outstanding | $ 11,086 |
Debt Under Vehicle Programs A54
Debt Under Vehicle Programs And Borrowing Arrangements (Schedule Of Available Funding Under The Vehicle Programs) (Detail) | Jun. 30, 2015USD ($) |
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | |
Total Capacity (a) | $ 13,271,000,000 |
Outstanding Borrowings | 11,086,000,000 |
Available Capacity | 2,185,000,000 |
Debt Due To Avis Budget Rental Car Funding (Member) | |
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | |
Total Capacity (a) | 9,650,000,000 |
Outstanding Borrowings | 8,350,000,000 |
Available Capacity | 1,300,000,000 |
Leasing Vehicles And Related Assets Pledged As Collateralized Debt | 9,900,000,000 |
Americas Debt Borrowings [Member] | |
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | |
Total Capacity (a) | 1,102,000,000 |
Outstanding Borrowings | 946,000,000 |
Available Capacity | 156,000,000 |
Leasing Vehicles And Related Assets Pledged As Collateralized Debt | 1,200,000,000 |
International Debt Borrowings [Domain] | |
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | |
Total Capacity (a) | 2,183,000,000 |
Outstanding Borrowings | 1,476,000,000 |
Available Capacity | 707,000,000 |
Leasing Vehicles And Related Assets Pledged As Collateralized Debt | 1,800,000,000 |
International Capital Leases [Domain] | |
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | |
Total Capacity (a) | 326,000,000 |
Outstanding Borrowings | 304,000,000 |
Available Capacity | 22,000,000 |
Leasing Vehicles And Related Assets Pledged As Collateralized Debt | 300,000,000 |
Other (Member) | |
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | |
Total Capacity (a) | 10,000,000 |
Outstanding Borrowings | 10,000,000 |
Available Capacity | $ 0 |
Commitments And Contingencies (
Commitments And Contingencies (Narrative) (Detail) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Schedule Of Commitments And Contingencies [Line Items] | ||
Loss Contingency, Damages Sought, Value | $ 25 | |
Loss Contingency, Range of Possible Loss, Portion Not Accrued | 20 | |
Purchase obligation over the next twelve months | 3,600 | |
Other Receivables | 217 | $ 170 |
Realogy [Member] | ||
Schedule Of Commitments And Contingencies [Line Items] | ||
Other Receivables | 54 | |
Wyndham [Member] | ||
Schedule Of Commitments And Contingencies [Line Items] | ||
Other Receivables | $ 33 |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Detail) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Stockholders Equity [Line Items] | |||
Stock Repurchase Program, Authorized Amount | $ 635 | ||
Stock Repurchased During Period, Shares | 3 | 2.2 | |
Stock Repurchased During Period, Value | $ 116 | $ 150 | |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 169 |
Stockholders' Equity (Accumulat
Stockholders' Equity (Accumulated Other Comprehensive Income) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Currency Translation Adjustments, Balance | $ 51 | $ 166 | ||
Net Unrealized Gains (Losses) on Cash Flow Hedges, Balance | $ (4) | $ (1) | (4) | (1) |
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 | 8 | 5 | (84) | 8 |
Net unrealized gain (loss) on cash flow hedges (net of tax of $2 and $0, respectively) | 0 | (3) | (3) | (2) |
Net unrealized gains on available-for-sale securities, net of tax | (1) | 2 | (1) | 1 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | (1) | (1) | (2) | (1) |
Accumulated Other Comprehensive Income, Current period change | 8 | 5 | (86) | 8 |
Currency Translation Adjustments, Balance | (33) | 174 | (33) | 174 |
Net Unrealized Gains (Losses) on Cash Flow Hedges, Balance | (1) | 1 | ||
Net Unrealized Gains on Available- For-Sale Securities, Balance | 1 | 3 | 1 | 3 |
Currency Translation Adjustments, Balance | (72) | (51) | (72) | (51) |
Accumulated Other Comprehensive Income, Balance | (108) | 125 | (108) | 125 |
Derivatives used in Net Investment Hedge, Net of Tax | 61 | 61 | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent | (84) | 8 | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), before Tax | 1 | 2 | ||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net (Gain) Loss, Net of Tax | 0 | (1) | 0 | |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (82) | 10 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (4) | (2) | ||
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 | 0 | |||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | 2 | 2 | 4 | 4 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | $ (2) | $ (1) | 3 | 2 |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Reclassification Adjustments, Net of Tax | (1) | 1 | ||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Net of Tax | $ 3 | $ 1 |
Stockholders' Equity (Component
Stockholders' Equity (Components Of Other Comprehensive Income) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Equity [Abstract] | ||||
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax | $ 7 | $ (2) | $ (17) | $ (2) |
Other Comprehensive Income (Loss), Available-for-sale Securities, Tax | 0 | 0 | 0 | 0 |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax | 0 | 1 | 2 | 1 |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Tax | (1) | (1) | (1) | (1) |
