Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Jul. 31, 2017 | |
Document Documentand Entity Information [Abstract] | ||
Document Period End Date | Jun. 30, 2017 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | CAR | |
Entity Registrant Name | AVIS BUDGET GROUP, INC. | |
Entity Central Index Key | 723,612 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 82,652,285 |
CONSOLIDATED CONDENSED STATEMEN
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Revenues | ||||
Vehicle rental | $ 1,563 | $ 1,573 | $ 2,849 | $ 2,901 |
Other | 675 | 670 | 1,228 | 1,223 |
Net revenues | 2,238 | 2,243 | 4,077 | 4,124 |
Expenses | ||||
Operating | 1,108 | 1,122 | 2,157 | 2,162 |
Vehicle depreciation and lease charges, net | 597 | 532 | 1,101 | 995 |
Selling, general and administrative | 293 | 312 | 555 | 581 |
Vehicle interest, net | 73 | 73 | 137 | 138 |
Non-vehicle related depreciation and amortization | 65 | 65 | 128 | 126 |
Interest expense | 48 | 56 | 97 | 106 |
Early extinguishment of debt | 0 | 10 | 3 | 10 |
Restructuring and other related charges | 38 | 5 | 45 | 20 |
Transaction-related costs, net | 5 | 5 | 8 | 9 |
Total expenses | 2,227 | 2,180 | 4,231 | 4,147 |
Income (loss) before income taxes | 11 | 63 | (154) | (23) |
Provision for (benefit from) income taxes | 8 | 27 | (50) | (8) |
Net income (loss) | 3 | 36 | (104) | (15) |
Comprehensive income (loss) | $ 51 | $ 40 | $ (28) | $ 59 |
Earnings (loss) per share | ||||
Basic | $ 0.04 | $ 0.39 | $ (1.22) | $ (0.16) |
Diluted | $ 0.04 | $ 0.38 | $ (1.22) | $ (0.16) |
CONSOLIDATED CONDENSED BALANCE
CONSOLIDATED CONDENSED BALANCE SHEETS - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 776 | $ 490 |
Receivables, net | 762 | 808 |
Other current assets | 837 | 519 |
Total current assets | 2,375 | 1,817 |
Property and equipment, net | 684 | 685 |
Deferred income taxes | 1,642 | 1,493 |
Goodwill | 1,043 | 1,007 |
Other intangibles, net | 867 | 870 |
Other non-current assets | 202 | 193 |
Total assets exclusive of assets under vehicle programs | 6,813 | 6,065 |
Assets under vehicle programs: | ||
Program cash | 65 | 225 |
Vehicles, net | 13,322 | 10,464 |
Receivables from vehicle manufacturers and other | 237 | 527 |
Investment in Avis Budget Rental Car Funding (AESOP) LLC—related party | 395 | 362 |
Total assets under vehicle programs: | 14,019 | 11,578 |
Total assets | 20,832 | 17,643 |
Current liabilities: | ||
Accounts payable and other current liabilities | 1,849 | 1,488 |
Short-term debt and current portion of long-term debt | 26 | 279 |
Total current liabilities | 1,875 | 1,767 |
Long-term debt | 3,546 | 3,244 |
Other non-current liabilities | 768 | 764 |
Total liabilities exclusive of liabilities under vehicle programs | 6,189 | 5,775 |
Liabilities under vehicle programs: | ||
Debt | 3,486 | 2,183 |
Deferred income taxes | 2,437 | 2,429 |
Other | 696 | 340 |
Total Liabilities under vehicle programs | 14,495 | 11,647 |
Commitments and contingencies (Note 11) | ||
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 | 6,864 | 6,918 |
Accumulated deficit | (1,687) | (1,639) |
Accumulated other comprehensive loss | (78) | (154) |
Treasury stock, at cost—54 and 51 shares, respectively | (4,952) | (4,905) |
Total stockholders’ equity | 148 | 221 |
Total liabilities and stockholders’ equity | $ 20,832 | $ 17,643 |
CONSOLIDATED CONDENSED BALANCE4
CONSOLIDATED CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares shares in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 10 | 10 |
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 | 250 |
Common stock, shares issued | 137 | 137 |
Treasury stock, shares | 54 | 51 |
CONSOLIDATED CONDENSED STATEME5
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Operating activities | ||
Net income (loss) | $ (104) | $ (15) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Vehicle depreciation | 953 | 931 |
(Gain) loss on sale of vehicles, net | 51 | (12) |
Non-vehicle related depreciation and amortization | 128 | 126 |
Stock-based compensation | 7 | 14 |
Amortization of debt financing fees | 17 | 20 |
Early extinguishment of debt | 3 | 10 |
Net change in assets and liabilities: | ||
Receivables | (36) | (106) |
Income taxes and deferred income taxes | (91) | (43) |
Accounts payable and other current liabilities | 112 | 51 |
Other, net | 99 | 103 |
Net cash provided by operating activities | 1,139 | 1,079 |
Investing activities | ||
Property and equipment additions | (86) | (89) |
Proceeds received on asset sales | 4 | 7 |
Net assets acquired (net of cash acquired) | (14) | (3) |
Other, net | (1) | 4 |
Net cash used in investing activities exclusive of vehicle programs | (97) | (81) |
Vehicle programs: | ||
Decrease in program cash | 168 | 82 |
Investment in vehicles | (8,116) | (8,500) |
Proceeds received on disposition of vehicles | 5,059 | 5,418 |
Repayments of Related Party Debt | (33) | 0 |
Net cash used in investing activities of vehicle programs | 2,922 | 3,000 |
Net cash used in investing activities | (3,019) | (3,081) |
Financing activities | ||
Proceeds from long-term borrowings | 589 | 558 |
Payments on long-term borrowings | (591) | (520) |
Net change in short-term borrowings | (1) | 0 |
Repurchases of common stock | (109) | (183) |
Debt financing fees | (8) | (10) |
Other, net | 0 | 0 |
Net cash used in financing activities exclusive of vehicle programs | (120) | (155) |
Vehicle programs: | ||
Proceeds from borrowings | 11,255 | 9,850 |
Payments on borrowings | (8,988) | (7,614) |
Debt financing fees | (8) | (17) |
Net cash provided by financing activities of vehicle programs | 2,259 | 2,219 |
Net cash provided by financing activities | 2,139 | 2,064 |
Effect of changes in exchange rates on cash and cash equivalents | 27 | 13 |
Net increase in cash and cash equivalents | 286 | 75 |
Cash and cash equivalents, beginning of period | 490 | 452 |
Cash and cash equivalents, end of period | $ 776 | $ 527 |
Basis of Presentation and Recen
Basis of Presentation and Recently Issued Accounting Pronouncements (Detail) | 6 Months Ended |
Jun. 30, 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, Australasia, 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 FranceCars has not yet been finalized; however, there have been no significant changes to the preliminary allocation of the purchase price during the six months ended June 30, 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. Summary of Significant Accounting Policies The Company’s significant accounting policies are fully described in Note 2, “Summary of Significant Accounting Policies,” in the Company’s Annual Report on Form 10-K for fiscal year 2016. 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 June 30, 2017 and 2016 , the Company recorded losses of an immaterial amount and $4 million , respectively, and during the six months ended June 30, 2017 and 2016 , the Company recorded losses of an immaterial amount and $7 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 six months ended June 30, 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 May 2017, the Financial Accounting Standards Board (“FASB”) issued ASU 2017-09, “Stock Compensation, Scope of Modification Accounting,” which provides guidance on the types of changes to the terms or conditions of a share-based payment award to which an entity would be required to apply modification accounting. ASU 2017-09 becomes effective for the Company on January 1, 2018. The adoption of this pronouncement is not expected to have a material impact on the Company’s Consolidated Financial Statements. In March 2017, the 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. The Company has determined portions of its vehicle rental contracts that convey the right to control the use of identified assets are within the scope of the accounting guidance contained in ASU 2016-02. 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 which will extend through 2017 and has determined it will adopt the requirements of the new standard on a modified retrospective basis using the practical expedient not to restate contracts that begin and end within the same prior fiscal year. The Company derives revenue primarily by providing vehicle rentals and ancillary products to customers and has determined this ASU will affect its presentation of vehicle rental and other revenue as the total transaction price for each vehicle rental contract must be allocated among performance obligations based on standalone selling price. ASU 2014-09 defines standalone selling price as the observable price of a good or service when sold separately in similar circumstances and to similar customers. The Company has also determined this ASU will impact its accounting for customer loyalty programs and rebates. |
Restructuring
Restructuring | 6 Months Ended |
Jun. 30, 2017 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Activities | Restructuring and Other Related Charges 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, closing certain rental locations and decreasing the size of our fleet (the “T17”). During the six months ended June 30, 2017, as part of this initiative, the Company formally communicated the termination of employment to approximately 535 employees, and as of June 30, 2017, the Company had terminated the employment of approximately 410 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 $10 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”). 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 and utilizations: Americas International Total Balance as of January 1, 2017 $ 1 $ 5 $ 6 Restructuring expense T17 21 3 24 Restructuring payment/utilization T17 (20 ) (3 ) (23 ) Restructuring payment/utilization T15 (1 ) (1 ) (2 ) Balance as of June 30, 2017 $ 1 $ 4 $ 5 Personnel Facility Other (a) Total Balance as of January 1, 2017 $ 5 $ 1 $ — $ 6 Restructuring expense T17 12 — 12 24 Restructuring payment/utilization T17 (11 ) — (12 ) (23 ) Restructuring payment/utilization T15 (2 ) — — (2 ) Balance as of June 30, 2017 $ 4 $ 1 $ — $ 5 __________ (a) Includes expenses primarily related to the disposition of vehicles. Other Related Charges Officer Separation Costs On May 12, 2017, the Company announced the resignation of David B. Wyshner as the Company’s President and Chief Financial Officer. In connection with Mr. Wyshner’s departure, the Company recorded other related charges of $7 million during the three and six months ended June 30, 2017, inclusive of accelerated stock-based compensation expense of $2 million . Limited Voluntary Opportunity Plan (“LVOP”) During second quarter 2017, the Company offered a voluntary termination program to certain employees in the Americas’ field operations, shared services, and general and administrative functions for a limited time. These employees, if qualified, could have elected resignation from employment in return for enhanced severance benefits to be settled in cash. In connection with the LVOP, the Company recorded other related charges of $14 million . Approximately 325 qualified employees elected to participate in the plan, and as of June 30, 2017, the Company had terminated the employment of approximately 185 of these participants. |
Earnings Per Share Earnings Per
Earnings Per Share Earnings Per Share (Notes) | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The following table sets forth the computation of basic and diluted earnings (loss) per share (“EPS”) (shares in millions): Three Months Ended Six Months Ended June 30, 2017 2016 2017 2016 Net income (loss) for basic and diluted EPS $ 3 $ 36 $ (104 ) $ (15 ) Basic weighted average shares outstanding 84.0 93.9 84.9 95.1 Options and non-vested stock (a) 1.2 1.2 — — Diluted weighted average shares outstanding 85.2 95.1 84.9 95.1 Earnings (loss) per share: Basic $ 0.04 $ 0.39 $ (1.22 ) $ (0.16 ) Diluted $ 0.04 $ 0.38 $ (1.22 ) $ (0.16 ) __________ (a) For the three months ended June 30, 2017 and 2016 , 0.7 million and 0.2 million non-vested stock awards, respectively, have an anti-dilutive effect and therefore are excluded from the computation of diluted weighted average shares outstanding. As the Company incurred a net loss for the six months ended June 30, 2017 and 2016 , 0.8 million outstanding options in each period, and 1.3 million and 1.5 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 | 6 Months Ended |
Jun. 30, 2017 | |
Other Current Assets Disclosure [Abstract] | |
Other Current Assets [Text Block] | Other Current Assets Other current assets consisted of: As of 2017 As of December 31, 2016 Sales and use taxes $ 430 $ 153 Prepaid expenses 204 212 Other 203 154 Other current assets $ 837 $ 519 |
Intangible Assets
Intangible Assets | 6 Months Ended |
Jun. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Intangible Assets Intangible assets consisted of: As of June 30, 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 $ 272 $ 122 $ 150 $ 261 $ 109 $ 152 Customer relationships 235 105 130 224 90 134 Other 49 14 35 46 12 34 Total $ 556 $ 241 $ 315 $ 531 $ 211 $ 320 Unamortized Intangible Assets Goodwill (a) $ 1,043 $ 1,007 Trademarks $ 552 $ 550 _________ (a) The increase in the carrying amount since December 31, 2016 primarily reflects currency translation. For the three months ended June 30, 2017 and 2016 , amortization expense related to amortizable intangible assets was approximately $16 million in each period. For the six months ended June 30, 2017 and 2016 , amortization expense related to amortizable intangible assets was approximately $31 million and $33 million , respectively. Based on the Company’s amortizable intangible assets at June 30, 2017 , the Company expects amortization expense of approximately $29 million for the remainder of 2017 , $45 million for 2018, $40 million for 2019, $39 million for 2020, $29 million for 2021 and $23 million for 2022, excluding effects of currency exchange rates. |
Vehicle Rental Activities
Vehicle Rental Activities | 6 Months Ended |
Jun. 30, 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 June 30, December 31, 2017 2016 Rental vehicles $ 14,400 $ 10,937 Less: Accumulated depreciation (1,431 ) (1,454 ) 12,969 9,483 Vehicles held for sale 353 981 Vehicles, net $ 13,322 $ 10,464 The components of vehicle depreciation and lease charges, net are summarized below: Three Months Ended Six Months Ended June 30, 2017 2016 2017 2016 Depreciation expense $ 516 $ 499 $ 953 $ 931 Lease charges 54 42 97 76 (Gain) loss on sale of vehicles, net 27 (9 ) 51 (12 ) Vehicle depreciation and lease charges, net $ 597 $ 532 $ 1,101 $ 995 At June 30, 2017 and 2016 , the Company had payables related to vehicle purchases included in liabilities under vehicle programs - other of $658 million and $557 million , respectively, and receivables related to vehicle sales included in assets under vehicle programs - receivables from vehicle manufacturers and other of $235 million and $251 million , respectively. |
Accounts Payable and Other Curr
Accounts Payable and Other Current Liabilities (Notes) | 6 Months Ended |
