Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | Apr. 30, 2017 | |
Document Documentand Entity Information [Abstract] | ||
Document Period End Date | Mar. 31, 2017 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
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 | 84,234,701 |
CONSOLIDATED CONDENSED STATEMEN
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Revenues | ||
Vehicle rental | $ 1,286 | $ 1,328 |
Other | 553 | 553 |
Net revenues | 1,839 | 1,881 |
Expenses | ||
Operating | 1,049 | 1,040 |
Vehicle depreciation and lease charges, net | 504 | 463 |
Selling, general and administrative | 262 | 269 |
Vehicle interest, net | 64 | 65 |
Non-vehicle related depreciation and amortization | 63 | 61 |
Interest expense | 49 | 50 |
Early extinguishment of debt | 3 | 0 |
Restructuring expense | 7 | 15 |
Transaction-related costs, net | 3 | 4 |
Total expenses | 2,004 | 1,967 |
Loss before income taxes | (165) | (86) |
Benefit from income taxes | (58) | (35) |
Net loss | (107) | (51) |
Comprehensive income (loss) | $ (79) | $ 19 |
Loss per share | ||
Basic | $ (1.25) | $ (0.53) |
Diluted | $ (1.25) | $ (0.53) |
CONSOLIDATED CONDENSED BALANCE
CONSOLIDATED CONDENSED BALANCE SHEETS - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 923 | $ 490 |
Receivables, net | 718 | 808 |
Other current assets | 651 | 519 |
Total current assets | 2,292 | 1,817 |
Property and equipment, net | 684 | 685 |
Deferred income taxes | 1,631 | 1,493 |
Goodwill | 1,013 | 1,007 |
Other intangibles, net | 859 | 870 |
Other non-current assets | 195 | 193 |
Total assets exclusive of assets under vehicle programs | 6,674 | 6,065 |
Assets under vehicle programs: | ||
Program cash | 142 | 225 |
Vehicles, net | 11,486 | 10,464 |
Receivables from vehicle manufacturers and other | 281 | 527 |
Investment in Avis Budget Rental Car Funding (AESOP) LLC—related party | 395 | 362 |
Total assets under vehicle programs: | 12,304 | 11,578 |
Total assets | 18,978 | 17,643 |
Current liabilities: | ||
Accounts payable and other current liabilities | 1,589 | 1,488 |
Short-term debt and current portion of long-term debt | 474 | 279 |
Total current liabilities | 2,063 | 1,767 |
Long-term debt | 3,506 | 3,244 |
Other non-current liabilities | 747 | 764 |
Total liabilities exclusive of liabilities under vehicle programs | 6,316 | 5,775 |
Liabilities under vehicle programs: | ||
Debt | 2,395 | 2,183 |
Debt due to Avis Budget Rental Car Funding (AESOP) LLC—related party | 7,106 | 6,695 |
Deferred income taxes | 2,453 | 2,429 |
Other | 567 | 340 |
Total Liabilities under vehicle programs | 12,521 | 11,647 |
Commitments and contingencies (Note 10) | ||
Stockholders’ equity: | ||
Preferred stock, $0.01 par value—authorized 10 shares; none issued and outstanding, at each date | 0 | 0 |
Common stock, $0.01 par value—authorized 250 shares; issued 137 shares, at each date | 1 | 1 |
Additional paid-in capital | 6,866 | 6,918 |
Accumulated deficit | (1,690) | (1,639) |
Accumulated other comprehensive loss | (126) | (154) |
Treasury stock, at cost—52 and 51 shares, respectively | (4,910) | (4,905) |
Total stockholders’ equity | 141 | 221 |
Total liabilities and stockholders’ equity | $ 18,978 | $ 17,643 |
CONSOLIDATED CONDENSED BALANCE4
CONSOLIDATED CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2017 | Dec. 31, 2016 |
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 | 137,000,000 | 137,000,000 |
Treasury stock, shares | 52,000,000 | 51,000,000 |
CONSOLIDATED CONDENSED STATEME5
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Operating activities | ||
Net loss | $ (107) | $ (51) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Vehicle depreciation | 437 | 432 |
(Gain) loss on sale of vehicles, net | 24 | (3) |
Non-vehicle related depreciation and amortization | 63 | 61 |
Stock-based compensation | 1 | 7 |
Amortization of debt financing fees | 9 | 10 |
Early extinguishment of debt | 3 | 0 |
Net change in assets and liabilities: | ||
Receivables | 30 | (11) |
Income taxes and deferred income taxes | (70) | (45) |
Accounts payable and other current liabilities | 63 | 14 |
Other, net | (6) | 58 |
Net cash provided by operating activities | 447 | 472 |
Investing activities | ||
Property and equipment additions | (42) | (40) |
Proceeds received on asset sales | 2 | 3 |
Net assets acquired (net of cash acquired) | 0 | (1) |
Other, net | 0 | 0 |
Net cash used in investing activities exclusive of vehicle programs | (40) | (38) |
Vehicle programs: | ||
Decrease in program cash | 87 | 198 |
Investment in vehicles | (3,944) | (4,140) |
Proceeds received on disposition of vehicles | 2,958 | 2,776 |
Repayments of Related Party Debt | (33) | 0 |
Net cash used in investing activities of vehicle programs | 932 | 1,166 |
Net cash used in investing activities | (972) | (1,204) |
Financing activities | ||
Proceeds from long-term borrowings | 590 | 350 |
Payments on long-term borrowings | (143) | (5) |
Net change in short-term borrowings | 0 | 1 |
Repurchases of common stock | (61) | (95) |
Debt financing fees | (7) | (5) |
Other, net | 0 | 0 |
Net cash provided by financing activities exclusive of vehicle programs | 379 | 246 |
Vehicle programs: | ||
Proceeds from borrowings | 5,812 | 4,694 |
Payments on borrowings | (5,236) | (3,796) |
Debt financing fees | (5) | (6) |
Net cash provided by financing activities of vehicle programs | 571 | 892 |
Net cash provided by financing activities | 950 | 1,138 |
Effect of changes in exchange rates on cash and cash equivalents | 8 | 18 |
Net increase in cash and cash equivalents | 433 | 424 |
Cash and cash equivalents, beginning of period | 490 | 452 |
Cash and cash equivalents, end of period | $ 923 | $ 876 |
Basis of Presentation and Recen
Basis of Presentation and Recently Issued Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2017 | |
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. The operating results of acquired businesses are included in the accompanying Consolidated Condensed Financial Statements from the dates of acquisition. The fair value of the assets acquired and liabilities assumed in connection with the Company’s fourth quarter 2016 acquisition of France Cars has not yet been finalized; however, there have been no significant changes to the preliminary allocation of the purchase price during the three months ended March 31, 2017 . 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 2016 Form 10-K. Reclassifications. Certain reclassifications have been made to prior years’ Consolidated Condensed Financial Statements to conform to the current year presentation. These reclassifications have no impact on reported net income (see “Adoption of New Accounting Pronouncements” below). 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, net. Transaction-related costs, net 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 gains and losses 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 the gain or loss on intercompany loan hedges within interest expense related to corporate debt, net. During the three months ended March 31, 2017 and 2016 , the Company recorded losses of an immaterial amount and $3 million , respectively. Adoption of New Accounting Pronouncements On January 1, 2017, as a result of a new accounting pronouncement, the Company adopted Accounting Standards Update (”ASU”) 2016-09, “Improvements to Employee Share-Based Payment Accounting,” which simplifies several aspects of the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures, minimum statutory withholding requirements and classification in the statement of cash flows. Accordingly, in the Company’s Consolidated Condensed Balance Sheet at January 1, 2017, deferred income tax assets, net of the valuation allowance were increased by $56 million related to previously unrecognized excess tax benefits associated with equity awards, with a corresponding decrease to accumulated deficit, using the modified retrospective method. In addition, in the Company’s Consolidated Condensed Statement of Cash Flows for the period ended March 31, 2016, cash taxes paid related to shares directly withheld from employees for tax purposes of $9 million were reclassified from accounts payable and other current liabilities within net cash provided by operating activities to repurchases of common stock within net cash provided by financing activities exclusive of vehicle programs. The Company elected to account for forfeitures on an actual basis, which did not have a material impact on its Consolidated Condensed Financial Statements. Recently Issued Accounting Pronouncements In March 2017, the Financial Accounting Standards Board (“FASB”) issued ASU 2017-07, “Improving the Presentation of Net Periodic Pension Costs and Net Periodic Postretirement Benefit Cost,” which requires an entity to disaggregate the components of net benefit cost recognized in the consolidated statements of operations. ASU 2017-07 becomes effective for the Company on January 1, 2018. The adoption of this accounting pronouncement is not expected to have a material impact on the Company’s Consolidated Financial Statements. In January 2017, the FASB issued ASU 2017-04, “Intangibles—Goodwill and Other, Simplifying the Test for Goodwill Impairment,” which requires an entity to perform its goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and to recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. ASU 2017-04 becomes effective for the Company on January 1, 2020. The adoption of this accounting pronouncement is not expected to have an impact on the Company’s Consolidated Financial Statements. In January 2017, the FASB issued ASU 2017-01, “Business Combinations, Clarifying the Definition of a Business,” which assists entities in evaluating whether transactions should be accounted for as acquisitions of assets or businesses. ASU 2017-01 becomes effective for the Company on January 1, 2018. The adoption of this accounting pronouncement is not expected to have a material impact on the Company’s Consolidated Financial Statements. In November 2016, the FASB issued ASU 2016-18, “Statement of Cash Flows, Restricted Cash,” which clarifies guidance on the classification and presentation of restricted cash in the statement of cash flows. ASU 2016-18 becomes effective for the Company on January 1, 2018. The adoption of this accounting pronouncement will impact the presentation of restricted cash in the Company’s Consolidated Statements of Cash Flows. In August 2016, the FASB issued ASU 2016-15, “Classification of Certain Cash Receipts and Cash Payments,” which clarifies guidance on the classification of certain cash receipts and cash payments in the statement of cash flows. ASU 2016-15 becomes effective for the Company on January 1, 2018. The adoption of this accounting pronouncement is not expected to have a material impact on the Company’s Consolidated Financial Statements. In February 2016, the FASB issued ASU 2016-02, “Leases,” which requires a lessee to recognize all long-term leases on its balance sheet as a liability for its lease obligation, measured at the present value of lease payments not yet paid, and a corresponding asset representing its right to use the underlying asset over the lease term and expands disclosure of key information about leasing arrangements. The ASU does not significantly change a lessee’s recognition, measurement and presentation of expenses and cash flows. Additionally, ASU 2016-02 aligns key aspects of lessor accounting with the new revenue recognition guidance in ASU 2014-09, “Revenue from Contracts with Customers” (see below). ASU 2016-02 becomes effective for the Company on January 1, 2019. Early adoption is permitted. In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach which includes a number of optional practical expedients that entities may elect to apply. The Company is currently evaluating and planning for the implementation of this ASU, including assessing its overall impact, and expects most of its operating lease commitments will be subject to the new standard and recognized as operating lease liabilities and right-of-use assets upon adoption, which will materially increase total assets and total liabilities relative to such amounts prior to adoption. In January 2016, the FASB issued ASU 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities,” which makes limited amendments to the classification and measurement of financial instruments. The new standard amends certain disclosure requirements associated with the fair value of financial instruments. ASU 2016-01 becomes effective for the Company on January 1, 2018. The adoption of this accounting pronouncement is not expected to have a material 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. The new guidance applies to all contracts with customers except for leases, insurance contracts, financial instruments, certain nonmonetary exchanges and certain guarantees. Also, additional disclosures are required about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments. ASU 2014-09 becomes effective for the Company on January 1, 2018 and may be adopted on either a full or modified retrospective basis. The Company is currently evaluating and planning for the implementation of this ASU, including assessing its overall impact, and expects the guidance will affect its accounting for certain contracts. |
Restructuring
Restructuring | 3 Months Ended |
Mar. 31, 2017 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Activities | Restructuring During first quarter 2017, the Company initiated a strategic restructuring initiative to drive operational efficiency throughout the organization by reducing headcount, improving processes and consolidating functions (the “T17 restructuring”). During the three months ended March 31, 2017, as part of this process, the Company formally communicated the termination of employment to approximately 335 employees, and as of March 31, 2017, the Company had terminated approximately 240 of these 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. The Company expects further restructuring expense of approximately $40 million related to this initiative to be incurred in 2017. In conjunction with previous acquisitions, the Company identified opportunities to integrate and streamline its operations, primarily in Europe. This initiative is substantially complete, and the Company does not anticipate any further restructuring expense related to this initiative. 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”). The Company does not anticipate any further restructuring expense related to this initiative. The following tables summarize the changes to our restructuring-related liabilities and identify the amounts recorded within the Company’s reporting segments for restructuring charges and corresponding payments: Americas International Total Balance as of January 1, 2017 $ 1 $ 5 $ 6 T17 restructuring expense 7 — 7 T17 restructuring payment (2 ) — (2 ) T15 restructuring payment — (1 ) (1 ) Balance as of March 31, 2017 $ 6 $ 4 $ 10 Personnel Facility Total Balance as of January 1, 2017 $ 5 $ 1 $ 6 T17 restructuring expense 7 — 7 T17 restructuring payment (2 ) — (2 ) T15 restructuring payment (1 ) — (1 ) Balance as of March 31, 2017 $ 9 $ 1 $ 10 |
Earnings Per Share Earnings Per
Earnings Per Share Earnings Per Share (Notes) | 3 Months Ended |
Mar. 31, 2017 | |
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 2017 2016 Net loss for basic and diluted EPS $ (107 ) $ (51 ) Basic and diluted weighted average shares outstanding (a) 85.7 96.3 Loss per share: Basic and diluted $ (1.25 ) $ (0.53 ) __________ (a) As the Company incurred a net loss for the three months ended March 31, 2017 and 2016 , 0.8 million outstanding options in each period, and 2.6 million and 2.4 million non-vested stock awards, respectively, have an anti-dilutive effect and therefore are excluded from the computation of diluted weighted average shares outstanding. |
Other Current Assets Other Curr
Other Current Assets Other Current Assets | 3 Months Ended |
Mar. 31, 2017 | |
Other Current Assets Disclosure [Abstract] | |
Other Current Assets [Text Block] | . Other Current Assets Other current assets consisted of: As of As of December 31, 2016 Sales and use taxes $ 257 $ 153 Prepaid expenses 230 212 Other 164 154 Other current assets $ 651 $ 519 |
Intangible Assets
Intangible Assets | 3 Months Ended |
Mar. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Intangible Assets Intangible assets consisted of: As of March 31, 2017 As of December 31, 2016 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Amortized Intangible Assets License agreements $ 260 $ 115 $ 145 $ 261 $ 109 $ 152 Customer relationships 226 96 130 224 90 134 Other 45 12 33 46 12 34 Total $ 531 $ 223 $ 308 $ 531 $ 211 $ 320 Unamortized Intangible Assets Goodwill $ 1,013 $ 1,007 Trademarks $ 551 $ 550 For the three months ended March 31, 2017 and 2016 , amortization expense related to amortizable intangible assets was approximately $15 million and $17 million , respectively. Based on the Company’s amortizable intangible assets at March 31, 2017 , the Company expects amortization expense of approximately $40 million for the remainder of 2017 , $41 million for 2018, $37 million for 2019, $37 million for 2020, $27 million for 2021 and $22 million for 2022, excluding effects of currency exchange rates. |