Net income | 143 | 26 | 134 | 30 |
Currency translation adjustments (net of tax of $(24) and $0, respectively) | 8 | 5 | (84) | 8 |
Net unrealized gain (loss) on available-for-sale securities (net of tax of $0 and $0, respectively) | (1) | 2 | (1) | 1 |
Net unrealized gain (loss) on cash flow hedges (net of tax of $2 and $0, respectively) | 0 | (3) | (3) | (2) |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 1 | 1 | 2 | 1 |
Other comprehensive income (loss) | 8 | 5 | (86) | 8 |
Total comprehensive income (loss) | $ 151 | $ 31 | $ 48 | $ 38 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 6 | $ 8 | $ 11 | $ 16 |
Stock-based compensation expense (net of tax) | 4 | $ 5 | 7 | $ 10 |
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 | 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 |
Stock-Based Compensation (Summa
Stock-Based Compensation (Summary Of Share Based Payment Other Than Options Valuation Assumptions) (Detail) | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 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% | 0.83% |
Expected term of awards | 3 years | P3Y0M0D |
Dividend yield | 0.00% | 0.00% |
Stock-Based Compensation (Stock
Stock-Based Compensation (Stock Based Compensation Activity) (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 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 | 827 | 848 | |
Options outstanding, intrinsic value | $ 34 | $ 54 | |
Stock Issued During Period, Value, Restricted Stock Award, Gross | $ 24 | $ 15 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 3 years 9 months | 4 years 3 months | |
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 | $ 41.94 | |
Weighted Average Grant Price, Vested/exercised | 22.16 | ||
Weighted Average Grant Price, Canceled | 38.59 | ||
Weighted Average Grant Price, Balance | $ 43.09 | $ 27.26 | |
Number of RSUs, Balance | 998 | ||
Number of RSUs, Granted at fair market value | 250 | ||
Number of RSUs, Vested/exercised | (536) | ||
Number of RSUs, Canceled | (16) | ||
Number of RSUs, Balance | 696 | 998 | |
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 | $ 41.97 | |
Weighted Average Grant Price, Vested/exercised | 12.05 | ||
Weighted Average Grant Price, Canceled | 18.89 | ||
Weighted Average Grant Price, Balance | $ 35.12 | $ 19.17 | |
Number of RSUs, Balance | 1,884 | ||
Number of RSUs, Granted at fair market value | 230 | ||
Number of RSUs, Vested/exercised | (982) | ||
Number of RSUs, Canceled | (168) | ||
Number of RSUs, Balance | 964 | 1,884 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding | $ 42 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 1 year 2 months | ||
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 | $ 14.90 | |
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 | 267 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding | $ 5 | ||
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 | 31 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 39 |
Stock-Based Compensation (Sum62
Stock-Based Compensation (Summary Of Share Based Compensation Shares Authorized Under Stock Option Plans By Exercise Price Range) (Detail) - Award Type [Domain] - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 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 | 827 | 848 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 2.87 | $ 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 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 | (20) | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 5.40 | |
Options outstanding, intrinsic value | $ 34 | $ 54 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 3 years 9 months | 4 years 3 months |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 0 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 0 |
Financial Instruments (Schedule
Financial Instruments (Schedule Of Carrying Amounts And Estimated Fair Values) (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Short-term debt and current portion of long-term debt | $ 32 | $ 28 |
Long-term Debt, Excluding Current Maturities | 3,520 | 3,392 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
Debt Instrument [Line Items] | ||
Short-term debt and current portion of long-term debt | 32 | 28 |
Long-term Debt, Excluding Current Maturities | 3,520 | 3,392 |
Debt Due To Avis Budget Rental Car Funding Aesop Llc Related Party | 8,350 | 6,340 |
Vehicle-backed debt | 2,733 | 1,766 |
Debt Under Vehicle Programs Interest Rate Swaps And Interest Rate Contracts | 3 | 10 |
Estimate Of Fair Value, Fair Value Disclosure [Member] | ||
Debt Instrument [Line Items] | ||
Short-term debt and current portion of long-term debt | 32 | 28 |
Long-term Debt, Excluding Current Maturities | 3,491 | 3,439 |
Debt Due To Avis Budget Rental Car Funding Aesop Llc Related Party | 8,411 | 6,407 |
Vehicle-backed debt | 2,748 | 1,771 |
Debt Under Vehicle Programs Interest Rate Swaps And Interest Rate Contracts | $ 3 | $ 10 |
Financial Instruments (Narrativ
