Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2018 | Oct. 31, 2018 | |
Document Documentand Entity Information [Abstract] | ||
Document Period End Date | Sep. 30, 2018 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
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 | 77,346,138 |
CONSOLIDATED CONDENSED STATEMEN
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Revenues | ||||
Revenues | $ 2,778 | $ 2,752 | $ 7,074 | $ 6,829 |
Expenses | ||||
Operating | 1,294 | 1,256 | 3,561 | 3,413 |
Vehicle depreciation and lease charges, net | 587 | 616 | 1,693 | 1,717 |
Selling, general and administrative | 336 | 320 | 953 | 875 |
Vehicle interest, net | 85 | 78 | 237 | 215 |
Non-vehicle related depreciation and amortization | 62 | 66 | 190 | 194 |
Interest expense | 44 | 45 | 139 | 142 |
Early extinguishment of debt | 0 | 0 | 5 | 3 |
Transaction-related costs, net | 11 | 0 | 18 | 8 |
Restructuring and other related charges | 4 | 7 | 14 | 52 |
Total expenses | 2,423 | 2,388 | 6,810 | 6,619 |
Income before income taxes | 355 | 364 | 264 | 210 |
Provision for income taxes | 142 | 119 | 112 | 69 |
Net income | 213 | 245 | 152 | 141 |
Comprehensive income | $ 207 | $ 279 | $ 104 | $ 251 |
Earnings per share | ||||
Basic | $ 2.71 | $ 2.96 | $ 1.90 | $ 1.68 |
Diluted | $ 2.68 | $ 2.91 | $ 1.88 | $ 1.65 |
CONSOLIDATED CONDENSED BALANCE
CONSOLIDATED CONDENSED BALANCE SHEETS - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 605 | $ 611 |
Receivables, net | 918 | 922 |
Other current assets | 657 | 533 |
Total current assets | 2,180 | 2,066 |
Property and equipment, net | 719 | 704 |
Deferred income taxes | 1,065 | 931 |
Goodwill | 1,064 | 1,073 |
Other intangibles, net | 844 | 850 |
Other non-current assets | 267 | 196 |
Total assets exclusive of assets under vehicle programs | 6,139 | 5,820 |
Assets under vehicle programs: | ||
Program cash | 151 | 283 |
Vehicles, net | 12,163 | 10,626 |
Receivables from vehicle manufacturers and other | 772 | 547 |
Investment in Avis Budget Rental Car Funding (AESOP) LLC—related party | 516 | 423 |
Total assets under vehicle programs: | 13,602 | 11,879 |
Total assets | 19,741 | 17,699 |
Current liabilities: | ||
Accounts payable and other current liabilities | 1,885 | 1,619 |
Short-term debt and current portion of long-term debt | 23 | 26 |
Total current liabilities | 1,908 | 1,645 |
Long-term debt | 3,538 | 3,573 |
Other non-current liabilities | 767 | 717 |
Total liabilities exclusive of liabilities under vehicle programs | 6,213 | 5,935 |
Liabilities under vehicle programs: | ||
Debt | 3,800 | 2,741 |
Debt due to Avis Budget Rental Car Funding (AESOP) LLC—related party | 7,122 | 6,480 |
Deferred income taxes | 1,775 | 1,594 |
Other | 310 | 376 |
Total Liabilities under vehicle programs | 13,007 | 11,191 |
Commitments and contingencies (Note 13) | ||
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 | 6,766 | 6,820 |
Accumulated deficit | (1,103) | (1,222) |
Accumulated other comprehensive income (loss) | (78) | (24) |
Treasury stock, at cost—59 and 56 shares, respectively | (5,065) | (5,002) |
Total stockholders’ equity | 521 | 573 |
Total liabilities and stockholders’ equity | $ 19,741 | $ 17,699 |
CONSOLIDATED CONDENSED BALANC_2
CONSOLIDATED CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares shares in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
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 | 59 | 56 |
CONSOLIDATED CONDENSED STATEM_2
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Statement of Cash Flows [Abstract] | ||
Document Fiscal Year Focus | 2,018 | |
Operating activities | ||
Net income | $ 152 | $ 141 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Vehicle depreciation | 1,536 | 1,500 |
(Gain) loss on sale of vehicles, net | (35) | 53 |
Non-vehicle related depreciation and amortization | 190 | 194 |
Stock-based compensation | 18 | 8 |
Amortization of debt financing fees | 21 | 25 |
Early extinguishment of debt | 5 | 3 |
Net changes in assets and liabilities: | ||
Receivables | (140) | (112) |
Income taxes and deferred income taxes | 78 | 16 |
Accounts payable and other current liabilities | 138 | 74 |
Other, net | 132 | 139 |
Net cash provided by operating activities | 2,095 | 2,041 |
Investing activities | ||
Property and equipment additions | (157) | (138) |
Proceeds received on asset sales | 9 | 6 |
Net assets acquired (net of cash acquired) | (64) | (17) |
Other, net | (44) | 6 |
Net cash used in investing activities exclusive of vehicle programs | (256) | (143) |
Vehicle programs: | ||
Investment in vehicles | (10,079) | (9,672) |
Proceeds received on disposition of vehicles | 6,752 | 6,872 |
Investment in debt securities of Avis Budget Rental Car Funding (AESOP) LLC—related party | (116) | (33) |
Proceeds from debt securities of Avis Budget Rental Car Funding (AESOP) LLC—related party | 22 | 0 |
Net cash used in investing activities of vehicle programs | (3,421) | (2,833) |
Net cash used in investing activities | (3,677) | (2,976) |
Financing activities | ||
Proceeds from long-term borrowings | 81 | 589 |
Payments on long-term borrowings | (99) | (596) |
Proceeds from (Repayments of) Short-term Debt | (4) | (3) |
Repurchases of common stock | (143) | (144) |
Debt financing fees | (9) | (9) |
Other, net | 3 | 0 |
Net cash used in financing activities exclusive of vehicle programs | (171) | (163) |
Vehicle programs: | ||
Proceeds from borrowings | 13,371 | 14,276 |
Payments on borrowings | (11,727) | (12,930) |
Debt financing fees | (19) | (8) |
Net cash provided by financing activities of vehicle programs | 1,625 | 1,338 |
Net cash provided by financing activities | 1,454 | 1,175 |
Effect of changes in exchange rates on cash and cash equivalents, program and restricted cash | (5) | 41 |
Net (decrease) increase in cash and cash equivalents, program and restricted cash | (133) | 281 |
Cash and cash equivalents, program and restricted cash, beginning of period | 901 | 720 |
Cash and cash equivalents, program and restricted cash, end of period | $ 768 | $ 1,001 |
Basis of Presentation and Recen
Basis of Presentation and Recently Issued Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2018 | |
Basis Of Presentation And Recently Issued Accounting Pronouncements [Abstract] | |
Basis of Presentation | 1. Basis of Presentation Avis Budget Group, Inc. provides vehicle rental and other mobility solutions 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 —consisting primarily of (i) vehicle rental operations in North America, South America, Central America and the Caribbean, (ii) car sharing operations in certain of these markets, and (iii) licensees in the areas in which the Company does not operate directly. • International —consisting primarily of (i) vehicle rental operations in Europe, the Middle East, Africa, Asia and Australasia, (ii) car sharing operations in certain of these markets, and (iii) licensees in the areas in which the Company does not operate directly. The operating results of acquired businesses are included in the accompanying Consolidated Condensed Financial Statements from the dates of acquisition. The Company has completed the business acquisitions discussed in Note 5 to these Consolidated Condensed Financial Statements. Differences between the preliminary allocation of purchase price and the final allocation for the Company’s fourth quarter 2017 acquisitions of ACL Hire Limited and various licensees in Europe and North America were not material. 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 2017 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 2017. 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). As of December 31, 2017, the Company elected to adopt the provisions of ASU 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash,” early on a retrospective basis. ASU 2016-18 clarifies guidance on the classification and presentation of restricted cash in the statement of cash flows. The following table provides the impact of adoption on the Company’s Consolidated Condensed Statements of Cash Flows for the nine months ended September 30, 2017. Nine Months Ended September 30, 2017 As Previously Reported Effect of Change As Adjusted Decrease in program cash $ 53 $ (53 ) $ — Other, net 5 1 6 Net cash used in investing activities (2,924 ) (52 ) (2,976 ) Effect of changes in exchange rates on cash and cash equivalents, program and restricted cash 32 9 41 Net increase in cash and cash equivalents, program and restricted cash 324 (43 ) 281 Cash and cash equivalents, program and restricted cash, beginning of period 490 230 720 Cash and cash equivalents, program and restricted cash, end of period $ 814 $ 187 $ 1,001 Restricted Cash. Program cash primarily represents amounts specifically designated to purchase assets under vehicle programs and/or to repay the related debt, as such the Company considers it a restricted cash equivalent. The following table provides a reconciliation of cash and cash equivalents, program and restricted cash reported within the Consolidated Condensed Balance Sheets to the amounts shown in the Consolidated Condensed Statements of Cash Flows. As of September 30, 2018 2017 Cash and cash equivalents $ 605 $ 814 Program cash 151 180 Restricted cash (a) 12 7 Total cash and cash equivalents, program and restricted cash $ 768 $ 1,001 ________ (a) Included within other current assets. 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 and nine months ended September 30, 2018 and 2017 , the Company recorded an immaterial amount in each period. Adoption of New Accounting Pronouncements Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income On January 1, 2018, as a result of a new accounting pronouncement, the Company early adopted ASU 2018-02, “Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income,” which allows a reclassification from accumulated other comprehensive income to retained earnings for the adjustment of deferred taxes due to the reduction of the corporate income tax rate as a result of U.S. tax reform. Accordingly, the Company has reclassified $4 million of net tax benefits from accumulated other comprehensive loss to beginning accumulated deficit related to the following (see Note 14 - Stockholders’ Equity). Prior period amounts have not been retrospectively adjusted. Currency Translation Adjustments Net Unrealized Gains (Losses) on Cash Flow Hedges Net Unrealized Gains (Losses) on Available-for Sale Securities Minimum Pension Liability Adjustment Accumulated Other Comprehensive Income (Loss) $ 7 $ 1 $ — $ (12 ) $ (4 ) Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost On January 1, 2018, as a result of a new accounting pronouncement, the Company adopted ASU 2017-07, “Compensation—Retirement Benefits (Topic 715): 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 its consolidated statements of operations. The adoption of this accounting pronouncement did not have a material impact on the Company’s Consolidated Condensed Financial Statements. Recognition and Measurement of Financial Assets and Financial Liabilities On January 1, 2018, as a result of a new accounting pronouncement, the Company adopted ASU 2016-01, “Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities” along with a related clarifying update, which makes limited amendments to the classification and measurement of financial instruments. The amendments supersede the guidance to classify equity securities with readily determinable fair values into different categories (trading or available-for-sale) and require equity securities (including other ownership interests, such as partnerships, unincorporated joint ventures, and limited liability companies) to be measured at fair value with changes in the fair value recognized through net income. Accordingly, the Company has reclassified $2 million of net unrealized gains associated with available for sale equity securities from accumulated other comprehensive loss to beginning accumulated deficit (see Note 14 - Stockholders’ Equity). This ASU has no impact on the Company’s accounting for equity method investments. Intra-Entity Transfers of Assets Other Than Inventory On January 1, 2018, as a result of a new accounting pronouncement, the Company adopted ASU 2016-16, “Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory,” which removes the prohibition in Topic 740 against the immediate recognition of the current and deferred income tax effects of intra-entity transfers of assets other than inventory. The adoption of this accounting pronouncement did not have an impact on the Company’s Consolidated Condensed Financial Statements. Revenue from Contracts with Customers On January 1, 2018, as a result of a new accounting pronouncement, the Company adopted ASU 2014-09, “Revenue from Contracts with Customers (Topic 606),” 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. The Company has adopted the requirements of the new standard on a modified retrospective basis applied to all contracts. Prior periods have not been retrospectively adjusted. As discussed in Leases below, the Company’s rental related revenues will be accounted for under Topic 606 until the adoption of ASU 2016-02, “Leases (Topic 842)” on January 1, 2019. Under Topic 606, each transaction that generates customer loyalty points results in the deferral of revenue generally equivalent to the estimated retail value of points expected to be redeemed. The associated revenue will be recognized at the time the customer redeems the loyalty points. Previously, the Company did not defer revenue and recorded an expense associated with the incremental cost of providing the future rental at the time when the loyalty points were earned. In the Company’s Consolidated Condensed Balance Sheet at January 1, 2018, customer loyalty program liability increased approximately $50 million related to the estimated retail value of customer loyalty points earned, with a corresponding increase to accumulated deficit (approximately $40 million, net of tax) due to the cumulative impact of adopting Topic 606. Certain customers may receive cash-based rebates, which are accounted for as variable consideration under Topic 606. The Company estimates these rebates based on the expected amount to be provided to customers and reduces revenue recognized. The impact of adoption of Topic 606 on the Company’s Consolidated Condensed Statement of Comprehensive Income for the three months ended September 30, 2018 was not material. The impact of adoption of Topic 606 on the Company’s Consolidated Condensed Statement of Comprehensive Income for the nine months ended September 30, 2018 and Consolidated Condensed September 30, 2018 Balance Sheet was as follows: Nine Months Ended September 30, 2018 As Reported Balances without Adoption of Topic 606 Effect of Change Consolidated Condensed Statement of Comprehensive Income Revenues $ 7,074 $ 7,083 $ (9 ) Expenses Operating 3,561 3,564 (3 ) Total expenses 6,810 6,813 (3 ) Income before income taxes 264 270 (6 ) Provision for income taxes 112 114 (2 ) Net income $ 152 $ 156 $ (4 ) Comprehensive income $ 104 $ 108 $ (4 ) September 30, 2018 As Reported Balances without Adoption of Topic 606 Effect of Change Consolidated Condensed Balance Sheet Deferred income taxes $ 1,065 $ 1,053 $ 12 Total assets exclusive of assets under vehicle programs 6,139 6,127 12 Total assets 19,741 19,729 12 Accounts payable and other current liabilities 1,885 1,879 6 Total current liabilities 1,908 1,902 6 Other non-current liabilities 767 717 50 Total liabilities exclusive of liabilities under vehicle programs 6,213 6,163 50 Accumulated deficit (1,103 ) (1,059 ) (44 ) Total stockholders’ equity $ 521 $ 565 $ (44 ) Recently Issued Accounting Pronouncements Intangibles—Goodwill and Other—Internal-Use Software In August 2018, the Financial Accounting Standards Board (“FASB”) issued ASU 2018-15 “Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement That Is a Service Contract”, which provides guidance for determining when the arrangement includes a software license. The amendments align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal use software license). The amendments in this Update also require the entity to expense the capitalized implementation costs of a hosting arrangement that is a service contract over the term of the hosting arrangement, to present the expense in the same line in its statement of income as the fees associated with the hosting element (service) of the arrangement and classify payments for capitalized implementation costs in its statement of cash flows in the same manner as payments made for fees associated with the hosting element. The entity is also required to present the capitalized implementation costs in its balance sheet in the same line that a prepayment for the fees of the associated hosting arrangement would be presented. ASU 2018-15 becomes effective for the Company on January 1, 2020. Early adoption is permitted. The Company is currently evaluating the impact of adopting this accounting pronouncement on its Consolidated Condensed Financial Statements. Compensation—Retirement Benefits—Defined Benefit Plans In August 2018, the FASB issued ASU 2018-14, “Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans,” which adds, removes, and clarifies disclosure requirements related to defined benefit pension and other postretirement plans. These changes are part of the FASB’s disclosure framework project, which the Board launched in 2014 to improve the effectiveness of disclosures in notes to financial statements. ASU 2018-14 becomes effective for the Company on January 1, 2021. Early adoption is permitted. The adoption of this accounting pronouncement is not expected to have a material impact on the Company's Consolidated Condensed Financial Statements. Fair Value Measurement In August 2018, the FASB issued ASU 2018-13, “Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement,” which adds, removes, and modifies disclosure requirements related to fair value measurements. ASU 2018-13 becomes effective for the Company on January 1, 2020. Early adoption is permitted. The adoption of this accounting pronouncement is not expected to have a material impact on the Company's Consolidated Condensed Financial Statements. Nonemployee Share-Based Payment Accounting In June 2018, the FASB issued ASU 2018-07, “Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting,” which simplifies the accounting for share-based payments granted to nonemployees for goods and services and aligns most of the guidance on such payments to nonemployees with the requirements for share-based payments granted to employees. ASU 2018-07 becomes effective for the Company on January 1, 2019. Early adoption is permitted. The adoption of this accounting pronouncement is not expected to have an impact on the Company's Consolidated Condensed Financial Statements. Accounting for Hedging Activities In August 2017, the FASB issued ASU 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities,” which amends the existing guidance to allow companies to more accurately present the economic results of an entity’s risk management activities in the financial statements. ASU 2017-12 becomes effective for the Company on January 1, 2019. Early adoption is permitted. The Company is currently evaluating the effect of this accounting pronouncement on its Consolidated Condensed Financial Statements. Measurement of Credit Losses on Financial Instruments In June 2016, the FASB issued ASU 2016-13, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” which sets forth a current expected credit loss impairment model for financial assets that replaces the current incurred loss model. This model requires a financial asset (or group of financial assets), including trade receivables, measured at amortized cost to be presented at the net amount expected to be collected with an allowance for credit losses deducted from the amortized cost basis. The allowance for credit losses should reflect management’s current estimate of credit losses that are expected to occur over the remaining life of a financial asset. ASU 2016-13 becomes effective for the Company on January 1, 2020. Early adoption is permitted as of January 1, 2019. The adoption of this accounting pronouncement is not expected to have a material impact on the Company's Consolidated Condensed Financial Statements. Leases In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842),” 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 Topic 606 (see Revenue from Contracts with Customers above). 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. In July 2018, the FASB issued ASU 2018-11, “Leases (Topic 842): Targeted Improvements,” which provides an additional transition method allowing entities to only apply the new lease standard in the year of adoption. Additionally, ASU 2018-11 provides a practical expedient for lessors to combine nonlease components with related lease components if certain conditions are met. These ASUs become effective for the Company on January 1, 2019. Early adoption is permitted. The Company is in the process of implementing these ASUs 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 these ASUs. As discussed in Revenue from Contracts with Customers above, the Company’s rental related revenues are accounted for under the revenue accounting standard Topic 606, until the adoption of this lease accounting standard Topic 842 on January 1, 2019. Income Taxes In January 2018, the FASB issued FASB Staff Question and Answer Topic 740, No. 5: Accounting for Global Intangible Low-Taxed Income (“GILTI”), which provides guidance on accounting for the GILTI provisions of the U.S. enacted tax reform legislation (“the Tax Act”). The GILTI provisions impose a tax on foreign income in excess of a deemed return on tangible assets of foreign corporations. The guidance allows accounting for tax on GILTI to be treated as a deferred tax item or as a component of current period income tax expense in the year incurred, subject to an accounting policy election. The Company will complete its analysis during the fourth quarter of 2018 and will elect an accounting policy at such time. |
Revenues
Revenues | 9 Months Ended |
Sep. 30, 2018 | |
Revenues [Abstract] | |
Revenues [Text Block] | Revenues The following table presents the Company’s revenues disaggregated by geography. Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 Americas $ 1,844 $ 4,782 Europe, Middle East and Africa 784 1,830 Asia and Australasia 150 462 Total revenues $ 2,778 $ 7,074 The following table presents the Company’s revenues disaggregated by brand. Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 Avis $ 1,599 $ 4,095 Budget 953 2,372 Other 226 607 Total revenues $ 2,778 $ 7,074 ________ Other includes Zipcar, Payless, Apex, Maggiore and FranceCars. The Company derives revenues primarily by providing vehicle rentals and other related products and mobility services to commercial and leisure customers, as well as through licensing of its rental systems. Other related products and mobility services include sales of collision and loss damage waivers under which a customer is relieved from financial responsibility arising from vehicle damage incurred during the rental; products and services for driving convenience such as fuel service options, chauffeur drive services, roadside safety net, electronic toll collection, tablet rentals, access to satellite radio, portable navigation units and child safety seat rentals; and rentals of other supplemental items including automobile towing equipment and other moving accessories and supplies. The Company also receives payment from customers for certain operating expenses that it incurs, including airport concession fees that are paid by the Company in exchange for the right to operate at airports and other locations, as well as vehicle licensing fees. In addition, the Company collects membership fees in connection with its car sharing business. Revenue is recognized when obligations under the terms of a contract with the customer are satisfied; generally this occurs evenly over the contract (over time); when control of the promised products or services is transferred to the customer. Revenue is measured as the amount of consideration the Company expects to be entitled to receive in exchange for transferring products or services. Certain customers may receive cash-based rebates, which are accounted for as variable consideration. The Company estimates these rebates based on the expected amount to be provided to customers and reduces revenue recognized. Vehicle rental and rental-related revenues are recognized evenly over the period of rental. Licensing revenues principally consist of royalties paid by the Company’s licensees and are recorded as the licensees’ revenues are earned (over the rental period). The Company renews license agreements in the normal course of business and occasionally terminates, purchases or sells license agreements. In connection with ongoing fees that the Company receives from its licensees pursuant to license agreements, the Company is required to provide certain services, such as training, marketing and the operation of reservation systems. Revenues and expenses associated with gasoline, airport concessions and vehicle licensing are recorded on a gross basis within revenues and operating expenses. Membership fees related to the Company’s car sharing business are generally nonrefundable, are deferred and recognized ratably over the period of membership. Contract Liabilities The Company records deferred revenues when cash payments are received in advance of satisfying its performance obligations, including amounts that are refundable. In addition, certain customers earn loyalty points on rentals, for which the Company defers a portion of its rental revenues generally equivalent to the estimated retail value of points expected to be redeemed. The Company estimates points that will never be redeemed based upon actual redemption and expiration patterns. Currently loyalty points expire at the earlier of 12 months of member inactivity or five years from when they were earned. Future changes to expiration assumptions or expiration policy, or to program rules, may result in changes to deferred revenue as well as recognized revenues from the program. The following table presents changes in the Company’s contract liabilities during the nine months ended September 30, 2018 . Balance at January 1, 2018 Revenue deferred Revenue recognized Balance at September 30, 2018 Prepaid rentals (a) $ 101 $ 1,406 $ 1,384 $ 123 Other deferred revenue (b) 93 167 167 93 Total deferred revenue $ 194 $ 1,573 $ 1,551 $ 216 ________ (a) At September 30, 2018, included in accounts payable and other current liabilities. (b) At September 30, 2018, $38 million included in accounts payable and other current liabilities and $55 million in other non-current liabilities. Non-current amounts are expected to be recognized as revenue within two to three years. |