Vehicle Rental Activities
Vehicle Rental Activities | 3 Months Ended |
Mar. 31, 2017 | |
Vehicle Rental Activities [Abstract] | |
Vehicle Rental Activities | Vehicle Rental Activities The components of vehicles, net within assets under vehicle programs were as follows: As of As of March 31, December 31, 2017 2016 Rental vehicles $ 12,387 $ 10,937 Less: Accumulated depreciation (1,360 ) (1,454 ) 11,027 9,483 Vehicles held for sale 459 981 Vehicles, net $ 11,486 $ 10,464 The components of vehicle depreciation and lease charges, net are summarized below: Three Months Ended 2017 2016 Depreciation expense $ 437 $ 432 Lease charges 43 34 (Gain) loss on sale of vehicles, net 24 (3 ) Vehicle depreciation and lease charges, net $ 504 $ 463 At March 31, 2017 and 2016 , the Company had payables related to vehicle purchases included in liabilities under vehicle programs - other of $546 million and $467 million , respectively, and receivables related to vehicle sales included in assets under vehicle programs - receivables from vehicle manufacturers and other of $277 million and $331 million , respectively. |
Accounts Payable and Other Curr
Accounts Payable and Other Current Liabilities (Notes) | 3 Months Ended |
Mar. 31, 2017 | |
Accounts Payable and Other Current Liabilities [Abstract] | |
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | Accounts Payable and Other Current Liabilities Accounts payable and other current liabilities consisted of: As of As of March 31, December 31, 2017 2016 Accounts payable $ 355 $ 343 Accrued sales and use taxes 229 206 Deferred revenue – current 164 114 Accrued payroll and related 147 173 Public liability and property damage insurance liabilities – current 143 141 Other 551 511 Accounts payable and other current liabilities $ 1,589 $ 1,488 |
Long-term Debt and Borrowing Ar
Long-term Debt and Borrowing Arrangements | 3 Months Ended |
Mar. 31, 2017 | |
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 March 31, December 31, 2017 2016 Floating Rate Senior Notes (a) December 2017 $ 249 $ 249 Floating Rate Term Loan March 2019 — 144 6% Euro-denominated Senior Notes (b) March 2021 196 194 Floating Rate Term Loan (c) March 2022 1,144 816 5⅛% Senior Notes June 2022 400 400 5½% Senior Notes April 2023 675 675 6⅜% Senior Notes April 2024 350 350 4⅛% Euro-denominated Senior Notes November 2024 320 316 5¼% Senior Notes March 2025 375 375 4½% Euro-denominated Senior Notes May 2025 266 — Other (d) 59 57 Deferred financing fees (54 ) (53 ) Total 3,980 3,523 Less: Short-term debt and current portion of long-term debt 474 279 Long-term debt $ 3,506 $ 3,244 __________ (a) The interest rate on these notes is equal to three-month LIBOR plus 275 basis points, for an aggregate rate of 3.80% at March 31, 2017; 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%. These notes have been called for redemption. (b) These notes have been called for redemption. (c) The floating rate term loan is part of the Company’s senior credit facility, which is secured by pledges of capital stock of certain subsidiaries of the Company, and liens on substantially all of the Company’s intellectual property and certain other real and personal property. As of March 31, 2017, the floating rate term loan due 2022 bears interest at three-month LIBOR plus 200 basis points, for an aggregate rate of 2.82%. The Company has entered into a swap to hedge $700 million of its interest rate exposure related to the floating rate term loan at an aggregate rate of 3.75%. (d) Primarily includes capital leases which are secured by liens on the related assets. In March 2017, the Company issued €250 million of 4½% euro-denominated Senior Notes due 2025, the proceeds of which will be used to redeem all of its outstanding 6% euro-denominated Senior Notes due 2021 and a portion of its Floating Rate Senior Notes due 2017. In March 2017, the Company increased its Floating Rate Term Loan due 2022 to $1.1 billion and reduced the loan interest rate to three-month LIBOR plus 2.00%. The Company used the incremental term loan proceeds to repay all of its outstanding Floating Rate Term Loan due 2019. The remaining proceeds will be used to redeem the remainder of the Company’s Floating Rate Senior Notes due 2017. Committed Credit Facilities and Available Funding Arrangements At March 31, 2017 , 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 2021 (a) $ 1,800 $ — $ 904 $ 896 Other facilities (b) 4 4 — — __________ (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 3.10% as of March 31, 2017. At March 31, 2017 , the Company had various uncommitted credit facilities available, under which it had drawn approximately $7 million , which bear interest at rates between 0.71% and 4.50% . Debt Covenants The agreements governing the Company’s indebtedness contain restrictive covenants, including restrictions on dividends paid to the Company by certain of its subsidiaries, the incurrence of additional indebtedness by the Company and certain of its subsidiaries, acquisitions, mergers, liquidations, and sale and leaseback transactions. The Company’s senior credit facility also contains a maximum leverage ratio requirement. As of March 31, 2017 , the Company was in compliance with the financial covenants governing its indebtedness. |
Debt Under Vehicle Programs and
Debt Under Vehicle Programs and Borrowing Arrangements | 3 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Debt Under Vehicle Programs and Borrowing Arrangements | Debt Under Vehicle Programs and Borrowing Arrangements Debt under vehicle programs, including related party debt due to Avis Budget Rental Car Funding (AESOP) LLC (“Avis Budget Rental Car Funding”), consisted of: As of As of March 31, December 31, 2017 2016 Americas - Debt due to Avis Budget Rental Car Funding (a) $ 7,146 $ 6,733 Americas - Debt borrowings (a) 689 577 International - Debt borrowings (a) 1,560 1,449 International - Capital leases 154 162 Other 3 7 Deferred financing fees (b) (51 ) (50 ) Total $ 9,501 $ 8,878 __________ (a) The increase reflects additional borrowings principally to fund increases in the Company’s car rental fleet. (b) Deferred financing fees related to Debt due to Avis Budget Rental Car Funding as of March 31, 2017 and December 31, 2016 were $40 million and $38 million, respectively. In March 2017, the Company’s Avis Budget Rental Car Funding subsidiary issued approximately $600 million in asset-backed notes with an expected final payment date of September 2022 . The weighted average interest rate was 3% . The Company used the proceeds from these borrowings to fund the repayment of maturing vehicle-backed debt and the acquisition of rental cars in the United States. Debt Maturities The following table provides the contractual maturities of the Company’s debt under vehicle programs, including related party debt due to Avis Budget Rental Car Funding, at March 31, 2017 . Debt under Vehicle Programs Within 1 year (a) $ 1,027 Between 1 and 2 years 3,079 Between 2 and 3 years 2,453 Between 3 and 4 years 1,441 Between 4 and 5 years 725 Thereafter 827 Total $ 9,552 __________ (a) Vehicle-backed debt maturing within one year primarily represents term asset-backed securities. Committed Credit Facilities and Available Funding Arrangements As of March 31, 2017 , 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) $ 9,312 $ 7,146 $ 2,166 Americas - Debt borrowings (c) 897 689 208 International - Debt borrowings (d) 2,351 1,560 791 International - Capital leases (e) 172 154 18 Other 3 3 — Total $ 12,735 $ 9,552 $ 3,183 __________ (a) Capacity is subject to maintaining sufficient assets to collateralize debt. (b) The outstanding debt is collateralized by approximately $8.7 billion of underlying vehicles and related assets. (c) The outstanding debt is collateralized by approximately $0.9 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 $0.2 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 March 31, 2017 , 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 | 3 Months Ended |
Mar. 31, 2017 | |
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. The Company does not believe that the impact of any resolution of pre-existing contingent liabilities in connection with the spin-offs 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 litigation that is primarily related to the businesses of its former subsidiaries, including Realogy and Wyndham. 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, engaged with (i) twelve French airports, the majority of which are controlled by public administrative bodies or the French state, and violated competition law through the distribution by airports of company-specific statistics to car rental companies operating at those airports and (ii) two other international car rental companies in a concerted practice relating to train station surcharges. In February 2017, the Company was notified that the French Competition Authority dismissed the charges and cleared the Company and its subsidiaries of any wrongdoing. In February 2017, following a state court trial in Georgia, a jury found the Company liable for damages in a case brought by a plaintiff who was injured in a vehicle accident allegedly caused by an employee of an independent contractor of the Company who was acting outside of the scope of employment. In March 2017, the Company was also found liable for damages in a companion case arising from the same incident. The Company considers the attribution of liability to the Company, and the amount of damages awarded, to be unsupported by the facts of these cases and intends to appeal the verdicts. The Company has recognized a liability for the expected loss related to these cases of $39 million . 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 and liability 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. 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, be up to approximately $50 million in excess of amounts accrued as of March 31, 2017 ; however, the Company does not believe that the impact should result in a material liability to the Company in relation to its consolidated financial condition or results of operations. Commitments to Purchase Vehicles The Company maintains agreements with vehicle manufacturers under which the Company has agreed to purchase approximately $5.2 billion of vehicles from manufacturers over the next 12 months. Certain 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 March 31, 2017 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, Kia, Volkswagen, Fiat, Mercedes, Toyota and Volvo , 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 $41 million and $25 million , respectively, related to certain contingent, income tax and other corporate liabilities assumed by Realogy and Wyndham in connection with their disposition. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders’ Equity Stockholder Rights Plan In January 2017, the Company’s Board of Directors authorized the adoption of a short-term stockholder rights plan, which expires in January 2018. Pursuant to the rights plan, the Company declared a dividend of one preferred share purchase right for each outstanding share of common stock, payable to holders of record as of the close of business on February 2, 2017. Each right, which is exercisable only in the event any person or group acquires a voting or economic position of 10% or more of the Company’s outstanding common stock (with certain limited exceptions), would entitle any holder other than the person or group whose ownership position has exceeded the ownership limit to purchase common stock having a value equal to twice the $90 exercise price of the right, or, at the election of the Board of Directors, to exchange each right for one share of common stock (subject to adjustment) (see Note 16 - Subsequent Events). Share Repurchases The Company’s Board of Directors has authorized the repurchase of up to approximately $1.5 billion of its common stock under a plan originally approved in 2013 and subsequently expanded, most recently in 2016. During the three months ended March 31, 2017 , the Company repurchased approximately 1.5 million shares of common stock at a cost of approximately $50 million under the program. During the three months ended March 31, 2016 , the Company repurchased approximately 3.0 million shares of common stock at a cost of approximately $80 million under the program. As of March 31, 2017 , approximately $250 million of authorization remains available to repurchase common stock under this plan. Total Comprehensive Income (Loss) Comprehensive income consists of net income and other gains and losses affecting stockholders’ equity that, under GAAP, are excluded from net income. The components of other comprehensive income (loss) were as follows: Three Months Ended 2017 2016 Net loss $ (107 ) $ (51 ) Other comprehensive income: Currency translation adjustments (net of tax of $3 and $9, respectively) 25 72 Net unrealized gain (loss) on cash flow hedges (net of tax of $0 and $2, respectively) 1 (3 ) Minimum pension liability adjustment (net of tax of ($1) and $0, respectively) 2 1 28 70 Comprehensive income (loss) $ (79 ) $ 19 __________ 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, 2017 $ (39 ) $ 2 $ 1 $ (118 ) $ (154 ) Other comprehensive income (loss) before reclassifications 25 — — 1 26 Amounts reclassified from accumulated other comprehensive income (loss) — 1 — 1 2 Net current-period other comprehensive income (loss) 25 1 — 2 28 Balance, March 31, 2017 $ (14 ) $ 3 $ 1 $ (116 ) $ (126 ) Balance, January 1, 2016 $ (80 ) $ (2 ) $ — $ (65 ) $ (147 ) Other comprehensive income (loss) before reclassifications 72 (4 ) — — 68 Amounts reclassified from accumulated other comprehensive income (loss) — 1 — 1 2 Net current-period other comprehensive income (loss) 72 (3 ) — 1 70 Balance, March 31, 2016 $ (8 ) $ (5 ) $ — $ (64 ) $ (77 ) __________ 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 $78 million gain, net of tax, as of March 31, 2017 related to the Company’s hedge of its net investment in euro-denominated foreign operations (see Note 13 - Financial Instruments). (a) For the three months ended March 31, 2017 and 2016 , amounts reclassified from accumulated other comprehensive income (loss) into corporate interest expense were $1 million ( $1 million , net of tax) and $2 million ( $1 million , net of tax), respectively. (b) For the three months ended March 31, 2017 and 2016 , amounts reclassified from accumulated other comprehensive income (loss) into selling, general and administrative expenses were $2 million ( $1 million , net of tax) and $1 million ( $1 million , net of tax), respectively. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation The Company recorded stock-based compensation expense of $1 million and $8 million ( $0 million and $5 million , net of tax) during the three months ended March 31, 2017 and 2016 , respectively. The Company uses a Monte Carlo simulation model to calculate the fair value of stock unit awards containing a market condition. For the three months ended March 31, 2017 , the Company did not issue any stock unit awards containing a market condition. For the three months ended March 31, 2016 , the Company’s weighted average assumptions for expected stock price volatility, risk-free interest rate, valuation period and dividend yield were 46% , 0.99% , 3 years, and 0.0% , respectively. The activity related to the Company’s restricted stock units (“RSUs”) consisted of (in thousands of shares): Time-Based RSUs Performance-Based and Market-Based RSUs Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Outstanding at January 1, 2017 (a) 878 $ 34.83 923 $ 34.11 Granted 528 34.41 572 34.41 Vested (b) (367 ) 36.00 (146 ) 36.52 Forfeited/expired (18 ) 32.00 (193 ) 41.86 Outstanding at March 31, 2017 (c) 1,021 $ 34.24 1,156 $ 32.67 __________ (a) Reflects the maximum number of stock units assuming achievement of all time-, performance- and market-vesting criteria and does not include those for non-employee directors. The weighted-average fair value of time-based RSUs, and performance-based and market-based RSUs granted during the three months ended March 31, 2016 was $25.88 and $23.29 , respectively. (b) The total grant date fair value of RSUs vested during the three months ended March 31, 2017 and 2016 was $19 million and $25 million , respectively. (c) The Company’s outstanding time-based RSUs, and performance-based and market-based RSUs had aggregate intrinsic values of $30 million and $34 million , respectively. Aggregate unrecognized compensation expense related to time-based RSUs, and performance-based and market-based RSUs amounted to $53 million and will be recognized over a weighted average vesting period of 1.9 years. 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, 2017 810 $ 2.91 $ 27 2.3 Granted — — Exercised (3 ) 0.79 — Forfeited/expired — — Outstanding and exercisable at March 31, 2017 807 $ 2.92 $ 22 2.0 |