Financial Instruments (Narrative) (Detail) gal in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015USD ($)gal | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($)gal | Jun. 30, 2014USD ($) | |
Schedule of Cost-method Investments [Line Items] | ||||
Net unrealized gain (loss) on cash flow hedges | $ 11 | $ 26 | ||
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | 8 | 8 | ||
Derivative Instruments, Gain (Loss) Recognized in Income, Net | (15) | $ (13) | 17 | $ (30) |
Interest Rate Caps [Member] | ||||
Schedule of Cost-method Investments [Line Items] | ||||
Absolute notional values of derivative instruments | 8,642 | 8,642 | ||
Interest Rate Caps [Member] | Interest Rate Caps Purchased [Member] | ||||
Schedule of Cost-method Investments [Line Items] | ||||
Absolute notional values of derivative instruments | 2,200 | 2,200 | ||
Interest Rate Caps [Member] | Interest Rate Caps Purchased [Member] | Subsidiary Issuers [Member] | ||||
Schedule of Cost-method Investments [Line Items] | ||||
Absolute notional values of derivative instruments | 4,200 | 4,200 | ||
Interest Rate Caps [Member] | Interest Rate Caps Sold [Member] | ||||
Schedule of Cost-method Investments [Line Items] | ||||
Absolute notional values of derivative instruments | 6,400 | 6,400 | ||
Interest Rate Swaps [Member] | ||||
Schedule of Cost-method Investments [Line Items] | ||||
Absolute notional values of derivative instruments | $ 1,837 | $ 1,837 | ||
Commodity Contracts [Member] | ||||
Schedule of Cost-method Investments [Line Items] | ||||
Units Of Gasoline | gal | 11 | 11 | ||
Currency Swap [Member] | ||||
Schedule of Cost-method Investments [Line Items] | ||||
Absolute notional values of derivative instruments | $ 885 | $ 885 | ||
Not Designated As Hedging Instruments [Member] | Commodity Contracts [Member] | ||||
Schedule of Cost-method Investments [Line Items] | ||||
Derivative Instruments, Gain (Loss) Recognized in Income, Net | 4 | 1 | 4 | 1 |
Foreign Exchange Contract [Member] | ||||
Schedule of Cost-method Investments [Line Items] | ||||
Derivative Instruments, Gain (Loss) Recognized in Income, Net | $ 19 | $ 11 | 2 | 26 |
Operating Expense [Member] | ||||
Schedule of Cost-method Investments [Line Items] | ||||
Derivative Instruments, Gain (Loss) Recognized in Income, Net | $ 14 | $ 3 |
Financial Instruments (Fair Val
Financial Instruments (Fair Values Of Derivatives Instruments) (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Schedule of Cost-method Investments [Line Items] | ||
Fair Value, Asset Derivatives | $ 18 | $ 6 |
Fair Value, Liability Derivatives | 22 | 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 | 7 | 3 |
Not Designated As Hedging Instruments [Member] | Foreign Exchange Contract [Member] | ||
Schedule of Cost-method Investments [Line Items] | ||
Fair Value, Asset Derivatives | 15 | 5 |
Fair Value, Liability Derivatives | 12 | 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 | 3 | 10 |
Not Designated As Hedging Instruments [Member] | Commodity Contracts [Member] | ||
Schedule of Cost-method Investments [Line Items] | ||
Fair Value, Asset Derivatives | 3 | 0 |
Fair Value, Liability Derivatives | $ 0 | $ 1 |
Financial Instruments (Schedu66
Financial Instruments (Schedule Of Effect Of Derivatives Recognized) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Schedule of Cost-method Investments [Line Items] | |||||
Long-term Debt, Current Maturities | $ 32 | $ 32 | $ 28 | ||
Derivatives not designated as hedging instruments | (15) | $ (13) | 17 | $ (30) | |
Interest Rate Swaps [Member] | |||||
Schedule of Cost-method Investments [Line Items] | |||||
Derivative, Notional Amount | 1,837 | 1,837 | |||
Designated As Hedging Instruments [Member] | Interest Rate Swaps [Member] | |||||
Schedule of Cost-method Investments [Line Items] | |||||
Interest rate swaps | 0 | (3) | (3) | (2) | |
Not Designated As Hedging Instruments [Member] | Foreign Exchange Contracts [Member] | |||||
Schedule of Cost-method Investments [Line Items] | |||||
Derivatives not designated as hedging instruments | (19) | (11) | 16 | (29) | |
Not Designated As Hedging Instruments [Member] | Commodity Contracts [Member] | |||||
Schedule of Cost-method Investments [Line Items] | |||||
Derivatives not designated as hedging instruments | 4 | 1 | 4 | 1 | |
Operating Expense [Member] | |||||
Schedule of Cost-method Investments [Line Items] | |||||
Derivatives not designated as hedging instruments | 14 | 3 | |||
Foreign Exchange Contract [Member] | |||||
Schedule of Cost-method Investments [Line Items] | |||||
Derivatives not designated as hedging instruments | $ 19 | $ 11 | $ 2 | $ 26 |
Segment Information (Summary Of
Segment Information (Summary Of Segments Information) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Segment Reporting Information [Line Items] | ||||
Segment Reporting, Change in Measurement Method | $ 15 | $ 34 | ||
Revenues | $ 2,173 | 2,194 | $ 4,023 | 4,056 |
Adjusted EBITDA | 227 | 213 | 344 | 330 |
Non-vehicle related depreciation and amortization | 56 | 45 | 105 | 86 |
Interest expense related to corporate debt, net: | 45 | 55 | 97 | 111 |