Restructuring
Restructuring | 9 Months Ended |
Sep. 30, 2018 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Activities | Restructuring and Other Related Charges Restructuring During first quarter 2018, the Company initiated a strategic restructuring plan to improve processes and reduce headcount in response to its new workforce planning technology that allows more effective management of staff levels (“Workforce planning”). During the nine months ended September 30, 2018 , as part of this process, the Company formally communicated the termination of employment to 119 employees, and as of September 30, 2018 , the Company had terminated the employment of 115 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 $5 million related to this initiative to be incurred in 2018. During fourth quarter 2017, the Company initiated a strategic restructuring initiative to better position its truck rental operations in the U.S., in which it closed certain rental locations and reduced the size of the older rental fleet, with the intent to increase fleet utilization and reduce vehicle and overhead costs (“Truck initiative”). The Company expects no further restructuring expense related to this initiative. 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 its fleet (“T17”). As of September 30, 2018 , the Company had terminated the employment of 673 employees related to this initiative. 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. This initiative is substantially complete. 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, 2018 $ 1 $ 3 $ 4 Restructuring charge: Workforce planning 2 7 9 Truck initiative 2 — 2 T17 2 — 2 Restructuring payment/utilization: Workforce planning (2 ) (6 ) (8 ) Truck initiative (2 ) — (2 ) T17 (2 ) (2 ) (4 ) Balance as of September 30, 2018 $ 1 $ 2 $ 3 Personnel Other (a) Total Balance as of January 1, 2018 $ 4 $ — $ 4 Restructuring charge: Workforce planning 8 1 9 Truck initiative — 2 2 T17 — 2 2 Restructuring payment/utilization: Workforce planning (8 ) — (8 ) Truck initiative — (2 ) (2 ) T17 (2 ) (2 ) (4 ) Balance as of September 30, 2018 $ 2 $ 1 $ 3 __________ (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 nine months ended September 30, 2017, inclusive of accelerated stock-based compensation expense of $2 million . Limited Voluntary Opportunity Plans (“LVOP”) During 2017, the Company offered voluntary termination programs to certain employees in the Americas’ field operations, shared services, and general and administrative functions for a limited time. These employees, if qualified, elected resignation from employment in return for enhanced severance benefits to be settled in cash. During the nine months ended September 30, 2017, the Company recorded other related charges of $14 million . As of September 30, 2018, 358 qualified employees elected to participate in the plan and the employment of all participants had been terminated. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share (“EPS”) (shares in millions): Three Months Ended Nine Months Ended 2018 2017 2018 2017 Net income for basic and diluted EPS $ 213 $ 245 $ 152 $ 141 Basic weighted average shares outstanding 78.8 82.6 80.1 84.1 Options and non-vested stock (a) 0.7 1.4 0.9 1.4 Diluted weighted average shares outstanding 79.5 84.0 81.0 85.5 Earnings per share: Basic $ 2.71 $ 2.96 $ 1.90 $ 1.68 Diluted $ 2.68 $ 2.91 $ 1.88 $ 1.65 __________ (a) For the three months ended September 30, 2018 and 2017 , 0.5 million and 0.7 million non-vested stock awards, respectively, have an anti-dilutive effect and therefore are excluded from the computation of diluted weighted average shares outstanding. For the nine months ended September 30, 2018 and 2017 , 0.2 million and 0.8 million non-vested stock awards, respectively, have an anti-dilutive effect and therefore are excluded from the computation of diluted weighted average shares outstanding. |
Acquisitions and Other Investme
Acquisitions and Other Investments | 9 Months Ended |
Sep. 30, 2018 | |
Other Investments [Abstract] | |
Other Investments [Text Block] | 5. Acquisitions and Other Investments Acquisitions 2018 Avis and Budget Licensees In 2018, the Company completed the acquisitions of various licensees in Europe and North America, for approximately $31 million , net of cash. These investments were in line with the Company’s strategy to re-acquire licensees when advantageous to expand its footprint of Company-operated locations. The acquired fleet was financed under the Company’s existing financing arrangements. In connection with these acquisitions, approximately $36 million was recorded in license agreements. The license agreements are being amortized over a weighted average useful life of approximately two years . The fair value of the assets acquired and liabilities assumed has not yet been finalized and is therefore subject to change. Morini S.p.A. In July 2018, the Company completed the acquisition of Morini S.p.A. (”Morini”) for €35 million (approximately $40 million ), net of acquired cash, plus potential earn-out payments of €5 million (approximately $6 million ) based on Morini’s performance over the next two years. During the three months ended September 30, 2018, the Company paid €28 million (approximately $32 million ). The remainder of the purchase price will be paid during the three months ended March 31, 2020. The investment enabled the Company to expand its footprint of vehicle rental services in Northern Italy. The excess of the purchase price over preliminary fair value of net assets acquired was allocated to goodwill, which was assigned to the Company’s International reportable segment. In connection with this acquisition, approximately $21 million was recorded in goodwill, $19 million was recorded in license agreements, $3 million was recorded in customer relationships and $3 million related to trademarks was recorded in other intangibles. The license agreements, customer relationships and trademarks are being amortized over a weighted average useful life of approximately 14 years . The goodwill is not deductible for tax purposes. The fair value of assets acquired and liabilities assumed has not been finalized and is therefore subject to change. Other Investments In March 2018, the Company made an initial equity investment of €15 million ( $19 million ) in its licensee in Greece (“Greece”), for a 20% ownership stake. In connection with this investment, the Company entered into an agreement to purchase an additional 20% equity interest, 10% in March 2019 and 10% in March 2020, for €15 million . In June 2018, the Company completed its purchase of the additional 20% equity investment for €16 million ( $18 million ), including an acceleration premium, and as of June 30, 2018, had a 40% ownership stake in Greece. The Company’s equity investment is recorded within other non-current assets. The Company’s share of Greece’s results are reported within operating expenses and are $7 million for both the three and nine months ended September 30, 2018. |
Other Current Assets
Other Current Assets | 9 Months Ended |
Sep. 30, 2018 | |
Other Current Assets Disclosure [Abstract] | |
Other Current Assets [Text Block] | Other Current Assets Other current assets consisted of: As of September 30, 2018 As of December 31, 2017 Sales and use taxes $ 257 $ 174 Prepaid expenses 230 196 Other 170 163 Other current assets $ 657 $ 533 |
Intangible Assets
Intangible Assets | 9 Months Ended |
Sep. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Intangible Assets Intangible assets consisted of: As of September 30, 2018 As of December 31, 2017 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Amortized Intangible Assets License agreements (a) $ 319 $ 160 $ 159 $ 281 $ 140 $ 141 Customer relationships 240 136 104 242 119 123 Other 51 20 31 51 18 33 Total $ 610 $ 316 $ 294 $ 574 $ 277 $ 297 Unamortized Intangible Assets Goodwill (b) $ 1,064 $ 1,073 Trademarks $ 550 $ 553 _________ (a) The change in the carrying amount since December 31, 2017, primarily reflects the acquisitions of Avis and Budget Licensees and Morini (see Note 5 - Acquisitions and Other Investments). (b) The change in the carrying amount since December 31, 2017, primarily reflects currency translation, partially offset by acquisitions (see Note 5 - Acquisitions and Other Investments). For the three months ended September 30, 2018 and 2017 , amortization expense related to amortizable intangible assets was approximately $15 million and $17 million , respectively. For the nine months ended September 30, 2018 and 2017 , amortization expense related to amortizable intangible assets was approximately $48 million , in each period. Based on the Company’s amortizable intangible assets at September 30, 2018 , the Company expects amortization expense of approximately $17 million for the remainder of 2018 , $52 million for 2019, $45 million for 2020, $32 million for 2021, $26 million for 2022 and $23 million for 2023, excluding effects of currency exchange rates. |
Vehicle Rental Activities
Vehicle Rental Activities | 9 Months Ended |
Sep. 30, 2018 | |
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 September 30, December 31, 2018 2017 Rental vehicles $ 13,418 $ 11,652 Less: Accumulated depreciation (1,701 ) (1,652 ) 11,717 10,000 Vehicles held for sale 446 626 Vehicles, net $ 12,163 $ 10,626 The components of vehicle depreciation and lease charges, net are summarized below: Three Months Ended Nine Months Ended 2018 2017 2018 2017 Depreciation expense $ 540 $ 547 $ 1,536 $ 1,500 Lease charges 72 67 192 164 (Gain) loss on sale of vehicles, net (25 ) 2 (35 ) 53 Vehicle depreciation and lease charges, net $ 587 $ 616 $ 1,693 $ 1,717 At September 30, 2018 and 2017 , the Company had payables related to vehicle purchases included in liabilities under vehicle programs - other of $269 million and $231 million , respectively, and receivables related to vehicle sales included in assets under vehicle programs - receivables from vehicle manufacturers and other of $757 million and $707 million , respectively. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | Income Taxes The Company’s effective tax rate for the nine months ended September 30, 2018 is a provision of 42.4% . Such rate differed from the Federal statutory rate of 21.0% primarily due to an adjustment of the one-time transition tax on the deemed repatriation of cumulative foreign subsidiary earnings initially recorded during the three months ended December 31, 2017 and taxes on the Company’s international operations. The Company’s effective tax rate for the nine months ended September 30, 2017 was a provision of 32.9% . 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. In December 2017, the Tax Act made substantial changes to corporate income tax laws. The Company is recognizing the effects of the Tax Act in accordance with Staff Accounting Bulletin No. 118, which provides SEC staff guidance for the application of FASB Accounting Standards Codification Topic 740, Income Taxes, in the reporting period that the Tax Act was signed into law. During the three months ended December 31, 2017 the Company had recorded a provisional income tax benefit of $317 million related to the remeasurement of its net deferred income tax liabilities as a result of the reduced corporate tax rate and a provisional tax expense of $104 million for the one-time transition tax on the deemed repatriation of cumulative foreign subsidiary earnings. During the three months ended September 30, 2018, the Company revised the provisional expense of $104 million and recorded an additional tax expense of $30 million resulting from revised estimated calculations of historical earnings of foreign subsidiaries. During the fourth quarter of 2018, the Company will finalize the accounting for the effects of the Tax Act. Additional information needed to finalize the provisional tax benefit on the remeasurement of net deferred income tax liabilities include calculations and analysis of the repeal of the like-kind exchange provisions and calculations of effective corporate state income tax rates based on the filing of the Company’s 2017 U.S. corporate income tax returns during the fourth quarter of 2018. The provisional tax expense for the one-time transition tax on cumulative foreign earnings will be finalized based on the analysis of state tax laws and guidance on the transition tax. In addition, the Company continues to evaluate whether or not to continue to assert indefinite reinvestment on a part or all of its undistributed foreign earnings. This requires the Company to analyze its global working capital and cash requirements in light of the Tax Act and the potential tax liabilities attributable to a repatriation to the U.S., such as foreign withholding taxes and U.S. tax on currency transaction gains or losses. The Company did not record any deferred taxes attributable to its investments in its foreign subsidiaries. The Company will record the tax effects of any change in its assertion during the fourth quarter of 2018. |
Accounts Payable and Other Curr
Accounts Payable and Other Current Liabilities | 9 Months Ended |
Sep. 30, 2018 | |
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 September 30, December 31, 2018 2017 Accounts payable $ 396 $ 359 Accrued sales and use taxes 307 218 Accrued advertising and marketing 223 190 Accrued payroll and related 188 176 Deferred revenue – current 161 135 Public liability and property damage insurance liabilities – current 144 145 Accrued insurance 117 103 Other 349 293 Accounts payable and other current liabilities $ 1,885 $ 1,619 |
Long-term Debt and Borrowing Ar
Long-term Debt and Borrowing Arrangements | 9 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Long-term Debt and Borrowing Arrangements | Long-term Corporate Debt and Borrowing Arrangements Long-term corporate debt and borrowing arrangements consisted of: As of As of Maturity Dates September 30, December 31, 2018 2017 Floating Rate Term Loan March 2022 $ — $ 1,136 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 348 360 Floating Rate Term Loan (a) February 2025 1,126 — 5¼% Senior Notes March 2025 375 375 4½% euro-denominated Senior Notes May 2025 290 300 Other (b) 40 49 Deferred financing fees (43 ) (46 ) Total 3,561 3,599 Less: Short-term debt and current portion of long-term debt 23 26 Long-term debt $ 3,538 $ 3,573 __________ (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 September 30, 2018, the floating rate term loan due 2025 bears interest at one-month LIBOR plus 200 basis points, for an aggregate rate of 4.25%. 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 3.67%. (b) Primarily includes capital leases which are secured by liens on the related assets. In February 2018, the Company amended the terms of its Floating Rate Term Loan due 2022 and extended its maturity term to 2025. Committed Credit Facilities and Available Funding Arrangements At September 30, 2018 , 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 2023 (a) $ 1,800 $ — $ 1,084 $ 716 Other facilities (b) 1 1 — — __________ (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 3.25% as of September 30, 2018. In February 2018, the Company amended the terms of its Senior revolving credit facility maturing 2021 and extended its maturity to 2023. At September 30, 2018 , the Company had various uncommitted credit facilities available, under which it had drawn approximately $1 million , which bear interest at rates between 0.74% and 6.60% . Debt Covenants The agreements governing the Company’s corporate 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. As of September 30, 2018 , the Company was in compliance with the financial covenants governing its indebtedness. |
Debt Under Vehicle Programs and
Debt Under Vehicle Programs and Borrowing Arrangements | 9 Months Ended |
Sep. 30, 2018 | |
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 September 30, December 31, 2018 2017 Americas - Debt due to Avis Budget Rental Car Funding (a) $ 7,154 $ 6,516 Americas - Debt borrowings (a) 855 660 International - Debt borrowings (a) 2,753 1,942 International - Capital leases 201 146 Other 7 1 Deferred financing fees (b) (48 ) (44 ) Total $ 10,922 $ 9,221 __________ (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 September 30, 2018 and December 31, 2017 were $33 million and $36 million, respectively. In April 2018, the Company’s Avis Budget Rental Car Funding subsidiary issued approximately $400 million in asset-backed notes with an expected final payment date of September 2023 . The weighted average interest rate was approximately 4% . 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 June 2018, the Company increased its capacity under the European rental fleet securitization program by €150 million (approximately $175 million ) to €1.8 billion (approximately $2.1 billion ) and extended its maturity to 2021. 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 September 30, 2018 . Debt under Vehicle Programs Within 1 year $ 1,590 Between 1 and 2 years 2,759 Between 2 and 3 years 4,487 Between 3 and 4 years 823 Between 4 and 5 years 1,067 Thereafter 244 Total $ 10,970 Committed Credit Facilities and Available Funding Arrangements As of September 30, 2018 , 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 (b) Available Capacity Americas - Debt due to Avis Budget Rental Car Funding $ 8,629 $ 7,154 $ 1,475 Americas - Debt borrowings 978 855 123 International - Debt borrowings 3,072 2,753 319 International - Capital leases 223 201 22 Other 7 7 — Total $ 12,909 $ 10,970 $ 1,939 __________ (a) Capacity is subject to maintaining sufficient assets to collateralize debt. (b) The outstanding debt is collateralized by vehicles and related assets of $8.7 billion for Americas - Debt due to Avis Budget Rental Car Funding; $1.2 billion for Americas - Debt borrowings; $3.0 billion for International - Debt borrowings; and $0.2 billion for International - Capital leases. 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 September 30, 2018 , 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 | 9 Months Ended |
Sep. 30, 2018 | |
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 2017, following a state court trial in Georgia, a jury found the Company liable for damages in a case brought by a plaintiff who was injured in a vehicle accident allegedly caused by an employee of an independent contractor of the Company who was acting outside of the scope of employment. In March 2017, the Company was also found liable for damages in a companion case arising from the same incident. The Company considers the attribution of liability to the Company, and the amount of damages awarded, to be unsupported by the facts of these cases and intends to appeal the verdicts. The Company has recognized a liability for the expected loss related to these cases, net of recoverable insurance proceeds, of approximately $12 million . The Company is involved in claims, legal proceedings and governmental inquiries that are incidental to its vehicle rental and car sharing operations, including, among others, contract and licensee disputes, competition matters, employment and wage-and-hour claims, 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 September 30, 2018 . The Company does not believe that the impact should result in a material liability to the Company in relation to its consolidated financial condition or results of operations. Commitments to Purchase Vehicles The Company maintains agreements with vehicle manufacturers under which the Company has agreed to purchase approximately $5.0 billion of vehicles from manufacturers over the next 12 months financed primarily through the issuance of vehicle-backed debt and cash received upon the disposition of vehicles. Certain of these commitments are subject to the vehicle manufacturers’ satisfying their obligations under their respective repurchase and guaranteed depreciation agreements. Concentrations Concentrations of credit risk at September 30, 2018 include (i) risks related to the Company’s repurchase and guaranteed depreciation agreements with domestic and foreign car manufacturers, 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 $23 million and $14 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 | 9 Months Ended |
Sep. 30, 2018 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders’ Equity Stockholder Rights Plan In January 2018, the Company’s Board of Directors authorized the adoption of a short-term stockholder rights plan. Effective April 16, 2018 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 January 26, 2018. Each right, which was exercisable only in the event any person or group were to acquire beneficial ownership of 15% 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 $100 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 April 16, 2018, 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 $1.7 billion of its common stock under a plan originally approved in 2013 and subsequently expanded, most recently in August 2018. During the nine months ended September 30, 2018 , the Company repurchased approximately 3.5 million shares of common stock at a cost of approximately $129 million under the program. During the nine months ended September 30, 2017 , the Company repurchased approximately 4.2 million shares of common stock at a cost of approximately $127 million under the program. As of September 30, 2018 , approximately $222 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 Nine Months Ended 2018 2017 2018 2017 Net income $ 213 $ 245 $ 152 $ 141 Other comprehensive income (loss): Currency translation adjustments (net of tax of $(1), $9, $(6) and $29, respectively) (8 ) 32 (61 ) 105 Net unrealized gain (loss) on available-for-sale securities (net of tax of $0, $(1), $0, $(1), respectively) — — — 1 Net unrealized gain (loss) on cash flow hedges (net of tax of $0, $(1), $(3) and $0, respectively) — 1 8 — Minimum pension liability adjustment (net of tax of $0, $(1), $(1) and $(2), respectively) 2 1 5 4 (6 ) 34 (48 ) 110 Comprehensive income $ 207 $ 279 $ 104 $ 251 __________ Currency translation adjustments exclude income taxes related to indefinite investments in foreign subsidiaries (See Note 9 - Income Taxes). 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, December 31, 2017 $ 71 $ 5 $ 2 $ (102 ) $ (24 ) Cumulative effect of accounting change (c) 7 1 (2 ) (12 ) (6 ) Balance, January 1, 2018 $ 78 $ 6 $ — $ (114 ) $ (30 ) Other comprehensive income (loss) before reclassifications (61 ) 9 — 1 (51 ) Amounts reclassified from accumulated other comprehensive income (loss) — (1 ) — 4 3 Net current-period other comprehensive income (loss) (61 ) 8 — 5 (48 ) Balance, September 30, 2018 $ 17 $ 14 $ — $ (109 ) $ (78 ) Balance, January 1, 2017 $ (39 ) $ 2 $ 1 $ (118 ) $ (154 ) Other comprehensive income (loss) before reclassifications 105 (2 ) 1 — 104 Amounts reclassified from accumulated other comprehensive income (loss) — 2 — 4 6 Net current-period other comprehensive income (loss) 105 — 1 4 110 Balance, September 30, 2017 $ 66 $ 2 $ 2 $ (114 ) $ (44 ) __________ 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 $56 million gain, net of tax, as of September 30, 2018 related to the Company’s hedge of its net investment in euro-denominated foreign operations (see Note 16 - Financial Instruments). (a) For the three and nine months ended September 30, 2018 , the amounts reclassified from accumulated other comprehensive income (loss) into corporate interest expense were $2 million ( $1 million , net of tax), in each period. For the three and nine months ended September 30, 2017 , the amounts reclassified from accumulated other comprehensive income (loss) into corporate interest expense were $1 million ( $1 million , net of tax) and $3 million ( $2 million , net of tax), respectively. (b) For the three and nine months ended September 30, 2018, amounts reclassified from accumulated other comprehensive income (loss) into selling, general and administrative expenses were $2 million ( $2 million , net of tax) and $6 million ( $4 million , net of tax), respectively. For the three and nine months ended September 30, 2017, amounts reclassified from accumulated other comprehensive income (loss) into selling, general and administrative expenses were $2 million ( $1 million , net of tax) and $6 million ( $4 million , net of tax), respectively. (c) See Note 1 - Basis of Presentation for the impact of adoption of ASU 2016-01 and ASU 2018-02. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation The Company recorded stock-based compensation expense of $7 million and $1 million ( $5 million and $1 million , net of tax) during the three months ended September 30, 2018 and 2017 , respectively, and $18 million and $6 million ( $14 million and $4 million , net of tax) during the nine months ended September 30, 2018 and 2017 , respectively. The activity related to restricted stock units (“RSUs”) consisted of (in thousands of shares): Number of Shares Weighted Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value (in millions) Time-based RSUs Outstanding at January 1, 2018 1,160 $ 34.54 Granted (a) 321 48.41 Vested (b) (559 ) 36.01 Forfeited (75 ) 35.97 Outstanding and expected to vest at September 30, 2018 (c) 847 $ 38.70 1.0 $ 27 Performance-based and market-based RSUs Outstanding at January 1, 2018 994 $ 33.06 Granted (a) 353 48.52 Vested — — Forfeited (176 ) 50.06 Outstanding at September 30, 2018 1,171 $ 35.17 1.3 $ 38 Outstanding and expected to vest at September 30, 2018 (c) 267 $ 44.25 2.1 $ 9 __________ (a) Reflects the maximum number of stock units assuming achievement of all performance-, market- and time-vesting criteria and does not include those for non-employee directors. The weighted-average fair value of time-based RSUs and performance-based RSUs granted during the nine months ended September 30, 2017 was $35.32 and $35.21 , respectively. (b) The total fair value of RSUs vested during September 30, 2018 and 2017 was $20 million and $23 million , respectively. (c) Aggregate unrecognized compensation expense related to time-based RSUs and performance-based RSUs amounted to $35 million and will be recognized over a weighted average vesting period of 1.3 years . The stock option activity consisted of (in thousands of shares): Number of Options Weighted Weighted Aggregate Intrinsic Value (in millions) Outstanding at January 1, 2018 273 $ 7.08 1.7 $ 10 Granted — — — Exercised (194 ) 9.64 8 Forfeited/expired — — — Outstanding and exercisable at September 30, 2018 79 $ 0.79 0.3 $ 2 |