Financial Instruments
Financial Instruments | 3 Months Ended |
Mar. 31, 2017 | |
Investments, All Other Investments [Abstract] | |
Financial Instruments | Financial Instruments Derivative Instruments and Hedging Activities Currency Risk. 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 euro-denominated notes as a hedge of its investment in euro-denominated foreign operations. The amount of gains or losses reclassified from other comprehensive income (loss) to earnings resulting from ineffectiveness or from excluding a component of the hedges’ gain or loss from the effectiveness calculation for cash flow and net investment hedges during the three months ended March 31, 2017 and 2016 was not material, nor is the amount of gains or losses the Company expects to reclassify from accumulated other comprehensive income (loss) to earnings over the next 12 months. Interest Rate Risk. 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 (loss), 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 (loss) into earnings. The amount of gains or losses reclassified from other comprehensive income (loss) to earnings resulting from ineffectiveness related to the Company’s cash flow hedges was not material during the three months ended March 31, 2017 and 2016 . The Company estimates that $3 million of losses currently recorded in accumulated other comprehensive income (loss) will be recognized in earnings over the next 12 months. The Company enters into derivative commodity contracts to manage its exposure to changes in the price of unleaded gasoline. Changes in the fair value of these derivatives are recorded within operating expenses. The Company held derivative instruments with absolute notional values as follows: As of March 31, 2017 Interest rate caps (a) $ 9,836 Interest rate swaps 2,050 Foreign exchange contracts 1,133 Commodity contracts (millions of gallons of unleaded gasoline) 8 __________ (a) Represents $7.4 billion of interest rate caps sold, partially offset by approximately $2.4 billion of interest rate caps purchased. These amounts exclude $5.0 billion of interest rate caps purchased by the Company’s Avis Budget Rental Car Funding subsidiary as it is not consolidated by the Company. Estimated fair values (Level 2) of derivative instruments were as follows: As of March 31, 2017 As of December 31, 2016 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 $ 3 $ 7 $ 4 Derivatives not designated as hedging instruments Interest rate caps (b) 1 3 1 7 Foreign exchange contracts (c) 2 12 7 2 Commodity contracts (c) — 1 — — Total $ 10 $ 19 $ 15 $ 13 __________ 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 (loss). (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 2017 2016 Derivatives designated as hedging instruments (a) Interest rate swaps $ 1 $ (3 ) Euro-denominated notes (5 ) (14 ) Derivatives not designated as hedging instruments (b) Foreign exchange contracts (c) (12 ) (10 ) Commodity contracts (d) (1 ) (2 ) Total $ (17 ) $ (29 ) __________ (a) Recognized, net of tax, as a component of other comprehensive income (loss) 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 March 31, 2017 , included a $7 million loss in interest expense and a $5 million loss in operating expense. For the three months ended March 31, 2016 , included a $9 million gain in interest expense and a $19 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 March 31, 2017 As of December 31, 2016 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Corporate debt Short-term debt and current portion of long-term debt $ 474 $ 475 $ 279 $ 280 Long-term debt 3,506 3,497 3,244 3,265 Debt under vehicle programs Vehicle-backed debt due to Avis Budget Rental Car Funding $ 7,106 $ 7,147 $ 6,695 $ 6,722 Vehicle-backed debt 2,392 2,407 2,176 2,187 Interest rate swaps and interest rate caps (a) 3 3 7 7 __________ (a) Derivatives in a liability position. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The Company’s chief operating decision maker assesses performance and allocates resources based upon the separate financial information from the Company’s operating segments. In identifying its reportable segments, the Company considered the nature of services provided, the geographical areas in which the segments operated and other relevant factors. The Company aggregates 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, charges for unprecedented personal-injury legal matters and income taxes. The Company’s presentation of Adjusted EBITDA may not be comparable to similarly-titled measures used by other companies. Three Months Ended March 31, 2017 2016 Revenues Adjusted EBITDA Revenues Adjusted EBITDA Americas $ 1,314 $ (20 ) $ 1,364 $ 63 International 525 7 517 1 Corporate and Other (a) — (14 ) — (20 ) Total Company $ 1,839 (27 ) $ 1,881 44 Less: Non-vehicle related depreciation and amortization 63 61 Interest expense related to corporate debt, net 49 50 Early extinguishment of debt 3 — Restructuring expense 7 15 Transaction-related costs, net 3 4 Charges for legal matter (b) 13 — Loss before income taxes $ (165 ) $ (86 ) __________ (a) Includes unallocated corporate overhead which is not attributable to a particular segment. (b) Reported within operating expenses in our Consolidated Condensed Statements of Comprehensive Income. Since December 31, 2016 , there have been no significant changes in segment assets and segment assets under vehicle programs. |
Guarantor and Non-Guarantor Con
Guarantor and Non-Guarantor Consolidating Condensed Financial Statements | 3 Months Ended |
Mar. 31, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | Guarantor and Non-Guarantor Consolidating Condensed Financial Statements The following consolidating financial information presents Consolidating Condensed Statements of Comprehensive Income for the three months ended March 31, 2017 and 2016 , Consolidating Condensed Balance Sheets as of March 31, 2017 and December 31, 2016 , and Consolidating Condensed Statements of Cash Flows for the three months ended March 31, 2017 and 2016 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 8 - Long-term Debt and Borrowing Arrangements for additional description of these guaranteed notes. The Senior Notes 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 (Notes)
Subsequent Events (Notes) | 3 Months Ended |
Mar. 31, 2017 | |
Subsequent Event [Line Items] | |
Subsequent Events [Text Block] | 16. Subsequent Events In April 2017, the Company redeemed its outstanding €175 million principal amount of 6% euro-denominated Senior Notes due 2021 for €180 million plus accrued interest. In May 2017, the Company accelerated the expiration of its short-term stockholder rights plan from January 22, 2018 to May 3, 2017 and entered into a new shareholder agreement with SRS Investment Management LLC and certain of its affiliates. * * * * |
Basis of Presentation and Rec22
Basis of Presentation and Recently Issued Accounting Pronouncements (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
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. The operating results of acquired businesses are included in the accompanying Consolidated Condensed Financial Statements from the dates of acquisition. The fair value of the assets acquired and liabilities assumed in connection with the Company’s fourth quarter 2016 acquisition of France Cars has not yet been finalized; however, there have been no significant changes to the preliminary allocation of the purchase price during the three months ended March 31, 2017 . 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 2016 Form 10-K. |
Reclassification, Policy [Policy Text Block] | Reclassifications. Certain reclassifications have been made to prior years’ Consolidated Condensed Financial Statements to conform to the current year presentation. These reclassifications have no impact on reported net income (see “Adoption of New Accounting Pronouncements” below). |
Vehicle Programs | Vehicle Programs. The Company presents separately the financial data of its vehicle programs. These programs are distinct from the Company’s other activities since the assets under vehicle programs are generally funded through the issuance of debt that is collateralized by such assets. The income generated by these assets is used, in part, to repay the principal and interest associated with the debt. Cash inflows and outflows relating to the acquisition of such assets and the principal debt repayment or financing of such assets are classified as activities of the Company’s vehicle programs. The Company believes it is appropriate to segregate the financial data of its vehicle programs because, ultimately, the source of repayment of such debt is the realization of such assets. |
Transaction Related Costs Policy [Policy Text Block] | Transaction-related costs, net. Transaction-related costs, net 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 gains and losses related to re-acquired rights, expenses related to pre-acquisition contingencies and contingent consideration related to acquisitions. |
Currency Transactions | Currency Transactions. The Company records the gain or loss on foreign-currency transactions on certain intercompany loans and the gain or loss on intercompany loan hedges within interest expense related to corporate debt, net. During the three months ended March 31, 2017 and 2016 , the Company recorded losses of an immaterial amount and $3 million , respectively. |
Adoption of New Accounting Standards | Adoption of New Accounting Pronouncements On January 1, 2017, as a result of a new accounting pronouncement, the Company adopted Accounting Standards Update (”ASU”) 2016-09, “Improvements to Employee Share-Based Payment Accounting,” which simplifies several aspects of the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures, minimum statutory withholding requirements and classification in the statement of cash flows. Accordingly, in the Company’s Consolidated Condensed Balance Sheet at January 1, 2017, deferred income tax assets, net of the valuation allowance were increased by $56 million related to previously unrecognized excess tax benefits associated with equity awards, with a corresponding decrease to accumulated deficit, using the modified retrospective method. In addition, in the Company’s Consolidated Condensed Statement of Cash Flows for the period ended March 31, 2016, cash taxes paid related to shares directly withheld from employees for tax purposes of $9 million were reclassified from accounts payable and other current liabilities within net cash provided by operating activities to repurchases of common stock within net cash provided by financing activities exclusive of vehicle programs. The Company elected to account for forfeitures on an actual basis, which did not have a material impact on its Consolidated Condensed Financial Statements. Recently Issued Accounting Pronouncements In March 2017, the Financial Accounting Standards Board (“FASB”) issued ASU 2017-07, “Improving the Presentation of Net Periodic Pension Costs and Net Periodic Postretirement Benefit Cost,” which requires an entity to disaggregate the components of net benefit cost recognized in the consolidated statements of operations. ASU 2017-07 becomes effective for the Company on January 1, 2018. The adoption of this accounting pronouncement is not expected to have a material impact on the Company’s Consolidated Financial Statements. In January 2017, the FASB issued ASU 2017-04, “Intangibles—Goodwill and Other, Simplifying the Test for Goodwill Impairment,” which requires an entity to perform its goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and to recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. ASU 2017-04 becomes effective for the Company on January 1, 2020. The adoption of this accounting pronouncement is not expected to have an impact on the Company’s Consolidated Financial Statements. In January 2017, the FASB issued ASU 2017-01, “Business Combinations, Clarifying the Definition of a Business,” which assists entities in evaluating whether transactions should be accounted for as acquisitions of assets or businesses. ASU 2017-01 becomes effective for the Company on January 1, 2018. The adoption of this accounting pronouncement is not expected to have a material impact on the Company’s Consolidated Financial Statements. In November 2016, the FASB issued ASU 2016-18, “Statement of Cash Flows, Restricted Cash,” which clarifies guidance on the classification and presentation of restricted cash in the statement of cash flows. ASU 2016-18 becomes effective for the Company on January 1, 2018. The adoption of this accounting pronouncement will impact the presentation of restricted cash in the Company’s Consolidated Statements of Cash Flows. In August 2016, the FASB issued ASU 2016-15, “Classification of Certain Cash Receipts and Cash Payments,” which clarifies guidance on the classification of certain cash receipts and cash payments in the statement of cash flows. ASU 2016-15 becomes effective for the Company on January 1, 2018. The adoption of this accounting pronouncement is not expected to have a material impact on the Company’s Consolidated Financial Statements. In February 2016, the FASB issued ASU 2016-02, “Leases,” which requires a lessee to recognize all long-term leases on its balance sheet as a liability for its lease obligation, measured at the present value of lease payments not yet paid, and a corresponding asset representing its right to use the underlying asset over the lease term and expands disclosure of key information about leasing arrangements. The ASU does not significantly change a lessee’s recognition, measurement and presentation of expenses and cash flows. Additionally, ASU 2016-02 aligns key aspects of lessor accounting with the new revenue recognition guidance in ASU 2014-09, “Revenue from Contracts with Customers” (see below). ASU 2016-02 becomes effective for the Company on January 1, 2019. Early adoption is permitted. In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach which includes a number of optional practical expedients that entities may elect to apply. The Company is currently evaluating and planning for the implementation of this ASU, including assessing its overall impact, and expects most of its operating lease commitments will be subject to the new standard and recognized as operating lease liabilities and right-of-use assets upon adoption, which will materially increase total assets and total liabilities relative to such amounts prior to adoption. In January 2016, the FASB issued ASU 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities,” which makes limited amendments to the classification and measurement of financial instruments. The new standard amends certain disclosure requirements associated with the fair value of financial instruments. ASU 2016-01 becomes effective for the Company on January 1, 2018. The adoption of this accounting pronouncement is not expected to have a material 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. The new guidance applies to all contracts with customers except for leases, insurance contracts, financial instruments, certain nonmonetary exchanges and certain guarantees. Also, additional disclosures are required about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments. ASU 2014-09 becomes effective for the Company on January 1, 2018 and may be adopted on either a full or modified retrospective basis. The Company is currently evaluating and planning for the implementation of this ASU, including assessing its overall impact, and expects the guidance will affect its accounting for certain contracts. |
Restructuring (Tables)
Restructuring (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Restructuring and Related Activities [Abstract] | |
Summary Of Changes To Restructuring-Related Liabilities | Americas International Total Balance as of January 1, 2017 $ 1 $ 5 $ 6 T17 restructuring expense 7 — 7 T17 restructuring payment (2 ) — (2 ) T15 restructuring payment — (1 ) (1 ) Balance as of March 31, 2017 $ 6 $ 4 $ 10 Personnel Facility Total Balance as of January 1, 2017 $ 5 $ 1 $ 6 T17 restructuring expense 7 — 7 T17 restructuring payment (2 ) — (2 ) T15 restructuring payment (1 ) — (1 ) Balance as of March 31, 2017 $ 9 $ 1 $ 10 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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 2017 2016 Net loss for basic and diluted EPS $ (107 ) $ (51 ) Basic and diluted weighted average shares outstanding (a) 85.7 96.3 Loss per share: Basic and diluted $ (1.25 ) $ (0.53 ) __________ (a) As the Company incurred a net loss for the three months ended March 31, 2017 and 2016 , 0.8 million outstanding options in each period, and 2.6 million and 2.4 million non-vested stock awards, respectively, have an anti-dilutive effect and therefore are excluded from the computation of diluted weighted average shares outstanding. |