Early Debt Extinguishment | 23 | 56 | 23 | 56 |
Transaction-related costs | 18 | 8 | 49 | 16 |
Restructuring expense | 3 | 1 | 4 | 8 |
Income before income taxes | 82 | 48 | 66 | 53 |
Americas | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 1,556 | 1,542 | 2,931 | 2,872 |
Adjusted EBITDA | 178 | 172 | 293 | 287 |
International | ||||
Segment Reporting Information [Line Items] | ||||
Segment Reporting, Change in Measurement Method | 2 | 5 | ||
Revenues | 617 | 652 | 1,092 | 1,184 |
Adjusted EBITDA | 61 | 55 | 77 | 69 |
Corporate and Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Adjusted EBITDA | $ (12) | $ (14) | $ (26) | $ (26) |
Segment Information (Narrative)
Segment Information (Narrative) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||
Segment Reporting, Change in Measurement Method | $ 15 | $ 34 | |||
Sales Revenue, Services, Net | $ 2,173 | 2,194 | $ 4,023 | 4,056 | |
Adjusted EBITDA | 227 | 213 | 344 | 330 | |
Non Vehicle Related Depreciation And Amortization | 56 | 45 | 105 | 86 | |
Restructuring expense | 3 | 1 | 4 | 8 | |
Loss before income taxes | 82 | 48 | 66 | 53 | |
Assets Under Vehicle Programs | 14,120 | 14,120 | $ 11,058 | ||
International | |||||
Segment Reporting Information [Line Items] | |||||
Segment Reporting, Change in Measurement Method | 2 | 5 | |||
Sales Revenue, Services, Net | 617 | 652 | 1,092 | 1,184 | |
Adjusted EBITDA | 61 | 55 | 77 | 69 | |
Assets Under Vehicle Programs | 2,800 | 2,800 | 1,900 | ||
Americas | |||||
Segment Reporting Information [Line Items] | |||||
Sales Revenue, Services, Net | 1,556 | 1,542 | 2,931 | 2,872 | |
Adjusted EBITDA | 178 | 172 | 293 | 287 | |
Assets Under Vehicle Programs | 11,300 | 11,300 | $ 9,200 | ||
Corporate and Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales Revenue, Services, Net | 0 | 0 | 0 | 0 | |
Adjusted EBITDA | $ (12) | $ (14) | $ (26) | $ (26) |
Guarantor And Non-Guarantor C69
Guarantor And Non-Guarantor Consolidating Condensed Financial Statements (Consolidating Condensed Statements Of Comprehensive Income) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Revenues | ||||
Vehicle rental | $ 1,533 | $ 1,553 | $ 2,852 | $ 2,882 |
Other | 640 | 641 | 1,171 | 1,174 |
Net revenues | 2,173 | 2,194 | 4,023 | 4,056 |
Expenses | ||||
Operating | 1,092 | 1,105 | 2,077 | 2,105 |
Vehicle depreciation and lease charges, net | 498 | 517 | 930 | 950 |
Selling, general and administrative | 281 | 287 | 529 | 535 |
Vehicle interest, net | 75 | 72 | 143 | 136 |
Non-vehicle related depreciation and amortization | 56 | 45 | 105 | 86 |
Interest expense | 45 | 55 | 97 | 111 |
Intercompany Interest Expense Income | 0 | 0 | 0 | 0 |
Early Debt Extinguishment | 23 | 56 | 23 | 56 |
Transaction-related costs | 18 | 8 | 49 | 16 |
Total expenses | 2,091 | 2,146 | 3,957 | 4,003 |
Interest expense related to corporate debt, net: | ||||
Income before income taxes | 82 | 48 | 66 | 53 |
Provision for (benefit from) income taxes | 61 | (22) | 68 | (23) |
Equity in earnings (loss) of subsidiaries | 0 | 0 | 0 | 0 |
Net income | 143 | 26 | 134 | 30 |
Comprehensive income (loss) | (151) | (31) | (48) | (38) |
Restructuring Charges | 3 | 1 | 4 | 8 |
Parent Company [Member] | ||||
Revenues | ||||
Vehicle rental | 0 | 0 | 0 | 0 |
Other | 0 | 0 | 0 | 0 |
Net revenues | 0 | 0 | 0 | 0 |
Expenses | ||||
Operating | 1 | 2 | 1 | 2 |
Vehicle depreciation and lease charges, net | 0 | 0 | 0 | 0 |
Selling, general and administrative | 9 | 6 | 17 | 13 |
Vehicle interest, net | 0 | 0 | 0 | 0 |
Non-vehicle related depreciation and amortization | 0 | 0 | 0 | 0 |
Interest expense | 0 | 0 | 0 | 1 |
Intercompany Interest Expense Income | (3) | (3) | (6) | (6) |
Early Debt Extinguishment | 0 | 0 | 0 | 0 |
Transaction-related costs | 0 | 0 | 0 | 0 |
Total expenses | 7 | 5 | 12 | 10 |
Interest expense related to corporate debt, net: | ||||
Income before income taxes | (7) | (5) | (12) | (10) |
Provision for (benefit from) income taxes | 3 | 1 | 5 | 3 |
Equity in earnings (loss) of subsidiaries | 147 | 30 | 141 | 37 |
Net income | 143 | 26 | 134 | 30 |
Comprehensive income (loss) | (151) | (31) | (48) | (38) |
Restructuring Charges | 0 | 0 | 0 | 0 |
Subsidiary Issuers [Member] | ||||
Revenues | ||||
Vehicle rental | 0 | 0 | 0 | 0 |
Other | 0 | 0 | 0 | 0 |
Net revenues | 0 | 0 | 0 | 0 |
Expenses | ||||
Operating | 5 | 4 | 9 | 8 |
Vehicle depreciation and lease charges, net | 0 | 0 | 0 | 0 |
Selling, general and administrative | 3 | 7 | 6 | 11 |
Vehicle interest, net | 0 | 0 | 0 | 0 |
Non-vehicle related depreciation and amortization | 1 | 1 | 1 | 1 |
Interest expense | 42 | 41 | 82 | 88 |
Intercompany Interest Expense Income | (3) | (2) | (5) | (5) |
Early Debt Extinguishment | 23 | 56 | 23 | 56 |
Transaction-related costs | 12 | 2 | 18 | 4 |
Total expenses | 83 | 109 | 134 | 163 |
Interest expense related to corporate debt, net: | ||||
Income before income taxes | (83) | (109) | (134) | (163) |
Provision for (benefit from) income taxes | 127 | 43 | 147 | 64 |
Equity in earnings (loss) of subsidiaries | 103 | 96 | 128 | 136 |
Net income | 147 | 30 | 141 | 37 |
