Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 14, 2020 | Jun. 30, 2019 | |
Entity Listings [Line Items] | |||
Entity Address, Address Line One | 6 Sylvan Way | ||
Entity Address, City or Town | Parsippany, | ||
Entity Address, State or Province | NJ | ||
Entity Address, Postal Zip Code | 07054 | ||
Document Transition Report | false | ||
Document Annual Report | true | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Entity Interactive Data Current | Yes | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 74,356,513 | ||
City Area Code | (973) | ||
Local Phone Number | 496-4700 | ||
Entity Registrant Name | AVIS BUDGET GROUP, INC. | ||
Entity Central Index Key | 0000723612 | ||
Entity File Number | 001-10308 | ||
Entity Tax Identification Number | 06-0918165 | ||
Entity Incorporation, State or Country Code | DE | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Public Float | $ 2,564,141,255 | ||
Nasdaq [Member] | Common Stock [Member] | |||
Entity Listings [Line Items] | |||
Title of 12(b) Security | Common Stock, Par Value $.01 | ||
Trading Symbol | CAR | ||
Security Exchange Name | NASDAQ | ||
None [Member] | Rights [Member] | |||
Entity Listings [Line Items] | |||
Title of 12(b) Security | Common Stock Purchase Rights | ||
No Trading Symbol Flag | true | ||
Security Exchange Name | NONE |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement [Abstract] | |||||||||||
Revenues | $ 2,162 | $ 2,753 | $ 2,337 | $ 1,920 | $ 2,050 | $ 2,778 | $ 2,328 | $ 1,968 | $ 9,172 | $ 9,124 | $ 8,848 |
Expenses | |||||||||||
Operating | 4,698 | 4,639 | 4,472 | ||||||||
Vehicle depreciation and lease charges, net | 2,063 | 2,179 | 2,221 | ||||||||
Selling, general and administrative | 1,237 | 1,220 | 1,120 | ||||||||
Vehicle interest, net | 344 | 314 | 286 | ||||||||
Non-vehicle related depreciation and amortization | 263 | 256 | 259 | ||||||||
Interest expense related to corporate debt, net: | |||||||||||
Interest expense | 178 | 188 | 188 | ||||||||
Early extinguishment of debt | 12 | 19 | 3 | ||||||||
Restructuring and other related charges | 80 | 22 | 63 | ||||||||
Transaction-related costs, net | 10 | 20 | 23 | ||||||||
Impairment | 0 | 0 | 2 | ||||||||
Total expenses | 8,885 | 8,857 | 8,637 | ||||||||
Income before income taxes | 287 | 267 | 211 | ||||||||
Provision for (benefit from) income taxes | (15) | 102 | (150) | ||||||||
Net income | $ 142 | $ 189 | $ 62 | $ (91) | $ 13 | $ 213 | $ 26 | $ (87) | $ 302 | $ 165 | $ 361 |
Earnings per share | |||||||||||
Basic | $ 1.92 | $ 2.52 | $ 0.81 | $ (1.20) | $ 0.16 | $ 2.71 | $ 0.33 | $ (1.08) | $ 4.01 | $ 2.08 | $ 4.32 |
Diluted | $ 1.90 | $ 2.50 | $ 0.81 | $ (1.20) | $ 0.16 | $ 2.68 | $ 0.32 | $ (1.08) | $ 3.98 | $ 2.06 | $ 4.25 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 302 | $ 165 | $ 361 |
Other comprehensive income (loss), net of tax | |||
Currency translation adjustments, net of tax of $(6), $(8) and $33, respectively | 12 | (81) | 110 |
Available-for-sale securities: | |||
Net unrealized gains (losses) on available-for-sale securities, net of tax of $0, $0, and $(1), respectively | 0 | 0 | 1 |
Cash flow hedges: | |||
Net unrealized holding gains (losses), net of tax of $7, $0, and $0, respectively | (20) | (2) | 1 |
Reclassification of cash flow hedges to earnings, net of tax of $1, $1, and $(2), respectively | (3) | (2) | 2 |
Minimum pension liability adjustment: | |||
Pension and post-retirement benefits, net of tax of $6, $6, and $(4), respectively | (20) | (23) | 11 |
Reclassification of pension and post-retirement benefits to earnings, net of tax of $(2), $(2), and $(3), respectively | 6 | 5 | 5 |
Other comprehensive income (loss) | (25) | (103) | 130 |
Total comprehensive income | $ 277 | $ 62 | $ 491 |
Consolidated Statements Of Co_2
Consolidated Statements Of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Other Comprehensive Income (Loss), Foreign Currency Translation Gain (Loss) Arising During Period, Tax | $ (6) | $ (8) | $ 33 |
Net Unrealized gains (losses) on available-for-sale securities, tax | 0 | 0 | (1) |
Net unrealized holding losses arising during period,tax | 7 | 0 | 0 |
Cash flow hedges reclassified to earnings, tax | 1 | 1 | (2) |
Pension and post retirement benefits, tax | 6 | 6 | (4) |
Pension and post retirement benefits reclassified to earnings, tax | $ (2) | $ (2) | $ (3) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 686 | $ 615 |
Receivables (net of allowance for doubtful accounts of $52 and $39, respectively) | 911 | 955 |
Other current assets | 548 | 604 |
Total current assets | 2,145 | 2,174 |
Property and equipment, net | 792 | 736 |
Operating lease right-of-use assets | 2,596 | 0 |
Deferred income taxes | 1,662 | 1,301 |
Goodwill | 1,101 | 1,092 |
Other intangibles, net | 798 | 825 |
Other non-current assets | 217 | 242 |
Total assets exclusive of assets under vehicle programs | 9,311 | 6,370 |
Assets under vehicle programs: | ||
Program cash | 211 | 115 |
Vehicles, net | 12,177 | 11,474 |
Receivables from vehicle manufacturers and other | 778 | 631 |
Investment in Avis Budget Rental Car Funding (AESOP) LLC—related party | 649 | 559 |
Assets under vehicle programs | 13,815 | 12,779 |
Total assets | 23,126 | 19,149 |
Current liabilities: | ||
Accounts payable and other current liabilities | 2,206 | 1,693 |
Short-term debt and current portion of long-term debt | 19 | 23 |
Total current liabilities | 2,225 | 1,716 |
Long-term debt | 3,416 | 3,528 |
Long-term operating lease liabilities | 2,140 | 0 |
Other non-current liabilities | 757 | 767 |
Total liabilities exclusive of liabilities under vehicle programs | 8,538 | 6,011 |
Liabilities under vehicle programs: | ||
Debt | 3,132 | 2,874 |
Debt due to Avis Budget Rental Car Funding (AESOP) LLC—related party | 7,936 | 7,358 |
Deferred income taxes | 2,189 | 1,961 |
Other | 675 | 531 |
Total Liabilities under vehicle programs | 13,932 | 12,724 |
Commitments and contingencies (Note 15) | ||
Stockholders' equity: | ||
Preferred stock, $.01 par value—authorized 10 shares; none issued and outstanding | 0 | 0 |
Common stock, $.01 par value—authorized 250 shares; issued 137 shares, respectively | 1 | 1 |
Additional paid-in capital | 6,741 | 6,771 |
Accumulated deficit | (785) | (1,091) |
Accumulated other comprehensive loss | (157) | (133) |
Treasury stock, at cost—63 and 61 shares, respectively | (5,144) | (5,134) |
Total stockholders’ equity | 656 | 414 |
Total liabilities and stockholders’ equity | $ 23,126 | $ 19,149 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Receivables, allowance for doubtful accounts | $ 52 | $ 39 |
Preferred stock,par value | $ 0.01 | $ 0.01 |
Preferred stock,shares authorized | 10,000,000 | 10,000,000 |
Preferred stock,shares issued | 0 | 0 |
Preferred stock,shares outstanding | 0 | 0 |
Common stock,par value | $ 0.01 | $ 0.01 |
Common stock,shares authorized | 250,000,000 | 250,000,000 |
Common stock,shares issued | 137,000,000 | 137,000,000 |
Treasury stock,shares | 63,000,000 | 61,000,000 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating activities | |||
Net income | $ 302 | $ 165 | $ 361 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Vehicle depreciation | 1,890 | 1,974 | 1,947 |
Amortization of Right-Of-Use Assets | 989 | 0 | 0 |
(Gain) loss on sale of vehicles, net | (82) | (48) | 52 |
Non-vehicle related depreciation and amortization | 263 | 256 | 259 |
Deferred income taxes | (103) | 14 | (192) |
Stock-based compensation | 22 | 24 | 13 |
Amortization of debt financing fees | 31 | 28 | 34 |
Early extinguishment of debt costs | 12 | 19 | 3 |
Net change in assets and liabilities, excluding the impact of acquisitions and dispositions: | |||
Receivables | 10 | (44) | (59) |
Income taxes | (5) | 35 | (16) |
Accounts payable and other current liabilities | 84 | 48 | 49 |
Increase (Decrease) in Operating Liabilities | (981) | 0 | 0 |
Other, net | 154 | 138 | 197 |
Net cash provided by operating activities | 2,586 | 2,609 | 2,648 |
Investing activities | |||
Property and equipment additions | (250) | (231) | (197) |
Proceeds received on asset sales | 11 | 17 | 8 |
Net assets acquired (net of cash acquired) | (77) | (91) | (21) |
Other, net | 81 | (44) | 5 |
Net cash used in investing activities exclusive of vehicle programs | (235) | (349) | (205) |
Vehicle programs: | |||
Investment in vehicles | (12,887) | (12,589) | (11,538) |
Proceeds received on disposition of vehicles | 10,460 | 9,648 | 9,600 |
Repayments of Related Party Debt | (251) | (188) | (61) |
Proceeds from Related Party Debt | 161 | 52 | 0 |
Net Cash Used In Investing Activities Of Vehicle Programs | (2,517) | (3,077) | (1,999) |
Net cash used in investing activities | (2,752) | (3,426) | (2,204) |
Financing activities | |||
Proceeds from long-term borrowings | 402 | 485 | 589 |
Payments on long-term borrowings | (509) | (515) | (602) |
Net change in short-term borrowings | (1) | (4) | (4) |
Debt financing fees | (7) | (15) | (9) |
Repurchases of common stock | (67) | (216) | (210) |
Other, net | 0 | 3 | 1 |
Net cash used in financing activities exclusive of vehicle programs | (182) | (262) | (235) |
Vehicle programs: | |||
Proceeds from borrowings | 19,869 | 17,339 | 17,212 |
Payments on borrowings | (19,346) | (16,385) | (17,269) |
Debt financing fees | (23) | (25) | (16) |
Net cash provided by financing activities of vehicle programs | 500 | 929 | (73) |
Net cash provided by (used in) financing activities | 318 | 667 | (308) |
Effect of changes in exchange rates on cash and cash equivalents, program and restricted cash | 13 | (16) | 45 |
Net increase (decrease) in cash and cash equivalents, program and restricted cash | 165 | (166) | 181 |
Cash and cash equivalents, program and restricted cash, beginning of period | 735 | 901 | 720 |
Cash and cash equivalents, program and restricted cash, end of period | 900 | 735 | 901 |
Interest Paid, Including Capitalized Interest, Operating and Investing Activities [Abstract] | |||
Interest Paid, Excluding Capitalized Interest, Operating Activities | 509 | 497 | 460 |
Income Taxes Paid, Net [Abstract] | |||
Income tax payments, net | $ 93 | $ 53 | $ 58 |
Consolidated Statements Of Stoc
Consolidated Statements Of Stockholders' Equity - USD ($) shares in Millions, $ in Millions | Total | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Common Stock [Member] | Accumulated Deficit | AOCI Attributable to Parent [Member] |
Shares, Issued | (51.1) | (137.1) | ||||
Balance | $ 221 | $ 6,918 | $ (4,905) | $ 1 | $ (1,639) | $ (154) |
Cumulative Effect of New Accounting Principle in Period of Adoption | 56 | 56 | ||||
Comprehensive income (loss): | ||||||
Net income | 361 | 361 | ||||
Other comprehensive income (loss) | 130 | 130 | ||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 491 | |||||
Stockholders' Equity Attributable to Noncontrolling Interest | 1 | 1 | ||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 0.4 | |||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | 4 | (50) | $ 54 | |||
Number of Options - Exercised | 0.5 | |||||
Stock Issued During Period, Value, Stock Options Exercised | 0 | (48) | $ (48) | |||
Stock Issued During Period, Value, Employee Stock Purchase Plan | 0 | (1) | $ (1) | |||
Treasury Stock, Shares, Acquired | 6.1 | |||||
Treasury Stock, Value, Acquired, Cost Method | $ (200) | $ (200) | ||||
Treasury Stock, Shares, Acquired | 14 | |||||
Treasury Stock, Value, Acquired, Cost Method | $ (462) | |||||
Shares, Issued | (56.3) | (137.1) | ||||
Balance | 573 | 6,820 | $ (5,002) | $ 1 | (1,222) | (24) |
Cumulative Effect of New Accounting Principle in Period of Adoption | (40) | (34) | (6) | |||
Net income | 165 | 165 | ||||
Other comprehensive income (loss) | (103) | (103) | ||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 62 | |||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 0.5 | |||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | 17 | (31) | $ 48 | |||
Number of Options - Exercised | 0.2 | |||||
Stock Issued During Period, Value, Stock Options Exercised | (2) | (17) | $ (19) | |||
Stock Issued During Period, Value, Employee Stock Purchase Plan | 0 | (1) | $ (1) | |||
Treasury Stock, Shares, Acquired | 5.9 | |||||
Treasury Stock, Value, Acquired, Cost Method | (200) | $ (200) | ||||
Shares, Issued | (61.5) | (137.1) | ||||
Balance | 414 | 6,771 | $ (5,134) | $ 1 | (1,091) | (133) |
Cumulative Effect of New Accounting Principle in Period of Adoption | 5 | 4 | 1 | |||
Net income | 302 | |||||
Other comprehensive income (loss) | (25) | |||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 277 | |||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 0.4 | |||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | 22 | (24) | $ 46 | |||
Number of Options - Exercised | 0.1 | |||||
Stock Issued During Period, Value, Stock Options Exercised | 0 | (5) | $ (5) | |||
Stock Issued During Period, Value, Employee Stock Purchase Plan | 0 | (1) | $ (1) | |||
Treasury Stock, Shares, Acquired | 2.2 | |||||
Treasury Stock, Value, Acquired, Cost Method | (62) | $ (62) | ||||
Shares, Issued | (63.2) | (137.1) | ||||
Balance | $ 656 | $ 6,741 | $ (5,144) | $ 1 | $ (785) | $ (157) |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | 1. Basis of Presentation Avis Budget Group, Inc. provides mobility solutions to businesses and consumers worldwide. The accompanying Consolidated 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”). 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 Company has completed the business acquisitions discussed in Note 6 to these Consolidated Financial Statements. The operating results of the acquired businesses are included in the accompanying Consolidated Financial Statements from the dates of acquisition. 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. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Principles of Consolidation The Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of the Company and all entities in which it has a direct or indirect controlling financial interest and variable interest entities for which the Company has determined it is the primary beneficiary. Intercompany transactions have been eliminated in consolidation. Use of Estimates and Assumptions The use of estimates and assumptions as determined by management is required in the preparation of the Consolidated Financial Statements in conformity with GAAP. These estimates are based on management’s evaluation of historical trends and other information available when the Consolidated Financial Statements are prepared and may affect the amounts reported and related disclosures. Actual results could differ from those estimates. Revenue Recognition 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 brands. 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. Prior to January 1, 2018, the Company recognized revenue when persuasive evidence of an arrangement existed, the services had been rendered to the customer, the pricing was fixed and determinable and collection was reasonably assured. Vehicle and rental-related revenue was recognized over the period the vehicle was rented. Beginning January 1, 2018, the Company recognized revenue when obligations under the terms of a contract with the customer were satisfied; generally this occurred evenly over the contract (over time); when control of the promised products or services was transferred to the customer. Revenue was measured as the amount of consideration the Company expected to be entitled to receive in exchange for transferring products or services. Certain customers may have received cash-based rebates, which were accounted for as variable consideration. The Company estimated these rebates based on the expected amount to be provided to customers and reduced revenue recognized. Vehicle rental and rental-related revenues were recognized evenly over the period of rental. Beginning January 1, 2019, the Company combines all lease and nonlease components of its vehicle rental contracts for which the timing and pattern of transfer are the same and the lease component meets the classification of an operating lease. Vehicle rentals and other related products and mobility services are recognized evenly over the period of rental, which is on average four days. (See Note 3–Leases). 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. The Company excludes from the measurement of its transaction price any tax assessed by a governmental authority that is both imposed on and concurrent with a specific revenue-producing transaction and collected from a customer. As a result, revenue is recorded net of such taxes collected. 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. For year ended December 31, 2018, the Company’s revenues were recognized in accordance with ASU 2014-09, “Revenue from Contracts with Customers (Topic 606).” Effective January 1, 2019, revenues are recognized under ASU 2016-02, “Leases (Topic 842),” with the exception of royalty fee revenue derived from the Company licensees and revenue related to the Company’s customer loyalty program, which were approximately $144 million for the year ended December 31, 2019. The following table presents the Company’s revenues disaggregated by geography. Year Ended December 31, 2019 2018 Americas $ 6,352 $ 6,186 Europe, Middle East and Africa 2,222 2,314 Asia and Australasia 598 624 Total revenues $ 9,172 $ 9,124 The following table presents the Company’s revenues disaggregated by brand. Year Ended December 31, 2019 2018 Avis $ 5,250 $ 5,266 Budget 3,179 3,057 Other 743 801 Total revenues $ 9,172 $ 9,124 ________ Other includes Zipcar and other operating brands. Deferred Revenue 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 after 12 months of member inactivity. 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 deferred revenue associated with the Company’s customer loyalty program. Year Ended December 31, 2019 2018 Balance, January 1 $ 64 $ 69 Revenue deferred 17 14 Revenue recognized (22 ) (19 ) Balance, December 31 $ 59 $ 64 _______ At December 31, 2019 and 2018, $22 million and $18 million was included in accounts payable and other current liabilities, respectively, and $37 million and $46 million , respectively, in other non-current liabilities. Non-current amounts are expected to be recognized as revenue within two to three years. At January 1, 2018, the Company’s prepaid rentals and membership fees related to its car sharing business were $125 million . During the year ended December 31, 2018, additional revenues of $1,968 million were deferred and revenues of $1,970 million were recognized. At December 31, 2018, the ending prepaid rentals and car sharing membership fees were $123 million , of which $122 million was included in accounts payable and other current liabilities and $1 million was included in other non-current liabilities. Currency Translation Assets and liabilities of foreign operations are translated at the rate of exchange in effect on the balance sheet date; income and expenses are translated at the prevailing monthly average rate of exchange. The related translation adjustments are reflected in accumulated other comprehensive income (loss) in the stockholders’ equity section of the Consolidated Balance Sheets and in the Consolidated Statements of Comprehensive Income. The accumulated currency translation adjustment as of December 31, 2019 and 2018 was a gain of $9 million and a loss of $3 million , respectively. The Company has designated its euro-denominated Notes as a hedge of its investment in euro-denominated foreign operations and, accordingly, records the effective portion of gains or losses on this net investment hedge in accumulated other comprehensive income (loss) as part of currency translation adjustments. Cash and Cash Equivalents, Program Cash and Restricted Cash The Company considers highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. 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 detail of cash and cash equivalents, program and restricted cash reported within the Consolidated Balance Sheets to the amounts shown in the Consolidated Statements of Cash Flows: As of December 31, 2019 2018 Cash and cash equivalents $ 686 $ 615 Program cash 211 115 Restricted cash (a) 3 5 Total cash and cash equivalents, program and restricted cash $ 900 $ 735 _________ (a) Included within other current assets. Property and Equipment Property and equipment (including leasehold improvements) are stated at cost, net of accumulated depreciation and amortization. Depreciation (non-vehicle related) is computed utilizing the straight-line method over the estimated useful lives of the related assets. Leasehold improvements are amortized over the shorter of the term of the lease or the estimated useful lives of the improvements. Useful lives are as follows: Buildings 30 years Furniture, fixtures & equipment 3 to 10 years Capitalized software 3 to 7 years Buses and support vehicles 4 to 15 years The Company capitalizes the costs of software developed for internal use when the preliminary project stage is completed and management (i) commits to funding the project and (ii) believes it is probable that the project will be completed and the software will be used to perform the function intended. The software developed or obtained for internal use is amortized on a straight-line basis commencing when such software is ready for its intended use. The net carrying value of software developed or obtained for internal use was $261 million and $188 million as of December 31, 2019 and 2018 , respectively. Goodwill and Other Intangible Assets Goodwill represents the excess, if any, of the fair value of the consideration transferred by the acquirer and the fair value of any non-controlling interest remaining in the acquiree, if any, over the fair values of the identifiable net assets acquired. The Company does not amortize goodwill, but assesses it for impairment at least annually and whenever events or changes in circumstances indicate that the carrying amounts of their respective reporting units exceed their fair values. The Company performs its annual impairment assessment in the fourth quarter of each year at the reporting unit level. The Company assesses goodwill for such impairment by comparing the carrying value of each reporting unit to its fair value using the present value of expected future cash flows. When appropriate, comparative market multiples and other factors are used to corroborate the discounted cash flow results. Other intangible assets, primarily trademarks, with indefinite lives are not amortized but are evaluated annually for impairment and whenever events or changes in circumstances indicate that the carrying amount of this asset may exceed its fair value. If the carrying value of an other intangible asset exceeds its fair value, an impairment loss is recognized in an amount equal to that excess. Other intangible assets with finite lives are amortized over their estimated useful lives and are evaluated each reporting period to determine if circumstances warrant a revision to these lives. Impairment of Long-Lived Assets The Company is required to assess long-lived assets for impairment whenever circumstances indicate impairment may have occurred. This analysis is performed by comparing the respective carrying values of the assets to the undiscounted expected future cash flows to be generated from such assets. Property and equipment is evaluated separately at the lowest level of identifiable cash flows. If such analysis indicates that the carrying value of these assets is not recoverable, the carrying value of such assets is reduced to fair value. Vehicles Vehicles are stated at cost, net of accumulated depreciation. The initial cost of the vehicles is recorded net of incentives and allowances from manufacturers. The Company acquires a portion of its rental vehicles pursuant to repurchase and guaranteed depreciation programs established by automobile manufacturers. Under these programs, the manufacturers agree to repurchase vehicles at a specified price and date, or guarantee the depreciation rate for a specified period of time, subject to certain eligibility criteria (such as car condition and mileage requirements). The Company depreciates vehicles such that the net book value on the date of return to the manufacturers is intended to equal the contractual guaranteed residual values, thereby minimizing any gain or loss. Rental vehicles acquired outside of manufacturer repurchase and guaranteed depreciation programs are depreciated based upon their estimated residual values at their expected dates of disposition, after giving effect to anticipated conditions in the used car market. Any adjustments to depreciation are made prospectively. The estimation of residual values requires the Company to make assumptions regarding the age and mileage of the car at the time of disposal, as well as expected used vehicle auction market conditions. The Company regularly evaluates estimated residual values and adjusts depreciation rates as appropriate. Differences between actual residual values and those estimated result in a gain or loss on disposal and are recorded as part of vehicle depreciation at the time of sale. Vehicle-related interest expense amounts are net of vehicle-related interest income of $15 million , $15 million and $8 million for 2019 , 2018 and 2017 , respectively. Advertising Expenses Advertising costs are generally expensed in the period incurred and are recorded within selling, general and administrative expense in the Company’s Consolidated Statements of Operations. During 2019 , 2018 and 2017 , advertising costs were approximately $121 million , $116 million and $111 million , respectively. Taxes The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. For information regarding the accounting for the effects of the Tax Cuts and Jobs Act (the “Tax Act”), see Note 9-Income Taxes. As a result of the provisions of the Tax Act, the Company accounts for Global Intangible Low-Taxed Income (“GILTI”) as a component of current period income tax expense in the year incurred. The Company records net deferred tax assets to the extent it believes that it is more likely than not that these assets will be realized. In making such determination, the Company considers all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies and recent results of operations. In the event the Company were to determine that it would be able to realize the deferred income tax assets in the future in excess of their net recorded amount, the Company would adjust the valuation allowance, which would reduce the provision for income taxes. Fair Value Measurements The Company measures the fair value of assets and liabilities and discloses the source for such fair value measurements. Financial assets and liabilities are classified as follows: Level 1, which refers to assets and liabilities valued using quoted prices from active markets for identical assets or liabilities; Level 2, which refers to assets and liabilities for which significant other observable market inputs are readily available; and Level 3, which are valued based on significant unobservable inputs. The fair value of the Company’s financial instruments is generally determined by reference to market values resulting from trading on a national securities exchange or in an over-the-counter market (Level 1 inputs). In some cases where quoted market prices are not available, prices are derived by considering the yield of the benchmark security that was issued to initially price the instruments and adjusting this rate by the credit spread that market participants would demand for the instruments as of the measurement date (Level 2 inputs). In situations where long-term borrowings are part of a conduit facility backed by short-term floating rate debt, the Company has determined that its carrying value approximates the fair value of this debt (Level 2 inputs). The carrying amounts of cash and cash equivalents, available-for-sale securities, accounts receivable, program cash and accounts payable and accrued liabilities approximate fair value due to the short-term maturities of these assets and liabilities. The Company’s derivative assets and liabilities consist principally of currency exchange contracts, interest rate swaps, interest rate caps and commodity contracts, and are carried at fair value based on significant observable inputs (Level 2 inputs). Derivatives entered into by the Company are typically executed over-the-counter and are valued using internal valuation techniques, as no quoted market prices exist for such instruments. The valuation technique and inputs depend on the type of derivative and the nature of the underlying exposure. The Company principally uses discounted cash flows to value these instruments. These models take into account a variety of factors including, where applicable, maturity, currency exchange rates, interest rate yield curves of the Company and counterparties, credit curves, counterparty creditworthiness and commodity prices. These factors are applied on a consistent basis and are based upon observable inputs where available. Derivative Instruments Derivative instruments are used as part of the Company’s overall strategy to manage exposure to market risks associated with fluctuations in currency exchange rates, interest rates and gasoline costs. As a matter of policy, derivatives are not used for trading or speculative purposes. All derivatives are recorded at fair value either as assets or liabilities. Changes in fair value of derivatives not designated as hedging instruments are recognized currently in earnings within the same line item as the hedged item. The changes in fair value of a derivative that is designated as either a cash flow or net investment hedge is recorded as a component of accumulated other comprehensive income (loss) and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings and is presented in the same income statement line item as the earnings effect of the hedged item. Amounts related to our derivative instruments are recognized in the Consolidated Statements of Cash Flows consistent with the nature of the hedged item (principally operating activities). Currency Transactions Currency gains and losses resulting from foreign currency transactions are generally included in operating expenses within the Consolidated Statements of Operations; however, the net gain or loss of currency transactions on intercompany loans and the unrealized gain or loss on intercompany loan hedges are included within interest expense related to corporate debt, net. Self-Insurance Reserves The Consolidated Balance Sheets include $441 million and $421 million of liabilities associated with retained risks of liability to third parties as of December 31, 2019 and 2018 , respectively. Such liabilities relate primarily to public liability and third-party property damage claims, as well as claims arising from the sale of ancillary insurance products including, but not limited to, supplemental liability, personal effects protection and personal accident insurance. These obligations represent an estimate for both reported claims not yet paid and claims incurred but not yet reported. The estimated reserve requirements for such claims are recorded on an undiscounted basis utilizing actuarial methodologies and various assumptions which include, but are not limited to, the Company’s historical loss experience and projected loss development factors. The required liability is also subject to adjustment in the future based upon changes in claims experience, including changes in the number of incidents for which the Company is ultimately liable and changes in the cost per incident. These amounts are included within accounts payable and other current liabilities and other non-current liabilities. The Consolidated Balance Sheets also include liabilities of approximately $56 million and $60 million as of December 31, 2019 and 2018 , respectively, related to workers’ compensation, health and welfare and other employee benefit programs. The liabilities represent an estimate for both reported claims not yet paid and claims incurred but not yet reported, utilizing actuarial methodologies similar to those described above. These amounts are included within accounts payable and other current liabilities and other non-current liabilities. Stock-Based Compensation Stock-based compensation cost is measured at the grant date, based on the fair value of the award, and is recognized as expense on a straight-line basis over the vesting period. The Company’s policy is to record compensation expense for stock options, and restricted stock units that are time- and performance-based, for the portion of the award that vests. Compensation expense related to market-based restricted stock units is recognized provided that the requisite service is rendered, regardless of when, if ever, the market condition is satisfied. We estimate the fair value of restricted stock units using the market price of the Company’s common stock on the date of grant. We estimate the fair value of stock-based and cash unit awards containing a market condition using a Monte Carlo simulation model. Key inputs and assumptions used in the Monte Carlo simulation model include the stock price of the award on the grant date, the expected term, the risk-free interest rate over the expected term, the expected annual dividend yield and the expected stock price volatility. The expected volatility is based on a combination of the historical and implied volatility of the Company’s publicly traded, near-the-money stock options, and the valuation period is based on the vesting period of the awards. The risk-free interest rate is derived from the U.S. Treasury yield curve in effect at the time of grant and, since the Company does not currently pay or plan to pay a dividend on its common stock, the expected dividend yield was zero. Business Combinations The Company uses the acquisition method of accounting for business combinations, which requires that the assets acquired and liabilities assumed be recorded at their respective fair values at the date of acquisition. Assets acquired and liabilities assumed in a business combination that arise from contingencies are recognized if fair value can be reasonably estimated at the acquisition date. The excess, if any, of (i) the fair value of the consideration transferred by the acquirer and the fair value of any non-controlling interest remaining in the acquiree, over (ii) the fair values of the identifiable net assets acquired is recorded as goodwill. Gains and losses on the re-acquisition of license agreements are recorded in the Consolidated Statements of Operations within transaction-related costs, net, upon completion of the respective acquisition. Costs incurred to effect a business combination are expensed as incurred, except for the cost to issue debt related to the acquisition. The Company records contingent consideration resulting from a business combination at its fair value on the acquisition date. The fair value of the contingent consideration is generally estimated by utilizing a Monte Carlo simulation technique, based on a range of possible future results (Level 3). Any changes in contingent consideration are recorded in transaction-related costs, net. Transaction-related Costs, net Transaction-related costs, net are classified separately in the Consolidated Statements of Operations. 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. Investments Joint venture investments are typically accounted for under the equity method of accounting. Under this method, the Company records its proportional share of the joint venture’s net income or loss within operating expenses in the Consolidated Statements of Operations. The Company assesses equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may not be recoverable. Any difference between the carrying value of the equity method investment and its estimated fair value is recognized as an impairment charge if the loss in value is deemed other than temporary. As of December 31, 2019 and 2018 , the Company had investments in joint ventures with a carrying value of $56 million and $48 million , respectively, recorded within other non-current assets on the Consolidated Balance Sheets. In March 2018, the Company made an initial equity investment of €16 million ( $20 million ) in its licensee in Greece (“Greece”), for a 20% ownership stake. In June 2018, the Company purchased an additional 20% equity investment for €17 million ( $19 million ), including an acceleration premium, and as of June 30, 2018, had a 40% ownership stake in Greece. Aggregate realized gains and losses on equity investments and dividend income are recorded within operating expenses on the Consolidated Statements of Operations. During 2019 and 2018, the amounts realized from the sale of equity investments and dividend income was $10 million and $5 million , respectively, and during 2017, the amounts were not material. Divestitures The Company classifies long-lived assets and liabilities to be disposed of as held for sale in the period in which they are available for immediate sale in their present condition and the sale is probable and expected to be completed within one year. The Company initially measures assets and liabilities held for sale at the lower of their carrying value or fair value less costs to sell and assesses their fair value each reporting period until disposed. When the divestiture represents a strategic shift that has, or will have, a major effect on the Company’s operations and financial results, the disposal is presented as a discontinued operation. During 2018, the Company entered into a definitive stock purchase agreement to sell the Company’s 50% equity method investment in Anji Car Rental & Leasing Company Limited (“China”), located in China, to Shanghai Automotive Industry Sales Company, Ltd., a 50% owner of China. Upon receiving clearance from applicable regulatory authorities in China during 2019, the Company completed the sale for $64 million , net of cross-border withholding taxes and recorded a $44 million gain within operating expenses. China’s operations are reported within the Company’s International segment. During 2018, as a result of the sale of a non-core business, the Company recognized a gain of $4 million within operating expenses on the Consolidated Statements of Operations. Nonmarketable Equity Securities The Company classifies investments without readily determinable fair values that are not accounted for under the equity method as nonmarketable equity securities. The accounting guidance requires nonmarketable equity securities to be recorded at cost and adjusted to fair value at each reporting period. The Company applies the measurement alternative, which allows these investments to be recorded at cost, less impairment, if any, and subsequently adjust for observable price changes of identical or similar investments of the same issuer. Any changes in value are recorded within operating expenses. As of December 31, 2019 and 2018, the Company had investments in nonmarketable equity securities recorded within other non-current assets with a carrying value of $8 million in each period. The Company realized a $12 million gain from the sale of a nonmarketable equity security during the year ended December 31, 2019. There were no material adjustments made to the carrying amounts of nonmarketable equity securities during the years ended December 31, 2019 and 2018. Adoption of New Accounting Pronouncements Nonemployee Share-Based Payment Accounting On January 1, 2019, as a result of a new accounting pronouncement, the Company adopted Accounting Standards Update (“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. The adoption of this accounting pronouncement did not have an impact on the Company's Consolidated Financial Statements. Accounting for Hedging Activities On January 1, 2019, as the result of a new accounting pronouncement, the Company adopted 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. The adoption of this standard did not have a material impact on the Company’s Consolidated Financial Statements. Leases On January 1, 2019, as the result of a new accounting pronouncement, the Company adopted Topic 842 along with related updates, which require 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. Topic 842 does not significantly change a lessee’s recognition, measurement and presentation of expenses. Additionally, Topic 842 aligns key aspects of lessor accounting with the revenue recognition guidance in Topic 606. The Company elected available practical expedients for existing or expired contracts of lessees and lessors wherein the Company is not required to reassess whether such contracts contain leases, the lease classification or the initial direct costs. The Company is not utilizing the practical expedient which allows the use of hindsight by lessees and lessors in determining the lease term and in assessing impairment of its right-of-use (“ROU”) assets. Additionally, the Company elected as accounting policies to not recognize ROU assets or lease liabilities for short-term property leases (i.e., those with a term of 12 months or less at lease commencement) and, by class of underlying asset, to combine lease and nonlease components in the contract. The Company utilized the transition method allowing entities to only apply the new lease standard in the year of adoption. Lessor The Company has determined that revenues derived by providing vehicle re |
Leases (Notes)