Other Current Assets (Tables)
Other Current Assets (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Other Current Assets Disclosure [Abstract] | |
Schedule of Other Current Assets [Table Text Block] | As of As of December 31, 2016 Sales and use taxes $ 257 $ 153 Prepaid expenses 230 212 Other 164 154 Other current assets $ 651 $ 519 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule Of Intangible Assets | Intangible assets consisted of: As of March 31, 2017 As of December 31, 2016 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Amortized Intangible Assets License agreements $ 260 $ 115 $ 145 $ 261 $ 109 $ 152 Customer relationships 226 96 130 224 90 134 Other 45 12 33 46 12 34 Total $ 531 $ 223 $ 308 $ 531 $ 211 $ 320 Unamortized Intangible Assets Goodwill $ 1,013 $ 1,007 Trademarks $ 551 $ 550 |
Vehicle Rental Activities (Tabl
Vehicle Rental Activities (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Vehicle Rental Activities [Abstract] | |
Components Of The Company's Vehicles | The components of vehicles, net within assets under vehicle programs were as follows: As of As of March 31, December 31, 2017 2016 Rental vehicles $ 12,387 $ 10,937 Less: Accumulated depreciation (1,360 ) (1,454 ) 11,027 9,483 Vehicles held for sale 459 981 Vehicles, net $ 11,486 $ 10,464 |
Components Of Vehicle Depreciation And Lease Charges | The components of vehicle depreciation and lease charges, net are summarized below: Three Months Ended 2017 2016 Depreciation expense $ 437 $ 432 Lease charges 43 34 (Gain) loss on sale of vehicles, net 24 (3 ) Vehicle depreciation and lease charges, net $ 504 $ 463 |
Accounts Payable and Other Cu28
Accounts Payable and Other Current Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Accounts Payable and Other Current Liabilities [Abstract] | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | Accounts payable and other current liabilities consisted of: As of As of March 31, December 31, 2017 2016 Accounts payable $ 355 $ 343 Accrued sales and use taxes 229 206 Deferred revenue – current 164 114 Accrued payroll and related 147 173 Public liability and property damage insurance liabilities – current 143 141 Other 551 511 Accounts payable and other current liabilities $ 1,589 $ 1,488 |
Long-term Debt and Borrowing 29
Long-term Debt and Borrowing Arrangements (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule Of Long-Term Debt | Long-term and other borrowing arrangements consisted of: As of As of Maturity Dates March 31, December 31, 2017 2016 Floating Rate Senior Notes (a) December 2017 $ 249 $ 249 Floating Rate Term Loan March 2019 — 144 6% Euro-denominated Senior Notes (b) March 2021 196 194 Floating Rate Term Loan (c) March 2022 1,144 816 5⅛% Senior Notes June 2022 400 400 5½% Senior Notes April 2023 675 675 6⅜% Senior Notes April 2024 350 350 4⅛% Euro-denominated Senior Notes November 2024 320 316 5¼% Senior Notes March 2025 375 375 4½% Euro-denominated Senior Notes May 2025 266 — Other (d) 59 57 Deferred financing fees (54 ) (53 ) Total 3,980 3,523 Less: Short-term debt and current portion of long-term debt 474 279 Long-term debt $ 3,506 $ 3,244 __________ (a) The interest rate on these notes is equal to three-month LIBOR plus 275 basis points, for an aggregate rate of 3.80% at March 31, 2017; 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%. These notes have been called for redemption. (b) These notes have been called for redemption. (c) The floating rate term loan is part of the Company’s senior credit facility, which is secured by pledges of capital stock of certain subsidiaries of the Company, and liens on substantially all of the Company’s intellectual property and certain other real and personal property. As of March 31, 2017, the floating rate term loan due 2022 bears interest at three-month LIBOR plus 200 basis points, for an aggregate rate of 2.82%. The Company has entered into a swap to hedge $700 million of its interest rate exposure related to the floating rate term loan at an aggregate rate of 3.75%. (d) Primarily includes capital leases which are secured by liens on the related assets. |
Schedule Of Committed Credit Facilities | At March 31, 2017 , 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 2021 (a) $ 1,800 $ — $ 904 $ 896 Other facilities (b) 4 4 — — __________ (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 3.10% as of March 31, 2017. |
Debt Under Vehicle Programs a30
Debt Under Vehicle Programs and Borrowing Arrangements (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule Of Debt Under Vehicle Programs | Debt under vehicle programs, including related party debt due to Avis Budget Rental Car Funding (AESOP) LLC (“Avis Budget Rental Car Funding”), consisted of: As of As of March 31, December 31, 2017 2016 Americas - Debt due to Avis Budget Rental Car Funding (a) $ 7,146 $ 6,733 Americas - Debt borrowings (a) 689 577 International - Debt borrowings (a) 1,560 1,449 International - Capital leases 154 162 Other 3 7 Deferred financing fees (b) (51 ) (50 ) Total $ 9,501 $ 8,878 __________ (a) The increase reflects additional borrowings principally to fund increases in the Company’s car rental fleet. (b) Deferred financing fees related to Debt due to Avis Budget Rental Car Funding as of March 31, 2017 and December 31, 2016 were $40 million and $38 million, respectively. |
Schedule Of Contractual Maturities | The following table provides the contractual maturities of the Company’s debt under vehicle programs, including related party debt due to Avis Budget Rental Car Funding, at March 31, 2017 . Debt under Vehicle Programs Within 1 year (a) $ 1,027 Between 1 and 2 years 3,079 Between 2 and 3 years 2,453 Between 3 and 4 years 1,441 Between 4 and 5 years 725 Thereafter 827 Total $ 9,552 __________ (a) Vehicle-backed debt maturing within one year primarily represents term asset-backed securities. |
Schedule Of Available Funding Under The Vehicle Programs | As of March 31, 2017 , 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) $ 9,312 $ 7,146 $ 2,166 Americas - Debt borrowings (c) 897 689 208 International - Debt borrowings (d) 2,351 1,560 791 International - Capital leases (e) 172 154 18 Other 3 3 — Total $ 12,735 $ 9,552 $ 3,183 __________ (a) Capacity is subject to maintaining sufficient assets to collateralize debt. (b) The outstanding debt is collateralized by approximately $8.7 billion of underlying vehicles and related assets. (c) The outstanding debt is collateralized by approximately $0.9 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 $0.2 billion of underlying vehicles and related assets. |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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, 2017 $ (39 ) $ 2 $ 1 $ (118 ) $ (154 ) Other comprehensive income (loss) before reclassifications 25 — — 1 26 Amounts reclassified from accumulated other comprehensive income (loss) — 1 — 1 2 Net current-period other comprehensive income (loss) 25 1 — 2 28 Balance, March 31, 2017 $ (14 ) $ 3 $ 1 $ (116 ) $ (126 ) Balance, January 1, 2016 $ (80 ) $ (2 ) $ — $ (65 ) $ (147 ) Other comprehensive income (loss) before reclassifications 72 (4 ) — — 68 Amounts reclassified from accumulated other comprehensive income (loss) — 1 — 1 2 Net current-period other comprehensive income (loss) 72 (3 ) — 1 70 Balance, March 31, 2016 $ (8 ) $ (5 ) $ — $ (64 ) $ (77 ) __________ 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 $78 million gain, net of tax, as of March 31, 2017 related to the Company’s hedge of its net investment in euro-denominated foreign operations (see Note 13 - Financial Instruments). (a) For the three months ended March 31, 2017 and 2016 , amounts reclassified from accumulated other comprehensive income (loss) into corporate interest expense were $1 million ( $1 million , net of tax) and $2 million ( $1 million , net of tax), respectively. (b) For the three months ended March 31, 2017 and 2016 , amounts reclassified from accumulated other comprehensive income (loss) into selling, general and administrative expenses were $2 million ( $1 million , net of tax) and $1 million ( $1 million , net of tax), respectively. |
Components Of Other Comprehensive Income | The components of other comprehensive income (loss) were as follows: Three Months Ended 2017 2016 Net loss $ (107 ) $ (51 ) Other comprehensive income: Currency translation adjustments (net of tax of $3 and $9, respectively) 25 72 Net unrealized gain (loss) on cash flow hedges (net of tax of $0 and $2, respectively) 1 (3 ) Minimum pension liability adjustment (net of tax of ($1) and $0, respectively) 2 1 28 70 Comprehensive income (loss) $ (79 ) $ 19 __________ Currency translation adjustments exclude income taxes related to indefinite investments in foreign subsidiaries. |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Based Compensation Activity | The activity related to the Company’s restricted stock units (“RSUs”) consisted of (in thousands of shares): Time-Based RSUs Performance-Based and Market-Based RSUs Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Outstanding at January 1, 2017 (a) 878 $ 34.83 923 $ 34.11 Granted 528 34.41 572 34.41 Vested (b) (367 ) 36.00 (146 ) 36.52 Forfeited/expired (18 ) 32.00 (193 ) 41.86 Outstanding at March 31, 2017 (c) 1,021 $ 34.24 1,156 $ 32.67 __________ (a) Reflects the maximum number of stock units assuming achievement of all time-, performance- and market-vesting criteria and does not include those for non-employee directors. The weighted-average fair value of time-based RSUs, and performance-based and market-based RSUs granted during the three months ended March 31, 2016 was $25.88 and $23.29 , respectively. (b) The total grant date fair value of RSUs vested during the three months ended March 31, 2017 and 2016 was $19 million and $25 million , respectively. (c) The Company’s outstanding time-based RSUs, and performance-based and market-based RSUs had aggregate intrinsic values of $30 million and $34 million , respectively. Aggregate unrecognized compensation expense related to time-based RSUs, and performance-based and market-based RSUs amounted to $53 million and will be recognized over a weighted average vesting period of 1.9 years. |
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, 2017 810 $ 2.91 $ 27 2.3 Granted — — Exercised (3 ) 0.79 — Forfeited/expired — — Outstanding and exercisable at March 31, 2017 807 $ 2.92 $ 22 2.0 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Investments, All Other Investments [Abstract] | |
Schedule of Notional Amounts of Outstanding Derivative Positions | The Company held derivative instruments with absolute notional values as follows: As of March 31, 2017 Interest rate caps (a) $ 9,836 Interest rate swaps 2,050 Foreign exchange contracts 1,133 Commodity contracts (millions of gallons of unleaded gasoline) 8 __________ (a) Represents $7.4 billion of interest rate caps sold, partially offset by approximately $2.4 billion of interest rate caps purchased. These amounts exclude $5.0 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 | Estimated fair values (Level 2) of derivative instruments were as follows: As of March 31, 2017 As of December 31, 2016 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 $ 3 $ 7 $ 4 Derivatives not designated as hedging instruments Interest rate caps (b) 1 3 1 7 Foreign exchange contracts (c) 2 12 7 2 Commodity contracts (c) — 1 — — Total $ 10 $ 19 $ 15 $ 13 __________ 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 (loss). (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. |
Derivative Instruments, Gain (Loss) [Table Text Block] | The effects of derivatives recognized in the Company’s Consolidated Condensed Financial Statements were as follows: Three Months Ended 2017 2016 Derivatives designated as hedging instruments (a) Interest rate swaps $ 1 $ (3 ) Euro-denominated notes (5 ) (14 ) Derivatives not designated as hedging instruments (b) Foreign exchange contracts (c) (12 ) (10 ) Commodity contracts (d) (1 ) (2 ) Total $ (17 ) $ (29 ) __________ (a) Recognized, net of tax, as a component of other comprehensive income (loss) 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 March 31, 2017 , included a $7 million loss in interest expense and a $5 million loss in operating expense. For the three months ended March 31, 2016 , included a $9 million gain in interest expense and a $19 million loss in operating expense. (d) Included in operating expense. |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | The carrying amounts and estimated fair values (Level 2) of debt instruments were as follows: As of March 31, 2017 As of December 31, 2016 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Corporate debt Short-term debt and current portion of long-term debt $ 474 $ 475 $ 279 $ 280 Long-term debt 3,506 3,497 3,244 3,265 Debt under vehicle programs Vehicle-backed debt due to Avis Budget Rental Car Funding $ 7,106 $ 7,147 $ 6,695 $ 6,722 Vehicle-backed debt 2,392 2,407 2,176 2,187 Interest rate swaps and interest rate caps (a) 3 3 7 7 __________ (a) Derivatives in a liability position. |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Segment Reporting [Abstract] | |
Summary Of Segments Information | Three Months Ended March 31, 2017 2016 Revenues Adjusted EBITDA Revenues Adjusted EBITDA Americas $ 1,314 $ (20 ) $ 1,364 $ 63 International 525 7 517 1 Corporate and Other (a) — (14 ) — (20 ) Total Company $ 1,839 (27 ) $ 1,881 44 Less: Non-vehicle related depreciation and amortization 63 61 Interest expense related to corporate debt, net 49 50 Early extinguishment of debt 3 — Restructuring expense 7 15 Transaction-related costs, net 3 4 Charges for legal matter (b) 13 — Loss before income taxes $ (165 ) $ (86 ) __________ (a) Includes unallocated corporate overhead which is not attributable to a particular segment. (b) Reported within operating expenses in our Consolidated Condensed Statements of Comprehensive Income. |
Guarantor and Non-Guarantor C35
Guarantor and Non-Guarantor Consolidating Condensed Financial Statements (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Consolidating Condensed Statements of Comprehensive Income | Three Months Ended March 31, 2017 Parent Subsidiary Issuers Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Total Revenues Vehicle rental $ — $ — $ 886 $ 400 $ — $ 1,286 Other — — 267 871 (585 ) 553 Net revenues — — 1,153 1,271 (585 ) 1,839 Expenses Operating 1 4 640 404 — 1,049 Vehicle depreciation and lease charges, net — — 546 493 (535 ) 504 Selling, general and administrative 10 2 153 97 — 262 Vehicle interest, net — — 45 69 (50 ) 64 Non-vehicle related depreciation and amortization — — 40 23 — 63 Interest expense related to corporate debt, net: Interest expense — 46 1 2 — 49 Intercompany interest expense (income) (3 ) 1 6 (4 ) — — Early extinguishment of debt — 3 — — — 3 Restructuring expense — — 6 1 — 7 Transaction-related costs, net — — — 3 — 3 Total expenses 8 56 1,437 1,088 (585 ) 2,004 Income (loss) before income taxes and equity in earnings of subsidiaries (8 ) (56 ) (284 ) 183 — (165 ) Provision for (benefit from) income taxes (2 ) (23 ) (39 ) 6 — (58 ) Equity in earnings (loss) of subsidiaries (101 ) (68 ) 177 — (8 ) — Net income (loss) $ (107 ) $ (101 ) $ (68 ) $ 177 $ (8 ) $ (107 ) Comprehensive income (loss) $ (79 ) $ (74 ) $ (41 ) $ 203 $ (88 ) $ (79 ) Three Months Ended March 31, 2016 Parent Subsidiary Issuers Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Total Revenues Vehicle rental $ — $ — $ 929 $ 399 $ — $ 1,328 Other — — 271 794 (512 ) 553 Net revenues — — 1,200 1,193 (512 ) 1,881 Expenses Operating 1 10 628 401 — 1,040 Vehicle depreciation and lease charges, net — — 461 467 (465 ) 463 Selling, general and administrative 10 5 149 105 — 269 Vehicle interest, net — — 45 67 (47 ) 65 Non-vehicle related depreciation and amortization — 1 37 23 — 61 Interest expense related to corporate debt, net: Interest expense — 39 1 10 — 50 Intercompany interest expense (income) (3 ) (3 ) 6 — — — Restructuring expense — — 6 9 — 15 Transaction-related costs, net — 1 — 3 — 4 Total expenses 8 53 1,333 1,085 (512 ) 1,967 Income (loss) before income taxes and equity in earnings of subsidiaries (8 ) (53 ) (133 ) 108 — (86 ) Provision for (benefit from) income taxes (3 ) (21 ) (5 ) (6 ) — (35 ) Equity in earnings (loss) of subsidiaries (46 ) (14 ) 114 — (54 ) — Net income (loss) $ (51 ) $ (46 ) $ (14 ) $ 114 $ (54 ) $ (51 ) Comprehensive income $ 19 $ 24 $ 58 $ 185 $ (267 ) $ 19 |