Comprehensive income (loss) | (155) | (33) | (55) | (44) |
Restructuring Charges | 0 | 0 | 0 | 0 |
Guarantor Subsidiaries [Member] | ||||
Revenues | ||||
Vehicle rental | 1,055 | 1,049 | 1,997 | 1,965 |
Other | 307 | 309 | 574 | 576 |
Net revenues | 1,362 | 1,358 | 2,571 | 2,541 |
Expenses | ||||
Operating | 654 | 660 | 1,262 | 1,264 |
Vehicle depreciation and lease charges, net | 476 | 505 | 912 | 946 |
Selling, general and administrative | 162 | 157 | 302 | 297 |
Vehicle interest, net | 52 | 51 | 101 | 96 |
Non-vehicle related depreciation and amortization | 33 | 28 | 66 | 55 |
Interest expense | (8) | 2 | (7) | 2 |
Intercompany Interest Expense Income | 6 | 0 | 6 | 1 |
Early Debt Extinguishment | 0 | 0 | 0 | 0 |
Transaction-related costs | 0 | (4) | 1 | (1) |
Total expenses | 1,375 | 1,399 | 2,644 | 2,662 |
Interest expense related to corporate debt, net: | ||||
Income before income taxes | (13) | (41) | (73) | (121) |
Provision for (benefit from) income taxes | (53) | (52) | (61) | (70) |
Equity in earnings (loss) of subsidiaries | 169 | 189 | 262 | 327 |
Net income | 103 | 96 | 128 | 136 |
Comprehensive income (loss) | (111) | (101) | (44) | (144) |
Restructuring Charges | 0 | 0 | 1 | 2 |
Non-Guarantor Subsidiaries [Member] | ||||
Revenues | ||||
Vehicle rental | 478 | 504 | 855 | 917 |
Other | 866 | 891 | 1,619 | 1,646 |
Net revenues | 1,344 | 1,395 | 2,474 | 2,563 |
Expenses | ||||
Operating | 432 | 439 | 805 | 831 |
Vehicle depreciation and lease charges, net | 500 | 516 | 931 | 948 |
Selling, general and administrative | 107 | 117 | 204 | 214 |
Vehicle interest, net | 78 | 76 | 151 | 144 |
Non-vehicle related depreciation and amortization | 22 | 16 | 38 | 30 |
Interest expense | 11 | 12 | 22 | 20 |
Intercompany Interest Expense Income | 0 | 5 | 5 | 10 |
Early Debt Extinguishment | 0 | 0 | 0 | 0 |
Transaction-related costs | 6 | 10 | 30 | 13 |
Total expenses | 1,159 | 1,192 | 2,189 | 2,216 |
Interest expense related to corporate debt, net: | ||||
Income before income taxes | 185 | 203 | 285 | 347 |
Provision for (benefit from) income taxes | (16) | (14) | (23) | (20) |
Equity in earnings (loss) of subsidiaries | 0 | 0 | 0 | 0 |
Net income | 169 | 189 | 262 | 327 |
Comprehensive income (loss) | (177) | (194) | (178) | (335) |
Restructuring Charges | 3 | 1 | 3 | 6 |
Eliminations [Member] | ||||
Revenues | ||||
Vehicle rental | 0 | 0 | 0 | 0 |
Other | (533) | (559) | (1,022) | (1,048) |
Net revenues | (533) | (559) | (1,022) | (1,048) |
Expenses | ||||
Operating | 0 | 0 | 0 | 0 |
Vehicle depreciation and lease charges, net | (478) | (504) | (913) | (944) |
Selling, general and administrative | 0 | 0 | 0 | 0 |
Vehicle interest, net | (55) | (55) | (109) | (104) |
Non-vehicle related depreciation and amortization | 0 | 0 | 0 | 0 |
Interest expense | 0 | 0 | 0 | 0 |
Intercompany Interest Expense Income | 0 | 0 | 0 | 0 |
Early Debt Extinguishment | 0 | 0 | 0 | 0 |
Transaction-related costs | 0 | 0 | 0 | 0 |
Total expenses | (533) | (559) | (1,022) | (1,048) |
Interest expense related to corporate debt, net: | ||||
Income before income taxes | 0 | 0 | 0 | 0 |
Provision for (benefit from) income taxes | 0 | 0 | 0 | 0 |
Equity in earnings (loss) of subsidiaries | (419) | (315) | (531) | (500) |
Net income | (419) | (315) | (531) | (500) |
Comprehensive income (loss) | 443 | 328 | 277 | 523 |
Restructuring Charges | $ 0 | $ 0 | $ 0 | $ 0 |
Guarantor And Non-Guarantor C70
Guarantor And Non-Guarantor Consolidating Condensed Financial Statements (Consolidating Condensed Balance Sheets) (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
Current assets: | ||||
Cash and cash equivalents | $ 529 | $ 624 | $ 537 | $ 693 |
Receivables, net | 685 | 599 | ||
Deferred income taxes | 144 | 159 | ||
Other current assets | 763 | 456 | ||
Total current assets | 2,121 | 1,838 | ||
Property and equipment, net | 637 | 638 | ||
Deferred income taxes | 1,261 | 1,352 | ||
Goodwill | 971 | 842 | ||
Other intangibles, net | 946 | 886 | ||
Other non-current assets | 343 | 355 | ||
Intercompany receivables (payables) | 0 | 0 | ||
Investment in subsidiaries | 0 | 0 | ||
Total assets exclusive of assets under vehicle programs | 6,279 | 5,911 | ||
Assets under vehicle programs: | ||||
Program cash | 143 | 119 | ||
Vehicles, net | 13,395 | 10,215 | ||
Receivables from vehicle manufacturers and other | 220 | 362 | ||
Investment in Avis Budget Rental Car Funding (AESOP) LLC—related party | 362 | 362 | ||
Total Assets under vehicle programs | 14,120 | 11,058 | ||
Total assets | 20,399 | 16,969 | ||
Current liabilities: | ||||
Accounts payable and other current liabilities | 1,697 | 1,491 | ||
Long-term Debt, Current Maturities | 32 | 28 | ||
Total current liabilities | 1,729 | 1,519 | ||
Long-term debt | 3,520 | 3,392 | ||
Other non-current liabilities | 723 | 766 | ||
Due to Related Parties, Noncurrent | 0 | 0 | ||
Total liabilities exclusive of liabilities under vehicle programs | 5,972 | 5,677 | ||
Liabilities under vehicle programs: | ||||
Debt | 2,736 | 1,776 | ||
Due to Avis Budget Rental Car Funding (AESOP) LLC-related party | 8,350 | 6,340 | ||