Jun. 30, 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 June 30, December 31, 2017 2016 Accounts payable $ 438 $ 343 Accrued sales and use taxes 244 206 Deferred revenue – current 234 114 Accrued payroll and related 169 173 Public liability and property damage insurance liabilities – current 148 141 Accrued commissions 105 86 Other 511 425 Accounts payable and other current liabilities $ 1,849 $ 1,488 |
Income Taxes Income Taxes
Income Taxes Income Taxes | 6 Months Ended |
Jun. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | Income Taxes The Company’s effective tax rate for the six months ended June 30, 2017 is a benefit of 32.5% . Such rate differed from the Federal statutory rate of 35.0% primarily due to foreign taxes as a result of the mix of the Company’s earnings between the U.S. and foreign jurisdictions. The Company’s effective tax rate for the six months ended June 30, 2016 is a benefit of 34.8% . |
Long-term Debt and Borrowing Ar
Long-term Debt and Borrowing Arrangements | 6 Months Ended |
Jun. 30, 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 June 30, December 31, 2017 2016 Floating Rate Senior Notes December 2017 $ — $ 249 Floating Rate Term Loan March 2019 — 144 6% euro-denominated Senior Notes March 2021 — 194 Floating Rate Term Loan (a) March 2022 1,141 816 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 343 316 5¼% Senior Notes March 2025 375 375 4½% euro-denominated Senior Notes May 2025 286 — Other (b) 51 57 Deferred financing fees (49 ) (53 ) Total 3,572 3,523 Less: Short-term debt and current portion of long-term debt 26 279 Long-term debt $ 3,546 $ 3,244 __________ (a) The floating rate term loan is part of the Company’s senior credit facility, which is secured by pledges of capital stock of certain subsidiaries of the Company, and liens on substantially all of the Company’s intellectual property and certain other real and personal property. As of June 30, 2017, the floating rate term loan due 2022 bears interest at three-month LIBOR plus 200 basis points, for an aggregate rate of 3.30%. 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%. (b) 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, at par. In April 2017, the Company used the net proceeds from the offering to redeem its outstanding €175 million principal amount of 6% euro-denominated Senior Notes due 2021 for €180 million plus accrued interest. In June 2017, the Company used the remaining proceeds to redeem 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. In June 2017, the Company used the remaining proceeds to redeem the remainder of its outstanding Floating Rate Senior Notes due 2017. Committed Credit Facilities and Available Funding Arrangements At June 30, 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 $ — $ 1,301 $ 499 Other facilities (b) 3 3 — — __________ (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 3.05% to 3.10% as of June 30, 2017. At June 30, 2017 , the Company had various uncommitted credit facilities available, under which it had drawn approximately $3 million , which bear interest at rates between 0.74% 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 June 30, 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 | 6 Months Ended |
Jun. 30, 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 June 30, December 31, 2017 2016 Americas - Debt due to Avis Budget Rental Car Funding (a) $ 7,912 $ 6,733 Americas - Debt borrowings (a) 924 577 International - Debt borrowings (a) 2,410 1,449 International - Capital leases 161 162 Other 2 7 Deferred financing fees (b) (47 ) (50 ) Total $ 11,362 $ 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 June 30, 2017 and December 31, 2016 were $35 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. In May 2017, the Company increased its capacity under the European rental fleet securitization program by €250 million . The Company used the proceeds to finance fleet purchases for certain of the Company’s European operations. Debt Maturities The following table provides the contractual maturities of the Company’s debt under vehicle programs, including related party debt due to Avis Budget Rental Car Funding, at June 30, 2017 . Debt under Vehicle Programs Within 1 year (a) $ 1,311 Between 1 and 2 years 5,655 Between 2 and 3 years 1,996 Between 3 and 4 years 1,310 Between 4 and 5 years 716 Thereafter 421 Total $ 11,409 __________ (a) Vehicle-backed debt maturing within one year primarily represents term asset-backed securities. Committed Credit Facilities and Available Funding Arrangements As of June 30, 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) $ 9,057 $ 7,912 $ 1,145 Americas - Debt borrowings (c) 947 924 23 International - Debt borrowings (d) 2,806 2,410 396 International - Capital leases (e) 188 161 27 Other 2 2 — Total $ 13,000 $ 11,409 $ 1,591 __________ (a) Capacity is subject to maintaining sufficient assets to collateralize debt. (b) The outstanding debt is collateralized by approximately $9.4 billion of underlying vehicles and related assets. (c) The outstanding debt is collateralized by approximately $1.2 billion of underlying vehicles and related assets. (d) The outstanding debt is collateralized by approximately $2.7 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 June 30, 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 | 6 Months Ended |
Jun. 30, 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. At December 31, 2016, the Company had recognized a $26 million liability for the expected loss related to these cases. During the three months ended March 31, 2017, the Company increased this liability by $13 million and during the three months ended June 30, 2017, recognized recoverable insurance proceeds of $27 million . Therefore, at June 30, 2017, the Company has recognized a net liability for the expected loss related to these cases of approximately $12 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 June 30, 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 $1.7 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 June 30, 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 | 6 Months Ended |
Jun. 30, 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, with an expiration date in January 2018. Effective May 3, 2017, the Company terminated the rights plan. 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 was exercisable only in the event any person or group were to acquire a voting or economic position of 10% or more of the Company’s outstanding common stock (with certain limited exceptions), would have entitled any holder other than the person or group whose ownership position had 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). On May 3, 2017, the Company also entered into a new cooperation agreement with SRS Investment Management LLC and certain of its affiliates. 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 six months ended June 30, 2017 , the Company repurchased approximately 3.4 million shares of common stock at a cost of approximately $100 million under the program. During the six months ended June 30, 2016 , the Company repurchased approximately 6.5 million shares of common stock at a cost of approximately $180 million under the program. As of June 30, 2017 , approximately $200 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 Six Months Ended June 30, 2017 2016 2017 2016 Net income (loss) $ 3 $ 36 $ (104 ) $ (15 ) Other comprehensive income: Currency translation adjustments (net of tax of $17, $(5), $20 and $4, respectively) 48 8 73 80 Net unrealized gain (loss) on available-for-sale securities (net of tax of $0 in each period) 1 — 1 — Net unrealized gain (loss) on cash flow hedges (net of tax of $1, $3, $1 and $5, respectively) (2 ) (5 ) (1 ) (8 ) Minimum pension liability adjustment (net of tax of $0, $(1), $(1) and $(1), respectively) 1 1 3 2 48 4 76 74 Comprehensive income (loss) $ 51 $ 40 $ (28 ) $ 59 __________ 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 73 (2 ) 1 — 72 Amounts reclassified from accumulated other comprehensive income (loss) — 1 — 3 4 Net current-period other comprehensive income (loss) 73 (1 ) 1 3 76 Balance, June 30, 2017 $ 34 $ 1 $ 2 $ (115 ) $ (78 ) Balance, January 1, 2016 $ (80 ) $ (2 ) $ — $ (65 ) $ (147 ) Other comprehensive income (loss) before reclassifications 80 (10 ) — — 70 Amounts reclassified from accumulated other comprehensive income (loss) — 2 — 2 4 Net current-period other comprehensive income (loss) 80 (8 ) — 2 74 Balance, June 30, 2016 $ — $ (10 ) $ — $ (63 ) $ (73 ) __________ 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 $52 million gain, net of tax, as of June 30, 2017 related to the Company’s hedge of its net investment in euro-denominated foreign operations (see Note 14 - Financial Instruments). (a) For the three and six months ended June 30, 2017 , amounts reclassified from accumulated other comprehensive income (loss) into corporate interest expense were $1 million ( $0 million , net of tax) and $2 million ( $1 million , net of tax), respectively. For the three and six months ended June 30, 2016 , amounts reclassified from accumulated other comprehensive income (loss) into corporate interest expense were $2 million ( $1 million , net of tax) and $4 million ( $2 million , net of tax), respectively. (b) For the three and six months ended June 30, 2017 , amounts reclassified from accumulated other comprehensive income (loss) into selling, general and administrative expenses were $2 million ( $2 million , net of tax) and $4 million ( $3 million , net of tax), respectively. For the three and six months ended June 30, 2016 , amounts reclassified from accumulated other comprehensive income (loss) into selling, general and administrative expenses were $2 million ( $1 million , net of tax) and $3 million ( $2 million , net of tax), respectively. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation The Company recorded stock-based compensation expense of $4 million and $6 million ( $3 million and $4 million , net of tax) during the three months ended June 30, 2017 and 2016 , respectively, and $5 million and $14 million ( $3 million and $9 million , net of tax) during the six months ended June 30, 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 six months ended June 30, 2017 , the Company did not issue any stock unit awards containing a market condition. For the six months ended June 30, 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) (447 ) 36.69 (146 ) 36.55 Forfeited/expired (50 ) 32.49 (276 ) 39.51 Outstanding at June 30, 2017 (c) 909 $ 33.80 1,073 $ 32.55 __________ (a) Reflects the maximum number of stock units assuming achievement of all time-, performance- and market-vesting criteria and does not include those for non-employee directors. The weighted-average fair value of time-based RSUs, and performance-based and market-based RSUs granted during the six months ended June 30, 2016 was $25.86 and $23.29 , respectively. (b) The total grant date fair value of RSUs vested during the six months ended June 30, 2017 and 2016 was $22 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 $25 million and $29 million , respectively. Aggregate unrecognized compensation expense related to time-based RSUs, and performance-based and market-based RSUs, at target, amounted to $45 million and will be recognized over a weighted average vesting period of 1.5 years. The Company assumes that substantially all outstanding awards will vest over time. The stock option activity consisted of (in thousands of shares): Number of Options Weighted Average Exercise Price Aggregate Intrinsic Value (in millions) Weighted Average Remaining Contractual Term (years) Outstanding at January 1, 2017 810 $ 2.91 $ 27 2.3 Granted — — — Exercised (9 ) 0.79 — Forfeited/expired — — — Outstanding and exercisable at June 30, 2017 801 $ 2.94 $ 19 1.8 |
Financial Instruments
Financial Instruments | 6 Months Ended |
Jun. 30, 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 and six months ended June 30, 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 and six months ended June 30, 2017 and 2016 . The Company estimates that $2 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 June 30, 2017 Interest rate caps (a) $ 10,855 Interest rate swaps 1,800 Foreign exchange contracts 1,176 Commodity contracts (millions of gallons of unleaded gasoline) 6 __________ (a) Represents $8.0 billion of interest rate caps sold, partially offset by approximately $2.9 billion of interest rate caps purchased. These amounts exclude $5.1 billion of interest rate caps purchased by the Company’s Avis Budget Rental Car Funding subsidiary as it is not consolidated by the Company. Estimated fair values (Level 2) of derivative instruments were as follows: As of June 30, 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) $ 4 $ 2 $ 7 $ 4 Derivatives not designated as hedging instruments Interest rate caps (b) 1 2 1 7 Foreign exchange contracts (c) 2 26 7 2 Commodity contracts (c) — 2 — — Total $ 7 $ 32 $ 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 Six Months Ended June 30, 2017 2016 2017 2016 Derivatives designated as hedging instruments (a) Interest rate swaps $ (2 ) $ (5 ) $ (1 ) $ (8 ) Euro-denominated notes (26 ) 7 (31 ) (7 ) Derivatives not designated as hedging instruments (b) Interest rate caps (c) — (1 ) — (1 ) Foreign exchange contracts (d) (21 ) 22 (33 ) 12 Commodity contracts (e) (1 ) 2 (2 ) — Total $ (50 ) $ 25 $ (67 ) $ (4 ) __________ (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 and six months ended June 30, 2016, included in operating expense. (d) For the three months ended June 30, 2017 , included a $11 million loss in interest expense and a $10 million loss in operating expense and for the six months ended June 30, 2017 , included a $18 million loss in interest expense and a $15 million loss in operating expense. For the three months ended June 30, 2016 , included a $26 million gain in interest expense and a $4 million loss in operating expense and for the six months ended June 30, 2016 , included a $35 million gain in interest expense and a $23 million loss in operating expense. (e) Included in operating expense. Debt Instruments The carrying amounts and estimated fair values (Level 2) of debt instruments were as follows: As of June 30, 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 $ 26 $ 26 $ 279 $ 280 Long-term debt 3,546 3,555 3,244 3,265 Debt under vehicle programs Vehicle-backed debt due to Avis Budget Rental Car Funding $ 7,876 $ 7,920 $ 6,695 $ 6,722 Vehicle-backed debt 3,484 3,494 2,176 2,187 Interest rate swaps and interest rate caps (a) 2 2 7 7 __________ (a) Derivatives in a liability position. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 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 charges, restructuring and other related charges, early extinguishment of debt costs, non-vehicle related interest, transaction-related costs, net charges for unprecedented personal-injury legal matters and income taxes. Net charges for unprecedented personal-injury legal matters are recorded within operating expenses in the Company’s Consolidated Condensed Statement of Comprehensive Income. The Company has revised its definition of Adjusted EBITDA to exclude costs associated with the separation of certain officers of the Company and its limited voluntary opportunity plan, which offers certain employees the limited opportunity to elect resignation from employment for enhanced severance benefits. Costs associated with the separation of certain officers and the limited voluntary opportunity plan are recorded as part of restructuring and other related charges in the Company’s Consolidated Condensed Statement of Comprehensive Income. The Company did not revise prior year’s Adjusted EBITDA amounts because there were no costs similar in nature to these costs. The Company’s presentation of Adjusted EBITDA may not be comparable to similarly-titled measures used by other companies. Three Months Ended June 30, 2017 2016 Revenues Adjusted EBITDA Revenues Adjusted EBITDA Americas $ 1,565 $ 96 $ 1,593 $ 163 International 673 59 650 57 Corporate and Other (a) — (15 ) — (16 ) Total Company $ 2,238 $ 140 $ 2,243 $ 204 Reconciliation of Adjusted EBITDA to income before income taxes Adjusted EBITDA $ 140 $ 204 Less: Non-vehicle related depreciation and amortization 65 65 Interest expense related to corporate debt, net 48 56 Early extinguishment of corporate debt — 10 Restructuring and other related charges 38 5 Transaction-related costs, net 5 5 Charges for legal matter, net (b) (27 ) — Income before income taxes $ 11 $ 63 __________ (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. Six Months Ended June 30, 2017 2016 Revenues Adjusted EBITDA Revenues Adjusted EBITDA Americas $ 2,879 $ 76 $ 2,957 $ 226 International 1,198 66 1,167 58 Corporate and Other (a) — (29 ) — (36 ) Total Company $ 4,077 $ 113 $ 4,124 $ 248 Reconciliation of Adjusted EBITDA to loss before income taxes Adjusted EBITDA $ 113 $ 248 Less: Non-vehicle related depreciation and amortization 128 126 Interest expense related to corporate debt, net 97 106 Early extinguishment of corporate debt 3 10 Restructuring and other related charges 45 20 Transaction-related costs, net 8 9 Charges for legal matter, net (b) (14 ) — Loss before income taxes $ (154 ) $ (23 ) __________ (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 Americas segment assets exclusive of assets under vehicle programs, and as of June 30, 2017 and December 31, 2016 , Americas segment assets under vehicle programs were approximately $10.6 billion and $9.2 billion , respectively. As of June 30, 2017 and December 31, 2016 , International segment assets exclusive of assets under vehicle programs were approximately $2.6 billion and $2.0 billion , respectively, and International segment assets under vehicle programs were approximately $3.3 billion and $2.4 billion , respectively. |
Guarantor and Non-Guarantor Con
Guarantor and Non-Guarantor Consolidating Condensed Financial Statements | 6 Months Ended |
Jun. 30, 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 and six months ended June 30, 2017 and 2016 , Consolidating Condensed Balance Sheets as of June 30, 2017 and December 31, 2016 , and Consolidating Condensed Statements of Cash Flows for the six months ended June 30, 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 9 - 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. |
Basis of Presentation and Rec22
Basis of Presentation and Recently Issued Accounting Pronouncements (Policies) | 6 Months Ended |
Jun. 30, 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, Australasia, 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 FranceCars has not yet been finalized; however, there have been no significant changes to the preliminary allocation of the purchase price during the six months ended June 30, 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 June 30, 2017 and 2016 , the Company recorded losses of an immaterial amount and $4 million , respectively, and during the six months ended June 30, 2017 and 2016 , the Company recorded losses of an immaterial amount and $7 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 six months ended June 30, 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 May 2017, the Financial Accounting Standards Board (“FASB”) issued ASU 2017-09, “Stock Compensation, Scope of Modification Accounting,” which provides guidance on the types of changes to the terms or conditions of a share-based payment award to which an entity would be required to apply modification accounting. ASU 2017-09 becomes effective for the Company on January 1, 2018. The adoption of this pronouncement is not expected to have a material impact on the Company’s Consolidated Financial Statements. In March 2017, the 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. The Company has determined portions of its vehicle rental contracts that convey the right to control the use of identified assets are within the scope of the accounting guidance contained in ASU 2016-02. 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 which will extend through 2017 and has determined it will adopt the requirements of the new standard on a modified retrospective basis using the practical expedient not to restate contracts that begin and end within the same prior fiscal year. The Company derives revenue primarily by providing vehicle rentals and ancillary products to customers and has determined this ASU will affect its presentation of vehicle rental and other revenue as the total transaction price for each vehicle rental contract must be allocated among performance obligations based on standalone selling price. ASU 2014-09 defines standalone selling price as the observable price of a good or service when sold separately in similar circumstances and to similar customers. The Company has also determined this ASU will impact its accounting for customer loyalty programs and rebates. |
Restructuring (Tables)
Restructuring (Tables) | 6 Months Ended |
Jun. 30, 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 Restructuring expense T17 21 3 24 Restructuring payment/utilization T17 (20 ) (3 ) (23 ) Restructuring payment/utilization T15 (1 ) (1 ) (2 ) Balance as of June 30, 2017 $ 1 $ 4 $ 5 Personnel Facility Other (a) Total Balance as of January 1, 2017 $ 5 $ 1 $ — $ 6 Restructuring expense T17 12 — 12 24 Restructuring payment/utilization T17 (11 ) — (12 ) (23 ) Restructuring payment/utilization T15 (2 ) — — (2 ) Balance as of June 30, 2017 $ 4 $ 1 $ — $ 5 __________ (a) Includes expenses primarily related to the disposition of vehicles. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 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 (loss) per share (“EPS”) (shares in millions): Three Months Ended Six Months Ended June 30, 2017 2016 2017 2016 Net income (loss) for basic and diluted EPS $ 3 $ 36 $ (104 ) $ (15 ) Basic weighted average shares outstanding 84.0 93.9 84.9 95.1 Options and non-vested stock (a) 1.2 1.2 — — Diluted weighted average shares outstanding 85.2 95.1 84.9 95.1 Earnings (loss) per share: Basic $ 0.04 $ 0.39 $ (1.22 ) $ (0.16 ) Diluted $ 0.04 $ 0.38 $ (1.22 ) $ (0.16 ) __________ (a) For the three months ended June 30, 2017 and 2016 , 0.7 million and 0.2 million non-vested stock awards, respectively, have an anti-dilutive effect and therefore are excluded from the computation of diluted weighted average shares outstanding. As the Company incurred a net loss for the six months ended June 30, 2017 and 2016 , 0.8 million outstanding options in each period, and 1.3 million and 1.5 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) | 6 Months Ended |
Jun. 30, 2017 | |
Other Current Assets Disclosure [Abstract] | |
Schedule of Other Current Assets [Table Text Block] | As of 2017 As of December 31, 2016 Sales and use taxes $ 430 $ 153 Prepaid expenses 204 212 Other 203 154 Other current assets $ 837 $ 519 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule Of Intangible Assets | Intangible assets consisted of: As of June 30, 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 $ 272 $ 122 $ 150 $ 261 $ 109 $ 152 Customer relationships 235 105 130 224 90 134 Other 49 14 35 46 12 34 Total $ 556 $ 241 $ 315 $ 531 $ 211 $ 320 Unamortized Intangible Assets Goodwill (a) $ 1,043 $ 1,007 Trademarks $ 552 $ 550 _________ (a) The increase in the carrying amount since December 31, 2016 primarily reflects currency translation. |
Vehicle Rental Activities (Tabl
Vehicle Rental Activities (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, December 31, 2017 2016 Rental vehicles $ 14,400 $ 10,937 Less: Accumulated depreciation (1,431 ) (1,454 ) 12,969 9,483 Vehicles held for sale 353 981 Vehicles, net $ 13,322 $ 10,464 |
Components Of Vehicle Depreciation And Lease Charges | The components of vehicle depreciation and lease charges, net are summarized below: Three Months Ended Six Months Ended June 30, 2017 2016 2017 2016 Depreciation expense $ 516 $ 499 $ 953 $ 931 Lease charges 54 42 97 76 (Gain) loss on sale of vehicles, net 27 (9 ) 51 (12 ) Vehicle depreciation and lease charges, net $ 597 $ 532 $ 1,101 $ 995 |
Accounts Payable and Other Cu28
Accounts Payable and Other Current Liabilities (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, December 31, 2017 2016 Accounts payable $ 438 $ 343 Accrued sales and use taxes 244 206 Deferred revenue – current 234 114 Accrued payroll and related 169 173 Public liability and property damage insurance liabilities – current 148 141 Accrued commissions 105 86 Other 511 425 Accounts payable and other current liabilities $ 1,849 $ 1,488 |
Long-term Debt and Borrowing 29
Long-term Debt and Borrowing Arrangements (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Debt Disclosure [Abstract] | |
Schedule Of Long-Term Debt | Long-term and other borrowing arrangements consisted of: As of As of Maturity Dates June 30, December 31, 2017 2016 Floating Rate Senior Notes December 2017 $ — $ 249 Floating Rate Term Loan March 2019 — 144 6% euro-denominated Senior Notes March 2021 — 194 Floating Rate Term Loan (a) March 2022 1,141 816 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 343 316 5¼% Senior Notes March 2025 375 375 4½% euro-denominated Senior Notes May 2025 286 — Other (b) 51 57 Deferred financing fees (49 ) (53 ) Total 3,572 3,523 Less: Short-term debt and current portion of long-term debt 26 279 Long-term debt $ 3,546 $ 3,244 __________ (a) The floating rate term loan is part of the Company’s senior credit facility, which is secured by pledges of capital stock of certain subsidiaries of the Company, and liens on substantially all of the Company’s intellectual property and certain other real and personal property. As of June 30, 2017, the floating rate term loan due 2022 bears interest at three-month LIBOR plus 200 basis points, for an aggregate rate of 3.30%. 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%. (b) Primarily includes capital leases which are secured by liens on the related assets. |
Schedule Of Committed Credit Facilities | At June 30, 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 $ — $ 1,301 $ 499 Other facilities (b) 3 3 — — __________ (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 3.05% to 3.10% as of June 30, 2017. |
Debt Under Vehicle Programs a30
Debt Under Vehicle Programs and Borrowing Arrangements (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, December 31, 2017 2016 Americas - Debt due to Avis Budget Rental Car Funding (a) $ 7,912 $ 6,733 Americas - Debt borrowings (a) 924 577 International - Debt borrowings (a) 2,410 1,449 International - Capital leases 161 162 Other 2 7 Deferred financing fees (b) (47 ) (50 ) Total $ 11,362 $ 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 June 30, 2017 and December 31, 2016 were $35 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 June 30, 2017 . Debt under Vehicle Programs Within 1 year (a) $ 1,311 Between 1 and 2 years 5,655 Between 2 and 3 years 1,996 Between 3 and 4 years 1,310 Between 4 and 5 years 716 Thereafter 421 Total $ 11,409 __________ (a) Vehicle-backed debt maturing within one year primarily represents term asset-backed securities. |
Schedule Of Available Funding Under The Vehicle Programs | As of June 30, 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) $ 9,057 $ 7,912 $ 1,145 Americas - Debt borrowings (c) 947 924 23 International - Debt borrowings (d) 2,806 2,410 396 International - Capital leases (e) 188 161 27 Other 2 2 — Total $ 13,000 $ 11,409 $ 1,591 __________ (a) Capacity is subject to maintaining sufficient assets to collateralize debt. (b) The outstanding debt is collateralized by approximately $9.4 billion of underlying vehicles and related assets. (c) The outstanding debt is collateralized by approximately $1.2 billion of underlying vehicles and related assets. (d) The outstanding debt is collateralized by approximately $2.7 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) | 6 Months Ended |
Jun. 30, 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 73 (2 ) 1 — 72 Amounts reclassified from accumulated other comprehensive income (loss) — 1 — 3 4 Net current-period other comprehensive income (loss) 73 (1 ) 1 3 76 Balance, June 30, 2017 $ 34 $ 1 $ 2 $ (115 ) $ (78 ) Balance, January 1, 2016 $ (80 ) $ (2 ) $ — $ (65 ) $ (147 ) Other comprehensive income (loss) before reclassifications 80 (10 ) — — 70 Amounts reclassified from accumulated other comprehensive income (loss) — 2 — 2 4 Net current-period other comprehensive income (loss) 80 (8 ) — 2 74 Balance, June 30, 2016 $ — $ (10 ) $ — $ (63 ) $ (73 ) __________ 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 $52 million gain, net of tax, as of June 30, 2017 related to the Company’s hedge of its net investment in euro-denominated foreign operations (see Note 14 - Financial Instruments). (a) For the three and six months ended June 30, 2017 , amounts reclassified from accumulated other comprehensive income (loss) into corporate interest expense were $1 million ( $0 million , net of tax) and $2 million ( $1 million , net of tax), respectively. For the three and six months ended June 30, 2016 , amounts reclassified from accumulated other comprehensive income (loss) into corporate interest expense were $2 million ( $1 million , net of tax) and $4 million ( $2 million , net of tax), respectively. (b) For the three and six months ended June 30, 2017 , amounts reclassified from accumulated other comprehensive income (loss) into selling, general and administrative expenses were $2 million ( $2 million , net of tax) and $4 million ( $3 million , net of tax), respectively. For the three and six months ended June 30, 2016 , amounts reclassified from accumulated other comprehensive income (loss) into selling, general and administrative expenses were $2 million ( $1 million , net of tax) and $3 million ( $2 million , net of tax), respectively. |