Leases (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leases [Text Block] | 3. Leases Lessor The following table presents the Company’s lease revenues disaggregated by geography. Year Ended December 31, 2019 Americas $ 6,303 Europe, Middle East and Africa 2,141 Asia and Australasia 584 Total lease revenues $ 9,028 The following table presents the Company’s lease revenues disaggregated by brand. Year Ended December 31, 2019 Avis $ 5,163 Budget 3,129 Other 736 Total lease revenues $ 9,028 ________ Other includes Zipcar and other operating brands. Lessee The Company has operating and finance leases for rental locations, corporate offices, vehicle rental fleet and equipment. Many of the Company’s operating leases for rental locations contain concession agreements with various airport authorities that allow the Company to conduct its vehicle rental operations on site. In general, concession fees for airport locations are based on a percentage of total commissionable revenue as defined by each airport authority, some of which are subject to minimum annual guaranteed amounts. Concession fees other than minimum annual guaranteed amounts are not included in the measurement of operating lease ROU assets and operating lease liabilities, and are recorded as variable lease expense as incurred. The Company’s operating leases for rental locations often also require the Company to pay or reimburse operating expenses. The Company leases a portion of its vehicles under operating leases. As of December 31, 2019 , the Company has guaranteed up to $314 million of residual values for these vehicles at the end of their respective lease terms. The Company believes that, based on current market conditions, the net proceeds from the sale of these vehicles at the end of their lease terms will equal or exceed their net book values and therefore has not recorded a liability related to guaranteed residual values. The components of lease expense are as follows: Year Ended December 31, 2019 Property leases (a) Operating lease expense $ 722 Variable lease expense 274 Sublease income (8 ) Total property lease expense $ 988 Vehicle leases Finance lease expense: Amortization of ROU assets (b) $ 42 Interest on lease liabilities (c) 4 Operating lease expense (b) 255 Total vehicle lease expense $ 301 __________ (a) Primarily included in operating expenses. (b) Included in vehicle depreciation and lease charges, net. (c) Included in vehicle interest, net. Supplemental balance sheet information related to leases is as follows: As of Property leases Operating lease ROU assets $ 2,596 Short-term operating lease liabilities (a) $ 479 Long-term operating lease liabilities 2,140 Operating lease liabilities $ 2,619 Weighted average remaining lease term 8.9 years Weighted average discount rate 4.31 % Vehicle leases Finance Finance lease ROU assets, gross $ 337 Accumulated amortization (56 ) Finance lease ROU assets, net (b) $ 281 Short-term vehicle finance lease liabilities $ 95 Long-term vehicle finance lease liabilities 157 Vehicle finance lease liabilities (c) $ 252 Weighted average remaining lease term 2.0 years Weighted average discount rate 1.67 % Operating Vehicle operating lease ROU assets (d) $ 195 Short-term vehicle operating lease liabilities $ 124 Long-term vehicle operating lease liabilities 71 Vehicle operating lease liabilities (e) $ 195 Weighted average remaining lease term 1.8 years Weighted average discount rate 3.08 % _________ (a) Included in Accounts payable and other current liabilities. (b) Included in Vehicles, net within Assets under vehicle programs. (c) Included in Debt within Liabilities under vehicle programs. (d) Included in Receivables from vehicle manufacturers and other within Assets under vehicle programs. (e) Included in Other within Liabilities under vehicle programs. Supplemental cash flow information related to leases is as follows: Year Ended December 31, 2019 Cash payments for lease liabilities within operating activities: Property operating leases $ 733 Vehicle operating leases 248 Vehicle finance leases 4 Cash payments for lease liabilities within financing activities: Vehicle finance leases 266 Non-cash activities - increase (decrease) in ROU assets in exchange for lease liabilities: Property operating leases (a) 531 Vehicle operating leases (a) 262 Vehicle finance leases 304 _________ (a) ROU assets obtained in exchange for lease liabilities since initial recognition. Maturities of lease liabilities as of December 31, 2019 are as follows: Property Operating Leases Vehicle Finance Leases Vehicle Operating Leases Within 1 year $ 580 $ 95 $ 128 Between 1 and 2 years 470 29 51 Between 2 and 3 years 400 127 17 Between 3 and 4 years 348 1 5 Between 4 and 5 years 230 — — Thereafter 1,174 — — Total lease payments 3,202 252 201 Less: Imputed interest (583 ) — (6 ) Total $ 2,619 $ 252 $ 195 |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2019 | |
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): Year Ended December 31, 2019 2018 2017 Net income for basic and diluted EPS $ 302 $ 165 $ 361 Basic weighted average shares outstanding 75.2 79.3 83.4 Options and non-vested stock 0.5 0.8 1.4 Diluted weighted average shares outstanding 75.7 80.1 84.8 Earnings per share: Basic $ 4.01 $ 2.08 $ 4.32 Diluted $ 3.98 $ 2.06 $ 4.25 The following table summarizes the Company’s outstanding common stock equivalents that were anti-dilutive and therefore excluded from the computation of diluted EPS (shares in millions): As of December 31, 2019 2018 2017 Non-vested stock (a) 0.5 0.2 0.5 __________ (a) The weighted average grant date fair value for anti-dilutive non-vested stock for 2019, 2018 and 2017 was $39.48 , $48.66 and $38.40 , respectively. |
Restructuring
Restructuring | 12 Months Ended |
Dec. 31, 2019 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | Restructuring and Other Related Charges Restructuring During third quarter 2019, the Company initiated a restructuring plan to exit its operations in Brazil by closing rental facilities, disposing of assets and terminating personnel (“Brazil”). As of December 31, 2019 , the Company terminated the employment of approximately 195 employees. The Company expects further restructuring expense of approximately $8 million related to this initiative. During first quarter 2019, the Company initiated a restructuring plan to drive global efficiency by improving processes and consolidating functions, and to create new objectives and strategies for its truck rental operations in the U.S. by reducing headcount, large vehicles and rental locations (“T19”). During the year ended December 31, 2019 , as part of this process, the Company formally communicated the termination of employment to approximately 540 employees, and as of December 31, 2019 , the Company had terminated approximately 440 of these employees. The Company expects no further restructuring expense related to this initiative. This initiative is substantially complete. 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”). 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 complete. 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”). This initiative is complete. 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”). 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 complete. In 2014, the Company committed to various strategic initiatives to identify best practices and drive efficiency throughout its organization, by reducing headcount, improving processes and consolidating functions (“T15”). In first quarter 2016, the Company expanded the T15 restructuring to take advantage of additional efficiency opportunities. The expanded T15 restructuring fits within the initiative’s focus areas to identify best practices and drive efficiency throughout the organization, including the consolidation of rental locations. The costs associated with this initiative primarily represent severance, outplacement services and other costs associated with employee terminations, the majority of which have been settled in cash. This initiative is complete. The following tables summarize the change to our restructuring-related liabilities and identifies the amounts recorded within the Company’s reporting segments for restructuring charges and corresponding payments and utilizations: Personnel Related Facility Related Other (a) Total Balance as of January 1, 2017 $ 5 $ 1 $ — $ 6 Restructuring expense: Truck initiative 1 — 4 5 T17 20 — 15 35 Restructuring payment/utilization: Truck initiative (1 ) — (4 ) (5 ) T17 (17 ) (1 ) (15 ) (33 ) T15 (3 ) — — (3 ) Acquisition integration (1 ) — — (1 ) Balance as of December 31, 2017 4 — — 4 Restructuring expense: Workforce planning 11 — 2 13 Truck initiative 1 — 4 5 T17 — — 2 2 T15 1 — — 1 Restructuring payment/utilization: Workforce planning (11 ) — (1 ) (12 ) Truck initiative (1 ) — (4 ) (5 ) T17 (3 ) — (2 ) (5 ) T15 (1 ) — — (1 ) Balance as of December 31, 2018 1 — 1 2 Restructuring expense: T19 24 — 31 55 Brazil 1 1 5 7 Restructuring payment/utilization: T19 (21 ) — (30 ) (51 ) Brazil (1 ) — (5 ) (6 ) Workforce planning (1 ) — — (1 ) Balance as of December 31, 2019 $ 3 $ 1 $ 2 $ 6 __________ (a) Includes expenses primarily related to the disposition of vehicles. Americas International Total Balance as of January 1, 2017 $ 1 $ 5 $ 6 Restructuring expense: Truck initiative 5 — 5 T17 25 10 35 Restructuring payment/utilization: Truck initiative (5 ) — (5 ) T17 (24 ) (9 ) (33 ) T15 (1 ) (2 ) (3 ) Acquisition integration — (1 ) (1 ) Balance as of December 31, 2017 1 3 4 Restructuring expense: Workforce planning 4 9 13 Truck initiative 5 — 5 T17 2 — 2 T15 — 1 1 Restructuring payment/utilization: Workforce planning (4 ) (8 ) (12 ) Truck initiative (5 ) — (5 ) T17 (3 ) (2 ) (5 ) T15 — (1 ) (1 ) Balance as of December 31, 2018 — 2 2 Restructuring expense: T19 39 16 55 Brazil 7 — 7 Restructuring payment/utilization: T19 (38 ) (13 ) (51 ) Brazil (6 ) — (6 ) Workforce planning — (1 ) (1 ) Balance as of December 31, 2019 $ 2 $ 4 $ 6 Other Related Charges Officer Separation Costs In May 2019, the Company announced the resignation of Larry D. De Shon as the Company’s President and Chief Executive Officer. Mr. De Shon continued to serve in his role until a successor had been named and was employed by the Company through December 31, 2019. In connection with Mr. De Shon’s departure, the Company recorded other related charges of approximately $14 million , inclusive of accelerated stock-based compensation expense and executive search firm fees. In March 2019, the Company announced the resignation of Mark J. Servodidio as the Company’s President, International effective June 14, 2019. In connection with Mr. Servodidio’s departure, the Company recorded other related charges of approximately $4 million , inclusive of accelerated stock-based compensation expense. 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 year ended December 31, 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 year ended December 31, 2017, the Company recorded other related charges of $16 million in connection with LVOP. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions 2019 Avis and Budget Licensees In 2019, the Company completed the acquisitions of various licensees primarily in North America, for approximately $55 million , plus $27 million for acquired fleet, of which $74 million was paid. The remaining $8 million of the purchase price will be paid primarily in 2020. 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. The excess of the purchase price over preliminary fair value of net assets acquired was allocated to goodwill, which was assigned to the Company’s Americas reportable segment. In connection with these acquisitions, approximately $21 million was recorded in goodwill, other intangibles of $24 million related to license agreements and $7 million related to customer relationships. The license agreements and customer relationships are being amortized over a weighted average useful life of approximately three years . The goodwill is expected to be deductible for tax purposes. The fair value of the assets acquired and liabilities assumed has not yet been finalized and is therefore subject to change. 2018 Turiscar Group In October 2018, the Company completed the acquisition of Turiscar Group, a provider of vehicle rental services in Portugal, for €22 million (approximately $25 million ), net of acquired cash, of which €23 million (approximately $26 million ) was paid. The remaining €4 million of the purchase price will be paid during the three months ended December 31, 2020. The investment enabled the Company to strengthen and expand its commitment in the Portuguese market. 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 $12 million was recorded in goodwill, and other intangibles of $10 million related to customer relationships and $2 million related to trademarks were recorded. The customer relationships and trademarks are being amortized over a weighted average useful life of approximately 11 years . The goodwill is not deductible for tax purposes. Differences between the preliminary allocation of purchase price and the final allocation were not material. 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 year ended December 31, 2018, the Company paid €28 million (approximately $32 million ). The remaining €7 million 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 $42 million was recorded in goodwill, and other intangibles of $6 million related to customer relationships, $3 million related to trademarks and $2 million related to license agreements were recorded. The customer relationships, trademarks and license agreements are being amortized over a weighted average useful life of approximately six years . The goodwill is not deductible for tax purposes. Differences between the preliminary allocation of purchase price and the final allocation were not material. Avis and Budget Licensees In 2018, the Company completed the acquisitions of various licensees in Europe and North America, for approximately $38 million , net of acquired 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, other intangibles of approximately $42 million related to license agreements was recorded. The license agreements are being amortized over a weighted average useful life of approximately two years . Differences between the preliminary allocation of purchase price and the final allocation were not material. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Intangible Assets Intangible assets consisted of: As of December 31, 2019 As of December 31, 2018 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Amortized Intangible Assets License agreements (a) $ 241 $ 108 $ 133 $ 305 $ 168 $ 137 Customer relationships (b) 255 165 90 251 141 110 Other (c) 50 25 25 52 21 31 $ 546 $ 298 $ 248 $ 608 $ 330 $ 278 Unamortized Intangible Assets Goodwill $ 1,101 $ 1,092 Trademarks $ 550 $ 547 _________ (a) Primarily amortized over a period ranging from 3 to 40 years with a weighted average life of 19 years . (b) Primarily amortized over a period ranging from 3 to 20 years with a weighted average life of 11 years . (c) Primarily amortized over a period ranging from 0 to 10 years with a weighted average life of 9 years . During 2017, the Company recorded an impairment related to the unamortized Zipcar trademark of $2 million based on a combination of observable and unobservable fair value inputs (Level 3), specifically the Income approach-relief from royalty method, which considers market inputs. Amortization expense relating to all intangible assets was as follows: Year Ended December 31, 2019 2018 2017 License agreements $ 28 $ 36 $ 33 Customer relationships 25 24 24 Other 6 5 5 Total $ 59 $ 65 $ 62 Based on the Company’s amortizable intangible assets at December 31, 2019 , the Company expects related amortization expense of approximately $53 million for 2020 , $43 million for 2021 , $32 million for 2022 , $24 million for 2023 and $22 million for 2024 excluding effects of currency exchange rates. The carrying amounts of goodwill and related changes are as follows: Americas International Total Company Gross goodwill as of January 1, 2018 $ 2,139 $ 1,052 $ 3,191 Accumulated impairment losses as of January 1, 2018 (1,587 ) (531 ) (2,118 ) Goodwill as of January 1, 2018 552 521 1,073 Acquisitions — 54 54 Currency translation adjustments and other (13 ) (22 ) (35 ) Goodwill as of December 31, 2018 539 553 1,092 Acquisitions 21 — 21 Currency translation adjustments and other (6 ) (6 ) (12 ) Goodwill as of December 31, 2019 $ 554 $ 547 $ 1,101 |
Vehicle Rental Activities
Vehicle Rental Activities | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Components Of Companys Vehicles [Abstract] | |
Vehicle Rental Activities | Vehicle Rental Activities The components of vehicles, net within assets under vehicle programs are as follows: As of December 31, 2019 2018 Rental vehicles $ 13,461 $ 12,548 Less: Accumulated depreciation (1,621 ) (1,670 ) 11,840 10,878 Vehicles held for sale 337 596 Vehicles, net $ 12,177 $ 11,474 The components of vehicle depreciation and lease charges, net are summarized below: Year Ended December 31, 2019 2018 2017 Depreciation expense $ 1,890 $ 1,974 $ 1,947 Lease charges 255 253 222 (Gain) loss on sale of vehicles, net (82 ) (48 ) 52 Vehicle depreciation and lease charges, net $ 2,063 $ 2,179 $ 2,221 At December 31, 2019 , 2018 and 2017 , the Company had payables related to vehicle purchases included in liabilities under vehicle programs - other of $418 million , $472 million and $346 million , respectively, and receivables related to vehicle sales included in assets under vehicle programs - receivables from vehicle manufacturers and other of $576 million , $622 million and $545 million , respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes On December 22, 2017 the Tax Act made substantial changes to corporate income tax laws. Among the key provisions were a U.S. corporate tax rate reduction from 35% to 21% effective for tax years beginning January 1, 2018 and a one-time transition tax on the deemed repatriation of cumulative earnings from foreign subsidiaries and changes to U.S. taxation of foreign earnings from a worldwide to a territorial tax system effective for tax years beginning January 1, 2018. The Company recognized the effects of the Tax Act in its Consolidated Financial Statements 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. In 2017 the Company 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. The Company completed the accounting for the effects of the Tax Act during 2018 and recorded an additional income tax expense of $30 million for the one-time transition tax on the deemed repatriation of foreign earnings. The provision for (benefit from) income taxes consists of the following: Year Ended December 31, 2019 2018 2017 Current Federal $ (3 ) $ (7 ) $ — State 41 36 5 Foreign 50 59 37 Current income tax provision 88 88 42 Deferred Federal 41 63 (205 ) State (37 ) (39 ) (5 ) Foreign (107 ) (10 ) 18 Deferred income tax provision (103 ) 14 (192 ) Provision for (benefit from) income taxes $ (15 ) $ 102 $ (150 ) Pretax income for domestic and foreign operations consists of the following: Year Ended December 31, 2019 2018 2017 United States $ 125 $ 114 $ 17 Foreign 162 153 194 Pretax income $ 287 $ 267 $ 211 Deferred income tax assets and liabilities are comprised of the following: As of December 31, 2019 2018 Deferred income tax assets: Net tax loss carryforwards $ 1,645 $ 1,390 Long-term operating lease liabilities 678 — Accrued liabilities and deferred revenue 236 230 Tax credits 20 17 Depreciation and amortization 17 16 Provision for doubtful accounts 8 6 Other 75 38 Valuation allowance (a) (214 ) (311 ) Deferred income tax assets 2,465 1,386 Deferred income tax liabilities: Operating lease right-of-use assets 672 — Depreciation and amortization 108 60 Prepaid expenses 17 20 Other 6 5 Deferred income tax liabilities 803 85 Deferred income tax assets, net $ 1,662 $ 1,301 __________ (a) The valuation allowance of $214 million at December 31, 2019 relates to tax loss carryforwards and certain deferred tax assets of $192 million and $22 million , respectively. The valuation allowance will be reduced when and if the Company determines it is more likely than not that the related deferred income tax assets will be realized. The valuation allowance of $311 million at December 31, 2018 relates to tax loss carryforwards and certain deferred tax assets of $283 million and $28 million , respectively. The valuation allowance will be reduced when and if the Company determines it is more likely than not that the related deferred income tax assets will be realized. Deferred income tax assets and liabilities related to vehicle programs are comprised of the following: As of December 31, 2019 2018 Deferred income tax assets: Depreciation and amortization $ 54 $ 44 Other 48 — Deferred income tax assets 102 44 Deferred income tax liabilities: Depreciation and amortization 2,243 2,005 Other 48 — Deferred income tax liabilities 2,291 2,005 Deferred income tax liabilities under vehicle programs, net $ 2,189 $ 1,961 At December 31, 2019 , the Company had U.S. federal net operating loss carryforwards of approximately $6.0 billion . The majority of the net operating loss carryforwards expire by 2031 and a significant remaining portion has an indefinite utilization period pursuant to the Tax Act. Such net operating loss carryforwards are primarily related to accelerated depreciation of the Company’s U.S. vehicles. Currently, the Company does not record valuation allowances on the majority of its U.S. federal tax loss carryforwards as there are adequate deferred tax liabilities that could be realized within the carryforward period. At December 31, 2019 , the Company had foreign net operating loss carryforwards of approximately $981 million with an indefinite utilization period. At December 31, 2019, we have undistributed earnings of certain foreign subsidiaries of approximately $811 million that we have indefinitely reinvested, and on which we have not recognized deferred taxes. Estimating the amount of potential tax is not practicable because of the complexity and variety of assumptions necessary to compute the tax. The reconciliation between the U.S. federal income tax statutory rate and the Company’s effective income tax rate is as follows: Year Ended December 31, 2019 2018 2017 U.S. federal statutory rate 21.0 % 21.0 % 35.0 % Adjustments to reconcile to the effective rate: State and local income taxes, net of federal tax benefits (1.7 ) 5.5 3.8 Changes in valuation allowances (26.9 ) 6.3 (4.7 ) Taxes on foreign operations at rates different than statutory U.S. federal rates 3.4 (5.2 ) (3.6 ) Stock-based compensation — (0.8 ) (3.4 ) Tax Act (benefit) expense — 11.2 (100.8 ) Other non-deductible (non-taxable) items (1.4 ) 1.1 2.2 Other 0.4 (0.9 ) 0.4 (5.2 )% 38.2 % (71.1 )% The following is a tabular reconciliation of the gross amount of unrecognized tax benefits for the year: 2019 2018 2017 Balance, January 1 $ 61 $ 63 $ 59 Additions for tax positions related to current year 6 8 6 Additions for tax positions for prior years — — 9 Reductions for tax positions for prior years (8 ) (6 ) (10 ) Settlements (4 ) (3 ) — Statute of limitations (1 ) (1 ) (1 ) Balance, December 31 $ 54 $ 61 $ 63 The Company does not anticipate that total unrecognized tax benefits will change significantly in 2020 . The Company is subject to taxation in the United States and various foreign jurisdictions. As of December 31, 2019, the 2016 through 2018 tax years generally remain subject to examination by the federal tax authorities. The 2013 through 2018 tax years generally remain subject to examination by various state tax authorities. In significant foreign jurisdictions, the 2012 through 2018 tax years generally remain subject to examination by their respective tax authorities. Substantially all of the gross amount of the unrecognized tax benefits at December 31, 2019 , 2018 and 2017 , if recognized, would affect the Company’s provision for, or benefit from, income taxes. As of December 31, 2019 , the Company’s unrecognized tax benefits were offset by an immaterial tax loss carryforward. The following table presents unrecognized tax benefits: As of December 31, 2019 2018 Unrecognized tax benefit in non-current income taxes payable (a) $ 57 $ 41 Accrued interest payable on potential tax liabilities (b) 27 29 __________ (a) Pursuant to the agreements governing the disposition of certain subsidiaries in 2006, the Company is entitled to indemnification for certain pre-disposition tax contingencies. As of December 31, 2019 and 2018 , $13 million , respectively, of unrecognized tax benefits are related to tax contingencies for which the Company believes it is entitled to indemnification. (b) The Company recognizes potential interest related to unrecognized tax benefits within interest expense related to corporate debt, net on the accompanying Consolidated Statements of Operations. Penalties incurred during the years ended December 31, 2019 , 2018 and 2017 , were not significant and were recognized as a component of the provision for income taxes. |
Other Current Assets
Other Current Assets | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Schedule Of Other Current Assets [Abstract] | |
Other Current Assets | Other current assets consisted of: As of December 31, 2019 2018 Prepaid expenses $ 234 $ 241 Sales and use taxes 173 180 Other 141 183 Other current assets $ 548 $ 604 |
Property and Equipment, net
Property and Equipment, net | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, net | Property and Equipment, net Property and equipment, net consisted of: As of December 31, 2019 2018 Land $ 48 $ 49 Buildings and leasehold improvements 565 625 Capitalized software 789 613 Furniture, fixtures and equipment 400 411 Projects in process 180 169 Buses and support vehicles 88 95 2,070 1,962 Less: Accumulated depreciation and amortization (1,278 ) (1,226 ) Property and equipment, net $ 792 $ 736 Depreciation and amortization expense relating to property and equipment during 2019 , 2018 and 2017 was $204 million , $191 million and $197 million , respectively (including $109 million , $92 million and $95 million , respectively, of amortization expense relating to capitalized software). At December 31, 2019, the Company had payables related to property and equipment included in accounts payable and other current liabilities and in other non-current liabilities of $16 million and $12 million , respectively. At December 31, 2018 and 2017, the Company had payables related to property and equipment included in accounts payable and other current liabilities of $15 million and $16 million , respectively. |
Accounts Payable and Other Curr
Accounts Payable and Other Current Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Other Current Liabilities | Accounts Payable and Other Current Liabilities Accounts payable and other current liabilities consisted of: As of December 31, 2019 2018 Short-term operating lease liabilities 479 $ — Accounts payable 378 371 Accrued sales and use taxes 223 208 Accrued payroll and related 195 200 Accrued advertising and marketing 191 192 Public liability and property damage insurance liabilities – current 178 149 Deferred lease revenues – current 125 140 Other 437 433 Accounts payable and other current liabilities $ 2,206 $ 1,693 |
Long-term Debt and Borrowing Ar
Long-term Debt and Borrowing Arrangements | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Long-term Debt [Text Block] | 13. Long-term Corporate Debt and Borrowing Arrangements Long-term debt and other borrowing arrangements consisted of: Maturity As of December 31, 2019 2018 5½% Senior Notes April 2023 200 675 6⅜% Senior Notes April 2024 350 350 4⅛% euro-denominated Senior Notes November 2024 336 344 Floating Rate Term Loan (a) February 2025 1,112 1,123 5¼% Senior Notes March 2025 375 375 4½% euro-denominated Senior Notes May 2025 280 287 4¾% euro-denominated Senior Notes January 2026 393 401 5¾% Senior Notes July 2027 400 — Other (b) 28 41 Deferred financing fees (39 ) (45 ) Total 3,435 3,551 Less: Short-term debt and current portion of long-term debt 19 23 Long-term debt $ 3,416 $ 3,528 __________ (a) The floating rate term loan is part of the Company’s senior revolving 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) Primarily includes finance leases which are secured by liens on the related assets. Term Loan Floating Rate Term Loan due 2025. In February 2018, the Company amended its Floating Rate Term Loan and extended its maturity term to 2025. As of December 31, 2019, the loan bears interest at one-month LIBOR plus 2.00% , for an aggregate rate of 3.80% ; however, the Company entered into an interest rate swap to hedge $700 million of its interest rate exposure related to the floating rate term loan at an aggregate rate of 3.67% . Senior Notes 5½% Senior Notes due 2023. In April 2013, the Company completed an offering of $500 million of 5½% Senior Notes due April 2023. The notes were issued at par, with interest payable semi-annually. The Company has the right to redeem these notes in whole or in part on or after April 1, 2018 at specified redemption prices plus accrued interest. In November 2014, the Company issued $175 million of additional 5½% Senior Notes due 2023 at 99.625% of their face value, with interest payable semi-annually. The Company has the right to redeem these notes in whole or in part on or after April 1, 2018 at specified redemption prices plus accrued interest. The Company used the proceeds from the issuance to partially fund the acquisition of its Budget licensee for Southern California and Las Vegas. In July 2019, the Company redeemed $400 million principal amount for $407 million plus accrued interest. In October 2019, the Company redeemed $75 million principal amount for $76 million plus accrued interest. 6⅜% Senior Notes due 2024 . In March 2016, the Company issued $350 million of 6⅜% Senior Notes due 2024 at par, with interest payable semi-annually. The Company has the right to redeem these notes in whole or in part at any time on or after April 1, 2019 at specified redemption prices plus accrued interest. In May 2016, the Company used the net proceeds from the offering to redeem $300 million principal amount of its previous 4⅞% Senior Notes and for general corporate purposes. 4⅛% euro-denominated Senior Notes due 2024. In September 2016, the Company issued €300 million of 4⅛% euro-denominated Senior Notes due 2024 at par, with interest payable semi-annually. The Company has the right to redeem these notes in whole or in part at any time on or after November 15, 2019 at specified redemption prices plus accrued interest. In October 2016, the Company used the net proceeds from the offering primarily to redeem €275 million of its outstanding 6% euro-denominated Senior Notes due 2021. 5¼% Senior Notes due 2025. In Mar ch 2015, the Company issued $375 million of 5¼% Senior Notes due 2025 at par, with interest payable semi-annually. The Company has the right to redeem these notes in whole or in part at any time on or after March 15, 2020 at specified redemption prices plus accrued interest. In April 2015, the Company used net proceeds from the offering to redeem the remaining $223 million principal amount of its 9¾% Senior Notes and to partially fund the acquisition of Maggiore. 4½% euro-denominated Senior Notes due 2025. In March 2017, the Company issued €250 million of 4½% euro-denominated Senior Notes due 2025, at par, with interest payable semi-annually. The Company has the right to redeem these notes in whole or in part on or after May 15, 2020 at specified redemption prices plus accrued interest. In April 2017, the Company used the net proceeds from the offering to redeem its outstanding €175 million principal amount of 6% euro-denominated Senior Notes due 2021 for €180 million plus accrued interest. In June 2017, the Company used the remaining proceeds to redeem a portion of its Floating Rate Senior Notes due 2017. 4¾% euro-denominated Senior Notes due 2026. In October 2018, the Company issued €350 million of 4¾% euro-denominated Senior Notes due 2026, at par, with interest payable semi-annually. The Company has the right to redeem these notes in whole or in part on or after September 30, 2021 at specified redemption prices plus accrued interest. In October 2018, the Company used the net proceeds from the offering to redeem its 5⅛% Senior Notes due June 2022 for $410 million plus accrued interest. 5¾% Senior Notes due 2027. In July 2019, the Company issued $400 million of 5¾% Senior Notes due July 2027, at par. The Company used the net proceeds from the offering to redeem $400 million principal amount of its 5½% Senior Notes due April 2023. The 5½% Senior Notes, 6⅜% Senior Notes, the 5¼% Senior Notes and the 5¾% Senior Notes are senior unsecured obligations of the Company’s Avis Budget Car Rental, LLC (“ABCR”) subsidiary, are guaranteed by the Company and certain of its domestic subsidiaries and rank equally in right of payment with all of the Company’s existing and future senior unsecured indebtedness. The 4⅛% euro-denominated Senior Notes, 4½% euro-denominated Senior Notes and 4¾% euro-denominated Senior Notes are unsecured obligations of the Company’s Avis Budget Finance plc subsidiary, are guaranteed on a senior basis by the Company and certain of its domestic subsidiaries and rank equally with all of the Company’s existing senior unsecured debt. In connection with the debt amendments and repayments for the years ended December 31, 2019 , 2018 and 2017 , the Company recorded $12 million , $19 million and $3 million in early extinguishment of debt costs, respectively. Debt Maturities The following table provides contractual maturities of the Company’s corporate debt at December 31, 2019 : Year Amount 2020 $ 19 2021 17 2022 16 2023 216 2024 701 Thereafter 2,505 $ 3,474 Committed Credit Facilities And Available Funding Arrangements At December 31, 2019 , 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 $ — $ 1,081 $ 719 __________ (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. In February 2018, the Company amended the terms of its Senior revolving credit facility maturing 2021 and extended its maturity to 2023. At December 31, 2018 , the Company had various uncommitted credit facilities available, which bear interest at rates of 0.74% to 6.60% , under which it had drawn approximately $1 million . Debt Covenants The agreements governing the Company’s indebtedness contain restrictive covenants, including restrictions on dividends paid to the Company by certain of its subsidiaries, the incurrence of additional indebtedness by the Company and certain of its subsidiaries, acquisitions, mergers, liquidations, and sale and leaseback transactions. The Company’s senior credit facility also contains a maximum leverage ratio requirement. As of December 31, 2019 , the Company was in compliance with the financial covenants governing its indebtedness. |
Debt Under Vehicle Programs and
Debt Under Vehicle Programs and Borrowing Arrangements | 12 Months Ended |
Dec. 31, 2019 | |
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 December 31, 2019 2018 Americas – Debt due to Avis Budget Rental Car Funding (a) $ 7,975 $ 7,393 Americas – Debt borrowings (a) 827 635 International – Debt borrowings (a) 2,100 2,060 International – Finance leases 215 191 Other — 2 Deferred financing fees (b) (49 ) (49 ) Total $ 11,068 $ 10,232 __________ (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 December 31, 2019 and 2018 were $40 million and $35 million, respectively. Americas Debt due to Avis Budget Rental Car Funding . Avis Budget Rental Car Funding, an unconsolidated bankruptcy remote qualifying special purpose limited liability company, issues privately placed notes to investors as well as to banks and bank-sponsored conduit entities. Avis Budget Rental Car Funding uses the proceeds from its note issuances to make loans to a wholly-owned subsidiary of the Company, AESOP Leasing LP (“AESOP Leasing”), on a continuing basis. AESOP Leasing is required to use the proceeds of such loans to acquire or finance the acquisition of vehicles used in the Company’s rental car operations. By issuing debt through the Avis Budget Rental Car Funding program, the Company pays a lower rate of interest than if it had issued debt directly to third parties. Avis Budget Rental Car Funding is not consolidated, as the Company is not the “primary beneficiary” of Avis Budget Rental Car Funding. The Company determined that it is not the primary beneficiary because the Company does not have the obligation to absorb the potential losses or receive the benefits of Avis Budget Rental Car Funding’s activities since the Company’s only significant source of variability in the earnings, losses or cash flows of Avis Budget Rental Car Funding is exposure to its own creditworthiness, due to its loan from Avis Budget Rental Car Funding. Because Avis Budget Rental Car Funding is not consolidated, AESOP Leasing’s loan obligations to Avis Budget Rental Car Funding are reflected as related party debt on the Company’s Consolidated Balance Sheets. The Company also has an asset within Assets under vehicle programs on its Consolidated Balance Sheets which represents securities issued to the Company by Avis Budget Rental Car Funding. AESOP Leasing is consolidated, as the Company is the “primary beneficiary” of AESOP Leasing; as a result, the vehicles purchased by AESOP Leasing remain on the Company’s Consolidated Balance Sheets. The Company determined it is the primary beneficiary of AESOP Leasing, as it has the ability to direct its activities, an obligation to absorb a majority of its expected losses and the right to receive the benefits of AESOP Leasing’s activities. AESOP Leasing’s vehicles and related assets, which as of December 31, 2019 , approximate $10.2 billion and some of which are subject to manufacturer repurchase and guaranteed depreciation agreements, collateralize the debt issued by Avis Budget Rental Car Funding. The assets and liabilities of AESOP Leasing are presented on the Company’s Consolidated Balance Sheets within Assets under vehicle programs and Liabilities under vehicle programs, respectively. The assets of AESOP Leasing, included within assets under vehicle programs (excluding the investment in Avis Budget Rental Car Funding (AESOP) LLC—related party) are restricted. Such assets may be used only to repay the respective AESOP Leasing liabilities, included within Liabilities under vehicle programs, and to purchase new vehicles, although if certain collateral coverage requirements are met, AESOP Leasing may pay dividends from excess cash. The creditors of AESOP Leasing and Avis Budget Rental Car Funding have no recourse to the general credit of the Company. The Company periodically provides Avis Budget Rental Car Funding with non-contractually required support, in the form of equity and loans, to serve as additional collateral for the debt issued by Avis Budget Rental Car Funding. The business activities of Avis Budget Rental Car Funding are limited primarily to issuing indebtedness and using the proceeds thereof to make loans to AESOP Leasing for the purpose of acquiring or financing the acquisition of vehicles to be leased to the Company’s rental car subsidiaries and pledging its assets to secure the indebtedness. Because Avis Budget Rental Car Funding is not consolidated by the Company, its results of operations and cash flows are not reflected within the Company’s financial statements. During April 2018 and October 2018, Avis Budget Rental Car Funding issued approximately $400 million in asset-backed notes with an expected final payment date of September 2023 and approximately $550 million in asset-backed notes with an expected final payment date of March 2024, respectively. During February 2019, April 2019 and August 2019, Avis Budget Rental Car Funding issued approximately $600 million , $650 million and $650 million , respectively, in asset-backed notes with an expected final payment date of March 2022, September 2024 and March 2025, respectively. 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. Borrowings under the Avis Budget Rental Car Funding program primarily represent fixed rate notes and had a weighted average interest rate of 3.16% and 3.20% as of December 31, 2019 and 2018 respectively. Debt borrowings . The Company finances the acquisition of vehicles used in its Canadian rental operations through a consolidated, bankruptcy remote special-purpose entity, which issues privately placed notes to investors and bank-sponsored conduits. The Company finances the acquisition of fleet for its truck rental operations in the United States through a combination of debt facilities and leases. These debt borrowings represent a mix of fixed and floating rate debt and had a weighted average interest rate of 2.87% and 3.33% as of December 31, 2019 and 2018 respectively. International Debt borrowings . In 2013, the Company entered into a three-year, €500 million (approximately $687 million) European rental fleet securitization program, which is used to finance fleet purchases for certain of the Company’s European operations. Since 2013, the Company increased its capacity by €1.3 billion (approximately $1.5 billion), and extended the securitization maturity to 2021. The Company finances the acquisition of vehicles used in its International rental car operations through this and other consolidated, bankruptcy remote special-purpose entities, which issue privately placed notes to banks and bank-sponsored conduits. The International borrowings primarily represent floating rate notes and had a weighted average interest rate of 1.87% and 2.02% as of December 31, 2019 and 2018 respectively. Finance leases. The Company obtained a portion of its International vehicles under finance lease arrangements. For the years ended December 31, 2019 and 2018 , the weighted average interest rate on these borrowings was 1.25% and 1.17% respectively. All finance leases are on a fixed repayment basis and interest rates are fixed at the contract date. 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 December 31, 2019 : Debt under Vehicle Programs (a) 2020 $ 1,753 2021 (b) 3,225 2022 (c) 3,032 2023 1,097 2024 1,471 Thereafter 539 $ 11,117 __________ (a) Vehicle-backed debt primarily represents asset-backed securities. (b) Includes $1.9 billion of bank and bank-sponsored facilities. (b) Includes $1.7 billion of bank and bank-sponsored facilities. Committed Credit Facilities And Available Funding Arrangements The following table presents available funding under the Company’s debt arrangements related to its vehicle programs, including related party debt due to Avis Budget Rental Car Funding, at December 31, 2019 : Total Capacity (a) Outstanding (b) Available Capacity Americas – Debt due to Avis Budget Rental Car Funding $ 9,761 $ 7,975 $ 1,786 Americas – Debt borrowings 1,009 827 182 International – Debt borrowings 3,003 2,100 903 International – Finance leases 237 215 22 Total $ 14,010 $ 11,117 $ 2,893 __________ (a) Capacity is subject to maintaining sufficient assets to collateralize debt. (b) The outstanding debt is collateralized by vehicles and related assets of $9.3 billion for Americas - Debt due to Avis Budget Rental Car Funding; $1.0 billion for Americas - Debt borrowings; $2.6 billion for International - Debt borrowings; and $0.2 billion for International - Finance 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 December 31, 2019 , the Company is not aware of any instances of non-compliance with any of the financial or restrictive covenants contained in the debt agreements under its vehicle-backed funding programs. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