Financial Instruments
Financial Instruments | 9 Months Ended |
Sep. 30, 2018 | |
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 certain of 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 nine months ended September 30, 2018 and 2017 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 what it deems 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 Condensed Statements of Comprehensive Income. 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 nine months ended September 30, 2018 and 2017 . The Company estimates that $7 million of gains 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 in the U.S. 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 September 30, 2018 Interest rate caps (a) $ 8,482 Interest rate swaps 1,500 Foreign exchange contracts 1,103 Commodity contracts (millions of gallons of unleaded gasoline) 4 __________ (a) Represents $5.7 billion of interest rate caps sold, partially offset by approximately $2.7 billion of interest rate caps purchased. These amounts exclude $3.0 billion of interest rate caps purchased by the Company’s Avis Budget Rental Car Funding subsidiary as it is not consolidated by the Company. Estimated fair values (Level 2) of derivative instruments were as follows: As of September 30, 2018 As of December 31, 2017 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) $ 20 $ — $ 8 $ — Derivatives not designated as hedging instruments Interest rate caps (b) 1 7 — 1 Foreign exchange contracts (c) 5 7 3 7 Total $ 26 $ 14 $ 11 $ 8 __________ 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 Nine Months Ended 2018 2017 2018 2017 Derivatives designated as hedging instruments (a) Interest rate swaps $ — $ 1 $ 8 $ — Euro-denominated notes 3 (13 ) 16 (44 ) Derivatives not designated as hedging instruments (b) Interest rate caps (c) (3 ) (1 ) (4 ) (1 ) Foreign exchange contracts (d) 6 (11 ) 25 (44 ) Commodity contracts (e) — 1 1 (1 ) Total $ 6 $ (23 ) $ 46 $ (90 ) __________ (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) Included primarily in vehicle interest, net. (d) For the three months ended September 30, 2018 , included a $5 million gain in interest expense and a $1 million gain in operating expense and for the nine months ended September 30, 2018 , included a $12 million gain in interest expense and a $13 million gain in operating expense. For the three months ended September 30, 2017 , included a $7 million loss in interest expense and a $4 million loss in operating expense and for the nine months ended September 30, 2017 , included a $25 million loss in interest expense and a $19 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 September 30, 2018 As of December 31, 2017 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Corporate debt Short-term debt and current portion of long-term debt $ 23 $ 23 $ 26 $ 26 Long-term debt 3,538 3,590 3,573 3,677 Debt under vehicle programs Vehicle-backed debt due to Avis Budget Rental Car Funding $ 7,122 $ 7,110 $ 6,480 $ 6,537 Vehicle-backed debt 3,793 3,804 2,740 2,745 Interest rate swaps and interest rate caps (a) 7 7 1 1 __________ (a) Derivatives in a liability position. |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2018 | |
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 each of 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 revenues 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, non-operational charges related to shareholder activist activity 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 non-operational charges related to shareholder activist activity. Non-operational charges related to shareholder activist activity include third party advisory, legal and other professional service fees and are recorded within selling, general and administrative expenses in the Company’s Consolidated Condensed Statement of Comprehensive Income. The Company did not revise prior years’ 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 September 30, 2018 2017 Revenues Adjusted EBITDA Revenues Adjusted EBITDA Americas $ 1,844 $ 313 $ 1,839 $ 303 International 934 178 913 194 Corporate and Other (a) — (15 ) — (15 ) Total Company $ 2,778 $ 476 $ 2,752 $ 482 Reconciliation of Adjusted EBITDA to income before income taxes 2018 2017 Adjusted EBITDA $ 476 $ 482 Less: Non-vehicle related depreciation and amortization 62 66 Interest expense related to corporate debt, net 44 45 Transaction-related costs, net 11 — Restructuring and other related charges 4 7 Income before income taxes $ 355 $ 364 __________ (a) Includes unallocated corporate overhead which is not attributable to a particular segment. Nine Months Ended September 30, 2018 2017 Revenues Adjusted EBITDA Revenues Adjusted EBITDA Americas $ 4,782 $ 435 $ 4,718 $ 379 International 2,292 252 2,111 260 Corporate and Other (a) — (48 ) — (44 ) Total Company $ 7,074 $ 639 $ 6,829 $ 595 Reconciliation of Adjusted EBITDA to income before income taxes 2018 2017 Adjusted EBITDA $ 639 $ 595 Less: Non-vehicle related depreciation and amortization 190 194 Interest expense related to corporate debt, net: Interest expense 139 142 Early extinguishment of debt 5 3 Transaction-related costs, net 18 8 Restructuring and other related charges 14 52 Non-operational charges related to shareholder activist activity 9 — Charges for legal matter, net — (14 ) Income before income taxes $ 264 $ 210 __________ (a) Includes unallocated corporate overhead which is not attributable to a particular segment. Since December 31, 2017 , there have been no significant changes in segment assets exclusive of assets under vehicle programs. As of September 30, 2018 and December 31, 2017, Americas assets under vehicle programs were approximately $9.9 billion and $9.0 billion , respectively, due to seasonality. As of September 30, 2018 and December 31, 2017, International assets under vehicle programs were approximately $3.7 billion and $2.9 billion , respectively, due to seasonality. |
Guarantor and Non-Guarantor Con
Guarantor and Non-Guarantor Consolidating Condensed Financial Statements | 9 Months Ended |
Sep. 30, 2018 | |
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 nine months ended September 30, 2018 and 2017 , Consolidating Condensed Balance Sheets as of September 30, 2018 and December 31, 2017 , and Consolidating Condensed Statements of Cash Flows for the nine months ended September 30, 2018 and 2017 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 11 - Long-term Corporate 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. The following tables provide the impact of adoption of ASU 2016-18 on the Company’s Consolidating Condensed Statements of Cash Flows for the nine months ended September 30, 2017 . Nine Months Ended September 30, 2017 As Previously Reported Non-Guarantor Effect of Change As Adjusted Non-Guarantor As Previously Reported Total Effect of Change As Adjusted Total Decrease in program cash $ 53 $ (53 ) $ — $ 53 $ (53 ) $ — Other, net 5 1 6 5 1 6 Net cash used in investing activities (3,130 ) (52 ) (3,182 ) (2,924 ) (52 ) (2,976 ) Effect of changes in exchange rates on cash and cash equivalents, program and restricted cash 32 9 41 32 9 41 Net increase in cash and cash equivalents, program and restricted cash 319 (43 ) 276 324 (43 ) 281 Cash and cash equivalents, program and restricted cash, beginning of period 475 230 705 490 230 720 Cash and cash equivalents, program and restricted cash, end of period $ 794 $ 187 $ 981 $ 814 $ 187 $ 1,001 The following table provides a reconciliation of the cash and cash equivalents, program and restricted cash reported within the Consolidating Condensed Balance Sheets to the amounts shown in the Consolidating Condensed Statements of Cash Flows. As of September 30, 2018 2017 Non-Guarantor Total Non-Guarantor Total Cash and cash equivalents $ 529 $ 605 $ 794 $ 814 Program cash 151 151 180 180 Restricted cash (a) 12 12 7 7 Total cash and cash equivalents, program and restricted cash $ 692 $ 768 $ 981 $ 1,001 _________ (a) Included within other current assets. Consolidating Condensed Statements of Comprehensive Income Three Months Ended September 30, 2018 Parent Subsidiary Issuers Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Total Revenues $ — $ — $ 1,592 $ 1,746 $ (560 ) $ 2,778 Expenses Operating — 3 737 554 — 1,294 Vehicle depreciation and lease charges, net — — 540 551 (504 ) 587 Selling, general and administrative 10 3 182 141 — 336 Vehicle interest, net — — 59 82 (56 ) 85 Non-vehicle related depreciation and amortization — — 36 26 — 62 Interest expense related to corporate debt, net: Interest expense — 37 — 7 — 44 Intercompany interest expense (income) (3 ) 1 9 (7 ) — — Transaction-related costs, net — — 2 9 — 11 Restructuring and other related charges — — 2 2 — 4 Total expenses 7 44 1,567 1,365 (560 ) 2,423 Income (loss) before income taxes and equity in earnings of subsidiaries (7 ) (44 ) 25 381 — 355 Provision for (benefit from) income taxes (2 ) (12 ) 119 37 — 142 Equity in earnings of subsidiaries 218 250 344 — (812 ) — Net income $ 213 $ 218 $ 250 $ 344 $ (812 ) $ 213 Comprehensive income $ 207 $ 212 $ 244 $ 338 $ (794 ) $ 207 Nine Months Ended September 30, 2018 Parent Subsidiary Issuers Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Total Revenues $ — $ — $ 4,171 $ 4,695 $ (1,792 ) $ 7,074 Expenses Operating 2 4 2,035 1,520 — 3,561 Vehicle depreciation and lease charges, net — — 1,681 1,637 (1,625 ) 1,693 Selling, general and administrative 38 9 513 393 — 953 Vehicle interest, net — — 172 232 (167 ) 237 Non-vehicle related depreciation and amortization — 1 108 81 — 190 Interest expense related to corporate debt, net: Interest expense — 115 2 22 — 139 Intercompany interest expense (income) (9 ) (8 ) 20 (3 ) — — Early extinguishment of debt — 5 — — — 5 Transaction-related costs, net — 1 3 14 — 18 Restructuring and other related charges — — 6 8 — 14 Total expenses 31 127 4,540 3,904 (1,792 ) 6,810 Income (loss) before income taxes and equity in earnings of subsidiaries (31 ) (127 ) (369 ) 791 — 264 Provision for (benefit from) income taxes (13 ) (34 ) 114 45 — 112 Equity in earnings of subsidiaries 170 263 746 — (1,179 ) — Net income $ 152 $ 170 $ 263 $ 746 $ (1,179 ) $ 152 Comprehensive income $ 104 $ 122 $ 207 $ 687 $ (1,016 ) $ 104 Three Months Ended September 30, 2017 Parent Subsidiary Issuers Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Total Revenues $ — $ — $ 1,569 $ 1,794 $ (611 ) $ 2,752 Expenses Operating — 5 710 541 — 1,256 Vehicle depreciation and lease charges, net — — 568 605 (557 ) 616 Selling, general and administrative 9 2 174 135 — 320 Vehicle interest, net — — 53 79 (54 ) 78 Non-vehicle related depreciation and amortization — — 41 25 — 66 Interest expense related to corporate debt, net: Interest expense — 38 2 5 — 45 Intercompany interest expense (income) (3 ) 25 6 (28 ) — — Restructuring and other related charges — 5 (2 ) 4 — 7 Total expenses 6 75 1,552 1,366 (611 ) 2,388 Income (loss) before income taxes and equity in earnings of subsidiaries (6 ) (75 ) 17 428 — 364 Provision for (benefit from) income taxes (6 ) (30 ) 87 68 — 119 Equity in earnings of subsidiaries 245 290 360 — (895 ) — Net income $ 245 $ 245 $ 290 $ 360 $ (895 ) $ 245 Comprehensive income $ 279 $ 278 $ 323 $ 392 $ (993 ) $ 279 Nine Months Ended September 30, 2017 Parent Subsidiary Issuers Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Total Revenues $ — $ — $ 4,093 $ 4,595 $ (1,859 ) $ 6,829 Expenses Operating 2 18 1,994 1,399 — 3,413 Vehicle depreciation and lease charges, net — — 1,728 1,690 (1,701 ) 1,717 Selling, general and administrative 29 6 485 355 — 875 Vehicle interest, net — — 150 223 (158 ) 215 Non-vehicle related depreciation and amortization — 1 121 72 — 194 Interest expense related to corporate debt, net: Interest expense — 118 3 21 — 142 Intercompany interest expense (income) (9 ) 80 17 (88 ) — — Early extinguishment of debt — 4 — (1 ) — 3 Restructuring and other related charges — 7 37 8 — 52 Transaction-related costs, net — — — 8 — 8 Total expenses 22 234 4,535 3,687 (1,859 ) 6,619 Income (loss) before income taxes and equity in earnings of subsidiaries (22 ) (234 ) (442 ) 908 — 210 Provision for (benefit from) income taxes (10 ) (92 ) 59 112 — 69 Equity in earnings of subsidiaries 153 295 796 — (1,244 ) — Net income $ 141 $ 153 $ 295 $ 796 $ (1,244 ) $ 141 Comprehensive income $ 251 $ 262 $ 405 $ 904 $ (1,571 ) $ 251 Consolidating Condensed Balance Sheets As of September 30, 2018 Parent Subsidiary Issuers Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Total Assets Current assets: Cash and cash equivalents $ 3 $ 73 $ — $ 529 $ — $ 605 Receivables, net — — 247 671 — 918 Other current assets 1 100 109 447 — 657 Total current assets 4 173 356 1,647 — 2,180 Property and equipment, net — 191 312 216 — 719 Deferred income taxes 13 842 169 41 — 1,065 Goodwill — — 471 593 — 1,064 Other intangibles, net — 26 474 344 — 844 Other non-current assets 46 48 16 157 — 267 Intercompany receivables 156 399 1,880 906 (3,341 ) — Investment in subsidiaries 355 4,841 4,043 — (9,239 ) — Total assets exclusive of assets under vehicle programs 574 6,520 7,721 3,904 (12,580 ) 6,139 Assets under vehicle programs: Program cash — — — 151 — 151 Vehicles, net — 38 58 12,067 — 12,163 Receivables from vehicle manufacturers and other — 2 — 770 — 772 Investment in Avis Budget Rental Car Funding (AESOP) LLC-related party — — — 516 — 516 — 40 58 13,504 — 13,602 Total assets $ 574 $ 6,560 $ 7,779 $ 17,408 $ (12,580 ) $ 19,741 Liabilities and stockholders’ equity Current liabilities: Accounts payable and other current liabilities $ 13 $ 248 $ 633 $ 991 $ — $ 1,885 Short-term debt and current portion of long-term debt — 17 2 4 — 23 Total current liabilities 13 265 635 995 — 1,908 Long-term debt — 2,900 2 636 — 3,538 Other non-current liabilities 40 80 261 386 — 767 Intercompany payables — 2,941 399 1 (3,341 ) — Total liabilities exclusive of liabilities under vehicle programs 53 6,186 1,297 2,018 (3,341 ) 6,213 Liabilities under vehicle programs: Debt — 19 50 3,731 — 3,800 Due to Avis Budget Rental Car Funding (AESOP) LLC-related party — — — 7,122 — 7,122 Deferred income taxes — — 1,591 184 — 1,775 Other — — — 310 — 310 — 19 1,641 11,347 — 13,007 Total stockholders’ equity 521 355 4,841 4,043 (9,239 ) 521 Total liabilities and stockholders’ equity $ 574 $ 6,560 $ 7,779 $ 17,408 $ (12,580 ) $ 19,741 As of December 31, 2017 Parent Subsidiary Issuers Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Total Assets Current assets: Cash and cash equivalents $ 4 $ 14 $ — $ 593 $ — $ 611 Receivables, net — — 255 667 — 922 Other current assets 4 89 101 339 — 533 Total current assets 8 103 356 1,599 — 2,066 Property and equipment, net — 167 321 216 — 704 Deferred income taxes 14 704 154 59 — 931 Goodwill — — 471 602 — 1,073 Other intangibles, net — 27 480 343 — 850 Other non-current assets 46 29 16 105 — 196 Intercompany receivables 187 382 1,506 824 (2,899 ) — Investment in subsidiaries 381 4,681 3,938 — (9,000 ) — Total assets exclusive of assets under vehicle programs 636 6,093 7,242 3,748 (11,899 ) 5,820 Assets under vehicle programs: Program cash — — — 283 — 283 Vehicles, net — 34 61 10,531 — 10,626 Receivables from vehicle manufacturers and other — 1 — 546 — 547 Investment in Avis Budget Rental Car Funding (AESOP) LLC-related party — — — 423 — 423 — 35 61 11,783 — 11,879 Total assets $ 636 $ 6,128 $ 7,303 $ 15,531 $ (11,899 ) $ 17,699 Liabilities and stockholders’ equity Current liabilities: Accounts payable and other current liabilities $ 23 $ 207 $ 552 $ 837 $ — $ 1,619 Short-term debt and current portion of long-term debt — 17 3 6 — 26 Total current liabilities 23 224 555 843 — 1,645 Long-term debt — 2,910 3 660 — 3,573 Other non-current liabilities 40 83 216 378 — 717 Intercompany payables — 2,515 382 2 (2,899 ) — Total liabilities exclusive of liabilities under vehicle programs 63 5,732 1,156 1,883 (2,899 ) 5,935 Liabilities under vehicle programs: Debt — 15 57 2,669 — 2,741 Due to Avis Budget Rental Car Funding (AESOP) LLC-related party — — — 6,480 — 6,480 Deferred income taxes — — 1,407 187 — 1,594 Other — — 2 374 — 376 — 15 1,466 9,710 — 11,191 Total stockholders’ equity 573 381 4,681 3,938 (9,000 ) 573 Total liabilities and stockholders’ equity $ 636 $ 6,128 $ 7,303 $ 15,531 $ (11,899 ) $ 17,699 Consolidating Condensed Statements of Cash Flows Nine Months Ended September 30, 2018 Parent Subsidiary Issuers Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Net cash provided by (used in) operating activities $ 139 $ 202 $ 88 $ 1,785 $ (119 ) $ 2,095 Investing activities Property and equipment additions — (45 ) (60 ) (52 ) — (157 ) Proceeds received on asset sales — 2 2 5 — 9 Net assets acquired (net of cash acquired) — (3 ) (5 ) (56 ) — (64 ) Other, net — (8 ) — (36 ) — (44 ) Net cash provided by (used in) investing activities exclusive of vehicle programs — (54 ) (63 ) (139 ) — (256 ) Vehicle programs: Investment in vehicles — — (4 ) (10,075 ) — (10,079 ) Proceeds received on disposition of vehicles — 33 — 6,719 — 6,752 Investment in debt securities of Avis Budget Rental Car Funding (AESOP) LLC—related party — — — (116 ) — (116 ) Proceeds from debt securities of Avis Budget Rental Car Funding (AESOP) LLC — related party — — — 22 — 22 — 33 (4 ) (3,450 ) — (3,421 ) Net cash provided by (used in) investing activities — (21 ) (67 ) (3,589 ) — (3,677 ) Financing activities Proceeds from long-term borrowings — 81 — — — 81 Payments on long-term borrowings — (97 ) (2 ) — — (99 ) Net change in short-term borrowings — — — (4 ) — (4 ) Debt financing fees — (9 ) — — — (9 ) Repurchases of common stock (143 ) — — — — (143 ) Other, net 3 (95 ) (12 ) (12 ) 119 3 Net cash provided by (used in) financing activities exclusive of vehicle programs (140 ) (120 ) (14 ) (16 ) 119 (171 ) Vehicle programs: Proceeds from borrowings — — — 13,371 — 13,371 Payments on borrowings — (2 ) (7 ) (11,718 ) — (11,727 ) Debt financing fees — — — (19 ) — (19 ) — (2 ) (7 ) 1,634 — 1,625 Net cash provided by (used in) financing activities (140 ) (122 ) (21 ) 1,618 119 1,454 Effect of changes in exchange rates on cash and cash equivalents, program and restricted cash — — — (5 ) — (5 ) Net increase (decrease) in cash and cash equivalents, program and restricted cash (1 ) 59 — (191 ) — (133 ) Cash and cash equivalents, program and restricted cash, beginning of period 4 14 — 883 — 901 Cash and cash equivalents, program and restricted cash, end of period $ 3 $ 73 $ — $ 692 $ — $ 768 Nine Months Ended September 30, 2017 Parent Subsidiary Issuers Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Net cash provided by (used in) operating activities $ 44 $ (45 ) $ 70 $ 2,007 $ (35 ) $ 2,041 Investing activities Property and equipment additions — (36 ) (56 ) (46 ) — (138 ) Proceeds received on asset sales — 1 — 5 — 6 Net assets acquired (net of cash acquired) — (1 ) (5 ) (11 ) — (17 ) Intercompany loan receipts (advances) — — — (264 ) 264 — Other, net 100 — — 6 (100 ) 6 Net cash provided by (used in) investing activities exclusive of vehicle programs 100 (36 ) (61 ) (310 ) 164 (143 ) Vehicle programs: Investment in vehicles — — — (9,672 ) — (9,672 ) Proceeds received on disposition of vehicles — 39 — 6,833 — 6,872 Investment in debt securities of Avis Budget Rental Car Funding (AESOP) LLC—related party — — — (33 ) — (33 ) — 39 — (2,872 ) — (2,833 ) Net cash provided by (used in) investing activities 100 3 (61 ) (3,182 ) 164 (2,976 ) Financing activities Proceeds from long-term borrowings — 325 — 264 — 589 Payments on long-term borrowings — (401 ) (2 ) (193 ) — (596 ) Net change in short-term borrowings — — — (3 ) — (3 ) Intercompany loan borrowings (payments) — 264 — — (264 ) — Repurchases of common stock (144 ) — — — — (144 ) Debt financing fees — (5 ) — (4 ) — (9 ) Other, net — (135 ) — — 135 — Net cash provided by (used in) financing activities exclusive of vehicle programs (144 ) 48 (2 ) 64 (129 ) (163 ) Vehicle programs: Proceeds from borrowings — — — 14,276 — 14,276 Payments on borrowings — (1 ) (7 ) (12,922 ) — (12,930 ) Debt financing fees — — — (8 ) — (8 ) — (1 ) (7 ) 1,346 — 1,338 Net cash provided by (used in) financing activities (144 ) 47 (9 ) 1,410 (129 ) 1,175 Effect of changes in exchange rates on cash and cash equivalents, program and restricted cash — — — 41 — 41 Net increase in cash and cash equivalents, program and restricted cash — 5 — 276 — 281 Cash and cash equivalents, program and restricted cash, beginning of period 3 12 — 705 — 720 Cash and cash equivalents, program and restricted cash, end of period $ 3 $ 17 $ — $ 981 $ — $ 1,001 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2018 | |
Subsequent Event [Line Items] | |
Subsequent Events [Text Block] | 19. Subsequent Events In October 2018 , the Company completed the acquisition of Turiscar Group, a provider of vehicle rental services in Portugal, for €27 million (approximately $31 million ), of which €23 million (approximately $26 million ) was paid. The remainder of the purchase price will be paid during the three months ended December 31, 2020. In October 2018 , the Company issued €350 million (approximately $404 million ) of 4¾% euro-denominated Senior Notes due January 2026, at par, with interest payable semi-annually. The proceeds were used to redeem $400 million principal amount of 5⅛% Senior Notes due June 2022 for $410 million plus accrued interest. In October 2018 , the Company’s Avis Budget Rental Car Funding subsidiary issued approximately $550 million in asset-backed notes with an expected final payment date of March 2024 incurring interest at a weighted average rate of approximately 4% . * * * * |
Basis of Presentation and Rec_2
Basis of Presentation and Recently Issued Accounting Pronouncements (Policies) | 9 Months Ended |
Sep. 30, 2018 | |
Basis Of Presentation And Recently Issued Accounting Pronouncements [Abstract] | |
Basis of Presentation | Basis of Presentation Avis Budget Group, Inc. provides vehicle rental and other mobility solutions 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 —consisting primarily of (i) vehicle rental operations in North America, South America, Central America and the Caribbean, (ii) car sharing operations in certain of these markets, and (iii) licensees in the areas in which the Company does not operate directly. • International —consisting primarily of (i) vehicle rental operations in Europe, the Middle East, Africa, Asia and Australasia, (ii) car sharing operations in certain of these markets, and (iii) licensees in the areas in which the Company does not operate directly. The operating results of acquired businesses are included in the accompanying Consolidated Condensed Financial Statements from the dates of acquisition. The Company has completed the business acquisitions discussed in Note 5 to these Consolidated Condensed Financial Statements. Differences between the preliminary allocation of purchase price and the final allocation for the Company’s fourth quarter 2017 acquisitions of ACL Hire Limited and various licensees in Europe and North America were not material. 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 2017 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). |
Cash Flows reconciliation (2016-18) [Table Text Block] | As of December 31, 2017, the Company elected to adopt the provisions of ASU 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash,” early on a retrospective basis. ASU 2016-18 clarifies guidance on the classification and presentation of restricted cash in the statement of cash flows. The following table provides the impact of adoption on the Company’s Consolidated Condensed Statements of Cash Flows for the nine months ended September 30, 2017. Nine Months Ended September 30, 2017 As Previously Reported Effect of Change As Adjusted Decrease in program cash $ 53 $ (53 ) $ — Other, net 5 1 6 Net cash used in investing activities (2,924 ) (52 ) (2,976 ) Effect of changes in exchange rates on cash and cash equivalents, program and restricted cash 32 9 41 Net increase in cash and cash equivalents, program and restricted cash 324 (43 ) 281 Cash and cash equivalents, program and restricted cash, beginning of period 490 230 720 Cash and cash equivalents, program and restricted cash, end of period $ 814 $ 187 $ 1,001 |