Components Of Other Comprehensive Income | The components of other comprehensive income (loss) were as follows: Three Months Ended Six Months Ended June 30, 2017 2016 2017 2016 Net income (loss) $ 3 $ 36 $ (104 ) $ (15 ) Other comprehensive income: Currency translation adjustments (net of tax of $17, $(5), $20 and $4, respectively) 48 8 73 80 Net unrealized gain (loss) on available-for-sale securities (net of tax of $0 in each period) 1 — 1 — Net unrealized gain (loss) on cash flow hedges (net of tax of $1, $3, $1 and $5, respectively) (2 ) (5 ) (1 ) (8 ) Minimum pension liability adjustment (net of tax of $0, $(1), $(1) and $(1), respectively) 1 1 3 2 48 4 76 74 Comprehensive income (loss) $ 51 $ 40 $ (28 ) $ 59 __________ Currency translation adjustments exclude income taxes related to indefinite investments in foreign subsidiaries. |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 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) (447 ) 36.69 (146 ) 36.55 Forfeited/expired (50 ) 32.49 (276 ) 39.51 Outstanding at June 30, 2017 (c) 909 $ 33.80 1,073 $ 32.55 __________ (a) Reflects the maximum number of stock units assuming achievement of all time-, performance- and market-vesting criteria and does not include those for non-employee directors. The weighted-average fair value of time-based RSUs, and performance-based and market-based RSUs granted during the six months ended June 30, 2016 was $25.86 and $23.29 , respectively. (b) The total grant date fair value of RSUs vested during the six months ended June 30, 2017 and 2016 was $22 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 $25 million and $29 million , respectively. Aggregate unrecognized compensation expense related to time-based RSUs, and performance-based and market-based RSUs, at target, amounted to $45 million and will be recognized over a weighted average vesting period of 1.5 years. The Company assumes that substantially all outstanding awards will vest over time. |
Summary Of Share Based Compensation Shares Authorized Under Stock Option Plans By Exercise Price Range | The stock option activity consisted of (in thousands of shares): Number of Options Weighted Average Exercise Price Aggregate Intrinsic Value (in millions) Weighted Average Remaining Contractual Term (years) Outstanding at January 1, 2017 810 $ 2.91 $ 27 2.3 Granted — — — Exercised (9 ) 0.79 — Forfeited/expired — — — Outstanding and exercisable at June 30, 2017 801 $ 2.94 $ 19 1.8 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, 2017 Interest rate caps (a) $ 10,855 Interest rate swaps 1,800 Foreign exchange contracts 1,176 Commodity contracts (millions of gallons of unleaded gasoline) 6 __________ (a) Represents $8.0 billion of interest rate caps sold, partially offset by approximately $2.9 billion of interest rate caps purchased. These amounts exclude $5.1 billion of interest rate caps purchased by the Company’s Avis Budget Rental Car Funding subsidiary as it is not consolidated by the Company. |
Fair Value Of Derivative Instruments | Estimated fair values (Level 2) of derivative instruments were as follows: As of June 30, 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) $ 4 $ 2 $ 7 $ 4 Derivatives not designated as hedging instruments Interest rate caps (b) 1 2 1 7 Foreign exchange contracts (c) 2 26 7 2 Commodity contracts (c) — 2 — — Total $ 7 $ 32 $ 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 Six Months Ended June 30, 2017 2016 2017 2016 Derivatives designated as hedging instruments (a) Interest rate swaps $ (2 ) $ (5 ) $ (1 ) $ (8 ) Euro-denominated notes (26 ) 7 (31 ) (7 ) Derivatives not designated as hedging instruments (b) Interest rate caps (c) — (1 ) — (1 ) Foreign exchange contracts (d) (21 ) 22 (33 ) 12 Commodity contracts (e) (1 ) 2 (2 ) — Total $ (50 ) $ 25 $ (67 ) $ (4 ) __________ (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 and six months ended June 30, 2016, included in operating expense. (d) For the three months ended June 30, 2017 , included a $11 million loss in interest expense and a $10 million loss in operating expense and for the six months ended June 30, 2017 , included a $18 million loss in interest expense and a $15 million loss in operating expense. For the three months ended June 30, 2016 , included a $26 million gain in interest expense and a $4 million loss in operating expense and for the six months ended June 30, 2016 , included a $35 million gain in interest expense and a $23 million loss in operating expense. (e) 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 June 30, 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 $ 26 $ 26 $ 279 $ 280 Long-term debt 3,546 3,555 3,244 3,265 Debt under vehicle programs Vehicle-backed debt due to Avis Budget Rental Car Funding $ 7,876 $ 7,920 $ 6,695 $ 6,722 Vehicle-backed debt 3,484 3,494 2,176 2,187 Interest rate swaps and interest rate caps (a) 2 2 7 7 __________ (a) Derivatives in a liability position. |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Segment Reporting [Abstract] | |
Summary Of Segments Information | Three Months Ended June 30, 2017 2016 Revenues Adjusted EBITDA Revenues Adjusted EBITDA Americas $ 1,565 $ 96 $ 1,593 $ 163 International 673 59 650 57 Corporate and Other (a) — (15 ) — (16 ) Total Company $ 2,238 $ 140 $ 2,243 $ 204 Reconciliation of Adjusted EBITDA to income before income taxes Adjusted EBITDA $ 140 $ 204 Less: Non-vehicle related depreciation and amortization 65 65 Interest expense related to corporate debt, net 48 56 Early extinguishment of corporate debt — 10 Restructuring and other related charges 38 5 Transaction-related costs, net 5 5 Charges for legal matter, net (b) (27 ) — Income before income taxes $ 11 $ 63 __________ (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. Six Months Ended June 30, 2017 2016 Revenues Adjusted EBITDA Revenues Adjusted EBITDA Americas $ 2,879 $ 76 $ 2,957 $ 226 International 1,198 66 1,167 58 Corporate and Other (a) — (29 ) — (36 ) Total Company $ 4,077 $ 113 $ 4,124 $ 248 Reconciliation of Adjusted EBITDA to loss before income taxes Adjusted EBITDA $ 113 $ 248 Less: Non-vehicle related depreciation and amortization 128 126 Interest expense related to corporate debt, net 97 106 Early extinguishment of corporate debt 3 10 Restructuring and other related charges 45 20 Transaction-related costs, net 8 9 Charges for legal matter, net (b) (14 ) — Loss before income taxes $ (154 ) $ (23 ) __________ (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) | 6 Months Ended |
Jun. 30, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Consolidating Condensed Statements of Comprehensive Income | Three Months Ended June 30, 2016 Parent Subsidiary Issuers Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Total Revenues Vehicle rental $ — $ — $ 1,084 $ 489 $ — $ 1,573 Other — — 316 931 (577 ) 670 Net revenues — — 1,400 1,420 (577 ) 2,243 Expenses Operating 1 1 666 454 — 1,122 Vehicle depreciation and lease charges, net — — 528 529 (525 ) 532 Selling, general and administrative 9 5 170 128 — 312 Vehicle interest, net — — 49 76 (52 ) 73 Non-vehicle related depreciation and amortization — — 40 25 — 65 Interest expense related to corporate debt, net: Interest expense — 42 1 13 — 56 Intercompany interest expense (income) (3 ) (2 ) 5 — — — Early extinguishment of debt — 10 — — — 10 Restructuring and other related charges — — 1 4 — 5 Transaction-related costs, net — — 1 4 — 5 Total expenses 7 56 1,461 1,233 (577 ) 2,180 Income (loss) before income taxes and equity in earnings of subsidiaries (7 ) (56 ) (61 ) 187 — 63 Provision for (benefit from) income taxes (3 ) (22 ) 37 15 — 27 Equity in earnings of subsidiaries 40 74 172 — (286 ) — Net income $ 36 $ 40 $ 74 $ 172 $ (286 ) $ 36 Comprehensive income $ 40 $ 44 $ 83 $ 180 $ (307 ) $ 40 Six Months Ended June 30, 2016 Parent Subsidiary Issuers Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Total Revenues Vehicle rental $ — $ — $ 2,013 $ 888 $ — $ 2,901 Other — — 587 1,725 (1,089 ) 1,223 Net revenues — — 2,600 2,613 (1,089 ) 4,124 Expenses Operating 2 11 1,294 855 — 2,162 Vehicle depreciation and lease charges, net — — 989 996 (990 ) 995 Selling, general and administrative 19 10 319 233 — 581 Vehicle interest, net — — 94 143 (99 ) 138 Non-vehicle related depreciation and amortization — 1 77 48 — 126 Interest expense related to corporate debt, net: Interest expense — 81 2 23 — 106 Intercompany interest expense (income) (6 ) (5 ) 11 — — — Early extinguishment of debt — 10 — — — 10 Restructuring and other related charges — — 7 13 — 20 Transaction-related costs, net — 1 1 7 — 9 Total expenses 15 109 2,794 2,318 (1,089 ) 4,147 Income (loss) before income taxes and equity in earnings of subsidiaries (15 ) (109 ) (194 ) 295 — (23 ) Provision for (benefit from) income taxes (6 ) (43 ) 32 9 — (8 ) Equity in earnings (loss) of subsidiaries (6 ) 60 286 — (340 ) — Net income (loss) $ (15 ) $ (6 ) $ 60 $ 286 $ (340 ) $ (15 ) Comprehensive income $ 59 $ 68 $ 141 $ 365 $ (574 ) $ 59 Three Months Ended June 30, 2017 Parent Subsidiary Issuers Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Total Revenues Vehicle rental $ — $ — $ 1,055 $ 508 $ — $ 1,563 Other — — 316 1,022 (663 ) 675 Net revenues — — 1,371 1,530 (663 ) 2,238 Expenses Operating 1 9 644 454 — 1,108 Vehicle depreciation and lease charges, net — — 614 592 (609 ) 597 Selling, general and administrative 10 2 158 123 — 293 Vehicle interest, net — — 52 75 (54 ) 73 Non-vehicle related depreciation and amortization — 1 40 24 — 65 Interest expense related to corporate debt, net: Interest expense (income) — 83 — (35 ) — 48 Intercompany interest expense (income) (3 ) 5 5 (7 ) — — Early extinguishment of debt — 1 — (1 ) — — Restructuring and other related charges — 2 33 3 — 38 Transaction-related costs, net — — — 5 — 5 Total expenses 8 103 1,546 1,233 (663 ) 2,227 Income (loss) before income taxes and equity in earnings of subsidiaries (8 ) (103 ) (175 ) 297 — 11 Provision for (benefit from) income taxes (2 ) (39 ) 11 38 — 8 Equity in earnings of subsidiaries 9 73 259 — (341 ) — Net income $ 3 $ 9 $ 73 $ 259 $ (341 ) $ 3 Comprehensive income $ 51 $ 58 $ 123 $ 309 $ (490 ) $ 51 Six Months Ended June 30, 2017 Parent Subsidiary Issuers Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Total Revenues Vehicle rental $ — $ — $ 1,941 $ 908 $ — $ 2,849 Other — — 583 1,893 (1,248 ) 1,228 Net revenues — — 2,524 2,801 (1,248 ) 4,077 Expenses Operating 2 13 1,284 858 — 2,157 Vehicle depreciation and lease charges, net — — 1,160 1,085 (1,144 ) 1,101 Selling, general and administrative 20 4 311 220 — 555 Vehicle interest, net — — 97 144 (104 ) 137 Non-vehicle related depreciation and amortization — 1 80 47 — 128 Interest expense related to corporate debt, net: Interest expense (income) — 129 1 (33 ) — 97 Intercompany interest expense (income) (6 ) 6 11 (11 ) — — Early extinguishment of debt — 4 — (1 ) — 3 Restructuring and other related charges — 2 39 4 — 45 Transaction-related costs, net — — — 8 — 8 Total expenses 16 159 2,983 2,321 (1,248 ) 4,231 Income (loss) before income taxes and equity in earnings of subsidiaries (16 ) (159 ) (459 ) 480 — (154 ) Provision for (benefit from) income taxes (4 ) (62 ) (28 ) 44 — (50 ) Equity in earnings (loss) of subsidiaries (92 ) 5 436 — (349 ) — Net income (loss) $ (104 ) $ (92 ) $ 5 $ 436 $ (349 ) $ (104 ) Comprehensive income (loss) $ (28 ) $ (16 ) $ 82 $ 512 $ (578 ) $ (28 ) |
Schedule Of Condensed Consolidating Balance Sheet Table | 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 As of June 30, 2017 Parent Subsidiary Issuers Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Total Assets Current assets: Cash and cash equivalents $ 3 $ 121 $ — $ 652 $ — $ 776 Receivables, net — — 225 537 — 762 Other current assets 5 83 105 644 — 837 Total current assets 8 204 330 1,833 — 2,375 Property and equipment, net — 157 324 203 — 684 Deferred income taxes 19 1,341 271 11 — 1,642 Goodwill — — 488 555 — 1,043 Other intangibles, net — 28 491 348 — 867 Other non-current assets 76 23 17 86 — 202 Intercompany receivables 178 370 1,590 972 (3,110 ) — Investment in subsidiaries (42 ) 3,799 3,839 — (7,596 ) — Total assets exclusive of assets under vehicle programs 239 5,922 7,350 4,008 (10,706 ) 6,813 Assets under vehicle programs: Program cash — — — 65 — 65 Vehicles, net — 25 68 13,229 — 13,322 Receivables from vehicle manufacturers and other — 1 1 235 — 237 Investment in Avis Budget Rental Car Funding (AESOP) LLC-related party — — — 395 — 395 — 26 69 13,924 — 14,019 Total assets $ 239 $ 5,948 $ 7,419 $ 17,932 $ (10,706 ) $ 20,832 Liabilities and stockholders’ equity Current liabilities: Accounts payable and other current liabilities $ 21 $ 223 $ 686 $ 919 $ — $ 1,849 Short-term debt and current portion of long-term debt — 17 3 6 — 26 Total current liabilities 21 240 689 925 — 1,875 Long-term debt — 2,916 2 628 — 3,546 Other non-current liabilities 70 87 231 380 — 768 Intercompany payables — 2,738 370 2 (3,110 ) — Total liabilities exclusive of liabilities under vehicle programs 91 5,981 1,292 1,935 (3,110 ) 6,189 Liabilities under vehicle programs: Debt — 9 61 3,416 — 3,486 Due to Avis Budget Rental Car Funding (AESOP) LLC-related party — — — 7,876 — 7,876 Deferred income taxes — — 2,267 170 — 2,437 Other — — — 696 — 696 — 9 2,328 12,158 — 14,495 Total stockholders’ equity 148 (42 ) 3,799 3,839 (7,596 ) 148 Total liabilities and stockholders’ equity $ 239 $ 5,948 $ 7,419 $ 17,932 $ (10,706 ) $ 20,832 |
Consolidating Condensed Statements Of Cash Flows | Six Months Ended June 30, 2017 Parent Subsidiary Issuers Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Net cash provided by (used in) operating activities $ 9 $ (41 ) $ 47 $ 1,124 $ — $ 1,139 Investing activities Property and equipment additions — (22 ) (34 ) (30 ) — (86 ) Proceeds received on asset sales — 1 — 3 — 4 Net assets acquired (net of cash acquired) — — (4 ) (10 ) — (14 ) Intercompany loan receipts (advances) — — (1 ) (313 ) 314 — Other, net 100 — — (1 ) (100 ) (1 ) Net cash provided by (used in) investing activities exclusive of vehicle programs 100 (21 ) (39 ) (351 ) 214 (97 ) Vehicle programs: Decrease in program cash — — — 168 — 168 Investment in vehicles — 1 (2 ) (8,115 ) — (8,116 ) Proceeds received on disposition of vehicles — 31 — 5,028 — 5,059 Investment in debt securities of Avis Budget Rental Car Funding (AESOP) LLC—related party — — — (33 ) — (33 ) — 32 (2 ) (2,952 ) — (2,922 ) Net cash provided by (used in) investing activities 100 11 (41 ) (3,303 ) 214 (3,019 ) Financing activities Proceeds from long-term borrowings — 325 — 264 — 589 Payments on long-term borrowings — (396 ) (1 ) (194 ) — (591 ) Net change in short-term borrowings — — — (1 ) — (1 ) Intercompany loan borrowings (payments) — 313 — 1 (314 ) — Repurchases of common stock (109 ) — — — (109 ) Debt financing fees — (3 ) — (5 ) — (8 ) Other, net — (100 ) — — 100 — Net cash provided by (used in) financing activities exclusive of vehicle programs (109 ) 139 (1 ) 65 (214 ) (120 ) Vehicle programs: Proceeds from borrowings — — — 11,255 — 11,255 Payments on borrowings — — (5 ) (8,983 ) — (8,988 ) Debt financing fees — — — (8 ) — (8 ) — — (5 ) 2,264 — 2,259 Net cash provided by (used in) financing activities (109 ) 139 (6 ) 2,329 (214 ) 2,139 Effect of changes in exchange rates on cash and cash equivalents — — — 27 — 27 Net increase in cash and cash equivalents — 109 — 177 — 286 Cash and cash equivalents, beginning of period 3 12 — 475 — 490 Cash and cash equivalents, end of period $ 3 $ 121 $ — $ 652 $ — $ 776 Six Months Ended June 30, 2016 Parent Subsidiary Issuers Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Net cash provided by (used in) operating activities $ 89 $ 144 $ 30 $ 896 $ (80 ) $ 1,079 Investing activities Property and equipment additions — (11 ) (46 ) (32 ) — (89 ) Proceeds received on asset sales — 4 1 2 — 7 Net assets acquired (net of cash acquired) — — (1 ) (2 ) — (3 ) Intercompany loan receipts (advances) — — 28 — (28 ) — Other, net 93 — — 4 (93 ) 4 Net cash provided by (used in) investing activities exclusive of vehicle programs 93 (7 ) (18 ) (28 ) (121 ) (81 ) Vehicle programs: Decrease in program cash — — — 82 — 82 Investment in vehicles — (2 ) (7 ) (8,491 ) — (8,500 ) Proceeds received on disposition of vehicles — 20 — 5,398 — 5,418 — 18 (7 ) (3,011 ) — (3,000 ) Net cash provided by (used in) investing activities 93 11 (25 ) (3,039 ) (121 ) (3,081 ) Financing activities Proceeds from long-term borrowings — 557 — 1 — 558 Payments on long-term borrowings — (518 ) (1 ) (1 ) — (520 ) Intercompany loan borrowings (payments) — — — (28 ) 28 — Repurchases of common stock (183 ) — — — — (183 ) Debt financing fees — (10 ) — — — (10 ) Other, net — (173 ) — — 173 — Net cash provided by (used in) financing activities exclusive of vehicle programs (183 ) (144 ) (1 ) (28 ) 201 (155 ) Vehicle programs: Proceeds from borrowings — — — 9,850 — 9,850 Payments on borrowings — — (4 ) (7,610 ) — (7,614 ) Debt financing fees — — — (17 ) (17 ) — — (4 ) 2,223 — 2,219 Net cash provided by (used in) financing activities (183 ) (144 ) (5 ) 2,195 201 2,064 Effect of changes in exchange rates on cash and cash equivalents — — — 13 — 13 Net increase (decrease) in cash and cash equivalents (1 ) 11 — 65 — 75 Cash and cash equivalents, beginning of period 4 70 — 378 — 452 Cash and cash equivalents, end of period $ 3 $ 81 $ — $ 443 $ — $ 527 |