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 first quarter 2017, following a state court trial in Georgia, a jury found the Company liable for damages in cases brought by plaintiffs who were 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 fourth quarter 2019, the Company appealed both verdicts resulting in a reversal of the opinions rendered. The plaintiffs filed a petition to have the Georgia Supreme Court review the state appellate court’s reversal of opinion. The Company has recognized a liability 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 $30 million in excess of amounts accrued as of December 31, 2019; however, the Company does not believe that the impact should result in a material liability to the Company in relation to its consolidated financial condition or results of operations. Commitments to Purchase Vehicles The Company maintains agreements with vehicle manufacturers under which the Company has agreed to purchase approximately $7.7 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. Other Purchase Commitments In the normal course of business, the Company makes various commitments to purchase other goods or services from specific suppliers, including those related to marketing, advertising, computer services and capital expenditures. As of December 31, 2019 , the Company had approximately $136 million of purchase obligations, which extend through 2025. Concentrations Concentrations of credit risk at December 31, 2019 , include (i) risks related to the Company’s repurchase and guaranteed depreciation agreements with domestic and foreign car manufacturers, including Ford, Fiat Chrysler and General Motors , and primarily with respect to receivables for program cars that have been disposed but for which the Company has not yet received payment from the manufacturers and (ii) risks related to Realogy and Wyndham, including receivables of $24 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. Asset Retirement Obligations The Company maintains a liability for asset retirement obligations. An asset retirement obligation is a legal obligation to perform certain activities in connection with the retirement, disposal or abandonment of assets. The Company’s asset retirement obligations, which are measured at discounted fair values, are primarily related to the removal of underground gasoline storage tanks at its rental facilities. The liability accrued for asset retirement obligations was $27 million and $22 million at December 31, 2019 and 2018 , respectively. Standard Guarantees/Indemnifications In the ordinary course of business, the Company enters into numerous agreements that contain standard guarantees and indemnities whereby the Company agrees to indemnify another party, among other things, for performance under contracts and any breaches of representations and warranties thereunder. In addition, many of these parties are also indemnified against any third-party claim resulting from the transaction that is contemplated in the underlying agreement. Such guarantees or indemnifications are granted under various agreements, including those governing (i) purchases, sales or outsourcing of assets, businesses or activities, (ii) leases of real estate, (iii) licensing of trademarks, (iv) access to credit facilities and use of derivatives and (v) issuances of debt or equity securities. The guarantees or indemnifications issued are for the benefit of the (i) buyers in sale agreements and sellers in purchase agreements, (ii) landlords in lease contracts, (iii) licensees under licensing agreements, (iv) financial institutions in credit facility arrangements and derivative contracts and (v) underwriters and placement agents in debt or equity security issuances. While some of these guarantees extend only for the duration of the underlying agreement, many may survive the expiration of the term of the agreement or extend into perpetuity (unless subject to a legal statute of limitations). There are no specific limitations on the maximum potential amount of future payments that the Company could be required to make under these guarantees, nor is the Company able to develop an estimate of the maximum potential amount of future payments to be made under these guarantees as the triggering events are not subject to predictability. With respect to certain of the aforementioned guarantees, such as indemnifications provided to landlords against third-party claims for the use of real estate property leased by the Company, the Company maintains insurance coverage that mitigates its potential exposure. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders’ Equity Cash Dividend Payments During 2019 , 2018 and 2017 , the Company did not declare or pay any cash dividends. The Company’s ability to pay dividends to holders of its common stock is limited by the Company’s senior credit facility, the indentures governing its senior notes and its vehicle financing programs. Share Repurchases The Company’s Board of Directors has authorized the repurchase of up to approximately $1.8 billion of its common stock under a plan originally approved in 2013 and subsequently expanded, most recently in August 2019. During 2019 , 2018 and 2017 , the Company repurchased approximately 14 million shares of common stock at a cost of approximately $462 million under the program. As of December 31, 2019 , approximately $189 million of authorization remained available to repurchase common stock under this plan. In June 2019, as part of its share repurchase program, the Company entered into a structured repurchase agreement involving the use of capped call options for the purchase of its common stock. The Company paid a fixed sum upon the execution of the agreement in exchange for the right to receive either a pre-determined amount of cash or stock. The Company paid net premiums of $16 million to enter into this agreement, which was recorded as a reduction of additional paid in capital. In September 2019, the capped call options expired and all outstanding options settled for 0.6 million shares. Accumulated Other Comprehensive Income (Loss) The components of accumulated other comprehensive income (loss) are as follows: Currency Translation Adjustments Net Unrealized Gains (Losses) on Cash Flow Hedges (a) Net Unrealized Gains (Losses) on Available-For-Sale Securities Minimum Pension Liability Adjustment (b) Accumulated Other Comprehensive Income (Loss) Balance, January 1, 2017 $ (39 ) $ 2 $ 1 $ (118 ) $ (154 ) Other comprehensive income (loss) before reclassifications 110 1 1 11 123 Amounts reclassified from accumulated other comprehensive income (loss) — 2 — 5 7 Net current-period other comprehensive income (loss) 110 3 1 16 130 Balance, December 31, 2017 71 5 2 (102 ) (24 ) Cumulative effect of accounting change 7 1 (2 ) (12 ) (6 ) Balance, January 1, 2018 78 6 — (114 ) (30 ) Other comprehensive income (loss) before reclassifications (81 ) (2 ) — (23 ) (106 ) Amounts reclassified from accumulated other comprehensive income (loss) — (2 ) — 5 3 Net current-period other comprehensive income (loss) (81 ) (4 ) — (18 ) (103 ) Balance, December 31, 2018 (3 ) 2 — (132 ) (133 ) Cumulative effect of accounting change (c) — 1 — — 1 Balance, January 1, 2019 (3 ) 3 — (132 ) (132 ) Other comprehensive income (loss) before reclassifications 12 (20 ) — (20 ) (28 ) Amounts reclassified from accumulated other comprehensive income (loss) — (3 ) — 6 3 Net current-period other comprehensive income (loss) 12 (23 ) — (14 ) (25 ) Balance, December 31, 2019 $ 9 $ (20 ) $ — $ (146 ) $ (157 ) __________ 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 (see Note 9-Income Taxes for impacts of the Tax Act) and include a $81 million gain, net of tax, related to the Company’s hedge of its investment in euro-denominated foreign operations (See Note 19-Financial Instruments). (a) For the years ended December 31, 2019 , 2018 and 2017 , the amounts reclassified from accumulated other comprehensive income (loss) into corporate interest expense were $4 million ( $3 million , net of tax), $3 million ( $2 million , net of tax) and $4 million ( $2 million , net of tax), respectively. (b) For the years ended December 31, 2019 , 2018 and 2017 , amounts reclassified from accumulated other comprehensive income (loss) into selling, general and administrative expenses were $8 million ( $6 million , net of tax), $7 million ( $5 million , net of tax) and $8 million ( $5 million , net of tax), respectively. (c) See Note 2-Summary of Significant Accounting Policies for the impact of adoption of ASU 2017-12. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation The Company’s Amended and Restated Equity and Incentive Plan provides for the grant of options, stock appreciation rights, restricted stock, restricted stock units (“RSUs”) and other stock- or cash-based awards to employees, directors and other individuals who perform services for the Company and its subsidiaries. The maximum number of shares reserved for grant of awards under the plan is 22.5 million , with approximately 5.3 million shares available as of December 31, 2019 . The Company typically settles stock-based awards with treasury shares. Time-based awards generally vest ratably over a three-year period following the date of grant, and performance- or market-based awards generally vest three years following the date of grant based on the attainment of performance- or market-based goals, all of which are subject to a service condition. Stock Unit Awards Stock unit awards entitle the holder to receive shares of common stock upon vesting on a one-to-one basis. Certain performance-based RSUs vest based upon the level of performance attained, but vesting can increase (typically by up to 20% ) if certain relative total shareholder return goals are achieved. Market-based RSUs generally vest based on the level of total shareholder return or absolute stock price attainment. During the years ended December 31, 2019, 2018, and 2017 the Company did not issue any stock unit awards containing a market condition. Annual activity related to stock units 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, 2019 838 $ 38.67 Granted (a) 608 34.14 Vested (b) (502 ) 36.00 Forfeited (97 ) 38.73 Outstanding and expected to vest at December 31, 2019 (c) 847 $ 36.99 1.0 $ 27 Performance-based and market-based RSUs Outstanding at January 1, 2019 1,169 $ 35.14 Granted (a) 570 34.56 Vested (b) — — Forfeited (678 ) 28.79 Outstanding at December 31, 2019 1,061 $ 38.89 1.1 $ 34 Outstanding and expected to vest at December 31, 2019 (c) 412 $ 40.61 1.5 $ 13 __________ (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, which are discussed separately below. The weighted-average fair value of time-based RSUs and performance-based RSUs granted in 2018 was $48.41 and $48.52 , respectively, and the weighted-average fair value of time-based RSUs and performance-based and market-based RSUs granted in 2017 was $35.32 and $35.21 , respectively. (b) The total fair value of RSUs vested during 2019 , 2018 and 2017 was $18 million , $20 million and $23 million , respectively. (c) Aggregate unrecognized compensation expense related to time-based RSUs and performance-based and market-based RSUs amounted to $25 million and will be recognized over a weighted average vesting period of 1.2 years. Stock Options Stock options exercised during 2019 , 2018 and 2017 had intrinsic values of $1 million , $8 million and $21 million , respectively. Non-employee Directors Deferred Compensation Plan Prior to 2019, the Company granted stock awards on a quarterly basis to non-employee directors representing between 50% and 100% of a director’s annual compensation and such awards could be deferred under the Non-employee Directors Deferred Compensation Plan. Beginning in 2019, the Company grants stock awards on an annual basis to non-employee directors representing between 50% and 100% of a director’s annual compensation and such awards can be deferred under the Non-employee Directors Deferred Compensation Plan. During 2019 , 2018 and 2017 , the Company granted 40,000 , 34,000 and 36,000 awards, respectively, to non-employee directors. Stock-Compensation Expense During 2019 , 2018 and 2017 , the Company recorded stock-based compensation expense of $22 million ( $17 million , net of tax), $24 million ( $18 million , net of tax) and $10 million ( $7 million , net of tax), respectively. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans Defined Contribution Savings Plans The Company sponsors several defined contribution savings plans in the United States and certain foreign subsidiaries that provide certain eligible employees of the Company an opportunity to accumulate funds for retirement. The Company matches portions of the contributions of participating employees on the basis specified by the plans. The Company’s contributions to these plans were $32 million , $33 million and $36 million during 2019 , 2018 and 2017 , respectively. Defined Benefit Pension Plans The Company sponsors defined benefit pension plans in the United States and in certain foreign subsidiaries with some plans offering participation in the plans at the employees’ option. Under these plans, benefits are based on an employee’s years of credited service and a percentage of final average compensation. However, the majority of the plans are closed to new employees and participants are no longer accruing benefits. The funded status of the defined benefit pension plans is recognized on the Consolidated Balance Sheets and the gains or losses and prior service costs or credits that arise during the period, but are not recognized as components of net periodic benefit cost, are recognized as a component of accumulated other comprehensive loss, net of tax. The components of net periodic (benefit) cost consisted of the following: Year Ended December 31, 2019 2018 2017 Service cost (a) $ 5 $ 6 $ 5 Interest cost (b) 21 19 19 Expected return on plan assets (b) (30 ) (33 ) (30 ) Amortization of unrecognized amounts (b) 7 7 8 Net periodic (benefit) cost $ 3 $ (1 ) $ 2 __________ (a) For the year ended December 31, 2019 , $4 million and $1 million were included in operating expenses and selling, general and administrative expenses, respectively. For the year ended December 31, 2018, $4 million and $2 million were included in operating expenses and selling, general and administrative expenses, respectively. (b) Included in selling, general and administrative expenses. The estimated amount that will be amortized from accumulated other comprehensive loss into net periodic benefit cost in 2020 is $7 million , which consists primarily of net actuarial losses. The Company uses a measurement date of December 31 for its pension plans. The funded status of the pension plans were as follows: As of December 31, Change in Benefit Obligation 2019 2018 Benefit obligation at end of prior year $ 722 $ 779 Service cost 5 6 Interest cost 21 19 Actuarial (gain) loss 87 (32 ) Currency translation adjustment 13 (24 ) Net benefits paid (27 ) (26 ) Benefit obligation at end of current year $ 821 $ 722 Change in Plan Assets Fair value of assets at end of prior year $ 549 $ 614 Actual return on plan assets 91 (29 ) Employer contributions 21 11 Currency translation adjustment 14 (21 ) Net benefits paid (26 ) (26 ) Fair value of assets at end of current year $ 649 $ 549 As of December 31, Funded Status 2019 2018 Classification of net balance sheet assets (liabilities): Non-current assets $ 20 $ 18 Current liabilities (4 ) (4 ) Non-current liabilities (188 ) (187 ) Net funded status $ (172 ) $ (173 ) The following assumptions were used to determine pension obligations and pension costs for the principal plans in which the Company’s employees participated: For the Year Ended December 31, U.S. Pension Benefit Plans 2019 2018 2017 Discount rate: Net periodic benefit cost 4.15 % 3.50 % 3.90 % Benefit obligation 3.10 % 4.15 % 3.50 % Long-term rate of return on plan assets 7.00 % 7.00 % 7.00 % Non-U.S. Pension Benefit Plans Discount rate: Net periodic benefit cost 2.75 % 2.55 % 2.45 % Benefit obligation 1.95 % 2.75 % 2.55 % Long-term rate of return on plan assets 4.50 % 4.50 % 4.70 % To select discount rates for its defined benefit pension plans, the Company uses a modeling process that involves matching the expected cash outflows of such plans, to yield curves constructed from portfolios of AA-rated fixed-income debt instruments. The Company uses the average yields of the hypothetical portfolios as a discount rate benchmark. The Company’s expected rate of return on plan assets of 7.00% and 4.50% for the U.S. plans and non-U.S. plans, respectively, used to determine pension obligations and pension costs, are long-term rates based on historic plan asset returns in individual jurisdictions, over varying long-term periods combined with current market expectations and broad asset mix considerations. As of December 31, 2019 , plans with benefit obligations in excess of plan assets had accumulated benefit obligations of $466 million and plan assets of $276 million . As of December 31, 2018 , plans with benefit obligations in excess of plan assets had accumulated benefit obligations of $423 million and plan assets of $234 million . The accumulated benefit obligation for all plans was $811 million and $713 million as of December 31, 2019 and 2018 , respectively. The Company expects to contribute approximately $10 million to the U.S. plans and $1 million to the non-U.S. plans in 2020 . The Company’s defined benefit pension plans’ assets are invested primarily in mutual funds and may change in value due to various risks, such as interest rate and credit risk and overall market volatility. Due to the level of risk associated with investment securities, it is reasonably possible that changes in the values of the pension plans’ investment securities will occur in the near term and that such changes would materially affect the amounts reported in the Company’s financial statements. The defined benefit pension plans’ investment goals and objectives are managed by the Company or Company-appointed and member-appointed trustees with consultation from independent investment advisors. While the objectives may vary slightly by country and jurisdiction, collectively the Company seeks to produce returns on pension plan investments, which are based on levels of liquidity and investment risk that the Company believes are prudent and reasonable, given prevailing capital market conditions. The pension plans’ assets are managed in the long-term interests of the participants and the beneficiaries of the plans. A suitable strategic asset allocation benchmark is determined for each plan to maintain a diversified portfolio, taking into account government requirements, if any, regarding unnecessary investment risk and protection of pension plans’ assets. The Company believes that diversification of the pension plans’ assets is an important investment strategy to provide reasonable assurance that no single security or class of securities will have a disproportionate impact on the pension plans. As such, the Company allocates assets among traditional equity, fixed income (government issued securities, corporate bonds and short-term cash investments) and other investment strategies. The equity component’s purpose is to provide a total return that will help preserve the purchasing power of the assets. The pension plans hold various mutual funds that invest in equity securities and are diversified among funds that invest in large cap, small cap, growth, value and international stocks as well as funds that are intended to “track” an index, such as the S&P 500. The equity investments in the portfolios will represent a greater assumption of market volatility and risk as well as provide higher anticipated total return over the long term. The equity component is expected to approximate 40% - 60% of the plans’ assets. The purpose of the fixed income component is to provide a deflation hedge, to reduce the overall volatility of the pension plans’ assets in relation to the liability and to produce current income. The pension plans hold mutual funds that invest in securities issued by governments, government agencies and corporations. The fixed income component is expected to approximate 40% - 60% of the plans’ assets. The following table presents the defined benefit pension plans’ assets measured at fair value, as of December 31: 2019 Asset Class Level 1 Level 2 Total Cash equivalents and short-term investments $ 16 $ 54 $ 70 U.S. equities 100 52 152 Non-U.S. equities 59 99 158 Government bonds 4 3 7 Corporate bonds 96 20 116 Other assets 2 144 146 Total assets $ 277 $ 372 $ 649 2018 Asset Class Level 1 Level 2 Total Cash equivalents and short-term investments $ 10 $ 25 $ 35 U.S. equities 82 42 124 Non-U.S. equities 49 80 129 Real estate — 17 17 Government bonds 3 8 11 Corporate bonds 89 31 120 Other assets 2 111 113 Total assets $ 235 $ 314 $ 549 The Company estimates that future benefit payments from plan assets will be $28 million , $28 million , $30 million , $31 million , $31 million and $175 million for 2020 , 2021, 2022, 2023, 2024 and 2025 to 2029, respectively. Multiemployer Plans The Company contributes to a number of multiemployer plans under the terms of collective-bargaining agreements that cover a portion of its employees. The risks of participating in these multiemployer plans are different from single-employer plans in the following aspects: (i) assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers; (ii) if a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers; (iii) if the Company elects to stop participating in a multiemployer plan, it may be required to contribute to such plan an amount based on the under-funded status of the plan; and (iv) the Company has no involvement in the management of the multiemployer plans’ investments. For the years ended December 31, 2019 , 2018 and 2017 , the Company contributed a total of $9 million in each of the periods to multiemployer plans. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Instruments | Financial Instruments Risk Management Currency Risk . The Company uses currency exchange contracts to manage its exposure to changes in currency exchange rates associated with its non-U.S.-dollar denominated receivables and forecasted royalties, forecasted earnings of non-U.S. subsidiaries and forecasted non-U.S.-dollar denominated acquisitions. The Company primarily hedges a portion of its current-year currency exposure to the Australian, Canadian and New Zealand dollars, the euro and the British pound sterling. The majority of forward contracts do not qualify for hedge accounting treatment. The fluctuations in the value of these forward contracts do, however, largely offset the impact of changes in the value of the underlying risk they economically hedge. Forward contracts used to hedge forecasted third-party receipts and disbursements up to 12 months are designated and do qualify as cash flow hedges. The Company has designated its euro-denominated notes as a hedge of its investment in euro-denominated foreign operations. The estimated net amount of existing gains or losses the Company expects to reclassify from accumulated other comprehensive income (loss) to earnings for cash flow and net investment hedges over the next 12 months is not material. Interest Rate Risk . The Company uses various hedging strategies including interest rate swaps and interest rate caps to create an appropriate mix of fixed and floating rate assets and liabilities. The Company estimates that $3 million of loss currently recorded in accumulated other comprehensive income (loss) will be recognized in earnings over the next 12 months. Commodity Risk. The Company periodically enters into derivative commodity contracts to manage its exposure to changes in the price of gasoline. These instruments were designated as freestanding derivatives and the changes in fair value are recorded in the Company’s consolidated results of operations. Credit Risk and Exposure . The Company is exposed to counterparty credit risks in the event of nonperformance by counterparties to various agreements and sales transactions. The Company manages such risk by evaluating the financial position and creditworthiness of such counterparties and by requiring collateral in certain instances in which financing is provided. The Company mitigates counterparty credit risk associated with its derivative contracts by monitoring the amount for which it is at risk with each counterparty, periodically evaluating counterparty creditworthiness and financial position, and where possible, dispersing its risk among multiple counterparties. There were no significant concentrations of credit risk with any individual counterparty or groups of counterparties at December 31, 2019 or 2018 , other than (i) risks related to the Company’s repurchase and guaranteed depreciation agreements with domestic and foreign car manufacturers, and primarily with respect to receivables for program cars that were disposed but for which the Company has not yet received payment from the manufacturers (see Note 2-Summary of Significant Accounting Policies), (ii) receivables from Realogy and Wyndham related to certain contingent, income tax and other corporate liabilities assumed by Realogy and Wyndham in connection with their disposition and (iii) risks related to leases which have been assumed by Realogy but of which the Company is a guarantor. Concentrations of credit risk associated with trade receivables are considered minimal due to the Company’s diverse customer base. The Company does not normally require collateral or other security to support credit sales. Fair Value Derivative instruments and hedging activities As described above, derivative assets and liabilities consist principally of currency exchange contracts, interest rate swaps, interest rate caps and commodity contracts. The Company held derivative instruments with absolute notional values as follows: As of December 31, 2019 2018 Foreign exchange contracts $ 1,518 $ 1,235 Interest rate caps (a) 8,625 8,431 Interest rate swaps 1,500 1,500 __________ (a) Represents $5.9 billion of interest rate caps sold, partially offset by approximately $2.7 billion of interest rate caps purchased at December 31, 2019 and $5.7 billion of interest rate caps sold, partially offset by approximately $2.7 billion of interest rate caps purchased at December 31, 2018 . These amounts exclude $3.2 billion and $3.0 billion of interest rate caps purchased by the Company’s Avis Budget Rental Car Funding subsidiary at December 31, 2019 and 2018 , respectively. Fair values (Level 2) of derivative instruments are as follows: As of December 31, 2019 As of December 31, 2018 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) $ — $ 27 $ 12 $ 8 Derivatives not designated as hedging instruments Interest rate caps (b) — 1 — 2 Foreign exchange contracts (c) 5 10 5 11 Commodity contracts (c) — — — 1 Total $ 5 $ 38 $ 17 $ 22 __________ Amounts in this table exclude derivatives issued by Avis Budget Rental Car Funding, as it is not consolidated by the Company; however, certain amounts related to the derivatives held by Avis Budget Rental Car Funding are included within accumulated other comprehensive income (loss), as discussed in Note 16-Stockholders’ Equity. (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 Financial Statements are as follows: Year Ended December 31, 2019 2018 2017 Financial instruments designated as hedging instruments (a) Interest rate swaps (b) $ (23 ) $ (4 ) $ 3 Euro-denominated notes (c) 17 24 (50 ) Financial instruments not designated as hedging instruments (d) Foreign exchange contracts (e) (7 ) 31 (42 ) Interest rate caps (f) (1 ) (3 ) (1 ) Commodity contracts (g) 3 — (1 ) Total $ (11 ) $ 48 $ (91 ) __________ (a) Recognized, net of tax, as a component of accumulated other comprehensive income (loss) within stockholders’ equity. (b) Classified as a net unrealized gain (loss) on cash flow hedges in accumulated other comprehensive income (loss). Refer to Note 16-Stockholders’ Equity for amounts reclassified from accumulated other comprehensive income (loss) into earnings. (c) Classified as a net investment hedge within currency translation adjustment in accumulated other comprehensive income (loss). (d) Gains (losses) related to derivative instruments are expected to be largely offset by (losses) gains on the underlying exposures being hedged. (e) For the year ended December 31, 2019 , included an $11 million loss included in interest expense and a $4 million gain included in operating expenses. For the year ended December 31, 2018 , included a $19 million gain included in interest expense and a $12 million gain included in operating expenses. For the year ended December 31, 2017 , included a $23 million loss in interest expense and a $19 million loss included in operating expenses. (f) Primarily included in vehicle interest, net. (g) Included in operating expenses. Debt Instruments The carrying amounts and estimated fair values (Level 2) of debt instruments are as follows: As of December 31, 2019 As of December 31, 2018 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Corporate debt Short-term debt and current portion of long-term debt $ 19 $ 19 $ 23 $ 23 Long-term debt 3,416 3,572 3,528 3,462 Debt under vehicle programs Vehicle-backed debt due to Avis Budget Rental Car Funding $ 7,936 $ 8,077 $ 7,358 $ 7,383 Vehicle-backed debt 3,129 3,142 2,871 2,881 Interest rate swaps and interest rate caps (a) 3 3 3 3 ___________ (a) Derivatives in liability position. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The Company’s chief operating decision maker assesses performance and allocates resources based upon the separate financial information from the Company’s operating segments. In identifying its reportable segments, the Company considered the nature of services provided, the geographical areas in which the segments operated and other relevant factors. The Company aggregates certain of its operating segments into its reportable segments. Management evaluates the operating results of each of its reportable segments based upon 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, gain on sale of equity method investment in China and income taxes. Net charges for unprecedented personal-injury legal matters and gain on sale of equity method investment in China are recorded within operating expenses in the Company’s Consolidated Statements of Operations. 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 Statements of Operations. The Company has revised its definition of Adjusted EBITDA to exclude the gain on sale of equity method investment in China. The Company did not revise prior years’ Adjusted EBITDA amounts because there were no gains similar in nature to this gain. The Company’s presentation of Adjusted EBITDA may not be comparable to similarly-titled measures used by other companies. Year Ended December 31, 2019 Americas International Corporate and Other (a) Total Revenues $ 6,352 $ 2,820 $ — $ 9,172 Vehicle depreciation and lease charges, net 1,462 601 — 2,063 Vehicle interest, net 284 60 — 344 Adjusted EBITDA 652 203 (67 ) 788 Non-vehicle depreciation and amortization 161 94 8 263 Assets exclusive of assets under vehicle programs 6,226 2,995 90 9,311 Assets under vehicle programs 10,508 3,307 — 13,815 Capital expenditures (excluding vehicles) 162 62 26 250 __________ (a) Primarily represents unallocated corporate expenses and receivables from our former subsidiaries . Year Ended December 31, 2018 Americas International Corporate and Other (a) Total Revenues $ 6,186 $ 2,938 $ — $ 9,124 Vehicle depreciation and lease charges, net 1,568 611 — 2,179 Vehicle interest, net 252 62 — 314 Adjusted EBITDA 558 287 (64 ) 781 Non-vehicle depreciation and amortization 152 104 — 256 Assets exclusive of assets under vehicle programs 3,782 2,495 93 6,370 Assets under vehicle programs 9,670 3,109 — 12,779 Capital expenditures (excluding vehicles) 134 76 21 231 __________ (a) Primarily represents unallocated corporate expenses and receivables from our former subsidiaries. Year Ended December 31, 2017 Americas International Corporate and Other (a) Total Revenues $ 6,100 $ 2,748 $ — $ 8,848 Vehicle depreciation and lease charges, net 1,671 550 — 2,221 Vehicle interest, net 226 60 — 286 Adjusted EBITDA 486 305 (56 ) 735 Non-vehicle depreciation and amortization 168 91 — 259 Assets exclusive of assets under vehicle programs 3,388 2,353 79 5,820 Assets under vehicle programs 9,017 2,862 — 11,879 Capital expenditures (excluding vehicles) 122 62 13 197 __________ (a) Primarily represents unallocated corporate expenses and receivables from our former subsidiaries. Provided below is a reconciliation of Adjusted EBITDA to income before income taxes. For the Year Ended December 31, 2019 2018 2017 Adjusted EBITDA $ 788 $ 781 $ 735 Less: Non-vehicle related depreciation and amortization (a) 263 256 259 Interest expense related to corporate debt, net 178 188 188 Early extinguishment of corporate debt 12 19 3 Restructuring and other related charges 80 22 63 Transaction-related costs, net 10 20 23 Non-operational charges related to shareholder activist activity (b) 2 9 — Impairment — — 2 Charges for legal matter, net (c) — — (14 ) Gain on sale of equity method investment in China (c) (44 ) — — Income before income taxes $ 287 $ 267 $ 211 __________ (a) Inc ludes amortization of intangible assets recognized in purchase accounting of $56 million in 2019 , $61 million in 2018 and $58 million in 2017 . (b) Reported within selling, general and administrative expenses in our Consolidated Statements of Operations . (c) Reported within operating expenses in our Consolidated Statements of Operations . The geographic segment information provided below is classified based on the geographic location of the Company’s subsidiaries. United States All Other Countries Total 2019 Revenues $ 5,867 $ 3,305 $ 9,172 Assets exclusive of assets under vehicle programs 5,830 3,481 9,311 Assets under vehicle programs 9,824 3,991 13,815 Net long-lived assets 1,536 1,155 2,691 2018 Revenues $ 5,708 $ 3,416 $ 9,124 Assets exclusive of assets under vehicle programs 3,494 2,876 6,370 Assets under vehicle programs 9,021 3,758 12,779 Net long-lived assets 1,476 1,177 2,653 2017 Revenues $ 5,629 $ 3,219 $ 8,848 Assets exclusive of assets under vehicle programs 3,069 2,751 5,820 Assets under vehicle programs 8,192 3,687 11,879 Net long-lived assets 1,451 1,176 2,627 |
Guarantor and Non-Guarantor Con
Guarantor and Non-Guarantor Consolidating Financial Statements | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | Guarantor and Non-Guarantor Consolidating Financial Statements The following consolidating financial information presents Consolidating Condensed Statements of Operations for the years ended December 31, 2019 , 2018 and 2017 , Consolidating Condensed Balance Sheets as of December 31, 2019 and December 31, 2018 and Consolidating Condensed Statements of Cash Flows for the years ended December 31, 2019 , 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, 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 13-Long-term Corporate Debt and Borrowing Arrangements for additional description of these guaranteed notes. The Senior Notes have separate investors than the equity investors of the Company and are guaranteed by the Parent and certain subsidiaries. Investments in subsidiaries are accounted for using the equity method of accounting for purposes of the consolidating presentation. The principal elimination entries relate to investments in subsidiaries and intercompany balances and transactions. For purposes of the accompanying Consolidating Condensed Statements of Operations, certain expenses incurred by the Subsidiary Issuers are allocated to the guarantor and non-guarantor subsidiaries. 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 December 31, 2019 2018 Non-Guarantor Total Non-Guarantor Total Cash and cash equivalents $ 673 $ 686 $ 601 $ 615 Program cash 211 211 115 115 Restricted cash (a) 3 3 5 5 Total cash and cash equivalents, program and restricted cash $ 887 $ 900 $ 721 $ 735 _________ (a) Included within other current assets. |
Guarantor and Non-Guarantor Condensed Cash Flow Statements [Text Block] | For the Year Ended December 31, 2019 Parent Subsidiary Issuers Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Net cash provided by (used in) operating activities $ 67 $ 293 $ 246 $ 2,394 $ (414 ) $ 2,586 Investing activities Property and equipment additions — (79 ) (100 ) (71 ) — (250 ) Proceeds received on asset sales — 1 — 10 — 11 Net assets acquired (net of cash acquired) — (1 ) (24 ) (52 ) — (77 ) Other, net — (75 ) 12 69 75 81 Net cash provided by (used in) investing activities exclusive of vehicle programs — (154 ) (112 ) (44 ) 75 (235 ) Vehicle programs: Investment in vehicles — (118 ) (22 ) (12,747 ) — (12,887 ) Proceeds received on disposition of vehicles — 48 — 10,412 — 10,460 Investment in debt securities of Avis Budget Rental Car Funding (AESOP) LLC — related party — — — (251 ) — (251 ) Proceeds from debt securities of Avis Budget Rental Car Funding (AESOP) LLC — related party — — — 161 — 161 — (70 ) (22 ) (2,425 ) — (2,517 ) Net cash provided by (used in) investing activities — (224 ) (134 ) (2,469 ) 75 (2,752 ) Financing activities Proceeds from long-term borrowings — 400 — 2 — 402 Payments on long-term borrowings — (502 ) (3 ) (4 ) — (509 ) Net change in short-term borrowings — — — (1 ) — (1 ) Debt financing fees — (7 ) — — — (7 ) Repurchases of common stock (67 ) — — — — (67 ) Other, net — (61 ) (98 ) (180 ) 339 — Net cash provided by (used in) financing activities exclusive of vehicle programs (67 ) (170 ) (101 ) (183 ) 339 (182 ) Vehicle programs: Proceeds from borrowings — 114 — 19,755 — 19,869 Payments on borrowings — (13 ) (12 ) (19,321 ) — (19,346 ) Debt financing fees — — — (23 ) — (23 ) — 101 (12 ) 411 — 500 Net cash provided by (used in) financing activities (67 ) (69 ) (113 ) 228 339 318 Effect of changes in exchange rates on cash and cash equivalents, program and restricted cash — — — 13 — 13 Net increase (decrease) in cash and cash equivalents, program and restricted cash — — (1 ) 166 — 165 Cash and cash equivalents, program and restricted cash, beginning of period 1 12 1 721 — 735 Cash and cash equivalents, program and restricted cash, end of period $ 1 $ 12 $ — $ 887 $ — $ 900 For the Year Ended December 31, 2018 Parent Subsidiary Issuers Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Net cash provided by (used in) operating activities $ 210 $ 235 $ 193 $ 2,380 $ (409 ) $ 2,609 Investing activities Property and equipment additions — (64 ) (88 ) (79 ) — (231 ) Proceeds received on asset sales — 2 4 11 — 17 Net assets acquired (net of cash acquired) — (3 ) (10 ) (78 ) — (91 ) Intercompany loan receipts (advances) — — — (404 ) 404 — Other, net — (8 ) — (36 ) — (44 ) Net cash provided by (used in) investing activities exclusive of vehicle programs — (73 ) (94 ) (586 ) 404 (349 ) Vehicle programs: Investment in vehicles — (2 ) (1 ) (12,586 ) — (12,589 ) Proceeds received on disposition of vehicles — 42 — 9,606 — 9,648 Investment in debt securities of Avis Budget Rental Car Funding (AESOP) LLC- related party — — — (188 ) — (188 ) Proceeds from debt securities of Avis Budget Rental Car Funding (AESOP) LLC- related party — — — 52 — 52 — 40 (1 ) (3,116 ) — (3,077 ) Net cash provided by (used in) investing activities — (33 ) (95 ) (3,702 ) 404 (3,426 ) Financing activities Proceeds from long-term borrowings — 81 — 404 — 485 Payments on long-term borrowings — (510 ) (3 ) (2 ) — (515 ) Net change in short-term borrowings — — — (4 ) — (4 ) Debt financing fees — (9 ) — (6 ) — (15 ) Repurchases of common stock (216 ) — — — — (216 ) Intercompany loan borrowings (payments) — 404 — — (404 ) — Other, net 3 (167 ) (85 ) (157 ) 409 3 Net cash provided by (used in) financing activities exclusive of vehicle programs (213 ) (201 ) (88 ) 235 5 (262 ) Vehicle programs: Proceeds from borrowings — — — 17,339 — 17,339 Payments on borrowings — (3 ) (9 ) (16,373 ) — (16,385 ) Debt financing fees — — — (25 ) — (25 ) — (3 ) (9 ) 941 — 929 Net cash provided by (used in) financing activities (213 ) (204 ) (97 ) 1,176 5 667 Effect of changes in exchange rates on cash and cash equivalents, program and restricted cash — — — (16 ) — (16 ) Net increase (decrease) in cash and cash equivalents, program and restricted cash (3 ) (2 ) 1 (162 ) — (166 ) 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 $ 1 $ 12 $ 1 $ 721 $ — $ 735 For the Year Ended December 31, 2017 Parent Subsidiary Issuers Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Net cash provided by (used in) operating activities $ 110 $ (89 ) $ 97 $ 2,697 $ (167 ) $ 2,648 Investing activities Property and equipment additions — (49 ) (81 ) (67 ) — (197 ) Proceeds received on asset sales — 1 — 7 — 8 Net assets acquired (net of cash acquired) — (1 ) (5 ) (15 ) — (21 ) Intercompany loan receipts (advances) — — — (264 ) 264 — Other, net 100 110 110 5 (320 ) 5 Net cash provided by (used in) investing activities exclusive of vehicle programs 100 61 24 (334 ) (56 ) (205 ) Vehicle programs: Investment in vehicles — (1 ) — (11,537 ) — (11,538 ) Proceeds received on disposition of vehicles — 46 — 9,554 — 9,600 Investment in debt securities of Avis Budget Rental Car Funding (AESOP) LLC- related party — — — (61 ) — (61 ) — 45 — (2,044 ) — (1,999 ) Net cash provided by (used in) investing activities 100 106 24 (2,378 ) (56 ) (2,204 ) Financing activities Proceeds from long-term borrowings — 325 — 264 — 589 Payments on long-term borrowings — (406 ) (2 ) (194 ) — (602 ) Net change in short-term borrowings — — — (4 ) — (4 ) Debt financing fees — (5 ) — (4 ) — (9 ) Repurchases of common stock (210 ) — — — — (210 ) Intercompany loan borrowings (payments) — 264 — — (264 ) — Other, net 1 (192 ) (110 ) (185 ) 487 1 Net cash provided by (used in) financing activities exclusive of vehicle programs (209 ) (14 ) (112 ) (123 ) 223 (235 ) Vehicle programs: Proceeds from borrowings — — — 17,212 — 17,212 Payments on borrowings — (1 ) (9 ) (17,259 ) — (17,269 ) Debt financing fees — — — (16 ) — (16 ) — (1 ) (9 ) (63 ) — (73 ) Net cash provided by (used in) financing activities (209 ) (15 ) (121 ) (186 ) 223 (308 ) Effect of changes in exchange rates on cash and cash equivalents, program and restricted cash — — — 45 — 45 Net increase (decrease) in cash and cash equivalents, program and restricted cash 1 2 — 178 — 181 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 $ 4 $ 14 $ — $ 883 $ — $ 901 |