Reconciliation of cash and cash equivalents (2016-18) [Table Text Block] | Restricted Cash. Program cash primarily represents amounts specifically designated to purchase assets under vehicle programs and/or to repay the related debt, as such the Company considers it a restricted cash equivalent. The following table provides a reconciliation of cash and cash equivalents, program and restricted cash reported within the Consolidated Condensed Balance Sheets to the amounts shown in the Consolidated Condensed Statements of Cash Flows. As of September 30, 2018 2017 Cash and cash equivalents $ 605 $ 814 Program cash 151 180 Restricted cash (a) 12 7 Total cash and cash equivalents, program and restricted cash $ 768 $ 1,001 ________ (a) Included within other current assets. |
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 and nine months ended September 30, 2018 and 2017 , the Company recorded an immaterial amount in each period. |
Adoption of New Accounting Standards | Adoption of New Accounting Pronouncements Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income On January 1, 2018, as a result of a new accounting pronouncement, the Company early adopted ASU 2018-02, “Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income,” which allows a reclassification from accumulated other comprehensive income to retained earnings for the adjustment of deferred taxes due to the reduction of the corporate income tax rate as a result of U.S. tax reform. Accordingly, the Company has reclassified $4 million of net tax benefits from accumulated other comprehensive loss to beginning accumulated deficit related to the following (see Note 14 - Stockholders’ Equity). Prior period amounts have not been retrospectively adjusted. Currency Translation Adjustments Net Unrealized Gains (Losses) on Cash Flow Hedges Net Unrealized Gains (Losses) on Available-for Sale Securities Minimum Pension Liability Adjustment Accumulated Other Comprehensive Income (Loss) $ 7 $ 1 $ — $ (12 ) $ (4 ) Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost On January 1, 2018, as a result of a new accounting pronouncement, the Company adopted ASU 2017-07, “Compensation—Retirement Benefits (Topic 715): 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 its consolidated statements of operations. The adoption of this accounting pronouncement did not have a material impact on the Company’s Consolidated Condensed Financial Statements. Recognition and Measurement of Financial Assets and Financial Liabilities On January 1, 2018, as a result of a new accounting pronouncement, the Company adopted ASU 2016-01, “Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities” along with a related clarifying update, which makes limited amendments to the classification and measurement of financial instruments. The amendments supersede the guidance to classify equity securities with readily determinable fair values into different categories (trading or available-for-sale) and require equity securities (including other ownership interests, such as partnerships, unincorporated joint ventures, and limited liability companies) to be measured at fair value with changes in the fair value recognized through net income. Accordingly, the Company has reclassified $2 million of net unrealized gains associated with available for sale equity securities from accumulated other comprehensive loss to beginning accumulated deficit (see Note 14 - Stockholders’ Equity). This ASU has no impact on the Company’s accounting for equity method investments. Intra-Entity Transfers of Assets Other Than Inventory On January 1, 2018, as a result of a new accounting pronouncement, the Company adopted ASU 2016-16, “Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory,” which removes the prohibition in Topic 740 against the immediate recognition of the current and deferred income tax effects of intra-entity transfers of assets other than inventory. The adoption of this accounting pronouncement did not have an impact on the Company’s Consolidated Condensed Financial Statements. Revenue from Contracts with Customers On January 1, 2018, as a result of a new accounting pronouncement, the Company adopted ASU 2014-09, “Revenue from Contracts with Customers (Topic 606),” 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. The Company has adopted the requirements of the new standard on a modified retrospective basis applied to all contracts. Prior periods have not been retrospectively adjusted. As discussed in Leases below, the Company’s rental related revenues will be accounted for under Topic 606 until the adoption of ASU 2016-02, “Leases (Topic 842)” on January 1, 2019. Under Topic 606, each transaction that generates customer loyalty points results in the deferral of revenue generally equivalent to the estimated retail value of points expected to be redeemed. The associated revenue will be recognized at the time the customer redeems the loyalty points. Previously, the Company did not defer revenue and recorded an expense associated with the incremental cost of providing the future rental at the time when the loyalty points were earned. In the Company’s Consolidated Condensed Balance Sheet at January 1, 2018, customer loyalty program liability increased approximately $50 million related to the estimated retail value of customer loyalty points earned, with a corresponding increase to accumulated deficit (approximately $40 million, net of tax) due to the cumulative impact of adopting Topic 606. Certain customers may receive cash-based rebates, which are accounted for as variable consideration under Topic 606. The Company estimates these rebates based on the expected amount to be provided to customers and reduces revenue recognized. The impact of adoption of Topic 606 on the Company’s Consolidated Condensed Statement of Comprehensive Income for the three months ended September 30, 2018 was not material. The impact of adoption of Topic 606 on the Company’s Consolidated Condensed Statement of Comprehensive Income for the nine months ended September 30, 2018 and Consolidated Condensed September 30, 2018 Balance Sheet was as follows: Nine Months Ended September 30, 2018 As Reported Balances without Adoption of Topic 606 Effect of Change Consolidated Condensed Statement of Comprehensive Income Revenues $ 7,074 $ 7,083 $ (9 ) Expenses Operating 3,561 3,564 (3 ) Total expenses 6,810 6,813 (3 ) Income before income taxes 264 270 (6 ) Provision for income taxes 112 114 (2 ) Net income $ 152 $ 156 $ (4 ) Comprehensive income $ 104 $ 108 $ (4 ) September 30, 2018 As Reported Balances without Adoption of Topic 606 Effect of Change Consolidated Condensed Balance Sheet Deferred income taxes $ 1,065 $ 1,053 $ 12 Total assets exclusive of assets under vehicle programs 6,139 6,127 12 Total assets 19,741 19,729 12 Accounts payable and other current liabilities 1,885 1,879 6 Total current liabilities 1,908 1,902 6 Other non-current liabilities 767 717 50 Total liabilities exclusive of liabilities under vehicle programs 6,213 6,163 50 Accumulated deficit (1,103 ) (1,059 ) (44 ) Total stockholders’ equity $ 521 $ 565 $ (44 ) Recently Issued Accounting Pronouncements Intangibles—Goodwill and Other—Internal-Use Software In August 2018, the Financial Accounting Standards Board (“FASB”) issued ASU 2018-15 “Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement That Is a Service Contract”, which provides guidance for determining when the arrangement includes a software license. The amendments align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal use software license). The amendments in this Update also require the entity to expense the capitalized implementation costs of a hosting arrangement that is a service contract over the term of the hosting arrangement, to present the expense in the same line in its statement of income as the fees associated with the hosting element (service) of the arrangement and classify payments for capitalized implementation costs in its statement of cash flows in the same manner as payments made for fees associated with the hosting element. The entity is also required to present the capitalized implementation costs in its balance sheet in the same line that a prepayment for the fees of the associated hosting arrangement would be presented. ASU 2018-15 becomes effective for the Company on January 1, 2020. Early adoption is permitted. The Company is currently evaluating the impact of adopting this accounting pronouncement on its Consolidated Condensed Financial Statements. Compensation—Retirement Benefits—Defined Benefit Plans In August 2018, the FASB issued ASU 2018-14, “Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans,” which adds, removes, and clarifies disclosure requirements related to defined benefit pension and other postretirement plans. These changes are part of the FASB’s disclosure framework project, which the Board launched in 2014 to improve the effectiveness of disclosures in notes to financial statements. ASU 2018-14 becomes effective for the Company on January 1, 2021. Early adoption is permitted. The adoption of this accounting pronouncement is not expected to have a material impact on the Company's Consolidated Condensed Financial Statements. Fair Value Measurement In August 2018, the FASB issued ASU 2018-13, “Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement,” which adds, removes, and modifies disclosure requirements related to fair value measurements. ASU 2018-13 becomes effective for the Company on January 1, 2020. Early adoption is permitted. The adoption of this accounting pronouncement is not expected to have a material impact on the Company's Consolidated Condensed Financial Statements. Nonemployee Share-Based Payment Accounting In June 2018, the FASB issued ASU 2018-07, “Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting,” which simplifies the accounting for share-based payments granted to nonemployees for goods and services and aligns most of the guidance on such payments to nonemployees with the requirements for share-based payments granted to employees. ASU 2018-07 becomes effective for the Company on January 1, 2019. Early adoption is permitted. The adoption of this accounting pronouncement is not expected to have an impact on the Company's Consolidated Condensed Financial Statements. Accounting for Hedging Activities In August 2017, the FASB issued ASU 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities,” which amends the existing guidance to allow companies to more accurately present the economic results of an entity’s risk management activities in the financial statements. ASU 2017-12 becomes effective for the Company on January 1, 2019. Early adoption is permitted. The Company is currently evaluating the effect of this accounting pronouncement on its Consolidated Condensed Financial Statements. Measurement of Credit Losses on Financial Instruments In June 2016, the FASB issued ASU 2016-13, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” which sets forth a current expected credit loss impairment model for financial assets that replaces the current incurred loss model. This model requires a financial asset (or group of financial assets), including trade receivables, measured at amortized cost to be presented at the net amount expected to be collected with an allowance for credit losses deducted from the amortized cost basis. The allowance for credit losses should reflect management’s current estimate of credit losses that are expected to occur over the remaining life of a financial asset. ASU 2016-13 becomes effective for the Company on January 1, 2020. Early adoption is permitted as of January 1, 2019. The adoption of this accounting pronouncement is not expected to have a material impact on the Company's Consolidated Condensed Financial Statements. Leases In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842),” 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 Topic 606 (see Revenue from Contracts with Customers above). 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. In July 2018, the FASB issued ASU 2018-11, “Leases (Topic 842): Targeted Improvements,” which provides an additional transition method allowing entities to only apply the new lease standard in the year of adoption. Additionally, ASU 2018-11 provides a practical expedient for lessors to combine nonlease components with related lease components if certain conditions are met. These ASUs become effective for the Company on January 1, 2019. Early adoption is permitted. The Company is in the process of implementing these ASUs 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 these ASUs. As discussed in Revenue from Contracts with Customers above, the Company’s rental related revenues are accounted for under the revenue accounting standard Topic 606, until the adoption of this lease accounting standard Topic 842 on January 1, 2019. Income Taxes In January 2018, the FASB issued FASB Staff Question and Answer Topic 740, No. 5: Accounting for Global Intangible Low-Taxed Income (“GILTI”), which provides guidance on accounting for the GILTI provisions of the U.S. enacted tax reform legislation (“the Tax Act”). The GILTI provisions impose a tax on foreign income in excess of a deemed return on tangible assets of foreign corporations. The guidance allows accounting for tax on GILTI to be treated as a deferred tax item or as a component of current period income tax expense in the year incurred, subject to an accounting policy election. The Company will complete its analysis during the fourth quarter of 2018 and will elect an accounting policy at such time. |
Restructuring (Tables)
Restructuring (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Restructuring and Related Activities [Abstract] | |
Summary Of Changes To Restructuring-Related Liabilities | Americas International Total Balance as of January 1, 2018 $ 1 $ 3 $ 4 Restructuring charge: Workforce planning 2 7 9 Truck initiative 2 — 2 T17 2 — 2 Restructuring payment/utilization: Workforce planning (2 ) (6 ) (8 ) Truck initiative (2 ) — (2 ) T17 (2 ) (2 ) (4 ) Balance as of September 30, 2018 $ 1 $ 2 $ 3 Personnel Other (a) Total Balance as of January 1, 2018 $ 4 $ — $ 4 Restructuring charge: Workforce planning 8 1 9 Truck initiative — 2 2 T17 — 2 2 Restructuring payment/utilization: Workforce planning (8 ) — (8 ) Truck initiative — (2 ) (2 ) T17 (2 ) (2 ) (4 ) Balance as of September 30, 2018 $ 2 $ 1 $ 3 __________ (a) Includes expenses primarily related to the disposition of vehicles. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
Computation Of Basic And Diluted Earnings Per Share | The following table sets forth the computation of basic and diluted earnings per share (“EPS”) (shares in millions): Three Months Ended Nine Months Ended 2018 2017 2018 2017 Net income for basic and diluted EPS $ 213 $ 245 $ 152 $ 141 Basic weighted average shares outstanding 78.8 82.6 80.1 84.1 Options and non-vested stock (a) 0.7 1.4 0.9 1.4 Diluted weighted average shares outstanding 79.5 84.0 81.0 85.5 Earnings per share: Basic $ 2.71 $ 2.96 $ 1.90 $ 1.68 Diluted $ 2.68 $ 2.91 $ 1.88 $ 1.65 __________ (a) For the three months ended September 30, 2018 and 2017 , 0.5 million and 0.7 million non-vested stock awards, respectively, have an anti-dilutive effect and therefore are excluded from the computation of diluted weighted average shares outstanding. For the nine months ended September 30, 2018 and 2017 , 0.2 million and 0.8 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) | 9 Months Ended |
Sep. 30, 2018 | |
Other Current Assets Disclosure [Abstract] | |
Schedule of Other Current Assets [Table Text Block] | As of September 30, 2018 As of December 31, 2017 Sales and use taxes $ 257 $ 174 Prepaid expenses 230 196 Other 170 163 Other current assets $ 657 $ 533 |
Intangible Assets (Tables)
Intangible Assets (Tables) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Schedule Of Intangible Assets | Intangible assets consisted of: As of September 30, 2018 As of December 31, 2017 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Amortized Intangible Assets License agreements (a) $ 319 $ 160 $ 159 $ 281 $ 140 $ 141 Customer relationships 240 136 104 242 119 123 Other 51 20 31 51 18 33 Total $ 610 $ 316 $ 294 $ 574 $ 277 $ 297 Unamortized Intangible Assets Goodwill (b) $ 1,064 $ 1,073 Trademarks $ 550 $ 553 _________ (a) The change in the carrying amount since December 31, 2017, primarily reflects the acquisitions of Avis and Budget Licensees and Morini (see Note 5 - Acquisitions and Other Investments). (b) The change in the carrying amount since December 31, 2017, primarily reflects currency translation, partially offset by acquisitions (see Note 5 - Acquisitions and Other Investments). | |||
Amortization of Intangible Assets | $ 15 | $ 17 | $ 48 | $ 48 |
Vehicle Rental Activities (Tabl
Vehicle Rental Activities (Tables) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Vehicle Rental Activities [Abstract] | ||
Other Receivables | $ 757 | $ 707 |
Components Of The Company's Vehicles | The components of vehicles, net within assets under vehicle programs were as follows: As of As of September 30, December 31, 2018 2017 Rental vehicles $ 13,418 $ 11,652 Less: Accumulated depreciation (1,701 ) (1,652 ) 11,717 10,000 Vehicles held for sale 446 626 Vehicles, net $ 12,163 $ 10,626 | |
Components Of Vehicle Depreciation And Lease Charges | The components of vehicle depreciation and lease charges, net are summarized below: Three Months Ended Nine Months Ended 2018 2017 2018 2017 Depreciation expense $ 540 $ 547 $ 1,536 $ 1,500 Lease charges 72 67 192 164 (Gain) loss on sale of vehicles, net (25 ) 2 (35 ) 53 Vehicle depreciation and lease charges, net $ 587 $ 616 $ 1,693 $ 1,717 | |
Accounts Payable, Other, Current | $ 269 | $ 231 |
Accounts Payable and Other Cu_2
Accounts Payable and Other Current Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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 September 30, December 31, 2018 2017 Accounts payable $ 396 $ 359 Accrued sales and use taxes 307 218 Accrued advertising and marketing 223 190 Accrued payroll and related 188 176 Deferred revenue – current 161 135 Public liability and property damage insurance liabilities – current 144 145 Accrued insurance 117 103 Other 349 293 Accounts payable and other current liabilities $ 1,885 $ 1,619 |
Long-term Debt and Borrowing _2
Long-term Debt and Borrowing Arrangements (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Schedule Of Long-Term Debt | Long-term corporate debt and borrowing arrangements consisted of: As of As of Maturity Dates September 30, December 31, 2018 2017 Floating Rate Term Loan March 2022 $ — $ 1,136 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 348 360 Floating Rate Term Loan (a) February 2025 1,126 — 5¼% Senior Notes March 2025 375 375 4½% euro-denominated Senior Notes May 2025 290 300 Other (b) 40 49 Deferred financing fees (43 ) (46 ) Total 3,561 3,599 Less: Short-term debt and current portion of long-term debt 23 26 Long-term debt $ 3,538 $ 3,573 __________ (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 September 30, 2018, the floating rate term loan due 2025 bears interest at one-month LIBOR plus 200 basis points, for an aggregate rate of 4.25%. 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 3.67%. (b) Primarily includes capital leases which are secured by liens on the related assets. In February 2018, the Company amended the terms of its Floating Rate Term Loan due 2022 and extended its maturity term to 2025. |
Schedule Of Committed Credit Facilities | At September 30, 2018 , 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 2023 (a) $ 1,800 $ — $ 1,084 $ 716 Other facilities (b) 1 1 — — __________ (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 3.25% as of September 30, 2018. In February 2018, the Company amended the terms of its Senior revolving credit facility maturing 2021 and extended its maturity to 2023. At September 30, 2018 , the Company had various uncommitted credit facilities available, under which it had drawn approximately $1 million , which bear interest at rates between 0.74% and 6.60% . |
Debt Under Vehicle Programs a_2
Debt Under Vehicle Programs and Borrowing Arrangements (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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 September 30, December 31, 2018 2017 Americas - Debt due to Avis Budget Rental Car Funding (a) $ 7,154 $ 6,516 Americas - Debt borrowings (a) 855 660 International - Debt borrowings (a) 2,753 1,942 International - Capital leases 201 146 Other 7 1 Deferred financing fees (b) (48 ) (44 ) Total $ 10,922 $ 9,221 __________ (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 September 30, 2018 and December 31, 2017 were $33 million and $36 million, respectively. In April 2018, the Company’s Avis Budget Rental Car Funding subsidiary issued approximately $400 million in asset-backed notes with an expected final payment date of September 2023 . The weighted average interest rate was approximately 4% . 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 June 2018, the Company increased its capacity under the European rental fleet securitization program by €150 million (approximately $175 million ) to €1.8 billion (approximately $2.1 billion ) and extended its maturity to 2021. The Company used the proceeds to finance fleet purchases for certain of the Company’s European operations. |
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 September 30, 2018 . Debt under Vehicle Programs Within 1 year $ 1,590 Between 1 and 2 years 2,759 Between 2 and 3 years 4,487 Between 3 and 4 years 823 Between 4 and 5 years 1,067 Thereafter 244 Total $ 10,970 |
Schedule Of Available Funding Under The Vehicle Programs | As of September 30, 2018 , 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 (b) Available Capacity Americas - Debt due to Avis Budget Rental Car Funding $ 8,629 $ 7,154 $ 1,475 Americas - Debt borrowings 978 855 123 International - Debt borrowings 3,072 2,753 319 International - Capital leases 223 201 22 Other 7 7 — Total $ 12,909 $ 10,970 $ 1,939 __________ (a) Capacity is subject to maintaining sufficient assets to collateralize debt. (b) The outstanding debt is collateralized by vehicles and related assets of $8.7 billion for Americas - Debt due to Avis Budget Rental Car Funding; $1.2 billion for Americas - Debt borrowings; $3.0 billion for International - Debt borrowings; and $0.2 billion for International - Capital leases. |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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, December 31, 2017 $ 71 $ 5 $ 2 $ (102 ) $ (24 ) Cumulative effect of accounting change (c) 7 1 (2 ) (12 ) (6 ) Balance, January 1, 2018 $ 78 $ 6 $ — $ (114 ) $ (30 ) Other comprehensive income (loss) before reclassifications (61 ) 9 — 1 (51 ) Amounts reclassified from accumulated other comprehensive income (loss) — (1 ) — 4 3 Net current-period other comprehensive income (loss) (61 ) 8 — 5 (48 ) Balance, September 30, 2018 $ 17 $ 14 $ — $ (109 ) $ (78 ) Balance, January 1, 2017 $ (39 ) $ 2 $ 1 $ (118 ) $ (154 ) Other comprehensive income (loss) before reclassifications 105 (2 ) 1 — 104 Amounts reclassified from accumulated other comprehensive income (loss) — 2 — 4 6 Net current-period other comprehensive income (loss) 105 — 1 4 110 Balance, September 30, 2017 $ 66 $ 2 $ 2 $ (114 ) $ (44 ) __________ 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 $56 million gain, net of tax, as of September 30, 2018 related to the Company’s hedge of its net investment in euro-denominated foreign operations (see Note 16 - Financial Instruments). (a) For the three and nine months ended September 30, 2018 , the amounts reclassified from accumulated other comprehensive income (loss) into corporate interest expense were $2 million ( $1 million , net of tax), in each period. For the three and nine months ended September 30, 2017 , the amounts reclassified from accumulated other comprehensive income (loss) into corporate interest expense were $1 million ( $1 million , net of tax) and $3 million ( $2 million , net of tax), respectively. (b) For the three and nine months ended September 30, 2018, amounts reclassified from accumulated other comprehensive income (loss) into selling, general and administrative expenses were $2 million ( $2 million , net of tax) and $6 million ( $4 million , net of tax), respectively. For the three and nine months ended September 30, 2017, amounts reclassified from accumulated other comprehensive income (loss) into selling, general and administrative expenses were $2 million ( $1 million , net of tax) and $6 million ( $4 million , net of tax), respectively. (c) See Note 1 - Basis of Presentation for the impact of adoption of ASU 2016-01 and ASU 2018-02. |