Basis Of Presentation And Rec36
Basis Of Presentation And Recently Issued Accounting Pronouncements (Narrative) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Basis Of Presentation And Recently Issued Accounting Pronouncements [Abstract] | ||||
Net unrealized gain or loss on foreign-currency transactions of intercompany loan hedges | $ 0 | $ (4) | $ 0 | $ (7) |
Employee Service Share Based Compensation Incremental Tax Benefit To Be Realized From Exercise Of Stock Awards | $ 56 | 56 | ||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 9 |
Restructuring (Narrative) (Deta
Restructuring (Narrative) (Detail) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($)Employee | Jun. 30, 2016USD ($) | Dec. 31, 2016USD ($) | |
Restructuring Cost and Reserve [Line Items] | |||||
Document Period End Date | Jun. 30, 2017 | ||||
Restructuring Charges | $ 38 | $ 5 | $ 45 | $ 20 | |
Restructuring Reserve | 5 | 5 | $ 6 | ||
T17 Restructuring [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges | $ 24 | ||||
Restructuring and Related Cost, Expected Number of Positions Eliminated | Employee | 535 | ||||
Restructuring and Related Cost, Number of Positions Eliminated | Employee | 410 | ||||
Restructuring and Related Cost, Expected Cost | 10 | $ 10 | |||
Payments for Restructuring | 23 | ||||
International | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Reserve | $ 4 | 4 | $ 5 | ||
International | T17 Restructuring [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges | 3 | ||||
Payments for Restructuring | $ 3 |
Restructuring (Summary Of Chang
Restructuring (Summary Of Changes To Restructuring-Related Liabilities) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Restructuring Cost and Reserve [Line Items] | ||||
Document Period End Date | Jun. 30, 2017 | |||
Restructuring Reserve [Roll Forward] | ||||
Balance as of January 1, 2016 | $ 6 | |||
Restructuring expense | $ (38) | $ (5) | (45) | $ (20) |
Balance as of June 30, 2017 | 5 | 5 | ||
International | ||||
Restructuring Reserve [Roll Forward] | ||||
Balance as of January 1, 2016 | 1 | |||
Balance as of June 30, 2017 | 1 | 1 | ||
International | ||||
Restructuring Reserve [Roll Forward] | ||||
Balance as of January 1, 2016 | 5 | |||
Balance as of June 30, 2017 | 4 | 4 | ||
2014 T15 Restructuring [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Payment for Restructuring | (2) | |||
2014 T15 Restructuring [Member] | International | ||||
Restructuring Reserve [Roll Forward] | ||||
Payment for Restructuring | (1) | |||
2014 T15 Restructuring [Member] | International | ||||
Restructuring Reserve [Roll Forward] | ||||
Payment for Restructuring | (1) | |||
T17 Restructuring [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring expense | (24) | |||
Payment for Restructuring | (23) | |||
T17 Restructuring [Member] | International | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring expense | (21) | |||
Payment for Restructuring | (20) | |||
T17 Restructuring [Member] | International | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring expense | (3) | |||
Payment for Restructuring | (3) | |||
Personnel Related | ||||
Restructuring Reserve [Roll Forward] | ||||
Balance as of January 1, 2016 | 5 | |||
Balance as of June 30, 2017 | 4 | 4 | ||
Personnel Related | 2014 T15 Restructuring [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Payment for Restructuring | (2) | |||
Personnel Related | T17 Restructuring [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring expense | (12) | |||
Payment for Restructuring | (11) | |||
Facility Related | ||||
Restructuring Reserve [Roll Forward] | ||||
Balance as of January 1, 2016 | 1 | |||
Balance as of June 30, 2017 | 1 | 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 | |||
Other Restructuring [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Balance as of January 1, 2016 | 0 | |||
Balance as of June 30, 2017 | $ 0 | 0 | ||
Other Restructuring [Member] | 2014 T15 Restructuring [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Payment for Restructuring | 0 | |||
Other Restructuring [Member] | T17 Restructuring [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring expense | (12) | |||
Payment for Restructuring | $ (12) |
Restructuring Other Related Cha
Restructuring Other Related Charges (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2017USD ($)Employee | |
Other Related Charges [Abstract] | |
Other Nonrecurring Expense | $ 7 |
Share-based Compensation Arrangement by Share-based Payment Award Accelerated Compensation Cost | 2 |
Charges related to voluntary termination program | $ 14 |
Charges related to voluntary termination program, Expected Number of Positions Eliminated | Employee | 325 |
Charges related to voluntary termination program, Number of Positions Eliminated | Employee | 185 |
Earnings Per Share (Computation
Earnings Per Share (Computation Of Basic And Diluted Earnings Per Share) (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Earnings Per Share [Abstract] | ||||
Net income (loss) | $ 3 | $ 36 | $ (104) | $ (15) |
Basic weighted average shares outstanding | 84 | 93.9 | 84.9 | 95.1 |
Weighted Average Number Diluted Shares Outstanding Adjustment | 1.2 | 1.2 | 0 | 0 |
Weighted Average Number of Shares Outstanding, Diluted | 85.2 | 95.1 | 84.9 | 95.1 |
Basic | $ 0.04 | $ 0.39 | $ (1.22) | $ (0.16) |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Document Fiscal Year Focus | 2,017 | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0.8 | 0.8 | ||
Diluted | $ 0.04 | $ 0.38 | $ (1.22) | $ (0.16) |
Restricted Stock Units (RSUs) [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0.7 | 0.2 | 1.3 | 1.5 |
Earnings Per Share Earnings P41
Earnings Per Share Earnings Per Share (Details) - $ / shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Document Period End Date | Jun. 30, 2017 | |||
Document Fiscal Year Focus | 2,017 | |||
Basic weighted average shares outstanding | 84 | 93.9 | 84.9 | 95.1 |
Diluted | $ 0.04 | $ 0.38 | $ (1.22) | $ (0.16) |
Basic | $ 0.04 | $ 0.39 | $ (1.22) | $ (0.16) |
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 | 0.7 | 0.2 | 1.3 | 1.5 |
Other Current Assets (Details)
Other Current Assets (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Other Current Assets Disclosure [Abstract] | ||
Sales and use taxes | $ 430 | $ 153 |
Prepaid expenses | 204 | 212 |
Other | 203 | 154 |
Other current assets | $ 837 | $ 519 |
Intangible Assets (Schedule Of
Intangible Assets (Schedule Of Intangible Assets) (Detail) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2017 | Dec. 31, 2016 | |
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Document Fiscal Year Focus | 2,017 | |
Document Period End Date | Jun. 30, 2017 | |
Amortized Intangible Assets, Gross Carrying Amount | $ 556 | $ 531 |
Amortized Intangible Assets, Accumulated Amortization | 241 | 211 |
Amortized Intangible Assets, Net Carrying Amount | 315 | 320 |
Unamortized Intangible Assets, Goodwill, Gross Carrying Amount | 1,043 | 1,007 |
License agreements | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Amortized Intangible Assets, Gross Carrying Amount | 272 | 261 |
Amortized Intangible Assets, Accumulated Amortization | 122 | 109 |
Amortized Intangible Assets, Net Carrying Amount | 150 | 152 |
Customer relationships | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Amortized Intangible Assets, Gross Carrying Amount | 235 | 224 |
Amortized Intangible Assets, Accumulated Amortization | 105 | 90 |
Amortized Intangible Assets, Net Carrying Amount | 130 | 134 |
Other | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Amortized Intangible Assets, Gross Carrying Amount | 49 | 46 |
Amortized Intangible Assets, Accumulated Amortization | 14 | 12 |
Amortized Intangible Assets, Net Carrying Amount | 35 | 34 |
Goodwill (a) | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Unamortized Intangible Assets, Goodwill, Gross Carrying Amount | 1,043 | 1,007 |
Trademarks | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Unamortized Intangible Assets, Trademarks, Gross Carrying Amount | $ 552 | $ 550 |
Intangible Assets (Narrative) (
Intangible Assets (Narrative) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Document Period End Date | Jun. 30, 2017 | |||
Amortization expense relating to all intangible assets | $ 16 | $ 16 | $ 31 | $ 33 |
Amortization expense for remainder of the year | 29 | $ 29 | ||
Document Fiscal Year Focus | 2,017 | |||
Intangible assets amortization expense, year one | 45 | $ 45 | ||
Intangible assets amortization expense, year two | 40 | 40 | ||
Intangible assets amortization expense, year three | 39 | 39 | ||
Intangible assets amortization expense, year four | 29 | 29 | ||
Intangible assets amortization expense, year five | $ 23 | $ 23 |
Vehicle Rental Activities (Comp
Vehicle Rental Activities (Components Of The Company's Vehicles) (Detail) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 |
Vehicle Rental Activities [Abstract] | |||
Rental vehicles | $ 14,400 | $ 10,937 | |
Less: Accumulated depreciation | (1,431) | (1,454) | |
Rental Vehicles Net, Total | 12,969 | 9,483 | |
Vehicles held for sale | 353 | 981 | |
Vehicles, net | 13,322 | $ 10,464 | |
Accounts Payable, Other, Current | 658 | $ 557 | |
Other Receivables | $ 235 | $ 251 |
Vehicle Rental Activities (Co46
Vehicle Rental Activities (Components Of Vehicle Depreciation And Lease Charges) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Vehicle Rental Activities [Abstract] | ||||
Other Receivables | $ 235 | $ 251 | $ 235 | $ 251 |
Depreciation expense | 516 | 499 | 953 | 931 |
Lease charges | 54 | 42 | 97 | 76 |
(Gain) loss on sale of vehicles, net | 27 | (9) | 51 | (12) |
Vehicle depreciation and lease charges, net | $ 597 | $ 532 | $ 1,101 | $ 995 |
Accounts Payable and Other Cu47
Accounts Payable and Other Current Liabilities (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Accounts Payable and Other Current Liabilities [Abstract] | ||
Accounts payable | $ 438 | $ 343 |
Accrued sales and use taxes | 244 | 206 |
Deferred revenue – current | 234 | 114 |
Accrued Sales Commission, Current | 105 | 86 |
Employee-related Liabilities, Current | 169 | 173 |
Public liability and property damage insurance liabilities, current | 148 | 141 |
Other | 511 | 425 |
Accounts payable and other current liabilities | $ 1,849 | $ 1,488 |
Income Taxes Income Taxes (Narr
Income Taxes Income Taxes (Narrative) (Details) | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Income Taxes [Abstract] | ||
Effective Income Tax Rate Reconciliation, Percent | 32.50% | 34.80% |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% |
Long-Term Debt And Borrowing 49
Long-Term Debt And Borrowing Arrangements (Schedule Of Long-Term Debt) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | |||
Document Fiscal Year Focus | 2,017 | ||
Other | $ 51 | $ 51 | $ 57 |
Long-term Debt, Current Maturities | 26 | 26 | 279 |
Long-term debt | $ 3,546 | $ 3,546 | 3,244 |
Six Euro-Denominated Senior Notes [Member] | Long Term Borrowings [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument stated interest percentage | 6.00% | 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% | 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% | 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% | 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% | 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% | 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% | 4.50% | |
Senior Notes [Member] | Floating Rate Senior Notes Due December 2017 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 0 | $ 0 | 249 |
Debt Instrument, Maturity Date, Description | December 2,017 | ||
Senior Notes [Member] | Six Euro-Denominated Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 0 | $ 0 | 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 | 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 | 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 | 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 | 343 | $ 343 | 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 | 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 | 286 | $ 286 | 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 | $ 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 | $ 1,141 | $ 1,141 | 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 | 3.30% | ||
Senior Notes and Loans Payable [Member] | |||
Debt Instrument [Line Items] | |||
Deferred Finance Costs, Net | $ (49) | $ (49) | (53) |
Long-term Debt | $ 3,572 | $ 3,572 | $ 3,523 |
Long-Term Debt And Borrowing 50
Long-Term Debt And Borrowing Arrangements (Schedule Of Long-Term Debt) (Detail Section) | 3 Months Ended |
Jun. 30, 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% |
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 | 3.30% |
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 | 3.05% |
Maximum [Member] | Bank Overdraft [Member] | |
Debt Instrument [Line Items] | |
Line of Credit Facility, Interest Rate During Period | 3.10% |
Long-Term Debt And Borrowing 51
Long-Term Debt And Borrowing Arrangements (Narrative) (Detail) € in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2017EUR (€) | Mar. 31, 2017USD ($) | Mar. 31, 2017EUR (€) | Dec. 31, 2016USD ($) | |
Debt Instrument [Line Items] | ||||||
Document Period End Date | Jun. 30, 2017 | |||||