Guarantor and Non-Guarantor Condensed Balance Sheet [Text Block] | Consolidating Condensed Balance Sheets As of December 31, 2019 Parent Subsidiary Issuers Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Assets Current assets: Cash and cash equivalents $ 1 $ 12 $ — $ 673 $ — $ 686 Receivables, net — — 262 649 — 911 Other current assets — 115 95 338 — 548 Total current assets 1 127 357 1,660 — 2,145 Property and equipment, net — 234 338 220 — 792 Operating lease right-of-use assets — 778 1,174 644 — 2,596 Deferred income taxes 13 1,238 222 189 — 1,662 Goodwill — — 471 630 — 1,101 Other intangibles, net — 24 481 293 — 798 Other non-current assets 47 32 15 123 — 217 Intercompany receivables 172 427 2,715 1,028 (4,342 ) — Investment in subsidiaries 483 5,070 3,778 — (9,331 ) — Total assets exclusive of assets under vehicle programs 716 7,930 9,551 4,787 (13,673 ) 9,311 Assets under vehicle programs: Program cash — — — 211 — 211 Vehicles, net — 191 54 11,932 — 12,177 Receivables from vehicle manufacturers and other — 4 99 675 — 778 Investment in Avis Budget Rental Car Funding (AESOP) LLC-related party — — — 649 — 649 — 195 153 13,467 — 13,815 Total assets $ 716 $ 8,125 $ 9,704 $ 18,254 $ (13,673 ) $ 23,126 Liabilities and stockholders’ equity Current liabilities: Accounts payable and other current liabilities $ 20 $ 338 $ 867 $ 981 $ — $ 2,206 Short-term debt and current portion of long-term debt — 17 2 — — 19 Total current liabilities 20 355 869 981 — 2,225 Long-term debt — 2,417 1 998 — 3,416 Long-term operating lease liabilities — 698 971 471 — 2,140 Other non-current liabilities 40 99 215 403 — 757 Intercompany payables — 3,913 427 2 (4,342 ) — Total liabilities exclusive of liabilities under vehicle programs 60 7,482 2,483 2,855 (4,342 ) 8,538 Liabilities under vehicle programs: Debt — 160 38 2,934 — 3,132 Due to Avis Budget Rental Car Funding (AESOP) LLC-related party — — — 7,936 — 7,936 Deferred income taxes — — 2,014 175 — 2,189 Other — — 99 576 — 675 — 160 2,151 11,621 — 13,932 Total stockholders’ equity 656 483 5,070 3,778 (9,331 ) 656 Total liabilities and stockholders’ equity $ 716 $ 8,125 $ 9,704 $ 18,254 $ (13,673 ) $ 23,126 As of December 31, 2018 Parent Subsidiary Issuers Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Assets Current assets: Cash and cash equivalents $ 1 $ 12 $ 1 $ 601 $ — $ 615 Receivables, net — — 239 716 — 955 Other current assets 5 112 116 371 — 604 Total current assets 6 124 356 1,688 — 2,174 Property and equipment, net — 199 319 218 — 736 Deferred income taxes 13 1,015 207 66 — 1,301 Goodwill — — 471 621 — 1,092 Other intangibles, net — 26 475 324 — 825 Other non-current assets 47 39 16 140 — 242 Intercompany receivables 159 404 2,104 1,262 (3,929 ) — Investment in subsidiaries 246 4,786 3,852 — (8,884 ) — Total assets exclusive of assets under vehicle programs 471 6,593 7,800 4,319 (12,813 ) 6,370 Assets under vehicle programs: Program cash — — — 115 — 115 Vehicles, net — 55 54 11,365 — 11,474 Receivables from vehicle manufacturers and other — 2 — 629 — 631 Investment in Avis Budget Rental Car Funding (AESOP) LLC-related party — — — 559 — 559 — 57 54 12,668 — 12,779 Total assets $ 471 $ 6,650 $ 7,854 $ 16,987 $ (12,813 ) $ 19,149 Liabilities and stockholders’ equity Current liabilities: Accounts payable and other current liabilities $ 16 $ 246 $ 582 $ 849 $ — $ 1,693 Short-term debt and current portion of long-term debt — 18 3 2 — 23 Total current liabilities 16 264 585 851 — 1,716 Long-term debt — 2,501 3 1,024 — 3,528 Other non-current liabilities 41 87 257 382 — 767 Intercompany payables — 3,524 404 1 (3,929 ) — Total liabilities exclusive of liabilities under vehicle programs 57 6,376 1,249 2,258 (3,929 ) 6,011 Liabilities under vehicle programs: Debt — 28 49 2,797 — 2,874 Due to Avis Budget Rental Car Funding (AESOP) LLC-related party — — — 7,358 — 7,358 Deferred income taxes — — 1,770 191 — 1,961 Other — — — 531 — 531 — 28 1,819 10,877 — 12,724 Total stockholders’ equity 414 246 4,786 3,852 (8,884 ) 414 Total liabilities and stockholders’ equity $ 471 $ 6,650 $ 7,854 $ 16,987 $ (12,813 ) $ 19,149 |
Guarantor and Non-guarantor Consolidating Financial Statements | Consolidating Condensed Statements of Operations For the Year Ended December 31, 2019 Parent Subsidiary Issuers Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Total Revenues $ — $ — $ 5,613 $ 5,923 $ (2,364 ) $ 9,172 Expenses Operating 2 — 2,788 1,908 — 4,698 Vehicle depreciation and lease charges, net — — 2,188 1,969 (2,094 ) 2,063 Selling, general and administrative 50 17 700 470 — 1,237 Vehicle interest, net — 3 269 342 (270 ) 344 Non-vehicle related depreciation and amortization — 10 153 100 — 263 Interest expense related to corporate debt, net: Interest expense — 131 2 45 — 178 Intercompany interest expense (income) (12 ) 10 59 (57 ) — — Early extinguishment of debt — 12 — — — 12 Restructuring and other related charges 18 — 38 24 — 80 Transaction-related costs, net — 4 (6 ) 12 — 10 Total expenses 58 187 6,191 4,813 (2,364 ) 8,885 Income (loss) before income taxes and equity in earnings of subsidiaries (58 ) (187 ) (578 ) 1,110 — 287 Provision for (benefit from) income taxes (12 ) (220 ) (24 ) 241 — (15 ) Equity in earnings of subsidiaries 348 315 869 — (1,532 ) — Net income $ 302 $ 348 $ 315 $ 869 $ (1,532 ) $ 302 Comprehensive income $ 277 $ 323 $ 312 $ 860 $ (1,495 ) $ 277 For the Year Ended December 31, 2018 Parent Subsidiary Issuers Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Revenues $ — $ — $ 5,431 $ 6,006 $ (2,313 ) $ 9,124 Expenses Operating 4 7 2,668 1,960 — 4,639 Vehicle depreciation and lease charges, net — — 2,162 2,102 (2,085 ) 2,179 Selling, general and administrative 48 11 662 499 — 1,220 Vehicle interest, net — — 229 313 (228 ) 314 Non-vehicle related depreciation and amortization — 1 145 110 — 256 Interest expense related to corporate debt, net: Interest expense — 153 3 32 — 188 Intercompany interest expense (income) (12 ) (11 ) 26 (3 ) — — Early extinguishment of debt — 19 — — — 19 Restructuring and other related charges — — 11 11 — 22 Transaction-related costs, net — 1 4 15 — 20 Total expenses 40 181 5,910 5,039 (2,313 ) 8,857 Income (loss) before income taxes and equity in earnings of subsidiaries (40 ) (181 ) (479 ) 967 — 267 Provision for (benefit from) income taxes (10 ) (48 ) 93 67 — 102 Equity in earnings of subsidiaries 195 328 900 — (1,423 ) — Net income $ 165 $ 195 $ 328 $ 900 $ (1,423 ) $ 165 Comprehensive income $ 62 $ 92 $ 228 $ 806 $ (1,126 ) $ 62 For the Year Ended December 31, 2017 Parent Subsidiary Issuers Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Revenues $ — $ — $ 5,312 $ 5,931 $ (2,395 ) $ 8,848 Expenses Operating 3 20 2,598 1,851 — 4,472 Vehicle depreciation and lease charges, net — — 2,226 2,183 (2,188 ) 2,221 Selling, general and administrative 39 8 619 454 — 1,120 Vehicle interest, net — — 199 294 (207 ) 286 Non-vehicle related depreciation and amortization — 1 160 98 — 259 Interest expense related to corporate debt, net: Interest expense — 157 1 30 — 188 Intercompany interest expense (income) (12 ) 95 23 (106 ) — — Early extinguishment of debt — 4 — (1 ) — 3 Restructuring and other related charges — 7 44 12 — 63 Transaction-related costs, net — 1 3 19 — 23 Impairment — — 2 — — 2 Total expenses 30 293 5,875 4,834 (2,395 ) 8,637 Income (loss) before income taxes and equity in earnings of subsidiaries (30 ) (293 ) (563 ) 1,097 — 211 Provision for (benefit from) income taxes (5 ) 267 (527 ) 115 — (150 ) Equity in earnings of subsidiaries 386 946 982 — (2,314 ) — Net income $ 361 $ 386 $ 946 $ 982 $ (2,314 ) $ 361 Comprehensive income $ 491 $ 515 $ 1,073 $ 1,103 $ (2,691 ) $ 491 |
Selected Quarterly Financial Da
Selected Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Data | 22. Selected Quarterly Financial Data—(unaudited) Provided below are selected unaudited quarterly financial data for 2019 and 2018 . The earnings per share information is calculated independently for each quarter based on the weighted average number of common stock and common stock equivalents outstanding, which may fluctuate, based on quarterly income levels and market prices. Therefore and due to the seasonality of the Company’s earnings, the sum of the quarters’ per share information may not equal the annual amount presented on the Consolidated Statements of Operations. 2019 First Second Third Fourth Revenues $ 1,920 $ 2,337 $ 2,753 $ 2,162 Net income (loss) (91 ) 62 189 142 Per share information: Basic Net income (loss) $ (1.20 ) $ 0.81 $ 2.52 $ 1.92 Weighted average shares 75.8 76.0 75.2 73.9 Diluted Net income (loss) $ (1.20 ) $ 0.81 $ 2.50 $ 1.90 Weighted average shares 75.8 76.4 75.7 74.4 2018 First Second Third (a) Fourth Revenues $ 1,968 $ 2,328 $ 2,778 $ 2,050 Net income (loss) (87 ) 26 213 13 Per share information: Basic Net income (loss) $ (1.08 ) $ 0.33 $ 2.71 $ 0.16 Weighted average shares 81.0 80.7 78.8 76.9 Diluted Net income (loss) $ (1.08 ) $ 0.32 $ 2.68 $ 0.16 Weighted average shares 81.0 81.5 79.5 77.6 __________ (a) Net income for the third quarter 2018 included additional tax expense of $30 million resulting from the completion of the accounting for the effects of the Tax Act for the one-time transition tax on the deemed repatriation of cumulative foreign subsidiary earnings. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events In January 2020, the Company’s Avis Budget Rental Car Funding subsidiary issued approximately $700 million in asset-backed notes with an expected final payment date of August 2025 incurring interest at a weighted average rate of 2.42% . On January 27, 2020, a short-term stockholder rights plan was adopted, which expires on January 26, 2021. Pursuant to the rights plan, the Company declared a dividend of one common share purchase right for each outstanding share of common stock, payable to holders of record as of the close of business on February 7, 2020. Each right, which is exercisable only in the event any person or group acquires a voting or economic position of 20% or more of the Company’s outstanding common stock (with certain limited exceptions), would entitle any holder other than the person or group whose ownership position has exceeded the ownership limit to purchase common stock having a value equal to twice the $110 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). In February 2020, the Company amended its Floating Rate Term Loan due 2025 to extend its maturity term to 2027 and to reduce its interest to one-month LIBOR plus 1.75%. The Company increased its outstanding borrowing to $1.2 billion and will use the additional proceeds from the offering to redeem $100 million of its outstanding 5½% Senior Notes due 2023. On February 10, 2020, the Company announced it had appointed a new Chairman of the Board of Directors and in connection with this appointment, the new Chairman purchased an aggregate $15 million of unregistered shares of the Company’s common stock at a price per share equal to the closing price of the Company’s common stock on February 7, 2020. ***** |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2019 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Valuation and Qualifying Accounts | Schedule II – Valuation and Qualifying Accounts (in millions) Description Balance at Beginning of Period Expense (Benefit) Other Adjustments (a) Deductions Balance at End of Period Allowance for Doubtful Accounts: Year Ended December 31, 2019 $ 39 $ 41 $ — $ (28 ) $ 52 2018 36 34 (2 ) (29 ) 39 2017 38 29 3 (34 ) 36 Tax Valuation Allowance: Year Ended December 31, 2019 $ 311 $ (95 ) $ (2 ) $ — $ 214 2018 331 (3 ) (17 ) — 311 2017 357 — 13 (39 ) 331 __________ (a) Other adjustments relate to currency translation adjustments. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of the Company and all entities in which it has a direct or indirect controlling financial interest and variable interest entities for which the Company has determined it is the primary beneficiary. Intercompany transactions have been eliminated in consolidation. |
Use of Estimates and Assumptions | Use of Estimates and Assumptions The use of estimates and assumptions as determined by management is required in the preparation of the Consolidated Financial Statements in conformity with GAAP. These estimates are based on management’s evaluation of historical trends and other information available when the Consolidated Financial Statements are prepared and may affect the amounts reported and related disclosures. Actual results could differ from those estimates. |
Revenue Recognition | Revenue Recognition 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 brands. 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. Prior to January 1, 2018, the Company recognized revenue when persuasive evidence of an arrangement existed, the services had been rendered to the customer, the pricing was fixed and determinable and collection was reasonably assured. Vehicle and rental-related revenue was recognized over the period the vehicle was rented. Beginning January 1, 2018, the Company recognized revenue when obligations under the terms of a contract with the customer were satisfied; generally this occurred evenly over the contract (over time); when control of the promised products or services was transferred to the customer. Revenue was measured as the amount of consideration the Company expected to be entitled to receive in exchange for transferring products or services. Certain customers may have received cash-based rebates, which were accounted for as variable consideration. The Company estimated these rebates based on the expected amount to be provided to customers and reduced revenue recognized. Vehicle rental and rental-related revenues were recognized evenly over the period of rental. Beginning January 1, 2019, the Company combines all lease and nonlease components of its vehicle rental contracts for which the timing and pattern of transfer are the same and the lease component meets the classification of an operating lease. Vehicle rentals and other related products and mobility services are recognized evenly over the period of rental, which is on average four days. (See Note 3–Leases). 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. The Company excludes from the measurement of its transaction price any tax assessed by a governmental authority that is both imposed on and concurrent with a specific revenue-producing transaction and collected from a customer. As a result, revenue is recorded net of such taxes collected. 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. For year ended December 31, 2018, the Company’s revenues were recognized in accordance with ASU 2014-09, “Revenue from Contracts with Customers (Topic 606).” Effective January 1, 2019, revenues are recognized under ASU 2016-02, “Leases (Topic 842),” with the exception of royalty fee revenue derived from the Company licensees and revenue related to the Company’s customer loyalty program, which were approximately $144 million for the year ended December 31, 2019. The following table presents the Company’s revenues disaggregated by geography. Year Ended December 31, 2019 2018 Americas $ 6,352 $ 6,186 Europe, Middle East and Africa 2,222 2,314 Asia and Australasia 598 624 Total revenues $ 9,172 $ 9,124 The following table presents the Company’s revenues disaggregated by brand. Year Ended December 31, 2019 2018 Avis $ 5,250 $ 5,266 Budget 3,179 3,057 Other 743 801 Total revenues $ 9,172 $ 9,124 ________ Other includes Zipcar and other operating brands. Deferred Revenue 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 after 12 months of member inactivity. 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 deferred revenue associated with the Company’s customer loyalty program. Year Ended December 31, 2019 2018 Balance, January 1 $ 64 $ 69 Revenue deferred 17 14 Revenue recognized (22 ) (19 ) Balance, December 31 $ 59 $ 64 _______ At December 31, 2019 and 2018, $22 million and $18 million was included in accounts payable and other current liabilities, respectively, and $37 million and $46 million , respectively, in other non-current liabilities. Non-current amounts are expected to be recognized as revenue within two to three years. At January 1, 2018, the Company’s prepaid rentals and membership fees related to its car sharing business were $125 million . During the year ended December 31, 2018, additional revenues of $1,968 million were deferred and revenues of $1,970 million were recognized. At December 31, 2018, the ending prepaid rentals and car sharing membership fees were $123 million , of which $122 million was included in accounts payable and other current liabilities and $1 million was included in other non-current liabilities. |
Currency Translations and Transactions | Currency Translation Assets and liabilities of foreign operations are translated at the rate of exchange in effect on the balance sheet date; income and expenses are translated at the prevailing monthly average rate of exchange. The related translation adjustments are reflected in accumulated other comprehensive income (loss) in the stockholders’ equity section of the Consolidated Balance Sheets and in the Consolidated Statements of Comprehensive Income. The accumulated currency translation adjustment as of December 31, 2019 and 2018 was a gain of $9 million and a loss of $3 million Currency Transactions Currency gains and losses resulting from foreign currency transactions are generally included in operating expenses within the Consolidated Statements of Operations; however, the net gain or loss of currency transactions on intercompany loans and the unrealized gain or loss on intercompany loan hedges are included within interest expense related to corporate debt, net. |
Cash and Cash Equivalents, Program Cash and Restricted Cash | Cash and Cash Equivalents, Program Cash and Restricted Cash The Company considers highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. 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 detail of cash and cash equivalents, program and restricted cash reported within the Consolidated Balance Sheets to the amounts shown in the Consolidated Statements of Cash Flows: As of December 31, 2019 2018 Cash and cash equivalents $ 686 $ 615 Program cash 211 115 Restricted cash (a) 3 5 Total cash and cash equivalents, program and restricted cash $ 900 $ 735 _________ (a) |
Property and Equipment | Property and Equipment Property and equipment (including leasehold improvements) are stated at cost, net of accumulated depreciation and amortization. Depreciation (non-vehicle related) is computed utilizing the straight-line method over the estimated useful lives of the related assets. Leasehold improvements are amortized over the shorter of the term of the lease or the estimated useful lives of the improvements. Useful lives are as follows: Buildings 30 years Furniture, fixtures & equipment 3 to 10 years Capitalized software 3 to 7 years Buses and support vehicles 4 to 15 years The Company capitalizes the costs of software developed for internal use when the preliminary project stage is completed and management (i) commits to funding the project and (ii) believes it is probable that the project will be completed and the software will be used to perform the function intended. The software developed or obtained for internal use is amortized on a straight-line basis commencing when such software is ready for its intended use. The net carrying value of software developed or obtained for internal use was $261 million and $188 million as of December 31, 2019 and 2018 |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill represents the excess, if any, of the fair value of the consideration transferred by the acquirer and the fair value of any non-controlling interest remaining in the acquiree, if any, over the fair values of the identifiable net assets acquired. The Company does not amortize goodwill, but assesses it for impairment at least annually and whenever events or changes in circumstances indicate that the carrying amounts of their respective reporting units exceed their fair values. The Company performs its annual impairment assessment in the fourth quarter of each year at the reporting unit level. The Company assesses goodwill for such impairment by comparing the carrying value of each reporting unit to its fair value using the present value of expected future cash flows. When appropriate, comparative market multiples and other factors are used to corroborate the discounted cash flow results. Other intangible assets, primarily trademarks, with indefinite lives are not amortized but are evaluated annually for impairment and whenever events or changes in circumstances indicate that the carrying amount of this asset may exceed its fair value. If the carrying value of an other intangible asset exceeds its fair value, an impairment loss is recognized in an amount equal to that excess. Other intangible assets with finite lives are amortized over their estimated useful lives and are evaluated each reporting period to determine if circumstances warrant a revision to these lives. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company is required to assess long-lived assets for impairment whenever circumstances indicate impairment may have occurred. This analysis is performed by comparing the respective carrying values of the assets to the undiscounted expected future cash flows to be generated from such assets. Property and equipment is evaluated separately at the lowest level of identifiable cash flows. If such analysis indicates that the carrying value of these assets is not recoverable, the carrying value of such assets is reduced to fair value. |
Vehicles | Vehicles Vehicles are stated at cost, net of accumulated depreciation. The initial cost of the vehicles is recorded net of incentives and allowances from manufacturers. The Company acquires a portion of its rental vehicles pursuant to repurchase and guaranteed depreciation programs established by automobile manufacturers. Under these programs, the manufacturers agree to repurchase vehicles at a specified price and date, or guarantee the depreciation rate for a specified period of time, subject to certain eligibility criteria (such as car condition and mileage requirements). The Company depreciates vehicles such that the net book value on the date of return to the manufacturers is intended to equal the contractual guaranteed residual values, thereby minimizing any gain or loss. Rental vehicles acquired outside of manufacturer repurchase and guaranteed depreciation programs are depreciated based upon their estimated residual values at their expected dates of disposition, after giving effect to anticipated conditions in the used car market. Any adjustments to depreciation are made prospectively. The estimation of residual values requires the Company to make assumptions regarding the age and mileage of the car at the time of disposal, as well as expected used vehicle auction market conditions. The Company regularly evaluates estimated residual values and adjusts depreciation rates as appropriate. Differences between actual residual values and those estimated result in a gain or loss on disposal and are recorded as part of vehicle depreciation at the time of sale. Vehicle-related interest expense amounts are net of vehicle-related interest income of $15 million , $15 million and $8 million for 2019 , 2018 and 2017 , respectively. |
Advertising Expenses | Advertising Expenses Advertising costs are generally expensed in the period incurred and are recorded within selling, general and administrative expense in the Company’s Consolidated Statements of Operations. During 2019 , 2018 and 2017 , advertising costs were approximately $121 million , $116 million and $111 million , respectively. |
Taxes | Taxes The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. For information regarding the accounting for the effects of the Tax Cuts and Jobs Act (the “Tax Act”), see Note 9-Income Taxes. As a result of the provisions of the Tax Act, the Company accounts for Global Intangible Low-Taxed Income (“GILTI”) as a component of current period income tax expense in the year incurred. The Company records net deferred tax assets to the extent it believes that it is more likely than not that these assets will be realized. In making such determination, the Company considers all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies and recent results of operations. In the event the Company were to determine that it would be able to realize the deferred income tax assets in the future in excess of their net recorded amount, the Company would adjust the valuation allowance, which would reduce the provision for income taxes. |
Fair Value Measurements | Fair Value Measurements The Company measures the fair value of assets and liabilities and discloses the source for such fair value measurements. Financial assets and liabilities are classified as follows: Level 1, which refers to assets and liabilities valued using quoted prices from active markets for identical assets or liabilities; Level 2, which refers to assets and liabilities for which significant other observable market inputs are readily available; and Level 3, which are valued based on significant unobservable inputs. The fair value of the Company’s financial instruments is generally determined by reference to market values resulting from trading on a national securities exchange or in an over-the-counter market (Level 1 inputs). In some cases where quoted market prices are not available, prices are derived by considering the yield of the benchmark security that was issued to initially price the instruments and adjusting this rate by the credit spread that market participants would demand for the instruments as of the measurement date (Level 2 inputs). In situations where long-term borrowings are part of a conduit facility backed by short-term floating rate debt, the Company has determined that its carrying value approximates the fair value of this debt (Level 2 inputs). The carrying amounts of cash and cash equivalents, available-for-sale securities, accounts receivable, program cash and accounts payable and accrued liabilities approximate fair value due to the short-term maturities of these assets and liabilities. The Company’s derivative assets and liabilities consist principally of currency exchange contracts, interest rate swaps, interest rate caps and commodity contracts, and are carried at fair value based on significant observable inputs (Level 2 inputs). Derivatives entered into by the Company are typically executed over-the-counter and are valued using internal valuation techniques, as no quoted market prices exist for such instruments. The valuation technique and inputs depend on the type of derivative and the nature of the underlying exposure. The Company principally uses discounted cash flows to value these instruments. These models take into account a variety of factors including, where applicable, maturity, currency exchange rates, interest rate yield curves of the Company and counterparties, credit curves, counterparty creditworthiness and commodity prices. These factors are applied on a consistent basis and are based upon observable inputs where available. |
Derivative Instruments | Derivative Instruments Derivative instruments are used as part of the Company’s overall strategy to manage exposure to market risks associated with fluctuations in currency exchange rates, interest rates and gasoline costs. As a matter of policy, derivatives are not used for trading or speculative purposes. All derivatives are recorded at fair value either as assets or liabilities. Changes in fair value of derivatives not designated as hedging instruments are recognized currently in earnings within the same line item as the hedged item. The changes in fair value of a derivative that is designated as either a cash flow or net investment hedge is recorded as a component of accumulated other comprehensive income (loss) and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings and is presented in the same income statement line item as the earnings effect of the hedged item. Amounts related to our derivative instruments are recognized in the Consolidated Statements of Cash Flows consistent with the nature of the hedged item (principally operating activities). |
Investments | Investments Joint venture investments are typically accounted for under the equity method of accounting. Under this method, the Company records its proportional share of the joint venture’s net income or loss within operating expenses in the Consolidated Statements of Operations. The Company assesses equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may not be recoverable. Any difference between the carrying value of the equity method investment and its estimated fair value is recognized as an impairment charge if the loss in value is deemed other than temporary. As of December 31, 2019 and 2018 , the Company had investments in joint ventures with a carrying value of $56 million and $48 million , respectively, recorded within other non-current assets on the Consolidated Balance Sheets. In March 2018, the Company made an initial equity investment of €16 million ( $20 million ) in its licensee in Greece (“Greece”), for a 20% ownership stake. In June 2018, the Company purchased an additional 20% equity investment for €17 million ( $19 million ), including an acceleration premium, and as of June 30, 2018, had a 40% ownership stake in Greece. Aggregate realized gains and losses on equity investments and dividend income are recorded within operating expenses on the Consolidated Statements of Operations. During 2019 and 2018, the amounts realized from the sale of equity investments and dividend income was $10 million and $5 million , respectively, and during 2017, the amounts were not material. Divestitures The Company classifies long-lived assets and liabilities to be disposed of as held for sale in the period in which they are available for immediate sale in their present condition and the sale is probable and expected to be completed within one year. The Company initially measures assets and liabilities held for sale at the lower of their carrying value or fair value less costs to sell and assesses their fair value each reporting period until disposed. When the divestiture represents a strategic shift that has, or will have, a major effect on the Company’s operations and financial results, the disposal is presented as a discontinued operation. During 2018, the Company entered into a definitive stock purchase agreement to sell the Company’s 50% equity method investment in Anji Car Rental & Leasing Company Limited (“China”), located in China, to Shanghai Automotive Industry Sales Company, Ltd., a 50% owner of China. Upon receiving clearance from applicable regulatory authorities in China during 2019, the Company completed the sale for $64 million , net of cross-border withholding taxes and recorded a $44 million gain within operating expenses. China’s operations are reported within the Company’s International segment. During 2018, as a result of the sale of a non-core business, the Company recognized a gain of $4 million within operating expenses on the Consolidated Statements of Operations. |
Equity Securities without Readily Determinable Fair Value [Policy Text Block] | Nonmarketable Equity Securities The Company classifies investments without readily determinable fair values that are not accounted for under the equity method as nonmarketable equity securities. The accounting guidance requires nonmarketable equity securities to be recorded at cost and adjusted to fair value at each reporting period. The Company applies the measurement alternative, which allows these investments to be recorded at cost, less impairment, if any, and subsequently adjust for observable price changes of identical or similar investments of the same issuer. Any changes in value are recorded within operating expenses. As of December 31, 2019 and 2018, the Company had investments in nonmarketable equity securities recorded within other non-current assets with a carrying value of $8 million in each period. The Company realized a $12 million gain from the sale of a nonmarketable equity security during the year ended December 31, 2019. There were no material adjustments made to the carrying amounts of nonmarketable equity securities during the years ended December 31, 2019 and 2018. |
Self-Insurance Reserves | Self-Insurance Reserves The Consolidated Balance Sheets include $441 million and $421 million of liabilities associated with retained risks of liability to third parties as of December 31, 2019 and 2018 , respectively. Such liabilities relate primarily to public liability and third-party property damage claims, as well as claims arising from the sale of ancillary insurance products including, but not limited to, supplemental liability, personal effects protection and personal accident insurance. These obligations represent an estimate for both reported claims not yet paid and claims incurred but not yet reported. The estimated reserve requirements for such claims are recorded on an undiscounted basis utilizing actuarial methodologies and various assumptions which include, but are not limited to, the Company’s historical loss experience and projected loss development factors. The required liability is also subject to adjustment in the future based upon changes in claims experience, including changes in the number of incidents for which the Company is ultimately liable and changes in the cost per incident. These amounts are included within accounts payable and other current liabilities and other non-current liabilities. The Consolidated Balance Sheets also include liabilities of approximately $56 million and $60 million as of December 31, 2019 and 2018 , respectively, related to workers’ compensation, health and welfare and other employee benefit programs. The liabilities represent an estimate for both reported claims not yet paid and claims incurred but not yet reported, utilizing actuarial methodologies similar to those described above. These amounts are included within accounts payable and other current liabilities and other non-current liabilities. |
Share-based Compensation | Stock-Based Compensation Stock-based compensation cost is measured at the grant date, based on the fair value of the award, and is recognized as expense on a straight-line basis over the vesting period. The Company’s policy is to record compensation expense for stock options, and restricted stock units that are time- and performance-based, for the portion of the award that vests. Compensation expense related to market-based restricted stock units is recognized provided that the requisite service is rendered, regardless of when, if ever, the market condition is satisfied. We estimate the fair value of restricted stock units using the market price of the Company’s common stock on the date of grant. We estimate the fair value of stock-based and cash unit awards containing a market condition using a Monte Carlo simulation model. Key inputs and assumptions used in the Monte Carlo simulation model include the stock price of the award on the grant date, the expected term, the risk-free interest rate over the expected term, the expected annual dividend yield and the expected stock price volatility. The expected volatility is based on a combination of the historical and implied volatility of the Company’s publicly traded, near-the-money stock options, and the valuation period is based on the vesting period of the awards. The risk-free interest rate is derived from the U.S. Treasury yield curve in effect at the time of grant and, since the Company does not currently pay or plan to pay a dividend on its common stock, the expected dividend yield was zero. |
Business Combinations | Business Combinations The Company uses the acquisition method of accounting for business combinations, which requires that the assets acquired and liabilities assumed be recorded at their respective fair values at the date of acquisition. Assets acquired and liabilities assumed in a business combination that arise from contingencies are recognized if fair value can be reasonably estimated at the acquisition date. The excess, if any, of (i) the fair value of the consideration transferred by the acquirer and the fair value of any non-controlling interest remaining in the acquiree, over (ii) the fair values of the identifiable net assets acquired is recorded as goodwill. Gains and losses on the re-acquisition of license agreements are recorded in the Consolidated Statements of Operations within transaction-related costs, net, upon completion of the respective acquisition. Costs incurred to effect a business combination are expensed as incurred, except for the cost to issue debt related to the acquisition. The Company records contingent consideration resulting from a business combination at its fair value on the acquisition date. The fair value of the contingent consideration is generally estimated by utilizing a Monte Carlo simulation technique, based on a range of possible future results (Level 3). Any changes in contingent consideration are recorded in transaction-related costs, net. |
Transaction-related Costs | Transaction-related Costs, net Transaction-related costs, net are classified separately in the Consolidated Statements of Operations. 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. |