Components Of Other Comprehensive Income | The components of other comprehensive income (loss) were as follows: Three Months Ended Nine Months Ended 2018 2017 2018 2017 Net income $ 213 $ 245 $ 152 $ 141 Other comprehensive income (loss): Currency translation adjustments (net of tax of $(1), $9, $(6) and $29, respectively) (8 ) 32 (61 ) 105 Net unrealized gain (loss) on available-for-sale securities (net of tax of $0, $(1), $0, $(1), respectively) — — — 1 Net unrealized gain (loss) on cash flow hedges (net of tax of $0, $(1), $(3) and $0, respectively) — 1 8 — Minimum pension liability adjustment (net of tax of $0, $(1), $(1) and $(2), respectively) 2 1 5 4 (6 ) 34 (48 ) 110 Comprehensive income $ 207 $ 279 $ 104 $ 251 __________ |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Based Compensation Activity | The Company recorded stock-based compensation expense of $7 million and $1 million ( $5 million and $1 million , net of tax) during the three months ended September 30, 2018 and 2017 , respectively, and $18 million and $6 million ( $14 million and $4 million , net of tax) during the nine months ended September 30, 2018 and 2017 , respectively. The activity related to restricted stock units (“RSUs”) consisted of (in thousands of shares): Number of Shares Weighted Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value (in millions) Time-based RSUs Outstanding at January 1, 2018 1,160 $ 34.54 Granted (a) 321 48.41 Vested (b) (559 ) 36.01 Forfeited (75 ) 35.97 Outstanding and expected to vest at September 30, 2018 (c) 847 $ 38.70 1.0 $ 27 Performance-based and market-based RSUs Outstanding at January 1, 2018 994 $ 33.06 Granted (a) 353 48.52 Vested — — Forfeited (176 ) 50.06 Outstanding at September 30, 2018 1,171 $ 35.17 1.3 $ 38 Outstanding and expected to vest at September 30, 2018 (c) 267 $ 44.25 2.1 $ 9 __________ (a) Reflects the maximum number of stock units assuming achievement of all performance-, market- and time-vesting criteria and does not include those for non-employee directors. The weighted-average fair value of time-based RSUs and performance-based RSUs granted during the nine months ended September 30, 2017 was $35.32 and $35.21 , respectively. (b) The total fair value of RSUs vested during September 30, 2018 and 2017 was $20 million and $23 million , respectively. (c) Aggregate unrecognized compensation expense related to time-based RSUs and performance-based RSUs amounted to $35 million and will be recognized over a weighted average vesting period of 1.3 years . |
Summary Of Share Based Compensation Shares Authorized Under Stock Option Plans By Exercise Price Range | The stock option activity consisted of (in thousands of shares): Number of Options Weighted Weighted Aggregate Intrinsic Value (in millions) Outstanding at January 1, 2018 273 $ 7.08 1.7 $ 10 Granted — — — Exercised (194 ) 9.64 8 Forfeited/expired — — — Outstanding and exercisable at September 30, 2018 79 $ 0.79 0.3 $ 2 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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 September 30, 2018 Interest rate caps (a) $ 8,482 Interest rate swaps 1,500 Foreign exchange contracts 1,103 Commodity contracts (millions of gallons of unleaded gasoline) 4 __________ (a) Represents $5.7 billion of interest rate caps sold, partially offset by approximately $2.7 billion of interest rate caps purchased. These amounts exclude $3.0 billion of interest rate caps purchased by the Company’s Avis Budget Rental Car Funding subsidiary as it is not consolidated by the Company. |
Fair Value Of Derivative Instruments | Estimated fair values (Level 2) of derivative instruments were as follows: As of September 30, 2018 As of December 31, 2017 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) $ 20 $ — $ 8 $ — Derivatives not designated as hedging instruments Interest rate caps (b) 1 7 — 1 Foreign exchange contracts (c) 5 7 3 7 Total $ 26 $ 14 $ 11 $ 8 __________ 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 Nine Months Ended 2018 2017 2018 2017 Derivatives designated as hedging instruments (a) Interest rate swaps $ — $ 1 $ 8 $ — Euro-denominated notes 3 (13 ) 16 (44 ) Derivatives not designated as hedging instruments (b) Interest rate caps (c) (3 ) (1 ) (4 ) (1 ) Foreign exchange contracts (d) 6 (11 ) 25 (44 ) Commodity contracts (e) — 1 1 (1 ) Total $ 6 $ (23 ) $ 46 $ (90 ) __________ (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) Included primarily in vehicle interest, net. (d) For the three months ended September 30, 2018 , included a $5 million gain in interest expense and a $1 million gain in operating expense and for the nine months ended September 30, 2018 , included a $12 million gain in interest expense and a $13 million gain in operating expense. For the three months ended September 30, 2017 , included a $7 million loss in interest expense and a $4 million loss in operating expense and for the nine months ended September 30, 2017 , included a $25 million loss in interest expense and a $19 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 September 30, 2018 As of December 31, 2017 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Corporate debt Short-term debt and current portion of long-term debt $ 23 $ 23 $ 26 $ 26 Long-term debt 3,538 3,590 3,573 3,677 Debt under vehicle programs Vehicle-backed debt due to Avis Budget Rental Car Funding $ 7,122 $ 7,110 $ 6,480 $ 6,537 Vehicle-backed debt 3,793 3,804 2,740 2,745 Interest rate swaps and interest rate caps (a) 7 7 1 1 __________ (a) Derivatives in a liability position. |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Segment Reporting [Abstract] | |
Summary Of Segments Information | Three Months Ended September 30, 2018 2017 Revenues Adjusted EBITDA Revenues Adjusted EBITDA Americas $ 1,844 $ 313 $ 1,839 $ 303 International 934 178 913 194 Corporate and Other (a) — (15 ) — (15 ) Total Company $ 2,778 $ 476 $ 2,752 $ 482 Reconciliation of Adjusted EBITDA to income before income taxes 2018 2017 Adjusted EBITDA $ 476 $ 482 Less: Non-vehicle related depreciation and amortization 62 66 Interest expense related to corporate debt, net 44 45 Transaction-related costs, net 11 — Restructuring and other related charges 4 7 Income before income taxes $ 355 $ 364 __________ (a) Includes unallocated corporate overhead which is not attributable to a particular segment. Nine Months Ended September 30, 2018 2017 Revenues Adjusted EBITDA Revenues Adjusted EBITDA Americas $ 4,782 $ 435 $ 4,718 $ 379 International 2,292 252 2,111 260 Corporate and Other (a) — (48 ) — (44 ) Total Company $ 7,074 $ 639 $ 6,829 $ 595 Reconciliation of Adjusted EBITDA to income before income taxes 2018 2017 Adjusted EBITDA $ 639 $ 595 Less: Non-vehicle related depreciation and amortization 190 194 Interest expense related to corporate debt, net: Interest expense 139 142 Early extinguishment of debt 5 3 Transaction-related costs, net 18 8 Restructuring and other related charges 14 52 Non-operational charges related to shareholder activist activity 9 — Charges for legal matter, net — (14 ) Income before income taxes $ 264 $ 210 __________ (a) Includes unallocated corporate overhead which is not attributable to a particular segment. |
Guarantor and Non-Guarantor C_2
Guarantor and Non-Guarantor Consolidating Condensed Financial Statements (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Cash Flows reconciliation GNG (2016-18) [Table Text Block] | The following tables provide the impact of adoption of ASU 2016-18 on the Company’s Consolidating Condensed Statements of Cash Flows for the nine months ended September 30, 2017 . Nine Months Ended September 30, 2017 As Previously Reported Non-Guarantor Effect of Change As Adjusted Non-Guarantor As Previously Reported Total Effect of Change As Adjusted Total Decrease in program cash $ 53 $ (53 ) $ — $ 53 $ (53 ) $ — Other, net 5 1 6 5 1 6 Net cash used in investing activities (3,130 ) (52 ) (3,182 ) (2,924 ) (52 ) (2,976 ) Effect of changes in exchange rates on cash and cash equivalents, program and restricted cash 32 9 41 32 9 41 Net increase in cash and cash equivalents, program and restricted cash 319 (43 ) 276 324 (43 ) 281 Cash and cash equivalents, program and restricted cash, beginning of period 475 230 705 490 230 720 Cash and cash equivalents, program and restricted cash, end of period $ 794 $ 187 $ 981 $ 814 $ 187 $ 1,001 |
Reconciliation of cash and cash equivalents GNG (2016-18) [Table Text Block] | The following table provides a reconciliation of the cash and cash equivalents, program and restricted cash reported within the Consolidating Condensed Balance Sheets to the amounts shown in the Consolidating Condensed Statements of Cash Flows. As of September 30, 2018 2017 Non-Guarantor Total Non-Guarantor Total Cash and cash equivalents $ 529 $ 605 $ 794 $ 814 Program cash 151 151 180 180 Restricted cash (a) 12 12 7 7 Total cash and cash equivalents, program and restricted cash $ 692 $ 768 $ 981 $ 1,001 _________ (a) Included within other current assets. |
Consolidating Condensed Statements of Comprehensive Income | Three Months Ended September 30, 2017 Parent Subsidiary Issuers Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Total Revenues $ — $ — $ 1,569 $ 1,794 $ (611 ) $ 2,752 Expenses Operating — 5 710 541 — 1,256 Vehicle depreciation and lease charges, net — — 568 605 (557 ) 616 Selling, general and administrative 9 2 174 135 — 320 Vehicle interest, net — — 53 79 (54 ) 78 Non-vehicle related depreciation and amortization — — 41 25 — 66 Interest expense related to corporate debt, net: Interest expense — 38 2 5 — 45 Intercompany interest expense (income) (3 ) 25 6 (28 ) — — Restructuring and other related charges — 5 (2 ) 4 — 7 Total expenses 6 75 1,552 1,366 (611 ) 2,388 Income (loss) before income taxes and equity in earnings of subsidiaries (6 ) (75 ) 17 428 — 364 Provision for (benefit from) income taxes (6 ) (30 ) 87 68 — 119 Equity in earnings of subsidiaries 245 290 360 — (895 ) — Net income $ 245 $ 245 $ 290 $ 360 $ (895 ) $ 245 Comprehensive income $ 279 $ 278 $ 323 $ 392 $ (993 ) $ 279 Nine Months Ended September 30, 2017 Parent Subsidiary Issuers Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Total Revenues $ — $ — $ 4,093 $ 4,595 $ (1,859 ) $ 6,829 Expenses Operating 2 18 1,994 1,399 — 3,413 Vehicle depreciation and lease charges, net — — 1,728 1,690 (1,701 ) 1,717 Selling, general and administrative 29 6 485 355 — 875 Vehicle interest, net — — 150 223 (158 ) 215 Non-vehicle related depreciation and amortization — 1 121 72 — 194 Interest expense related to corporate debt, net: Interest expense — 118 3 21 — 142 Intercompany interest expense (income) (9 ) 80 17 (88 ) — — Early extinguishment of debt — 4 — (1 ) — 3 Restructuring and other related charges — 7 37 8 — 52 Transaction-related costs, net — — — 8 — 8 Total expenses 22 234 4,535 3,687 (1,859 ) 6,619 Income (loss) before income taxes and equity in earnings of subsidiaries (22 ) (234 ) (442 ) 908 — 210 Provision for (benefit from) income taxes (10 ) (92 ) 59 112 — 69 Equity in earnings of subsidiaries 153 295 796 — (1,244 ) — Net income $ 141 $ 153 $ 295 $ 796 $ (1,244 ) $ 141 Comprehensive income $ 251 $ 262 $ 405 $ 904 $ (1,571 ) $ 251 Three Months Ended September 30, 2018 Parent Subsidiary Issuers Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Total Revenues $ — $ — $ 1,592 $ 1,746 $ (560 ) $ 2,778 Expenses Operating — 3 737 554 — 1,294 Vehicle depreciation and lease charges, net — — 540 551 (504 ) 587 Selling, general and administrative 10 3 182 141 — 336 Vehicle interest, net — — 59 82 (56 ) 85 Non-vehicle related depreciation and amortization — — 36 26 — 62 Interest expense related to corporate debt, net: Interest expense — 37 — 7 — 44 Intercompany interest expense (income) (3 ) 1 9 (7 ) — — Transaction-related costs, net — — 2 9 — 11 Restructuring and other related charges — — 2 2 — 4 Total expenses 7 44 1,567 1,365 (560 ) 2,423 Income (loss) before income taxes and equity in earnings of subsidiaries (7 ) (44 ) 25 381 — 355 Provision for (benefit from) income taxes (2 ) (12 ) 119 37 — 142 Equity in earnings of subsidiaries 218 250 344 — (812 ) — Net income $ 213 $ 218 $ 250 $ 344 $ (812 ) $ 213 Comprehensive income $ 207 $ 212 $ 244 $ 338 $ (794 ) $ 207 Nine Months Ended September 30, 2018 Parent Subsidiary Issuers Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Total Revenues $ — $ — $ 4,171 $ 4,695 $ (1,792 ) $ 7,074 Expenses Operating 2 4 2,035 1,520 — 3,561 Vehicle depreciation and lease charges, net — — 1,681 1,637 (1,625 ) 1,693 Selling, general and administrative 38 9 513 393 — 953 Vehicle interest, net — — 172 232 (167 ) 237 Non-vehicle related depreciation and amortization — 1 108 81 — 190 Interest expense related to corporate debt, net: Interest expense — 115 2 22 — 139 Intercompany interest expense (income) (9 ) (8 ) 20 (3 ) — — Early extinguishment of debt — 5 — — — 5 Transaction-related costs, net — 1 3 14 — 18 Restructuring and other related charges — — 6 8 — 14 Total expenses 31 127 4,540 3,904 (1,792 ) 6,810 Income (loss) before income taxes and equity in earnings of subsidiaries (31 ) (127 ) (369 ) 791 — 264 Provision for (benefit from) income taxes (13 ) (34 ) 114 45 — 112 Equity in earnings of subsidiaries 170 263 746 — (1,179 ) — Net income $ 152 $ 170 $ 263 $ 746 $ (1,179 ) $ 152 Comprehensive income $ 104 $ 122 $ 207 $ 687 $ (1,016 ) $ 104 |
Schedule Of Condensed Consolidating Balance Sheet Table | As of September 30, 2018 Parent Subsidiary Issuers Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Total Assets Current assets: Cash and cash equivalents $ 3 $ 73 $ — $ 529 $ — $ 605 Receivables, net — — 247 671 — 918 Other current assets 1 100 109 447 — 657 Total current assets 4 173 356 1,647 — 2,180 Property and equipment, net — 191 312 216 — 719 Deferred income taxes 13 842 169 41 — 1,065 Goodwill — — 471 593 — 1,064 Other intangibles, net — 26 474 344 — 844 Other non-current assets 46 48 16 157 — 267 Intercompany receivables 156 399 1,880 906 (3,341 ) — Investment in subsidiaries 355 4,841 4,043 — (9,239 ) — Total assets exclusive of assets under vehicle programs 574 6,520 7,721 3,904 (12,580 ) 6,139 Assets under vehicle programs: Program cash — — — 151 — 151 Vehicles, net — 38 58 12,067 — 12,163 Receivables from vehicle manufacturers and other — 2 — 770 — 772 Investment in Avis Budget Rental Car Funding (AESOP) LLC-related party — — — 516 — 516 — 40 58 13,504 — 13,602 Total assets $ 574 $ 6,560 $ 7,779 $ 17,408 $ (12,580 ) $ 19,741 Liabilities and stockholders’ equity Current liabilities: Accounts payable and other current liabilities $ 13 $ 248 $ 633 $ 991 $ — $ 1,885 Short-term debt and current portion of long-term debt — 17 2 4 — 23 Total current liabilities 13 265 635 995 — 1,908 Long-term debt — 2,900 2 636 — 3,538 Other non-current liabilities 40 80 261 386 — 767 Intercompany payables — 2,941 399 1 (3,341 ) — Total liabilities exclusive of liabilities under vehicle programs 53 6,186 1,297 2,018 (3,341 ) 6,213 Liabilities under vehicle programs: Debt — 19 50 3,731 — 3,800 Due to Avis Budget Rental Car Funding (AESOP) LLC-related party — — — 7,122 — 7,122 Deferred income taxes — — 1,591 184 — 1,775 Other — — — 310 — 310 — 19 1,641 11,347 — 13,007 Total stockholders’ equity 521 355 4,841 4,043 (9,239 ) 521 Total liabilities and stockholders’ equity $ 574 $ 6,560 $ 7,779 $ 17,408 $ (12,580 ) $ 19,741 As of December 31, 2017 Parent Subsidiary Issuers Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Total Assets Current assets: Cash and cash equivalents $ 4 $ 14 $ — $ 593 $ — $ 611 Receivables, net — — 255 667 — 922 Other current assets 4 89 101 339 — 533 Total current assets 8 103 356 1,599 — 2,066 Property and equipment, net — 167 321 216 — 704 Deferred income taxes 14 704 154 59 — 931 Goodwill — — 471 602 — 1,073 Other intangibles, net — 27 480 343 — 850 Other non-current assets 46 29 16 105 — 196 Intercompany receivables 187 382 1,506 824 (2,899 ) — Investment in subsidiaries 381 4,681 3,938 — (9,000 ) — Total assets exclusive of assets under vehicle programs 636 6,093 7,242 3,748 (11,899 ) 5,820 Assets under vehicle programs: Program cash — — — 283 — 283 Vehicles, net — 34 61 10,531 — 10,626 Receivables from vehicle manufacturers and other — 1 — 546 — 547 Investment in Avis Budget Rental Car Funding (AESOP) LLC-related party — — — 423 — 423 — 35 61 11,783 — 11,879 Total assets $ 636 $ 6,128 $ 7,303 $ 15,531 $ (11,899 ) $ 17,699 Liabilities and stockholders’ equity Current liabilities: Accounts payable and other current liabilities $ 23 $ 207 $ 552 $ 837 $ — $ 1,619 Short-term debt and current portion of long-term debt — 17 3 6 — 26 Total current liabilities 23 224 555 843 — 1,645 Long-term debt — 2,910 3 660 — 3,573 Other non-current liabilities 40 83 216 378 — 717 Intercompany payables — 2,515 382 2 (2,899 ) — Total liabilities exclusive of liabilities under vehicle programs 63 5,732 1,156 1,883 (2,899 ) 5,935 Liabilities under vehicle programs: Debt — 15 57 2,669 — 2,741 Due to Avis Budget Rental Car Funding (AESOP) LLC-related party — — — 6,480 — 6,480 Deferred income taxes — — 1,407 187 — 1,594 Other — — 2 374 — 376 — 15 1,466 9,710 — 11,191 Total stockholders’ equity 573 381 4,681 3,938 (9,000 ) 573 Total liabilities and stockholders’ equity $ 636 $ 6,128 $ 7,303 $ 15,531 $ (11,899 ) $ 17,699 |
Consolidating Condensed Statements Of Cash Flows | Nine Months Ended September 30, 2018 Parent Subsidiary Issuers Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Net cash provided by (used in) operating activities $ 139 $ 202 $ 88 $ 1,785 $ (119 ) $ 2,095 Investing activities Property and equipment additions — (45 ) (60 ) (52 ) — (157 ) Proceeds received on asset sales — 2 2 5 — 9 Net assets acquired (net of cash acquired) — (3 ) (5 ) (56 ) — (64 ) Other, net — (8 ) — (36 ) — (44 ) Net cash provided by (used in) investing activities exclusive of vehicle programs — (54 ) (63 ) (139 ) — (256 ) Vehicle programs: Investment in vehicles — — (4 ) (10,075 ) — (10,079 ) Proceeds received on disposition of vehicles — 33 — 6,719 — 6,752 Investment in debt securities of Avis Budget Rental Car Funding (AESOP) LLC—related party — — — (116 ) — (116 ) Proceeds from debt securities of Avis Budget Rental Car Funding (AESOP) LLC — related party — — — 22 — 22 — 33 (4 ) (3,450 ) — (3,421 ) Net cash provided by (used in) investing activities — (21 ) (67 ) (3,589 ) — (3,677 ) Financing activities Proceeds from long-term borrowings — 81 — — — 81 Payments on long-term borrowings — (97 ) (2 ) — — (99 ) Net change in short-term borrowings — — — (4 ) — (4 ) Debt financing fees — (9 ) — — — (9 ) Repurchases of common stock (143 ) — — — — (143 ) Other, net 3 (95 ) (12 ) (12 ) 119 3 Net cash provided by (used in) financing activities exclusive of vehicle programs (140 ) (120 ) (14 ) (16 ) 119 (171 ) Vehicle programs: Proceeds from borrowings — — — 13,371 — 13,371 Payments on borrowings — (2 ) (7 ) (11,718 ) — (11,727 ) Debt financing fees — — — (19 ) — (19 ) — (2 ) (7 ) 1,634 — 1,625 Net cash provided by (used in) financing activities (140 ) (122 ) (21 ) 1,618 119 1,454 Effect of changes in exchange rates on cash and cash equivalents, program and restricted cash — — — (5 ) — (5 ) Net increase (decrease) in cash and cash equivalents, program and restricted cash (1 ) 59 — (191 ) — (133 ) Cash and cash equivalents, program and restricted cash, beginning of period 4 14 — 883 — 901 Cash and cash equivalents, program and restricted cash, end of period $ 3 $ 73 $ — $ 692 $ — $ 768 Nine Months Ended September 30, 2017 Parent Subsidiary Issuers Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Net cash provided by (used in) operating activities $ 44 $ (45 ) $ 70 $ 2,007 $ (35 ) $ 2,041 Investing activities Property and equipment additions — (36 ) (56 ) (46 ) — (138 ) Proceeds received on asset sales — 1 — 5 — 6 Net assets acquired (net of cash acquired) — (1 ) (5 ) (11 ) — (17 ) Intercompany loan receipts (advances) — — — (264 ) 264 — Other, net 100 — — 6 (100 ) 6 Net cash provided by (used in) investing activities exclusive of vehicle programs 100 (36 ) (61 ) (310 ) 164 (143 ) Vehicle programs: Investment in vehicles — — — (9,672 ) — (9,672 ) Proceeds received on disposition of vehicles — 39 — 6,833 — 6,872 Investment in debt securities of Avis Budget Rental Car Funding (AESOP) LLC—related party — — — (33 ) — (33 ) — 39 — (2,872 ) — (2,833 ) Net cash provided by (used in) investing activities 100 3 (61 ) (3,182 ) 164 (2,976 ) Financing activities Proceeds from long-term borrowings — 325 — 264 — 589 Payments on long-term borrowings — (401 ) (2 ) (193 ) — (596 ) Net change in short-term borrowings — — — (3 ) — (3 ) Intercompany loan borrowings (payments) — 264 — — (264 ) — Repurchases of common stock (144 ) — — — — (144 ) Debt financing fees — (5 ) — (4 ) — (9 ) Other, net — (135 ) — — 135 — Net cash provided by (used in) financing activities exclusive of vehicle programs (144 ) 48 (2 ) 64 (129 ) (163 ) Vehicle programs: Proceeds from borrowings — — — 14,276 — 14,276 Payments on borrowings — (1 ) (7 ) (12,922 ) — (12,930 ) Debt financing fees — — — (8 ) — (8 ) — (1 ) (7 ) 1,346 — 1,338 Net cash provided by (used in) financing activities (144 ) 47 (9 ) 1,410 (129 ) 1,175 Effect of changes in exchange rates on cash and cash equivalents, program and restricted cash — — — 41 — 41 Net increase in cash and cash equivalents, program and restricted cash — 5 — 276 — 281 Cash and cash equivalents, program and restricted cash, beginning of period 3 12 — 705 — 720 Cash and cash equivalents, program and restricted cash, end of period $ 3 $ 17 $ — $ 981 $ — $ 1,001 |
Basis Of Presentation And Rec_3
Basis Of Presentation And Recently Issued Accounting Pronouncements (Narrative) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | |
Impact of ASU 2018-02 [Line Items] | ||||||
Cash and Cash Equivalents, at Carrying Value | $ 605 | $ 814 | $ 605 | $ 814 | $ 611 | |
Document Period End Date | Sep. 30, 2018 | |||||
Revenues | 2,778 | 2,752 | $ 7,074 | 6,829 | ||
Operating Costs and Expenses | (1,294) | (1,256) | (3,561) | (3,413) | ||
Costs and Expenses | (2,423) | (2,388) | (6,810) | (6,619) | ||
Income before income taxes | 355 | 364 | 264 | 210 | ||
Provision for income taxes | 142 | 119 | 112 | 69 | ||
Net Income (Loss) Attributable to Parent | 213 | 245 | 152 | 141 | ||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 207 | 279 | 104 | 251 | ||
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent | 1,065 | 1,065 | 931 | |||
Total assets exclusive of assets under vehicle programs | 6,139 | 6,139 | 5,820 | |||
Assets | 19,741 | 19,741 | 17,699 | |||
Accounts payable and other current liabilities | 1,885 | 1,885 | 1,619 | |||
Total current liabilities | 1,908 | 1,908 | 1,645 | |||
Other non-current liabilities | 767 | 767 | 717 | |||
Total Liabilities Exclusive Of Liabilities Under Vehicle Programs | 6,213 | 6,213 | 5,935 | |||
Retained Earnings (Accumulated Deficit) | (1,103) | (1,103) | (1,222) | |||
Total stockholders’ equity | 521 | 521 | 573 | |||
Program cash | 151 | 180 | 151 | 180 | 283 | |
Restricted Cash and Cash Equivalents | 12 | 7 | 12 | 7 | ||
Decrease Increase In Program Cash | 0 | |||||
Payments for (Proceeds from) Other Investing Activities | (44) | 6 | ||||
Net Cash Provided by (Used in) Investing Activities | (3,677) | (2,976) | ||||
Effect of changes in exchange rates on cash and cash equivalents, program and restricted cash | (5) | 41 | ||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | (133) | 281 | ||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 768 | 1,001 | 768 | 1,001 | 901 | $ 720 |
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | 6 | |||||
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||||
Impact of ASU 2018-02 [Line Items] | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | 12 | |||||
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | ||||||
Impact of ASU 2018-02 [Line Items] | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | 2 | |||||
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | ||||||
Impact of ASU 2018-02 [Line Items] | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | (1) | |||||
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||||||
Impact of ASU 2018-02 [Line Items] | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | (7) | |||||
Accounting Standards Update 2018-02 [Member] | ||||||
Impact of ASU 2018-02 [Line Items] | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | 4 | |||||
Accounting Standards Update 2018-02 [Member] | Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||||
Impact of ASU 2018-02 [Line Items] | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | (12) | |||||
Accounting Standards Update 2018-02 [Member] | Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | ||||||
Impact of ASU 2018-02 [Line Items] | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | 0 | |||||
Accounting Standards Update 2018-02 [Member] | Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | ||||||
Impact of ASU 2018-02 [Line Items] | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | 1 | |||||
Accounting Standards Update 2018-02 [Member] | Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||||||
Impact of ASU 2018-02 [Line Items] | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ 7 | |||||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | ||||||
Impact of ASU 2018-02 [Line Items] | ||||||
Revenues | 7,083 | |||||
Operating Costs and Expenses | (3,564) | |||||
Costs and Expenses | (6,813) | |||||
Income before income taxes | 270 | |||||
Provision for income taxes | 114 | |||||
Net Income (Loss) Attributable to Parent | 156 | |||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 108 | |||||
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent | 1,053 | 1,053 | ||||
Total assets exclusive of assets under vehicle programs | 6,127 | 6,127 | ||||
Assets | 19,729 | 19,729 | ||||
Accounts payable and other current liabilities | 1,879 | 1,879 | ||||
Total current liabilities | 1,902 | 1,902 | ||||
Other non-current liabilities | 717 | 717 | ||||
Total Liabilities Exclusive Of Liabilities Under Vehicle Programs | 6,163 | 6,163 | ||||
Retained Earnings (Accumulated Deficit) | (1,059) | (1,059) | ||||