Schedule Of Condensed Consolidating Balance Sheet Table | As of March 31, 2017 Parent Subsidiary Issuers Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Total Assets Current assets: Cash and cash equivalents $ 2 $ 280 $ — $ 641 $ — $ 923 Receivables, net — — 216 502 — 718 Other current assets 2 103 110 436 — 651 Total current assets 4 383 326 1,579 — 2,292 Property and equipment, net — 155 332 197 — 684 Deferred income taxes 19 1,348 272 — (8 ) 1,631 Goodwill — — 489 524 — 1,013 Other intangibles, net — 28 496 335 — 859 Other non-current assets 75 26 16 78 — 195 Intercompany receivables 175 365 1,478 945 (2,963 ) — Investment in subsidiaries (49 ) 3,679 3,723 — (7,353 ) — Total assets exclusive of assets under vehicle programs 224 5,984 7,132 3,658 (10,324 ) 6,674 Assets under vehicle programs: Program cash — — — 142 — 142 Vehicles, net — 37 69 11,380 — 11,486 Receivables from vehicle manufacturers and other — 2 1 278 — 281 Investment in Avis Budget Rental Car Funding (AESOP) LLC-related party — — — 395 — 395 — 39 70 12,195 — 12,304 Total assets $ 224 $ 6,023 $ 7,202 $ 15,853 $ (10,324 ) $ 18,978 Liabilities and stockholders’ equity Current liabilities: Accounts payable and other current liabilities $ 13 $ 195 $ 568 $ 813 $ — $ 1,589 Short-term debt and current portion of long-term debt — 266 3 205 — 474 Total current liabilities 13 461 571 1,018 — 2,063 Long-term debt — 2,918 3 585 — 3,506 Other non-current liabilities 70 86 237 362 (8 ) 747 Intercompany payables — 2,597 365 1 (2,963 ) — Total liabilities exclusive of liabilities under vehicle programs 83 6,062 1,176 1,966 (2,971 ) 6,316 Liabilities under vehicle programs: Debt — 10 64 2,321 — 2,395 Due to Avis Budget Rental Car Funding (AESOP) LLC-related party — — — 7,106 — 7,106 Deferred income taxes — — 2,283 170 — 2,453 Other — — — 567 — 567 — 10 2,347 10,164 — 12,521 Total stockholders’ equity 141 (49 ) 3,679 3,723 (7,353 ) 141 Total liabilities and stockholders’ equity $ 224 $ 6,023 $ 7,202 $ 15,853 $ (10,324 ) $ 18,978 As of December 31, 2016 Parent Subsidiary Issuers Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Total Assets Current assets: Cash and cash equivalents $ 3 $ 12 $ — $ 475 $ — $ 490 Receivables, net — — 231 577 — 808 Other current assets 2 101 90 326 — 519 Total current assets 5 113 321 1,378 — 1,817 Property and equipment, net — 148 341 196 — 685 Deferred income taxes 20 1,219 268 — (14 ) 1,493 Goodwill — — 489 518 — 1,007 Other intangibles, net — 28 502 340 — 870 Other non-current assets 75 24 16 78 — 193 Intercompany receivables 171 359 1,466 670 (2,666 ) — Investment in subsidiaries 42 3,717 3,698 — (7,457 ) — Total assets exclusive of assets under vehicle programs 313 5,608 7,101 3,180 (10,137 ) 6,065 Assets under vehicle programs: Program cash — — — 225 — 225 Vehicles, net — 24 70 10,370 — 10,464 Receivables from vehicle manufacturers and other — 1 — 526 — 527 Investment in Avis Budget Rental Car Funding (AESOP) LLC-related party — — — 362 — 362 — 25 70 11,483 — 11,578 Total assets $ 313 $ 5,633 $ 7,171 $ 14,663 $ (10,137 ) $ 17,643 Liabilities and stockholders’ equity Current liabilities: Accounts payable and other current liabilities $ 23 $ 189 $ 512 $ 764 $ — $ 1,488 Short-term debt and current portion of long-term debt — 264 3 12 — 279 Total current liabilities 23 453 515 776 — 1,767 Long-term debt — 2,730 3 511 — 3,244 Other non-current liabilities 69 88 253 368 (14 ) 764 Intercompany payables — 2,306 359 1 (2,666 ) — Total liabilities exclusive of liabilities under vehicle programs 92 5,577 1,130 1,656 (2,680 ) 5,775 Liabilities under vehicle programs: Debt — 14 66 2,103 — 2,183 Due to Avis Budget Rental Car Funding (AESOP) LLC-related party — — — 6,695 — 6,695 Deferred income taxes — — 2,258 171 — 2,429 Other — — — 340 — 340 — 14 2,324 9,309 — 11,647 Total stockholders’ equity 221 42 3,717 3,698 (7,457 ) 221 Total liabilities and stockholders’ equity $ 313 $ 5,633 $ 7,171 $ 14,663 $ (10,137 ) $ 17,643 |
Consolidating Condensed Statements Of Cash Flows | Three Months Ended March 31, 2016 Parent Subsidiary Issuers Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Net cash provided by (used in) operating activities $ 9 $ 17 $ (2 ) $ 448 $ — $ 472 Investing activities Property and equipment additions — (4 ) (21 ) (15 ) — (40 ) Proceeds received on asset sales — 2 — 1 — 3 Net assets acquired (net of cash acquired) — — — (1 ) — (1 ) Intercompany loan receipts (advances) — — 27 — (27 ) — Other, net 86 — — — (86 ) — Net cash provided by (used in) investing activities exclusive of vehicle programs 86 (2 ) 6 (15 ) (113 ) (38 ) Vehicle programs: Decrease in program cash — — — 198 — 198 Investment in vehicles — — (1 ) (4,139 ) — (4,140 ) Proceeds received on disposition of vehicles — 11 — 2,765 — 2,776 — 11 (1 ) (1,176 ) — (1,166 ) Net cash provided by (used in) investing activities 86 9 5 (1,191 ) (113 ) (1,204 ) Financing activities Proceeds from long-term borrowings — 350 — — — 350 Payments on long-term borrowings — (4 ) (1 ) — — (5 ) Net change in short-term borrowings — — — 1 — 1 Intercompany loan borrowings (payments) — — — (27 ) 27 — Repurchases of common stock (95 ) — — — — (95 ) Debt financing fees — (5 ) — — — (5 ) Other, net — (86 ) — — 86 — Net cash provided by (used in) financing activities exclusive of vehicle programs (95 ) 255 (1 ) (26 ) 113 246 Vehicle programs: Proceeds from borrowings — — — 4,694 — 4,694 Payments on borrowings — — (2 ) (3,794 ) — (3,796 ) Debt financing fees — — — (6 ) — (6 ) — — (2 ) 894 — 892 Net cash provided by (used in) financing activities (95 ) 255 (3 ) 868 113 1,138 Effect of changes in exchange rates on cash and cash equivalents — — — 18 — 18 Net increase in cash and cash equivalents — 281 — 143 — 424 Cash and cash equivalents, beginning of period 4 70 — 378 — 452 Cash and cash equivalents, end of period $ 4 $ 351 $ — $ 521 $ — $ 876 Three Months Ended March 31, 2017 Parent Subsidiary Issuers Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Net cash provided by (used in) operating activities $ 7 $ (130 ) $ 24 $ 546 $ — $ 447 Investing activities Property and equipment additions — (8 ) (19 ) (15 ) — (42 ) Proceeds received on asset sales — 1 — 1 — 2 Intercompany loan receipts (advances) — — — (270 ) 270 — Other, net 53 — — — (53 ) — Net cash provided by (used in) investing activities exclusive of vehicle programs 53 (7 ) (19 ) (284 ) 217 (40 ) Vehicle programs: Decrease in program cash — — — 87 — 87 Investment in vehicles — — (1 ) (3,943 ) — (3,944 ) Proceeds received on disposition of vehicles — 8 — 2,950 — 2,958 Investment in debt securities of Avis Budget Rental Car Funding (AESOP) LLC—related party — — — (33 ) — (33 ) — 8 (1 ) (939 ) — (932 ) Net cash provided by (used in) investing activities 53 1 (20 ) (1,223 ) 217 (972 ) Financing activities Proceeds from long-term borrowings — 325 — 265 — 590 Payments on long-term borrowings — (142 ) (1 ) — — (143 ) Intercompany loan borrowings (payments) — 270 — — (270 ) — Repurchases of common stock (61 ) — — — — (61 ) Debt financing fees — (3 ) — (4 ) — (7 ) Other, net — (53 ) — — 53 — Net cash provided by (used in) financing activities exclusive of vehicle programs (61 ) 397 (1 ) 261 (217 ) 379 Vehicle programs: Proceeds from borrowings — — — 5,812 — 5,812 Payments on borrowings — — (3 ) (5,233 ) — (5,236 ) Debt financing fees — — — (5 ) — (5 ) — — (3 ) 574 — 571 Net cash provided by (used in) financing activities (61 ) 397 (4 ) 835 (217 ) 950 Effect of changes in exchange rates on cash and cash equivalents — — — 8 — 8 Net increase (decrease) in cash and cash equivalents (1 ) 268 — 166 — 433 Cash and cash equivalents, beginning of period 3 12 — 475 — 490 Cash and cash equivalents, end of period $ 2 $ 280 $ — $ 641 $ — $ 923 |
Basis Of Presentation And Rec36
Basis Of Presentation And Recently Issued Accounting Pronouncements (Narrative) (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Basis Of Presentation And Recently Issued Accounting Pronouncements [Abstract] | ||
Net unrealized gain or loss on foreign-currency transactions of intercompany loan hedges | $ 0 | $ (3) |
Employee Service Share Based Compensation Incremental Tax Benefit To Be Realized From Exercise Of Stock Awards | $ 56 | |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 9 |
Restructuring (Narrative) (Deta
Restructuring (Narrative) (Detail) $ in Millions | 3 Months Ended | ||
Mar. 31, 2017USD ($)Employee | Mar. 31, 2016USD ($) | Dec. 31, 2016USD ($) | |
Restructuring Cost and Reserve [Line Items] | |||
Document Period End Date | Mar. 31, 2017 | ||
Restructuring Charges | $ 7 | $ 15 | |
Restructuring Reserve | 10 | $ 6 | |
T17 Restructuring [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | $ 7 | ||
Restructuring and Related Cost, Expected Number of Positions Eliminated | Employee | 335 | ||
Restructuring and Related Cost, Number of Positions Eliminated | Employee | 240 | ||
Restructuring and Related Cost, Expected Cost | $ 40 | ||
Payments for Restructuring | 2 | ||
International | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve | 4 | $ 5 | |
International | T17 Restructuring [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 0 | ||
Payments for Restructuring | $ 0 |
Restructuring (Summary Of Chang
Restructuring (Summary Of Changes To Restructuring-Related Liabilities) (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Restructuring Cost and Reserve [Line Items] | ||
Document Period End Date | Mar. 31, 2017 | |
Restructuring Reserve [Roll Forward] | ||
Balance as of January 1, 2016 | $ 6 | |
Restructuring expense | (7) | $ (15) |
Balance as of March 31, 2017 | 10 | |
International | ||
Restructuring Reserve [Roll Forward] | ||
Balance as of January 1, 2016 | 1 | |
Balance as of March 31, 2017 | 6 | |
International | ||
Restructuring Reserve [Roll Forward] | ||
Balance as of January 1, 2016 | 5 | |
Balance as of March 31, 2017 | 4 | |
2014 T15 Restructuring [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Payment for Restructuring | (1) | |
2014 T15 Restructuring [Member] | International | ||
Restructuring Reserve [Roll Forward] | ||
Payment for Restructuring | 0 | |
2014 T15 Restructuring [Member] | International | ||
Restructuring Reserve [Roll Forward] | ||
Payment for Restructuring | (1) | |
T17 Restructuring [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring expense | (7) | |
Payment for Restructuring | (2) | |
T17 Restructuring [Member] | International | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring expense | (7) | |
Payment for Restructuring | (2) | |
T17 Restructuring [Member] | International | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring expense | 0 | |
Payment for Restructuring | 0 | |
Personnel Related | ||
Restructuring Reserve [Roll Forward] | ||
Balance as of January 1, 2016 | 5 | |
Balance as of March 31, 2017 | 9 | |
Personnel Related | 2014 T15 Restructuring [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Payment for Restructuring | (1) | |
Personnel Related | T17 Restructuring [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring expense | (7) | |
Payment for Restructuring | (2) | |
Facility Related | ||
Restructuring Reserve [Roll Forward] | ||
Balance as of January 1, 2016 | 1 | |
Balance as of March 31, 2017 | 1 | |
Facility Related | 2014 T15 Restructuring [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Payment for Restructuring | 0 | |
Facility Related | T17 Restructuring [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring expense | 0 | |
Payment for Restructuring | $ 0 |
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 | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Earnings Per Share [Abstract] | ||
Net loss for basic and diluted EPS | $ (107) | $ (51) |
Basic and diluted weighted average shares outstanding (a) | 85.7 | 96.3 |
Basic | $ (1.25) | $ (0.53) |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Document Fiscal Year Focus | 2,017 | |
Net Income (Loss) Available to Common Stockholders, Diluted | $ (107) | $ (51) |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0.8 | 0.8 |
Restricted Stock Units (RSUs) [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2.6 | 2.4 |
Earnings Per Share Earnings P40
Earnings Per Share Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Net Income (Loss) Available to Common Stockholders, Diluted | $ (107) | $ (51) |
Basic and diluted weighted average shares outstanding (a) | 85.7 | 96.3 |
Diluted | $ (1.25) | $ (0.53) |
Basic | $ (1.25) | $ (0.53) |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0.8 | 0.8 |
Restricted Stock Units (RSUs) [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2.6 | 2.4 |
Other Current Assets (Details)
Other Current Assets (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Other Current Assets Disclosure [Abstract] | ||
Sales and use taxes | $ 257 | $ 153 |
Prepaid expenses | 230 | 212 |
Other | 164 | 154 |
Other current assets | $ 651 | $ 519 |
Intangible Assets (Schedule Of
Intangible Assets (Schedule Of Intangible Assets) (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | |
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Document Fiscal Year Focus | 2,017 | |
Document Period End Date | Mar. 31, 2017 | |
Amortized Intangible Assets, Gross Carrying Amount | $ 531 | $ 531 |
Amortized Intangible Assets, Accumulated Amortization | 223 | 211 |
Amortized Intangible Assets, Net Carrying Amount | 308 | 320 |
Unamortized Intangible Assets, Goodwill, Gross Carrying Amount | 1,013 | 1,007 |
License agreements | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Amortized Intangible Assets, Gross Carrying Amount | 260 | 261 |
Amortized Intangible Assets, Accumulated Amortization | 115 | 109 |
Amortized Intangible Assets, Net Carrying Amount | 145 | 152 |
Customer relationships | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Amortized Intangible Assets, Gross Carrying Amount | 226 | 224 |
Amortized Intangible Assets, Accumulated Amortization | 96 | 90 |
Amortized Intangible Assets, Net Carrying Amount | 130 | 134 |
Other | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Amortized Intangible Assets, Gross Carrying Amount | 45 | 46 |
Amortized Intangible Assets, Accumulated Amortization | 12 | 12 |
Amortized Intangible Assets, Net Carrying Amount | 33 | 34 |
Goodwill | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Unamortized Intangible Assets, Goodwill, Gross Carrying Amount | 1,013 | 1,007 |
Trademarks | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Unamortized Intangible Assets, Trademarks, Gross Carrying Amount | $ 551 | $ 550 |
Intangible Assets (Narrative) (
Intangible Assets (Narrative) (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Finite-Lived Intangible Assets [Line Items] | ||
Document Period End Date | Mar. 31, 2017 | |
Amortization expense relating to all intangible assets | $ 15 | $ 17 |
Amortization expense for remainder of the year | 40 | |
Intangible assets amortization expense, year one | 41 | |
Intangible assets amortization expense, year two | 37 | |
Intangible assets amortization expense, year three | 37 | |
Intangible assets amortization expense, year four | 27 | |
Intangible assets amortization expense, year five | $ 22 |
Vehicle Rental Activities (Comp
Vehicle Rental Activities (Components Of The Company's Vehicles) (Detail) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 |
Vehicle Rental Activities [Abstract] | |||
Rental vehicles | $ 12,387 | $ 10,937 | |
Less: Accumulated depreciation | (1,360) | (1,454) | |
Rental Vehicles Net, Total | 11,027 | 9,483 | |
Vehicles held for sale | 459 | 981 | |
Vehicles, net | 11,486 | $ 10,464 | |
Accounts Payable, Other, Current | 546 | $ 467 | |
Other Receivables | $ 277 | $ 331 |
Vehicle Rental Activities (Co45
Vehicle Rental Activities (Components Of Vehicle Depreciation And Lease Charges) (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Vehicle Rental Activities [Abstract] | ||
Other Receivables | $ 277 | $ 331 |
Depreciation expense | 437 | 432 |
Lease charges | 43 | 34 |
(Gain) loss on sale of vehicles, net | 24 | (3) |
Vehicle depreciation and lease charges, net | $ 504 | $ 463 |
Accounts Payable and Other Cu46
Accounts Payable and Other Current Liabilities (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Accounts Payable and Other Current Liabilities [Abstract] | ||
Accounts payable | $ 355 | $ 343 |
Accrued sales and use taxes | 229 | 206 |
Accrued payroll and related | 147 | 173 |
Public liability and property damage insurance liabilities – current | 143 | 141 |
Deferred revenue – current | 164 | 114 |
Other | 551 | 511 |
Accounts payable and other current liabilities | $ 1,589 | $ 1,488 |
Long-Term Debt And Borrowing 47
Long-Term Debt And Borrowing Arrangements (Schedule Of Long-Term Debt) (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | ||
Document Fiscal Year Focus | 2,017 | |
Other | $ 59 | $ 57 |
Long-term Debt, Current Maturities | 474 | 279 |
Long-term debt | $ 3,506 | 3,244 |
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] | Long Term Borrowings [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument stated interest percentage | 5.125% | |