Deferred income taxes | 2,141 | 2,267 | ||
Other | 604 | 244 | ||
Total Liabilities under vehicle programs | 13,831 | 10,627 | ||
Total stockholders' equity | 596 | 665 | ||
Total liabilities and stockholders’ equity | 20,399 | 16,969 | ||
Parent [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 5 | 2 | 5 | 14 |
Receivables, net | 0 | 0 | ||
Deferred income taxes | 0 | 0 | ||
Other current assets | 3 | 3 | ||
Total current assets | 8 | 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) | 210 | 205 | ||
Investment in subsidiaries | 376 | 468 | ||
Total assets exclusive of assets under vehicle programs | 709 | 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 | 709 | 801 | ||
Current liabilities: | ||||
Accounts payable and other current liabilities | 24 | 39 | ||
Long-term Debt, Current Maturities | 0 | 0 | ||
Total current liabilities | 24 | 39 | ||
Long-term debt | 0 | 0 | ||
Other non-current liabilities | 89 | 97 | ||
Due to Related Parties, Noncurrent | 0 | 0 | ||
Total liabilities exclusive of liabilities under vehicle programs | 113 | 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 | 596 | 665 | ||
Total liabilities and stockholders’ equity | 709 | 801 | ||
Subsidiary Issuers [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 239 | 210 | 248 | 242 |
Receivables, net | 0 | 0 | ||
Deferred income taxes | 9 | 23 | ||
Other current assets | 100 | 86 | ||
Total current assets | 348 | 319 | ||
Property and equipment, net | 118 | 112 | ||
Deferred income taxes | 1,150 | 1,199 | ||
Goodwill | 0 | 0 | ||
Other intangibles, net | 32 | 38 | ||
Other non-current assets | 65 | 81 | ||
Intercompany receivables (payables) | 356 | 344 | ||
Investment in subsidiaries | 3,186 | 3,072 | ||
Total assets exclusive of assets under vehicle programs | 5,255 | 5,165 | ||
Assets under vehicle programs: | ||||
Program cash | 0 | 0 | ||
Vehicles, net | 16 | 7 | ||
Receivables from vehicle manufacturers and other | 1 | 1 | ||
Investment in Avis Budget Rental Car Funding (AESOP) LLC—related party | 0 | 0 | ||
Total Assets under vehicle programs | 17 | 8 | ||
Total assets | 5,272 | 5,173 | ||
Current liabilities: | ||||
Accounts payable and other current liabilities | 185 | 200 | ||
Long-term Debt, Current Maturities | 12 | 13 | ||
Total current liabilities | 197 | 213 | ||
Long-term debt | 2,977 | 2,825 | ||
Other non-current liabilities | 86 | 100 | ||
Due to Related Parties, Noncurrent | 1,634 | 1,558 | ||
Total liabilities exclusive of liabilities under vehicle programs | 4,894 | 4,696 | ||
Liabilities under vehicle programs: | ||||
Debt | 2 | 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 | 2 | 9 | ||
Total stockholders' equity | 376 | 468 | ||
Total liabilities and stockholders’ equity | 5,272 | 5,173 | ||
Guarantor Subsidiaries [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 0 | 0 | 0 | 12 |
Receivables, net | 180 | 177 | ||
Deferred income taxes | 103 | 102 | ||
Other current assets | 91 | 78 | ||
Total current assets | 374 | 357 | ||
Property and equipment, net | 324 | 325 | ||
Deferred income taxes | 140 | 138 | ||
Goodwill | 487 | 487 | ||
Other intangibles, net | 532 | 545 | ||
Other non-current assets | 22 | 22 | ||
Intercompany receivables (payables) | 676 | 978 | ||
Investment in subsidiaries | 3,677 | 3,316 | ||
Total assets exclusive of assets under vehicle programs | 6,232 | 6,168 | ||
Assets under vehicle programs: | ||||
Program cash | 0 | 0 | ||
Vehicles, net | 83 | 87 | ||
Receivables from vehicle manufacturers and other | 1 | 0 | ||
Investment in Avis Budget Rental Car Funding (AESOP) LLC—related party | 0 | 0 | ||
Total Assets under vehicle programs | 84 | 87 | ||
Total assets | 6,316 | 6,255 | ||
Current liabilities: | ||||
Accounts payable and other current liabilities | 523 | 462 | ||
Long-term Debt, Current Maturities | 5 | 4 | ||
Total current liabilities | 528 | 466 | ||
Long-term debt | 3 | 6 | ||
Other non-current liabilities | 225 | 232 | ||
Due to Related Parties, Noncurrent | 325 | 313 | ||
Total liabilities exclusive of liabilities under vehicle programs | 1,081 | 1,017 | ||
Liabilities under vehicle programs: | ||||
Debt | 80 | 84 | ||
Due to Avis Budget Rental Car Funding (AESOP) LLC-related party | 0 | 0 | ||
Deferred income taxes | 1,968 | 2,082 | ||
Other | 1 | 0 | ||
Total Liabilities under vehicle programs | 2,049 | 2,166 | ||
Total stockholders' equity | 3,186 | 3,072 | ||
Total liabilities and stockholders’ equity | 6,316 | 6,255 | ||
Non-Guarantor Subsidiaries [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 285 | 412 | 284 | 425 |
Receivables, net | 505 | 422 | ||
Deferred income taxes | 32 | 34 | ||
Other current assets | 569 | 289 | ||
Total current assets | 1,391 | 1,157 | ||
Property and equipment, net | 195 | 201 | ||
Deferred income taxes | 0 | 0 | ||
Goodwill | 484 | 355 | ||
Other intangibles, net | 382 | 303 | ||
Other non-current assets | 161 | 148 | ||
Intercompany receivables (payables) | 774 | 672 | ||
Investment in subsidiaries | 0 | 0 | ||
Total assets exclusive of assets under vehicle programs | 3,387 | 2,836 | ||
Assets under vehicle programs: | ||||