Total stockholders’ equity | 565 | 565 | ||||
Restatement Adjustment [Member] | ||||||
Impact of ASU 2018-02 [Line Items] | ||||||
Revenues | (9) | |||||
Operating Costs and Expenses | (3) | |||||
Costs and Expenses | (3) | |||||
Income before income taxes | (6) | |||||
Provision for income taxes | (2) | |||||
Net Income (Loss) Attributable to Parent | (4) | |||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | (4) | |||||
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent | 12 | 12 | ||||
Total assets exclusive of assets under vehicle programs | 12 | 12 | ||||
Assets | 12 | 12 | ||||
Accounts payable and other current liabilities | 6 | 6 | ||||
Total current liabilities | 6 | 6 | ||||
Other non-current liabilities | 50 | 50 | ||||
Total Liabilities Exclusive Of Liabilities Under Vehicle Programs | 50 | 50 | ||||
Retained Earnings (Accumulated Deficit) | (44) | (44) | ||||
Total stockholders’ equity | $ (44) | $ (44) | ||||
Scenario, Previously Reported [Member] | ||||||
Impact of ASU 2018-02 [Line Items] | ||||||
Decrease Increase In Program Cash | 53 | |||||
Payments for (Proceeds from) Other Investing Activities | (5) | |||||
Net Cash Provided by (Used in) Investing Activities | (2,924) | |||||
Effect of changes in exchange rates on cash and cash equivalents, program and restricted cash | 32 | |||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | 324 | |||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 814 | 814 | 490 | |||
Restatement Adjustment [Member] | ||||||
Impact of ASU 2018-02 [Line Items] | ||||||
Decrease Increase In Program Cash | (53) | |||||
Payments for (Proceeds from) Other Investing Activities | (1) | |||||
Net Cash Provided by (Used in) Investing Activities | (52) | |||||
Effect of changes in exchange rates on cash and cash equivalents, program and restricted cash | 9 | |||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | (43) | |||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 187 | $ 187 | $ 230 |
Revenues (Details)
Revenues (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Revenues [Abstract] | ||||
Deferred Revenue Rollforward [Table Text Block] | The following table presents changes in the Company’s contract liabilities during the nine months ended September 30, 2018 . Balance at January 1, 2018 Revenue deferred Revenue recognized Balance at September 30, 2018 Prepaid rentals (a) $ 101 $ 1,406 $ 1,384 $ 123 Other deferred revenue (b) 93 167 167 93 Total deferred revenue $ 194 $ 1,573 $ 1,551 $ 216 ________ (a) At September 30, 2018, included in accounts payable and other current liabilities. (b) At September 30, 2018, $38 million included in accounts payable and other current liabilities and $55 million in other non-current liabilities. Non-current amounts are expected to be recognized as revenue within two to three years. | |||
Disaggregation of Revenue by Geography [Table Text Block] | The following table presents the Company’s revenues disaggregated by geography. Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 Americas $ 1,844 $ 4,782 Europe, Middle East and Africa 784 1,830 Asia and Australasia 150 462 Total revenues $ 2,778 $ 7,074 | |||
Disaggregation of Revenue by Brand [Table Text Block] | The following table presents the Company’s revenues disaggregated by brand. Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 Avis $ 1,599 $ 4,095 Budget 953 2,372 Other 226 607 Total revenues $ 2,778 $ 7,074 ________ Other includes Zipcar, Payless, Apex, Maggiore and FranceCars. | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | $ 2,778 | $ 2,752 | $ 7,074 | $ 6,829 |
Budget | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 953 | 2,372 | ||
Avis | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 1,599 | 4,095 | ||
Other | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 226 | 607 | ||
Americas | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 1,844 | $ 1,839 | 4,782 | $ 4,718 |
Europe, Middle East and Africa | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 784 | 1,830 | ||
Asia and Australasia | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | $ 150 | $ 462 |
Revenues Deferred Revenue (Deta
Revenues Deferred Revenue (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2018 | Dec. 31, 2017 | |
Deferred Revenue Rollforward [Line Items] | ||
Document Period End Date | Sep. 30, 2018 | |
Deferred Revenue | $ 216 | $ 194 |
Deferred Revenue, Additions | 1,573 | |
Deferred Revenue, Revenue Recognized | 1,551 | |
Prepaid Rentals [Member] | ||
Deferred Revenue Rollforward [Line Items] | ||
Deferred Revenue | 123 | 101 |
Deferred Revenue, Additions | 1,406 | |
Deferred Revenue, Revenue Recognized | 1,384 | |
Other Deferred Revenue [Member] | ||
Deferred Revenue Rollforward [Line Items] | ||
Deferred Revenue | 93 | $ 93 |
Deferred Revenue, Additions | 167 | |
Deferred Revenue, Revenue Recognized | 167 | |
Accounts Payable and Accrued Liabilities [Member] | Other Deferred Revenue [Member] | ||
Deferred Revenue Rollforward [Line Items] | ||
Deferred Revenue | 38 | |
Other Noncurrent Liabilities [Member] | Other Deferred Revenue [Member] | ||
Deferred Revenue Rollforward [Line Items] | ||
Deferred Revenue | $ 55 |
Restructuring (Narrative) (Deta
Restructuring (Narrative) (Detail) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($)Employee | Sep. 30, 2017USD ($) | Dec. 31, 2017USD ($) | |
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges | $ 4 | $ 7 | $ 14 | $ 52 | |
Restructuring Reserve | 3 | 3 | $ 4 | ||
Workforce Restructuring [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges | $ 9 | ||||
Restructuring and Related Cost, Expected Number of Positions Eliminated | Employee | 119 | ||||
Restructuring and Related Cost, Number of Positions Eliminated | Employee | 115 | ||||
Restructuring and Related Cost, Expected Cost | 5 | $ 5 | |||
Payments for Restructuring | 8 | ||||
T17 Restructuring [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges | $ 2 | ||||
Restructuring and Related Cost, Number of Positions Eliminated | Employee | 673 | ||||
Payments for Restructuring | $ 4 | ||||
2018 Truck Restructuring [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges | 2 | ||||
Payments for Restructuring | 2 | ||||
International [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Reserve | $ 2 | 2 | $ 3 | ||
International [Member] | Workforce Restructuring [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges | 7 | ||||
Payments for Restructuring | 6 | ||||
International [Member] | T17 Restructuring [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges | 0 | ||||
Payments for Restructuring | 2 | ||||
International [Member] | 2018 Truck Restructuring [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges | 0 | ||||
Payments for Restructuring | $ 0 |
Restructuring (Summary Of Chang
Restructuring (Summary Of Changes To Restructuring-Related Liabilities) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Restructuring Reserve [Roll Forward] | ||||
Balance as of January 1, 2016 | $ 4 | |||
Restructuring expense | $ (4) | $ (7) | (14) | $ (52) |
Balance as of September 30, 2018 | 3 | 3 | ||
International | ||||
Restructuring Reserve [Roll Forward] | ||||
Balance as of January 1, 2016 | 1 | |||
Balance as of September 30, 2018 | 1 | 1 | ||
International [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Balance as of January 1, 2016 | 3 | |||
Balance as of September 30, 2018 | 2 | 2 | ||
T17 Restructuring [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring expense | (2) | |||
Payment for Restructuring | (4) | |||
T17 Restructuring [Member] | International | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring expense | (2) | |||
Payment for Restructuring | (2) | |||
T17 Restructuring [Member] | International [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring expense | 0 | |||
Payment for Restructuring | (2) | |||
Workforce Restructuring [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring expense | (9) | |||
Payment for Restructuring | (8) | |||
Workforce Restructuring [Member] | International | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring expense | (2) | |||
Payment for Restructuring | (2) | |||
Workforce Restructuring [Member] | International [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring expense | (7) | |||
Payment for Restructuring | (6) | |||
2018 Truck Restructuring [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring expense | (2) | |||
Payment for Restructuring | (2) | |||
2018 Truck Restructuring [Member] | International | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring expense | (2) | |||
Payment for Restructuring | (2) | |||
2018 Truck Restructuring [Member] | International [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring expense | 0 | |||
Payment for Restructuring | 0 | |||
Personnel Related | ||||
Restructuring Reserve [Roll Forward] | ||||
Balance as of January 1, 2016 | 4 | |||
Balance as of September 30, 2018 | 2 | 2 | ||
Personnel Related | T17 Restructuring [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring expense | 0 | |||
Payment for Restructuring | (2) | |||
Personnel Related | Workforce Restructuring [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring expense | (8) | |||
Payment for Restructuring | (8) | |||
Personnel Related | 2018 Truck 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 September 30, 2018 | $ 1 | 1 | ||
Other Restructuring [Member] | T17 Restructuring [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring expense | (2) | |||
Payment for Restructuring | (2) | |||
Other Restructuring [Member] | Workforce Restructuring [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring expense | (1) | |||
Payment for Restructuring | 0 | |||
Other Restructuring [Member] | 2018 Truck Restructuring [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring expense | (2) | |||
Payment for Restructuring | $ (2) |
Restructuring Other Related Cha
Restructuring Other Related Charges (Details) $ in Millions | 9 Months Ended | |
Sep. 30, 2018Employee | Sep. 30, 2017USD ($) | |
Other Related Charges [Abstract] | ||
Other Nonrecurring Expense | $ 7 | |
Charges related to voluntary termination program, Expected Number of Positions Eliminated | Employee | 358 | |
Share-based Compensation Arrangement by Share-based Payment Award Accelerated Compensation Cost | 2 | |
Charges related to voluntary termination program | $ 14 |
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 | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Earnings Per Share [Abstract] | ||||
Net income | $ 213 | $ 245 | $ 152 | $ 141 |
Basic weighted average shares outstanding | 78.8 | 82.6 | 80.1 | 84.1 |
Weighted Average Number Diluted Shares Outstanding Adjustment | 0.7 | 1.4 | 0.9 | 1.4 |
Weighted Average Number of Shares Outstanding, Diluted | 79.5 | 84 | 81 | 85.5 |
Basic | $ 2.71 | $ 2.96 | $ 1.90 | $ 1.68 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Earnings Per Share, Diluted | $ 2.68 | $ 2.91 | $ 1.88 | $ 1.65 |
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 | 0.5 | 0.7 | 0.2 | 0.8 |
Earnings Per Share Earnings Per
Earnings Per Share Earnings Per Share (Details) - $ / shares shares in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Document Period End Date | Sep. 30, 2018 | |||
Basic weighted average shares outstanding | 78.8 | 82.6 | 80.1 | 84.1 |
Basic | $ 2.71 | $ 2.96 | $ 1.90 | $ 1.68 |
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 | 0.5 | 0.7 | 0.2 | 0.8 |
Acquisitions and Other Invest_2
Acquisitions and Other Investments (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Schedule of Equity Method Investments [Line Items] | ||||||
Goodwill | $ 1,064 | $ 1,064 | $ 1,073 | |||
Income (Loss) from Equity Method Investments | 0 | $ 0 | 0 | $ 0 | ||
2018 Avis and Budget Licensees [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Business Combination, Consideration Transferred | $ 31 | |||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 2 years | |||||
Morini S.p.A. [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Business Combination, Consideration Transferred | $ 40 | |||||
Business Combination, Contingent Consideration, Liability | 6 | 6 | ||||
Payments to Acquire Businesses, Gross | 32 | |||||
Goodwill | 21 | $ 21 | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 14 years | |||||
Greece [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Payments to Acquire Equity Method Investments | $ 18 | $ 19 | ||||
Equity Method Investment, Ownership Percentage | 40.00% | 20.00% | 40.00% | |||
Equity Method Investment, Commitment to Purchase Ownership Percentage | 20.00% | |||||
Income (Loss) from Equity Method Investments | $ 7 | |||||
Commitment to Purchase within next 12 months [Member] | Greece [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Equity Method Investment, Commitment to Purchase Ownership Percentage | 10.00% | |||||
Commitment to Purchase in year 2 [Member] | Greece [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Equity Method Investment, Commitment to Purchase Ownership Percentage | 10.00% | |||||
Licensing Agreements [Member] | 2018 Avis and Budget Licensees [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Finite-lived Intangible Assets Acquired | 36 | |||||
Licensing Agreements [Member] | Morini S.p.A. [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Finite-lived Intangible Assets Acquired | 19 | |||||
Customer Relationships [Member] | Morini S.p.A. [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Finite-lived Intangible Assets Acquired | 3 | |||||
Other Intangible Assets [Member] | Morini S.p.A. [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Finite-lived Intangible Assets Acquired | $ 3 |
Other Current Assets (Details)
Other Current Assets (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Other Current Assets Disclosure [Abstract] | ||
Sales and use taxes | $ 257 | $ 174 |
Prepaid expenses | 230 | 196 |
Other | 170 | 163 |
Other current assets | $ 657 | $ 533 |
Intangible Assets (Schedule Of
Intangible Assets (Schedule Of Intangible Assets) (Detail) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2018 | Dec. 31, 2017 | |
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Document Fiscal Year Focus | 2,018 | |
Amortized Intangible Assets, Gross Carrying Amount | $ 610 | $ 574 |
Amortized Intangible Assets, Accumulated Amortization | 316 | 277 |
Amortized Intangible Assets, Net Carrying Amount | 294 | 297 |
Unamortized Intangible Assets, Goodwill, Gross Carrying Amount | 1,064 | 1,073 |
License agreements (a) | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Amortized Intangible Assets, Gross Carrying Amount | 319 | 281 |
Amortized Intangible Assets, Accumulated Amortization | 160 | 140 |
Amortized Intangible Assets, Net Carrying Amount | 159 | 141 |
Customer relationships | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Amortized Intangible Assets, Gross Carrying Amount | 240 | 242 |
Amortized Intangible Assets, Accumulated Amortization | 136 | 119 |
Amortized Intangible Assets, Net Carrying Amount | 104 | 123 |
Other | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Amortized Intangible Assets, Gross Carrying Amount | 51 | 51 |
Amortized Intangible Assets, Accumulated Amortization | 20 | 18 |
Amortized Intangible Assets, Net Carrying Amount | 31 | 33 |
Goodwill (b) | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Unamortized Intangible Assets, Goodwill, Gross Carrying Amount | 1,064 | 1,073 |
Trademarks | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Unamortized Intangible Assets, Trademarks, Gross Carrying Amount | $ 550 | $ 553 |
Intangible Assets (Narrative) (
Intangible Assets (Narrative) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Accounts Payable, Other, Current | $ 269 | $ 231 | $ 269 | $ 231 |
Document Period End Date | Sep. 30, 2018 | |||
Amortization expense relating to all intangible assets | 15 | 17 | $ 48 | 48 |
Amortization expense for remainder of the year | 17 | $ 17 | ||
Document Fiscal Year Focus | 2,018 | |||
Intangible assets amortization expense, year one | 52 | $ 52 | ||
Intangible assets amortization expense, year two | 45 | 45 | ||
Intangible assets amortization expense, year three | 32 | 32 | ||
Intangible assets amortization expense, year four | 26 | 26 | ||
Intangible assets amortization expense, year five | 23 | 23 | ||
Other Receivables | $ 757 | $ 707 | $ 757 | $ 707 |
Vehicle Rental Activities (Comp
Vehicle Rental Activities (Components Of The Company's Vehicles) (Detail) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 |
Vehicle Rental Activities [Abstract] | |||
Rental vehicles | $ 13,418 | $ 11,652 | |
Less: Accumulated depreciation | (1,701) | (1,652) | |
Rental Vehicles Net, Total | 11,717 | 10,000 | |
Vehicles held for sale | 446 | 626 | |
Vehicles, net | 12,163 | $ 10,626 | |
Accounts Payable, Other, Current | 269 | $ 231 | |
Other Receivables | $ 757 | $ 707 |
Vehicle Rental Activities (Co_2
Vehicle Rental Activities (Components Of Vehicle Depreciation And Lease Charges) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Vehicle Rental Activities [Abstract] | ||||
Depreciation expense | $ 540 | $ 547 | $ 1,536 | $ 1,500 |
Lease charges | 72 | 67 | 192 | 164 |
(Gain) loss on sale of vehicles, net | (25) | 2 | (35) | 53 |
Vehicle depreciation and lease charges, net | $ 587 | $ 616 | $ 1,693 | $ 1,717 |
Income Taxes Income Taxes (Narr
Income Taxes Income Taxes (Narrative) (Details) | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Income Taxes [Abstract] | ||
Effective Income Tax Rate Reconciliation, Percent | 42.40% | 32.90% |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 35.00% |
Accounts Payable and Other Cu_3
Accounts Payable and Other Current Liabilities (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Accounts Payable and Other Current Liabilities [Abstract] | ||
Accounts payable | $ 396 | $ 359 |
Accrued sales and use taxes | 307 | 218 |
Accrued marketing and commissions, current | 223 | 190 |
Employee-related Liabilities, Current | 188 | 176 |
Deferred Revenue, Current | 161 | 135 |
Public liability and property damage insurance liabilities, current | 144 | 145 |
Accrued Insurance, Current | 117 | 103 |
Other | 349 | 293 |
Accounts payable and other current liabilities | $ 1,885 | $ 1,619 |
Long-Term Debt And Borrowing _3
Long-Term Debt And Borrowing Arrangements (Schedule Of Long-Term Debt) (Detail) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2018 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | ||
Document Fiscal Year Focus | 2,018 | |
Other | $ 40 | $ 49 |
Long-term Debt, Current Maturities | 23 | 26 |
Long-term debt | $ 3,538 | 3,573 |
Five and One over Eight Senior Notes [Member] | Long Term Borrowings [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument stated interest percentage | 5.125% | |
Five And One Over Two Senior Notes [Member] | Long Term Borrowings [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument stated interest percentage | 5.50% | |
Six And Three Over Eight Senior Notes [Member] | Long Term Borrowings [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument stated interest percentage | 6.375% | |
Four and One over Eight Euro-Denominated Senior Notes [Member] | Long Term Borrowings [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument stated interest percentage | 4.125% | |
Five And One Over Four Senior Notes [Member] | Long Term Borrowings [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument stated interest percentage | 5.25% | |
Four and One over Two Euro-Denominated Senior Notes [Member] | Long Term Borrowings [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument stated interest percentage | 4.50% | |
Senior Notes [Member] | Five and One over Eight Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 400 | 400 |
Debt Instrument, Maturity Date, Description | June 2,022 | |
Senior Notes [Member] | Five And One Over Two Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 675 | 675 |
Debt Instrument, Maturity Date, Description | April 2,023 | |
Senior Notes [Member] | Six And Three Over Eight Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 350 | 350 |
Debt Instrument, Maturity Date, Description | April 2,024 | |
Senior Notes [Member] | Four and One over Eight Euro-Denominated Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 348 | 360 |
Debt Instrument, Maturity Date, Description | November 2,024 | |
Senior Notes [Member] | Five And One Over Four Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 375 | 375 |
Debt Instrument, Maturity Date, Description | March 2,025 | |
Senior Notes [Member] | Four and One over Two Euro-Denominated Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 290 | 300 |
Debt Instrument, Maturity Date, Description | May 2,025 | |
Loans Payable [Member] | Floating Rate Term Loan Due March Two Thousand Twenty Two [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 0 | 1,136 |
Debt Instrument, Maturity Date, Description | March 2,022 | |
Loans Payable [Member] | Floating Rate Term Loan Due February Two Thousand Twenty Five [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 3.67% | |
Long-term debt | $ 1,126 | 0 |
Debt Instrument, Maturity Date, Description | February 2,025 | |
Debt Instrument, Description of Variable Rate Basis | 200 basis points | |
Percentage Of Margin Aggregate Interest Rate | 4.25% | |
Senior Notes and Loans Payable [Member] | ||
Debt Instrument [Line Items] | ||
Deferred Finance Costs, Net | $ (43) | (46) |
Long-term Debt | $ 3,561 | $ 3,599 |
Long-Term Debt And Borrowing _4
Long-Term Debt And Borrowing Arrangements (Schedule Of Long-Term Debt) (Detail Section) | 9 Months Ended |
Sep. 30, 2018USD ($) | |
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 February Two Thousand Twenty Five [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Description of Variable Rate Basis | 200 basis points |
Percentage Of Margin Aggregate Interest Rate | 4.25% |
Debt Instrument, Basis Spread on Variable Rate | 3.67% |
Derivative, Amount of Hedged Item | $ 700,000,000 |
Bank Overdraft [Member] | |
Debt Instrument [Line Items] | |
Line of Credit Facility, Interest Rate During Period | 3.25% |
Long-Term Debt And Borrowing _5
Long-Term Debt And Borrowing Arrangements (Narrative) (Detail) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2018 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | ||
Document Period End Date | Sep. 30, 2018 | |
Other Long-term Debt | $ 40 | $ 49 |
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 | 6.60% | |
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 | $ 290 | 300 |
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 |
Five and One over Eight Senior Notes [Member] | Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date, Description | June 2,022 | |
Long-term Debt, Gross | $ 400 | 400 |
Five And One Over Two Senior Notes [Member] | Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date, Description | April 2,023 | |
Long-term Debt, Gross | $ 675 | 675 |
Floating Rate Term Loan Due March Two Thousand Twenty Two [Member] | Loans Payable [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date, Description | March 2,022 | |
Long-term Debt, Gross | $ 0 | 1,136 |
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 | $ 348 | $ 360 |
Long-Term Debt And Borrowing _6
Long-Term Debt And Borrowing Arrangements (Schedule Of Committed Credit Facilities) (Detail) $ in Millions | Sep. 30, 2018USD ($) |
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 | 1,084 |
Available Capacity | 716 |
Other Facilities [Member] | |
Line of Credit Facility [Line Items] | |
Total Capacity | 1 |
Outstanding Borrowings | 1 |
Letters of Credit Issued | 0 |
Available Capacity | $ 0 |
Long-Term Debt And Borrowing _7
Long-Term Debt And Borrowing Arrangements (Schedule Of Committed Credit Facilities) (Detail Section) $ in Millions | 9 Months Ended |
Sep. 30, 2018USD ($) | |
Line of Credit Facility [Line Items] | |
Amounts drawn under uncommitted credit facilities | $ 1 |
Bank Overdraft [Member] | |
Line of Credit Facility [Line Items] | |
Line of Credit Facility, Interest Rate During Period | 3.25% |
Minimum [Member] | Uncommitted Credit Facility [Member] | |
Line of Credit Facility [Line Items] | |
Line of Credit Facility, Interest Rate During Period | 0.74% |
Maximum [Member] | Uncommitted Credit Facility [Member] | |
Line of Credit Facility [Line Items] | |
Line of Credit Facility, Interest Rate During Period | 6.60% |
Debt Under Vehicle Programs A_3
Debt Under Vehicle Programs And Borrowing Arrangements (Schedule Of Debt Under Vehicle Programs) (Detail) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2018 | Dec. 31, 2017 | |
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | ||
Document Period End Date | Sep. 30, 2018 | |
Debt under vehicle programs | $ 10,922 | $ 9,221 |
Newly Issued European Credit Facility | 150 | |
Debt Due To Avis Budget Rental Car Funding (Member) | ||
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | ||
Asset-Backed Securities, at Carrying Value | $ 400 | |
Debt Instrument, Maturity Date | Sep. 1, 2023 | |
Leasing Vehicles And Related Assets Pledged As Collateralized Debt | $ 8,700 | |
Debt under vehicle programs | 7,154 | 6,516 |
Deferred Finance Costs, Net | $ (33) | (36) |
Debt, Weighted Average Interest Rate | 4.00% | |
Americas Debt Borrowings [Member] | ||
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | ||
Leasing Vehicles And Related Assets Pledged As Collateralized Debt | $ 1,200 | |
Debt under vehicle programs | 855 | 660 |
International Debt Borrowings [Domain] | ||
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | ||
Leasing Vehicles And Related Assets Pledged As Collateralized Debt | 3,000 | |
Debt under vehicle programs | 2,753 | 1,942 |
International Capital Leases [Domain] | ||