Other Long-term Debt | $ 51 | $ 51 | $ 57 | |||
Uncommitted Credit Facility [Member] | Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Interest Rate During Period | 0.74% | |||||
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 | $ 286 | $ 286 | 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 | 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 | $ 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 | 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 | 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 | $ 1,141 | $ 1,141 | 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 | $ 343 | $ 343 | 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 | $ 0 | $ 0 | $ 194 | |||
Debt Instrument, Repurchased Face Amount | € | € 175 | |||||
Debt Instrument, Repurchase Amount | € | € 180 |
Long-Term Debt And Borrowing 52
Long-Term Debt And Borrowing Arrangements (Schedule Of Committed Credit Facilities) (Detail) $ in Millions | Jun. 30, 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 | 1,301 |
Available Capacity | 499 |
Other Facilities [Member] | |
Line of Credit Facility [Line Items] | |
Total Capacity | 3 |
Outstanding Borrowings | 3 |
Letters of Credit Issued | 0 |
Available Capacity | $ 0 |
Long-Term Debt And Borrowing 53
Long-Term Debt And Borrowing Arrangements (Schedule Of Committed Credit Facilities) (Detail Section) $ in Millions | 3 Months Ended |
Jun. 30, 2017USD ($) | |
Line of Credit Facility [Line Items] | |
Amounts drawn under uncommitted credit facilities | $ 3 |
Minimum [Member] | Bank Overdraft [Member] | |
Line of Credit Facility [Line Items] | |
Line of Credit Facility, Interest Rate During Period | 3.05% |
Minimum [Member] | Uncommitted Credit Facility [Member] | |
Line of Credit Facility [Line Items] | |
Line of Credit Facility, Interest Rate During Period | 0.74% |
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 A54
Debt Under Vehicle Programs And Borrowing Arrangements (Schedule Of Debt Under Vehicle Programs) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Mar. 31, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | |
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | ||||
Newly Issued European Credit Facility | $ 250 | |||
Document Period End Date | Jun. 30, 2017 | |||
Debt under vehicle programs | 11,362 | $ 11,362 | $ 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 | 9,400 | 9,400 | ||
Debt under vehicle programs | 7,912 | 7,912 | 6,733 | |
Deferred Finance Costs, Net | (35) | (35) | (38) | |
Americas Debt Borrowings [Member] | ||||
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | ||||
Leasing Vehicles And Related Assets Pledged As Collateralized Debt | 1,200 | 1,200 | ||
Debt under vehicle programs | 924 | 924 | 577 | |
International Debt Borrowings [Domain] | ||||
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | ||||
Leasing Vehicles And Related Assets Pledged As Collateralized Debt | 2,700 | 2,700 | ||
Debt under vehicle programs | 2,410 | 2,410 | 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 | 200 | ||
Debt under vehicle programs | 161 | 161 | 162 | |
Other (Member) | ||||
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | ||||
Debt under vehicle programs | 2 | 2 | 7 | |
Debt Under Vehicle Programs [Member] | ||||
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | ||||
Deferred Finance Costs, Net | $ (47) | $ (47) | $ (50) |
Debt Under Vehicle Programs A55
Debt Under Vehicle Programs And Borrowing Arrangements (Schedule Of Contractual Maturities) (Detail) $ in Millions | Jun. 30, 2017USD ($) |
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | |
Vehicle Program Debt Amount Outstanding | $ 11,409 |
Vehicle backed debt [Member] | |
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | |
Within 1 year (a) | 1,311 |
Between 1 and 2 years | 5,655 |
Between 2 and 3 years | 1,996 |
Between 3 and 4 years | 1,310 |
Between 4 and 5 years | 716 |
Thereafter | 421 |
Vehicle Program Debt Amount Outstanding | $ 11,409 |
Debt Under Vehicle Programs A56
Debt Under Vehicle Programs And Borrowing Arrangements (Schedule Of Available Funding Under The Vehicle Programs) (Detail) $ in Millions | Jun. 30, 2017USD ($) |
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | |
Total Capacity (a) | $ 13,000 |
Outstanding Borrowings | 11,409 |
Available Capacity | 1,591 |
Debt Due To Avis Budget Rental Car Funding (Member) | |
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | |
Total Capacity (a) | 9,057 |
Outstanding Borrowings | 7,912 |
Available Capacity | 1,145 |
Leasing Vehicles And Related Assets Pledged As Collateralized Debt | 9,400 |
Americas Debt Borrowings [Member] | |
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | |
Total Capacity (a) | 947 |
Outstanding Borrowings | 924 |
Available Capacity | 23 |
Leasing Vehicles And Related Assets Pledged As Collateralized Debt | 1,200 |
International Debt Borrowings [Domain] | |
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | |
Total Capacity (a) | 2,806 |
Outstanding Borrowings | 2,410 |
Available Capacity | 396 |
Leasing Vehicles And Related Assets Pledged As Collateralized Debt | 2,700 |
International Capital Leases [Domain] | |
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | |
Total Capacity (a) | 188 |
Outstanding Borrowings | 161 |
Available Capacity | 27 |
Leasing Vehicles And Related Assets Pledged As Collateralized Debt | 200 |
Other (Member) | |
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | |
Total Capacity (a) | 2 |
Outstanding Borrowings | 2 |
Available Capacity | $ 0 |
Debt Under Vehicle Programs a57
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 | 6 Months Ended | ||
Mar. 31, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | |
Schedule Of Commitments And Contingencies [Line Items] | ||||
Loss Contingency Accrual | $ 12 | $ 26 | ||
Loss Contingency, Loss in Period | $ 13 | |||
Insurance Settlements Receivable | 27 | |||
Loss Contingency, Range of Possible Loss, Portion Not Accrued | $ 50 | |||
Document Period End Date | Jun. 30, 2017 | |||
Purchase obligation over the next twelve months | $ 1,700 | |||
Other Receivables | 235 | $ 251 | ||
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 | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Stockholders Equity [Line Items] | ||||
Currency translation adjustments (net of tax of $17, $(5), $20 and $4, respectively) | $ 48,000,000 | $ 8,000,000 | $ 73,000,000 | $ 80,000,000 |
Proceeds from Issuance of Preferred Stock, Preference Stock, and Warrants | $ 90 | |||
Document Period End Date | Jun. 30, 2017 | |||
Document Fiscal Year Focus | 2,017 | |||
Other Comprehensive Income Unrealized Gain Loss On Cash Flow Hedges Arising During Period Net Of Tax | $ (2,000,000) | (10,000,000) | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | 1,000,000 | 2,000,000 | ||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | (1,000,000) | $ (8,000,000) | ||
Stock Repurchase Program, Authorized Amount | 1,500,000,000 | $ 1,500,000,000 | ||
Stock Repurchased During Period, Shares | 3.4 | 6.5 | ||
Stock Repurchased During Period, Value | $ 100,000,000 | $ 180,000,000 | ||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | 200,000,000 | 200,000,000 | ||
Selling, General and Administrative Expenses [Member] | ||||
Stockholders Equity [Line Items] | ||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, before Tax | 2,000,000 | 2,000,000 | 4,000,000 | 3,000,000 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, after Tax | $ 2,000,000 | $ 1,000,000 | $ 3,000,000 | $ 2,000,000 |
Stockholders' Equity (Accumulat
Stockholders' Equity (Accumulated Other Comprehensive Income) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Stockholders Equity [Line Items] | ||||
Currency Translation Adjustments, Balance | $ (39) | $ (80) | ||
Net Unrealized Gains (Losses) on Cash Flow Hedges, Balance | $ 1 | $ (10) | 1 | (10) |
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 | 48 | 8 | 73 | 80 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | (2) | (5) | (1) | (8) |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | (1) | (1) | (3) | (2) |
Accumulated Other Comprehensive Income, Current period change | 48 | 4 | 76 | 74 |
Currency Translation Adjustments, Balance | 34 | 0 | 34 | 0 |
Net Unrealized Gains (Losses) on Cash Flow Hedges, Balance | 2 | (2) | ||
Net Unrealized Gains on Available- For-Sale Securities, Balance | 2 | 0 | 2 | 0 |
Currency Translation Adjustments, Balance | (115) | (63) | (115) | (63) |
Accumulated Other Comprehensive Income, Balance | (78) | (73) | (78) | (73) |
Derivatives used in Net Investment Hedge, Net of Tax | 52 | 52 | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent | 73 | 80 | ||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | (1) | (8) | ||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net (Gain) Loss, Net of Tax | 3 | 2 | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 72 | 70 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 4 | 4 | ||
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) | (2) | ||
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Reclassification Adjustments, Net of Tax | 1 | 0 | ||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, after Tax | 0 | 0 | ||
Corporate Interest Expense [Member] | ||||
Stockholders Equity [Line Items] | ||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | 1 | 2 | 2 | 4 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | 0 | (1) | (1) | (2) |
Selling, General and Administrative Expenses [Member] | ||||
Stockholders Equity [Line Items] | ||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, before Tax | 2 | 2 | 4 | 3 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, after Tax | $ 2 | $ 1 | $ 3 | $ 2 |
Stockholders' Equity (Component
Stockholders' Equity (Components Of Other Comprehensive Income) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Equity [Abstract] | ||||
Net income (loss) | $ 3 | $ 36 | $ (104) | $ (15) |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Document Period End Date | Jun. 30, 2017 | |||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | $ 1 | 2 | ||
Document Fiscal Year Focus | 2,017 | |||
Currency translation adjustments (net of tax of $17, $(5), $20 and $4, respectively) | 48 | 8 | $ 73 | 80 |
Net unrealized gain (loss) on available-for-sale securities (net of tax of $0 in each period) | 1 | 0 | 1 | 0 |
Net unrealized gain (loss) on cash flow hedges (net of tax of $1, $3, $1 and $5, respectively) | (2) | (5) | (1) | (8) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | 1 | 1 | 3 | 2 |
Other comprehensive income (loss) | 48 | 4 | 76 | 74 |
Total comprehensive income (loss) | 51 | 40 | (28) | 59 |
Other Comprehensive Income (Loss), Available-for-sale Securities, Tax | 0 | 0 | 0 | 0 |
Corporate Interest Expense [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | 1 | 2 | 2 | 4 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | 0 | 1 | 1 | 2 |
Selling, General and Administrative Expenses [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, before Tax | 2 | 2 | 4 | 3 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, after Tax | $ 2 | $ 1 | $ 3 | $ 2 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 4 | $ 6 | $ 5 | $ 14 |
Stock-based compensation expense (net of tax) | 3 | $ 4 | $ 3 | $ 9 |
Document Period End Date | Jun. 30, 2017 | |||
Document Fiscal Year Focus | 2,017 | |||
Employee Service Share Based Compensation Incremental Tax Benefit To Be Realized From Exercise Of Stock Awards | $ 56 | $ 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 | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Document Period End Date | Jun. 30, 2017 | ||
Number of Options, Balance | 801 | 810 | |
Options outstanding, intrinsic value | $ 19 | $ 27 | |
Stock Issued During Period, Value, Restricted Stock Award, Gross | $ 22 | $ 25 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 1 year 9 months | 2 years 3 months | |
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 | 36.55 | ||
Weighted Average Grant Price, Canceled | 39.51 | ||
Weighted Average Grant Price, Balance | $ 32.55 | $ 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 | (276) | ||
Number of RSUs, Balance | 1,073 | 923 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding | $ 29 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 1 year 6 months | ||
Restricted Stock Units (RSUs) [Member] | |||
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 | $ 25.86 | |
Weighted Average Grant Price, Vested/exercised | 36.69 | ||
Weighted Average Grant Price, Canceled | 32.49 | ||
Weighted Average Grant Price, Balance | $ 33.80 | $ 34.83 | |
Number of RSUs, Balance | 878 | ||
Number of RSUs, Granted at fair market value | 528 | ||
Number of RSUs, Vested/exercised | (447) | ||
Number of RSUs, Canceled | (50) | ||
Number of RSUs, Balance | 909 | 878 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding | $ 25 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 45 |
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 | 6 Months Ended | 12 Months Ended |
Jun. 30, 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, Grants in Period, Gross | $ 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 801 | 810 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 2.94 | $ 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, Forfeitures and Expirations in Period, Weighted Average Intrinsic Value | $ 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 | (9) | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 0.79 | |
Options outstanding, intrinsic value | $ 19 | $ 27 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 1 year 9 months | 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 | Jun. 30, 2017 | Dec. 31, 2016 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Current Maturities | $ 26 | $ 279 |
Long-term Debt, Excluding Current Maturities | 3,546 | 3,244 |
Reported Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Current Maturities | 26 | 279 |
Long-term Debt, Excluding Current Maturities | 3,546 | 3,244 |
Debt due to Avis Budget Rental Car Funding (AESOP) LLC—related party | 7,876 | 6,695 |
Vehicle Backed Debt | 3,484 | 2,176 |
Debt Under Vehicle Programs Interest Rate Swaps And Interest Rate Contracts | 2 | 7 |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Current Maturities | 26 | 280 |
Long-term Debt, Excluding Current Maturities | 3,555 | 3,265 |
Debt due to Avis Budget Rental Car Funding (AESOP) LLC—related party | 7,920 | 6,722 |
Vehicle Backed Debt | 3,494 | 2,187 |
Debt Under Vehicle Programs Interest Rate Swaps And Interest Rate Contracts | $ 2 | $ 7 |
Financial Instruments (Narrativ
Financial Instruments (Narrative) (Detail) gal in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017USD ($)gal | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($)gal | Jun. 30, 2016USD ($) | |
Schedule of Cost-method Investments [Line Items] | ||||
Document Period End Date | Jun. 30, 2017 | |||
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | $ 2 | $ 2 | ||
Derivative Instruments, Gain (Loss) Recognized in Income, Net | (50) | $ 25 | (67) | $ (4) |
Interest Rate Caps [Member] | ||||