New and Recently Issued Accounting Standards | Adoption of New Accounting Pronouncements Nonemployee Share-Based Payment Accounting On January 1, 2019, as a result of a new accounting pronouncement, the Company adopted Accounting Standards Update (“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. The adoption of this accounting pronouncement did not have an impact on the Company's Consolidated Financial Statements. Accounting for Hedging Activities On January 1, 2019, as the result of a new accounting pronouncement, the Company adopted 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. The adoption of this standard did not have a material impact on the Company’s Consolidated Financial Statements. Leases On January 1, 2019, as the result of a new accounting pronouncement, the Company adopted Topic 842 along with related updates, which require 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. Topic 842 does not significantly change a lessee’s recognition, measurement and presentation of expenses. Additionally, Topic 842 aligns key aspects of lessor accounting with the revenue recognition guidance in Topic 606. The Company elected available practical expedients for existing or expired contracts of lessees and lessors wherein the Company is not required to reassess whether such contracts contain leases, the lease classification or the initial direct costs. The Company is not utilizing the practical expedient which allows the use of hindsight by lessees and lessors in determining the lease term and in assessing impairment of its right-of-use (“ROU”) assets. Additionally, the Company elected as accounting policies to not recognize ROU assets or lease liabilities for short-term property leases (i.e., those with a term of 12 months or less at lease commencement) and, by class of underlying asset, to combine lease and nonlease components in the contract. The Company utilized the transition method allowing entities to only apply the new lease standard in the year of adoption. Lessor The Company has determined that revenues derived by providing vehicle rentals and other related products and mobility services to customers are within the scope of the accounting guidance contained in Topic 842 with the exception of royalty fee revenue derived from the Company’s licensees and revenue related to the Company’s customer loyalty program. The Company’s rental related revenues have been accounted for under the revenue accounting standard Topic 606, until the adoption of Topic 842. The Company excludes from the measurement of its lease revenues any tax assessed by a governmental authority that is both imposed on and concurrent with a specific revenue-producing transaction and collected from a customer. As a result, lease revenues exclude such taxes collected. Fees collected from customers for which the Company is the primary obligor such as airport concessions and vehicle licensing are recorded within revenues and corresponding remittances of these fees by the Company are recorded within operating expenses. Lessee The Company determines if an arrangement is a lease at inception. Operating leases, other than those associated with the Company’s vehicle rental programs, are included in operating lease ROU assets, accounts payable and other current liabilities, and long-term operating lease liabilities in the Company’s Consolidated Balance Sheets. Finance leases, other than those associated with the Company’s vehicle rental programs, are included in property and equipment, net, short-term debt and current portion of long-term debt, and long-term debt in the Company’s Consolidated Balance Sheets. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the expected lease term. As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on information available at commencement date in determining the present value of lease payments. The operating lease ROU assets are reduced by any lease incentives. The Company’s lease terms may include options to extend or terminate the lease, which are included in the calculation of ROU assets when it is reasonably certain that the Company will exercise those options. Lease expense for lease payments is usually recognized on a straight-line basis over the lease term. The Company has lease agreements with lease and nonlease components, which are generally not accounted for separately. Additionally, for certain leases, the Company applies a portfolio approach to account for the operating lease ROU assets and liabilities as the leases are similar in nature and have nearly identical contract provisions. Adoption of this standard resulted in most of the Company’s operating lease commitments being recognized as operating lease liabilities and right-of-use assets, which increased total assets and total liabilities by approximately $2,811 million related to property operating leases and $183 million related to vehicle operating leases. The Company recorded a beginning accumulated deficit adjustment of $5 million , net of tax, related to the adoption of this standard. Recently Issued Accounting Pronouncements Intangibles—Goodwill and Other—Internal-Use Software On January 1, 2020, as the result of a new accounting pronouncement, the Company adopted 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. The adoption of this accounting pronouncement will not have a material impact on the Company's Consolidated Financial Statements. Fair Value Measurement On January 1, 2020, as the result of a new accounting pronouncement, the Company adopted 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. The adoption of this accounting pronouncement will not have a material impact on the Company's Consolidated Financial Statements. Measurement of Credit Losses on Financial Instruments On January 1, 2020, as the result of a new accounting pronouncement, the Company adopted ASU 2016-13, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” and related updates 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. The adoption of this accounting pronouncement will not have a material impact on the Company's Consolidated Financial Statements. Simplifying the Accounting for Income Taxes In December 2019, the FASB issued 2019-12, “Simplifying the Accounting for Income Taxes,” which simplifies the accounting for income taxes by removing certain exceptions and improving the application of existing guidance. ASU 2019-12 becomes effective for the Company on January 1, 2021. Early adoption is permitted. The Company is currently evaluating the impact of this accounting pronouncement on its Consolidated 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 Financial Statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Disaggregation of Revenue [Table Text Block] | The following table presents the Company’s revenues disaggregated by geography. Year Ended December 31, 2019 2018 Americas $ 6,352 $ 6,186 Europe, Middle East and Africa 2,222 2,314 Asia and Australasia 598 624 Total revenues $ 9,172 $ 9,124 The following table presents the Company’s revenues disaggregated by brand. Year Ended December 31, 2019 2018 Avis $ 5,250 $ 5,266 Budget 3,179 3,057 Other 743 801 Total revenues $ 9,172 $ 9,124 ________ Other includes Zipcar and other operating brands. |
Deferred Revenue, by Arrangement, Disclosure [Table Text Block] | The following table presents changes in deferred revenue associated with the Company’s customer loyalty program. Year Ended December 31, 2019 2018 Balance, January 1 $ 64 $ 69 Revenue deferred 17 14 Revenue recognized (22 ) (19 ) Balance, December 31 $ 59 $ 64 _______ At December 31, 2019 and 2018, $22 million and $18 million was included in accounts payable and other current liabilities, respectively, and $37 million and $46 million , respectively, in other non-current liabilities. Non-current amounts are expected to be recognized as revenue within two to three years. |
Cash and Cash Equivalents, Program Cash and Restricted Cash [Table Text Block] | The following table provides a detail of cash and cash equivalents, program and restricted cash reported within the Consolidated Balance Sheets to the amounts shown in the Consolidated Statements of Cash Flows: As of December 31, 2019 2018 Cash and cash equivalents $ 686 $ 615 Program cash 211 115 Restricted cash (a) 3 5 Total cash and cash equivalents, program and restricted cash $ 900 $ 735 _________ (a) Included within other current assets. |
Schedule of Estimated Useful Lives | Useful lives are as follows: Buildings 30 years Furniture, fixtures & equipment 3 to 10 years Capitalized software 3 to 7 years Buses and support vehicles 4 to 15 years |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Lessor Disclosure [Abstract] | |
Lease Revenues Disaggregated by Geography [Table Text Block] | The following table presents the Company’s lease revenues disaggregated by geography. Year Ended December 31, 2019 Americas $ 6,303 Europe, Middle East and Africa 2,141 Asia and Australasia 584 Total lease revenues $ 9,028 |
Lease Revenues Disaggregated by Brand [Table Text Block] | The following table presents the Company’s lease revenues disaggregated by brand. Year Ended December 31, 2019 Avis $ 5,163 Budget 3,129 Other 736 Total lease revenues $ 9,028 ________ Other includes Zipcar and other operating brands. |
Lessee Disclosure [Abstract] | |
Lease, Cost [Table Text Block] | The components of lease expense are as follows: Year Ended December 31, 2019 Property leases (a) Operating lease expense $ 722 Variable lease expense 274 Sublease income (8 ) Total property lease expense $ 988 Vehicle leases Finance lease expense: Amortization of ROU assets (b) $ 42 Interest on lease liabilities (c) 4 Operating lease expense (b) 255 Total vehicle lease expense $ 301 __________ (a) Primarily included in operating expenses. (b) Included in vehicle depreciation and lease charges, net. (c) Included in vehicle interest, net. |
Supplemental Balance Sheet Information related to Leases [Table Text Block] | Supplemental balance sheet information related to leases is as follows: As of Property leases Operating lease ROU assets $ 2,596 Short-term operating lease liabilities (a) $ 479 Long-term operating lease liabilities 2,140 Operating lease liabilities $ 2,619 Weighted average remaining lease term 8.9 years Weighted average discount rate 4.31 % Vehicle leases Finance Finance lease ROU assets, gross $ 337 Accumulated amortization (56 ) Finance lease ROU assets, net (b) $ 281 Short-term vehicle finance lease liabilities $ 95 Long-term vehicle finance lease liabilities 157 Vehicle finance lease liabilities (c) $ 252 Weighted average remaining lease term 2.0 years Weighted average discount rate 1.67 % Operating Vehicle operating lease ROU assets (d) $ 195 Short-term vehicle operating lease liabilities $ 124 Long-term vehicle operating lease liabilities 71 Vehicle operating lease liabilities (e) $ 195 Weighted average remaining lease term 1.8 years Weighted average discount rate 3.08 % |
Supplemental Cash Flow Information related to Leases [Table Text Block] | Supplemental cash flow information related to leases is as follows: Year Ended December 31, 2019 Cash payments for lease liabilities within operating activities: Property operating leases $ 733 Vehicle operating leases 248 Vehicle finance leases 4 Cash payments for lease liabilities within financing activities: Vehicle finance leases 266 Non-cash activities - increase (decrease) in ROU assets in exchange for lease liabilities: Property operating leases (a) 531 Vehicle operating leases (a) 262 Vehicle finance leases 304 _________ (a) ROU assets obtained in exchange for lease liabilities since initial recognition. |
Finance and Operating, Liability, Maturity [Table Text Block] | Maturities of lease liabilities as of December 31, 2019 are as follows: Property Operating Leases Vehicle Finance Leases Vehicle Operating Leases Within 1 year $ 580 $ 95 $ 128 Between 1 and 2 years 470 29 51 Between 2 and 3 years 400 127 17 Between 3 and 4 years 348 1 5 Between 4 and 5 years 230 — — Thereafter 1,174 — — Total lease payments 3,202 252 201 Less: Imputed interest (583 ) — (6 ) Total $ 2,619 $ 252 $ 195 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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): Year Ended December 31, 2019 2018 2017 Net income for basic and diluted EPS $ 302 $ 165 $ 361 Basic weighted average shares outstanding 75.2 79.3 83.4 Options and non-vested stock 0.5 0.8 1.4 Diluted weighted average shares outstanding 75.7 80.1 84.8 Earnings per share: Basic $ 4.01 $ 2.08 $ 4.32 Diluted $ 3.98 $ 2.06 $ 4.25 |
Outstanding Common Stock Equivalents That Were Anti-Dilutive | The following table summarizes the Company’s outstanding common stock equivalents that were anti-dilutive and therefore excluded from the computation of diluted EPS (shares in millions): As of December 31, 2019 2018 2017 Non-vested stock (a) 0.5 0.2 0.5 __________ (a) The weighted average grant date fair value for anti-dilutive non-vested stock for 2019, 2018 and 2017 was $39.48 , $48.66 and $38.40 , respectively. |
Restructuring (Tables)
Restructuring (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Restructuring and Related Activities [Abstract] | |
Summary of Changes to Restructuring-Related Liabilities | The following tables summarize the change to our restructuring-related liabilities and identifies the amounts recorded within the Company’s reporting segments for restructuring charges and corresponding payments and utilizations: Personnel Related Facility Related Other (a) Total Balance as of January 1, 2017 $ 5 $ 1 $ — $ 6 Restructuring expense: Truck initiative 1 — 4 5 T17 20 — 15 35 Restructuring payment/utilization: Truck initiative (1 ) — (4 ) (5 ) T17 (17 ) (1 ) (15 ) (33 ) T15 (3 ) — — (3 ) Acquisition integration (1 ) — — (1 ) Balance as of December 31, 2017 4 — — 4 Restructuring expense: Workforce planning 11 — 2 13 Truck initiative 1 — 4 5 T17 — — 2 2 T15 1 — — 1 Restructuring payment/utilization: Workforce planning (11 ) — (1 ) (12 ) Truck initiative (1 ) — (4 ) (5 ) T17 (3 ) — (2 ) (5 ) T15 (1 ) — — (1 ) Balance as of December 31, 2018 1 — 1 2 Restructuring expense: T19 24 — 31 55 Brazil 1 1 5 7 Restructuring payment/utilization: T19 (21 ) — (30 ) (51 ) Brazil (1 ) — (5 ) (6 ) Workforce planning (1 ) — — (1 ) Balance as of December 31, 2019 $ 3 $ 1 $ 2 $ 6 __________ (a) Includes expenses primarily related to the disposition of vehicles. Americas International Total Balance as of January 1, 2017 $ 1 $ 5 $ 6 Restructuring expense: Truck initiative 5 — 5 T17 25 10 35 Restructuring payment/utilization: Truck initiative (5 ) — (5 ) T17 (24 ) (9 ) (33 ) T15 (1 ) (2 ) (3 ) Acquisition integration — (1 ) (1 ) Balance as of December 31, 2017 1 3 4 Restructuring expense: Workforce planning 4 9 13 Truck initiative 5 — 5 T17 2 — 2 T15 — 1 1 Restructuring payment/utilization: Workforce planning (4 ) (8 ) (12 ) Truck initiative (5 ) — (5 ) T17 (3 ) (2 ) (5 ) T15 — (1 ) (1 ) Balance as of December 31, 2018 — 2 2 Restructuring expense: T19 39 16 55 Brazil 7 — 7 Restructuring payment/utilization: T19 (38 ) (13 ) (51 ) Brazil (6 ) — (6 ) Workforce planning — (1 ) (1 ) Balance as of December 31, 2019 $ 2 $ 4 $ 6 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | Intangible assets consisted of: As of December 31, 2019 As of December 31, 2018 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Amortized Intangible Assets License agreements (a) $ 241 $ 108 $ 133 $ 305 $ 168 $ 137 Customer relationships (b) 255 165 90 251 141 110 Other (c) 50 25 25 52 21 31 $ 546 $ 298 $ 248 $ 608 $ 330 $ 278 Unamortized Intangible Assets Goodwill $ 1,101 $ 1,092 Trademarks $ 550 $ 547 _________ (a) Primarily amortized over a period ranging from 3 to 40 years with a weighted average life of 19 years . (b) Primarily amortized over a period ranging from 3 to 20 years with a weighted average life of 11 years . (c) Primarily amortized over a period ranging from 0 to 10 years with a weighted average life of 9 years . |
Schedule of Intangible Assets Amortization Expense | Amortization expense relating to all intangible assets was as follows: Year Ended December 31, 2019 2018 2017 License agreements $ 28 $ 36 $ 33 Customer relationships 25 24 24 Other 6 5 5 Total $ 59 $ 65 $ 62 |
Schedule of Goodwill | The carrying amounts of goodwill and related changes are as follows: Americas International Total Company Gross goodwill as of January 1, 2018 $ 2,139 $ 1,052 $ 3,191 Accumulated impairment losses as of January 1, 2018 (1,587 ) (531 ) (2,118 ) Goodwill as of January 1, 2018 552 521 1,073 Acquisitions — 54 54 Currency translation adjustments and other (13 ) (22 ) (35 ) Goodwill as of December 31, 2018 539 553 1,092 Acquisitions 21 — 21 Currency translation adjustments and other (6 ) (6 ) (12 ) Goodwill as of December 31, 2019 $ 554 $ 547 $ 1,101 |
Vehicle Rental Activities (Tabl
Vehicle Rental Activities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Components Of Companys Vehicles [Abstract] | |
Components of the Company's Vehicles | The components of vehicles, net within assets under vehicle programs are as follows: As of December 31, 2019 2018 Rental vehicles $ 13,461 $ 12,548 Less: Accumulated depreciation (1,621 ) (1,670 ) 11,840 10,878 Vehicles held for sale 337 596 Vehicles, net $ 12,177 $ 11,474 |
Components of Vehicle Depreciation and Lease Charges | The components of vehicle depreciation and lease charges, net are summarized below: Year Ended December 31, 2019 2018 2017 Depreciation expense $ 1,890 $ 1,974 $ 1,947 Lease charges 255 253 222 (Gain) loss on sale of vehicles, net (82 ) (48 ) 52 Vehicle depreciation and lease charges, net $ 2,063 $ 2,179 $ 2,221 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Taxes [Line Items] | |
Provision for (Benefit From) Income Taxes | The provision for (benefit from) income taxes consists of the following: Year Ended December 31, 2019 2018 2017 Current Federal $ (3 ) $ (7 ) $ — State 41 36 5 Foreign 50 59 37 Current income tax provision 88 88 42 Deferred Federal 41 63 (205 ) State (37 ) (39 ) (5 ) Foreign (107 ) (10 ) 18 Deferred income tax provision (103 ) 14 (192 ) Provision for (benefit from) income taxes $ (15 ) $ 102 $ (150 ) |
Pretax Income (Loss) for Domestic and Foreign Operations | Pretax income for domestic and foreign operations consists of the following: Year Ended December 31, 2019 2018 2017 United States $ 125 $ 114 $ 17 Foreign 162 153 194 Pretax income $ 287 $ 267 $ 211 |
Deferred Income Tax Assets and Liabilities | Deferred income tax assets and liabilities are comprised of the following: As of December 31, 2019 2018 Deferred income tax assets: Net tax loss carryforwards $ 1,645 $ 1,390 Long-term operating lease liabilities 678 — Accrued liabilities and deferred revenue 236 230 Tax credits 20 17 Depreciation and amortization 17 16 Provision for doubtful accounts 8 6 Other 75 38 Valuation allowance (a) (214 ) (311 ) Deferred income tax assets 2,465 1,386 Deferred income tax liabilities: Operating lease right-of-use assets 672 — Depreciation and amortization 108 60 Prepaid expenses 17 20 Other 6 5 Deferred income tax liabilities 803 85 Deferred income tax assets, net $ 1,662 $ 1,301 __________ (a) The valuation allowance of $214 million at December 31, 2019 relates to tax loss carryforwards and certain deferred tax assets of $192 million and $22 million , respectively. The valuation allowance will be reduced when and if the Company determines it is more likely than not that the related deferred income tax assets will be realized. The valuation allowance of $311 million at December 31, 2018 relates to tax loss carryforwards and certain deferred tax assets of $283 million and $28 million , respectively. The valuation allowance will be reduced when and if the Company determines it is more likely than not that the related deferred income tax assets will be realized. |
Reconciliation of U.S Federal Income Tax Statutory Rate and Effective Income Tax Rate | The reconciliation between the U.S. federal income tax statutory rate and the Company’s effective income tax rate is as follows: Year Ended December 31, 2019 2018 2017 U.S. federal statutory rate 21.0 % 21.0 % 35.0 % Adjustments to reconcile to the effective rate: State and local income taxes, net of federal tax benefits (1.7 ) 5.5 3.8 Changes in valuation allowances (26.9 ) 6.3 (4.7 ) Taxes on foreign operations at rates different than statutory U.S. federal rates 3.4 (5.2 ) (3.6 ) Stock-based compensation — (0.8 ) (3.4 ) Tax Act (benefit) expense — 11.2 (100.8 ) Other non-deductible (non-taxable) items (1.4 ) 1.1 2.2 Other 0.4 (0.9 ) 0.4 (5.2 )% 38.2 % (71.1 )% |
Changes in Gross Unrecognized Tax Benefits | The following is a tabular reconciliation of the gross amount of unrecognized tax benefits for the year: 2019 2018 2017 Balance, January 1 $ 61 $ 63 $ 59 Additions for tax positions related to current year 6 8 6 Additions for tax positions for prior years — — 9 Reductions for tax positions for prior years (8 ) (6 ) (10 ) Settlements (4 ) (3 ) — Statute of limitations (1 ) (1 ) (1 ) Balance, December 31 $ 54 $ 61 $ 63 |
Unrecognized Tax Benefits | The following table presents unrecognized tax benefits: As of December 31, 2019 2018 Unrecognized tax benefit in non-current income taxes payable (a) $ 57 $ 41 Accrued interest payable on potential tax liabilities (b) 27 29 __________ (a) Pursuant to the agreements governing the disposition of certain subsidiaries in 2006, the Company is entitled to indemnification for certain pre-disposition tax contingencies. As of December 31, 2019 and 2018 , $13 million , respectively, of unrecognized tax benefits are related to tax contingencies for which the Company believes it is entitled to indemnification. (b) The Company recognizes potential interest related to unrecognized tax benefits within interest expense related to corporate debt, net on the accompanying Consolidated Statements of Operations. Penalties incurred during the years ended December 31, 2019 , 2018 and 2017 , were not significant and were recognized as a component of the provision for income taxes. |
Vehicle Programs | |
Income Taxes [Line Items] | |
Deferred Income Tax Assets and Liabilities | Deferred income tax assets and liabilities related to vehicle programs are comprised of the following: As of December 31, 2019 2018 Deferred income tax assets: Depreciation and amortization $ 54 $ 44 Other 48 — Deferred income tax assets 102 44 Deferred income tax liabilities: Depreciation and amortization 2,243 2,005 Other 48 — Deferred income tax liabilities 2,291 2,005 Deferred income tax liabilities under vehicle programs, net $ 2,189 $ 1,961 |
Other Current Assets (Tables)
Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Schedule Of Other Current Assets [Abstract] | |
Schedule of Other Current Assets | . Other Current Assets Other current assets consisted of: As of December 31, 2019 2018 Prepaid expenses $ 234 $ 241 Sales and use taxes 173 180 Other 141 183 Other current assets $ 548 $ 604 |
Property and Equipment, net (Ta
Property and Equipment, net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment, net consisted of: As of December 31, 2019 2018 Land $ 48 $ 49 Buildings and leasehold improvements 565 625 Capitalized software 789 613 Furniture, fixtures and equipment 400 411 Projects in process 180 169 Buses and support vehicles 88 95 2,070 1,962 Less: Accumulated depreciation and amortization (1,278 ) (1,226 ) Property and equipment, net $ 792 $ 736 |
Accounts Payable and Other Cu_2
Accounts Payable and Other Current Liabilities Accounts Payable and Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Payables and Accruals [Abstract] | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | Accounts payable and other current liabilities consisted of: As of December 31, 2019 2018 Short-term operating lease liabilities 479 $ — Accounts payable 378 371 Accrued sales and use taxes 223 208 Accrued payroll and related 195 200 Accrued advertising and marketing 191 192 Public liability and property damage insurance liabilities – current 178 149 Deferred lease revenues – current 125 140 Other 437 433 Accounts payable and other current liabilities $ 2,206 $ 1,693 |
Long-term Debt and Borrowing _2
Long-term Debt and Borrowing Arrangements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Maturities of Long-term Debt [Table Text Block] | The following table provides contractual maturities of the Company’s corporate debt at December 31, 2019 : Year Amount 2020 $ 19 2021 17 2022 16 2023 216 2024 701 Thereafter 2,505 $ 3,474 |
Schedule of Long-term Debt Instruments [Table Text Block] | Long-term debt and other borrowing arrangements consisted of: Maturity As of December 31, 2019 2018 5½% Senior Notes April 2023 200 675 6⅜% Senior Notes April 2024 350 350 4⅛% euro-denominated Senior Notes November 2024 336 344 Floating Rate Term Loan (a) February 2025 1,112 1,123 5¼% Senior Notes March 2025 375 375 4½% euro-denominated Senior Notes May 2025 280 287 4¾% euro-denominated Senior Notes January 2026 393 401 5¾% Senior Notes July 2027 400 — Other (b) 28 41 Deferred financing fees (39 ) (45 ) Total 3,435 3,551 Less: Short-term debt and current portion of long-term debt 19 23 Long-term debt $ 3,416 $ 3,528 __________ (a) The floating rate term loan is part of the Company’s senior revolving 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) Primarily includes finance leases which are secured by liens on the related assets. |
Schedule of Line of Credit Facilities [Table Text Block] | At December 31, 2019 , 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 $ — $ 1,081 $ 719 __________ (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. In February 2018, the Company amended the terms of its Senior revolving credit facility maturing 2021 and extended its maturity to 2023. At December 31, 2018 , the Company had various uncommitted credit facilities available, which bear interest at rates of 0.74% to 6.60% , under which it had drawn approximately $1 million . |
Debt Under Vehicle Programs a_2
Debt Under Vehicle Programs and Borrowing Arrangements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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 December 31, 2019 2018 Americas – Debt due to Avis Budget Rental Car Funding (a) $ 7,975 $ 7,393 Americas – Debt borrowings (a) 827 635 International – Debt borrowings (a) 2,100 2,060 International – Finance leases 215 191 Other — 2 Deferred financing fees (b) (49 ) (49 ) Total $ 11,068 $ 10,232 __________ (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 December 31, 2019 and 2018 were $40 million and $35 million, respectively. |
Schedule of Contractual Maturities | The following table provides the contractual maturities of the Company’s debt under vehicle programs, including related party debt due to Avis Budget Rental Car Funding, at December 31, 2019 : Debt under Vehicle Programs (a) 2020 $ 1,753 2021 (b) 3,225 2022 (c) 3,032 2023 1,097 2024 1,471 Thereafter 539 $ 11,117 |
Schedule Of Available Funding Under Vehicle Program | The following table presents available funding under the Company’s debt arrangements related to its vehicle programs, including related party debt due to Avis Budget Rental Car Funding, at December 31, 2019 : Total Capacity (a) Outstanding (b) Available Capacity Americas – Debt due to Avis Budget Rental Car Funding $ 9,761 $ 7,975 $ 1,786 Americas – Debt borrowings 1,009 827 182 International – Debt borrowings 3,003 2,100 903 International – Finance leases 237 215 22 Total $ 14,010 $ 11,117 $ 2,893 __________ (a) Capacity is subject to maintaining sufficient assets to collateralize debt. (b) The outstanding debt is collateralized by vehicles and related assets of $9.3 billion for Americas - Debt due to Avis Budget Rental Car Funding; $1.0 billion for Americas - Debt borrowings; $2.6 billion for International - Debt borrowings; and $0.2 billion for International - Finance leases. |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income | The components of accumulated other comprehensive income (loss) are as follows: Currency Translation Adjustments Net Unrealized Gains (Losses) on Cash Flow Hedges (a) Net Unrealized Gains (Losses) on Available-For-Sale Securities Minimum Pension Liability Adjustment (b) Accumulated Other Comprehensive Income (Loss) Balance, January 1, 2017 $ (39 ) $ 2 $ 1 $ (118 ) $ (154 ) Other comprehensive income (loss) before reclassifications 110 1 1 11 123 Amounts reclassified from accumulated other comprehensive income (loss) — 2 — 5 7 Net current-period other comprehensive income (loss) 110 3 1 16 130 Balance, December 31, 2017 71 5 2 (102 ) (24 ) Cumulative effect of accounting change 7 1 (2 ) (12 ) (6 ) Balance, January 1, 2018 78 6 — (114 ) (30 ) Other comprehensive income (loss) before reclassifications (81 ) (2 ) — (23 ) (106 ) Amounts reclassified from accumulated other comprehensive income (loss) — (2 ) — 5 3 Net current-period other comprehensive income (loss) (81 ) (4 ) — (18 ) (103 ) Balance, December 31, 2018 (3 ) 2 — (132 ) (133 ) Cumulative effect of accounting change (c) — 1 — — 1 Balance, January 1, 2019 (3 ) 3 — (132 ) (132 ) Other comprehensive income (loss) before reclassifications 12 (20 ) — (20 ) (28 ) Amounts reclassified from accumulated other comprehensive income (loss) — (3 ) — 6 3 Net current-period other comprehensive income (loss) 12 (23 ) — (14 ) (25 ) Balance, December 31, 2019 $ 9 $ (20 ) $ — $ (146 ) $ (157 ) __________ 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 (see Note 9-Income Taxes for impacts of the Tax Act) and include a $81 million gain, net of tax, related to the Company’s hedge of its investment in euro-denominated foreign operations (See Note 19-Financial Instruments). (a) For the years ended December 31, 2019 , 2018 and 2017 , the amounts reclassified from accumulated other comprehensive income (loss) into corporate interest expense were $4 million ( $3 million , net of tax), $3 million ( $2 million , net of tax) and $4 million ( $2 million , net of tax), respectively. (b) For the years ended December 31, 2019 , 2018 and 2017 , amounts reclassified from accumulated other comprehensive income (loss) into selling, general and administrative expenses were $8 million ( $6 million , net of tax), $7 million ( $5 million , net of tax) and $8 million ( $5 million , net of tax), respectively. (c) See Note 2-Summary of Significant Accounting Policies for the impact of adoption of ASU 2017-12. |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Annual Activity of RSUs | Annual activity related to stock units 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, 2019 838 $ 38.67 Granted (a) 608 34.14 Vested (b) (502 ) 36.00 Forfeited (97 ) 38.73 Outstanding and expected to vest at December 31, 2019 (c) 847 $ 36.99 1.0 $ 27 Performance-based and market-based RSUs Outstanding at January 1, 2019 1,169 $ 35.14 Granted (a) 570 34.56 Vested (b) — — Forfeited (678 ) 28.79 Outstanding at December 31, 2019 1,061 $ 38.89 1.1 $ 34 Outstanding and expected to vest at December 31, 2019 (c) 412 $ 40.61 1.5 $ 13 __________ (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, which are discussed separately below. The weighted-average fair value of time-based RSUs and performance-based RSUs granted in 2018 was $48.41 and $48.52 , respectively, and the weighted-average fair value of time-based RSUs and performance-based and market-based RSUs granted in 2017 was $35.32 and $35.21 , respectively. (b) The total fair value of RSUs vested during 2019 , 2018 and 2017 was $18 million , $20 million and $23 million , respectively. (c) Aggregate unrecognized compensation expense related to time-based RSUs and performance-based and market-based RSUs amounted to $25 million and will be recognized over a weighted average vesting period of 1.2 years. |
Summary of Share Based Compensation Shares Authorized Under Stock Option Plans by Exercise Price Range | Stock options exercised during 2019 , 2018 and 2017 had intrinsic values of $1 million , $8 million and $21 million , respectively. |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Summary of Net Periodic Benefit Cost | The components of net periodic (benefit) cost consisted of the following: Year Ended December 31, 2019 2018 2017 Service cost (a) $ 5 $ 6 $ 5 Interest cost (b) 21 19 19 Expected return on plan assets (b) (30 ) (33 ) (30 ) Amortization of unrecognized amounts (b) 7 7 8 Net periodic (benefit) cost $ 3 $ (1 ) $ 2 __________ (a) For the year ended December 31, 2019 , $4 million and $1 million were included in operating expenses and selling, general and administrative expenses, respectively. For the year ended December 31, 2018, $4 million and $2 million were included in operating expenses and selling, general and administrative expenses, respectively. (b) Included in selling, general and administrative expenses. |
Summary of Funded Status of Pension Plans | The Company uses a measurement date of December 31 for its pension plans. The funded status of the pension plans were as follows: As of December 31, Change in Benefit Obligation 2019 2018 Benefit obligation at end of prior year $ 722 $ 779 Service cost 5 6 Interest cost 21 19 Actuarial (gain) loss 87 (32 ) Currency translation adjustment 13 (24 ) Net benefits paid (27 ) (26 ) Benefit obligation at end of current year $ 821 $ 722 Change in Plan Assets Fair value of assets at end of prior year $ 549 $ 614 Actual return on plan assets 91 (29 ) Employer contributions 21 11 Currency translation adjustment 14 (21 ) Net benefits paid (26 ) (26 ) Fair value of assets at end of current year $ 649 $ 549 |
Schedule of Net Funded Status [Table Text Block] | As of December 31, Funded Status 2019 2018 Classification of net balance sheet assets (liabilities): Non-current assets $ 20 $ 18 Current liabilities (4 ) (4 ) Non-current liabilities (188 ) (187 ) Net funded status $ (172 ) $ (173 ) |
Summary of Assumptions Used to Determine Pension Obligations and Pension Costs | The following assumptions were used to determine pension obligations and pension costs for the principal plans in which the Company’s employees participated: For the Year Ended December 31, U.S. Pension Benefit Plans 2019 2018 2017 Discount rate: Net periodic benefit cost 4.15 % 3.50 % 3.90 % Benefit obligation 3.10 % 4.15 % 3.50 % Long-term rate of return on plan assets 7.00 % 7.00 % 7.00 % Non-U.S. Pension Benefit Plans Discount rate: Net periodic benefit cost 2.75 % 2.55 % 2.45 % Benefit obligation 1.95 % 2.75 % 2.55 % Long-term rate of return on plan assets 4.50 % 4.50 % 4.70 % |
Summary of Defined Benefit Pension Plans' Assets Fair Value | The following table presents the defined benefit pension plans’ assets measured at fair value, as of December 31: 2019 Asset Class Level 1 Level 2 Total Cash equivalents and short-term investments $ 16 $ 54 $ 70 U.S. equities 100 52 152 Non-U.S. equities 59 99 158 Government bonds 4 3 7 Corporate bonds 96 20 116 Other assets 2 144 146 Total assets $ 277 $ 372 $ 649 2018 Asset Class Level 1 Level 2 Total Cash equivalents and short-term investments $ 10 $ 25 $ 35 U.S. equities 82 42 124 Non-U.S. equities 49 80 129 Real estate — 17 17 Government bonds 3 8 11 Corporate bonds 89 31 120 Other assets 2 111 113 Total assets $ 235 $ 314 $ 549 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Notional Amounts of Outstanding Derivative Positions | The Company held derivative instruments with absolute notional values as follows: As of December 31, 2019 2018 Foreign exchange contracts $ 1,518 $ 1,235 Interest rate caps (a) 8,625 8,431 Interest rate swaps 1,500 1,500 __________ (a) Represents $5.9 billion of interest rate caps sold, partially offset by approximately $2.7 billion of interest rate caps purchased at December 31, 2019 and $5.7 billion of interest rate caps sold, partially offset by approximately $2.7 billion of interest rate caps purchased at December 31, 2018 . These amounts exclude $3.2 billion and $3.0 billion of interest rate caps purchased by the Company’s Avis Budget Rental Car Funding subsidiary at December 31, 2019 and 2018 , respectively. |
Fair Value of Derivative Instruments | Fair values (Level 2) of derivative instruments are as follows: As of December 31, 2019 As of December 31, 2018 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) $ — $ 27 $ 12 $ 8 Derivatives not designated as hedging instruments Interest rate caps (b) — 1 — 2 Foreign exchange contracts (c) 5 10 5 11 Commodity contracts (c) — — — 1 Total $ 5 $ 38 $ 17 $ 22 __________ Amounts in this table exclude derivatives issued by Avis Budget Rental Car Funding, as it is not consolidated by the Company; however, certain amounts related to the derivatives held by Avis Budget Rental Car Funding are included within accumulated other comprehensive income (loss), as discussed in Note 16-Stockholders’ Equity. (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. |
Schedule of Effect of Derivatives Recognized | The effects of derivatives recognized in the Company’s Consolidated Financial Statements are as follows: Year Ended December 31, 2019 2018 2017 Financial instruments designated as hedging instruments (a) Interest rate swaps (b) $ (23 ) $ (4 ) $ 3 Euro-denominated notes (c) 17 24 (50 ) Financial instruments not designated as hedging instruments (d) Foreign exchange contracts (e) (7 ) 31 (42 ) Interest rate caps (f) (1 ) (3 ) (1 ) Commodity contracts (g) 3 — (1 ) Total $ (11 ) $ 48 $ (91 ) __________ (a) Recognized, net of tax, as a component of accumulated other comprehensive income (loss) within stockholders’ equity. (b) Classified as a net unrealized gain (loss) on cash flow hedges in accumulated other comprehensive income (loss). Refer to Note 16-Stockholders’ Equity for amounts reclassified from accumulated other comprehensive income (loss) into earnings. (c) Classified as a net investment hedge within currency translation adjustment in accumulated other comprehensive income (loss). (d) Gains (losses) related to derivative instruments are expected to be largely offset by (losses) gains on the underlying exposures being hedged. (e) For the year ended December 31, 2019 , included an $11 million loss included in interest expense and a $4 million gain included in operating expenses. For the year ended December 31, 2018 , included a $19 million gain included in interest expense and a $12 million gain included in operating expenses. For the year ended December 31, 2017 , included a $23 million loss in interest expense and a $19 million loss included in operating expenses. (f) Primarily included in vehicle interest, net. (g) Included in operating expenses. |
Schedule of Carrying Amounts and Estimated Fair Values | Debt Instruments The carrying amounts and estimated fair values (Level 2) of debt instruments are as follows: As of December 31, 2019 As of December 31, 2018 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Corporate debt Short-term debt and current portion of long-term debt $ 19 $ 19 $ 23 $ 23 Long-term debt 3,416 3,572 3,528 3,462 Debt under vehicle programs Vehicle-backed debt due to Avis Budget Rental Car Funding $ 7,936 $ 8,077 $ 7,358 $ 7,383 Vehicle-backed debt 3,129 3,142 2,871 2,881 Interest rate swaps and interest rate caps (a) 3 3 3 3 ___________ (a) Derivatives in liability position. |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Summary of Operating Segments | Year Ended December 31, 2019 Americas International Corporate and Other (a) Total Revenues $ 6,352 $ 2,820 $ — $ 9,172 Vehicle depreciation and lease charges, net 1,462 601 — 2,063 Vehicle interest, net 284 60 — 344 Adjusted EBITDA 652 203 (67 ) 788 Non-vehicle depreciation and amortization 161 94 8 263 Assets exclusive of assets under vehicle programs 6,226 2,995 90 9,311 Assets under vehicle programs 10,508 3,307 — 13,815 Capital expenditures (excluding vehicles) 162 62 26 250 __________ (a) Primarily represents unallocated corporate expenses and receivables from our former subsidiaries . Year Ended December 31, 2018 Americas International Corporate and Other (a) Total Revenues $ 6,186 $ 2,938 $ — $ 9,124 Vehicle depreciation and lease charges, net 1,568 611 — 2,179 Vehicle interest, net 252 62 — 314 Adjusted EBITDA 558 287 (64 ) 781 Non-vehicle depreciation and amortization 152 104 — 256 Assets exclusive of assets under vehicle programs 3,782 2,495 93 6,370 Assets under vehicle programs 9,670 3,109 — 12,779 Capital expenditures (excluding vehicles) 134 76 21 231 __________ (a) Primarily represents unallocated corporate expenses and receivables from our former subsidiaries. Year Ended December 31, 2017 Americas International Corporate and Other (a) Total Revenues $ 6,100 $ 2,748 $ — $ 8,848 Vehicle depreciation and lease charges, net 1,671 550 — 2,221 Vehicle interest, net 226 60 — 286 Adjusted EBITDA 486 305 (56 ) 735 Non-vehicle depreciation and amortization 168 91 — 259 Assets exclusive of assets under vehicle programs 3,388 2,353 79 5,820 Assets under vehicle programs 9,017 2,862 — 11,879 Capital expenditures (excluding vehicles) 122 62 13 197 __________ (a) Primarily represents unallocated corporate expenses and receivables from our former subsidiaries. |
Reconciliation of Adjusted EBITDA to Income (Loss) | Provided below is a reconciliation of Adjusted EBITDA to income before income taxes. For the Year Ended December 31, 2019 2018 2017 Adjusted EBITDA $ 788 $ 781 $ 735 Less: Non-vehicle related depreciation and amortization (a) 263 256 259 Interest expense related to corporate debt, net 178 188 188 Early extinguishment of corporate debt 12 19 3 Restructuring and other related charges 80 22 63 Transaction-related costs, net 10 20 23 Non-operational charges related to shareholder activist activity (b) 2 9 — Impairment — — 2 Charges for legal matter, net (c) — — (14 ) Gain on sale of equity method investment in China (c) (44 ) — — Income before income taxes $ 287 $ 267 $ 211 __________ (a) Inc ludes amortization of intangible assets recognized in purchase accounting of $56 million in 2019 , $61 million in 2018 and $58 million in 2017 . (b) Reported within selling, general and administrative expenses in our Consolidated Statements of Operations . (c) Reported within operating expenses in our Consolidated Statements of Operations . |
Summary of Geographic Segment Information | The geographic segment information provided below is classified based on the geographic location of the Company’s subsidiaries. United States All Other Countries Total 2019 Revenues $ 5,867 $ 3,305 $ 9,172 Assets exclusive of assets under vehicle programs 5,830 3,481 9,311 Assets under vehicle programs 9,824 3,991 13,815 Net long-lived assets 1,536 1,155 2,691 2018 Revenues $ 5,708 $ 3,416 $ 9,124 Assets exclusive of assets under vehicle programs 3,494 2,876 6,370 Assets under vehicle programs 9,021 3,758 12,779 Net long-lived assets 1,476 1,177 2,653 2017 Revenues $ 5,629 $ 3,219 $ 8,848 Assets exclusive of assets under vehicle programs 3,069 2,751 5,820 Assets under vehicle programs 8,192 3,687 11,879 Net long-lived assets 1,451 1,176 2,627 |
Guarantor and Non-Guarantor C_2
Guarantor and Non-Guarantor Consolidating Financial Statements (Tables) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Condensed Financial Information Disclosure [Abstract] | |||
Consolidating Condensed Income Statement | For the Year Ended December 31, 2019 Parent Subsidiary Issuers Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Total Revenues $ — $ — $ 5,613 $ 5,923 $ (2,364 ) $ 9,172 Expenses Operating 2 — 2,788 1,908 — 4,698 Vehicle depreciation and lease charges, net — — 2,188 1,969 (2,094 ) 2,063 Selling, general and administrative 50 17 700 470 — 1,237 Vehicle interest, net — 3 269 342 (270 ) 344 Non-vehicle related depreciation and amortization — 10 153 100 — 263 Interest expense related to corporate debt, net: Interest expense — 131 2 45 — 178 Intercompany interest expense (income) (12 ) 10 59 (57 ) — — Early extinguishment of debt — 12 — — — 12 Restructuring and other related charges 18 — 38 24 — 80 Transaction-related costs, net — 4 (6 ) 12 — 10 Total expenses 58 187 6,191 4,813 (2,364 ) 8,885 Income (loss) before income taxes and equity in earnings of subsidiaries (58 ) (187 ) (578 ) 1,110 — 287 Provision for (benefit from) income taxes (12 ) (220 ) (24 ) 241 — (15 ) Equity in earnings of subsidiaries 348 315 869 — (1,532 ) — Net income $ 302 $ 348 $ 315 $ 869 $ (1,532 ) $ 302 Comprehensive income $ 277 $ 323 $ 312 $ 860 $ (1,495 ) $ 277 | For the Year Ended December 31, 2018 Parent Subsidiary Issuers Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Revenues $ — $ — $ 5,431 $ 6,006 $ (2,313 ) $ 9,124 Expenses Operating 4 7 2,668 1,960 — 4,639 Vehicle depreciation and lease charges, net — — 2,162 2,102 (2,085 ) 2,179 Selling, general and administrative 48 11 662 499 — 1,220 Vehicle interest, net — — 229 313 (228 ) 314 Non-vehicle related depreciation and amortization — 1 145 110 — 256 Interest expense related to corporate debt, net: Interest expense — 153 3 32 — 188 Intercompany interest expense (income) (12 ) (11 ) 26 (3 ) — — Early extinguishment of debt — 19 — — — 19 Restructuring and other related charges — — 11 11 — 22 Transaction-related costs, net — 1 4 15 — 20 Total expenses 40 181 5,910 5,039 (2,313 ) 8,857 Income (loss) before income taxes and equity in earnings of subsidiaries (40 ) (181 ) (479 ) 967 — 267 Provision for (benefit from) income taxes (10 ) (48 ) 93 67 — 102 Equity in earnings of subsidiaries 195 328 900 — (1,423 ) — Net income $ 165 $ 195 $ 328 $ 900 $ (1,423 ) $ 165 Comprehensive income $ 62 $ 92 $ 228 $ 806 $ (1,126 ) $ 62 | For the Year Ended December 31, 2017 Parent Subsidiary Issuers Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Revenues $ — $ — $ 5,312 $ 5,931 $ (2,395 ) $ 8,848 Expenses Operating 3 20 2,598 1,851 — 4,472 Vehicle depreciation and lease charges, net — — 2,226 2,183 (2,188 ) 2,221 Selling, general and administrative 39 8 619 454 — 1,120 Vehicle interest, net — — 199 294 (207 ) 286 Non-vehicle related depreciation and amortization — 1 160 98 — 259 Interest expense related to corporate debt, net: Interest expense — 157 1 30 — 188 Intercompany interest expense (income) (12 ) 95 23 (106 ) — — Early extinguishment of debt — 4 — (1 ) — 3 Restructuring and other related charges — 7 44 12 — 63 Transaction-related costs, net — 1 3 19 — 23 Impairment — — 2 — — 2 Total expenses 30 293 5,875 4,834 (2,395 ) 8,637 Income (loss) before income taxes and equity in earnings of subsidiaries (30 ) (293 ) (563 ) 1,097 — 211 Provision for (benefit from) income taxes (5 ) 267 (527 ) 115 — (150 ) Equity in earnings of subsidiaries 386 946 982 — (2,314 ) — Net income $ 361 $ 386 $ 946 $ 982 $ (2,314 ) $ 361 Comprehensive income $ 491 $ 515 $ 1,073 $ 1,103 $ (2,691 ) $ 491 |