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | ||
Leasing Vehicles And Related Assets Pledged As Collateralized Debt | 200 | |
Debt under vehicle programs | 201 | 146 |
Other (Member) | ||
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | ||
Debt under vehicle programs | 7 | 1 |
Debt Under Vehicle Programs [Member] | ||
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | ||
Deferred Finance Costs, Net | $ (48) | $ (44) |
Debt Under Vehicle Programs A_4
Debt Under Vehicle Programs And Borrowing Arrangements (Schedule Of Contractual Maturities) (Detail) $ in Millions | Sep. 30, 2018USD ($) |
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | |
Vehicle Program Debt Amount Outstanding | $ 10,970 |
Vehicle backed debt [Member] | |
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | |
Within 1 year | 1,590 |
Between 1 and 2 years | 2,759 |
Between 2 and 3 years | 4,487 |
Between 3 and 4 years | 823 |
Between 4 and 5 years | 1,067 |
Thereafter | 244 |
Vehicle Program Debt Amount Outstanding | $ 10,970 |
Debt Under Vehicle Programs A_5
Debt Under Vehicle Programs And Borrowing Arrangements (Schedule Of Available Funding Under The Vehicle Programs) (Detail) $ in Millions | Sep. 30, 2018USD ($) |
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | |
Total Capacity (a) | $ 12,909 |
Outstanding Borrowings (b) | 10,970 |
Available Capacity | 1,939 |
Debt Due To Avis Budget Rental Car Funding (Member) | |
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | |
Total Capacity (a) | 8,629 |
Outstanding Borrowings (b) | 7,154 |
Available Capacity | 1,475 |
Leasing Vehicles And Related Assets Pledged As Collateralized Debt | 8,700 |
Americas Debt Borrowings [Member] | |
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | |
Total Capacity (a) | 978 |
Outstanding Borrowings (b) | 855 |
Available Capacity | 123 |
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) | 3,072 |
Outstanding Borrowings (b) | 2,753 |
Available Capacity | 319 |
Leasing Vehicles And Related Assets Pledged As Collateralized Debt | 3,000 |
International Capital Leases [Domain] | |
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | |
Total Capacity (a) | 223 |
Outstanding Borrowings (b) | 201 |
Available Capacity | 22 |
Leasing Vehicles And Related Assets Pledged As Collateralized Debt | 200 |
Other (Member) | |
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | |
Total Capacity (a) | 7 |
Outstanding Borrowings (b) | 7 |
Available Capacity | $ 0 |
Debt Under Vehicle Programs a_6
Debt Under Vehicle Programs and Borrowing Arrangements Debt Under Vehicle Programs and Borrowing Arrangements (Details) $ in Millions | Sep. 30, 2018USD ($) |
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | |
Vehicle Program Debt Total Capacity | $ 12,909 |
European Rental Fleet Securitization [Member] | |
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | |
Vehicle Program Debt Total Capacity | 1,800 |
Debt Due To Avis Budget Rental Car Funding (Member) | |
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | |
Vehicle Program Debt Total Capacity | 8,629 |
Asset-Backed Securities, at Carrying Value | $ 400 |
Debt, Weighted Average Interest Rate | 4.00% |
Commitments And Contingencies (
Commitments And Contingencies (Narrative) (Detail) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Schedule Of Commitments And Contingencies [Line Items] | ||
Loss Contingency Accrual | $ 12 | |
Loss Contingency, Range of Possible Loss, Portion Not Accrued | $ 50 | |
Document Period End Date | Sep. 30, 2018 | |
Purchase obligation over the next twelve months | $ 5,000 | |
Other Receivables | 757 | $ 707 |
Realogy [Member] | ||
Schedule Of Commitments And Contingencies [Line Items] | ||
Other Receivables | 23 | |
Wyndham [Member] | ||
Schedule Of Commitments And Contingencies [Line Items] | ||
Other Receivables | $ 14 |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Detail) - USD ($) shares in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Stockholders Equity [Line Items] | ||||
Currency translation adjustments (net of tax of $(1), $9, $(6) and $29, respectively) | $ (8,000,000) | $ 32,000,000 | $ (61,000,000) | $ 105,000,000 |
Proceeds from Issuance of Preferred Stock, Preference Stock, and Warrants | $ 100 | |||
Document Period End Date | Sep. 30, 2018 | |||
Document Fiscal Year Focus | 2,018 | |||
Other Comprehensive Income Unrealized Gain Loss On Cash Flow Hedges Arising During Period Net Of Tax | $ 9,000,000 | (2,000,000) | ||
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 | 8,000,000 | $ 0 | ||
Stock Repurchase Program, Authorized Amount | 1,700,000,000 | $ 1,700,000,000 | ||
Stock Repurchased During Period, Shares | 3.5 | 4.2 | ||
Stock Repurchased During Period, Value | $ 129,000,000 | $ 127,000,000 | ||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | 222,000,000 | 222,000,000 | ||
Selling, General and Administrative Expenses [Member] | ||||
Stockholders Equity [Line Items] | ||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | 6,000,000 | |||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, before Tax | 2,000,000 | 2,000,000 | 6,000,000 | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, after Tax | $ 2,000,000 | $ 1,000,000 | $ 4,000,000 | $ 4,000,000 |
Stockholders' Equity (Accumulat
Stockholders' Equity (Accumulated Other Comprehensive Income) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Stockholders Equity [Line Items] | |||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ (6) | ||||
Document Period End Date | Sep. 30, 2018 | ||||
Currency Translation Adjustments, Balance | $ 71 | $ (39) | |||
Net Unrealized Gains (Losses) on Cash Flow Hedges, Balance | $ 14 | $ 2 | 14 | 2 | |
Net Unrealized Gains on Available- For-Sale Securities, Balance | 2 | 1 | |||
Currency Translation Adjustments, Balance | (102) | (118) | |||
Accumulated Other Comprehensive Income, Balance | (24) | (154) | |||
Currency Translation Adjustments, Current period change | (8) | 32 | (61) | 105 | |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | 0 | 1 | 8 | 0 | |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | (2) | (1) | (5) | (4) | |
Other comprehensive income (loss) | (6) | 34 | (48) | 110 | |
Currency Translation Adjustments, Balance | 17 | 66 | 17 | 66 | |
Net Unrealized Gains (Losses) on Cash Flow Hedges, Balance | 5 | 2 | |||
Net Unrealized Gains on Available- For-Sale Securities, Balance | 0 | 2 | 0 | 2 | |
Currency Translation Adjustments, Balance | (109) | (114) | (109) | (114) | |
Accumulated Other Comprehensive Income, Balance | (78) | (44) | (78) | (44) | |
Derivatives used in Net Investment Hedge, Net of Tax | 56 | 56 | |||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent | (61) | 105 | |||
Other Comprehensive Income Unrealized Gain Loss On Cash Flow Hedges Arising During Period Net Of Tax | 9 | (2) | |||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | 8 | 0 | |||
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | 0 | 0 | 0 | 1 | |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net (Gain) Loss, Net of Tax | 4 | 4 | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (51) | 104 | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 3 | 6 | |||
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 | 0 | 1 | |||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, after Tax | 1 | 0 | |||
Corporate Interest Expense [Member] | |||||
Stockholders Equity [Line Items] | |||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | 2 | 1 | 2 | 3 | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | (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 | 6 | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, after Tax | $ 2 | $ 1 | 4 | 4 | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | $ 6 | ||||
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | |||||
Stockholders Equity [Line Items] | |||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | 7 | ||||
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | |||||
Stockholders Equity [Line Items] | |||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | 1 | ||||
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | |||||
Stockholders Equity [Line Items] | |||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | (2) | ||||
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | |||||
Stockholders Equity [Line Items] | |||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ (12) | ||||
Including Beginning Balance Adjustment due to Cumulative Effect of Accounting Change [Member] | |||||
Stockholders Equity [Line Items] | |||||
Currency Translation Adjustments, Balance | 78 | ||||
Net Unrealized Gains on Available- For-Sale Securities, Balance | 0 | ||||
Currency Translation Adjustments, Balance | (114) | ||||
Accumulated Other Comprehensive Income, Balance | (30) | ||||
Net Unrealized Gains (Losses) on Cash Flow Hedges, Balance | $ 6 |
Stockholders' Equity (Component
Stockholders' Equity (Components Of Other Comprehensive Income) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Equity [Abstract] | ||||
Net income | $ 213 | $ 245 | $ 152 | $ 141 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Document Fiscal Year Focus | 2,018 | |||
Currency translation adjustments (net of tax of $(1), $9, $(6) and $29, respectively) | (8) | 32 | $ (61) | 105 |
Net unrealized gain (loss) on available-for-sale securities (net of tax of $0, $(1), $0, $(1), respectively) | 0 | 0 | 0 | 1 |
Net unrealized gain (loss) on cash flow hedges (net of tax of $0, $(1), $(3) and $0, respectively) | 0 | 1 | 8 | 0 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | 2 | 1 | 5 | 4 |
Other comprehensive income (loss) | (6) | 34 | (48) | 110 |
Total comprehensive income (loss) | 207 | 279 | $ 104 | 251 |
Document Period End Date | Sep. 30, 2018 | |||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | $ (1) | 2 | ||
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax | (1) | 9 | (6) | 29 |
Other Comprehensive Income (Loss), Available-for-sale Securities, Tax | 0 | (1) | 0 | (1) |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | 0 | (1) | (3) | 0 |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, Tax | 0 | (1) | (1) | (2) |
Corporate Interest Expense [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | 2 | 1 | 2 | 3 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | 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 | 6 | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, after Tax | $ 2 | $ 1 | $ 4 | 4 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | $ 6 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 7 | $ 1 | $ 18 | $ 6 |
Stock-based compensation expense (net of tax) | $ 5 | $ 1 | $ 14 | $ 4 |
Document Period End Date | Sep. 30, 2018 | |||
Document Fiscal Year Focus | 2,018 |
Stock-Based Compensation (Stock
Stock-Based Compensation (Stock Based Compensation Activity) (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Document Fiscal Year Focus | 2,018 | ||
Document Period End Date | Sep. 30, 2018 | ||
Number of Options, Balance | 79 | 273 | |
Options outstanding, intrinsic value | $ 2 | $ 10 | |
Stock Issued During Period, Value, Restricted Stock Award, Gross | 20 | $ 23 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 35 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 3 months | 1 year 8 months | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Expected to Vest, Weighted Average Remaining Contractual Term | 1 year 4 months | ||
Performance-Based and Market-Based RSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | 1 year 3 months | ||
Weighted Average Grant Price, Balance | $ 33.06 | ||
Weighted Average Grant Price, Granted at fair market value | 48.52 | $ 35.21 | |
Weighted Average Grant Price, Vested/exercised | 0 | ||
Weighted Average Grant Price, Canceled | 50.06 | ||
Weighted Average Grant Price, Balance | $ 35.17 | $ 33.06 | |
Number of RSUs, Balance | 994 | ||
Number of RSUs, Granted at fair market value | 353 | ||
Number of RSUs, Vested/exercised | 0 | ||
Number of RSUs, Canceled | (176) | ||
Number of RSUs, Balance | 1,171 | 994 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding | $ 38 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Expected to Vest, Number of Shares Outstanding | 267 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Expected to Vest, Weighted Average Grant Date Fair Value | $ 44.25 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Expected to Vest, Weighted Average Remaining Contractual Term | 2 years 1 month | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Expected to Vest | $ 9 | ||
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted Average Grant Price, Balance | $ 34.54 | ||
Weighted Average Grant Price, Granted at fair market value | 48.41 | $ 35.32 | |
Weighted Average Grant Price, Vested/exercised | 36.01 | ||
Weighted Average Grant Price, Canceled | $ 35.97 | ||
Weighted Average Grant Price, Balance | $ 34.54 | ||
Number of RSUs, Balance | 1,160 | ||
Number of RSUs, Granted at fair market value | 321 | ||
Number of RSUs, Vested/exercised | (559) | ||
Number of RSUs, Canceled | (75) | ||
Number of RSUs, Balance | 1,160 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Expected to Vest, Number of Shares Outstanding | 847 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Expected to Vest, Weighted Average Grant Date Fair Value | $ 38.70 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Expected to Vest, Weighted Average Remaining Contractual Term | 1 year | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Expected to Vest | $ 27 |
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 | 9 Months Ended | 12 Months Ended |
Sep. 30, 2018 | Dec. 31, 2017 | |
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 | 79 | 273 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 0.79 | $ 7.08 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price | $ 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 8 | |
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 | (194) | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 9.64 | |
Options outstanding, intrinsic value | $ 2 | $ 10 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 3 months | 1 year 8 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 | Sep. 30, 2018 | Dec. 31, 2017 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Current Maturities | $ 23 | $ 26 |
Long-term Debt, Excluding Current Maturities | 3,538 | 3,573 |
Debt due to Avis Budget Rental Car Funding (AESOP) LLC—related party | 7,122 | 6,480 |
Reported Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Current Maturities | 23 | 26 |
Long-term Debt, Excluding Current Maturities | 3,538 | 3,573 |
Debt due to Avis Budget Rental Car Funding (AESOP) LLC—related party | 7,122 | 6,480 |
Vehicle Backed Debt | 3,793 | 2,740 |
Debt Under Vehicle Programs Interest Rate Swaps And Interest Rate Contracts | 7 | 1 |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Current Maturities | 23 | 26 |
Long-term Debt, Excluding Current Maturities | 3,590 | 3,677 |
Debt due to Avis Budget Rental Car Funding (AESOP) LLC—related party | 7,110 | 6,537 |
Vehicle Backed Debt | 3,804 | 2,745 |
Debt Under Vehicle Programs Interest Rate Swaps And Interest Rate Contracts | $ 7 | $ 1 |
Financial Instruments (Narrativ
Financial Instruments (Narrative) (Detail) gal in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018USD ($)gal | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($)gal | Sep. 30, 2017USD ($) | |
Schedule of Cost-method Investments [Line Items] | ||||
Document Period End Date | Sep. 30, 2018 | |||
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | $ 7 | $ 7 | ||
Derivative Instruments, Gain (Loss) Recognized in Income, Net | 6 | $ (23) | 46 | $ (90) |
Interest Rate Caps [Member] | ||||
Schedule of Cost-method Investments [Line Items] | ||||
Absolute notional values of derivative instruments | 8,482 | 8,482 | ||
Interest Rate Caps [Member] | Subsidiaries [Member] | ||||
Schedule of Cost-method Investments [Line Items] | ||||
Absolute notional values of derivative instruments | 3,000 | 3,000 | ||
Interest Rate Swaps [Member] | ||||
Schedule of Cost-method Investments [Line Items] | ||||
Absolute notional values of derivative instruments | 1,500 | 1,500 | ||
Currency Swap [Member] | ||||
Schedule of Cost-method Investments [Line Items] | ||||
Absolute notional values of derivative instruments | $ 1,103 | $ 1,103 | ||
Commodity Contracts [Member] | ||||
Schedule of Cost-method Investments [Line Items] | ||||
Units Of Gasoline | gal | 4 | 4 | ||
Purchase [Member] | ||||
Schedule of Cost-method Investments [Line Items] | ||||
Absolute notional values of derivative instruments | $ 2,700 | $ 2,700 | ||
Sold [Member] | ||||
Schedule of Cost-method Investments [Line Items] | ||||
Absolute notional values of derivative instruments | 5,700 | 5,700 | ||
Not Designated As Hedging Instruments [Member] | Commodity Contracts [Member] | ||||
Schedule of Cost-method Investments [Line Items] | ||||
Derivative Instruments, Gain (Loss) Recognized in Income, Net | $ 0 | $ 1 | $ 1 | $ (1) |
Financial Instruments (Fair Val
Financial Instruments (Fair Values Of Derivatives Instruments) (Detail) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Schedule of Cost-method Investments [Line Items] | ||
Fair Value, Asset Derivatives | $ 26 | $ 11 |
Fair Value, Liability Derivatives | 14 | 8 |
Designated As Hedging Instruments [Member] | Interest Rate Swaps [Member] | ||
Schedule of Cost-method Investments [Line Items] | ||
Fair Value, Asset Derivatives | 20 | 8 |
Fair Value, Liability Derivatives | 0 | 0 |
Not Designated As Hedging Instruments [Member] | Foreign Exchange Contract [Member] | ||
Schedule of Cost-method Investments [Line Items] | ||
Fair Value, Asset Derivatives | 5 | 3 |
Fair Value, Liability Derivatives | 7 | 7 |
Not Designated As Hedging Instruments [Member] | Interest Rate Contracts [Member] | ||
Schedule of Cost-method Investments [Line Items] | ||
Fair Value, Asset Derivatives | 1 | 0 |
Fair Value, Liability Derivatives | $ 7 | $ 1 |
Financial Instruments (Schedu_2
Financial Instruments (Schedule Of Effect Of Derivatives Recognized) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Schedule of Cost-method Investments [Line Items] | |||||
Document Period End Date | Sep. 30, 2018 | ||||
Interest Expense | $ 44 | $ 45 | $ 139 | $ 142 | |
Document Fiscal Year Focus | 2,018 | ||||
Long-term Debt, Current Maturities | 23 | $ 23 | $ 26 | ||
Derivatives not designated as hedging instruments | 6 | (23) | 46 | (90) | |
Debt due to Avis Budget Rental Car Funding (AESOP) LLC—related party | 7,122 | 7,122 | $ 6,480 | ||
Interest Rate Swaps [Member] | |||||
Schedule of Cost-method Investments [Line Items] | |||||
Derivative, Notional Amount | 1,500 | 1,500 | |||
Designated As Hedging Instruments [Member] | Interest Rate Swaps [Member] | |||||
Schedule of Cost-method Investments [Line Items] | |||||
Interest rate swaps | 0 | 1 | 8 | 0 | |
Designated As Hedging Instruments [Member] | Foreign Exchange Contracts [Member] | |||||
Schedule of Cost-method Investments [Line Items] | |||||
Interest rate swaps | 3 | (13) | 16 | (44) | |
Not Designated As Hedging Instruments [Member] | |||||
Schedule of Cost-method Investments [Line Items] | |||||
Interest Income, Other | 5 | 12 | |||
Interest Expense | 7 | 25 | |||
Interest Expense Domestic Deposit Liabilities | 1 | (4) | 13 | (19) | |
Not Designated As Hedging Instruments [Member] | Foreign Exchange Contracts [Member] | |||||
Schedule of Cost-method Investments [Line Items] | |||||
Derivatives not designated as hedging instruments | 6 | (11) | 25 | (44) | |
Not Designated As Hedging Instruments [Member] | Commodity Contracts [Member] | |||||
Schedule of Cost-method Investments [Line Items] | |||||
Derivatives not designated as hedging instruments | 0 | 1 | 1 | (1) | |
Not Designated As Hedging Instruments [Member] | Interest Rate Contracts [Member] | |||||
Schedule of Cost-method Investments [Line Items] | |||||
Derivatives not designated as hedging instruments | $ (3) | $ (1) | $ (4) | $ (1) |
Segment Information (Summary Of
Segment Information (Summary Of Segments Information) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||||
Assets Under Vehicle Programs | $ 13,602 | $ 13,602 | $ 11,879 | ||
Document Fiscal Year Focus | 2,018 | ||||
Revenues | 2,778 | $ 2,752 | $ 7,074 | $ 6,829 | |
Adjusted EBITDA | 476 | 482 | 639 | 595 | |
Non-vehicle related depreciation and amortization | 62 | 66 | 190 | 194 | |
Interest expense | 44 | 45 | 139 | 142 | |
Early extinguishment of debt | 0 | 0 | (5) | (3) | |
Non-operational charges related to shareholder activist activity | 9 | 0 | |||
Restructuring Charges | 4 | 7 | 14 | 52 | |
Transaction-related costs, net | 11 | 0 | 18 | 8 | |
Charges for legal matter | 0 | (14) | |||
Income before income taxes | 355 | 364 | 264 | 210 | |
Americas | |||||
Segment Reporting Information [Line Items] | |||||
Assets Under Vehicle Programs | 9,900 | 9,900 | 9,000 | ||
Adjusted EBITDA | 313 | 303 | 435 | 379 | |
International [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Assets Under Vehicle Programs | 3,700 | 3,700 | $ 2,900 | ||
Revenues | 934 | 913 | 2,292 | 2,111 | |
Adjusted EBITDA | 178 | 194 | 252 | 260 | |
Corporate and Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 0 | 0 | 0 | 0 | |
Adjusted EBITDA | (15) | (15) | (48) | (44) | |
Americas | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | $ 1,844 | $ 1,839 | $ 4,782 | $ 4,718 |
Segment Information (Narrative)
Segment Information (Narrative) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||||
Document Period End Date | Sep. 30, 2018 | ||||
Revenues | $ 2,778 | $ 2,752 | $ 7,074 | $ 6,829 | |
Adjusted EBITDA | 476 | 482 | 639 | 595 | |
Non Vehicle Related Depreciation And Amortization | 62 | 66 | 190 | 194 | |
Restructuring and other related charges | 4 | 7 | 14 | 52 | |
Income before income taxes | 355 | 364 | 264 | 210 | |
Assets Under Vehicle Programs | 13,602 | 13,602 | $ 11,879 | ||
Total assets exclusive of assets under vehicle programs | 6,139 | 6,139 | 5,820 | ||
Americas | |||||
Segment Reporting Information [Line Items] | |||||
Adjusted EBITDA | 313 | 303 | 435 | 379 | |
Assets Under Vehicle Programs | 9,900 | 9,900 | 9,000 | ||
International [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Adjusted EBITDA | 178 | 194 | 252 | 260 | |
Assets Under Vehicle Programs | 3,700 | 3,700 | $ 2,900 | ||
Corporate and Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Adjusted EBITDA | $ (15) | $ (15) | $ (48) | $ (44) |
Guarantor And Non-Guarantor C_3
Guarantor And Non-Guarantor Consolidating Condensed Financial Statements (Consolidating Condensed Statements Of Comprehensive Income) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Revenues | ||||
Revenues | $ 2,778 | $ 2,752 | $ 7,074 | $ 6,829 |
Expenses | ||||
Operating | 1,294 | 1,256 | 3,561 | 3,413 |
Vehicle depreciation and lease charges, net | 587 | 616 | 1,693 | 1,717 |
Selling, general and administrative | 336 | 320 | 953 | 875 |
Vehicle interest, net | 85 | 78 | 237 | 215 |
Non-vehicle related depreciation and amortization | 62 | 66 | 190 | 194 |
Interest expense | 44 | 45 | 139 | 142 |
Intercompany interest expense (income) | 0 | 0 | 0 | 0 |
Early extinguishment of debt | 0 | 0 | 5 | 3 |
Restructuring and other related charges | 4 | 7 | 14 | 52 |
Transaction-related costs, net | 11 | 0 | 18 | 8 |
Total expenses | 2,423 | 2,388 | 6,810 | 6,619 |
Income before income taxes | 355 | 364 | 264 | 210 |
Provision for (benefit from) income taxes | (142) | (119) | (112) | (69) |
Equity in earnings (loss) of subsidiaries | 0 | 0 | 0 | 0 |
Net income (loss) | 213 | 245 | 152 | 141 |
Comprehensive income (loss) | (207) | (279) | (104) | (251) |
Eliminations [Member] | ||||
Revenues | ||||
Revenues | (560) | (611) | (1,792) | (1,859) |
Expenses | ||||
Operating | 0 | 0 | 0 | 0 |
Vehicle depreciation and lease charges, net | (504) | (557) | (1,625) | (1,701) |
Selling, general and administrative | 0 | 0 | 0 | 0 |
Vehicle interest, net | (56) | (54) | (167) | (158) |
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 | ||
Restructuring and other related charges | 0 | 0 | 0 | 0 |
Transaction-related costs, net | 0 | 0 | 0 | |
Total expenses | (560) | (611) | (1,792) | (1,859) |
Income before income taxes | 0 | 0 | 0 | 0 |
Provision for (benefit from) income taxes | 0 | 0 | 0 | 0 |
Equity in earnings (loss) of subsidiaries | (812) | (895) | (1,179) | (1,244) |
Net income (loss) | (812) | (895) | (1,179) | (1,244) |
Comprehensive income (loss) | 794 | 993 | 1,016 | 1,571 |
Parent Company [Member] | ||||
Revenues | ||||
Revenues | 0 | 0 | 0 | 0 |
Expenses | ||||
Operating | 0 | 0 | 2 | 2 |
Vehicle depreciation and lease charges, net | 0 | 0 | 0 | 0 |
Selling, general and administrative | 10 | 9 | 38 | 29 |
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) | (9) | (9) |
Early extinguishment of debt | 0 | 0 | ||
Restructuring and other related charges | 0 | 0 | 0 | 0 |
Transaction-related costs, net | 0 | 0 | 0 | |
Total expenses | 7 | 6 | 31 | 22 |
Income before income taxes | (7) | (6) | (31) | (22) |
Provision for (benefit from) income taxes | 2 | 6 | 13 | 10 |
Equity in earnings (loss) of subsidiaries | 218 | 245 | 170 | 153 |
Net income (loss) | 213 | 245 | 152 | 141 |
Comprehensive income (loss) | (207) | (279) | (104) | (251) |
Subsidiaries [Member] | ||||
Revenues | ||||
Revenues | 0 | 0 | 0 | 0 |
Expenses | ||||
Operating | 3 | 5 | 4 | 18 |
Vehicle depreciation and lease charges, net | 0 | 0 | 0 | 0 |
Selling, general and administrative | 3 | 2 | 9 | 6 |
Vehicle interest, net | 0 | 0 | 0 | 0 |
Non-vehicle related depreciation and amortization | 0 | 0 | 1 | 1 |
Interest expense | 37 | 38 | 115 | 118 |
Intercompany interest expense (income) | 1 | 25 | (8) | 80 |