Program cash | 143 | 119 | ||
Vehicles, net | 13,296 | 10,121 | ||
Receivables from vehicle manufacturers and other | 218 | 361 | ||
Investment in Avis Budget Rental Car Funding (AESOP) LLC—related party | 362 | 362 | ||
Total Assets under vehicle programs | 14,019 | 10,963 | ||
Total assets | 17,406 | 13,799 | ||
Current liabilities: | ||||
Accounts payable and other current liabilities | 965 | 790 | ||
Long-term Debt, Current Maturities | 15 | 11 | ||
Total current liabilities | 980 | 801 | ||
Long-term debt | 540 | 561 | ||
Other non-current liabilities | 372 | 341 | ||
Due to Related Parties, Noncurrent | 57 | 328 | ||
Total liabilities exclusive of liabilities under vehicle programs | 1,949 | 2,031 | ||
Liabilities under vehicle programs: | ||||
Debt | 2,654 | 1,683 | ||
Due to Avis Budget Rental Car Funding (AESOP) LLC-related party | 8,350 | 6,340 | ||
Deferred income taxes | 173 | 185 | ||
Other | 603 | 244 | ||
Total Liabilities under vehicle programs | 11,780 | 8,452 | ||
Total stockholders' equity | 3,677 | 3,316 | ||
Total liabilities and stockholders’ equity | 17,406 | 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 | (49) | (4) | ||
Goodwill | 0 | 0 | ||
Other intangibles, net | 0 | 0 | ||
Other non-current assets | 0 | 0 | ||
Intercompany receivables (payables) | (2,016) | (2,199) | ||
Investment in subsidiaries | (7,239) | (6,856) | ||
Total assets exclusive of assets under vehicle programs | (9,304) | (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 | (9,304) | (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 | (49) | (4) | ||
Due to Related Parties, Noncurrent | (2,016) | (2,199) | ||
Total liabilities exclusive of liabilities under vehicle programs | (2,065) | (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 | (7,239) | (6,856) | ||
Total liabilities and stockholders’ equity | $ (9,304) | $ (9,059) |
Guarantor And Non-Guarantor C71
Guarantor And Non-Guarantor Consolidating Condensed Financial Statements (Consolidating Condensed Statements Of Cash Flows) (Detail) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Supplemental Guarantor Financial Information [Line Items] | ||
Net cash provided by (used in) operating activities | $ 1,027 | $ 1,011 |
Property and equipment additions | (80) | (80) |
Proceeds received on asset sales | 6 | 6 |
Payments to Acquire Restricted Investments | (222) | (125) |
Other, net | (1) | (8) |
Net cash used in investing activities exclusive of vehicle programs | (297) | (207) |
Decrease (increase) in program cash | (30) | (29) |
Investment in vehicles | (7,939) | (8,214) |
Proceeds received on disposition of vehicles | 4,549 | 4,382 |
Net cash used in investing activities of vehicle programs | (3,420) | (3,861) |
Net cash used in investing activities | (3,717) | (4,068) |
Proceeds from long-term borrowings | 376 | 695 |
Principal payments on borrowings | (281) | (747) |
Net change in short-term borrowings | (13) | 0 |
Repurchases of common stock | (114) | (146) |
Debt financing fees | (7) | (11) |
Other, net | 0 | (1) |
Net cash used in financing activities exclusive of vehicle programs | (39) | (210) |
Proceeds from borrowings | 9,018 | 9,536 |
Principal payments on borrowings | (6,347) | (6,417) |
Debt financing fees | (17) | (10) |
Net cash provided by financing activities of vehicle programs | 2,654 | 3,109 |
Net cash provided by financing activities | 2,615 | 2,899 |
Effect of changes in exchange rates on cash and cash equivalents | (20) | 2 |
Net decrease in cash and cash equivalents | (95) | (156) |
Cash and cash equivalents, beginning of period | 624 | 693 |
Cash and cash equivalents, end of period | 529 | 537 |
Parent [Member] | ||
Supplemental Guarantor Financial Information [Line Items] | ||
Net cash provided by (used in) operating activities | 3 | 2 |
Property and equipment additions | 0 | 0 |
Proceeds received on asset sales | 0 | 0 |
Payments to Acquire Restricted Investments | 0 | 0 |
Other, net | 114 | 136 |
Net cash used in investing activities exclusive of vehicle programs | 114 | 136 |
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 | 114 | 136 |
Proceeds from long-term borrowings | 0 | 0 |
Principal payments on borrowings | 0 | 0 |
Net change in short-term borrowings | 0 | |
Repurchases of common stock | (114) | (146) |
Debt financing fees | 0 | 0 |
Other, net | 0 | (1) |
Net cash used in financing activities exclusive of vehicle programs | (114) | (147) |
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 | (114) | (147) |
Effect of changes in exchange rates on cash and cash equivalents | 0 | 0 |
Net decrease in cash and cash equivalents | 3 | (9) |
Cash and cash equivalents, beginning of period | 2 | 14 |
Cash and cash equivalents, end of period | 5 | 5 |
Subsidiary Issuers [Member] | ||
Supplemental Guarantor Financial Information [Line Items] | ||
Net cash provided by (used in) operating activities | 158 | 502 |
Property and equipment additions | (11) | (7) |
Proceeds received on asset sales | 3 | 2 |
Payments to Acquire Restricted Investments | (8) | 0 |
Intercompany loan advances | (30) | |