Consolidating Condensed Balance Sheet | As of December 31, 2019 Parent Subsidiary Issuers Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Assets Current assets: Cash and cash equivalents $ 1 $ 12 $ — $ 673 $ — $ 686 Receivables, net — — 262 649 — 911 Other current assets — 115 95 338 — 548 Total current assets 1 127 357 1,660 — 2,145 Property and equipment, net — 234 338 220 — 792 Operating lease right-of-use assets — 778 1,174 644 — 2,596 Deferred income taxes 13 1,238 222 189 — 1,662 Goodwill — — 471 630 — 1,101 Other intangibles, net — 24 481 293 — 798 Other non-current assets 47 32 15 123 — 217 Intercompany receivables 172 427 2,715 1,028 (4,342 ) — Investment in subsidiaries 483 5,070 3,778 — (9,331 ) — Total assets exclusive of assets under vehicle programs 716 7,930 9,551 4,787 (13,673 ) 9,311 Assets under vehicle programs: Program cash — — — 211 — 211 Vehicles, net — 191 54 11,932 — 12,177 Receivables from vehicle manufacturers and other — 4 99 675 — 778 Investment in Avis Budget Rental Car Funding (AESOP) LLC-related party — — — 649 — 649 — 195 153 13,467 — 13,815 Total assets $ 716 $ 8,125 $ 9,704 $ 18,254 $ (13,673 ) $ 23,126 Liabilities and stockholders’ equity Current liabilities: Accounts payable and other current liabilities $ 20 $ 338 $ 867 $ 981 $ — $ 2,206 Short-term debt and current portion of long-term debt — 17 2 — — 19 Total current liabilities 20 355 869 981 — 2,225 Long-term debt — 2,417 1 998 — 3,416 Long-term operating lease liabilities — 698 971 471 — 2,140 Other non-current liabilities 40 99 215 403 — 757 Intercompany payables — 3,913 427 2 (4,342 ) — Total liabilities exclusive of liabilities under vehicle programs 60 7,482 2,483 2,855 (4,342 ) 8,538 Liabilities under vehicle programs: Debt — 160 38 2,934 — 3,132 Due to Avis Budget Rental Car Funding (AESOP) LLC-related party — — — 7,936 — 7,936 Deferred income taxes — — 2,014 175 — 2,189 Other — — 99 576 — 675 — 160 2,151 11,621 — 13,932 Total stockholders’ equity 656 483 5,070 3,778 (9,331 ) 656 Total liabilities and stockholders’ equity $ 716 $ 8,125 $ 9,704 $ 18,254 $ (13,673 ) $ 23,126 | As of December 31, 2018 Parent Subsidiary Issuers Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Assets Current assets: Cash and cash equivalents $ 1 $ 12 $ 1 $ 601 $ — $ 615 Receivables, net — — 239 716 — 955 Other current assets 5 112 116 371 — 604 Total current assets 6 124 356 1,688 — 2,174 Property and equipment, net — 199 319 218 — 736 Deferred income taxes 13 1,015 207 66 — 1,301 Goodwill — — 471 621 — 1,092 Other intangibles, net — 26 475 324 — 825 Other non-current assets 47 39 16 140 — 242 Intercompany receivables 159 404 2,104 1,262 (3,929 ) — Investment in subsidiaries 246 4,786 3,852 — (8,884 ) — Total assets exclusive of assets under vehicle programs 471 6,593 7,800 4,319 (12,813 ) 6,370 Assets under vehicle programs: Program cash — — — 115 — 115 Vehicles, net — 55 54 11,365 — 11,474 Receivables from vehicle manufacturers and other — 2 — 629 — 631 Investment in Avis Budget Rental Car Funding (AESOP) LLC-related party — — — 559 — 559 — 57 54 12,668 — 12,779 Total assets $ 471 $ 6,650 $ 7,854 $ 16,987 $ (12,813 ) $ 19,149 Liabilities and stockholders’ equity Current liabilities: Accounts payable and other current liabilities $ 16 $ 246 $ 582 $ 849 $ — $ 1,693 Short-term debt and current portion of long-term debt — 18 3 2 — 23 Total current liabilities 16 264 585 851 — 1,716 Long-term debt — 2,501 3 1,024 — 3,528 Other non-current liabilities 41 87 257 382 — 767 Intercompany payables — 3,524 404 1 (3,929 ) — Total liabilities exclusive of liabilities under vehicle programs 57 6,376 1,249 2,258 (3,929 ) 6,011 Liabilities under vehicle programs: Debt — 28 49 2,797 — 2,874 Due to Avis Budget Rental Car Funding (AESOP) LLC-related party — — — 7,358 — 7,358 Deferred income taxes — — 1,770 191 — 1,961 Other — — — 531 — 531 — 28 1,819 10,877 — 12,724 Total stockholders’ equity 414 246 4,786 3,852 (8,884 ) 414 Total liabilities and stockholders’ equity $ 471 $ 6,650 $ 7,854 $ 16,987 $ (12,813 ) $ 19,149 | |
Consolidating Condensed Cash Flow Statement | Consolidating Condensed Statements of Cash Flows For the Year Ended December 31, 2019 Parent Subsidiary Issuers Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Net cash provided by (used in) operating activities $ 67 $ 293 $ 246 $ 2,394 $ (414 ) $ 2,586 Investing activities Property and equipment additions — (79 ) (100 ) (71 ) — (250 ) Proceeds received on asset sales — 1 — 10 — 11 Net assets acquired (net of cash acquired) — (1 ) (24 ) (52 ) — (77 ) Other, net — (75 ) 12 69 75 81 Net cash provided by (used in) investing activities exclusive of vehicle programs — (154 ) (112 ) (44 ) 75 (235 ) Vehicle programs: Investment in vehicles — (118 ) (22 ) (12,747 ) — (12,887 ) Proceeds received on disposition of vehicles — 48 — 10,412 — 10,460 Investment in debt securities of Avis Budget Rental Car Funding (AESOP) LLC — related party — — — (251 ) — (251 ) Proceeds from debt securities of Avis Budget Rental Car Funding (AESOP) LLC — related party — — — 161 — 161 — (70 ) (22 ) (2,425 ) — (2,517 ) Net cash provided by (used in) investing activities — (224 ) (134 ) (2,469 ) 75 (2,752 ) Financing activities Proceeds from long-term borrowings — 400 — 2 — 402 Payments on long-term borrowings — (502 ) (3 ) (4 ) — (509 ) Net change in short-term borrowings — — — (1 ) — (1 ) Debt financing fees — (7 ) — — — (7 ) Repurchases of common stock (67 ) — — — — (67 ) Other, net — (61 ) (98 ) (180 ) 339 — Net cash provided by (used in) financing activities exclusive of vehicle programs (67 ) (170 ) (101 ) (183 ) 339 (182 ) Vehicle programs: Proceeds from borrowings — 114 — 19,755 — 19,869 Payments on borrowings — (13 ) (12 ) (19,321 ) — (19,346 ) Debt financing fees — — — (23 ) — (23 ) — 101 (12 ) 411 — 500 Net cash provided by (used in) financing activities (67 ) (69 ) (113 ) 228 339 318 Effect of changes in exchange rates on cash and cash equivalents, program and restricted cash — — — 13 — 13 Net increase (decrease) in cash and cash equivalents, program and restricted cash — — (1 ) 166 — 165 Cash and cash equivalents, program and restricted cash, beginning of period 1 12 1 721 — 735 Cash and cash equivalents, program and restricted cash, end of period $ 1 $ 12 $ — $ 887 $ — $ 900 | For the Year Ended December 31, 2018 Parent Subsidiary Issuers Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Net cash provided by (used in) operating activities $ 210 $ 235 $ 193 $ 2,380 $ (409 ) $ 2,609 Investing activities Property and equipment additions — (64 ) (88 ) (79 ) — (231 ) Proceeds received on asset sales — 2 4 11 — 17 Net assets acquired (net of cash acquired) — (3 ) (10 ) (78 ) — (91 ) Intercompany loan receipts (advances) — — — (404 ) 404 — Other, net — (8 ) — (36 ) — (44 ) Net cash provided by (used in) investing activities exclusive of vehicle programs — (73 ) (94 ) (586 ) 404 (349 ) Vehicle programs: Investment in vehicles — (2 ) (1 ) (12,586 ) — (12,589 ) Proceeds received on disposition of vehicles — 42 — 9,606 — 9,648 Investment in debt securities of Avis Budget Rental Car Funding (AESOP) LLC- related party — — — (188 ) — (188 ) Proceeds from debt securities of Avis Budget Rental Car Funding (AESOP) LLC- related party — — — 52 — 52 — 40 (1 ) (3,116 ) — (3,077 ) Net cash provided by (used in) investing activities — (33 ) (95 ) (3,702 ) 404 (3,426 ) Financing activities Proceeds from long-term borrowings — 81 — 404 — 485 Payments on long-term borrowings — (510 ) (3 ) (2 ) — (515 ) Net change in short-term borrowings — — — (4 ) — (4 ) Debt financing fees — (9 ) — (6 ) — (15 ) Repurchases of common stock (216 ) — — — — (216 ) Intercompany loan borrowings (payments) — 404 — — (404 ) — Other, net 3 (167 ) (85 ) (157 ) 409 3 Net cash provided by (used in) financing activities exclusive of vehicle programs (213 ) (201 ) (88 ) 235 5 (262 ) Vehicle programs: Proceeds from borrowings — — — 17,339 — 17,339 Payments on borrowings — (3 ) (9 ) (16,373 ) — (16,385 ) Debt financing fees — — — (25 ) — (25 ) — (3 ) (9 ) 941 — 929 Net cash provided by (used in) financing activities (213 ) (204 ) (97 ) 1,176 5 667 Effect of changes in exchange rates on cash and cash equivalents, program and restricted cash — — — (16 ) — (16 ) Net increase (decrease) in cash and cash equivalents, program and restricted cash (3 ) (2 ) 1 (162 ) — (166 ) 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 $ 1 $ 12 $ 1 $ 721 $ — $ 735 | For the Year Ended December 31, 2017 Parent Subsidiary Issuers Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Net cash provided by (used in) operating activities $ 110 $ (89 ) $ 97 $ 2,697 $ (167 ) $ 2,648 Investing activities Property and equipment additions — (49 ) (81 ) (67 ) — (197 ) Proceeds received on asset sales — 1 — 7 — 8 Net assets acquired (net of cash acquired) — (1 ) (5 ) (15 ) — (21 ) Intercompany loan receipts (advances) — — — (264 ) 264 — Other, net 100 110 110 5 (320 ) 5 Net cash provided by (used in) investing activities exclusive of vehicle programs 100 61 24 (334 ) (56 ) (205 ) Vehicle programs: Investment in vehicles — (1 ) — (11,537 ) — (11,538 ) Proceeds received on disposition of vehicles — 46 — 9,554 — 9,600 Investment in debt securities of Avis Budget Rental Car Funding (AESOP) LLC- related party — — — (61 ) — (61 ) — 45 — (2,044 ) — (1,999 ) Net cash provided by (used in) investing activities 100 106 24 (2,378 ) (56 ) (2,204 ) Financing activities Proceeds from long-term borrowings — 325 — 264 — 589 Payments on long-term borrowings — (406 ) (2 ) (194 ) — (602 ) Net change in short-term borrowings — — — (4 ) — (4 ) Debt financing fees — (5 ) — (4 ) — (9 ) Repurchases of common stock (210 ) — — — — (210 ) Intercompany loan borrowings (payments) — 264 — — (264 ) — Other, net 1 (192 ) (110 ) (185 ) 487 1 Net cash provided by (used in) financing activities exclusive of vehicle programs (209 ) (14 ) (112 ) (123 ) 223 (235 ) Vehicle programs: Proceeds from borrowings — — — 17,212 — 17,212 Payments on borrowings — (1 ) (9 ) (17,259 ) — (17,269 ) Debt financing fees — — — (16 ) — (16 ) — (1 ) (9 ) (63 ) — (73 ) Net cash provided by (used in) financing activities (209 ) (15 ) (121 ) (186 ) 223 (308 ) Effect of changes in exchange rates on cash and cash equivalents, program and restricted cash — — — 45 — 45 Net increase (decrease) in cash and cash equivalents, program and restricted cash 1 2 — 178 — 181 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 $ 4 $ 14 $ — $ 883 $ — $ 901 |
Guarantor and Non-Guarantor C_3
Guarantor and Non-Guarantor Consolidating Financial Statements Reconciliation of cash and cash equivalents GNG (2016-18) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Reconciliation of cash and cash equivalents GNG (2016-18) [Abstract] | |
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 December 31, 2019 2018 Non-Guarantor Total Non-Guarantor Total Cash and cash equivalents $ 673 $ 686 $ 601 $ 615 Program cash 211 211 115 115 Restricted cash (a) 3 3 5 5 Total cash and cash equivalents, program and restricted cash $ 887 $ 900 $ 721 $ 735 _________ (a) Included within other current assets. |
Selected Quarterly Financial _2
Selected Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Selected Quarterly Financial Data | Provided below are selected unaudited quarterly financial data for 2019 and 2018 . The earnings per share information is calculated independently for each quarter based on the weighted average number of common stock and common stock equivalents outstanding, which may fluctuate, based on quarterly income levels and market prices. Therefore and due to the seasonality of the Company’s earnings, the sum of the quarters’ per share information may not equal the annual amount presented on the Consolidated Statements of Operations. 2019 First Second Third Fourth Revenues $ 1,920 $ 2,337 $ 2,753 $ 2,162 Net income (loss) (91 ) 62 189 142 Per share information: Basic Net income (loss) $ (1.20 ) $ 0.81 $ 2.52 $ 1.92 Weighted average shares 75.8 76.0 75.2 73.9 Diluted Net income (loss) $ (1.20 ) $ 0.81 $ 2.50 $ 1.90 Weighted average shares 75.8 76.4 75.7 74.4 2018 First Second Third (a) Fourth Revenues $ 1,968 $ 2,328 $ 2,778 $ 2,050 Net income (loss) (87 ) 26 213 13 Per share information: Basic Net income (loss) $ (1.08 ) $ 0.33 $ 2.71 $ 0.16 Weighted average shares 81.0 80.7 78.8 76.9 Diluted Net income (loss) $ (1.08 ) $ 0.32 $ 2.68 $ 0.16 Weighted average shares 81.0 81.5 79.5 77.6 __________ (a) Net income for the third quarter 2018 included additional tax expense of $30 million resulting from the completion of the accounting for the effects of the Tax Act for the one-time transition tax on the deemed repatriation of cumulative foreign subsidiary earnings. |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Advertising Expense | $ 121 | $ 116 | $ 111 | ||||||||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | $ 56 | $ 48 | 56 | 48 | |||||||||
Other related Revenue | 144 | ||||||||||||
Equity Securities without Readily Determinable Fair Value, Amount | 8 | 8 | |||||||||||
Revenues | 2,162 | $ 2,753 | $ 2,337 | $ 1,920 | 2,050 | $ 2,778 | $ 2,328 | $ 1,968 | 9,172 | 9,124 | 8,848 | ||
Currency translation adjustment | (9) | 3 | (9) | 3 | (71) | $ 39 | |||||||
Net carrying value of software developed | 261 | 188 | 261 | 188 | |||||||||
Vehicle interest income | 15 | 15 | 8 | ||||||||||
Retained risks of liability to third parties | 441 | 421 | 441 | 421 | |||||||||
Workers compensation liabilities | 56 | 60 | 56 | 60 | |||||||||
Operating Costs and Expenses | 4,698 | 4,639 | 4,472 | ||||||||||
Costs and Expenses | 8,885 | 8,857 | 8,637 | ||||||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 287 | 267 | 211 | ||||||||||
Income Tax Expense (Benefit) | (15) | 102 | (150) | ||||||||||
Net income | 142 | $ 189 | $ 62 | $ (91) | 13 | $ 213 | $ 26 | (87) | 302 | 165 | 361 | ||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 277 | 62 | 491 | ||||||||||
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent | 1,662 | 1,301 | 1,662 | 1,301 | |||||||||
Total Assets Exclusive Of Assets Under Vehicle Programs | 9,311 | 6,370 | 9,311 | 6,370 | |||||||||
Assets | 23,126 | 19,149 | 23,126 | 19,149 | |||||||||
Accounts Payable and Accrued Liabilities, Current | 2,206 | 1,693 | 2,206 | 1,693 | |||||||||
Liabilities, Current | 2,225 | 1,716 | 2,225 | 1,716 | |||||||||
Other Liabilities, Noncurrent | 757 | 767 | 757 | 767 | |||||||||
Total Liabilities Exclusive Of Liabilities Under Vehicle Programs | 8,538 | 6,011 | 8,538 | 6,011 | |||||||||
Income (Loss) from Equity Method Investments | 10 | 5 | |||||||||||
Proceeds from Sale of Equity Method Investments | 64 | ||||||||||||
Gain (Loss) on Sale of Equity Investments | 44 | ||||||||||||
Gain on Sale of Investments | 4 | ||||||||||||
Operating Lease, Right-of-Use Asset | 2,596 | 0 | 2,596 | 0 | |||||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | 5 | 5 | (40) | 56 | |||||||||
Equity Securities without Readily Determinable Fair Value, Upward Price Adjustment, Annual Amount | 12 | ||||||||||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 900 | 735 | $ 900 | 735 | 901 | $ 720 | |||||||
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | |||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | 0 | 0 | 2 | ||||||||||
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | |||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ (1) | $ (1) | $ (1) | ||||||||||
Greece [Member] | |||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Payments to Acquire Equity Method Investments | $ 20 | $ 19 | |||||||||||
Equity Method Investment, Ownership Percentage | 40.00% | 20.00% | 40.00% | ||||||||||
Accounting Standards Update 2016-02 [Member] | |||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 5 | $ 5 | |||||||||||
Property leases [Member] | |||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Operating Lease, Right-of-Use Asset | 2,596 | 2,596 | |||||||||||
Property leases [Member] | Accounting Standards Update 2016-02 [Member] | |||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Operating Lease, Right-of-Use Asset | 2,811 | 2,811 | |||||||||||
Vehicle leases [Member] | |||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Operating Lease, Right-of-Use Asset | 195 | 195 | |||||||||||
Vehicle leases [Member] | Accounting Standards Update 2016-02 [Member] | |||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Operating Lease, Right-of-Use Asset | $ 183 | $ 183 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies Detail of Cash and Cash Equivalents, Program and Restricted Cash (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Cash and Cash Equivalents, Program and Restricted Cash [Abstract] | ||||
Cash and Cash Equivalents, at Carrying Value | $ 686 | $ 615 | ||
Program Cash | 211 | 115 | ||
Restricted Cash and Cash Equivalents | 3 | 5 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 900 | $ 735 | $ 901 | $ 720 |
Schedule of Estimated Useful Li
Schedule of Estimated Useful Lives (Detail) | 12 Months Ended |
Dec. 31, 2019 | |
Buildings | |
Property And Equipment, Net [Line Items] | |
Property, Plant and Equipment, Useful Life | 30 years |
Furniture, Fixtures & Equipment | Minimum [Member] | |
Property And Equipment, Net [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Furniture, Fixtures & Equipment | Maximum | |
Property And Equipment, Net [Line Items] | |
Property, Plant and Equipment, Useful Life | 10 years |
Capitalized Software | Minimum [Member] | |
Property And Equipment, Net [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Capitalized Software | Maximum | |
Property And Equipment, Net [Line Items] | |
Property, Plant and Equipment, Useful Life | 7 years |
Buses And Support Vehicles | Minimum [Member] | |
Property And Equipment, Net [Line Items] | |
Property, Plant and Equipment, Useful Life | 4 years |
Buses And Support Vehicles | Maximum | |
Property And Equipment, Net [Line Items] | |
Property, Plant and Equipment, Useful Life | 15 years |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | $ 2,162 | $ 2,753 | $ 2,337 | $ 1,920 | $ 2,050 | $ 2,778 | $ 2,328 | $ 1,968 | $ 9,172 | $ 9,124 | $ 8,848 |
Avis [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 5,250 | 5,266 | |||||||||
Budget [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 3,179 | 3,057 | |||||||||
Other Brands [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 743 | 801 | |||||||||
Americas [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 6,352 | 6,186 | |||||||||
Europe, Middle east, Africa [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 2,222 | 2,314 | |||||||||
Asia and Australasia [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | $ 598 | $ 624 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies Deferred Revenue (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||
Deferred Revenue, Current | $ 125 | $ 140 | |
Customer Loyalty [Member] | |||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||
Deferred Revenue, Current | 22 | 18 | |
Deferred Revenue | 59 | 64 | $ 69 |
Deferred Revenue, Additions | 17 | 14 | |
Deferred Revenue, Revenue Recognized | (22) | (19) | |
Deferred Revenue, Noncurrent | $ 37 | 46 | |
Prepaid Rentals and Membership Fees [Member] | |||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||
Deferred Revenue, Current | 122 | ||
Deferred Revenue | 123 | $ 125 | |
Deferred Revenue, Additions | 1,968 | ||
Deferred Revenue, Revenue Recognized | (1,970) | ||
Deferred Revenue, Noncurrent | $ 1 |
Leases (Details)
Leases (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation of Revenue [Line Items] | |||
Operating Lease, Lease Income | $ 9,028 | ||
Lessee, Lease, Description [Line Items] | |||
Vehicle Lease Charges | $ 255 | $ 253 | $ 222 |
Supplemental balance sheet information related to leases [Line Items] | |||
Document Period End Date | Dec. 31, 2019 | ||
Operating Lease, Residual Value of Leased Asset | $ 314 | ||
Operating Lease, Right-of-Use Asset | 2,596 | 0 | |
Operating Lease, Liability, Current | 479 | 0 | |
Operating Lease, Liability, Noncurrent | 2,140 | $ 0 | |
Americas [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Operating Lease, Lease Income | 6,303 | ||
EMEA [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Operating Lease, Lease Income | 2,141 | ||
Asia and Australasia [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Operating Lease, Lease Income | 584 | ||
Avis [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Operating Lease, Lease Income | 5,163 | ||
Budget [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Operating Lease, Lease Income | 3,129 | ||
Other Brands [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Operating Lease, Lease Income | 736 | ||
Property leases [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Operating Lease, Cost | 722 | ||
Variable Lease, Cost | 274 | ||
Sublease Income | (8) | ||
Lease, Cost | $ 988 | ||
Supplemental balance sheet information related to leases [Line Items] | |||
Operating Lease, Weighted Average Remaining Lease Term | 8 years 10 months 24 days | ||
Operating Lease, Right-of-Use Asset | $ 2,596 | ||
Operating Lease, Liability, Noncurrent | 2,140 | ||
Operating Lease, Liability | $ 2,619 | ||
Operating Lease, Weighted Average Discount Rate, Percent | 4.31% | ||
Supplemental cash flow information related to leases [Line Items] | |||
Operating Lease, Payments | $ 733 | ||
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 531 | ||
Maturities of lease liabilities [Line Items] | |||
Lessee, Operating Lease, Liability, Payments, Due Next Rolling Twelve Months | 580 | ||
Lessee, Operating Lease, Liability, Payments, Due in Rolling Year Two | 470 | ||
Lessee, Operating Lease, Liability, Payments, Due in Rolling Year Three | 400 | ||
Lessee, Operating Lease, Liability, Payments, Due in Rolling Year Four | 348 | ||
Lessee, Operating Lease, Liability, Payments, Due in Rolling Year Five | 230 | ||
Lessee, Operating Lease, Liability, Payments, Due after Rolling Year Five | 1,174 | ||
Lessee, Operating Lease, Liability, Payments, Due | 3,202 | ||
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | 583 | ||
Vehicle leases [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Lease, Cost | 301 | ||
Finance Lease, Right-of-Use Asset, Amortization | 42 | ||
Finance Lease, Interest Expense | $ 4 | ||
Supplemental balance sheet information related to leases [Line Items] | |||
Operating Lease, Weighted Average Remaining Lease Term | 1 year 9 months 18 days | ||
Operating Lease, Right-of-Use Asset | $ 195 | ||
Operating Lease, Liability, Current | 124 | ||
Operating Lease, Liability, Noncurrent | 71 | ||
Operating Lease, Liability | $ 195 | ||
Operating Lease, Weighted Average Discount Rate, Percent | 3.08% | ||
Finance Lease, Right-of-Use Asset, Gross | $ 337 | ||
Finance Lease, Right-of-Use Asset, Accumulated Amortization | (56) | ||
Finance Lease, Right-of-Use Asset | 281 | ||
Finance Lease, Liability, Current | 95 | ||
Finance Lease, Liability, Noncurrent | 157 | ||
Finance Lease, Liability | $ 252 | ||
Finance Lease, Weighted Average Remaining Lease Term | 2 years | ||
Finance Lease, Weighted Average Discount Rate, Percent | 1.67% | ||
Supplemental cash flow information related to leases [Line Items] | |||
Operating Lease, Payments | $ 248 | ||
Finance Lease, Interest Payment on Liability | 4 | ||
Finance Lease, Principal Payments | 266 | ||
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 262 | ||
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability | 304 | ||
Maturities of lease liabilities [Line Items] | |||
Lessee, Operating Lease, Liability, Payments, Due Next Rolling Twelve Months | 128 | ||
Finance Lease, Liability, Payments, Due in Next Rolling Twelve Months | 95 | ||
Lessee, Operating Lease, Liability, Payments, Due in Rolling Year Two | 51 | ||
Finance Lease, Liability, Payments, Due in Rolling Year Two | 29 | ||
Lessee, Operating Lease, Liability, Payments, Due in Rolling Year Three | 17 | ||
Finance Lease, Liability, Payments, Due in Rolling Year Three | 127 | ||
Lessee, Operating Lease, Liability, Payments, Due in Rolling Year Four | 5 | ||
Finance Lease, Liability, Payments, Due in Rolling Year Four | 1 | ||
Lessee, Operating Lease, Liability, Payments, Due in Rolling Year Five | 0 | ||
Finance Lease, Liability, Payments, Due in Rolling Year Five | 0 | ||
Lessee, Operating Lease, Liability, Payments, Due after Rolling Year Five | 0 | ||
Finance Lease, Liability, Payments, Due in Rolling after Year Five | 0 | ||
Lessee, Operating Lease, Liability, Payments, Due | 201 | ||
Finance Lease, Liability, Payment, Due | 252 | ||
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | 6 | ||
Finance Lease, Liability, Undiscounted Excess Amount | $ 0 |
Computation of Basic and Dilute
Computation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |||||||||||
Net income for basic and diluted EPS | $ 142 | $ 189 | $ 62 | $ (91) | $ 13 | $ 213 | $ 26 | $ (87) | $ 302 | $ 165 | $ 361 |
Basic weighted average shares outstanding | 73.9 | 75.2 | 76 | 75.8 | 76.9 | 78.8 | 80.7 | 81 | 75.2 | 79.3 | 83.4 |
Options, warrants and non-vested stock | 0.5 | 0.8 | 1.4 | ||||||||
Diluted weighted average shares outstanding | 74.4 | 75.7 | 76.4 | 75.8 | 77.6 | 79.5 | 81.5 | 81 | 75.7 | 80.1 | 84.8 |
Earnings (loss) per share: | |||||||||||
Basic | $ 1.92 | $ 2.52 | $ 0.81 | $ (1.20) | $ 0.16 | $ 2.71 | $ 0.33 | $ (1.08) | $ 4.01 | $ 2.08 | $ 4.32 |
Diluted | $ 1.90 | $ 2.50 | $ 0.81 | $ (1.20) | $ 0.16 | $ 2.68 | $ 0.32 | $ (1.08) | $ 3.98 | $ 2.06 | $ 4.25 |
Outstanding Common Stock Equiva
Outstanding Common Stock Equivalents That Were Anti-Dilutive (Detail) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Restricted Stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive shares | 0.5 | 0.2 | 0.5 |
Outstanding Common Stock Equi_2
Outstanding Common Stock Equivalents That Were Anti-Dilutive Tickmarks (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |||
Anti-dilutive Non-Vested Stock Weighted Average Grant Date Fair Value | $ 39.48 | $ 48.66 | $ 38.40 |
Restructuring - Additional Info
Restructuring - Additional Information (Detail) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019USD ($)Employee | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | $ 80 | $ 22 | $ 63 |
T19 Restructuring [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | $ 55 | ||
Restructuring and Related Cost, Expected Number of Positions Eliminated | Employee | 540 | ||
Restructuring and Related Cost, Number of Positions Eliminated | Employee | 440 | ||
Payments for Restructuring | $ (51) | ||
Brazil Restructuring [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | $ 7 | ||
Restructuring and Related Cost, Number of Positions Eliminated | Employee | 195 | ||
Payments for Restructuring | $ (6) | ||
Restructuring and Related Cost, Expected Cost Remaining | $ 8 |
Summary of Changes to Restructu
Summary of Changes to Restructuring-Related Liabilities (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Restructuring Cost and Reserve [Line Items] | |||
Balance, beginning | $ 2 | $ 4 | $ 6 |
Restructuring expense | (80) | (22) | (63) |
Balance, ending | 6 | 2 | 4 |
Americas | |||
Restructuring Cost and Reserve [Line Items] | |||
Balance, beginning | 0 | 1 | 1 |
Balance, ending | 2 | 0 | 1 |
International | |||
Restructuring Cost and Reserve [Line Items] | |||
Balance, beginning | 2 | 3 | 5 |
Balance, ending | 4 | 2 | 3 |
Employee Severance [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Balance, beginning | 1 | 4 | 5 |
Balance, ending | 3 | 1 | 4 |
Facility Closing [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Balance, beginning | 0 | 0 | 1 |
Balance, ending | 1 | 0 | 0 |
Other Restructuring [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Balance, beginning | 1 | 0 | 0 |
Balance, ending | 2 | 1 | 0 |
2014 T15 Restructuring [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense | (1) | ||
Cash payment/utilization | (1) | (3) | |
2014 T15 Restructuring [Member] | Americas | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense | 0 | ||
Cash payment/utilization | 0 | (1) | |
2014 T15 Restructuring [Member] | International | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense | (1) | ||
Cash payment/utilization | (1) | (2) | |
2014 T15 Restructuring [Member] | Employee Severance [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense | (1) | ||
Cash payment/utilization | (1) | (3) | |
2014 T15 Restructuring [Member] | Facility Closing [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense | 0 | ||
Cash payment/utilization | 0 | 0 | |
2014 T15 Restructuring [Member] | Other Restructuring [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense | 0 | ||
Cash payment/utilization | 0 | 0 | |
T19 Restructuring [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense | (55) | ||
Cash payment/utilization | (51) | ||
T19 Restructuring [Member] | Americas | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense | (39) | ||
Cash payment/utilization | (38) | ||
T19 Restructuring [Member] | International | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense | (16) | ||
Cash payment/utilization | (13) | ||
T19 Restructuring [Member] | Employee Severance [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense | (24) | ||
Cash payment/utilization | (21) | ||
T19 Restructuring [Member] | Facility Closing [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense | 0 | ||
Cash payment/utilization | 0 | ||
T19 Restructuring [Member] | Other Restructuring [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense | (31) | ||
Cash payment/utilization | (30) | ||
Brazil Restructuring [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense | (7) | ||
Cash payment/utilization | (6) | ||
Brazil Restructuring [Member] | Americas | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense | (7) | ||
Cash payment/utilization | (6) | ||
Brazil Restructuring [Member] | International | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense | 0 | ||
Cash payment/utilization | 0 | ||
Brazil Restructuring [Member] | Employee Severance [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense | (1) | ||
Cash payment/utilization | (1) | ||
Brazil Restructuring [Member] | Facility Closing [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense | (1) | ||
Cash payment/utilization | 0 | ||
Brazil Restructuring [Member] | Other Restructuring [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense | (5) | ||
Cash payment/utilization | (5) | ||
2018 Truck Restructuring [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense | (5) | (5) | |
Cash payment/utilization | (5) | (5) | |
2018 Truck Restructuring [Member] | Americas | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense | (5) | (5) | |
Cash payment/utilization | (5) | (5) | |
2018 Truck Restructuring [Member] | International | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense | 0 | 0 | |
Cash payment/utilization | 0 | 0 | |
2018 Truck Restructuring [Member] | Employee Severance [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense | (1) | (1) | |
Cash payment/utilization | (1) | (1) | |
2018 Truck Restructuring [Member] | Facility Closing [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense | 0 | 0 | |
Cash payment/utilization | 0 | 0 | |
2018 Truck Restructuring [Member] | Other Restructuring [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense | (4) | (4) | |
Cash payment/utilization | (4) | (4) | |
Workforce Restructuring [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense | (13) | ||
Cash payment/utilization | (1) | (12) | |
Workforce Restructuring [Member] | Americas | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense | (4) | ||
Cash payment/utilization | 0 | (4) | |
Workforce Restructuring [Member] | International | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense | (9) | ||
Cash payment/utilization | (1) | (8) | |
Workforce Restructuring [Member] | Employee Severance [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense | (11) | ||
Cash payment/utilization | (1) | (11) | |
Workforce Restructuring [Member] | Facility Closing [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense | 0 | ||
Cash payment/utilization | 0 | 0 | |
Workforce Restructuring [Member] | Other Restructuring [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense | (2) | ||
Cash payment/utilization | $ 0 | (1) | |
T17 Restructuring [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense | (2) | (35) | |
Cash payment/utilization | (5) | (33) | |
T17 Restructuring [Member] | Americas | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense | (2) | (25) | |
Cash payment/utilization | (3) | (24) | |
T17 Restructuring [Member] | International | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense | 0 | (10) | |
Cash payment/utilization | (2) | (9) | |
T17 Restructuring [Member] | Employee Severance [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense | 0 | (20) | |
Cash payment/utilization | (3) | (17) | |
T17 Restructuring [Member] | Facility Closing [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense | 0 | 0 | |
Cash payment/utilization | 0 | (1) | |
T17 Restructuring [Member] | Other Restructuring [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense | (2) | (15) | |
Cash payment/utilization | $ (2) | (15) | |
2015 Acquisition Integration [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Cash payment/utilization | (1) | ||
2015 Acquisition Integration [Member] | Americas | |||
Restructuring Cost and Reserve [Line Items] | |||
Cash payment/utilization | 0 | ||
2015 Acquisition Integration [Member] | International | |||
Restructuring Cost and Reserve [Line Items] | |||
Cash payment/utilization | (1) | ||
2015 Acquisition Integration [Member] | Employee Severance [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Cash payment/utilization | (1) | ||
2015 Acquisition Integration [Member] | Facility Closing [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Cash payment/utilization | 0 | ||
2015 Acquisition Integration [Member] | Other Restructuring [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Cash payment/utilization | $ 0 |
Restructuring Restructuring Oth
Restructuring Restructuring Other Related Charges (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Restructuring Cost and Reserve [Line Items] | |||
Charges related to voluntary termination program | $ 16 | ||
Larry D. De Shon [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Other Nonrecurring Expense | $ 14 | ||
Mark J. Servodidio [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Other Nonrecurring Expense | $ 4 | ||
David B. Wyshner [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Other Nonrecurring Expense | $ 7 | ||
Share-based Payment Arrangement, Accelerated Cost | $ 2 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) € in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2018EUR (€) | Dec. 31, 2017USD ($) | |
Business Acquisition [Line Items] | ||||
Goodwill | $ 1,101 | $ 1,092 | $ 1,073 | |
2019 Avis and Budget Licensees [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Consideration Transferred | 55 | |||
Business Acquisition Purchase Price Allocation Vehicles, Net | 27 | |||
Business Combination, Contingent Consideration, Liability | 8 | |||
Payments to Acquire Businesses, Gross | $ 74 | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 3 years | |||
Goodwill | $ 21 | |||
2019 Avis and Budget Licensees [Member] | Other Intangible Assets [Member] | ||||
Business Acquisition [Line Items] | ||||
Finite-lived Intangible Assets Acquired | 7 | |||
2019 Avis and Budget Licensees [Member] | Licensing Agreements [Member] | ||||
Business Acquisition [Line Items] | ||||
Finite-lived Intangible Assets Acquired | $ 24 | |||
2018 Avis and Budget Licensees [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Consideration Transferred | $ 38 | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 2 years | |||
2018 Avis and Budget Licensees [Member] | Licensing Agreements [Member] | ||||
Business Acquisition [Line Items] | ||||
Finite-lived Intangible Assets Acquired | $ 42 | |||
Turiscar Group [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Consideration Transferred | 25 | |||
Business Combination, Contingent Consideration, Liability | € | € 4 | |||
Payments to Acquire Businesses, Gross | $ 26 | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 11 years | |||
Goodwill | $ 12 | |||
Turiscar Group [Member] | Other Intangible Assets [Member] | ||||
Business Acquisition [Line Items] | ||||
Finite-lived Intangible Assets Acquired | 10 | |||
Turiscar Group [Member] | Trademarks | ||||
Business Acquisition [Line Items] | ||||
Finite-lived Intangible Assets Acquired | 2 | |||
Morini S.p.A. [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Consideration Transferred | 40 | |||
Business Combination, Contingent Consideration, Liability | 6 | € 7 | ||
Payments to Acquire Businesses, Gross | $ 32 | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 6 years | |||
Goodwill | $ 42 | |||
Morini S.p.A. [Member] | Other Intangible Assets [Member] | ||||
Business Acquisition [Line Items] | ||||
Finite-lived Intangible Assets Acquired | 6 | |||
Morini S.p.A. [Member] | Trademarks | ||||
Business Acquisition [Line Items] | ||||
Finite-lived Intangible Assets Acquired | 3 | |||
Morini S.p.A. [Member] | Licensing Agreements [Member] | ||||
Business Acquisition [Line Items] | ||||
Finite-lived Intangible Assets Acquired | $ 2 |
Schedule of Intangible Assets (
Schedule of Intangible Assets (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Finite And Indefinite Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | $ 546 | $ 608 | |
Accumulated Amortization | 298 | 330 | |
Net Carrying Amount | 248 | 278 | |
Goodwill | 1,101 | 1,092 | $ 1,073 |
Licensing Agreements [Member] | |||
Finite And Indefinite Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 241 | 305 | |
Accumulated Amortization | 108 | 168 | |
Net Carrying Amount | 133 | 137 | |
Customer Relationships [Member] | |||
Finite And Indefinite Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 255 | 251 | |
Accumulated Amortization | 165 | 141 | |
Net Carrying Amount | 90 | 110 | |
Other Intangible Assets [Member] | |||
Finite And Indefinite Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 50 | 52 | |
Accumulated Amortization | 25 | 21 | |
Net Carrying Amount | 25 | 31 | |
Goodwill | |||
Finite And Indefinite Lived Intangible Assets [Line Items] | |||
Goodwill | 1,101 | 1,092 | |
Trademarks | |||
Finite And Indefinite Lived Intangible Assets [Line Items] | |||
Trademarks | $ 550 | 547 | |
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 2 | ||
Minimum [Member] | Licensing Agreements [Member] | |||
Finite And Indefinite Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 3 years | ||
Minimum [Member] | Customer Relationships [Member] | |||
Finite And Indefinite Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 3 years | ||
Minimum [Member] | Other Intangible Assets [Member] | |||
Finite And Indefinite Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 0 years | ||
Maximum | Licensing Agreements [Member] | |||
Finite And Indefinite Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 40 years | ||
Maximum | Customer Relationships [Member] | |||
Finite And Indefinite Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 20 years | ||
Maximum | Other Intangible Assets [Member] | |||
Finite And Indefinite Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 10 years | ||
Weighted Average [Member] | Licensing Agreements [Member] | |||
Finite And Indefinite Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 19 years | ||
Weighted Average [Member] | Customer Relationships [Member] | |||
Finite And Indefinite Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 11 years | ||
Weighted Average [Member] | Other Intangible Assets [Member] | |||
Finite And Indefinite Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 9 years |
Schedule of Intangible Assets A
Schedule of Intangible Assets Amortization Expense (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization expense | $ 59 | $ 65 | $ 62 |
Licensing Agreements [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization expense | 28 | 36 | 33 |
Customer Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization expense | 25 | 24 | 24 |
Other Intangible Assets [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization expense | $ 6 | $ 5 | $ 5 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) $ in Millions | Dec. 31, 2019USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Finite-Lived Intangible Assets, Amortization Expense, Next Rolling Twelve Months | $ 53 |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 43 |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 32 |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 24 |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | $ 22 |