Five And One Over Two Senior Notes [Member] | Long Term Borrowings [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument stated interest percentage | 5.50% | |
Six And Three Over Eight Senior Notes [Member] | Long Term Borrowings [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument stated interest percentage | 6.375% | |
Four and One over Eight Euro-Denominated Senior Notes [Member] | Long Term Borrowings [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument stated interest percentage | 4.125% | |
Five And One Over Four Senior Notes [Member] | Long Term Borrowings [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument stated interest percentage | 5.25% | |
Four and One over Two Euro-Denominated Senior Notes [Member] | Long Term Borrowings [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument stated interest percentage | 4.50% | |
Senior Notes [Member] | Floating Rate Senior Notes Due December 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 3.58% | |
Long-term debt | $ 249 | 249 |
Debt Instrument, Maturity Date, Description | December 2,017 | |
Debt Instrument, Description of Variable Rate Basis | 275 basis points | |
Percentage Of Margin Aggregate Interest Rate | 3.80% | |
Senior Notes [Member] | Six Euro-Denominated Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 196 | 194 |
Debt Instrument, Maturity Date, Description | March 2,021 | |
Senior Notes [Member] | 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 | |
Senior Notes [Member] | Five And One Over Two Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 675 | 675 |
Debt Instrument, Maturity Date, Description | April 2,023 | |
Senior Notes [Member] | Six And Three Over Eight Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 350 | 350 |
Debt Instrument, Maturity Date, Description | April 2,024 | |
Senior Notes [Member] | Four and One over Eight Euro-Denominated Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 320 | 316 |
Debt Instrument, Maturity Date, Description | November 2,024 | |
Senior Notes [Member] | Five And One Over Four Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 375 | 375 |
Debt Instrument, Maturity Date, Description | March 2,025 | |
Senior Notes [Member] | Four and One over Two Euro-Denominated Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 266 | 0 |
Debt Instrument, Maturity Date, Description | May 2,025 | |
Loans Payable [Member] | Floating Rate Term Loan Due March Two Thousand Nineteen [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 0 | 144 |
Debt Instrument, Maturity Date, Description | March 2,019 | |
Loans Payable [Member] | Floating Rate Term Loan Due March Two Thousand Twenty Two [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 3.75% | |
Long-term debt | $ 1,144 | 816 |
Debt Instrument, Maturity Date, Description | March 2,022 | |
Debt Instrument, Description of Variable Rate Basis | 200 basis points | |
Percentage Of Margin Aggregate Interest Rate | 2.82% | |
Senior Notes and Loans Payable [Member] | ||
Debt Instrument [Line Items] | ||
Deferred Finance Costs, Net | $ (54) | (53) |
Long-term Debt | $ 3,980 | $ 3,523 |
Long-Term Debt And Borrowing 48
Long-Term Debt And Borrowing Arrangements (Schedule Of Long-Term Debt) (Detail Section) | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Floating Rate Term Loan Due March Two Thousand Nineteen [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Description of Variable Rate Basis | 200 basis points |
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% |
Long Term Borrowings [Member] | Five And One Over Two Senior Notes [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | 5.50% |
Long Term Borrowings [Member] | Six And Three Over Eight Senior Notes [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | 6.375% |
Senior Notes [Member] | Floating Rate Senior Notes Due December 2017 [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Description of Variable Rate Basis | 275 basis points |
Percentage Of Margin Aggregate Interest Rate | 3.80% |
Debt Instrument, Basis Spread on Variable Rate | 3.58% |
Loans Payable [Member] | Floating Rate Term Loan Due March Two Thousand Twenty Two [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Description of Variable Rate Basis | 200 basis points |
Percentage Of Margin Aggregate Interest Rate | 2.82% |
Debt Instrument, Basis Spread on Variable Rate | 3.75% |
Derivative, Amount of Hedged Item | $ 700,000,000 |
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 | 3.10% |
Long-Term Debt And Borrowing 49
Long-Term Debt And Borrowing Arrangements (Narrative) (Detail) € in Millions, $ in Millions | 3 Months Ended | ||
Mar. 31, 2017USD ($) | Mar. 31, 2017EUR (€) | Dec. 31, 2016USD ($) | |
Debt Instrument [Line Items] | |||
Document Period End Date | Mar. 31, 2017 | ||
Other Long-term Debt | $ 59 | $ 57 | |
Uncommitted Credit Facility [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Interest Rate During Period | 0.71% | ||
Uncommitted Credit Facility [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Interest Rate During Period | 4.50% | ||
Four and One over Two Euro-Denominated Senior Notes [Member] | Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Maturity Date, Description | May 2,025 | ||
Long-term Debt, Gross | $ 266 | 0 | |
Debt Instrument, Face Amount | € | € 250 | ||
Six And Three Over Eight Senior Notes [Member] | Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Maturity Date, Description | April 2,024 | ||
Long-term Debt, Gross | $ 350 | 350 | |
Floating Rate Term Loan Due March Two Thousand Nineteen [Member] | Loans Payable [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Maturity Date, Description | March 2,019 | ||
Long-term Debt, Gross | $ 0 | 144 | |
Five and One over Eight Senior Notes [Member] | Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Maturity Date, Description | June 2,022 | ||
Long-term Debt, Gross | $ 400 | 400 | |
Five And One Over Two Senior Notes [Member] | Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Maturity Date, Description | April 2,023 | ||
Long-term Debt, Gross | $ 675 | 675 | |
Floating Rate Term Loan Due March Two Thousand Twenty Two [Member] | Loans Payable [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Maturity Date, Description | March 2,022 | ||
Long-term Debt, Gross | $ 1,144 | 816 | |
Debt Instrument, Description of Variable Rate Basis | 200 basis points | ||
Debt Instrument, Basis Spread on Variable Rate | 3.75% | ||
Floating Rate Term Loan Due March Two Thousand Twenty Two [Member] | Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 1,100 | ||
Four and One over Eight Euro-Denominated Senior Notes [Member] | Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Maturity Date, Description | November 2,024 | ||
Long-term Debt, Gross | $ 320 | 316 | |
Six Euro-Denominated Senior Notes [Member] | Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Maturity Date, Description | March 2,021 | ||
Long-term Debt, Gross | $ 196 | $ 194 |
Long-Term Debt And Borrowing 50
Long-Term Debt And Borrowing Arrangements (Schedule Of Committed Credit Facilities) (Detail) $ in Millions | Mar. 31, 2017USD ($) |
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 | 904 |
Available Capacity | 896 |
Other Facilities [Member] | |
Line of Credit Facility [Line Items] | |
Total Capacity | 4 |
Outstanding Borrowings | 4 |
Letters of Credit Issued | 0 |
Available Capacity | $ 0 |
Long-Term Debt And Borrowing 51
Long-Term Debt And Borrowing Arrangements (Schedule Of Committed Credit Facilities) (Detail Section) $ in Millions | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Line of Credit Facility [Line Items] | |
Amounts drawn under uncommitted credit facilities | $ 7 |
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 | 0.71% |
Maximum [Member] | Bank Overdraft [Member] | |
Line of Credit Facility [Line Items] | |
Line of Credit Facility, Interest Rate During Period | 3.10% |
Maximum [Member] | Uncommitted Credit Facility [Member] | |
Line of Credit Facility [Line Items] | |
Line of Credit Facility, Interest Rate During Period | 4.50% |
Debt Under Vehicle Programs A52
Debt Under Vehicle Programs And Borrowing Arrangements (Schedule Of Debt Under Vehicle Programs) (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | |
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | ||
Document Period End Date | Mar. 31, 2017 | |
Debt under vehicle programs | $ 9,501 | $ 8,878 |
Debt Due To Avis Budget Rental Car Funding (Member) | ||
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | ||
Debt Instrument, Maturity Date | Sep. 1, 2022 | |
Leasing Vehicles And Related Assets Pledged As Collateralized Debt | $ 8,700 | |
Debt under vehicle programs | 7,146 | 6,733 |
Deferred Finance Costs, Net | (40) | (38) |
Americas Debt Borrowings [Member] | ||
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | ||
Leasing Vehicles And Related Assets Pledged As Collateralized Debt | 900 | |
Debt under vehicle programs | 689 | 577 |
International Debt Borrowings [Domain] | ||
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | ||
Leasing Vehicles And Related Assets Pledged As Collateralized Debt | 1,800 | |
Debt under vehicle programs | 1,560 | 1,449 |
International Capital Leases [Domain] | ||
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | ||
Leasing Vehicles And Related Assets Pledged As Collateralized Debt | 200 | |
Debt under vehicle programs | 154 | 162 |
Other (Member) | ||
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | ||
Debt under vehicle programs | 3 | 7 |
Debt Under Vehicle Programs [Member] | ||
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | ||
Deferred Finance Costs, Net | $ (51) | $ (50) |
Debt Under Vehicle Programs A53
Debt Under Vehicle Programs And Borrowing Arrangements (Schedule Of Contractual Maturities) (Detail) $ in Millions | Mar. 31, 2017USD ($) |
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | |
Vehicle Program Debt Amount Outstanding | $ 9,552 |
Vehicle backed debt [Member] | |
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | |
Within 1 year (a) | 1,027 |
Between 1 and 2 years | 3,079 |
Between 2 and 3 years | 2,453 |
Between 3 and 4 years | 1,441 |
Between 4 and 5 years | 725 |
Thereafter | 827 |
Vehicle Program Debt Amount Outstanding | $ 9,552 |
Debt Under Vehicle Programs A54
Debt Under Vehicle Programs And Borrowing Arrangements (Schedule Of Available Funding Under The Vehicle Programs) (Detail) $ in Millions | Mar. 31, 2017USD ($) |
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | |
Total Capacity (a) | $ 12,735 |
Outstanding Borrowings | 9,552 |
Available Capacity | 3,183 |
Debt Due To Avis Budget Rental Car Funding (Member) | |
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | |
Total Capacity (a) | 9,312 |
Outstanding Borrowings | 7,146 |
Available Capacity | 2,166 |
Leasing Vehicles And Related Assets Pledged As Collateralized Debt | 8,700 |
Americas Debt Borrowings [Member] | |
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | |
Total Capacity (a) | 897 |
Outstanding Borrowings | 689 |
Available Capacity | 208 |
Leasing Vehicles And Related Assets Pledged As Collateralized Debt | 900 |
International Debt Borrowings [Domain] | |
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | |
Total Capacity (a) | 2,351 |
Outstanding Borrowings | 1,560 |
Available Capacity | 791 |
Leasing Vehicles And Related Assets Pledged As Collateralized Debt | 1,800 |
International Capital Leases [Domain] | |
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | |
Total Capacity (a) | 172 |
Outstanding Borrowings | 154 |
Available Capacity | 18 |
Leasing Vehicles And Related Assets Pledged As Collateralized Debt | 200 |
Other (Member) | |
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | |
Total Capacity (a) | 3 |
Outstanding Borrowings | 3 |
Available Capacity | $ 0 |
Debt Under Vehicle Programs a55
Debt Under Vehicle Programs and Borrowing Arrangements Debt Under Vehicle Programs and Borrowing Arrangements (Details) - Debt Due To Avis Budget Rental Car Funding (Member) $ in Millions | Mar. 31, 2017USD ($) |
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | |
Asset-Backed Securities, at Carrying Value | $ 600 |
Debt, Weighted Average Interest Rate | 3.00% |
Commitments And Contingencies (
Commitments And Contingencies (Narrative) (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Schedule Of Commitments And Contingencies [Line Items] | ||
Loss Contingency Accrual | $ 39 | |
Loss Contingency, Range of Possible Loss, Portion Not Accrued | $ 50 | |
Document Period End Date | Mar. 31, 2017 | |
Purchase obligation over the next twelve months | $ 5,200 | |
Other Receivables | 277 | $ 331 |
Realogy [Member] | ||
Schedule Of Commitments And Contingencies [Line Items] | ||
Other Receivables | 41 | |
Wyndham [Member] | ||
Schedule Of Commitments And Contingencies [Line Items] | ||
Other Receivables | $ 25 |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Detail) - USD ($) shares in Millions | 1 Months Ended | 3 Months Ended | |
Jan. 31, 2017 | Mar. 31, 2017 | Mar. 31, 2016 | |
Stockholders Equity [Line Items] | |||
Proceeds from Issuance of Preferred Stock, Preference Stock, and Warrants | $ 90 | ||
Document Period End Date | Mar. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Other Comprehensive Income Unrealized Gain Loss On Cash Flow Hedges Arising During Period Net Of Tax | $ 0 | $ (4,000,000) | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | 1,000,000 | 1,000,000 | |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | 1,000,000 | $ (3,000,000) | |
Stock Repurchase Program, Authorized Amount | $ 1,500,000,000 | ||
Stock Repurchased During Period, Shares | 1.5 | 3 | |
Stock Repurchased During Period, Value | $ 50,000,000 | $ 80,000,000 | |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | 250,000,000 | ||
Selling, General and Administrative Expenses [Member] | |||
Stockholders Equity [Line Items] | |||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, before Tax | 2,000,000 | 1,000,000 | |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Net of Tax | $ 1,000,000 | $ 1,000,000 |
Stockholders' Equity (Accumulat
Stockholders' Equity (Accumulated Other Comprehensive Income) (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Stockholders Equity [Line Items] | ||
Currency Translation Adjustments, Balance | $ (39) | $ (80) |
Net Unrealized Gains (Losses) on Cash Flow Hedges, Balance | 3 | (5) |
Net Unrealized Gains on Available- For-Sale Securities, Balance | 1 | 0 |
Currency Translation Adjustments, Balance | (118) | (65) |
Accumulated Other Comprehensive Income, Balance | (154) | (147) |
Currency Translation Adjustments, Current period change | 25 | 72 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | 1 | (3) |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | (2) | (1) |
Accumulated Other Comprehensive Income, Current period change | 28 | 70 |
Currency Translation Adjustments, Balance | (14) | (8) |
Net Unrealized Gains (Losses) on Cash Flow Hedges, Balance | 2 | (2) |
Net Unrealized Gains on Available- For-Sale Securities, Balance | 1 | 0 |
Currency Translation Adjustments, Balance | (116) | (64) |
Accumulated Other Comprehensive Income, Balance | (126) | (77) |
Derivatives used in Net Investment Hedge, Net of Tax | 78 | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent | 25 | 72 |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | 1 | (3) |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net (Gain) Loss, Net of Tax | 1 | 1 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 26 | 68 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 2 | 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), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | (1) | (1) |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Reclassification Adjustments, Net of Tax | 0 | 0 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Net of Tax | 1 | 0 |
Corporate Interest Expense [Member] | ||
Stockholders Equity [Line Items] | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | 1 | 2 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | (1) | (1) |
Selling, General and Administrative Expenses [Member] | ||
Stockholders Equity [Line Items] | ||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, before Tax | 2 | 1 |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Net of Tax | $ 1 | $ 1 |
Stockholders' Equity (Component
Stockholders' Equity (Components Of Other Comprehensive Income) (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Equity [Abstract] | ||
Document Fiscal Year Focus | 2,017 | |
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax | $ 3 | $ 9 |
Net loss | (107) | (51) |
Currency translation adjustments (net of tax of $(24) and $0, respectively) | 25 | 72 |
Net unrealized gain (loss) on available-for-sale securities (net of tax of $0 and $0, respectively) | 0 | 0 |