Schedule of Cost-method Investments [Line Items] | ||||
Absolute notional values of derivative instruments | 10,855 | 10,855 | ||
Interest Rate Caps [Member] | Subsidiaries [Member] | ||||
Schedule of Cost-method Investments [Line Items] | ||||
Absolute notional values of derivative instruments | 5,100 | 5,100 | ||
Interest Rate Swaps [Member] | ||||
Schedule of Cost-method Investments [Line Items] | ||||
Absolute notional values of derivative instruments | 1,800 | 1,800 | ||
Currency Swap [Member] | ||||
Schedule of Cost-method Investments [Line Items] | ||||
Absolute notional values of derivative instruments | $ 1,176 | $ 1,176 | ||
Commodity Contracts [Member] | ||||
Schedule of Cost-method Investments [Line Items] | ||||
Units Of Gasoline | gal | 6 | 6 | ||
Purchase [Member] | ||||
Schedule of Cost-method Investments [Line Items] | ||||
Absolute notional values of derivative instruments | $ 2,900 | $ 2,900 | ||
Sold [Member] | ||||
Schedule of Cost-method Investments [Line Items] | ||||
Absolute notional values of derivative instruments | 8,000 | 8,000 | ||
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 | (2) | 0 |
Interest Expense [Member] | ||||
Schedule of Cost-method Investments [Line Items] | ||||
Derivative Instruments, Gain (Loss) Recognized in Income, Net | 11 | 26 | 18 | 35 |
Operating Expense [Member] | ||||
Schedule of Cost-method Investments [Line Items] | ||||
Derivative Instruments, Gain (Loss) Recognized in Income, Net | $ 10 | $ 4 | $ 15 | $ 23 |
Financial Instruments (Fair Val
Financial Instruments (Fair Values Of Derivatives Instruments) (Detail) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Schedule of Cost-method Investments [Line Items] | ||
Fair Value, Asset Derivatives | $ 7 | $ 15 |
Fair Value, Liability Derivatives | 32 | 13 |
Designated As Hedging Instruments [Member] | Interest Rate Swaps [Member] | ||
Schedule of Cost-method Investments [Line Items] | ||
Fair Value, Asset Derivatives | 4 | 7 |
Fair Value, Liability Derivatives | 2 | 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 | 26 | 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 | 2 | 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 | $ 2 | $ 0 |
Financial Instruments (Schedu68
Financial Instruments (Schedule Of Effect Of Derivatives Recognized) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Schedule of Cost-method Investments [Line Items] | |||||
Long-term Debt, Current Maturities | $ 26 | $ 26 | $ 279 | ||
Derivatives not designated as hedging instruments | (50) | $ 25 | (67) | $ (4) | |
Interest Rate Swaps [Member] | |||||
Schedule of Cost-method Investments [Line Items] | |||||
Derivative, Notional Amount | 1,800 | 1,800 | |||
Designated As Hedging Instruments [Member] | Interest Rate Swaps [Member] | |||||
Schedule of Cost-method Investments [Line Items] | |||||
Interest rate swaps | (2) | (5) | (1) | (8) | |
Designated As Hedging Instruments [Member] | Foreign Exchange Contracts [Member] | |||||
Schedule of Cost-method Investments [Line Items] | |||||
Interest rate swaps | (26) | 7 | (31) | (7) | |
Not Designated As Hedging Instruments [Member] | Foreign Exchange Contracts [Member] | |||||
Schedule of Cost-method Investments [Line Items] | |||||
Derivatives not designated as hedging instruments | (21) | 22 | (33) | 12 | |
Not Designated As Hedging Instruments [Member] | Commodity Contracts [Member] | |||||
Schedule of Cost-method Investments [Line Items] | |||||
Derivatives not designated as hedging instruments | (1) | 2 | (2) | 0 | |
Not Designated As Hedging Instruments [Member] | Interest Rate Contracts [Member] | |||||
Schedule of Cost-method Investments [Line Items] | |||||
Derivatives not designated as hedging instruments | 0 | (1) | 0 | (1) | |
Operating Expense [Member] | |||||
Schedule of Cost-method Investments [Line Items] | |||||
Derivatives not designated as hedging instruments | 10 | 4 | 15 | 23 | |
Interest Expense [Member] | |||||
Schedule of Cost-method Investments [Line Items] | |||||
Derivatives not designated as hedging instruments | $ 11 | $ 26 | $ 18 | $ 35 |
Segment Information (Summary Of
Segment Information (Summary Of Segments Information) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||
Assets Under Vehicle Programs | $ 14,019 | $ 14,019 | $ 11,578 | ||
Document Fiscal Year Focus | 2,017 | ||||
Revenues | 2,238 | $ 2,243 | $ 4,077 | $ 4,124 | |
Adjusted EBITDA | 140 | 204 | 113 | 248 | |
Non-vehicle related depreciation and amortization | 65 | 65 | 128 | 126 | |
Interest expense | 48 | 56 | 97 | 106 | |
Early extinguishment of debt | 0 | (10) | (3) | (10) | |
Early extinguishment of debt | 0 | 10 | 3 | 10 | |
Transaction-related costs, net | 5 | 5 | 8 | 9 | |
Charges for legal matter | (27) | 0 | (14) | 0 | |
Restructuring and other related charges | 38 | 5 | 45 | 20 | |
Income before income taxes | 11 | 63 | (154) | (23) | |
International | |||||
Segment Reporting Information [Line Items] | |||||
Assets Under Vehicle Programs | 10,600 | 10,600 | 9,200 | ||
Revenues | 1,565 | 1,593 | 2,879 | 2,957 | |
Adjusted EBITDA | 96 | 163 | 76 | 226 | |
International | |||||
Segment Reporting Information [Line Items] | |||||
Assets Under Vehicle Programs | 3,300 | 3,300 | $ 2,400 | ||
Revenues | 673 | 650 | 1,198 | 1,167 | |
Adjusted EBITDA | 59 | 57 | 66 | 58 | |
Corporate and Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 0 | 0 | 0 | 0 | |
Adjusted EBITDA | $ (15) | $ (16) | $ (29) | $ (36) |
Segment Information (Narrative)
Segment Information (Narrative) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||
Document Period End Date | Jun. 30, 2017 | ||||
Revenues | $ 2,238 | $ 2,243 | $ 4,077 | $ 4,124 | |
Adjusted EBITDA | 140 | 204 | 113 | 248 | |
Non Vehicle Related Depreciation And Amortization | 65 | 65 | 128 | 126 | |
Restructuring and other related charges | 38 | 5 | 45 | 20 | |
Income (loss) before income taxes | 11 | 63 | (154) | (23) | |
Assets Under Vehicle Programs | 14,019 | 14,019 | $ 11,578 | ||
Total assets exclusive of assets under vehicle programs | 6,813 | 6,813 | 6,065 | ||
International | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 673 | 650 | 1,198 | 1,167 | |
Adjusted EBITDA | 59 | 57 | 66 | 58 | |
Assets Under Vehicle Programs | 3,300 | 3,300 | 2,400 | ||
Total assets exclusive of assets under vehicle programs | 2,600 | 2,600 | 2,000 | ||
International | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 1,565 | 1,593 | 2,879 | 2,957 | |
Adjusted EBITDA | 96 | 163 | 76 | 226 | |
Assets Under Vehicle Programs | 10,600 | 10,600 | $ 9,200 | ||
Corporate and Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 0 | 0 | 0 | 0 | |
Adjusted EBITDA | $ (15) | $ (16) | $ (29) | $ (36) |
Guarantor And Non-Guarantor C71
Guarantor And Non-Guarantor Consolidating Condensed Financial Statements (Consolidating Condensed Statements Of Comprehensive Income) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Revenues | ||||
Vehicle rental | $ 1,563 | $ 1,573 | $ 2,849 | $ 2,901 |
Other | 675 | 670 | 1,228 | 1,223 |
Net revenues | 2,238 | 2,243 | 4,077 | 4,124 |
Expenses | ||||
Operating | 1,108 | 1,122 | 2,157 | 2,162 |
Vehicle depreciation and lease charges, net | 597 | 532 | 1,101 | 995 |
Selling, general and administrative | 293 | 312 | 555 | 581 |
Vehicle interest, net | 73 | 73 | 137 | 138 |
Non-vehicle related depreciation and amortization | 65 | 65 | 128 | 126 |
Interest expense | 48 | 56 | 97 | 106 |
Intercompany interest expense (income) | 0 | 0 | 0 | 0 |
Early extinguishment of debt | 0 | 10 | 3 | 10 |
Restructuring and other related charges | 38 | 5 | 45 | 20 |
Transaction-related costs, net | 5 | 5 | 8 | 9 |
Total expenses | 2,227 | 2,180 | 4,231 | 4,147 |
Income before income taxes | 11 | 63 | (154) | (23) |
Provision for (benefit from) income taxes | (8) | (27) | 50 | 8 |
Equity in earnings (loss) of subsidiaries | 0 | 0 | 0 | 0 |
Net income (loss) | 3 | 36 | (104) | (15) |
Comprehensive income (loss) | (51) | (40) | 28 | (59) |
Eliminations [Member] | ||||
Revenues | ||||
Vehicle rental | 0 | 0 | 0 | 0 |
Other | (663) | (577) | (1,248) | (1,089) |
Net revenues | (663) | (577) | (1,248) | (1,089) |
Expenses | ||||
Operating | 0 | 0 | 0 | 0 |
Vehicle depreciation and lease charges, net | (609) | (525) | (1,144) | (990) |
Selling, general and administrative | 0 | 0 | 0 | 0 |
Vehicle interest, net | (54) | (52) | (104) | (99) |
Non-vehicle related depreciation and amortization | 0 | 0 | 0 | 0 |
Interest expense | 0 | 0 | 0 | 0 |
Intercompany interest expense (income) | 0 | 0 | 0 | 0 |
Early extinguishment of debt | 0 | 0 | 0 | 0 |
Restructuring and other related charges | 0 | 0 | 0 | 0 |
Transaction-related costs, net | 0 | 0 | 0 | 0 |
Total expenses | (663) | (577) | (1,248) | (1,089) |
Income before income taxes | 0 | 0 | 0 | 0 |
Provision for (benefit from) income taxes | 0 | 0 | 0 | 0 |
Equity in earnings (loss) of subsidiaries | (341) | (286) | (349) | (340) |
Net income (loss) | (341) | (286) | (349) | (340) |
Comprehensive income (loss) | 490 | 307 | 578 | 574 |
Parent Company [Member] | ||||
Revenues | ||||
Vehicle rental | 0 | 0 | 0 | 0 |
Other | 0 | 0 | 0 | 0 |
Net revenues | 0 | 0 | 0 | 0 |
Expenses | ||||
Operating | 1 | 1 | 2 | 2 |
Vehicle depreciation and lease charges, net | 0 | 0 | 0 | 0 |
Selling, general and administrative | 10 | 9 | 20 | 19 |
Vehicle interest, net | 0 | 0 | 0 | 0 |
Non-vehicle related depreciation and amortization | 0 | 0 | 0 | 0 |
Interest expense | 0 | 0 | 0 | 0 |
Intercompany interest expense (income) | (3) | (3) | (6) | (6) |
Early extinguishment of debt | 0 | 0 | 0 | 0 |
Restructuring and other related charges | 0 | 0 | 0 | 0 |
Transaction-related costs, net | 0 | 0 | 0 | 0 |
Total expenses | 8 | 7 | 16 | 15 |
Income before income taxes | (8) | (7) | (16) | (15) |
Provision for (benefit from) income taxes | 2 | 3 | 4 | 6 |
Equity in earnings (loss) of subsidiaries | 9 | 40 | (92) | (6) |
Net income (loss) | 3 | 36 | (104) | (15) |
Comprehensive income (loss) | (51) | (40) | 28 | (59) |
Subsidiaries [Member] | ||||
Revenues | ||||
Vehicle rental | 0 | 0 | 0 | 0 |
Other | 0 | 0 | 0 | 0 |
Net revenues | 0 | 0 | 0 | 0 |
Expenses | ||||
Operating | 9 | 1 | 13 | 11 |
Vehicle depreciation and lease charges, net | 0 | 0 | 0 | 0 |
Selling, general and administrative | 2 | 5 | 4 | 10 |
Vehicle interest, net | 0 | 0 | 0 | 0 |
Non-vehicle related depreciation and amortization | 1 | 0 | 1 | 1 |
Interest expense | 83 | 42 | 129 | 81 |
Intercompany interest expense (income) | 5 | (2) | 6 | (5) |
Early extinguishment of debt | 1 | 10 | 4 | 10 |
Restructuring and other related charges | 2 | 0 | 2 | 0 |
Transaction-related costs, net | 0 | 0 | 0 | 1 |
Total expenses | 103 | 56 | 159 | 109 |
Income before income taxes | (103) | (56) | (159) | (109) |
Provision for (benefit from) income taxes | 39 | 22 | 62 | 43 |
Equity in earnings (loss) of subsidiaries | 73 | 74 | 5 | 60 |
Net income (loss) | 9 | 40 | (92) | (6) |
Comprehensive income (loss) | (58) | (44) | 16 | (68) |
Guarantor Subsidiaries [Member] | ||||
Revenues | ||||
Vehicle rental | 1,055 | 1,084 | 1,941 | 2,013 |
Other | 316 | 316 | 583 | 587 |
Net revenues | 1,371 | 1,400 | 2,524 | 2,600 |
Expenses | ||||
Operating | 644 | 666 | 1,284 | 1,294 |
Vehicle depreciation and lease charges, net | 614 | 528 | 1,160 | 989 |
Selling, general and administrative | 158 | 170 | 311 | 319 |
Vehicle interest, net | 52 | 49 | 97 | 94 |
Non-vehicle related depreciation and amortization | 40 | 40 | 80 | 77 |
Interest expense | 0 | 1 | 1 | 2 |
Intercompany interest expense (income) | 5 | 5 | 11 | 11 |
Early extinguishment of debt | 0 | 0 | 0 | 0 |
Restructuring and other related charges | 33 | 1 | 39 | 7 |
Transaction-related costs, net | 0 | 1 | 0 | 1 |
Total expenses | 1,546 | 1,461 | 2,983 | 2,794 |
Income before income taxes | (175) | (61) | (459) | (194) |
Provision for (benefit from) income taxes | (11) | (37) | 28 | (32) |
Equity in earnings (loss) of subsidiaries | 259 | 172 | 436 | 286 |
Net income (loss) | 73 | 74 | 5 | 60 |
Comprehensive income (loss) | (123) | (83) | (82) | (141) |
Non-Guarantor Subsidiaries [Member] | ||||
Revenues | ||||
Vehicle rental | 508 | 489 | 908 | 888 |
Other | 1,022 | 931 | 1,893 | 1,725 |
Net revenues | 1,530 | 1,420 | 2,801 | 2,613 |
Expenses | ||||
Operating | 454 | 454 | 858 | 855 |
Vehicle depreciation and lease charges, net | 592 | 529 | 1,085 | 996 |
Selling, general and administrative | 123 | 128 | 220 | 233 |
Vehicle interest, net | 75 | 76 | 144 | 143 |
Non-vehicle related depreciation and amortization | 24 | 25 | 47 | 48 |
Interest expense | (35) | 13 | (33) | 23 |
Intercompany interest expense (income) | (7) | 0 | (11) | 0 |
Early extinguishment of debt | (1) | 0 | (1) | 0 |
Restructuring and other related charges | 3 | 4 | 4 | 13 |
Transaction-related costs, net | 5 | 4 | 8 | 7 |
Total expenses | 1,233 | 1,233 | 2,321 | 2,318 |
Income before income taxes | 297 | 187 | 480 | 295 |
Provision for (benefit from) income taxes | (38) | (15) | (44) | (9) |
Equity in earnings (loss) of subsidiaries | 0 | 0 | 0 | 0 |
Net income (loss) | 259 | 172 | 436 | 286 |
Comprehensive income (loss) | $ (309) | $ (180) | $ (512) | $ (365) |
Guarantor And Non-Guarantor C72
Guarantor And Non-Guarantor Consolidating Condensed Financial Statements (Consolidating Condensed Balance Sheets) (Detail) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2015 |
Current assets: | ||||
Cash and cash equivalents | $ 776 | $ 490 | $ 527 | $ 452 |
Receivables, net | 762 | 808 | ||
Other current assets | 837 | 519 | ||
Total current assets | 2,375 | 1,817 | ||
Property and equipment, net | 684 | 685 | ||
Deferred income taxes | 1,642 | 1,493 | ||
Goodwill | 1,043 | 1,007 | ||
Other intangibles, net | 867 | 870 | ||
Other non-current assets | 202 | 193 | ||
Intercompany receivables (payables) | 0 | 0 | ||
Investment in subsidiaries | 0 | 0 | ||
Total assets exclusive of assets under vehicle programs | 6,813 | 6,065 | ||
Assets under vehicle programs: | ||||
Program cash | 65 | 225 | ||
Vehicles, net | 13,322 | 10,464 | ||
Receivables from vehicle manufacturers and other | 237 | 527 | ||
Investment in Avis Budget Rental Car Funding (AESOP) LLC—related party | 395 | 362 | ||
Total Assets under vehicle programs | 14,019 | 11,578 | ||
Total assets | 20,832 | 17,643 | ||
Current liabilities: | ||||
Accounts payable and other current liabilities | 1,849 | 1,488 | ||
Long-term Debt, Current Maturities | 26 | 279 | ||
Total current liabilities | 1,875 | 1,767 | ||
Long-term debt | 3,546 | 3,244 | ||
Other non-current liabilities | 768 | 764 | ||
Due to Related Parties, Noncurrent | 0 | 0 | ||
Total liabilities exclusive of liabilities under vehicle programs | 6,189 | 5,775 | ||
Liabilities under vehicle programs: | ||||
Debt | 3,486 | 2,183 | ||
Due to Avis Budget Rental Car Funding (AESOP) LLC-related party | 7,876 | 6,695 | ||
Deferred income taxes | 2,437 | 2,429 | ||
Other | 696 | 340 | ||
Total Liabilities under vehicle programs | 14,495 | 11,647 | ||
Total stockholders' equity | 148 | 221 | ||
Total liabilities and stockholders’ equity | 20,832 | 17,643 | ||
Parent Company [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 3 | 3 | 3 | 4 |