Schedule of Goodwill (Detail)
Schedule of Goodwill (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill [Line Items] | |||
Gross goodwill | $ 3,191 | ||
Goodwill [Roll Forward] | |||
Goodwill | $ 1,092 | $ 1,073 | |
Goodwill, Impaired, Accumulated Impairment Loss | (2,118) | ||
Acquisition | 21 | 54 | |
Adjustments to the allocation of purchase price | (12) | (35) | |
Goodwill | 1,101 | 1,092 | |
Americas | |||
Goodwill [Line Items] | |||
Gross goodwill | 2,139 | ||
Goodwill [Roll Forward] | |||
Goodwill | 539 | 552 | |
Goodwill, Impaired, Accumulated Impairment Loss | 1,587 | ||
Acquisition | 21 | 0 | |
Adjustments to the allocation of purchase price | (6) | (13) | |
Goodwill | 554 | 539 | |
International | |||
Goodwill [Line Items] | |||
Gross goodwill | 1,052 | ||
Goodwill [Roll Forward] | |||
Goodwill | 553 | 521 | |
Goodwill, Impaired, Accumulated Impairment Loss | $ 531 | ||
Acquisition | 0 | 54 | |
Adjustments to the allocation of purchase price | (6) | (22) | |
Goodwill | $ 547 | $ 553 |
Components of Company's Vehicle
Components of Company's Vehicles (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure Components Of Companys Vehicles [Abstract] | ||
Rental vehicles | $ 13,461 | $ 12,548 |
Less: Accumulated depreciation | (1,621) | (1,670) |
Rental Vehicles Net, Total | 11,840 | 10,878 |
Vehicles held for sale | 337 | 596 |
Vehicles, net | $ 12,177 | $ 11,474 |
Components Of Vehicle Depreciat
Components Of Vehicle Depreciation And Lease Charges (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Vehicle Depreciation and Lease Charges, Net [Line Items] | |||
Depreciation expense | $ 1,890 | $ 1,974 | $ 1,947 |
Lease charges | 255 | 253 | 222 |
(Gain) loss on sale of vehicles, net | (82) | (48) | 52 |
Vehicle depreciation and lease charges, net | 2,063 | 2,179 | 2,221 |
Accounts Payable, Other, Current | 418 | 472 | 346 |
Receivables due from former subsidiaries | $ 576 | $ 622 | $ 545 |
Provision for (Benefit from) In
Provision for (Benefit from) Income Taxes (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current | ||||
Federal | $ (3) | $ (7) | $ 0 | |
State | 41 | 36 | 5 | |
Foreign | 50 | 59 | 37 | |
Current income tax provision (benefit) | 88 | 88 | 42 | |
Deferred | ||||
Federal | 41 | 63 | (205) | |
State | (37) | (39) | (5) | |
Foreign | (107) | (10) | 18 | |
Deferred income tax provision | 103 | (14) | 192 | |
Provision for (benefit from) income taxes | $ (15) | 102 | (150) | |
Provision adjustment due to corporate tax rate change [Member] | ||||
Deferred | ||||
Deferred income tax provision | $ (30) | (317) | ||
Provision adjustment due to anticipated repatriation of foreign earnings [Member] | ||||
Deferred | ||||
Deferred income tax provision | $ (30) | $ (104) |
Pretax Income (Loss) for Domest
Pretax Income (Loss) for Domestic and Foreign Operations (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
United States | $ 125 | $ 114 | $ 17 |
Foreign | 162 | 153 | 194 |
Income before income taxes | $ 287 | $ 267 | $ 211 |
Income Taxes Pretax Income (Los
Income Taxes Pretax Income (Loss) for Domestic and Foreign Operations Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Gains (Losses) on Extinguishment of Debt | $ (12) | $ (19) | $ (3) |
Deferred Income Tax Assets And
Deferred Income Tax Assets And Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred Income Tax Assets And Liabilities [Line Items] | ||
Net tax loss carryforwards | $ 1,645 | $ 1,390 |
Operating Lease, Liability, Noncurrent | 678 | 0 |
Accrued liabilities and deferred income | 236 | 230 |
Tax credits | 20 | 17 |
Depreciation and amortization | 17 | 16 |
Provision for doubtful accounts | 8 | 6 |
Other | 75 | 38 |
Valuation allowance | (214) | (311) |
Deferred income tax assets | 2,465 | 1,386 |
Operating Lease, Right-of-Use Asset | 672 | 0 |
Depreciation and amortization | 108 | 60 |
Deferred Tax Liabilities, Prepaid Expenses | 17 | 20 |
Other | 6 | 5 |
Non-current deferred income tax liabilities | 803 | 85 |
Non-current net deferred income tax assets | 1,662 | 1,301 |
Deferred Income Tax Assets and Liabilities Additional Information (Detail) [Abstract] | ||
Deferred Tax Assets, Valuation Allowance | 214 | 311 |
Deferred Tax Assets Operating Loss Carryforward With Valuation Against It | 192 | 283 |
Deferred Tax Assets State And Local | 22 | 28 |
Vehicle Programs | ||
Deferred Income Tax Assets And Liabilities [Line Items] | ||
Depreciation and amortization | 54 | 44 |
Depreciation and amortization | 2,243 | 2,005 |
Other Liabilities [Member] | ||
Deferred Income Tax Assets And Liabilities [Line Items] | ||
Other | 48 | 0 |
Liability [Member] | ||
Deferred Income Tax Assets And Liabilities [Line Items] | ||
Non-current deferred income tax liabilities | 2,291 | 2,005 |
Other Assets [Member] | ||
Deferred Income Tax Assets And Liabilities [Line Items] | ||
Other | 48 | 0 |
Deferred Tax Asset [Domain] | ||
Deferred Income Tax Assets And Liabilities [Line Items] | ||
Deferred income tax assets | 102 | 44 |
Vehicle programs, net [Member] | ||
Deferred Income Tax Assets And Liabilities [Line Items] | ||
Deferred Tax Liabilities, Net | $ 2,189 | $ 1,961 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Line Items] | ||||
Deferred income taxes | $ 103 | $ (14) | $ 192 | |
Foreign net operating loss carryforwards | 981 | |||
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | 4 | 3 | 0 | |
Deferred Tax Liabilities, Undistributed Foreign Earnings | 811 | |||
Internal Revenue Service (IRS) | ||||
Income Tax Disclosure [Line Items] | ||||
Federal net operating loss carryforwards net of valuation allowances | $ 6,000 | |||
Provision adjustment due to corporate tax rate change [Member] | ||||
Income Tax Disclosure [Line Items] | ||||
Deferred income taxes | $ (30) | (317) | ||
Provision adjustment due to anticipated repatriation of foreign earnings [Member] | ||||
Income Tax Disclosure [Line Items] | ||||
Deferred income taxes | $ (30) | $ (104) |
Reconciliation of U.S Federal I
Reconciliation of U.S Federal Income Tax Statutory Rate and Effective Income Tax Rate (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Line Items] | |||
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | $ 4 | $ 3 | $ 0 |
Changes in valuation allowances | (26.90%) | 6.30% | (4.70%) |
U.S. federal statutory rate | 21.00% | 21.00% | 35.00% |
State and local income taxes, net of federal tax benefits | (1.70%) | 5.50% | 3.80% |
Taxes on foreign operations at rates different than statutory U.S. federal rates | 3.40% | (5.20%) | (3.60%) |
Effective Income Tax Rate Reconciliation, Stock-based Compensation, Percent | 0.00% | (0.80%) | (3.40%) |
Effective Income Tax Rate Reconciliation, 2017 Tax Reform Act Impact, Percent, Total | 0.00% | 11.20% | (100.80%) |
Other non-deductible expenses | (1.40%) | 1.10% | 2.20% |
Other | 0.40% | (0.90%) | 0.40% |
Effective Income Tax Rate, Continuing Operations, Total | (5.20%) | 38.20% | (71.10%) |
Changes in Unrecognized Tax Ben
Changes in Unrecognized Tax Benefits (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Beginning Balance | $ 61 | $ 63 | $ 59 |
Additions based on tax positions related to the current year | 6 | 8 | 6 |
Additions for tax positions for prior years | 0 | 0 | 9 |
Reductions for tax positions for prior years | (8) | (6) | (10) |
Settlements | (4) | (3) | 0 |
Statute of limitations | (1) | (1) | (1) |
Ending Balance | $ 54 | $ 61 | $ 63 |
Unrecognized Tax Benefits (Deta
Unrecognized Tax Benefits (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Income Tax Disclosure [Abstract] | ||
Unrecognized tax benefits, non-current income taxes payable | $ 57 | $ 41 |
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | $ 27 | $ 29 |
Unrecognized Tax Benefits Addit
Unrecognized Tax Benefits Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Income Taxes [Line Items] | ||||
Unrecognized tax benefits, non-current income taxes payable | $ 57 | $ 41 | ||
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | 27 | 29 | ||
Unrecognized Tax Benefits | 54 | $ 61 | $ 63 | $ 59 |
Non Avis Budget Car Rental Tax Contingencies | ||||
Income Taxes [Line Items] | ||||
Unrecognized Tax Benefits | $ 13 |
Schedule of Other Current Asset
Schedule of Other Current Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure Schedule Of Other Current Assets [Abstract] | ||
Prepaid expenses | $ 234 | $ 241 |
Sales and use tax | 173 | 180 |
Other | 141 | 183 |
Total other current assets | $ 548 | $ 604 |
Schedule of Property and Equipm
Schedule of Property and Equipment Net (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Abstract] | ||
Land | $ 48 | $ 49 |
Buildings and leasehold improvements | 565 | 625 |
Capitalized software | 789 | 613 |
Furniture, fixtures and equipment | 400 | 411 |
Buses and support vehicles | 88 | 95 |
Projects in process | 180 | 169 |
Property and Equipment, gross | 2,070 | 1,962 |
Less: Accumulated depreciation and amortization | (1,278) | (1,226) |
Property, Plant and Equipment, Net, Total | $ 792 | $ 736 |
Property and Equipment, Net - A
Property and Equipment, Net - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Line Items] | |||
Accounts Payable, Other, Current | $ 418 | $ 472 | $ 346 |
Other Liabilities, Noncurrent | 757 | 767 | |
Depreciation and amortization expense | 204 | 191 | 197 |
Amortization expense relating to capitalized computer software | 109 | 92 | 95 |
Software and Software Development Costs [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Accounts Payable, Other, Current | 16 | $ 15 | $ 16 |
Other Liabilities, Noncurrent | $ 12 |
Schedule of Accounts Payable an
Schedule of Accounts Payable and Other Current Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Accounts Payable and Other Current Liabilities [Abstract] | ||
Operating Lease, Liability | $ 479 | $ 0 |
Accounts payable | 378 | 371 |
Accrued sales and use taxes | 223 | 208 |
Employee-related Liabilities, Current | 195 | 200 |
Accrued marketing and commissions, current | 191 | 192 |
Public liability and property damage insurance liabilities – current | 178 | 149 |
Deferred lease revenues – current | 125 | 140 |
Other | 437 | 433 |
Accounts payable and other current liabilities | $ 2,206 | $ 1,693 |
Schedule of Long-Term Debt (Det
Schedule of Long-Term Debt (Detail) € in Millions | 12 Months Ended | |||||||||
Dec. 31, 2019USD ($) | Dec. 31, 2019EUR (€) | Sep. 30, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2018EUR (€) | Dec. 31, 2017USD ($) | Dec. 31, 2017EUR (€) | Jun. 30, 2017EUR (€) | Dec. 31, 2016USD ($) | Dec. 31, 2014USD ($) | |
Debt Instrument [Line Items] | ||||||||||
Uncommitted credit facilities | $ 1,000,000 | |||||||||
Other | $ 28,000,000 | 41,000,000 | ||||||||
Total | 3,474,000,000 | |||||||||
Short Term Debt And Current Portion Of Long Term Debt | 19,000,000 | 23,000,000 | ||||||||
Less: Short-term debt and current portion of long-term debt | 23,000,000 | |||||||||
Long-term debt | $ 3,416,000,000 | $ 3,528,000,000 | ||||||||
Senior Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Maturity Dates | July 2027 | |||||||||
Senior Notes [Member] | Floating Rate Senior Notes Due December 2017 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | |||||||||
Senior Notes [Member] | 9 3/4% Senior Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Repurchased Face Amount | $ 223,000,000 | |||||||||
Senior Notes [Member] | 6% Euro-Denominated Senior Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Repurchased Face Amount | € | € 275 | € 175 | ||||||||
Debt Instrument, Repurchase Amount | € | € 180 | |||||||||
Senior Notes [Member] | Five and One over Eight Senior Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument interest percentage | 5.125% | 5.125% | 5.125% | 5.125% | ||||||
Debt Instrument, Repurchase Amount | € | € 410 | |||||||||
Senior Notes [Member] | 5 1/2% Senior Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument interest percentage | 5.50% | 5.50% | 5.50% | 5.50% | ||||||
Debt Instrument, Face Amount | $ 75,000,000 | $ 400,000,000 | $ 175,000,000 | |||||||
Maturity Dates | April 2023 | |||||||||
Long-term Debt, Gross | $ 200,000,000 | $ 675,000,000 | ||||||||
Debt Instrument, Repurchase Amount | $ 76,000,000 | $ 407,000,000 | ||||||||
Debt Instrument, Unamortized Discount | $ 0.99625 | |||||||||
Senior Notes [Member] | Six And Three Over Eight Senior Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument interest percentage | 6.375% | 6.375% | 6.375% | 6.375% | ||||||
Debt Instrument, Repurchased Face Amount | $ 350,000,000 | |||||||||
Maturity Dates | April 2024 | |||||||||
Long-term Debt, Gross | $ 350,000,000 | $ 350,000,000 | ||||||||
Senior Notes [Member] | Four and One over Eight Euro-Denominated Senior Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument interest percentage | 4.125% | 4.125% | 4.125% | 4.125% | ||||||
Debt Instrument, Face Amount | € | € 300 | |||||||||
Maturity Dates | November 2024 | |||||||||
Long-term Debt, Gross | $ 336,000,000 | $ 344,000,000 | ||||||||
Senior Notes [Member] | Five And One Over Four Senior Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument interest percentage | 5.25% | 5.25% | 5.25% | 5.25% | ||||||
Debt Instrument, Face Amount | $ 375,000,000 | |||||||||
Maturity Dates | March 2025 | |||||||||
Long-term Debt, Gross | $ 375,000,000 | $ 375,000,000 | ||||||||
Senior Notes [Member] | Four and One over Two Euro-Denominated Senior Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument interest percentage | 4.50% | 4.50% | 4.50% | 4.50% | ||||||
Debt Instrument, Face Amount | € | € 250 | |||||||||
Maturity Dates | May 2025 | |||||||||
Long-term Debt, Gross | $ 280,000,000 | $ 287,000,000 | ||||||||
Senior Notes [Member] | Four and three over four Euro-Denominated Senior Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument interest percentage | 4.75% | 4.75% | 4.75% | 4.75% | ||||||
Debt Instrument, Face Amount | € | € 350 | |||||||||
Maturity Dates | January 2026 | |||||||||
Long-term Debt, Gross | $ 393,000,000 | $ 401,000,000 | ||||||||
Senior Notes [Member] | Four And Seven Over Eight Senior Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Repurchased Face Amount | $ 300,000,000 | |||||||||
Senior Notes [Member] | Five and Three over Four Senior Note [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | 400,000,000 | |||||||||
Long-term Debt, Gross | $ 400,000,000 | 0 | ||||||||
Loans Payable [Member] | Floating Rate Term Loan Due March 2019 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | |||||||||
Loans Payable [Member] | Floating Rate Term Loan Due March Two Thousand Twenty Five [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Maturity Dates | February 2025 | |||||||||
Long-term Debt, Gross | $ 1,112,000,000 | 1,123,000,000 | ||||||||
Percentage Of Margin Aggregate Interest Rate | 3.80% | |||||||||
Senior Notes and Loans Payable [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Deferred Finance Costs, Net | $ (39,000,000) | (45,000,000) | ||||||||
Total | 3,435,000,000 | $ 3,551,000,000 | ||||||||
Interest Rate Swap [Member] | Loans Payable [Member] | Floating Rate Term Loan Due March Two Thousand Twenty Five [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Derivative, Amount of Hedged Item | $ 700,000,000 | |||||||||
Derivative, Fixed Interest Rate | 3.67% | 3.67% |
Long-Term Debt And Borrowing _3
Long-Term Debt And Borrowing Arrangements - Additional Information (Detail) € in Millions | 12 Months Ended | |||||||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2019EUR (€) | Sep. 30, 2019USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2014USD ($) | |
Debt Instrument [Line Items] | ||||||||
Document Period End Date | Dec. 31, 2019 | |||||||
Gain (Loss) on Extinguishment of Debt | $ (12,000,000) | $ (19,000,000) | $ (3,000,000) | |||||
Loans Payable [Member] | Floating Rate Term Loan Due March Two Thousand Twenty Five [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Percentage Of Margin Aggregate Interest Rate | 3.80% | |||||||
Senior Notes [Member] | Four and three over four Euro-Denominated Senior Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Face Amount | € | € 350 | |||||||
Senior Notes [Member] | Five And One Over Four Senior Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Face Amount | $ 375,000,000 | |||||||
Senior Notes [Member] | 5 1/2% Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Face Amount | $ 75,000,000 | $ 400,000,000 | $ 175,000,000 | |||||
Debt Instrument, Repurchase Amount | 76,000,000 | $ 407,000,000 | ||||||
Proceeds from Issuance of Senior Long-term Debt | $ 500,000,000 | |||||||
Senior Notes [Member] | Five and One over Eight Senior Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Repurchase Amount | € | € 410 | |||||||
Senior Notes [Member] | Five and Three over Four Senior Note [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Face Amount | $ 400,000,000 | |||||||
Interest Rate Swap [Member] | Loans Payable [Member] | Floating Rate Term Loan Due March Two Thousand Twenty Five [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Derivative, Fixed Interest Rate | 3.67% | 3.67% |
Contractual Maturities of Compa
Contractual Maturities of Company's Corporate Debt (Detail) $ in Millions | Dec. 31, 2019USD ($) |
Long-Term Debt And Borrowing Arrangements [Abstract] | |
2016 | $ 19 |
2017 | 17 |
2018 | 16 |
2019 | 216 |
2020 | 701 |
Thereafter | 2,505 |
Total | $ 3,474 |
Schedule of Committed Credit Fa
Schedule of Committed Credit Facilities (Detail) - Revolving Credit Facility Maturing 2018 $ in Millions | Dec. 31, 2019USD ($) |
Line of Credit Facility [Line Items] | |
Total Capacity | $ 1,800 |
Outstanding Borrowings | 0 |
Letters of Credit Issued | 1,081 |
Available Capacity | $ 719 |
Schedule of Committed Credit _2
Schedule of Committed Credit Facilities Additional Information (Detail) | 12 Months Ended | 24 Months Ended |
Dec. 31, 2019 | Dec. 31, 2018 | |
Uncommitted Credit Facility [Member] | Minimum [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Interest Rate During Period | 0.74% | |
Uncommitted Credit Facility [Member] | Maximum | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Interest Rate During Period | 6.60% | |
Bank Overdrafts [Member] | Minimum [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Interest Rate During Period | 3.10% | |
Bank Overdrafts [Member] | Maximum | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Interest Rate During Period | 3.18% | |
Revolving Credit Facility Maturing 2018 | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 2.00% |
Schedule Of Debt Under Vehicle
Schedule Of Debt Under Vehicle Programs (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2018 |
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | |||
Interest rate on capital leases | 1.25% | 1.17% | |
Leasing Vehicles And Related Assets Pledged As Collateralized Debt | $ 10,200 | ||
Debt under vehicle programs | 11,068 | $ 10,232 | |
Debt Due To Rental Car Funding [Member] | |||
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | |||
Asset-Backed Securities, at Carrying Value | 550 | $ 400 | |
Leasing Vehicles And Related Assets Pledged As Collateralized Debt | 8,000 | ||
Debt under vehicle programs | 7,975 | 7,393 | |
Deferred Finance Costs, Net | $ (35) | $ (36) | |
Americas Debt Borrowings [Member] | |||
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | |||
Debt, Weighted Average Interest Rate | 2.87% | 3.33% | |
Leasing Vehicles And Related Assets Pledged As Collateralized Debt | $ 900 | ||
Debt under vehicle programs | $ 827 | $ 635 | |
International Debt Borrowings | |||
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | |||
Debt, Weighted Average Interest Rate | 1.87% | 2.02% | |
Leasing Vehicles And Related Assets Pledged As Collateralized Debt | $ 2,300 | ||
Debt under vehicle programs | 2,100 | $ 2,060 | |
International Capital Leases | |||
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | |||
Leasing Vehicles And Related Assets Pledged As Collateralized Debt | 200 | ||
Debt under vehicle programs | 215 | 191 | |
Other | |||
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | |||
Debt under vehicle programs | 0 | 2 | |
Debt Under Vehicle Programs [Member] | |||
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | |||
Debt under vehicle programs | 11,117 | ||
Deferred Finance Costs, Net | $ (49) | $ (49) |
Debt Under Vehicle Programs A_3
Debt Under Vehicle Programs And Borrowing Arrangements - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | 36 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | |
Avis Budget Rental Car Funding Program March 2022 [Member] | |||||
Debt Instrument [Line Items] | |||||
Asset-Backed Securities, at Carrying Value | $ 600 | ||||
Avis Budget Rental Car Funding Program September 2024 [Member] | |||||
Debt Instrument [Line Items] | |||||
Asset-Backed Securities, at Carrying Value | $ 650 | ||||
Avis Budget Rental Car Funding Program March 2025 [Member] | |||||
Debt Instrument [Line Items] | |||||
Asset-Backed Securities, at Carrying Value | $ 650 | ||||
Avis Budget Rental Car Funding Program [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt, Weighted Average Interest Rate | 3.16% | 3.20% | |||
European Rental Fleet Securitization [Member] | |||||
Debt Instrument [Line Items] | |||||
Newly Issued European Credit Facility | $ 500 | $ 1,300 | |||
Americas Debt Borrowings [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt, Weighted Average Interest Rate | 2.87% | 3.33% | |||
International Debt Borrowings | |||||
Debt Instrument [Line Items] | |||||
Debt, Weighted Average Interest Rate | 1.87% | 2.02% |
Schedule Of Contractual Maturit
Schedule Of Contractual Maturities (Detail) $ in Millions | Dec. 31, 2019USD ($) |
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | |
2016 | $ 19 |
2017 | 17 |
2018 | 16 |
2019 | 216 |
2020 | 701 |
Thereafter | 2,505 |
Vehicle Programs | |
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | |
2016 | 1,753 |
2017 | 3,225 |
2018 | 3,032 |
2019 | 1,097 |
2020 | 1,471 |
Thereafter | 539 |
Total | $ 11,117 |
Schedule Of Available Funding U
Schedule Of Available Funding Under Vehicle Programs (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | ||
Leasing Vehicles And Related Assets Pledged As Collateralized Debt | $ 10,200 | |
Debt under vehicle programs | $ 11,068 | $ 10,232 |
Avis Budget Rental Car Funding Program [Member] | ||
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | ||
Debt, Weighted Average Interest Rate | 3.16% | 3.20% |
Debt Due To Rental Car Funding [Member] | ||
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | ||
Leasing Vehicles And Related Assets Pledged As Collateralized Debt | $ 8,000 | |
Total Capacity | 9,761 | |
Debt under vehicle programs | 7,975 | $ 7,393 |
Available Capacity | $ 1,786 | |
Americas Debt Borrowings [Member] | ||
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | ||
Debt, Weighted Average Interest Rate | 2.87% | 3.33% |
Leasing Vehicles And Related Assets Pledged As Collateralized Debt | $ 900 | |
Total Capacity | 1,009 | |
Debt under vehicle programs | 827 | $ 635 |
Available Capacity | $ 182 | |
International Debt Borrowings | ||
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | ||
Debt, Weighted Average Interest Rate | 1.87% | 2.02% |
Leasing Vehicles And Related Assets Pledged As Collateralized Debt | $ 2,300 | |
Total Capacity | 3,003 | |
Debt under vehicle programs | 2,100 | $ 2,060 |
Available Capacity | 903 | |
International Capital Leases | ||
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | ||
Leasing Vehicles And Related Assets Pledged As Collateralized Debt | 200 | |
Total Capacity | 237 | |
Debt under vehicle programs | 215 | 191 |
Available Capacity | 22 | |
Other | ||
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | ||
Debt under vehicle programs | 0 | $ 2 |
Debt Under Vehicle Programs [Member] | ||
Debt Under Vehicle Programs And Borrowing Arrangements [Line Items] | ||
Total Capacity | 14,010 | |
Debt under vehicle programs | 11,117 | |
Available Capacity | $ 2,893 |
Commitments And Contingencies -
Commitments And Contingencies - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Schedule Of Commitments And Contingencies [Line Items] | |||
Loss Contingency Accrual | $ 12 | ||
Loss Contingency, Range of Possible Loss, Portion Not Accrued | $ 30 | ||
Vehicle purchase commitments over the next 12 months | 7,700 | ||
Aggregate purchase obligations | 136 | ||
Receivables due from former subsidiaries | 576 | 622 | $ 545 |
Liabilities accrued for asset retirement obligations | 27 | $ 22 | |
Realogy | |||
Schedule Of Commitments And Contingencies [Line Items] | |||
Receivables due from former subsidiaries | 24 | ||
Wyndham | |||
Schedule Of Commitments And Contingencies [Line Items] | |||
Receivables due from former subsidiaries | $ 14 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) shares in Millions, $ in Millions | 6 Months Ended | 12 Months Ended | 36 Months Ended | ||
Jun. 30, 2019USD ($)shares | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2019USD ($)shares | |
Stockholders Equity [Line Items] | |||||
Stock Repurchase Program, Authorized Amount | $ 1,800 | $ 1,800 | |||
Treasury Stock, Shares, Acquired | shares | 14 | ||||
Treasury Stock, Value, Acquired, Cost Method | 62 | $ 200 | $ 200 | $ 462 | |
Option Premiums Paid | $ 16 | ||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | 189 | $ 189 | |||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | (3) | (2) | 2 | ||
Less: Pension and post-retirement benefits reclassified to earnings, net of tax of $(2), $(1) and $(6), respectively | (6) | (5) | (5) | ||
Open Option Contracts Written, Number of Shares | shares | 0.6 | ||||
Designated as Hedging Instrument | Foreign Exchange Forward [Member] | |||||
Stockholders Equity [Line Items] | |||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 17 | 24 | (50) | ||
Corporate Interest Expense [Member] | |||||
Stockholders Equity [Line Items] | |||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | 4 | 3 | 4 | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | $ 3 | $ 2 | $ 2 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Currency Translation Adjustment, Beginning Balance | $ (3) | $ 71 | $ (39) |
Currency translation adjustments, net of tax of $(6), $(8) and $33, respectively | 12 | (81) | 110 |
Currency Translation Adjustment, Ending Balance | 9 | (3) | 71 |
Net Unrealized Gains (Losses) on Cash Flow Hedges, Beginning Balance | 2 | 5 | 2 |
Net unrealized holding gains (losses), net of tax of $7, $0, and $0, respectively | (20) | (2) | 1 |
Net Unrealized Gains (Losses) on Cash Flow Hedges, Period change | (4) | 3 | |
Net Unrealized Gains (Losses) on Cash Flow Hedges, Ending Balance | (20) | 2 | 5 |
Net Unrealized Gains (Losses) on Available- For-Sale Securities, Beginning Balance | 0 | 2 | 1 |
Net unrealized gains (losses) on available-for-sale securities, net of tax of $0, $0, and $(1), respectively | 0 | 0 | 1 |
Less: Realized losses on available-for-sale securities reclassified to earnings, net of tax of $0, $0 and $1, respectively | 0 | 0 | 0 |
Net unrealized gains on available-for-sale securities, net of tax of $0, $0 and $0, respectively | 0 | 0 | 1 |
Net Unrealized Gains (Losses) on Available- For-Sale Securities, Ending Balance | 0 | 0 | 2 |
Minimum Pension Liability Adjustment, Beginning Balance | (132) | (102) | (118) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment, after Tax | (20) | (23) | 11 |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, after Tax | 6 | 5 | 5 |
Minimum Pension Liability Adjustment, Period change | (14) | (18) | 16 |
Minimum Pension Liability Adjustment, Ending Balance | (146) | (132) | (102) |
Accumulated Other Comprehensive Income (Loss), Beginning Balance | (133) | (24) | (154) |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent before reclassifications | (28) | (106) | 123 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 3 | 3 | 7 |
Accumulated Other Comprehensive Income (Loss), Period change | (25) | (103) | 130 |
Accumulated Other Comprehensive Income (Loss), Ending Balance | (157) | (133) | (24) |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | (3) | (2) | 2 |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax | 8 | 7 | 8 |
Corporate Interest Expense [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | 3 | 2 | 2 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | 4 | 3 | 4 |
Foreign Exchange Forward [Member] | Designated as Hedging Instrument | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 17 | 24 | (50) |
Derivatives used in Net Investment Hedge, Net of Tax | 81 | ||
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | 0 | 7 | |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | 1 | 1 | |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | 0 | (2) | |
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | 0 | (12) | |
AOCI Attributable to Parent [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | 1 | (6) | |
Adjustments for New Accounting Pronouncement [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Currency Translation Adjustment, Beginning Balance | (3) | 78 | |
Currency Translation Adjustment, Ending Balance | (3) | 78 | |
Net Unrealized Gains (Losses) on Cash Flow Hedges, Beginning Balance | 3 | 6 | |
Net Unrealized Gains (Losses) on Cash Flow Hedges, Ending Balance | 3 | 6 | |
Net Unrealized Gains (Losses) on Available- For-Sale Securities, Beginning Balance | 0 | 0 | |
Net Unrealized Gains (Losses) on Available- For-Sale Securities, Ending Balance | 0 | 0 | |
Minimum Pension Liability Adjustment, Beginning Balance | 132 | (114) | |
Minimum Pension Liability Adjustment, Ending Balance | 132 | (114) | |
Accumulated Other Comprehensive Income (Loss), Beginning Balance | $ (132) | (30) | |
Accumulated Other Comprehensive Income (Loss), Ending Balance | $ (132) | $ (30) |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share Based Compensation Percentage In Annual Base Salary, Min | 50.00% | ||
Deferred Compensation Arrangement with Individual, Shares Issued | 40,000 | 34,000 | 36,000 |
Maximum number of shares reserved for grant of awards | 22,500,000 | ||
Shares available for grant under the plan | 5,300,000 | ||
Aggregate Intrinsic Value - Exercised | $ 1 | $ 8 | $ 21 |
Share-based Payment Arrangement, Expense | 22 | 24 | 10 |
Share-based Payment Arrangement, Expense, after Tax | $ 17 | $ 18 | $ 7 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock Unit Valuation Assumptions (Detail) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share Based Compensation Percentage In Annual Base Salary, Min | 50.00% |
Share Based Compensation Percentage In Annual Base Salary, Max | 100.00% |
Stock-Based Compensation - Annu
Stock-Based Compensation - Annual Activity Of Stock Units and Cash Units (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Expected to Vest, Weighted Average Remaining Contractual Term | 1 year 2 months 12 days | ||
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Expected to Vest, Number of Shares Outstanding | 847 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Number of RSUs - Balance at beginning of year | 838 | ||
Number of RSUs - Granted | 608 | ||
Number of RSUs - Vested | (502) | ||
Number of RSUs - Forfeited/expired | (97) | ||
Number of RSUs - Balance at end of year | 838 | ||
Weighted Average Grant Price, Balance at beginning of year | $ 38.67 | ||
Weighted Average Grant Price - Vested | 36 | ||
Weighted Average Grant Price - Forfeited/expired | 38.73 | ||
Weighted Average Grant Price - Granted | 34.14 | $ 48.41 | $ 35.32 |
Weighted Average Grant Price, Balance at end of year | $ 38.67 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Expected to Vest, Weighted Average Grant Date Fair Value | $ 36.99 | ||
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 | ||
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | 1 year 1 month 6 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Expected to Vest, Number of Shares Outstanding | 412 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Number of RSUs - Balance at beginning of year | 1,169 | ||
Number of RSUs - Granted | 570 | ||
Number of RSUs - Vested | 0 | ||
Number of RSUs - Forfeited/expired | (678) | ||
Number of RSUs - Balance at end of year | 1,061 | 1,169 | |
Weighted Average Grant Price, Balance at beginning of year | $ 35.14 | ||
Weighted Average Grant Price - Vested | 0 | ||
Weighted Average Grant Price - Forfeited/expired | 28.79 | ||
Weighted Average Grant Price - Granted | 34.56 | $ 48.52 | $ 35.21 |
Weighted Average Grant Price, Balance at end of year | 38.89 | $ 35.14 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Expected to Vest, Weighted Average Grant Date Fair Value | $ 40.61 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Expected to Vest, Weighted Average Remaining Contractual Term | 1 year 6 months | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding | $ 34 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Expected to Vest | $ 13 |
Stock-Based Compensation - An_2
Stock-Based Compensation - Annual Activity Of Stock Units and Cash Units Additional Information (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock Issued During Period, Value, Restricted Stock Award, Gross | $ 18 | $ 20 | $ 23 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | 1 | $ 8 | $ 21 |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 25 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 1 year 2 months 12 days | ||
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 502 | ||
Weighted Average Grant Price - Granted | $ 34.14 | $ 48.41 | $ 35.32 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 1 year | ||
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 0 | ||
Number Of Restricted Stock Units Target Award Vested Range Maximum | 20.00% | ||
Weighted Average Grant Price - Granted | $ 34.56 | $ 48.52 | $ 35.21 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding | $ 34 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 1 year 6 months |
Stock-Based Compensation - An_3
Stock-Based Compensation - Annual Activity Of Stock Options (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Aggregate Intrinsic Value - Exercised | $ 1 | $ 8 | $ 21 |
Stock-Based Compensation - An_4
Stock-Based Compensation - Annual Activity Of Stock Options Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Payment Arrangement [Abstract] | |||
Deferred Compensation Arrangement with Individual, Shares Issued | 40,000 | 34,000 | 36,000 |
Aggregate Intrinsic Value - Exercised | $ 1 | $ 8 | $ 21 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Contributions | $ 32 | $ 33 | $ 36 |
Amortized from accumulated other comprehensive income into net periodic benefit cost | 7 | ||
Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Plan Assets | 276 | 234 | |
Defined Benefit Plan, Accumulated Benefit Obligation | 811 | 713 | |
Estimated future benefit payments, 2014 | 28 | ||
Estimated future benefit payments, 2015 | 28 | ||
Estimated future benefit payments, 2016 | 30 | ||
Estimated future benefit payments, 2017 | 31 | ||
Estimated future benefit payments, 2018 | 31 | ||
Estimated future benefit payments, 2019 to 2023 | 175 | ||
Contribution to multiemployer plans | $ 9 | $ 9 | $ 9 |
Domestic Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Long-term rate of return on plan assets | 7.00% | 7.00% | 7.00% |
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | $ 10 | ||
Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Long-term rate of return on plan assets | 4.50% | 4.50% | 4.70% |
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | $ 1 |
Summary Of Net Periodic Benefit
Summary Of Net Periodic Benefit Cost (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 5 | $ 6 | $ 5 |
Interest cost | 21 | 19 | 19 |
Expected return on plan assets | (30) | (33) | (30) |
Defined Benefit Plan Amortization Of Unrecognized Amounts | 7 | 7 | 8 |
Net periodic benefit cost | 3 | (1) | 2 |
Employee Benefit Plans [Abstract] | |||
Defined Benefit Plan, Benefit Obligation | 821 | 722 | 779 |
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | (87) | 32 | |
Defined Benefit Plan, Benefit Obligation, Foreign Currency Translation Gain (Loss) | 13 | (24) | |
Defined Benefit Plan, Plan Assets, Amount | 649 | 549 | $ 614 |
Actual return on plan assets | 91 | (29) | |
Employer contributions | 21 | 11 | |
Defined Benefit Plan, Plan Assets, Foreign Currency Translation Gain (Loss) | 14 | (21) | |
Operating Expense [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 4 | 4 | |
Selling, General and Administrative Expenses [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 1 | $ 2 |
Summary of Funded Status of Pen
Summary of Funded Status of Pension Plans (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Retirement Benefits [Abstract] | |||
Defined Benefit Plan, Accumulated Benefit Obligation | $ 811 | $ 713 | |
Assets for Plan Benefits, Defined Benefit Plan | (20) | (18) | |
Liability, Defined Benefit Plan, Current | (4) | (4) | |
Liability, Defined Benefit Plan, Noncurrent | (188) | (187) | |
Employee Benefit Plans [Abstract] | |||
Benefit obligation at end of prior year | 722 | 779 | |
Service cost | 5 | 6 | $ 5 |
Interest cost | 21 | 19 | 19 |
Actuarial loss | 87 | (32) | |
Defined Benefit Plan, Benefit Obligation, Foreign Currency Translation Gain (Loss) | 13 | (24) | |
Benefit obligation at end of current year | 821 | 722 | 779 |
Fair value of assets at end of prior year | 549 | 614 | |
Actual return on plan assets | 91 | (29) | |
Employer contributions | 21 | 11 | |
Defined Benefit Plan, Plan Assets, Foreign Currency Translation Gain (Loss) | 14 | (21) | |
Net benefits paid | (26) | (26) | |
Fair value of assets at end of current year | 649 | 549 | 614 |
Total unfunded status at end of year (recognized in other non-current liabilities in the Consolidated Balance Sheets) | (172) | (173) | |
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | 30 | 33 | 30 |
Defined Benefit Plan Amortization Of Unrecognized Amounts | 7 | 7 | 8 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 3 | (1) | $ 2 |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | 27 | 26 | |
Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Plan Assets | 276 | 234 | |
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Accumulated Benefit Obligation | $ 466 | $ 423 |
Summary Of Assumptions Used To
Summary Of Assumptions Used To Determine Pension Obligations And Pension Costs (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Maximum [Member] | Debt Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Investment within Plan Asset Category, Percentage | 60.00% | ||
Maximum [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Investment within Plan Asset Category, Percentage | 60.00% | ||
Minimum [Member] | Debt Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Investment within Plan Asset Category, Percentage | 40.00% | ||
Minimum [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Investment within Plan Asset Category, Percentage | 40.00% | ||
United States | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | $ 10 | ||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 4.15% | 3.50% | 3.90% |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.10% | 4.15% | 3.50% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 7.00% | 7.00% | 7.00% |
Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | $ 1 | ||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 2.75% | 2.55% | 2.45% |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 1.95% | 2.75% | 2.55% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 4.50% | 4.50% | 4.70% |
Summary Of Defined Benefit Pens
Summary Of Defined Benefit Pension Plans' Assets Fair Value (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | $ 649 | $ 549 | $ 614 |
Cash and Cash Equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 70 | 35 | |
US Stock | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 152 | 124 | |
Non US Stock | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 158 | 129 | |
Real Estate [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 17 | ||
Non US Government Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 7 | 11 | |
Corporate Bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 116 | 120 | |
Other Assets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 146 | 113 | |
Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 277 | 235 | |
Fair Value, Inputs, Level 1 [Member] | Cash and Cash Equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 16 | 10 | |
Fair Value, Inputs, Level 1 [Member] | US Stock | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 100 | 82 | |
Fair Value, Inputs, Level 1 [Member] | Non US Stock | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 59 | 49 | |
Fair Value, Inputs, Level 1 [Member] | Real Estate [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | ||
Fair Value, Inputs, Level 1 [Member] | Non US Government Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 4 | 3 | |
Fair Value, Inputs, Level 1 [Member] | Corporate Bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 96 | 89 | |
Fair Value, Inputs, Level 1 [Member] | Other Assets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 2 | 2 | |
Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 372 | 314 | |
Fair Value, Inputs, Level 2 [Member] | Cash and Cash Equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 54 | 25 | |
Fair Value, Inputs, Level 2 [Member] | US Stock | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 52 | 42 | |
Fair Value, Inputs, Level 2 [Member] | Non US Stock | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 99 | 80 | |
Fair Value, Inputs, Level 2 [Member] | Real Estate [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 17 | ||
Fair Value, Inputs, Level 2 [Member] | Non US Government Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 3 | 8 | |
Fair Value, Inputs, Level 2 [Member] | Corporate Bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 20 | 31 | |