Net unrealized gain (loss) on cash flow hedges (net of tax of $2 and $0, respectively) | 1 | (3) |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 2 | 1 |
Other comprehensive income (loss) | 28 | 70 |
Total comprehensive income (loss) | (79) | 19 |
Other Comprehensive Income (Loss), Available-for-sale Securities, Tax | 0 | 0 |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax | 0 | 2 |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Tax | $ (1) | $ 0 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | $ 1 | $ 8 |
Stock-based compensation expense (net of tax) | $ 0 | $ 5 |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Employee Service Share Based Compensation Incremental Tax Benefit To Be Realized From Exercise Of Stock Awards | $ 56 | |
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, Fair Value Assumptions, Expected Volatility Rate | 46.00% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.99% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 3 years | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% |
Stock-Based Compensation (Stock
Stock-Based Compensation (Stock Based Compensation Activity) (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Options, Balance | 807 | 810 | |
Options outstanding, intrinsic value | $ 22 | $ 27 | |
Stock Issued During Period, Value, Restricted Stock Award, Gross | $ 19 | $ 25 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 2 years | 2 years 3 months | |
Time-Based RSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted Average Grant Price, Balance | $ 34.83 | ||
Weighted Average Grant Price, Granted at fair market value | 34.41 | $ 25.88 | |
Weighted Average Grant Price, Vested/exercised | 36 | ||
Weighted Average Grant Price, Canceled | 32 | ||
Weighted Average Grant Price, Balance | $ 34.24 | $ 34.83 | |
Number of RSUs, Balance | 878 | ||
Number of RSUs, Granted at fair market value | 528 | ||
Number of RSUs, Vested/exercised | (367) | ||
Number of RSUs, Canceled | (18) | ||
Number of RSUs, Balance | 1,021 | 878 | |
Performance-Based and Market-Based RSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted Average Grant Price, Balance | $ 34.11 | ||
Weighted Average Grant Price, Granted at fair market value | 34.41 | $ 23.29 | |
Weighted Average Grant Price, Vested/exercised | 36.52 | ||
Weighted Average Grant Price, Canceled | 41.86 | ||
Weighted Average Grant Price, Balance | $ 32.67 | $ 34.11 | |
Number of RSUs, Balance | 923 | ||
Number of RSUs, Granted at fair market value | 572 | ||
Number of RSUs, Vested/exercised | (146) | ||
Number of RSUs, Canceled | (193) | ||
Number of RSUs, Balance | 1,156 | 923 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding | $ 34 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 1 year 11 months | ||
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 | $ 30 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 53 |
Stock-Based Compensation (Summa
Stock-Based Compensation (Summary Of Share Based Compensation Shares Authorized Under Stock Option Plans By Exercise Price Range) (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 807 | 810 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 2.92 | $ 2.91 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price | $ 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | (3) | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 0.79 | |
Options outstanding, intrinsic value | $ 22 | $ 27 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 2 years | 2 years 3 months |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 0 |
Financial Instruments (Schedule
Financial Instruments (Schedule Of Carrying Amounts And Estimated Fair Values) (Detail) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Current Maturities | $ 474 | $ 279 |
Long-term Debt, Excluding Current Maturities | 3,506 | 3,244 |
Reported Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Current Maturities | 474 | 279 |
Long-term Debt, Excluding Current Maturities | 3,506 | 3,244 |
Debt Due To Avis Budget Rental Car Funding Aesop Llc Related Party | 7,106 | 6,695 |
Vehicle Backed Debt | 2,392 | 2,176 |
Debt Under Vehicle Programs Interest Rate Swaps And Interest Rate Contracts | 3 | 7 |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Current Maturities | 475 | 280 |
Long-term Debt, Excluding Current Maturities | 3,497 | 3,265 |
Debt Due To Avis Budget Rental Car Funding Aesop Llc Related Party | 7,147 | 6,722 |
Vehicle Backed Debt | 2,407 | 2,187 |
Debt Under Vehicle Programs Interest Rate Swaps And Interest Rate Contracts | $ 3 | $ 7 |
Financial Instruments (Narrativ
Financial Instruments (Narrative) (Detail) gal in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2017USD ($)gal | Mar. 31, 2016USD ($) | |
Schedule of Cost-method Investments [Line Items] | ||
Document Period End Date | Mar. 31, 2017 | |
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | $ 3 | |
Derivative Instruments, Gain (Loss) Recognized in Income, Net | (17) | $ (29) |
Interest Rate Caps [Member] | ||
Schedule of Cost-method Investments [Line Items] | ||
Absolute notional values of derivative instruments | 9,836 | |
Interest Rate Caps [Member] | Subsidiary Issuers [Member] | ||
Schedule of Cost-method Investments [Line Items] | ||
Absolute notional values of derivative instruments | 5,000 | |
Interest Rate Swaps [Member] | ||
Schedule of Cost-method Investments [Line Items] | ||
Absolute notional values of derivative instruments | 2,050 | |
Currency Swap [Member] | ||
Schedule of Cost-method Investments [Line Items] | ||
Absolute notional values of derivative instruments | $ 1,133 | |
Commodity Contracts [Member] | ||
Schedule of Cost-method Investments [Line Items] | ||
Units Of Gasoline | gal | 8 | |
Purchase [Member] | ||
Schedule of Cost-method Investments [Line Items] | ||
Absolute notional values of derivative instruments | $ 2,400 | |
Sold [Member] | ||
Schedule of Cost-method Investments [Line Items] | ||
Absolute notional values of derivative instruments | 7,400 | |
Not Designated As Hedging Instruments [Member] | Commodity Contracts [Member] | ||
Schedule of Cost-method Investments [Line Items] | ||
Derivative Instruments, Gain (Loss) Recognized in Income, Net | (1) | (2) |
Interest Expense [Member] | ||
Schedule of Cost-method Investments [Line Items] | ||
Derivative Instruments, Gain (Loss) Recognized in Income, Net | 7 | 9 |
Operating Expense [Member] | ||
Schedule of Cost-method Investments [Line Items] | ||
Derivative Instruments, Gain (Loss) Recognized in Income, Net | $ 5 | $ 19 |
Financial Instruments (Fair Val
Financial Instruments (Fair Values Of Derivatives Instruments) (Detail) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Schedule of Cost-method Investments [Line Items] | ||
Fair Value, Asset Derivatives | $ 10 | $ 15 |
Fair Value, Liability Derivatives | 19 | 13 |
Designated As Hedging Instruments [Member] | Interest Rate Swaps [Member] | ||
Schedule of Cost-method Investments [Line Items] | ||
Fair Value, Asset Derivatives | 7 | 7 |
Fair Value, Liability Derivatives | 3 | 4 |
Not Designated As Hedging Instruments [Member] | Foreign Exchange Contract [Member] | ||
Schedule of Cost-method Investments [Line Items] | ||
Fair Value, Asset Derivatives | 2 | 7 |
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 | 1 | 1 |
Fair Value, Liability Derivatives | 3 | 7 |
Not Designated As Hedging Instruments [Member] | Commodity Contracts [Member] | ||
Schedule of Cost-method Investments [Line Items] | ||
Fair Value, Asset Derivatives | 0 | 0 |
Fair Value, Liability Derivatives | $ 1 | $ 0 |
Financial Instruments (Schedu66
Financial Instruments (Schedule Of Effect Of Derivatives Recognized) (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Schedule of Cost-method Investments [Line Items] | |||
Long-term Debt, Current Maturities | $ 474 | $ 279 | |
Derivatives not designated as hedging instruments | (17) | $ (29) | |
Interest Rate Swaps [Member] | |||
Schedule of Cost-method Investments [Line Items] | |||
Derivative, Notional Amount | 2,050 | ||
Designated As Hedging Instruments [Member] | Interest Rate Swaps [Member] | |||
Schedule of Cost-method Investments [Line Items] | |||
Interest rate swaps | 1 | (3) | |
Designated As Hedging Instruments [Member] | Foreign Exchange Contracts [Member] | |||
Schedule of Cost-method Investments [Line Items] | |||
Interest rate swaps | (5) | (14) | |
Not Designated As Hedging Instruments [Member] | Foreign Exchange Contracts [Member] | |||
Schedule of Cost-method Investments [Line Items] | |||
Derivatives not designated as hedging instruments | (12) | (10) | |
Not Designated As Hedging Instruments [Member] | Commodity Contracts [Member] | |||
Schedule of Cost-method Investments [Line Items] | |||
Derivatives not designated as hedging instruments | (1) | (2) | |
Operating Expense [Member] | |||
Schedule of Cost-method Investments [Line Items] | |||
Derivatives not designated as hedging instruments | $ 5 | $ 19 |
Segment Information (Summary Of
Segment Information (Summary Of Segments Information) (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||
Assets Under Vehicle Programs | $ 12,304 | $ 11,578 | |
Document Fiscal Year Focus | 2,017 | ||
Revenues | $ 1,839 | $ 1,881 | |
Adjusted EBITDA | (27) | 44 | |
Non-vehicle related depreciation and amortization | 63 | 61 | |
Interest expense | 49 | 50 | |
Early extinguishment of debt | (3) | 0 | |
Early extinguishment of debt | 3 | ||
Transaction-related costs, net | 3 | 4 | |
Charges for legal matter | 13 | 0 | |
Restructuring expense | 7 | 15 | |
Income before income taxes | (165) | (86) | |
International | |||
Segment Reporting Information [Line Items] | |||
Revenues | 1,314 | 1,364 | |
Adjusted EBITDA | (20) | 63 | |
International | |||
Segment Reporting Information [Line Items] | |||
Revenues | 525 | 517 | |
Adjusted EBITDA | 7 | 1 | |
Corporate and Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 0 | 0 | |
Adjusted EBITDA | $ (14) | $ (20) |
Segment Information (Narrative)
Segment Information (Narrative) (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||
Document Period End Date | Mar. 31, 2017 | ||
Revenues | $ 1,839 | $ 1,881 | |
Adjusted EBITDA | (27) | 44 | |
Non Vehicle Related Depreciation And Amortization | 63 | 61 | |
Restructuring expense | 7 | 15 | |
Loss before income taxes | (165) | (86) | |
Assets Under Vehicle Programs | 12,304 | $ 11,578 | |
International | |||
Segment Reporting Information [Line Items] | |||
Revenues | 525 | 517 | |
Adjusted EBITDA | 7 | 1 | |
International | |||
Segment Reporting Information [Line Items] | |||
Revenues | 1,314 | 1,364 | |
Adjusted EBITDA | (20) | 63 | |
Corporate and Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 0 | 0 | |
Adjusted EBITDA | $ (14) | $ (20) |
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 | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Revenues | ||
Vehicle rental | $ 1,286 | $ 1,328 |
Other | 553 | 553 |
Net revenues | 1,839 | 1,881 |
Expenses | ||
Operating | 1,049 | 1,040 |
Vehicle depreciation and lease charges, net | 504 | 463 |
Selling, general and administrative | 262 | 269 |
Vehicle interest, net | 64 | 65 |
Non-vehicle related depreciation and amortization | 63 | 61 |
Interest expense | 49 | 50 |
Intercompany interest expense (income) | 0 | 0 |
Early extinguishment of debt | 3 | |
Restructuring expense | 7 | 15 |
Transaction-related costs, net | 3 | 4 |
Total expenses | 2,004 | 1,967 |
Income before income taxes | (165) | (86) |
Provision for (benefit from) income taxes | 58 | 35 |
Equity in earnings (loss) of subsidiaries | 0 | 0 |
Net income (loss) | (107) | (51) |
Comprehensive income (loss) | 79 | (19) |
Parent Company [Member] | ||
Revenues | ||
Vehicle rental | 0 | 0 |
Other | 0 | 0 |
Net revenues | 0 | 0 |
Expenses | ||
Operating | 1 | 1 |
Vehicle depreciation and lease charges, net | 0 | 0 |
Selling, general and administrative | 10 | 10 |
Vehicle interest, net | 0 | 0 |
Non-vehicle related depreciation and amortization | 0 | 0 |
Interest expense | 0 | 0 |
Intercompany interest expense (income) | (3) | (3) |
Early extinguishment of debt | 0 | |
Restructuring expense | 0 | 0 |
Transaction-related costs, net | 0 | 0 |
Total expenses | 8 | 8 |
Income before income taxes | (8) | (8) |
Provision for (benefit from) income taxes | 2 | 3 |
Equity in earnings (loss) of subsidiaries | (101) | (46) |
Net income (loss) | (107) | (51) |
Comprehensive income (loss) | 79 | (19) |
Subsidiary Issuers [Member] | ||
Revenues | ||
Vehicle rental | 0 | 0 |
Other | 0 | 0 |
Net revenues | 0 | 0 |
Expenses | ||
Operating | 4 | 10 |
Vehicle depreciation and lease charges, net | 0 | 0 |
Selling, general and administrative | 2 | 5 |
Vehicle interest, net | 0 | 0 |
Non-vehicle related depreciation and amortization | 0 | 1 |
Interest expense | 46 | 39 |
Intercompany interest expense (income) | 1 | (3) |
Early extinguishment of debt | 3 | |
Restructuring expense | 0 | 0 |
Transaction-related costs, net | 0 | 1 |
Total expenses | 56 | 53 |
Income before income taxes | (56) | (53) |
Provision for (benefit from) income taxes | 23 | 21 |
Equity in earnings (loss) of subsidiaries | (68) | (14) |
Net income (loss) | (101) | (46) |
Comprehensive income (loss) | 74 | (24) |
Guarantor Subsidiaries [Member] | ||
Revenues | ||
Vehicle rental | 886 | 929 |
Other | 267 | 271 |
Net revenues | 1,153 | 1,200 |
Expenses | ||
Operating | 640 | 628 |
Vehicle depreciation and lease charges, net | 546 | 461 |
Selling, general and administrative | 153 | 149 |
Vehicle interest, net | 45 | 45 |
Non-vehicle related depreciation and amortization | 40 | 37 |
Interest expense | 1 | 1 |
Intercompany interest expense (income) | 6 | 6 |
Early extinguishment of debt | 0 | |
Restructuring expense | 6 | 6 |
Transaction-related costs, net | 0 | 0 |
Total expenses | 1,437 | 1,333 |
Income before income taxes | (284) | (133) |
Provision for (benefit from) income taxes | 39 | 5 |
Equity in earnings (loss) of subsidiaries | 177 | 114 |
Net income (loss) | (68) | (14) |
Comprehensive income (loss) | 41 | (58) |
Non-Guarantor Subsidiaries [Member] | ||
Revenues | ||
Vehicle rental | 400 | 399 |
Other | 871 | 794 |
Net revenues | 1,271 | 1,193 |
Expenses | ||
Operating | 404 | 401 |
Vehicle depreciation and lease charges, net | 493 | 467 |
Selling, general and administrative | 97 | 105 |
Vehicle interest, net | 69 | 67 |
Non-vehicle related depreciation and amortization | 23 | 23 |
Interest expense | 2 | 10 |
Intercompany interest expense (income) | (4) | 0 |
Early extinguishment of debt | 0 | |
Restructuring expense | 1 | 9 |
Transaction-related costs, net | 3 | 3 |
Total expenses | 1,088 | 1,085 |
Income before income taxes | 183 | 108 |
Provision for (benefit from) income taxes | (6) | 6 |
Equity in earnings (loss) of subsidiaries | 0 | 0 |
Net income (loss) | 177 | 114 |
Comprehensive income (loss) | (203) | (185) |
Eliminations [Member] | ||
Revenues | ||
Vehicle rental | 0 | 0 |
Other | (585) | (512) |
Net revenues | (585) | (512) |
Expenses | ||
Operating | 0 | 0 |
Vehicle depreciation and lease charges, net | (535) | (465) |
Selling, general and administrative | 0 | 0 |
Vehicle interest, net | (50) | (47) |
Non-vehicle related depreciation and amortization | 0 | 0 |
Interest expense | 0 | 0 |
Intercompany interest expense (income) | 0 | 0 |
Early extinguishment of debt | 0 | |
Restructuring expense | 0 | 0 |
Transaction-related costs, net | 0 | 0 |
Total expenses | (585) | (512) |
Income before income taxes | 0 | 0 |
Provision for (benefit from) income taxes | 0 | 0 |
Equity in earnings (loss) of subsidiaries | (8) | (54) |
Net income (loss) | (8) | (54) |
Comprehensive income (loss) | $ 88 | $ 267 |
Guarantor And Non-Guarantor C70
Guarantor And Non-Guarantor Consolidating Condensed Financial Statements (Consolidating Condensed Balance Sheets) (Detail) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||||
Cash and cash equivalents | $ 923 | $ 490 | $ 876 | $ 452 |
Receivables, net | 718 | 808 | ||
Other current assets | 651 | 519 | ||
Total current assets | 2,292 | 1,817 | ||
Property and equipment, net | 684 | 685 | ||
Deferred income taxes | 1,631 | 1,493 | ||
Goodwill | 1,013 | 1,007 | ||
Other intangibles, net | 859 | 870 | ||
Other non-current assets | 195 | 193 | ||
Intercompany receivables (payables) | 0 | 0 | ||
Investment in subsidiaries | 0 | 0 | ||
Total assets exclusive of assets under vehicle programs | 6,674 | 6,065 | ||
Assets under vehicle programs: | ||||
Program cash | 142 | 225 | ||
Vehicles, net | 11,486 | 10,464 | ||
Receivables from vehicle manufacturers and other | 281 | 527 | ||
Investment in Avis Budget Rental Car Funding (AESOP) LLC—related party | 395 | 362 | ||
Total Assets under vehicle programs | 12,304 | 11,578 | ||
Total assets | 18,978 | 17,643 | ||
Current liabilities: | ||||
Accounts payable and other current liabilities | 1,589 | 1,488 | ||
Long-term Debt, Current Maturities | 474 | 279 | ||
Total current liabilities | 2,063 | 1,767 | ||
Long-term debt | 3,506 | 3,244 | ||
Other non-current liabilities | 747 | 764 | ||