Early extinguishment of debt | 5 | 4 | ||
Restructuring and other related charges | 0 | 5 | 0 | 7 |
Transaction-related costs, net | 0 | 1 | 0 | |
Total expenses | 44 | 75 | 127 | 234 |
Income before income taxes | (44) | (75) | (127) | (234) |
Provision for (benefit from) income taxes | 12 | 30 | 34 | 92 |
Equity in earnings (loss) of subsidiaries | 250 | 290 | 263 | 295 |
Net income (loss) | 218 | 245 | 170 | 153 |
Comprehensive income (loss) | (212) | (278) | (122) | (262) |
Guarantor Subsidiaries [Member] | ||||
Revenues | ||||
Revenues | 1,592 | 1,569 | 4,171 | 4,093 |
Expenses | ||||
Operating | 737 | 710 | 2,035 | 1,994 |
Vehicle depreciation and lease charges, net | 540 | 568 | 1,681 | 1,728 |
Selling, general and administrative | 182 | 174 | 513 | 485 |
Vehicle interest, net | 59 | 53 | 172 | 150 |
Non-vehicle related depreciation and amortization | 36 | 41 | 108 | 121 |
Interest expense | 0 | 2 | 2 | 3 |
Intercompany interest expense (income) | 9 | 6 | 20 | 17 |
Early extinguishment of debt | 0 | 0 | ||
Restructuring and other related charges | 2 | (2) | 6 | 37 |
Transaction-related costs, net | 2 | 3 | 0 | |
Total expenses | 1,567 | 1,552 | 4,540 | 4,535 |
Income before income taxes | 25 | 17 | (369) | (442) |
Provision for (benefit from) income taxes | (119) | (87) | (114) | (59) |
Equity in earnings (loss) of subsidiaries | 344 | 360 | 746 | 796 |
Net income (loss) | 250 | 290 | 263 | 295 |
Comprehensive income (loss) | (244) | (323) | (207) | (405) |
Non-Guarantor Subsidiaries [Member] | ||||
Revenues | ||||
Revenues | 1,746 | 1,794 | 4,695 | 4,595 |
Expenses | ||||
Operating | 554 | 541 | 1,520 | 1,399 |
Vehicle depreciation and lease charges, net | 551 | 605 | 1,637 | 1,690 |
Selling, general and administrative | 141 | 135 | 393 | 355 |
Vehicle interest, net | 82 | 79 | 232 | 223 |
Non-vehicle related depreciation and amortization | 26 | 25 | 81 | 72 |
Interest expense | 7 | 5 | 22 | 21 |
Intercompany interest expense (income) | (7) | (28) | (3) | (88) |
Early extinguishment of debt | 0 | (1) | ||
Restructuring and other related charges | 2 | 4 | 8 | 8 |
Transaction-related costs, net | 9 | 14 | 8 | |
Total expenses | 1,365 | 1,366 | 3,904 | 3,687 |
Income before income taxes | 381 | 428 | 791 | 908 |
Provision for (benefit from) income taxes | (37) | (68) | (45) | (112) |
Equity in earnings (loss) of subsidiaries | 0 | 0 | 0 | 0 |
Net income (loss) | 344 | 360 | 746 | 796 |
Comprehensive income (loss) | $ (338) | $ (392) | $ (687) | $ (904) |
Guarantor And Non-Guarantor C_4
Guarantor And Non-Guarantor Consolidating Condensed Financial Statements (Consolidating Condensed Balance Sheets) (Detail) - USD ($) $ in Millions | 9 Months Ended | |||
Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2016 | |
Supplemental Guarantor Financial Information [Line Items] | ||||
Document Fiscal Year Focus | 2,018 | |||
Current assets: | ||||
Cash and cash equivalents | $ 605 | $ 611 | $ 814 | |
Receivables, net | 918 | 922 | ||
Other current assets | 657 | 533 | ||
Total current assets | 2,180 | 2,066 | ||
Property and equipment, net | 719 | 704 | ||
Deferred income taxes | 1,065 | 931 | ||
Goodwill | 1,064 | 1,073 | ||
Other intangibles, net | 844 | 850 | ||
Other non-current assets | 267 | 196 | ||
Intercompany receivables (payables) | 0 | 0 | ||
Investment in subsidiaries | 0 | 0 | ||
Total assets exclusive of assets under vehicle programs | 6,139 | 5,820 | ||
Assets under vehicle programs: | ||||
Program cash | 151 | 283 | 180 | |
Vehicles, net | 12,163 | 10,626 | ||
Receivables from vehicle manufacturers and other | 772 | 547 | ||
Investment in Avis Budget Rental Car Funding (AESOP) LLC—related party | 516 | 423 | ||
Total Assets under vehicle programs | 13,602 | 11,879 | ||
Total assets | 19,741 | 17,699 | ||
Current liabilities: | ||||
Accounts payable and other current liabilities | 1,885 | 1,619 | ||
Long-term Debt, Current Maturities | 23 | 26 | ||
Total current liabilities | 1,908 | 1,645 | ||
Long-term debt | 3,538 | 3,573 | ||
Other non-current liabilities | 767 | 717 | ||
Due to Related Parties, Noncurrent | 0 | 0 | ||
Total liabilities exclusive of liabilities under vehicle programs | 6,213 | 5,935 | ||
Liabilities under vehicle programs: | ||||
Debt | 3,800 | 2,741 | ||
Due to Avis Budget Rental Car Funding (AESOP) LLC-related party | 7,122 | 6,480 | ||
Deferred income taxes | 1,775 | 1,594 | ||
Other | 310 | 376 | ||
Total Liabilities under vehicle programs | 13,007 | 11,191 | ||
Total stockholders' equity | 521 | 573 | ||
Total liabilities and stockholders’ equity | 19,741 | 17,699 | ||
Restricted Cash and Cash Equivalents | 12 | 7 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 768 | 901 | 1,001 | $ 720 |
Non-Guarantor Subsidiaries [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 529 | 794 | ||
Assets under vehicle programs: | ||||
Program cash | 151 | 180 | ||
Liabilities under vehicle programs: | ||||
Restricted Cash and Cash Equivalents | 12 | 7 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 692 | 981 | 705 | |
Parent Company [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 3 | 4 | ||
Receivables, net | 0 | 0 | ||
Other current assets | 1 | 4 | ||
Total current assets | 4 | 8 | ||
Property and equipment, net | 0 | 0 | ||
Deferred income taxes | 13 | 14 | ||
Goodwill | 0 | 0 | ||
Other intangibles, net | 0 | 0 | ||
Other non-current assets | 46 | 46 | ||
Intercompany receivables (payables) | 156 | 187 | ||
Investment in subsidiaries | 355 | 381 | ||
Total assets exclusive of assets under vehicle programs | 574 | 636 | ||
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 | 574 | 636 | ||
Current liabilities: | ||||
Accounts payable and other current liabilities | 13 | 23 | ||
Long-term Debt, Current Maturities | 0 | 0 | ||
Total current liabilities | 13 | 23 | ||
Long-term debt | 0 | 0 | ||
Other non-current liabilities | 40 | 40 | ||
Due to Related Parties, Noncurrent | 0 | 0 | ||
Total liabilities exclusive of liabilities under vehicle programs | 53 | 63 | ||
Liabilities under vehicle programs: | ||||
Debt | 0 | 0 | ||
Due to Avis Budget Rental Car Funding (AESOP) LLC-related party | 0 | 0 | ||
Deferred income taxes | 0 | 0 | ||
Other | 0 | 0 | ||
Total Liabilities under vehicle programs | 0 | 0 | ||
Total stockholders' equity | 521 | 573 | ||
Total liabilities and stockholders’ equity | 574 | 636 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 3 | 4 | 3 | 3 |
Subsidiaries [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 73 | 14 | ||
Receivables, net | 0 | 0 | ||
Other current assets | 100 | 89 | ||
Total current assets | 173 | 103 | ||
Property and equipment, net | 191 | 167 | ||
Deferred income taxes | 842 | 704 | ||
Goodwill | 0 | 0 | ||
Other intangibles, net | 26 | 27 | ||
Other non-current assets | 48 | 29 | ||
Intercompany receivables (payables) | 399 | 382 | ||
Investment in subsidiaries | 4,841 | 4,681 | ||
Total assets exclusive of assets under vehicle programs | 6,520 | 6,093 | ||
Assets under vehicle programs: | ||||
Program cash | 0 | 0 | ||
Vehicles, net | 38 | 34 | ||
Receivables from vehicle manufacturers and other | 2 | 1 | ||
Investment in Avis Budget Rental Car Funding (AESOP) LLC—related party | 0 | 0 | ||
Total Assets under vehicle programs | 40 | 35 | ||
Total assets | 6,560 | 6,128 | ||
Current liabilities: | ||||
Accounts payable and other current liabilities | 248 | 207 | ||
Long-term Debt, Current Maturities | 17 | 17 | ||
Total current liabilities | 265 | 224 | ||
Long-term debt | 2,900 | 2,910 | ||
Other non-current liabilities | 80 | 83 | ||
Due to Related Parties, Noncurrent | 2,941 | 2,515 | ||
Total liabilities exclusive of liabilities under vehicle programs | 6,186 | 5,732 | ||
Liabilities under vehicle programs: | ||||
Debt | 19 | 15 | ||
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 | 19 | 15 | ||
Total stockholders' equity | 355 | 381 | ||
Total liabilities and stockholders’ equity | 6,560 | 6,128 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 73 | 14 | 17 | 12 |
Guarantor Subsidiaries [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 0 | 0 | ||
Receivables, net | 247 | 255 | ||
Other current assets | 109 | 101 | ||
Total current assets | 356 | 356 | ||
Property and equipment, net | 312 | 321 | ||
Deferred income taxes | 169 | 154 | ||
Goodwill | 471 | 471 | ||
Other intangibles, net | 474 | 480 | ||
Other non-current assets | 16 | 16 | ||
Intercompany receivables (payables) | 1,880 | 1,506 | ||
Investment in subsidiaries | 4,043 | 3,938 | ||
Total assets exclusive of assets under vehicle programs | 7,721 | 7,242 | ||
Assets under vehicle programs: | ||||
Program cash | 0 | 0 | ||
Vehicles, net | 58 | 61 | ||
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 | 58 | 61 | ||
Total assets | 7,779 | 7,303 | ||
Current liabilities: | ||||
Accounts payable and other current liabilities | 633 | 552 | ||
Long-term Debt, Current Maturities | 2 | 3 | ||
Total current liabilities | 635 | 555 | ||
Long-term debt | 2 | 3 | ||
Other non-current liabilities | 261 | 216 | ||
Due to Related Parties, Noncurrent | 399 | 382 | ||
Total liabilities exclusive of liabilities under vehicle programs | 1,297 | 1,156 | ||
Liabilities under vehicle programs: | ||||
Debt | 50 | 57 | ||
Due to Avis Budget Rental Car Funding (AESOP) LLC-related party | 0 | 0 | ||
Deferred income taxes | 1,591 | 1,407 | ||
Other | 0 | 2 | ||
Total Liabilities under vehicle programs | 1,641 | 1,466 | ||
Total stockholders' equity | 4,841 | 4,681 | ||
Total liabilities and stockholders’ equity | 7,779 | 7,303 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 0 | 0 | 0 | 0 |
Subsidiaries Non Guarantor [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 529 | 593 | ||
Receivables, net | 671 | 667 | ||
Other current assets | 447 | 339 | ||
Total current assets | 1,647 | 1,599 | ||
Property and equipment, net | 216 | 216 | ||
Deferred income taxes | 41 | 59 | ||
Goodwill | 593 | 602 | ||
Other intangibles, net | 344 | 343 | ||
Other non-current assets | 157 | 105 | ||
Intercompany receivables (payables) | 906 | 824 | ||
Investment in subsidiaries | 0 | 0 | ||
Total assets exclusive of assets under vehicle programs | 3,904 | 3,748 | ||
Assets under vehicle programs: | ||||
Program cash | 151 | 283 | ||
Vehicles, net | 12,067 | 10,531 | ||
Receivables from vehicle manufacturers and other | 770 | 546 | ||
Investment in Avis Budget Rental Car Funding (AESOP) LLC—related party | 516 | 423 | ||
Total Assets under vehicle programs | 13,504 | 11,783 | ||
Total assets | 17,408 | 15,531 | ||
Current liabilities: | ||||
Accounts payable and other current liabilities | 991 | 837 | ||
Long-term Debt, Current Maturities | 4 | 6 | ||
Total current liabilities | 995 | 843 | ||
Long-term debt | 636 | 660 | ||
Other non-current liabilities | 386 | 378 | ||
Due to Related Parties, Noncurrent | 1 | 2 | ||
Total liabilities exclusive of liabilities under vehicle programs | 2,018 | 1,883 | ||
Liabilities under vehicle programs: | ||||
Debt | 3,731 | 2,669 | ||
Due to Avis Budget Rental Car Funding (AESOP) LLC-related party | 7,122 | 6,480 | ||
Deferred income taxes | 184 | 187 | ||
Other | 310 | 374 | ||
Total Liabilities under vehicle programs | 11,347 | 9,710 | ||
Total stockholders' equity | 4,043 | 3,938 | ||
Total liabilities and stockholders’ equity | 17,408 | 15,531 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 692 | 883 | 981 | 705 |
Eliminations [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 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 | 0 | ||
Goodwill | 0 | 0 | ||
Other intangibles, net | 0 | 0 | ||
Other non-current assets | 0 | 0 | ||
Intercompany receivables (payables) | (3,341) | (2,899) | ||
Investment in subsidiaries | (9,239) | (9,000) | ||
Total assets exclusive of assets under vehicle programs | (12,580) | (11,899) | ||
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 | (12,580) | (11,899) | ||
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 | 0 | ||
Due to Related Parties, Noncurrent | (3,341) | (2,899) | ||
Total liabilities exclusive of liabilities under vehicle programs | (3,341) | (2,899) | ||
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 | (9,239) | (9,000) | ||
Total liabilities and stockholders’ equity | (12,580) | (11,899) | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 0 | $ 0 | $ 0 | $ 0 |
Guarantor And Non-Guarantor C_5
Guarantor And Non-Guarantor Consolidating Condensed Financial Statements (Consolidating Condensed Statements Of Cash Flows) (Detail) - USD ($) $ in Millions | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | |
Supplemental Guarantor Financial Information [Line Items] | ||||
Net cash provided by (used in) operating activities | $ 2,095 | $ 2,041 | ||
Property and equipment additions | (157) | (138) | ||
Proceeds received on asset sales | 9 | 6 | ||
Payments to Acquire Restricted Investments | (64) | (17) | ||
Proceeds from (Repayments of) Related Party Debt | 0 | |||
Other, net | (44) | 6 | ||
Net cash used in investing activities exclusive of vehicle programs | (256) | (143) | ||
Decrease (increase) in program cash | 0 | |||
Investment in vehicles | (10,079) | (9,672) | ||
Proceeds received on disposition of vehicles | 6,752 | 6,872 | ||
Repayments of Related Party Debt | (116) | (33) | ||
Proceeds from Related Party Debt | 22 | 0 | ||
Net cash used in investing activities of vehicle programs | (3,421) | (2,833) | ||
Net cash used in investing activities | (3,677) | (2,976) | ||
Proceeds from long-term borrowings | 81 | 589 | ||
Principal payments on borrowings | (99) | (596) | ||
Proceeds from (Repayments of) Short-term Debt | (4) | (3) | ||
Intercompany loan borrowings | 0 | |||
Repurchases of common stock | (143) | (144) | ||
Debt financing fees | (9) | (9) | ||
Other, net | 3 | 0 | ||
Net cash provided by financing activities exclusive of vehicle programs | (171) | (163) | ||
Proceeds from borrowings | 13,371 | 14,276 | ||
Principal payments on borrowings | (11,727) | (12,930) | ||
Debt financing fees | (19) | (8) | ||
Net cash provided by financing activities of vehicle programs | 1,625 | 1,338 | ||
Net cash provided by financing activities | 1,454 | 1,175 | ||
Effect of changes in exchange rates on cash and cash equivalents, program and restricted cash | (5) | 41 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | (133) | 281 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 768 | 1,001 | $ 901 | $ 720 |
Eliminations [Member] | ||||
Supplemental Guarantor Financial Information [Line Items] | ||||
Net cash provided by (used in) operating activities | (119) | (35) | ||
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 | 264 | |||
Other, net | 0 | (100) | ||
Net cash used in investing activities exclusive of vehicle programs | 0 | 164 | ||
Investment in vehicles | 0 | 0 | ||
Proceeds received on disposition of vehicles | 0 | 0 | ||
Repayments of Related Party Debt | 0 | 0 | ||
Proceeds from Related Party Debt | 0 | |||
Net cash used in investing activities of vehicle programs | 0 | 0 | ||
Net cash used in investing activities | 0 | 164 | ||
Proceeds from long-term borrowings | 0 | 0 | ||
Principal payments on borrowings | 0 | 0 | ||
Proceeds from (Repayments of) Short-term Debt | 0 | 0 | ||
Intercompany loan borrowings | (264) | |||
Repurchases of common stock | 0 | 0 | ||
Debt financing fees | 0 | 0 | ||
Other, net | 119 | 135 | ||
Net cash provided by financing activities exclusive of vehicle programs | 119 | (129) | ||
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 | 119 | (129) | ||
Effect of changes in exchange rates on cash and cash equivalents, program and restricted cash | 0 | 0 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | 0 | 0 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 0 | 0 | 0 | 0 |
Non-Guarantor Subsidiaries [Member] | ||||
Supplemental Guarantor Financial Information [Line Items] | ||||
Other, net | 6 | |||
Decrease (increase) in program cash | 0 | |||
Net cash used in investing activities | (3,182) | |||
Effect of changes in exchange rates on cash and cash equivalents, program and restricted cash | 41 | |||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | 276 | |||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 692 | 981 | 705 | |
Parent Company [Member] | ||||
Supplemental Guarantor Financial Information [Line Items] | ||||
Net cash provided by (used in) operating activities | 139 | 44 | ||
Property and equipment additions | 0 | 0 | ||
Proceeds received on asset sales | 0 | 0 | ||
Payments to Acquire Restricted Investments | 0 | 0 | ||
Proceeds from (Repayments of) Related Party Debt | 0 | |||
Other, net | 0 | 100 | ||
Net cash used in investing activities exclusive of vehicle programs | 0 | 100 | ||
Investment in vehicles | 0 | 0 | ||
Proceeds received on disposition of vehicles | 0 | 0 | ||
Repayments of Related Party Debt | 0 | 0 | ||
Proceeds from Related Party Debt | 0 | |||
Net cash used in investing activities of vehicle programs | 0 | 0 | ||
Net cash used in investing activities | 0 | 100 | ||
Proceeds from long-term borrowings | 0 | 0 | ||
Principal payments on borrowings | 0 | 0 | ||
Proceeds from (Repayments of) Short-term Debt | 0 | 0 | ||
Intercompany loan borrowings | 0 | |||
Repurchases of common stock | (143) | (144) | ||
Debt financing fees | 0 | 0 | ||
Other, net | 3 | 0 | ||
Net cash provided by financing activities exclusive of vehicle programs | (140) | (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 | (140) | (144) | ||
Effect of changes in exchange rates on cash and cash equivalents, program and restricted cash | 0 | 0 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | (1) | 0 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 3 | 3 | 4 | 3 |
Subsidiaries [Member] | ||||
Supplemental Guarantor Financial Information [Line Items] | ||||
Net cash provided by (used in) operating activities | 202 | (45) | ||
Property and equipment additions | (45) | (36) | ||
Proceeds received on asset sales | 2 | 1 | ||
Payments to Acquire Restricted Investments | (3) | (1) | ||
Proceeds from (Repayments of) Related Party Debt | 0 | |||
Other, net | (8) | 0 | ||
Net cash used in investing activities exclusive of vehicle programs | (54) | (36) | ||
Investment in vehicles | 0 | 0 | ||
Proceeds received on disposition of vehicles | 33 | 39 | ||
Repayments of Related Party Debt | 0 | 0 | ||
Proceeds from Related Party Debt | 0 | |||
Net cash used in investing activities of vehicle programs | 33 | 39 | ||
Net cash used in investing activities | (21) | 3 | ||
Proceeds from long-term borrowings | 81 | 325 | ||
Principal payments on borrowings | (97) | (401) | ||
Proceeds from (Repayments of) Short-term Debt | 0 | 0 | ||
Intercompany loan borrowings | 264 | |||
Repurchases of common stock | 0 | 0 | ||
Debt financing fees | (9) | (5) | ||
Other, net | (95) | (135) | ||
Net cash provided by financing activities exclusive of vehicle programs | (120) | 48 | ||
Proceeds from borrowings | 0 | 0 | ||
Principal payments on borrowings | (2) | (1) | ||
Debt financing fees | 0 | 0 | ||
Net cash provided by financing activities of vehicle programs | (2) | (1) | ||
Net cash provided by financing activities | (122) | 47 | ||
Effect of changes in exchange rates on cash and cash equivalents, program and restricted cash | 0 | 0 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | 59 | 5 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 73 | 17 | 14 | 12 |
Guarantor Subsidiaries [Member] | ||||
Supplemental Guarantor Financial Information [Line Items] | ||||
Net cash provided by (used in) operating activities | 88 | 70 | ||
Property and equipment additions | (60) | (56) | ||
Proceeds received on asset sales | 2 | 0 | ||
Payments to Acquire Restricted Investments | (5) | (5) | ||
Proceeds from (Repayments of) Related Party Debt | 0 | |||
Other, net | 0 | 0 | ||
Net cash used in investing activities exclusive of vehicle programs | (63) | (61) | ||
Investment in vehicles | (4) | 0 | ||
Proceeds received on disposition of vehicles | 0 | 0 | ||
Repayments of Related Party Debt | 0 | 0 | ||
Proceeds from Related Party Debt | 0 | |||
Net cash used in investing activities of vehicle programs | (4) | 0 | ||
Net cash used in investing activities | (67) | (61) | ||
Proceeds from long-term borrowings | 0 | 0 | ||
Principal payments on borrowings | (2) | (2) | ||
Proceeds from (Repayments of) Short-term Debt | 0 | 0 | ||
Intercompany loan borrowings | 0 | |||
Repurchases of common stock | 0 | 0 | ||
Debt financing fees | 0 | 0 | ||
Other, net | (12) | 0 | ||
Net cash provided by financing activities exclusive of vehicle programs | (14) | (2) | ||
Proceeds from borrowings | 0 | 0 | ||
Principal payments on borrowings | (7) | (7) | ||
Debt financing fees | 0 | 0 | ||
Net cash provided by financing activities of vehicle programs | (7) | (7) | ||
Net cash provided by financing activities | (21) | (9) | ||
Effect of changes in exchange rates on cash and cash equivalents, program and restricted cash | 0 | 0 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | 0 | 0 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 0 | 0 | 0 | 0 |
Subsidiaries Non Guarantor [Member] | ||||
Supplemental Guarantor Financial Information [Line Items] | ||||
Net cash provided by (used in) operating activities | 1,785 | 2,007 | ||
Property and equipment additions | (52) | (46) | ||
Proceeds received on asset sales | 5 | 5 | ||
Payments to Acquire Restricted Investments | (56) | (11) | ||
Proceeds from (Repayments of) Related Party Debt | (264) | |||
Other, net | (36) | 6 | ||
Net cash used in investing activities exclusive of vehicle programs | (139) | (310) | ||
Investment in vehicles | (10,075) | (9,672) | ||
Proceeds received on disposition of vehicles | 6,719 | 6,833 | ||
Repayments of Related Party Debt | (116) | (33) | ||
Proceeds from Related Party Debt | 22 | |||
Net cash used in investing activities of vehicle programs | (3,450) | (2,872) | ||
Net cash used in investing activities | (3,589) | (3,182) | ||
Proceeds from long-term borrowings | 0 | 264 | ||
Principal payments on borrowings | 0 | (193) | ||
Proceeds from (Repayments of) Short-term Debt | (4) | (3) | ||
Intercompany loan borrowings | 0 | |||
Repurchases of common stock | 0 | 0 | ||
Debt financing fees | 0 | (4) | ||
Other, net | (12) | 0 | ||
Net cash provided by financing activities exclusive of vehicle programs | (16) | 64 | ||
Proceeds from borrowings | 13,371 | 14,276 | ||
Principal payments on borrowings | (11,718) | (12,922) | ||
Debt financing fees | (19) | (8) | ||
Net cash provided by financing activities of vehicle programs | 1,634 | 1,346 | ||
Net cash provided by financing activities | 1,618 | 1,410 | ||
Effect of changes in exchange rates on cash and cash equivalents, program and restricted cash | (5) | 41 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | (191) | 276 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 692 | 981 | $ 883 | 705 |
Scenario, Previously Reported [Member] | ||||
Supplemental Guarantor Financial Information [Line Items] | ||||
Other, net | (5) | |||
Decrease (increase) in program cash | (53) | |||
Net cash used in investing activities | (2,924) | |||
Effect of changes in exchange rates on cash and cash equivalents, program and restricted cash | 32 | |||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | 324 | |||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 814 | 490 | ||
Scenario, Previously Reported [Member] | Non-Guarantor Subsidiaries [Member] | ||||
Supplemental Guarantor Financial Information [Line Items] | ||||
Other, net | 5 | |||
Decrease (increase) in program cash | (53) | |||
Net cash used in investing activities | (3,130) | |||
Effect of changes in exchange rates on cash and cash equivalents, program and restricted cash | 32 | |||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | 319 | |||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 794 | 475 | ||
Restatement Adjustment [Member] | ||||
Supplemental Guarantor Financial Information [Line Items] | ||||
Other, net | (1) | |||
Decrease (increase) in program cash | 53 | |||
Net cash used in investing activities | (52) | |||
Effect of changes in exchange rates on cash and cash equivalents, program and restricted cash | 9 | |||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | (43) | |||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 187 | 230 | ||
Restatement Adjustment [Member] | Non-Guarantor Subsidiaries [Member] | ||||
Supplemental Guarantor Financial Information [Line Items] | ||||
Other, net | 1 | |||
Decrease (increase) in program cash | 53 | |||
Net cash used in investing activities | (52) | |||
Effect of changes in exchange rates on cash and cash equivalents, program and restricted cash | 9 | |||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | (43) | |||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 187 | $ 230 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ in Millions | 1 Months Ended | 9 Months Ended | |
Oct. 31, 2018 | Sep. 30, 2018 | Oct. 01, 2018 | |
Subsequent Event [Line Items] | |||
Vehicle Program Debt Total Capacity | $ 12,909 | ||
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Business Combination, Consideration Transferred | $ 31 | ||
Payments to Acquire Businesses, Gross | $ 26 | ||
Debt Instrument, Face Amount | $ 350 | ||
Long-term Debt, Gross | 404 | ||
Debt Instrument, Repurchased Face Amount | 400 | ||
Debt Instrument, Repurchase Amount | 410 | ||
Vehicle Program Debt Total Capacity | $ 550 | ||
Debt Instrument, Maturity Date | Mar. 1, 2024 | ||
Debt, Weighted Average Interest Rate | 4.00% | ||
Debt Due To Avis Budget Rental Car Funding (Member) | |||
Subsequent Event [Line Items] | |||
Vehicle Program Debt Total Capacity | $ 8,629 | ||
Debt Instrument, Maturity Date | Sep. 1, 2023 | ||
Debt, Weighted Average Interest Rate | 4.00% |