Receivables, net | 0 | 0 | ||
Other current assets | 5 | 2 | ||
Total current assets | 8 | 5 | ||
Property and equipment, net | 0 | 0 | ||
Deferred income taxes | 19 | 20 | ||
Goodwill | 0 | 0 | ||
Other intangibles, net | 0 | 0 | ||
Other non-current assets | 76 | 75 | ||
Intercompany receivables (payables) | 178 | 171 | ||
Investment in subsidiaries | (42) | 42 | ||
Total assets exclusive of assets under vehicle programs | 239 | 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 | 239 | 313 | ||
Current liabilities: | ||||
Accounts payable and other current liabilities | 21 | 23 | ||
Long-term Debt, Current Maturities | 0 | 0 | ||
Total current liabilities | 21 | 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 | 91 | 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 | 148 | 221 | ||
Total liabilities and stockholders’ equity | 239 | 313 | ||
Subsidiaries [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 121 | 12 | 81 | 70 |
Receivables, net | 0 | 0 | ||
Other current assets | 83 | 101 | ||
Total current assets | 204 | 113 | ||
Property and equipment, net | 157 | 148 | ||
Deferred income taxes | 1,341 | 1,219 | ||
Goodwill | 0 | 0 | ||
Other intangibles, net | 28 | 28 | ||
Other non-current assets | 23 | 24 | ||
Intercompany receivables (payables) | 370 | 359 | ||
Investment in subsidiaries | 3,799 | 3,717 | ||
Total assets exclusive of assets under vehicle programs | 5,922 | 5,608 | ||
Assets under vehicle programs: | ||||
Program cash | 0 | 0 | ||
Vehicles, net | 25 | 24 | ||
Receivables from vehicle manufacturers and other | 1 | 1 | ||
Investment in Avis Budget Rental Car Funding (AESOP) LLC—related party | 0 | 0 | ||
Total Assets under vehicle programs | 26 | 25 | ||
Total assets | 5,948 | 5,633 | ||
Current liabilities: | ||||
Accounts payable and other current liabilities | 223 | 189 | ||
Long-term Debt, Current Maturities | 17 | 264 | ||
Total current liabilities | 240 | 453 | ||
Long-term debt | 2,916 | 2,730 | ||
Other non-current liabilities | 87 | 88 | ||
Due to Related Parties, Noncurrent | 2,738 | 2,306 | ||
Total liabilities exclusive of liabilities under vehicle programs | 5,981 | 5,577 | ||
Liabilities under vehicle programs: | ||||
Debt | 9 | 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 | 9 | 14 | ||
Total stockholders' equity | (42) | 42 | ||
Total liabilities and stockholders’ equity | 5,948 | 5,633 | ||
Guarantor Subsidiaries [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Receivables, net | 225 | 231 | ||
Other current assets | 105 | 90 | ||
Total current assets | 330 | 321 | ||
Property and equipment, net | 324 | 341 | ||
Deferred income taxes | 271 | 268 | ||
Goodwill | 488 | 489 | ||
Other intangibles, net | 491 | 502 | ||
Other non-current assets | 17 | 16 | ||
Intercompany receivables (payables) | 1,590 | 1,466 | ||
Investment in subsidiaries | 3,839 | 3,698 | ||
Total assets exclusive of assets under vehicle programs | 7,350 | 7,101 | ||
Assets under vehicle programs: | ||||
Program cash | 0 | 0 | ||
Vehicles, net | 68 | 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 | 69 | 70 | ||
Total assets | 7,419 | 7,171 | ||
Current liabilities: | ||||
Accounts payable and other current liabilities | 686 | 512 | ||
Long-term Debt, Current Maturities | 3 | 3 | ||
Total current liabilities | 689 | 515 | ||
Long-term debt | 2 | 3 | ||
Other non-current liabilities | 231 | 253 | ||
Due to Related Parties, Noncurrent | 370 | 359 | ||
Total liabilities exclusive of liabilities under vehicle programs | 1,292 | 1,130 | ||
Liabilities under vehicle programs: | ||||
Debt | 61 | 66 | ||
Due to Avis Budget Rental Car Funding (AESOP) LLC-related party | 0 | 0 | ||
Deferred income taxes | 2,267 | 2,258 | ||
Other | 0 | 0 | ||
Total Liabilities under vehicle programs | 2,328 | 2,324 | ||
Total stockholders' equity | 3,799 | 3,717 | ||
Total liabilities and stockholders’ equity | 7,419 | 7,171 | ||
Subsidiaries Non Guarantor [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 652 | 475 | 443 | 378 |
Receivables, net | 537 | 577 | ||
Other current assets | 644 | 326 | ||
Total current assets | 1,833 | 1,378 | ||
Property and equipment, net | 203 | 196 | ||
Deferred income taxes | 11 | 0 | ||
Goodwill | 555 | 518 | ||
Other intangibles, net | 348 | 340 | ||
Other non-current assets | 86 | 78 | ||
Intercompany receivables (payables) | 972 | 670 | ||
Investment in subsidiaries | 0 | 0 | ||
Total assets exclusive of assets under vehicle programs | 4,008 | 3,180 | ||
Assets under vehicle programs: | ||||
Program cash | 65 | 225 | ||
Vehicles, net | 13,229 | 10,370 | ||
Receivables from vehicle manufacturers and other | 235 | 526 | ||
Investment in Avis Budget Rental Car Funding (AESOP) LLC—related party | 395 | 362 | ||
Total Assets under vehicle programs | 13,924 | 11,483 | ||
Total assets | 17,932 | 14,663 | ||
Current liabilities: | ||||
Accounts payable and other current liabilities | 919 | 764 | ||
Long-term Debt, Current Maturities | 6 | 12 | ||
Total current liabilities | 925 | 776 | ||
Long-term debt | 628 | 511 | ||
Other non-current liabilities | 380 | 368 | ||
Due to Related Parties, Noncurrent | 2 | 1 | ||
Total liabilities exclusive of liabilities under vehicle programs | 1,935 | 1,656 | ||
Liabilities under vehicle programs: | ||||
Debt | 3,416 | 2,103 | ||
Due to Avis Budget Rental Car Funding (AESOP) LLC-related party | 7,876 | 6,695 | ||
Deferred income taxes | 170 | 171 | ||
Other | 696 | 340 | ||
Total Liabilities under vehicle programs | 12,158 | 9,309 | ||
Total stockholders' equity | 3,839 | 3,698 | ||
Total liabilities and stockholders’ equity | 17,932 | 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 | 0 | (14) | ||
Goodwill | 0 | 0 | ||
Other intangibles, net | 0 | 0 | ||
Other non-current assets | 0 | 0 | ||
Intercompany receivables (payables) | (3,110) | (2,666) | ||
Investment in subsidiaries | (7,596) | (7,457) | ||
Total assets exclusive of assets under vehicle programs | (10,706) | (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 | (10,706) | (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 | 0 | (14) | ||
Due to Related Parties, Noncurrent | (3,110) | (2,666) | ||
Total liabilities exclusive of liabilities under vehicle programs | (3,110) | (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 | (7,596) | (7,457) | ||
Total liabilities and stockholders’ equity | $ (10,706) | $ (10,137) |
Guarantor And Non-Guarantor C73
Guarantor And Non-Guarantor Consolidating Condensed Financial Statements (Consolidating Condensed Statements Of Cash Flows) (Detail) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Supplemental Guarantor Financial Information [Line Items] | ||
Net cash provided by (used in) operating activities | $ 1,139 | $ 1,079 |
Property and equipment additions | (86) | (89) |
Proceeds received on asset sales | 4 | 7 |
Payments to Acquire Restricted Investments | (14) | (3) |
Proceeds from (Repayments of) Related Party Debt | 0 | 0 |
Other, net | (1) | 4 |
Net cash used in investing activities exclusive of vehicle programs | (97) | (81) |
Decrease (increase) in program cash | 168 | 82 |
Investment in vehicles | (8,116) | (8,500) |
Proceeds received on disposition of vehicles | 5,059 | 5,418 |
Repayments of Related Party Debt | (33) | 0 |
Net cash used in investing activities of vehicle programs | (2,922) | (3,000) |
Net cash used in investing activities | (3,019) | (3,081) |
Proceeds from long-term borrowings | 589 | 558 |
Principal payments on borrowings | (591) | (520) |
Proceeds from (Repayments of) Short-term Debt | (1) | |
Net change in short-term borrowings | (1) | 0 |
Intercompany loan borrowings | 0 | 0 |
Repurchases of common stock | (109) | (183) |
Debt financing fees | (8) | (10) |
Other, net | 0 | 0 |
Net cash provided by financing activities exclusive of vehicle programs | (120) | (155) |
Proceeds from borrowings | 11,255 | 9,850 |
Principal payments on borrowings | (8,988) | (7,614) |
Debt financing fees | (8) | (17) |
Net cash provided by financing activities of vehicle programs | 2,259 | 2,219 |
Net cash provided by financing activities | 2,139 | 2,064 |
Effect of changes in exchange rates on cash and cash equivalents | 27 | 13 |
Net increase in cash and cash equivalents | 286 | 75 |
Cash and cash equivalents, beginning of period | 490 | 452 |
Cash and cash equivalents, end of period | 776 | 527 |
Eliminations [Member] | ||
Supplemental Guarantor Financial Information [Line Items] | ||
Net cash provided by (used in) operating activities | 0 | (80) |
Property and equipment additions | 0 | 0 |
Proceeds received on asset sales | 0 | 0 |
Payments to Acquire Restricted Investments | 0 | 0 |
Proceeds from (Repayments of) Related Party Debt | 314 | (28) |
Other, net | (100) | (93) |
Net cash used in investing activities exclusive of vehicle programs | 214 | (121) |
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 | 214 | (121) |
Proceeds from long-term borrowings | 0 | 0 |
Principal payments on borrowings | 0 | 0 |
Proceeds from (Repayments of) Short-term Debt | 0 | |
Intercompany loan borrowings | (314) | 28 |
Repurchases of common stock | 0 | |
Debt financing fees | 0 | 0 |
Other, net | 100 | 173 |
Net cash provided by financing activities exclusive of vehicle programs | (214) | 201 |
Proceeds from borrowings | 0 | 0 |
Principal payments on borrowings | 0 | 0 |
Debt financing fees | 0 | |
Net cash provided by financing activities of vehicle programs | 0 | 0 |
Net cash provided by financing activities | (214) | 201 |
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 |
Parent Company [Member] | ||
Supplemental Guarantor Financial Information [Line Items] | ||
Net cash provided by (used in) operating activities | 9 | 89 |
Property and equipment additions | 0 | 0 |
Proceeds received on asset sales | 0 | 0 |
Payments to Acquire Restricted Investments | 0 | 0 |
Proceeds from (Repayments of) Related Party Debt | 0 | 0 |
Other, net | 100 | 93 |
Net cash used in investing activities exclusive of vehicle programs | 100 | 93 |
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 | 100 | 93 |
Proceeds from long-term borrowings | 0 | 0 |
Principal payments on borrowings | 0 | 0 |
Proceeds from (Repayments of) Short-term Debt | 0 | |
Intercompany loan borrowings | 0 | 0 |
Repurchases of common stock | (109) | (183) |
Debt financing fees | 0 | 0 |
Other, net | 0 | 0 |
Net cash provided by financing activities exclusive of vehicle programs | (109) | (183) |
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 | (109) | (183) |
Effect of changes in exchange rates on cash and cash equivalents | 0 | 0 |
Net increase in cash and cash equivalents | 0 | (1) |
Cash and cash equivalents, beginning of period | 3 | 4 |
Cash and cash equivalents, end of period | 3 | 3 |
Subsidiaries [Member] | ||
Supplemental Guarantor Financial Information [Line Items] | ||
Net cash provided by (used in) operating activities | (41) | 144 |
Property and equipment additions | (22) | (11) |
Proceeds received on asset sales | 1 | 4 |
Payments to Acquire Restricted Investments | 0 | 0 |
Proceeds from (Repayments of) Related Party Debt | 0 | 0 |
Other, net | 0 | 0 |
Net cash used in investing activities exclusive of vehicle programs | (21) | (7) |
Decrease (increase) in program cash | 0 | 0 |
Investment in vehicles | 1 | (2) |
Proceeds received on disposition of vehicles | 31 | 20 |
Repayments of Related Party Debt | 0 | |
Net cash used in investing activities of vehicle programs | 32 | 18 |
Net cash used in investing activities | 11 | 11 |
Proceeds from long-term borrowings | 325 | 557 |
Principal payments on borrowings | (396) | (518) |
Proceeds from (Repayments of) Short-term Debt | 0 | |
Intercompany loan borrowings | 313 | 0 |
Repurchases of common stock | 0 | 0 |
Debt financing fees | (3) | (10) |
Other, net | (100) | (173) |
Net cash provided by financing activities exclusive of vehicle programs | 139 | (144) |
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 | 139 | (144) |
Effect of changes in exchange rates on cash and cash equivalents | 0 | 0 |
Net increase in cash and cash equivalents | 109 | 11 |
Cash and cash equivalents, beginning of period | 12 | 70 |
Cash and cash equivalents, end of period | 121 | 81 |
Guarantor Subsidiaries [Member] | ||
Supplemental Guarantor Financial Information [Line Items] | ||
Net cash provided by (used in) operating activities | 47 | 30 |
Property and equipment additions | (34) | (46) |
Proceeds received on asset sales | 0 | 1 |
Payments to Acquire Restricted Investments | (4) | (1) |
Proceeds from (Repayments of) Related Party Debt | (1) | 28 |
Other, net | 0 | 0 |
Net cash used in investing activities exclusive of vehicle programs | (39) | (18) |
Decrease (increase) in program cash | 0 | 0 |
Investment in vehicles | (2) | (7) |
Proceeds received on disposition of vehicles | 0 | 0 |
Repayments of Related Party Debt | 0 | |
Net cash used in investing activities of vehicle programs | (2) | (7) |
Net cash used in investing activities | (41) | (25) |
Proceeds from long-term borrowings | 0 | 0 |
Principal payments on borrowings | (1) | (1) |
Proceeds from (Repayments of) Short-term Debt | 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 | (5) | (4) |
Debt financing fees | 0 | 0 |
Net cash provided by financing activities of vehicle programs | (5) | (4) |
Net cash provided by financing activities | (6) | (5) |
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 |
Subsidiaries Non Guarantor [Member] | ||
Supplemental Guarantor Financial Information [Line Items] | ||
Net cash provided by (used in) operating activities | 1,124 | 896 |
Property and equipment additions | (30) | (32) |
Proceeds received on asset sales | 3 | 2 |
Payments to Acquire Restricted Investments | (10) | (2) |
Proceeds from (Repayments of) Related Party Debt | (313) | 0 |
Other, net | (1) | 4 |
Net cash used in investing activities exclusive of vehicle programs | (351) | (28) |
Decrease (increase) in program cash | 168 | 82 |
Investment in vehicles | (8,115) | (8,491) |
Proceeds received on disposition of vehicles | 5,028 | 5,398 |
Repayments of Related Party Debt | (33) | |
Net cash used in investing activities of vehicle programs | (2,952) | (3,011) |
Net cash used in investing activities | (3,303) | (3,039) |
Proceeds from long-term borrowings | 264 | 1 |
Principal payments on borrowings | (194) | (1) |
Proceeds from (Repayments of) Short-term Debt | (1) | |
Intercompany loan borrowings | 1 | (28) |
Repurchases of common stock | 0 | 0 |
Debt financing fees | (5) | 0 |
Other, net | 0 | 0 |
Net cash provided by financing activities exclusive of vehicle programs | 65 | (28) |
Proceeds from borrowings | 11,255 | 9,850 |
Principal payments on borrowings | (8,983) | (7,610) |
Debt financing fees | (8) | (17) |
Net cash provided by financing activities of vehicle programs | 2,264 | 2,223 |
Net cash provided by financing activities | 2,329 | 2,195 |
Effect of changes in exchange rates on cash and cash equivalents | 27 | 13 |
Net increase in cash and cash equivalents | 177 | 65 |
Cash and cash equivalents, beginning of period | 475 | 378 |
Cash and cash equivalents, end of period | $ 652 | $ 443 |