Other, net | (95) | (7) |
Net cash used in investing activities exclusive of vehicle programs | (141) | (12) |
Decrease (increase) in program cash | 0 | 0 |
Investment in vehicles | (1) | (3) |
Proceeds received on disposition of vehicles | 9 | 5 |
Net cash used in investing activities of vehicle programs | 8 | 2 |
Net cash used in investing activities | (133) | (10) |
Proceeds from long-term borrowings | 375 | 400 |
Principal payments on borrowings | (250) | (744) |
Net change in short-term borrowings | 0 | |
Repurchases of common stock | 0 | 0 |
Debt financing fees | (7) | (6) |
Other, net | (114) | (136) |
Net cash used in financing activities exclusive of vehicle programs | 4 | (486) |
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 | 4 | (486) |
Effect of changes in exchange rates on cash and cash equivalents | 0 | 0 |
Net decrease in cash and cash equivalents | 29 | 6 |
Cash and cash equivalents, beginning of period | 210 | 242 |
Cash and cash equivalents, end of period | 239 | 248 |
Guarantor Subsidiaries [Member] | ||
Supplemental Guarantor Financial Information [Line Items] | ||
Net cash provided by (used in) operating activities | 69 | 45 |
Property and equipment additions | (38) | (39) |
Proceeds received on asset sales | 0 | 0 |
Payments to Acquire Restricted Investments | 0 | 0 |
Intercompany loan advances | (94) | |
Other, net | 1 | (1) |
Net cash used in investing activities exclusive of vehicle programs | (131) | (40) |
Decrease (increase) in program cash | 0 | 0 |
Investment in vehicles | (2) | (86) |
Proceeds received on disposition of vehicles | 0 | 0 |
Net cash used in investing activities of vehicle programs | (2) | (86) |
Net cash used in investing activities | (133) | (126) |
Proceeds from long-term borrowings | 0 | 0 |
Principal payments on borrowings | (2) | (3) |
Net change in short-term borrowings | 0 | |
Repurchases of common stock | 0 | 0 |
Debt financing fees | 0 | 0 |
Other, net | 70 | 0 |
Net cash used in financing activities exclusive of vehicle programs | 68 | (3) |
Proceeds from borrowings | 0 | 73 |
Principal payments on borrowings | (4) | 0 |
Debt financing fees | 0 | (1) |
Net cash provided by financing activities of vehicle programs | (4) | 72 |
Net cash provided by financing activities | 64 | 69 |
Effect of changes in exchange rates on cash and cash equivalents | 0 | 0 |
Net decrease 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 | 797 | 462 |
Property and equipment additions | (31) | (34) |
Proceeds received on asset sales | 3 | 4 |
Payments to Acquire Restricted Investments | (214) | (125) |
Other, net | 0 | 0 |
Net cash used in investing activities exclusive of vehicle programs | (242) | (155) |
Decrease (increase) in program cash | (30) | (29) |
Investment in vehicles | (7,936) | (8,125) |
Proceeds received on disposition of vehicles | 4,540 | 4,377 |
Net cash used in investing activities of vehicle programs | (3,426) | (3,777) |
Net cash used in investing activities | (3,668) | (3,932) |
Proceeds from long-term borrowings | 1 | 295 |
Principal payments on borrowings | (29) | 0 |
Net change in short-term borrowings | (13) | |
Intercompany loan borrowings | 124 | |
Repurchases of common stock | 0 | 0 |
Debt financing fees | 0 | (5) |
Other, net | 23 | 0 |
Net cash used in financing activities exclusive of vehicle programs | 106 | 290 |
Proceeds from borrowings | 9,018 | 9,463 |
Principal payments on borrowings | (6,343) | (6,417) |
Debt financing fees | (17) | (9) |
Net cash provided by financing activities of vehicle programs | 2,658 | 3,037 |
Net cash provided by financing activities | 2,764 | 3,327 |
Effect of changes in exchange rates on cash and cash equivalents | (20) | 2 |
Net decrease in cash and cash equivalents | (127) | (141) |
Cash and cash equivalents, beginning of period | 412 | 425 |
Cash and cash equivalents, end of period | 285 | 284 |
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 | 124 | |
Other, net | (21) | (136) |
Net cash used in investing activities exclusive of vehicle programs | 103 | (136) |
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 | 103 | (136) |
Proceeds from long-term borrowings | 0 | 0 |
Principal payments on borrowings | 0 | 0 |
Net change in short-term borrowings | 0 | |
Intercompany loan borrowings | (124) | |
Repurchases of common stock | 0 | 0 |
Debt financing fees | 0 | 0 |
Other, net | 21 | 136 |
Net cash used in financing activities exclusive of vehicle programs | (103) | 136 |
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 | (103) | 136 |
Effect of changes in exchange rates on cash and cash equivalents | 0 | 0 |
Net decrease in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents, beginning of period | 0 | 0 |
Cash and cash equivalents, end of period | $ 0 | $ 0 |
Subsequent Events (Narrative) (
Subsequent Events (Narrative) (Detail) - USD ($) $ in Millions | Aug. 01, 2015 | Jun. 30, 2015 |
Subsequent Event [Line Items] | ||
Stock Repurchase Program, Authorized Amount | $ 635 | |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Stock Repurchase Program, Authorized Amount | $ 250 |