Fair Value, Inputs, Level 2 [Member] | Other Assets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | $ 144 | $ 111 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of Cost-method Investments [Line Items] (Deprecated 2018-01-31) | ||
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | $ 3 | |
Document Period End Date | Dec. 31, 2019 | |
Interest Rate Caps Sold | ||
Schedule of Cost-method Investments [Line Items] (Deprecated 2018-01-31) | ||
Derivative, Notional Amount | $ 5,900 | $ 5,700 |
Purchase [Member] | ||
Schedule of Cost-method Investments [Line Items] (Deprecated 2018-01-31) | ||
Derivative, Notional Amount | 2,700 | 2,700 |
Interest Rate Cap [Member] | ||
Schedule of Cost-method Investments [Line Items] (Deprecated 2018-01-31) | ||
Derivative, Notional Amount | 8,625 | 8,431 |
Interest Rate Cap [Member] | Subsidiary Issuers | ||
Schedule of Cost-method Investments [Line Items] (Deprecated 2018-01-31) | ||
Derivative, Notional Amount | 3,200 | 3,000 |
Interest Rate Swap [Member] | ||
Schedule of Cost-method Investments [Line Items] (Deprecated 2018-01-31) | ||
Derivative, Notional Amount | 1,500 | 1,500 |
Currency Swap [Member] | ||
Schedule of Cost-method Investments [Line Items] (Deprecated 2018-01-31) | ||
Derivative, Notional Amount | $ 1,518 | $ 1,235 |
Schedule Of Effect Of Derivativ
Schedule Of Effect Of Derivatives Recognized (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule of Cost-method Investments [Line Items] (Deprecated 2018-01-31) | |||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | $ 5 | $ 17 | |
Derivatives not designated as hedging instruments | 11 | (48) | $ 91 |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 38 | 22 | |
Interest Expense [Member] | |||
Schedule of Cost-method Investments [Line Items] (Deprecated 2018-01-31) | |||
Derivatives not designated as hedging instruments | 11 | (19) | 23 |
Operating Expense [Member] | |||
Schedule of Cost-method Investments [Line Items] (Deprecated 2018-01-31) | |||
Derivatives not designated as hedging instruments | 4 | (12) | (19) |
Designated as Hedging Instrument | Interest Rate Swap [Member] | |||
Schedule of Cost-method Investments [Line Items] (Deprecated 2018-01-31) | |||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 0 | 12 | |
Interest rate swaps | (23) | (4) | 3 |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 27 | 8 | |
Designated as Hedging Instrument | Foreign Exchange Forward [Member] | |||
Schedule of Cost-method Investments [Line Items] (Deprecated 2018-01-31) | |||
Interest rate swaps | 17 | 24 | (50) |
Not Designated as Hedging Instrument | Foreign Exchange Forward [Member] | |||
Schedule of Cost-method Investments [Line Items] (Deprecated 2018-01-31) | |||
Derivatives not designated as hedging instruments | 7 | (31) | 42 |
Not Designated as Hedging Instrument | Currency Swap [Member] | |||
Schedule of Cost-method Investments [Line Items] (Deprecated 2018-01-31) | |||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 5 | 5 | |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 10 | 11 | |
Not Designated as Hedging Instrument | Interest Rate Contract | |||
Schedule of Cost-method Investments [Line Items] (Deprecated 2018-01-31) | |||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 0 | 0 | |
Derivatives not designated as hedging instruments | 1 | 3 | 1 |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 1 | 2 | |
Not Designated as Hedging Instrument | Commodity Contract | |||
Schedule of Cost-method Investments [Line Items] (Deprecated 2018-01-31) | |||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 0 | 0 | |
Derivatives not designated as hedging instruments | (3) | 0 | $ 1 |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | $ 0 | $ 1 |
Schedule Of Carrying Amounts An
Schedule Of Carrying Amounts And Estimated Fair Values (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Short-term debt and current portion of long-term debt | $ 23 | |
Reported Value Measurement [Member] | ||
Debt Instrument [Line Items] | ||
Short-term debt and current portion of long-term debt | $ 19 | 23 |
Long-term debt, excluding convertible debt | 3,416 | 3,528 |
Debt under vehicle programs Vehicle-backed debt due to Avis Budget Rental Car Funding | 7,936 | 7,358 |
Vehicle-backed debt | 3,129 | 2,871 |
Interest rate swaps and interest rate contracts | 3 | 3 |
Estimate of Fair Value Measurement [Member] | ||
Debt Instrument [Line Items] | ||
Short-term debt and current portion of long-term debt | 19 | 23 |
Long-term debt, excluding convertible debt | 3,572 | 3,462 |
Debt under vehicle programs Vehicle-backed debt due to Avis Budget Rental Car Funding | 8,077 | 7,383 |
Vehicle-backed debt | 3,142 | 2,881 |
Interest rate swaps and interest rate contracts | $ 3 | $ 3 |
Summary of Segments Information
Summary of Segments Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 2,162 | $ 2,753 | $ 2,337 | $ 1,920 | $ 2,050 | $ 2,778 | $ 2,328 | $ 1,968 | $ 9,172 | $ 9,124 | $ 8,848 |
Vehicle depreciation and lease charges, net | 2,063 | 2,179 | 2,221 | ||||||||
Vehicle interest, net | (344) | (314) | (286) | ||||||||
Adjusted EBITDA | 788 | 781 | 735 | ||||||||
Non-vehicle depreciation and amortization | 263 | 256 | 259 | ||||||||
Assets exclusive of assets under vehicle programs | 9,311 | 6,370 | 9,311 | 6,370 | 5,820 | ||||||
Assets under vehicle programs | 13,815 | 12,779 | 13,815 | 12,779 | 11,879 | ||||||
Capital expenditures (excluding vehicles) | 250 | 231 | 197 | ||||||||
Americas | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 6,352 | 6,186 | 6,100 | ||||||||
Vehicle depreciation and lease charges, net | 1,462 | 1,568 | 1,671 | ||||||||
Vehicle interest, net | (284) | (252) | (226) | ||||||||
Adjusted EBITDA | 652 | 558 | 486 | ||||||||
Non-vehicle depreciation and amortization | 161 | 152 | 168 | ||||||||
Assets exclusive of assets under vehicle programs | 6,226 | 3,782 | 6,226 | 3,782 | 3,388 | ||||||
Assets under vehicle programs | 10,508 | 9,670 | 10,508 | 9,670 | 9,017 | ||||||
Capital expenditures (excluding vehicles) | 162 | 134 | 122 | ||||||||
International | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 2,820 | 2,938 | 2,748 | ||||||||
Vehicle depreciation and lease charges, net | 601 | 611 | 550 | ||||||||
Vehicle interest, net | (60) | (62) | (60) | ||||||||
Adjusted EBITDA | 203 | 287 | 305 | ||||||||
Non-vehicle depreciation and amortization | 94 | 104 | 91 | ||||||||
Assets exclusive of assets under vehicle programs | 2,995 | 2,495 | 2,995 | 2,495 | 2,353 | ||||||
Assets under vehicle programs | 3,307 | 3,109 | 3,307 | 3,109 | 2,862 | ||||||
Capital expenditures (excluding vehicles) | 62 | 76 | 62 | ||||||||
Corporate and Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 0 | ||||||||||
Vehicle depreciation and lease charges, net | 0 | ||||||||||
Vehicle interest, net | 0 | ||||||||||
Adjusted EBITDA | (67) | (64) | (56) | ||||||||
Non-vehicle depreciation and amortization | 8 | ||||||||||
Assets exclusive of assets under vehicle programs | 90 | $ 93 | 90 | 93 | 79 | ||||||
Assets under vehicle programs | $ 0 | 0 | |||||||||
Capital expenditures (excluding vehicles) | 26 | 21 | 13 | ||||||||
Acquisition-related Costs [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Non-vehicle depreciation and amortization | $ 56 | $ 61 | $ 58 |
Reconciliation of Adjusted EBIT
Reconciliation of Adjusted EBITDA to Income (Loss) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Acquired Indefinite-lived Intangible Assets [Line Items] | |||
Adjusted EBITDA | $ 788 | $ 781 | $ 735 |
Non-vehicle depreciation and amortization | 263 | 256 | 259 |
Interest expense related to corporate debt, net | (178) | (188) | (188) |
Early extinguishment of debt | 12 | 19 | 3 |
Restructuring Charges | 80 | 22 | 63 |
Transaction-related costs, net | 10 | 20 | 23 |
Non-operational charges related to shareholder activist activity | 2 | 9 | 0 |
Impairment | 0 | 0 | 2 |
Charges for legal matter | 0 | 0 | (14) |
Income before income taxes | 287 | 267 | 211 |
Acquisition-related Costs [Member] | |||
Acquired Indefinite-lived Intangible Assets [Line Items] | |||
Non-vehicle depreciation and amortization | $ 56 | $ 61 | $ 58 |
Summary of Geographic Segment I
Summary of Geographic Segment Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | $ 2,162 | $ 2,753 | $ 2,337 | $ 1,920 | $ 2,050 | $ 2,778 | $ 2,328 | $ 1,968 | $ 9,172 | $ 9,124 | $ 8,848 |
Assets exclusive of assets under vehicle programs | 9,311 | 6,370 | 9,311 | 6,370 | 5,820 | ||||||
Assets under vehicle programs | 13,815 | 12,779 | 13,815 | 12,779 | 11,879 | ||||||
Long-Lived Assets | 2,691 | 2,653 | 2,691 | 2,653 | 2,627 | ||||||
United States | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 5,867 | 5,708 | 5,629 | ||||||||
Assets exclusive of assets under vehicle programs | 5,830 | 3,494 | 5,830 | 3,494 | 3,069 | ||||||
Assets under vehicle programs | 9,824 | 9,021 | 9,824 | 9,021 | 8,192 | ||||||
Long-Lived Assets | 1,536 | 1,476 | 1,536 | 1,476 | 1,451 | ||||||
All Other Countries | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 3,305 | 3,416 | 3,219 | ||||||||
Assets exclusive of assets under vehicle programs | 3,481 | 2,876 | 3,481 | 2,876 | 2,751 | ||||||
Assets under vehicle programs | 3,991 | 3,758 | 3,991 | 3,758 | 3,687 | ||||||
Long-Lived Assets | $ 1,155 | $ 1,177 | $ 1,155 | $ 1,177 | $ 1,176 |
Guarantor and Non-Guarantor C_4
Guarantor and Non-Guarantor Consolidating Financial Statements Cash and cash equivalents, program cash and restricted cash (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Cash and cash equivalents | $ 686 | $ 615 | ||
Program cash | 211 | 115 | ||
Restricted Cash and Cash Equivalents | 3 | 5 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 900 | 735 | $ 901 | $ 720 |
Non-Guarantor Subsidiaries | ||||
Cash and cash equivalents | 673 | 601 | ||
Program cash | 211 | 115 | ||
Restricted Cash and Cash Equivalents | 3 | 5 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 887 | $ 721 | $ 883 | $ 705 |
Consolidating Condensed Stateme
Consolidating Condensed Statements of Operations (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Revenues | $ 2,162 | $ 2,753 | $ 2,337 | $ 1,920 | $ 2,050 | $ 2,778 | $ 2,328 | $ 1,968 | $ 9,172 | $ 9,124 | $ 8,848 |
Operating | 4,698 | 4,639 | 4,472 | ||||||||
Vehicle depreciation and lease charges, net | 2,063 | 2,179 | 2,221 | ||||||||
Selling, general and administrative | 1,237 | 1,220 | 1,120 | ||||||||
Vehicle interest, net | 344 | 314 | 286 | ||||||||
Non-vehicle related depreciation and amortization | 263 | 256 | 259 | ||||||||
Interest expense | 178 | 188 | 188 | ||||||||
Intercompany interest expense (income) | 0 | 0 | 0 | ||||||||
Early extinguishment of debt | 12 | 19 | 3 | ||||||||
Restructuring Charges | 80 | 22 | 63 | ||||||||
Transaction-related costs, net | 10 | 20 | 23 | ||||||||
Impairment of Intangible Assets (Excluding Goodwill) | 2 | ||||||||||
Total expenses | 8,885 | 8,857 | 8,637 | ||||||||
Income before income taxes | 287 | 267 | 211 | ||||||||
Provision for (benefit from) income taxes | (15) | 102 | (150) | ||||||||
Equity in earnings (loss) of subsidiaries | 0 | 0 | 0 | ||||||||
Net income | $ 142 | $ 189 | $ 62 | $ (91) | $ 13 | $ 213 | $ 26 | $ (87) | 302 | 165 | 361 |
Total comprehensive income | 277 | 62 | 491 | ||||||||
Payments for (Proceeds from) Other Investing Activities | 81 | (44) | 5 | ||||||||
Net Cash Provided by (Used in) Investing Activities | (2,752) | (3,426) | (2,204) | ||||||||
Parent Company | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Revenues | 0 | 0 | 0 | ||||||||
Operating | 2 | 4 | 3 | ||||||||
Vehicle depreciation and lease charges, net | 0 | 0 | 0 | ||||||||
Selling, general and administrative | 50 | 48 | 39 | ||||||||
Vehicle interest, net | 0 | 0 | 0 | ||||||||
Non-vehicle related depreciation and amortization | 0 | 0 | 0 | ||||||||
Interest expense | 0 | 0 | 0 | ||||||||
Intercompany interest expense (income) | (12) | (12) | (12) | ||||||||
Early extinguishment of debt | 0 | 0 | 0 | ||||||||
Restructuring Charges | 18 | 0 | 0 | ||||||||
Transaction-related costs, net | 0 | 0 | 0 | ||||||||
Impairment of Intangible Assets (Excluding Goodwill) | 0 | ||||||||||
Total expenses | 58 | 40 | 30 | ||||||||
Income before income taxes | (58) | (40) | (30) | ||||||||
Provision for (benefit from) income taxes | (12) | (10) | (5) | ||||||||
Equity in earnings (loss) of subsidiaries | 348 | 195 | 386 | ||||||||
Net income | 302 | 165 | 361 | ||||||||
Total comprehensive income | 277 | 62 | 491 | ||||||||
Payments for (Proceeds from) Other Investing Activities | 0 | 0 | 100 | ||||||||
Net Cash Provided by (Used in) Investing Activities | 0 | 0 | 100 | ||||||||
Subsidiary Issuers | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Revenues | 0 | 0 | 0 | ||||||||
Operating | 0 | 7 | 20 | ||||||||
Vehicle depreciation and lease charges, net | 0 | 0 | 0 | ||||||||
Selling, general and administrative | 17 | 11 | 8 | ||||||||
Vehicle interest, net | 3 | 0 | 0 | ||||||||
Non-vehicle related depreciation and amortization | 10 | 1 | 1 | ||||||||
Interest expense | 131 | 153 | 157 | ||||||||
Intercompany interest expense (income) | 10 | (11) | 95 | ||||||||
Early extinguishment of debt | 12 | 19 | 4 | ||||||||
Restructuring Charges | 0 | 0 | 7 | ||||||||
Transaction-related costs, net | 4 | 1 | 1 | ||||||||
Impairment of Intangible Assets (Excluding Goodwill) | 0 | ||||||||||
Total expenses | 187 | 181 | 293 | ||||||||
Income before income taxes | (187) | (181) | (293) | ||||||||
Provision for (benefit from) income taxes | (220) | (48) | 267 | ||||||||
Equity in earnings (loss) of subsidiaries | 315 | 328 | 946 | ||||||||
Net income | 348 | 195 | 386 | ||||||||
Total comprehensive income | 323 | 92 | 515 | ||||||||
Payments for (Proceeds from) Other Investing Activities | (75) | (8) | 110 | ||||||||
Net Cash Provided by (Used in) Investing Activities | (224) | (33) | 106 | ||||||||
Guarantor Subsidiaries | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Revenues | 5,613 | 5,431 | 5,312 | ||||||||
Operating | 2,788 | 2,668 | 2,598 | ||||||||
Vehicle depreciation and lease charges, net | 2,188 | 2,162 | 2,226 | ||||||||
Selling, general and administrative | 700 | 662 | 619 | ||||||||
Vehicle interest, net | 269 | 229 | 199 | ||||||||
Non-vehicle related depreciation and amortization | 153 | 145 | 160 | ||||||||
Interest expense | 2 | 3 | 1 | ||||||||
Intercompany interest expense (income) | 59 | 26 | 23 | ||||||||
Early extinguishment of debt | 0 | 0 | 0 | ||||||||
Restructuring Charges | 38 | 11 | 44 | ||||||||
Transaction-related costs, net | (6) | 4 | 3 | ||||||||
Impairment of Intangible Assets (Excluding Goodwill) | 2 | ||||||||||
Total expenses | 6,191 | 5,910 | 5,875 | ||||||||
Income before income taxes | (578) | (479) | (563) | ||||||||
Provision for (benefit from) income taxes | (24) | 93 | (527) | ||||||||
Equity in earnings (loss) of subsidiaries | 869 | 900 | 982 | ||||||||
Net income | 315 | 328 | 946 | ||||||||
Total comprehensive income | 312 | 228 | 1,073 | ||||||||
Payments for (Proceeds from) Other Investing Activities | 12 | 0 | 110 | ||||||||
Net Cash Provided by (Used in) Investing Activities | (134) | (95) | 24 | ||||||||
Non-Guarantor Subsidiaries | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Revenues | 5,923 | 6,006 | 5,931 | ||||||||
Operating | 1,908 | 1,960 | 1,851 | ||||||||
Vehicle depreciation and lease charges, net | 1,969 | 2,102 | 2,183 | ||||||||
Selling, general and administrative | 470 | 499 | 454 | ||||||||
Vehicle interest, net | 342 | 313 | 294 | ||||||||
Non-vehicle related depreciation and amortization | 100 | 110 | 98 | ||||||||
Interest expense | 45 | 32 | 30 | ||||||||
Intercompany interest expense (income) | (57) | (3) | (106) | ||||||||
Early extinguishment of debt | 0 | 0 | (1) | ||||||||
Restructuring Charges | 24 | 11 | 12 | ||||||||
Transaction-related costs, net | 12 | 15 | 19 | ||||||||
Impairment of Intangible Assets (Excluding Goodwill) | 0 | ||||||||||
Total expenses | 4,813 | 5,039 | 4,834 | ||||||||
Income before income taxes | 1,110 | 967 | 1,097 | ||||||||
Provision for (benefit from) income taxes | 241 | 67 | 115 | ||||||||
Equity in earnings (loss) of subsidiaries | 0 | 0 | 0 | ||||||||
Net income | 869 | 900 | 982 | ||||||||
Total comprehensive income | 860 | 806 | 1,103 | ||||||||
Payments for (Proceeds from) Other Investing Activities | 69 | (36) | 5 | ||||||||
Net Cash Provided by (Used in) Investing Activities | (2,469) | (3,702) | (2,378) | ||||||||
Eliminations | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Revenues | (2,364) | (2,313) | (2,395) | ||||||||
Operating | 0 | 0 | 0 | ||||||||
Vehicle depreciation and lease charges, net | (2,094) | (2,085) | (2,188) | ||||||||
Selling, general and administrative | 0 | 0 | 0 | ||||||||
Vehicle interest, net | (270) | (228) | (207) | ||||||||
Non-vehicle related depreciation and amortization | 0 | 0 | 0 | ||||||||
Interest expense | 0 | 0 | 0 | ||||||||
Intercompany interest expense (income) | 0 | 0 | 0 | ||||||||
Early extinguishment of debt | 0 | 0 | 0 | ||||||||
Restructuring Charges | 0 | 0 | 0 | ||||||||
Transaction-related costs, net | 0 | 0 | 0 | ||||||||
Impairment of Intangible Assets (Excluding Goodwill) | 0 | ||||||||||
Total expenses | (2,364) | (2,313) | (2,395) | ||||||||
Income before income taxes | 0 | 0 | 0 | ||||||||
Provision for (benefit from) income taxes | 0 | 0 | 0 | ||||||||
Equity in earnings (loss) of subsidiaries | (1,532) | (1,423) | (2,314) | ||||||||
Net income | (1,532) | (1,423) | (2,314) | ||||||||
Total comprehensive income | (1,495) | (1,126) | (2,691) | ||||||||
Payments for (Proceeds from) Other Investing Activities | 75 | 0 | (320) | ||||||||
Net Cash Provided by (Used in) Investing Activities | $ 75 | $ 404 | $ (56) |
Consolidating Condensed Balance
Consolidating Condensed Balance Sheets (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Current assets: | ||||
Cash and cash equivalents | $ 686 | $ 615 | ||
Receivables, net | 911 | 955 | ||
Other current assets | 548 | 604 | ||
Total current assets | 2,145 | 2,174 | ||
Property and equipment, net | 792 | 736 | ||
Operating Lease, Right-of-Use Asset | 2,596 | 0 | ||
Deferred income taxes | 1,662 | 1,301 | ||
Goodwill | 1,101 | 1,092 | $ 1,073 | |
Other intangibles, net | 798 | 825 | ||
Other non-current assets | 217 | 242 | ||
Intercompany receivables (payables) | 0 | 0 | ||
Investment in subsidiaries | 0 | 0 | ||
Total assets exclusive of assets under vehicle programs | 9,311 | 6,370 | ||
Assets under vehicle programs: | ||||
Program cash | 211 | 115 | ||
Vehicles, net | 12,177 | 11,474 | ||
Receivables from vehicle manufacturers and other | 778 | 631 | ||
Investment in Avis Budget Rental Car Funding (AESOP) LLC—related party | 649 | 559 | ||
Assets under vehicle programs | 13,815 | 12,779 | 11,879 | |
Total assets | 23,126 | 19,149 | ||
Current liabilities: | ||||
Accounts payable and other current liabilities | 2,206 | 1,693 | ||
Short-term debt and current portion of long-term debt | 19 | 23 | ||
Total current liabilities | 2,225 | 1,716 | ||
Long-term debt | 3,416 | 3,528 | ||
Operating Lease, Liability, Noncurrent | 2,140 | 0 | ||
Other non-current liabilities | 757 | 767 | ||
Due to Related Parties, Noncurrent | 0 | 0 | ||
Total liabilities exclusive of liabilities under vehicle programs | 8,538 | 6,011 | ||
Liabilities under vehicle programs: | ||||
Debt | 3,132 | 2,874 | ||
Due to Avis Budget Rental Car Funding (AESOP) LLC-related party | 7,936 | 7,358 | ||
Deferred Income Taxes | 2,189 | 1,961 | ||
Other | 675 | 531 | ||
Total Liabilities under vehicle programs | 13,932 | 12,724 | ||
Total stockholders’ equity | 656 | 414 | $ 573 | $ 221 |
Total liabilities and stockholders’ equity | 23,126 | 19,149 | ||
Parent Company | ||||
Current assets: | ||||
Cash and cash equivalents | 1 | 1 | ||
Receivables, net | 0 | 0 | ||
Other current assets | 0 | 5 | ||
Total current assets | 1 | 6 | ||
Property and equipment, net | 0 | 0 | ||
Operating Lease, Right-of-Use Asset | 0 | |||
Deferred income taxes | 13 | 13 | ||
Goodwill | 0 | 0 | ||
Other intangibles, net | 0 | 0 | ||
Other non-current assets | 47 | 47 | ||
Intercompany receivables (payables) | 172 | 159 | ||
Investment in subsidiaries | 483 | 246 | ||
Total assets exclusive of assets under vehicle programs | 716 | 471 | ||
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 | ||
Assets under vehicle programs | 0 | 0 | ||
Total assets | 716 | 471 | ||
Current liabilities: | ||||
Accounts payable and other current liabilities | 20 | 16 | ||
Short-term debt and current portion of long-term debt | 0 | 0 | ||
Total current liabilities | 20 | 16 | ||
Long-term debt | 0 | 0 | ||
Operating Lease, Liability, Noncurrent | 0 | |||
Other non-current liabilities | 40 | 41 | ||
Due to Related Parties, Noncurrent | 0 | 0 | ||
Total liabilities exclusive of liabilities under vehicle programs | 60 | 57 | ||
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 | 656 | 414 | ||
Total liabilities and stockholders’ equity | 716 | 471 | ||
Subsidiary Issuers | ||||
Current assets: | ||||
Cash and cash equivalents | 12 | 12 | ||
Receivables, net | 0 | 0 | ||
Other current assets | 115 | 112 | ||
Total current assets | 127 | 124 | ||
Property and equipment, net | 234 | 199 | ||
Operating Lease, Right-of-Use Asset | 778 | |||
Deferred income taxes | 1,238 | 1,015 | ||
Goodwill | 0 | 0 | ||
Other intangibles, net | 24 | 26 | ||
Other non-current assets | 32 | 39 | ||
Intercompany receivables (payables) | 427 | 404 | ||
Investment in subsidiaries | 5,070 | 4,786 | ||
Total assets exclusive of assets under vehicle programs | 7,930 | 6,593 | ||
Assets under vehicle programs: | ||||
Program cash | 0 | 0 | ||
Vehicles, net | 191 | 55 | ||
Receivables from vehicle manufacturers and other | 4 | 2 | ||
Investment in Avis Budget Rental Car Funding (AESOP) LLC—related party | 0 | 0 | ||
Assets under vehicle programs | 195 | 57 | ||
Total assets | 8,125 | 6,650 | ||
Current liabilities: | ||||
Accounts payable and other current liabilities | 338 | 246 | ||
Short-term debt and current portion of long-term debt | 17 | 18 | ||
Total current liabilities | 355 | 264 | ||
Long-term debt | 2,417 | 2,501 | ||
Operating Lease, Liability, Noncurrent | 698 | |||
Other non-current liabilities | 99 | 87 | ||
Due to Related Parties, Noncurrent | 3,913 | 3,524 | ||
Total liabilities exclusive of liabilities under vehicle programs | 7,482 | 6,376 | ||
Liabilities under vehicle programs: | ||||
Debt | 160 | 28 | ||
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 | 160 | 28 | ||
Total stockholders’ equity | 483 | 246 | ||
Total liabilities and stockholders’ equity | 8,125 | 6,650 | ||
Guarantor Subsidiaries | ||||
Current assets: | ||||
Cash and cash equivalents | 0 | 1 | ||
Receivables, net | 262 | 239 | ||
Other current assets | 95 | 116 | ||
Total current assets | 357 | 356 | ||
Property and equipment, net | 338 | 319 | ||
Operating Lease, Right-of-Use Asset | 1,174 | |||
Deferred income taxes | 222 | 207 | ||
Goodwill | 471 | 471 | ||
Other intangibles, net | 481 | 475 | ||
Other non-current assets | 15 | 16 | ||
Intercompany receivables (payables) | 2,715 | 2,104 | ||
Investment in subsidiaries | 3,778 | 3,852 | ||
Total assets exclusive of assets under vehicle programs | 9,551 | 7,800 | ||
Assets under vehicle programs: | ||||
Program cash | 0 | 0 | ||
Vehicles, net | 54 | 54 | ||
Receivables from vehicle manufacturers and other | 99 | 0 | ||
Investment in Avis Budget Rental Car Funding (AESOP) LLC—related party | 0 | 0 | ||
Assets under vehicle programs | 153 | 54 | ||
Total assets | 9,704 | 7,854 | ||
Current liabilities: | ||||
Accounts payable and other current liabilities | 867 | 582 | ||
Short-term debt and current portion of long-term debt | 2 | 3 | ||
Total current liabilities | 869 | 585 | ||
Long-term debt | 1 | 3 | ||
Operating Lease, Liability, Noncurrent | 971 | |||
Other non-current liabilities | 215 | 257 | ||
Due to Related Parties, Noncurrent | 427 | 404 | ||
Total liabilities exclusive of liabilities under vehicle programs | 2,483 | 1,249 | ||
Liabilities under vehicle programs: | ||||
Debt | 38 | 49 | ||
Due to Avis Budget Rental Car Funding (AESOP) LLC-related party | 0 | 0 | ||
Deferred Income Taxes | 2,014 | 1,770 | ||
Other | 99 | 0 | ||
Total Liabilities under vehicle programs | 2,151 | 1,819 | ||
Total stockholders’ equity | 5,070 | 4,786 | ||
Total liabilities and stockholders’ equity | 9,704 | 7,854 | ||
Non-Guarantor Subsidiaries | ||||
Current assets: | ||||
Cash and cash equivalents | 673 | 601 | ||
Receivables, net | 649 | 716 | ||
Other current assets | 338 | 371 | ||
Total current assets | 1,660 | 1,688 | ||
Property and equipment, net | 220 | 218 | ||
Operating Lease, Right-of-Use Asset | 644 | |||
Deferred income taxes | 189 | 66 | ||
Goodwill | 630 | 621 | ||
Other intangibles, net | 293 | 324 | ||
Other non-current assets | 123 | 140 | ||
Intercompany receivables (payables) | 1,028 | 1,262 | ||
Investment in subsidiaries | 0 | 0 | ||
Total assets exclusive of assets under vehicle programs | 4,787 | 4,319 | ||
Assets under vehicle programs: | ||||
Program cash | 211 | 115 | ||
Vehicles, net | 11,932 | 11,365 | ||
Receivables from vehicle manufacturers and other | 675 | 629 | ||
Investment in Avis Budget Rental Car Funding (AESOP) LLC—related party | 649 | 559 | ||
Assets under vehicle programs | 13,467 | 12,668 | ||
Total assets | 18,254 | 16,987 | ||
Current liabilities: | ||||
Accounts payable and other current liabilities | 981 | 849 | ||
Short-term debt and current portion of long-term debt | 0 | 2 | ||
Total current liabilities | 981 | 851 | ||
Long-term debt | 998 | 1,024 | ||
Operating Lease, Liability, Noncurrent | 471 | |||
Other non-current liabilities | 403 | 382 | ||
Due to Related Parties, Noncurrent | 2 | 1 | ||
Total liabilities exclusive of liabilities under vehicle programs | 2,855 | 2,258 | ||
Liabilities under vehicle programs: | ||||
Debt | 2,934 | 2,797 | ||
Due to Avis Budget Rental Car Funding (AESOP) LLC-related party | 7,936 | 7,358 | ||
Deferred Income Taxes | 175 | 191 | ||
Other | 576 | 531 | ||
Total Liabilities under vehicle programs | 11,621 | 10,877 | ||
Total stockholders’ equity | 3,778 | 3,852 | ||
Total liabilities and stockholders’ equity | 18,254 | 16,987 | ||
Eliminations | ||||
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 | ||
Operating Lease, Right-of-Use Asset | 0 | |||
Deferred income taxes | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Other intangibles, net | 0 | 0 | ||
Other non-current assets | 0 | 0 | ||
Intercompany receivables (payables) | (4,342) | (3,929) | ||
Investment in subsidiaries | (9,331) | (8,884) | ||
Total assets exclusive of assets under vehicle programs | (13,673) | (12,813) | ||
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 | ||
Assets under vehicle programs | 0 | 0 | ||
Total assets | (13,673) | (12,813) | ||
Current liabilities: | ||||
Accounts payable and other current liabilities | 0 | 0 | ||
Short-term debt and current portion of long-term debt | 0 | 0 | ||
Total current liabilities | 0 | 0 | ||
Long-term debt | 0 | 0 | ||
Operating Lease, Liability, Noncurrent | 0 | |||
Other non-current liabilities | 0 | 0 | ||
Due to Related Parties, Noncurrent | (4,342) | (3,929) | ||
Total liabilities exclusive of liabilities under vehicle programs | (4,342) | (3,929) | ||
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 | (9,331) | (8,884) | ||
Total liabilities and stockholders’ equity | $ (13,673) | $ (12,813) |
Consolidating Condensed State_2
Consolidating Condensed Statements of Cash Flows (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Condensed Financial Statements, Captions [Line Items] | ||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 900 | $ 735 | $ 901 | $ 720 |
Net cash provided by (used in) operating activities | 2,586 | 2,609 | 2,648 | |
Investing activities | ||||
Property and equipment additions | (250) | (231) | (197) | |
Proceeds received on asset sales | 11 | 17 | 8 | |
Net assets acquired (net of cash acquired) | (77) | (91) | (21) | |
intercompany loan receipts | 0 | 0 | ||
Other, net | 81 | (44) | 5 | |
Net cash used in investing activities exclusive of vehicle programs | (235) | (349) | (205) | |
Vehicle programs: | ||||
Investment In Vehicles | (12,887) | (12,589) | (11,538) | |
Proceeds received on disposition of vehicles | 10,460 | 9,648 | 9,600 | |
Repayments of Related Party Debt | (251) | (188) | (61) | |
Proceeds from Related Party Debt | 161 | 52 | 0 | |
Net Cash Used In Investing Activities Of Vehicle Programs | 2,517 | 3,077 | 1,999 | |
Net Cash Provided by (Used in) Investing Activities | (2,752) | (3,426) | (2,204) | |
Financing activities | ||||
Proceeds from borrowings | 402 | 485 | 589 | |
Principal payments on borrowings | (509) | (515) | (602) | |
Proceeds from (Repayments of) Short-term Debt | (1) | (4) | (4) | |
Debt financing fees | (7) | (15) | (9) | |
Payments for Repurchase of Common Stock | (67) | (216) | (210) | |
Intercompany loan borrowings | 0 | 0 | ||
Other, net | 0 | 3 | 1 | |
Net cash used in financing activities exclusive of vehicle programs | (182) | (262) | (235) | |
Vehicle programs: | ||||
Proceeds from borrowings | 19,869 | 17,339 | 17,212 | |
Principal payments on borrowings | (19,346) | (16,385) | (17,269) | |
Debt financing fees | (23) | (25) | (16) | |
Net cash provided by financing activities of vehicle programs | 500 | 929 | (73) | |
Net cash provided by (used in) financing activities | 318 | 667 | (308) | |
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 13 | (16) | 45 | |
Net increase (decrease) in cash and cash equivalents, program and restricted cash | 165 | (166) | 181 | |
Parent Company | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 1 | 1 | 4 | 3 |
Net cash provided by (used in) operating activities | 67 | 210 | 110 | |
Investing activities | ||||
Property and equipment additions | 0 | 0 | 0 | |
Proceeds received on asset sales | 0 | 0 | 0 | |
Net assets acquired (net of cash acquired) | 0 | 0 | 0 | |
intercompany loan receipts | 0 | 0 | ||
Other, net | 0 | 0 | 100 | |
Net cash used in investing activities exclusive of vehicle programs | 0 | 0 | 100 | |
Vehicle programs: | ||||
Investment In Vehicles | 0 | 0 | 0 | |
Proceeds received on disposition of vehicles | 0 | 0 | 0 | |
Repayments of Related Party Debt | 0 | 0 | 0 | |
Proceeds from Related Party Debt | 0 | 0 | ||
Net Cash Used In Investing Activities Of Vehicle Programs | 0 | 0 | 0 | |
Net Cash Provided by (Used in) Investing Activities | 0 | 0 | 100 | |
Financing activities | ||||
Proceeds from borrowings | 0 | 0 | 0 | |
Principal payments on borrowings | 0 | 0 | 0 | |
Proceeds from (Repayments of) Short-term Debt | 0 | 0 | 0 | |
Debt financing fees | 0 | 0 | 0 | |
Payments for Repurchase of Common Stock | (67) | (216) | (210) | |
Intercompany loan borrowings | 0 | 0 | ||
Other, net | 0 | 3 | 1 | |
Net cash used in financing activities exclusive of vehicle programs | (67) | (213) | (209) | |
Vehicle programs: | ||||
Proceeds from borrowings | 0 | 0 | 0 | |
Principal payments on borrowings | 0 | 0 | 0 | |
Debt financing fees | 0 | 0 | 0 | |
Net cash provided by financing activities of vehicle programs | 0 | 0 | 0 | |
Net cash provided by (used in) financing activities | (67) | (213) | (209) | |
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 0 | 0 | 0 | |
Net increase (decrease) in cash and cash equivalents, program and restricted cash | 0 | (3) | 1 | |
Subsidiary Issuers | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 12 | 12 | 14 | 12 |
Net cash provided by (used in) operating activities | 293 | 235 | (89) | |
Investing activities | ||||
Property and equipment additions | (79) | (64) | (49) | |
Proceeds received on asset sales | 1 | 2 | 1 | |
Net assets acquired (net of cash acquired) | (1) | (3) | (1) | |
intercompany loan receipts | 0 | 0 | ||
Other, net | (75) | (8) | 110 | |
Net cash used in investing activities exclusive of vehicle programs | (154) | (73) | 61 | |
Vehicle programs: | ||||
Investment In Vehicles | (118) | (2) | (1) | |
Proceeds received on disposition of vehicles | 48 | 42 | 46 | |
Repayments of Related Party Debt | 0 | 0 | 0 | |
Proceeds from Related Party Debt | 0 | 0 | ||
Net Cash Used In Investing Activities Of Vehicle Programs | 70 | (40) | (45) | |
Net Cash Provided by (Used in) Investing Activities | (224) | (33) | 106 | |
Financing activities | ||||
Proceeds from borrowings | 400 | 81 | 325 | |
Principal payments on borrowings | (502) | (510) | (406) | |
Proceeds from (Repayments of) Short-term Debt | 0 | 0 | 0 | |
Debt financing fees | (7) | (9) | (5) | |
Payments for Repurchase of Common Stock | 0 | 0 | 0 | |
Intercompany loan borrowings | 404 | 264 | ||
Other, net | (61) | (167) | (192) | |
Net cash used in financing activities exclusive of vehicle programs | (170) | (201) | (14) | |
Vehicle programs: | ||||
Proceeds from borrowings | 114 | 0 | 0 | |
Principal payments on borrowings | (13) | (3) | (1) | |
Debt financing fees | 0 | 0 | 0 | |
Net cash provided by financing activities of vehicle programs | 101 | (3) | (1) | |
Net cash provided by (used in) financing activities | (69) | (204) | (15) | |
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 0 | 0 | 0 | |
Net increase (decrease) in cash and cash equivalents, program and restricted cash | 0 | (2) | 2 | |
Guarantor Subsidiaries | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 0 | 1 | 0 | 0 |
Net cash provided by (used in) operating activities | 246 | 193 | 97 | |
Investing activities | ||||
Property and equipment additions | (100) | (88) | (81) | |
Proceeds received on asset sales | 0 | 4 | 0 | |
Net assets acquired (net of cash acquired) | (24) | (10) | (5) | |
intercompany loan receipts | 0 | 0 | ||
Other, net | 12 | 0 | 110 | |
Net cash used in investing activities exclusive of vehicle programs | (112) | (94) | 24 | |
Vehicle programs: | ||||
Investment In Vehicles | (22) | (1) | 0 | |
Proceeds received on disposition of vehicles | 0 | 0 | 0 | |
Repayments of Related Party Debt | 0 | 0 | 0 | |
Proceeds from Related Party Debt | 0 | 0 | ||
Net Cash Used In Investing Activities Of Vehicle Programs | 22 | 1 | 0 | |
Net Cash Provided by (Used in) Investing Activities | (134) | (95) | 24 | |
Financing activities | ||||
Proceeds from borrowings | 0 | 0 | 0 | |
Principal payments on borrowings | (3) | (3) | (2) | |
Proceeds from (Repayments of) Short-term Debt | 0 | 0 | 0 | |
Debt financing fees | 0 | 0 | 0 | |
Payments for Repurchase of Common Stock | 0 | 0 | 0 | |
Intercompany loan borrowings | 0 | 0 | ||
Other, net | (98) | (85) | (110) | |
Net cash used in financing activities exclusive of vehicle programs | (101) | (88) | (112) | |
Vehicle programs: | ||||
Proceeds from borrowings | 0 | 0 | 0 | |
Principal payments on borrowings | (12) | (9) | (9) | |
Debt financing fees | 0 | 0 | 0 | |
Net cash provided by financing activities of vehicle programs | (12) | (9) | (9) | |
Net cash provided by (used in) financing activities | (113) | (97) | (121) | |
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 0 | 0 | 0 | |
Net increase (decrease) in cash and cash equivalents, program and restricted cash | (1) | 1 | 0 | |
Non-Guarantor Subsidiaries | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 887 | 721 | 883 | 705 |
Net cash provided by (used in) operating activities | 2,394 | 2,380 | 2,697 | |
Investing activities | ||||
Property and equipment additions | (71) | (79) | (67) | |
Proceeds received on asset sales | 10 | 11 | 7 | |
Net assets acquired (net of cash acquired) | (52) | (78) | (15) | |
intercompany loan receipts | (404) | (264) | ||
Other, net | 69 | (36) | 5 | |
Net cash used in investing activities exclusive of vehicle programs | (44) | (586) | (334) | |
Vehicle programs: | ||||
Investment In Vehicles | (12,747) | (12,586) | (11,537) | |
Proceeds received on disposition of vehicles | 10,412 | 9,606 | 9,554 | |
Repayments of Related Party Debt | (251) | (188) | (61) | |
Proceeds from Related Party Debt | 161 | 52 | ||
Net Cash Used In Investing Activities Of Vehicle Programs | 2,425 | 3,116 | 2,044 | |
Net Cash Provided by (Used in) Investing Activities | (2,469) | (3,702) | (2,378) | |
Financing activities | ||||
Proceeds from borrowings | 2 | 404 | 264 | |
Principal payments on borrowings | (4) | (2) | (194) | |
Proceeds from (Repayments of) Short-term Debt | (1) | (4) | (4) | |
Debt financing fees | 0 | (6) | (4) | |
Payments for Repurchase of Common Stock | 0 | 0 | 0 | |
Intercompany loan borrowings | 0 | 0 | ||
Other, net | (180) | (157) | (185) | |
Net cash used in financing activities exclusive of vehicle programs | (183) | 235 | (123) | |
Vehicle programs: | ||||
Proceeds from borrowings | 19,755 | 17,339 | 17,212 | |
Principal payments on borrowings | (19,321) | (16,373) | (17,259) | |
Debt financing fees | (23) | (25) | (16) | |
Net cash provided by financing activities of vehicle programs | 411 | 941 | (63) | |
Net cash provided by (used in) financing activities | 228 | 1,176 | (186) | |
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 13 | (16) | 45 | |
Net increase (decrease) in cash and cash equivalents, program and restricted cash | 166 | (162) | 178 | |
Eliminations | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 0 | 0 | 0 | $ 0 |
Net cash provided by (used in) operating activities | (414) | (409) | (167) | |
Investing activities | ||||
Property and equipment additions | 0 | 0 | 0 | |
Proceeds received on asset sales | 0 | 0 | 0 | |
Net assets acquired (net of cash acquired) | 0 | 0 | 0 | |
intercompany loan receipts | 404 | 264 | ||
Other, net | 75 | 0 | (320) | |
Net cash used in investing activities exclusive of vehicle programs | 75 | 404 | (56) | |
Vehicle programs: | ||||
Investment In Vehicles | 0 | 0 | 0 | |
Proceeds received on disposition of vehicles | 0 | 0 | 0 | |
Repayments of Related Party Debt | 0 | 0 | 0 | |
Proceeds from Related Party Debt | 0 | 0 | ||
Net Cash Used In Investing Activities Of Vehicle Programs | 0 | 0 | 0 | |
Net Cash Provided by (Used in) Investing Activities | 75 | 404 | (56) | |
Financing activities | ||||
Proceeds from borrowings | 0 | 0 | 0 | |
Principal payments on borrowings | 0 | 0 | 0 | |
Proceeds from (Repayments of) Short-term Debt | 0 | 0 | 0 | |
Debt financing fees | 0 | 0 | 0 | |
Payments for Repurchase of Common Stock | 0 | 0 | 0 | |
Intercompany loan borrowings | (404) | (264) | ||
Other, net | 339 | 409 | 487 | |
Net cash used in financing activities exclusive of vehicle programs | 339 | 5 | 223 | |
Vehicle programs: | ||||
Proceeds from borrowings | 0 | 0 | 0 | |
Principal payments on borrowings | 0 | 0 | 0 | |
Debt financing fees | 0 | 0 | 0 | |
Net cash provided by financing activities of vehicle programs | 0 | 0 | 0 | |
Net cash provided by (used in) financing activities | 339 | 5 | 223 | |
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 0 | 0 | 0 | |
Net increase (decrease) in cash and cash equivalents, program and restricted cash | $ 0 | $ 0 | $ 0 |
Schedule Of Selected Quarterly
Schedule Of Selected Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Line Items] | |||||||||||
Deferred Income Tax Expense (Benefit) | $ 103 | $ (14) | $ 192 | ||||||||
Revenues | $ 2,162 | $ 2,753 | $ 2,337 | $ 1,920 | $ 2,050 | $ 2,778 | $ 2,328 | $ 1,968 | 9,172 | 9,124 | 8,848 |
Net income | $ 142 | $ 189 | $ 62 | $ (91) | $ 13 | $ 213 | $ 26 | $ (87) | $ 302 | $ 165 | $ 361 |
Basic Net income (loss) (in dollars per share) | $ 1.92 | $ 2.52 | $ 0.81 | $ (1.20) | $ 0.16 | $ 2.71 | $ 0.33 | $ (1.08) | $ 4.01 | $ 2.08 | $ 4.32 |
Basic weighted average shares outstanding | 73.9 | 75.2 | 76 | 75.8 | 76.9 | 78.8 | 80.7 | 81 | 75.2 | 79.3 | 83.4 |
Diluted Net income (loss) (in dollars per share) | $ 1.90 | $ 2.50 | $ 0.81 | $ (1.20) | $ 0.16 | $ 2.68 | $ 0.32 | $ (1.08) | $ 3.98 | $ 2.06 | $ 4.25 |
Diluted weighted average shares outstanding | 74.4 | 75.7 | 76.4 | 75.8 | 77.6 | 79.5 | 81.5 | 81 | 75.7 | 80.1 | 84.8 |
Provision adjustment due to anticipated repatriation of foreign earnings [Member] | |||||||||||
Income Tax Disclosure [Line Items] | |||||||||||
Deferred Income Tax Expense (Benefit) | $ (30) | $ (104) |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) shares in Millions | 1 Months Ended | ||||||
Feb. 29, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2014 | |
Subsequent Event [Line Items] | |||||||
Common Stock, Shares, Issued | 137 | 137 | |||||
Subsequent Event | |||||||
Subsequent Event [Line Items] | |||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 110 | ||||||
Common Stock, Shares, Issued | 0.4 | ||||||
Debt Due To Rental Car Funding [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Asset-Backed Securities, at Carrying Value | $ 550,000,000 | $ 400,000,000 | |||||
Debt Due To Rental Car Funding [Member] | Subsequent Event | |||||||
Subsequent Event [Line Items] | |||||||
Asset-Backed Securities, at Carrying Value | $ 700,000,000 | ||||||
Debt, Weighted Average Interest Rate | 2.42% | ||||||
Five And One Over Two Senior Notes [Member] | Senior Notes [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Debt Instrument, Face Amount | $ 75,000,000 | $ 400,000,000 | $ 175,000,000 | ||||
Five And One Over Two Senior Notes [Member] | Senior Notes [Member] | Subsequent Event | |||||||
Subsequent Event [Line Items] | |||||||
Debt Instrument, Face Amount | $ 100,000,000 | ||||||
Floating Rate Term Loan Due August 2027 [Member] | Loans Payable [Member] | Subsequent Event | |||||||
Subsequent Event [Line Items] | |||||||
Debt Instrument, Face Amount | $ 1,200,000,000 |
Valuation And Qualifying Acco_2
Valuation And Qualifying Accounts (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Allowance for Doubtful Accounts | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | $ 39 | $ 36 | $ 38 |
Expensed | (41) | (34) | (29) |
Other Adjustments | 0 | 2 | (3) |
Deductions | (28) | (29) | (34) |
Balance at End of Period | 52 | 39 | 36 |
Tax Valuation Allowance | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | 311 | 331 | 357 |
Expensed | (95) | (3) | 0 |
Other Adjustments | 2 | (17) | (13) |
Deductions | 0 | 0 | (39) |
Balance at End of Period | $ 214 | $ 311 | $ 331 |