Due to Related Parties, Noncurrent | 0 | 0 | ||
Total liabilities exclusive of liabilities under vehicle programs | 6,316 | 5,775 | ||
Liabilities under vehicle programs: | ||||
Debt | 2,395 | 2,183 | ||
Due to Avis Budget Rental Car Funding (AESOP) LLC-related party | 7,106 | 6,695 | ||
Deferred income taxes | 2,453 | 2,429 | ||
Other | 567 | 340 | ||
Total Liabilities under vehicle programs | 12,521 | 11,647 | ||
Total stockholders' equity | 141 | 221 | ||
Total liabilities and stockholders’ equity | 18,978 | 17,643 | ||
Parent [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 2 | 3 | 4 | 4 |
Receivables, net | 0 | 0 | ||
Other current assets | 2 | 2 | ||
Total current assets | 4 | 5 | ||
Property and equipment, net | 0 | 0 | ||
Deferred income taxes | 19 | 20 | ||
Goodwill | 0 | 0 | ||
Other intangibles, net | 0 | 0 | ||
Other non-current assets | 75 | 75 | ||
Intercompany receivables (payables) | 175 | 171 | ||
Investment in subsidiaries | (49) | 42 | ||
Total assets exclusive of assets under vehicle programs | 224 | 313 | ||
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 | 224 | 313 | ||
Current liabilities: | ||||
Accounts payable and other current liabilities | 13 | 23 | ||
Long-term Debt, Current Maturities | 0 | 0 | ||
Total current liabilities | 13 | 23 | ||
Long-term debt | 0 | 0 | ||
Other non-current liabilities | 70 | 69 | ||
Due to Related Parties, Noncurrent | 0 | 0 | ||
Total liabilities exclusive of liabilities under vehicle programs | 83 | 92 | ||
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 | 141 | 221 | ||
Total liabilities and stockholders’ equity | 224 | 313 | ||
Subsidiary Issuers [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 280 | 12 | 351 | 70 |
Receivables, net | 0 | 0 | ||
Other current assets | 103 | 101 | ||
Total current assets | 383 | 113 | ||
Property and equipment, net | 155 | 148 | ||
Deferred income taxes | 1,348 | 1,219 | ||
Goodwill | 0 | 0 | ||
Other intangibles, net | 28 | 28 | ||
Other non-current assets | 26 | 24 | ||
Intercompany receivables (payables) | 365 | 359 | ||
Investment in subsidiaries | 3,679 | 3,717 | ||
Total assets exclusive of assets under vehicle programs | 5,984 | 5,608 | ||
Assets under vehicle programs: | ||||
Program cash | 0 | 0 | ||
Vehicles, net | 37 | 24 | ||
Receivables from vehicle manufacturers and other | 2 | 1 | ||
Investment in Avis Budget Rental Car Funding (AESOP) LLC—related party | 0 | 0 | ||
Total Assets under vehicle programs | 39 | 25 | ||
Total assets | 6,023 | 5,633 | ||
Current liabilities: | ||||
Accounts payable and other current liabilities | 195 | 189 | ||
Long-term Debt, Current Maturities | 266 | 264 | ||
Total current liabilities | 461 | 453 | ||
Long-term debt | 2,918 | 2,730 | ||
Other non-current liabilities | 86 | 88 | ||
Due to Related Parties, Noncurrent | 2,597 | 2,306 | ||
Total liabilities exclusive of liabilities under vehicle programs | 6,062 | 5,577 | ||
Liabilities under vehicle programs: | ||||
Debt | 10 | 14 | ||
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 | 10 | 14 | ||
Total stockholders' equity | (49) | 42 | ||
Total liabilities and stockholders’ equity | 6,023 | 5,633 | ||
Guarantor Subsidiaries [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Receivables, net | 216 | 231 | ||
Other current assets | 110 | 90 | ||
Total current assets | 326 | 321 | ||
Property and equipment, net | 332 | 341 | ||
Deferred income taxes | 272 | 268 | ||
Goodwill | 489 | 489 | ||
Other intangibles, net | 496 | 502 | ||
Other non-current assets | 16 | 16 | ||
Intercompany receivables (payables) | 1,478 | 1,466 | ||
Investment in subsidiaries | 3,723 | 3,698 | ||
Total assets exclusive of assets under vehicle programs | 7,132 | 7,101 | ||
Assets under vehicle programs: | ||||
Program cash | 0 | 0 | ||
Vehicles, net | 69 | 70 | ||
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 | 70 | 70 | ||
Total assets | 7,202 | 7,171 | ||
Current liabilities: | ||||
Accounts payable and other current liabilities | 568 | 512 | ||
Long-term Debt, Current Maturities | 3 | 3 | ||
Total current liabilities | 571 | 515 | ||
Long-term debt | 3 | 3 | ||
Other non-current liabilities | 237 | 253 | ||
Due to Related Parties, Noncurrent | 365 | 359 | ||
Total liabilities exclusive of liabilities under vehicle programs | 1,176 | 1,130 | ||
Liabilities under vehicle programs: | ||||
Debt | 64 | 66 | ||
Due to Avis Budget Rental Car Funding (AESOP) LLC-related party | 0 | 0 | ||
Deferred income taxes | 2,283 | 2,258 | ||
Other | 0 | 0 | ||
Total Liabilities under vehicle programs | 2,347 | 2,324 | ||
Total stockholders' equity | 3,679 | 3,717 | ||
Total liabilities and stockholders’ equity | 7,202 | 7,171 | ||
Non-Guarantor Subsidiaries [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 641 | 475 | 521 | 378 |
Receivables, net | 502 | 577 | ||
Other current assets | 436 | 326 | ||
Total current assets | 1,579 | 1,378 | ||
Property and equipment, net | 197 | 196 | ||
Deferred income taxes | 0 | 0 | ||
Goodwill | 524 | 518 | ||
Other intangibles, net | 335 | 340 | ||
Other non-current assets | 78 | 78 | ||
Intercompany receivables (payables) | 945 | 670 | ||
Investment in subsidiaries | 0 | 0 | ||
Total assets exclusive of assets under vehicle programs | 3,658 | 3,180 | ||
Assets under vehicle programs: | ||||
Program cash | 142 | 225 | ||
Vehicles, net | 11,380 | 10,370 | ||
Receivables from vehicle manufacturers and other | 278 | 526 | ||
Investment in Avis Budget Rental Car Funding (AESOP) LLC—related party | 395 | 362 | ||
Total Assets under vehicle programs | 12,195 | 11,483 | ||
Total assets | 15,853 | 14,663 | ||
Current liabilities: | ||||
Accounts payable and other current liabilities | 813 | 764 | ||
Long-term Debt, Current Maturities | 205 | 12 | ||
Total current liabilities | 1,018 | 776 | ||
Long-term debt | 585 | 511 | ||
Other non-current liabilities | 362 | 368 | ||
Due to Related Parties, Noncurrent | 1 | 1 | ||
Total liabilities exclusive of liabilities under vehicle programs | 1,966 | 1,656 | ||
Liabilities under vehicle programs: | ||||
Debt | 2,321 | 2,103 | ||
Due to Avis Budget Rental Car Funding (AESOP) LLC-related party | 7,106 | 6,695 | ||
Deferred income taxes | 170 | 171 | ||
Other | 567 | 340 | ||
Total Liabilities under vehicle programs | 10,164 | 9,309 | ||
Total stockholders' equity | 3,723 | 3,698 | ||
Total liabilities and stockholders’ equity | 15,853 | 14,663 | ||
Eliminations [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 0 | 0 | $ 0 | $ 0 |
Receivables, net | 0 | 0 | ||
Other current assets | 0 | 0 | ||
Total current assets | 0 | 0 | ||
Property and equipment, net | 0 | 0 | ||
Deferred income taxes | (8) | (14) | ||
Goodwill | 0 | 0 | ||
Other intangibles, net | 0 | 0 | ||
Other non-current assets | 0 | 0 | ||
Intercompany receivables (payables) | (2,963) | (2,666) | ||
Investment in subsidiaries | (7,353) | (7,457) | ||
Total assets exclusive of assets under vehicle programs | (10,324) | (10,137) | ||
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 | (10,324) | (10,137) | ||
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 | (8) | (14) | ||
Due to Related Parties, Noncurrent | (2,963) | (2,666) | ||
Total liabilities exclusive of liabilities under vehicle programs | (2,971) | (2,680) | ||
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 | (7,353) | (7,457) | ||
Total liabilities and stockholders’ equity | $ (10,324) | $ (10,137) |
Guarantor And Non-Guarantor C71
Guarantor And Non-Guarantor Consolidating Condensed Financial Statements (Consolidating Condensed Statements Of Cash Flows) (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Supplemental Guarantor Financial Information [Line Items] | ||
Net cash provided by (used in) operating activities | $ 447 | $ 472 |
Property and equipment additions | (42) | (40) |
Proceeds received on asset sales | 2 | 3 |
Payments to Acquire Restricted Investments | 0 | (1) |
Proceeds from (Repayments of) Related Party Debt | 0 | 0 |
Other, net | 0 | 0 |
Net cash used in investing activities exclusive of vehicle programs | (40) | (38) |
Decrease (increase) in program cash | 87 | 198 |
Investment in vehicles | (3,944) | (4,140) |
Proceeds received on disposition of vehicles | 2,958 | 2,776 |
Repayments of Related Party Debt | (33) | 0 |
Net cash used in investing activities of vehicle programs | (932) | (1,166) |
Net cash used in investing activities | (972) | (1,204) |
Proceeds from long-term borrowings | 590 | 350 |
Principal payments on borrowings | (143) | (5) |
Net change in short-term borrowings | 0 | 1 |
Intercompany loan borrowings | 0 | 0 |
Repurchases of common stock | (61) | (95) |
Debt financing fees | (7) | (5) |
Other, net | 0 | 0 |
Net cash provided by financing activities exclusive of vehicle programs | 379 | 246 |
Proceeds from borrowings | 5,812 | 4,694 |
Principal payments on borrowings | (5,236) | (3,796) |
Debt financing fees | (5) | (6) |
Net cash provided by financing activities of vehicle programs | 571 | 892 |
Net cash provided by financing activities | 950 | 1,138 |
Effect of changes in exchange rates on cash and cash equivalents | 8 | 18 |
Net increase in cash and cash equivalents | 433 | 424 |
Cash and cash equivalents, beginning of period | 490 | 452 |
Cash and cash equivalents, end of period | 923 | 876 |
Parent [Member] | ||
Supplemental Guarantor Financial Information [Line Items] | ||
Net cash provided by (used in) operating activities | 7 | 9 |
Property and equipment additions | 0 | 0 |
Proceeds received on asset sales | 0 | 0 |
Payments to Acquire Restricted Investments | 0 | |
Proceeds from (Repayments of) Related Party Debt | 0 | 0 |
Other, net | 53 | 86 |
Net cash used in investing activities exclusive of vehicle programs | 53 | 86 |
Decrease (increase) in program cash | 0 | 0 |
Investment in vehicles | 0 | 0 |
Proceeds received on disposition of vehicles | 0 | 0 |
Repayments of Related Party Debt | 0 | |
Net cash used in investing activities of vehicle programs | 0 | 0 |
Net cash used in investing activities | 53 | 86 |
Proceeds from long-term borrowings | 0 | 0 |
Principal payments on borrowings | 0 | 0 |
Net change in short-term borrowings | 0 | |
Intercompany loan borrowings | 0 | 0 |
Repurchases of common stock | (61) | (95) |
Debt financing fees | 0 | 0 |
Other, net | 0 | 0 |
Net cash provided by financing activities exclusive of vehicle programs | (61) | (95) |
Proceeds from borrowings | 0 | 0 |
Principal payments on borrowings | 0 | 0 |
Debt financing fees | 0 | 0 |
Net cash provided by financing activities of vehicle programs | 0 | 0 |
Net cash provided by financing activities | (61) | (95) |
Effect of changes in exchange rates on cash and cash equivalents | 0 | 0 |
Net increase in cash and cash equivalents | (1) | 0 |
Cash and cash equivalents, beginning of period | 3 | 4 |
Cash and cash equivalents, end of period | 2 | 4 |
Subsidiary Issuers [Member] | ||
Supplemental Guarantor Financial Information [Line Items] | ||
Net cash provided by (used in) operating activities | (130) | 17 |
Property and equipment additions | (8) | (4) |
Proceeds received on asset sales | 1 | 2 |
Payments to Acquire Restricted Investments | 0 | |
Proceeds from (Repayments of) Related Party Debt | 0 | 0 |
Other, net | 0 | 0 |
Net cash used in investing activities exclusive of vehicle programs | (7) | (2) |
Decrease (increase) in program cash | 0 | 0 |
Investment in vehicles | 0 | 0 |
Proceeds received on disposition of vehicles | 8 | 11 |
Repayments of Related Party Debt | 0 | |
Net cash used in investing activities of vehicle programs | 8 | 11 |
Net cash used in investing activities | 1 | 9 |
Proceeds from long-term borrowings | 325 | 350 |
Principal payments on borrowings | (142) | (4) |
Net change in short-term borrowings | 0 | |
Intercompany loan borrowings | 270 | 0 |
Repurchases of common stock | 0 | 0 |
Debt financing fees | (3) | (5) |
Other, net | (53) | (86) |
Net cash provided by financing activities exclusive of vehicle programs | 397 | 255 |
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 | 397 | 255 |
Effect of changes in exchange rates on cash and cash equivalents | 0 | 0 |
Net increase in cash and cash equivalents | 268 | 281 |
Cash and cash equivalents, beginning of period | 12 | 70 |
Cash and cash equivalents, end of period | 280 | 351 |
Guarantor Subsidiaries [Member] | ||
Supplemental Guarantor Financial Information [Line Items] | ||
Net cash provided by (used in) operating activities | 24 | (2) |
Property and equipment additions | (19) | (21) |
Proceeds received on asset sales | 0 | 0 |
Payments to Acquire Restricted Investments | 0 | |
Proceeds from (Repayments of) Related Party Debt | 0 | 27 |
Other, net | 0 | 0 |
Net cash used in investing activities exclusive of vehicle programs | (19) | 6 |
Decrease (increase) in program cash | 0 | 0 |
Investment in vehicles | (1) | (1) |
Proceeds received on disposition of vehicles | 0 | 0 |
Repayments of Related Party Debt | 0 | |
Net cash used in investing activities of vehicle programs | (1) | (1) |
Net cash used in investing activities | (20) | 5 |
Proceeds from long-term borrowings | 0 | 0 |
Principal payments on borrowings | (1) | (1) |
Net change in short-term borrowings | 0 | |
Intercompany loan borrowings | 0 | 0 |
Repurchases of common stock | 0 | 0 |
Debt financing fees | 0 | 0 |
Other, net | 0 | 0 |
Net cash provided by financing activities exclusive of vehicle programs | (1) | (1) |
Proceeds from borrowings | 0 | 0 |
Principal payments on borrowings | (3) | (2) |
Debt financing fees | 0 | 0 |
Net cash provided by financing activities of vehicle programs | (3) | (2) |
Net cash provided by financing activities | (4) | (3) |
Effect of changes in exchange rates on cash and cash equivalents | 0 | 0 |
Net increase in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents, beginning of period | 0 | 0 |
Cash and cash equivalents, end of period | 0 | 0 |
Non-Guarantor Subsidiaries [Member] | ||
Supplemental Guarantor Financial Information [Line Items] | ||
Net cash provided by (used in) operating activities | 546 | 448 |
Property and equipment additions | (15) | (15) |
Proceeds received on asset sales | 1 | 1 |
Payments to Acquire Restricted Investments | (1) | |
Proceeds from (Repayments of) Related Party Debt | (270) | 0 |
Other, net | 0 | 0 |
Net cash used in investing activities exclusive of vehicle programs | (284) | (15) |
Decrease (increase) in program cash | 87 | 198 |
Investment in vehicles | (3,943) | (4,139) |
Proceeds received on disposition of vehicles | 2,950 | 2,765 |
Repayments of Related Party Debt | (33) | |
Net cash used in investing activities of vehicle programs | (939) | (1,176) |
Net cash used in investing activities | (1,223) | (1,191) |
Proceeds from long-term borrowings | 265 | 0 |
Principal payments on borrowings | 0 | 0 |
Net change in short-term borrowings | 1 | |
Intercompany loan borrowings | 0 | (27) |
Repurchases of common stock | 0 | 0 |
Debt financing fees | (4) | 0 |
Other, net | 0 | 0 |
Net cash provided by financing activities exclusive of vehicle programs | 261 | (26) |
Proceeds from borrowings | 5,812 | 4,694 |
Principal payments on borrowings | (5,233) | (3,794) |
Debt financing fees | (5) | (6) |
Net cash provided by financing activities of vehicle programs | 574 | 894 |
Net cash provided by financing activities | 835 | 868 |
Effect of changes in exchange rates on cash and cash equivalents | 8 | 18 |
Net increase in cash and cash equivalents | 166 | 143 |
Cash and cash equivalents, beginning of period | 475 | 378 |
Cash and cash equivalents, end of period | 641 | 521 |
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 | |
Proceeds from (Repayments of) Related Party Debt | 270 | (27) |
Other, net | (53) | (86) |
Net cash used in investing activities exclusive of vehicle programs | 217 | (113) |
Decrease (increase) in program cash | 0 | 0 |
Investment in vehicles | 0 | 0 |
Proceeds received on disposition of vehicles | 0 | 0 |
Repayments of Related Party Debt | 0 | |
Net cash used in investing activities of vehicle programs | 0 | 0 |
Net cash used in investing activities | 217 | (113) |
Proceeds from long-term borrowings | 0 | 0 |
Principal payments on borrowings | 0 | 0 |
Net change in short-term borrowings | 0 | |
Intercompany loan borrowings | (270) | 27 |
Repurchases of common stock | 0 | 0 |
Debt financing fees | 0 | 0 |
Other, net | 53 | 86 |
Net cash provided by financing activities exclusive of vehicle programs | (217) | 113 |
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 | (217) | 113 |
Effect of changes in exchange rates on cash and cash equivalents | 0 | 0 |
Net increase in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents, beginning of period | 0 | 0 |
Cash and cash equivalents, end of period | $ 0 | $ 0 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event [Member] $ in Millions | Apr. 01, 2017USD ($) |
Subsequent Event [Line Items] | |
Debt Instrument, Face Amount | $ 175 |
Debt Instrument, Repurchase Amount | $ 180 |